# EDGAR Filing Document

**Accession Number:** 0000003794
**File Stem:** 0001193125-23-000517
**Filing Date:** 2023-1
**Character Count:** 2317842
**Document Hash:** f20f04b9b5819289adcf914520210528
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000517.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000517

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB BOND FUND, INC.
- **CENTRAL INDEX KEY:** 0000003794
- **IRS NUMBER:** 132754393
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02383
- **FILM NUMBER:** 23501224

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN 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 Total Return Bond Portfolio (Series ID: S000010305)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000028493 | Class A       | ABQUX           |
| C000028495 | Class C       | ABQCX           |
| C000028496 | Advisor Class | ABQYX           |
| C000028497 | Class R       | ABQRX           |
| C000028498 | Class K       | ABQKX           |
| C000028499 | Class I       | ABQIX           |
| C000143890 | Class Z       | ABQZX           |

### 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           |
| C000085435 | Class R       | ABNRX           |
| C000085436 | Class K       | ABNKX           |
| 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           |
| C000085500 | Class 2       | AMTTX           |
| C000085501 | Class R       | AMTRX           |
| C000085502 | Class K       | AMTKX           |
| C000085503 | Class I       | AMTIX           |
| 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 High Yield Portfolio (Series ID: S000045256)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000140936 | Advisor Class | HIYYX           |
| C000140937 | Class A       | HIAYX           |
| C000140942 | Class Z       | HIZYX           |

### 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           |

### AB Short Duration Income Portfolio (Series ID: S000063356)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000205394 | Advisor Class | SHUYX           |
| C000205395 | Class C       | SHUCX           |
| C000205396 | Class A       | SHUAX           |

### AB Sustainable Thematic Credit Portfolio (Series ID: S000071586)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000226937 | Advisor Class | STHYX           |
| C000226939 | Class A       | STHAX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-02383** 

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## AB BOND FUND, INC.
**(Exact name of registrant as specified in charter)** 

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

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

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**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

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

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

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

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**ITEM 1. REPORTS TO STOCKHOLDERS.** 

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**OCT** <sup>10.31.22</sup>

![LOGO](g480120g43p34.jpg)

ANNUAL REPORT

## AB ALL MARKET REAL RETURN PORTFOLIO
![LOGO](g480120covart_716.jpg)

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g480120g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB All Market Real Return Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g480120g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 6, 2022** 

This report provides management's discussion of fund performance for the AB All Market Real Return Portfolio for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to maximize real return over inflation.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB ALL MARKET REAL RETURN PORTFOLIO** |  |  |
| Class 1 Shares<sup>1</sup> | -10.95% | -6.85% |
| Class 2 Shares<sup>1</sup> | -10.85% | -6.63% |
| Class A Shares | -11.00% | -7.01% |
| Class C Shares | -11.33% | -7.71% |
| Advisor Class Shares<sup>2</sup> | -10.83% | -6.64% |
| Class R Shares<sup>2</sup> | -11.15% | -7.32% |
| Class K Shares<sup>2</sup> | -11.05% | -7.08% |
| Class I Shares<sup>2</sup> | -10.86% | -6.75% |
| Class Z Shares<sup>2</sup> | -10.85% | -6.64% |
| MSCI AC World Commodity Producers Index (net) | 0.72% | 16.97% |

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1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser's institutional clients or through other limited arrangements.

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| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Morgan Stanley Capital International All Country ("MSCI AC") World Commodity Producers Index (net), for the six- and 12-month periods ended October 31, 2022.

All share classes of the Fund underperformed the benchmark for both periods, before sales charges. For the 12-month period, the strategic allocation detracted overall, relative to the benchmark, as real estate investment trusts ("REITs"), inflation-sensitive equities and commodity futures underperformed commodity producers. Security selection within commodity equities detracted, while selection within inflation-sensitive equities and REITs contributed. The Fund's tactical underweight to REITs contributed, while tactical overweights to commodity futures detracted.

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|:---|:---|
| **2 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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During the six-month period, the strategic allocation detracted overall, as REITs, inflation-sensitive equities and commodity futures all underperformed commodity producers. Security selection within commodity producers and inflation-sensitive equities contributed. The Fund's modest overweights to commodity futures detracted, while tactical underweights to REITs and inflation-sensitive equities contributed.

The Fund utilized derivatives for hedging and investment purposes in the form of currency forwards and total return swaps, which added to absolute returns for both periods, while futures and inflation swaps added for the 12-month period and detracted for the six-month period; during the 12-month period, variance swaps added to returns.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended October 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants, supply chain disruptions and rising inflation. But the global economic outlook deteriorated as increasingly hawkish central banks elevated investor concern that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. The US Federal Reserve (the "Fed") raised interest rates five times during the period, including three consecutive 0.75% increases, setting a course followed by other key central banks. Equity markets began to rise at the end of the period, after some central banks raised rates by less than expected and several Fed governors suggested the possibility of a shift toward a less reactive course in order to review the impact of higher rates over a longer time horizon. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Inflation assets were mixed over the six- and 12-month periods ended October 31, 2022. REITs fell meaningfully over both periods as the asset class faced headwinds from rising interest rates. Natural resource equities posted positive performance over the 12-month period and were close to neutral toward the end of the period. For both periods, natural resource equities outperformed broader equity markets. Elsewhere, commodities rose over the 12-month period but fell over the six-month period. While the ongoing conflict between Russia and Ukraine was initially supportive of higher prices (especially in oil, gas and agriculture), concerns regarding the impact of restrictive monetary policy on future economic growth weighed on sentiment toward the end of the period. Finally, inflation swaps were slightly negative over the trailing six-month period but remained positive over the 12-month period.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 3** |

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The Fund's Senior Investment Management Team continues to look for sources of value via asset allocation shifts, active security selection, risk overlay strategies and currency management. The Fund uses a blend of quantitative and fundamental research in order to determine overall portfolio risk, allocate risk across major real asset classes and identify idiosyncratic opportunities.

**INVESTMENT POLICIES** 

The Fund seeks to maximize real return. Real return is the rate of return after adjusting for inflation. The Fund pursues an aggressive investment strategy involving a variety of asset classes. The Fund invests primarily in instruments that the Adviser expects to outperform broad equity indices during periods of rising inflation. Under normal circumstances, the Fund expects to invest its assets principally in the following instruments that, in the judgment of the Adviser, are affected directly or indirectly by the level and change in rate of inflation: inflation-indexed fixed-income securities, such as Treasury inflation-protected securities ("TIPS") and similar bonds issued by governments outside of the United States; commodities; commodity-related equity securities; real estate equity securities; inflation-sensitive equity securities, which the Fund defines as equity securities of companies that the Adviser believes have the ability to pass along increasing costs to consumers and maintain or grow margins in rising inflation environments, including equity securities of utilities and infrastructure-related companies ("inflation-sensitive equities"); securities and derivatives linked to the price of other assets (such as commodities, stock indices and real estate); and currencies. The Fund expects its investments in fixed-income securities to have a broad range of maturities and quality levels.

The Fund seeks inflation protection from investments around the globe, both in developed- and emerging-market countries. In selecting securities for purchase and sale, the Adviser utilizes its qualitative and quantitative resources to determine overall inflation sensitivity, asset allocation and security selection. The Adviser assesses the securities' risks and inflation sensitivity as well as the securities' impact on the overall risks and inflation sensitivity of the Fund. When its analysis indicates that changes are necessary, the Adviser intends to implement them through a combination of changes to underlying positions and the use of inflation swaps and other types of derivatives, such as interest rate swaps.

The Fund anticipates that its targeted investment mix, other than its investments in inflation-indexed fixed-income securities, will focus on commodity-related equity securities, commodities and commodity

(continued on next page)

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|:---|:---|
| **4 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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derivatives, real estate equity securities and inflation-sensitive equities to provide a balance between expected return and inflation protection. The Fund may vary its investment allocations among these asset classes, at times significantly. Its commodities investments will include significant exposure to energy commodities, but will also include agricultural products, and industrial and precious metals, such as gold. The Fund's investments in real estate equity securities will include REITs and other real estate-related securities.

The Fund invests in both US and non-US dollar-denominated equity or fixed-income securities. The Fund may invest in currencies for hedging or investment purposes, both in the spot market and through long or short positions in currency-related derivatives. The Fund does not ordinarily expect to hedge its foreign currency exposure because it will be balanced by investments in US dollar-denominated securities, although it may hedge the exposure under certain circumstances.

The Fund may enter into derivatives, such as options, futures contracts, forwards, swaps or structured notes, to a significant extent, subject to the limits of applicable law. The Fund intends to use leverage for investment purposes through the use of cash made available by derivatives transactions to make other investments in accordance with its investment policies. In determining when and to what extent to employ leverage or enter into derivatives transactions, the Adviser considers factors such as the relative risks and returns expected of potential investments and the cost of such transactions. The Adviser considers the impact of derivatives in making its assessments of the Fund's risks. The resulting exposures to markets, sectors, issuers or specific securities will be continuously monitored by the Adviser.

The Fund may seek to gain exposure to physical commodities traded in the commodities markets through use of a variety of derivative instruments, including investments in commodity index-linked notes. The Adviser expects that the Fund will seek to gain exposure to commodities and commodity-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 Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the Subsidiary, unlike the Fund, may invest, without limitation, in commodities and commodity-related instruments. The Fund is subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests, to the extent of its investment in the Subsidiary. The Fund limits its investment in the

(continued on next page)

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 5** |

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Subsidiary to no more than 25% of its net assets. Investment in the Subsidiary is expected to provide the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

The Fund is "non-diversified", which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

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|:---|:---|
| **6 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The MSCI AC World Commodity Producers Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The MSCI AC World Commodity Producers Index is a free float-adjusted, market capitalization index designed to track the performance of global listed commodity producers, including emerging markets. Commodities sectors include: energy, grains, industrial metals, petroleum, precious metals and softs. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, commodity and bond markets 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) 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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**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. 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:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**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. 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-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US 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.

**Currency Risk:** Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

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|:---|:---|
| **8 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**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 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.

**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.

**Non-Diversification Risk:** The Fund may have more risk because it is "non-diversified", meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's NAV.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. For** 

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| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 9** |

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**DISCLOSURES AND RISKS** (continued)

**Class 1 shares, go to www.bernstein.com and click on "Investments", found in the footer, then "Mutual Fund Information—Mutual Fund Performance at a Glance."** 

**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. For Class 1 shares, go to www.bernstein.com, click on "Investments", found in the footer, then "Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports." Please read the prospectus and/or summary prospectus carefully before investing.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| **10 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g480120g33m31.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB All Market Real Return Portfolio Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of its benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS 1 SHARES**<sup>1</sup> |  |  |
| 1 Year | -6.85% | -6.85% |
| 5 Years | 4.54% | 4.54% |
| 10 Years | 0.80% | 0.80% |
| **CLASS 2 SHARES**<sup>1</sup> |  |  |
| 1 Year | -6.63% | -6.63% |
| 5 Years | 4.81% | 4.81% |
| 10 Years | 1.05% | 1.05% |
| **CLASS A SHARES** |  |  |
| 1 Year | -7.01% | -10.96% |
| 5 Years | 4.34% | 3.43% |
| 10 Years | 0.64% | 0.20% |
| **CLASS C SHARES** |  |  |
| 1 Year | -7.71% | -8.57% |
| 5 Years | 3.57% | 3.57% |
| 10 Years<sup>2</sup> | -0.09% | -0.09% |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  |
| 1 Year | -6.64% | -6.64% |
| 5 Years | 4.61% | 4.61% |
| 10 Years | 0.92% | 0.92% |
| **CLASS R SHARES**<sup>3</sup> |  |  |
| 1 Year | -7.32% | -7.32% |
| 5 Years | 4.04% | 4.04% |
| 10 Years | 0.39% | 0.39% |
| **CLASS K SHARES**<sup>3</sup> |  |  |
| 1 Year | -7.08% | -7.08% |
| 5 Years | 4.34% | 4.34% |
| 10 Years | 0.65% | 0.65% |
| **CLASS I SHARES**<sup>3</sup> |  |  |
| 1 Year | -6.75% | -6.75% |
| 5 Years | 4.78% | 4.78% |
| 10 Years | 1.03% | 1.03% |
| **CLASS Z SHARES**<sup>3</sup> |  |  |
| 1 Year | -6.64% | -6.64% |
| 5 Years | 4.81% | 4.81% |
| Since Inception<sup>4</sup> | 1.57% | 1.57% |

---

(footnotes continued on next page)

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**The Fund's prospectus fee table shows the Fund's total annual operating expense ratios as 1.13%, 0.87%, 1.18%, 1.93%, 0.92%, 1.60%, 1.31%, 0.88% and 0.88% for Class 1, Class 2, Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratio (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) to 1.55% for Class R shares. These waivers/reimbursements may not be terminated before January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

---

| | |
|:---|:---|
| 1 | Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser's institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.  |

---

2 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

4 Inception date: 1/31/2014.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 13** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS 1 SHARES**<sup>1</sup> |  |
| 1 Year | -7.41% |
| 5 Years | 3.73% |
| 10 Years | 0.19% |
| **CLASS 2 SHARES**<sup>1</sup> |  |
| 1 Year | -7.09% |
| 5 Years | 4.00% |
| 10 Years | 0.45% |
| **CLASS A SHARES** |  |
| 1 Year | -11.40% |
| 5 Years | 2.66% |
| 10 Years | -0.39% |
| **CLASS C SHARES** |  |
| 1 Year | -9.05% |
| 5 Years | 2.76% |
| 10 Years<sup>2</sup> | -0.69% |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |
| 1 Year | -7.19% |
| 5 Years | 3.82% |
| 10 Years | 0.32% |
| **CLASS R SHARES**<sup>3</sup> |  |
| 1 Year | -7.85% |
| 5 Years | 3.25% |
| 10 Years | -0.20% |
| **CLASS K SHARES**<sup>3</sup> |  |
| 1 Year | -7.63% |
| 5 Years | 3.54% |
| 10 Years | 0.06% |
| **CLASS I SHARES**<sup>3</sup> |  |
| 1 Year | -7.22% |
| 5 Years | 3.98% |
| 10 Years | 0.43% |
| **CLASS Z SHARES**<sup>3</sup> |  |
| 1 Year | -7.21% |
| 5 Years | 3.98% |
| Since Inception<sup>4</sup> | 0.99% |

---

(footnotes continued on next page)

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

---

| | |
|:---|:---|
| 1 | Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser's institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.  |

---

2 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 3 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

4 Inception date: 1/31/2014.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 15** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**EXPENSE EXAMPLE** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>May 1,<br>2022** | **Ending<br>Account<br>Value<br>October 31,<br>2022** | **Expenses<br>Paid<br>During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** | **Total<br>Expenses<br>Paid<br>During<br>Period+** | **Total<br>Annualized<br>Expense<br>Ratio+** |
| **Class A** |  |  |  |  |  |  |
|  Actual | $1000 | $890.00 | $5.67 | 1.19% | $5.81 | 1.22% |
|  Hypothetical\*\* | $1000 | $1019.21 | $6.06 | 1.19% | $6.21 | 1.22% |
| **Class C** |  |  |  |  |  |  |
|  Actual | $1000 | $886.70 | $9.37 | 1.97% | $9.46 | 1.99% |
|  Hypothetical\*\* | $1000 | $1015.27 | $&nbsp;&nbsp;&nbsp;&nbsp;10.01 | 1.97% | $&nbsp;&nbsp;&nbsp;&nbsp;10.11 | 1.99% |
| **Advisor Class** |  |  |  |  |  |  |
|  Actual | $1000 | $891.70 | $4.48 | 0.94% | $4.58 | 0.96% |
|  Hypothetical\*\* | $1000 | $1020.47 | $4.79 | 0.94% | $4.89 | 0.96% |
| **Class R** |  |  |  |  |  |  |
|  Actual | $1000 | $888.50 | $7.28 | 1.52% | $7.33 | 1.54% |
|  Hypothetical\*\* | $1000 | $1017.49 | $7.78 | 1.52% | $7.83 | 1.54% |
| **Class K** |  |  |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $889.50 | $6.00 | 1.26% | $6.14 | 1.29% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1018.85 | $6.41 | 1.26% | $6.56 | 1.29% |
| **Class I** |  |  |  |  |  |  |
|  Actual | $1000 | $891.40 | $4.10 | 0.86% | $4.20 | 0.88% |
|  Hypothetical\*\* | $1000 | $1020.87 | $4.38 | 0.86% | $4.48 | 0.88% |
| **Class 1** |  |  |  |  |  |  |
|  Actual | $1000 | $890.50 | $5.15 | 1.08% | $5.29 | 1.11% |
|  Hypothetical\*\* | $1000 | $1019.76 | $5.50 | 1.08% | $5.65 | 1.11% |
| **Class 2** |  |  |  |  |  |  |
|  Actual | $1000 | $891.50 | $3.96 | 0.83% | $4.05 | 0.85% |
|  Hypothetical\*\* | $1000 | $1021.02 | $4.23 | 0.83% | $4.33 | 0.85% |
| **Class Z** |  |  |  |  |  |  |
|  Actual | $1000 | $891.50 | $3.96 | 0.83% | $4.05 | 0.85% |
|  Hypothetical\*\* | $1000 | $1021.02 | $4.23 | 0.83% | $4.33 | 0.85% |

---

\* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

---

| | |
|:---|:---|
| + | In connection with the Fund's investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Fund's total expenses are equal to the classes' annualized expense ratio plus the Fund's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 17** |

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------

**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,029.7

------

![LOGO](g480120g33m32.jpg)

------

![LOGO](g480120g33m33.jpg)

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| | |
|:---|:---|
| 1 | The portfolio breakdown is expressed as an approximate percentage of the Fund's net assets inclusive of derivative exposure, based on the Adviser's internal classification guidelines.  |

---

---

| | |
|:---|:---|
| 2 | The Fund's security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Consolidated Portfolio of Investments" section of the report for additional details).  |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO SUMMARY** (continued)

**October 31, 2022** (unaudited)

------

![LOGO](g480120g33m34.jpg)

TEN LARGEST HOLDINGS<sup>2</sup>

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | Percent of<br>Net Assets |
| Shell PLC | $21133068 | 2.1% |
| Prologis, Inc. | 17578351 | 1.7 |
| Exxon Mobil Corp. | 17102304 | 1.7 |
| Equinix, Inc. | 12002863 | 1.2 |
| ConocoPhillips | 10971847 | 1.1 |
| Public Storage | 10804080 | 1 |
| EOG Resources, Inc. | 9458788 | 0.9 |
| Mitsui Fudosan Co., Ltd. | 8400387 | 0.8 |
| TotalEnergies SE | 8366193 | 0.8 |
| Chevron Corp. | 7614624 | 0.7 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;123432505 | 12.0% |

---

---

| | |
|:---|:---|
| 1 | The Fund's country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.6% or less in the following: Austria, Belgium, Brazil, Denmark, Finland, India, Ireland, Israel, Luxembourg, Mexico, Netherlands, New Zealand, Philippines, Russia, South Africa, South Korea, Sweden, Switzerland, Thailand, United Arab Emirates, United Republic of Tanzania and Zambia.  |

---

2 Long-term investments.

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 19** |

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------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 67.8%** | **COMMON STOCKS – 67.8%** | **COMMON STOCKS – 67.8%** |
|  **Real Estate – 26.4%** | **Real Estate – 26.4%** | **Real Estate – 26.4%** |
|  **Diversified Real Estate Activities – 1.7%** |  |  |
|  Ayala Land, Inc. | 2554100 | $1133482 |
|  City Developments Ltd. | 295500 | 1593221 |
|  Daito Trust Construction Co., Ltd. | 8700 | 861507 |
|  Mitsui Fudosan Co., Ltd. | 438700 | 8400387 |
|  Nomura Real Estate Holdings, Inc. | 14900 | 336797 |
|  Sun Hung Kai Properties Ltd. | 435000 | 4674648 |
|  Tokyu Fudosan Holdings Corp. | 233300 | 1183665 |
|  |  | 18183707 |
|  **Diversified REITs – 1.6%** | **Diversified REITs – 1.6%** | **Diversified REITs – 1.6%** |
|  Alexander & Baldwin, Inc. | 99800 | 1944104 |
|  Armada Hoffler Properties, Inc. | 250690 | 2930566 |
|  Charter Hall Long Wale REIT | 606580 | 1691336 |
|  Essential Properties Realty Trust, Inc. | 153440 | 3302029 |
|  Growthpoint Properties Ltd.<sup>(a)</sup> | 2072622 | 1461202 |
|  ICADE | 29880 | 1111502 |
|  Merlin Properties Socimi SA | 278910 | 2364201 |
|  United Urban Investment Corp. | 1519 | 1607144 |
|  |  | 16412084 |
|  **Health Care REITs – 1.9%** |  |  |
|  Assura PLC | 2490200 | 1595505 |
|  Cofinimmo SA | 13570 | 1125434 |
|  Medical Properties Trust, Inc. | 288010 | 3297714 |
|  Ventas, Inc. | 145390 | 5689111 |
|  Welltower, Inc. | 124340 | 7589713 |
|  |  | 19297477 |
|  **Hotel & Resort REITs – 0.8%** |  |  |
|  Invincible Investment Corp. | 9400 | 2950786 |
|  Park Hotels & Resorts, Inc. | 234690 | 3069745 |
|  RLJ Lodging Trust | 159880 | 1945740 |
|  |  | 7966271 |
|  **Industrial REITs – 4.3%** |  |  |
|  Americold Realty Trust, Inc. | 78680 | 1907990 |
|  CapitaLand Ascendas REIT | 825200 | 1526777 |
|  Centuria Industrial REIT | 913830 | 1775892 |
|  Dream Industrial Real Estate Investment Trust | 303414 | 2438715 |
|  GLP J-Reit<sup>(b)</sup> | 1146 | 1188496 |
|  Industrial & Infrastructure Fund Investment Corp. | 1115 | 1177597 |
|  Mapletree Logistics Trust<sup>(a)</sup> | 1205318 | 1293631 |
|  Mitsui Fudosan Logistics Park, Inc.<sup>(b)</sup> | 479 | 1589253 |
|  Plymouth Industrial REIT, Inc. | 70946 | 1308244 |
|  Prologis, Inc. | 158721 | 17578351 |
|  Rexford Industrial Realty, Inc. | 64600 | 3571088 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Segro PLC | 575272 | $5177447 |
|  STAG Industrial, Inc. | 122160 | 3859035 |
|  |  | 44392516 |
|  **Office REITs – 1.2%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 7540 | 1095562 |
|  City Office REIT, Inc. | 231540 | 2458955 |
|  Cousins Properties, Inc. | 121065 | 2876504 |
|  Daiwa Office Investment Corp. | 602 | 2844007 |
|  Derwent London PLC | 66190 | 1638156 |
|  Kenedix Office Investment Corp.<sup>(a)</sup> | 648 | 1476147 |
|  |  | 12389331 |
|  **Real Estate Development – 0.9%** |  |  |
|  China Overseas Land & Investment Ltd. | 743500 | 1420768 |
|  China Resources Land Ltd. | 678000 | 2121315 |
|  CK Asset Holdings Ltd. | 284000 | 1570113 |
|  Emaar Properties PJSC | 686820 | 1133771 |
|  Instone Real Estate Group SE<sup>(c)</sup> | 81039 | 589854 |
|  Megaworld Corp. | 17716000 | 639126 |
|  Midea Real Estate Holding Ltd.<sup>(a)(c)</sup> | 2151600 | 1503466 |
|  |  | 8978413 |
|  **Real Estate Operating Companies – 1.6%** |  |  |
|  Azrieli Group Ltd. | 14750 | 1092761 |
|  CA Immobilien Anlagen AG | 58719 | 1854600 |
|  Central Pattana PCL | 411500 | 743316 |
|  CTP NV<sup>(c)</sup> | 96979 | 1005870 |
|  Hongkong Land Holdings Ltd. | 441000 | 1697799 |
|  Hulic Co., Ltd. | 146600 | 1064953 |
|  Shurgard Self Storage SA | 27430 | 1194328 |
|  TAG Immobilien AG | 117450 | 735566 |
|  Vonovia SE | 176274 | 3897525 |
|  Wihlborgs Fastigheter AB | 489360 | 3205908 |
|  |  | 16492626 |
|  **Real Estate Services – 0.1%** |  |  |
|  Unibail-Rodamco-Westfield<sup>(b)</sup> | 20600 | 974738 |
|  **Residential REITs – 4.0%** |  |  |
|  American Homes 4 Rent – Class A | 141480 | 4518871 |
|  Equity LifeStyle Properties, Inc. | 44010 | 2814880 |
|  Equity Residential | 102510 | 6460180 |
|  Essex Property Trust, Inc. | 22830 | 5073739 |
|  Independence Realty Trust, Inc. | 240000 | 4022400 |
|  Kenedix Residential Next Investment Corp. | 538 | 788746 |
|  Killam Apartment Real Estate Investment Trust | 272860 | 3162520 |
|  Minto Apartment Real Estate Investment Trust<sup>(c)</sup> | 150500 | 1472577 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 21** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Sun Communities, Inc. | 46857 | $| 6318666 |
|  UDR, Inc. | 119730 |  | 4760465 |
|  UNITE Group PLC (The) | 156180 |  | 1595371 |
|  |  |  | 40988415 |
|  **Retail REITs – 3.7%** |  |  |  |
|  AEON REIT Investment Corp. | 1654 |  | 1780738 |
|  Brixmor Property Group, Inc. | 172880 |  | 3684073 |
|  CapitaLand Integrated Commercial Trust | 3103460 |  | 4118769 |
|  Frasers Centrepoint Trust | 513100 |  | 754054 |
|  Kite Realty Group Trust | 168660 |  | 3312482 |
|  Link REIT | 511301 |  | 3022102 |
|  Mercialys SA | 122148 |  | 1057716 |
|  NETSTREIT Corp. | 144266 |  | 2715086 |
|  Phillips Edison & Co., Inc. | 103350 |  | 3114969 |
|  Realty Income Corp. | 14250 |  | 887348 |
|  Shopping Centres Australasia Property Group | 772030 |  | 1344657 |
|  Simon Property Group, Inc. | 34378 |  | 3746514 |
|  SITE Centers Corp. | 314880 |  | 3898215 |
|  Spirit Realty Capital, Inc. | 91430 |  | 3550227 |
|  Waypoint REIT Ltd. | 467450 |  | 816164 |
|  |  |  | 37803114 |
|  **Specialized REITs – 4.6%** |  |  |  |
|  American Tower Corp. | 13394 |  | 2775103 |
|  Crown Castle, Inc. | 12458 |  | 1660153 |
|  CubeSmart | 115710 |  | 4844778 |
|  Digital Realty Trust, Inc. | 9160 |  | 918290 |
|  Equinix, Inc. | 21190 |  | 12002863 |
|  Iron Mountain, Inc. | 25600 |  | 1281792 |
|  National Storage Affiliates Trust | 45180 |  | 1927379 |
|  Public Storage | 34880 |  | 10804080 |
|  Safestore Holdings PLC | 224530 |  | 2326216 |
|  SBA Communications Corp. | 3104 |  | 837770 |
|  VICI Properties, Inc. | 220100 |  | 7047602 |
|  Weyerhaeuser Co. | 45585 |  | 1409944 |
|  |  |  | 47835970 |
|  |  |  | 271714662 |
|  **Energy – 11.2%** | **Energy – 11.2%** | **Energy – 11.2%** | **Energy – 11.2%** |
|  **Coal & Consumable Fuels – 0.1%** |  |  |  |
|  Cameco Corp. | 26821 |  | 636194 |
|  **Integrated Oil & Gas – 6.5%** |  |  |  |
|  Cenovus Energy, Inc.<sup>(a)</sup> | 17389 |  | 351520 |
|  Chevron Corp. | 42093 |  | 7614624 |
|  Equinor ASA | 142609 |  | 5195776 |
|  Exxon Mobil Corp. | 154339 |  | 17102304 |
|  Gazprom PJSC<sup>(d)</sup> | 818956 |  | – 0 |
|  LUKOIL PJSC<sup>(d)</sup> | 20541 |  | – 0 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Repsol SA<sup>(b)</sup> | 532416 | $| 7243235 |
|  Shell PLC | 762883 |  | 21133068 |
|  Suncor Energy, Inc. | 6237 |  | 214530 |
|  TotalEnergies SE | 153358 |  | 8366193 |
|  |  |  | 67221250 |
|  **Oil & Gas Drilling – 0.2%** |  |  |  |
|  China Oilfield Services Ltd. – Class H | 1648000 |  | 1855185 |
|  **Oil & Gas Equipment & Services – 0.1%** |  |  |  |
|  Halliburton Co. | 26015 |  | 947466 |
|  **Oil & Gas Exploration & Production – 3.1%** |  |  |  |
|  ConocoPhillips | 87016 |  | 10971847 |
|  Coterra Energy, Inc. | 48350 |  | 1505136 |
|  EOG Resources, Inc. | 69285 |  | 9458788 |
|  Hess Corp. | 31848 |  | 4493116 |
|  Texas Pacific Land Corp. | 620 |  | 1428399 |
|  Tourmaline Oil Corp.<sup>(a)</sup> | 13858 |  | 780813 |
|  Williams Cos., Inc. (The) | 35053 |  | 1147285 |
|  Woodside Energy Group Ltd. | 91483 |  | 2114945 |
|  |  |  | 31900329 |
|  **Oil & Gas Refining & Marketing – 0.3%** | **Oil & Gas Refining & Marketing – 0.3%** | **Oil & Gas Refining & Marketing – 0.3%** | **Oil & Gas Refining & Marketing – 0.3%** |
|  Marathon Petroleum Corp. | 13509 |  | 1534893 |
|  Neste Oyj | 11223 |  | 491887 |
|  Valero Energy Corp. | 11950 |  | 1500322 |
|  |  |  | 3527102 |
|  **Oil & Gas Storage & Transportation – 0.9%** |  |  |  |
|  Antero Midstream Corp. | 9634 |  | 102602 |
|  Cheniere Energy, Inc. | 7186 |  | 1267682 |
|  Enbridge, Inc.<sup>(a)</sup> | 71454 |  | 2783997 |
|  EnLink Midstream LLC<sup>(b)</sup> | 7164 |  | 85108 |
|  Gibson Energy, Inc. | 5174 |  | 88300 |
|  Keyera Corp.<sup>(a)</sup> | 7799 |  | 167160 |
|  Kinder Morgan, Inc. | 57035 |  | 1033474 |
|  Koninklijke Vopak NV | 2307 |  | 47137 |
|  New Fortress Energy, Inc. | 1373 |  | 75611 |
|  ONEOK, Inc. | 12855 |  | 762559 |
|  Pembina Pipeline Corp.<sup>(a)</sup> | 19593 |  | 646892 |
|  Targa Resources Corp. | 6517 |  | 445567 |
|  TC Energy Corp. | 35711 |  | 1568574 |
|  |  |  | 9074663 |
|  |  |  | 115162189 |
|  **Materials – 6.0%** | **Materials – 6.0%** | **Materials – 6.0%** | **Materials – 6.0%** |
|  **Aluminum – 0.1%** | **Aluminum – 0.1%** | **Aluminum – 0.1%** | **Aluminum – 0.1%** |
|  Alcoa Corp. | 20672 |  | 806828 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 23** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Commodity Chemicals – 0.5%** |  |  |  |
|  Beijing Haixin Energy Technology Co., Ltd. – Class A | 1735085 | $| 952315 |
|  Corteva, Inc. | 41683 |  | 2723567 |
|  Ecopro Co., Ltd. | 8277 |  | 821674 |
|  LG Chem Ltd. | 1416 |  | 621395 |
|  W-Scope Corp.<sup>(a)(b)</sup> | 19600 |  | 253243 |
|  |  |  | 5372194 |
|  **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
|  GCC SAB de CV | 258717 |  | 1614092 |
|  **Copper – 0.2%** | **Copper – 0.2%** | **Copper – 0.2%** | **Copper – 0.2%** |
|  First Quantum Minerals Ltd. | 85965 |  | 1516306 |
|  OZ Minerals Ltd.<sup>(a)</sup> | 37029 |  | 573358 |
|  |  |  | 2089664 |
|  **Diversified Chemicals – 0.1%** | **Diversified Chemicals – 0.1%** | **Diversified Chemicals – 0.1%** | **Diversified Chemicals – 0.1%** |
|  Sumitomo Chemical Co., Ltd. | 316200 |  | 1064727 |
|  **Diversified Metals & Mining – 1.6%** | **Diversified Metals & Mining – 1.6%** | **Diversified Metals & Mining – 1.6%** | **Diversified Metals & Mining – 1.6%** |
|  Allkem Ltd.<sup>(b)</sup> | 74824 |  | 691348 |
|  Anglo American PLC | 132981 |  | 3983339 |
|  BHP Group Ltd. | 43087 |  | 1034958 |
|  CMOC Group Ltd. – Class H<sup>(a)</sup> | 1368000 |  | 440430 |
|  Ganfeng Lithium Group Co., Ltd – Class A | 50480 |  | 546534 |
|  Glencore PLC | 726435 |  | 4164702 |
|  MMC Norilsk Nickel PJSC (ADR)<sup>(d)(e)</sup> | 66074 |  | – 0 |
|  Rio Tinto PLC | 72754 |  | 3802242 |
|  Teck Resources Ltd. – Class B | 55531 |  | 1690364 |
|  Zhejiang Huayou Cobalt Co., Ltd. – Class A | 53270 |  | 398377 |
|  |  |  | 16752294 |
|  **Fertilizers & Agricultural Chemicals – 0.5%** |  |  |  |
|  CF Industries Holdings, Inc. | 38154 |  | 4054244 |
|  OCI NV | 35167 |  | 1345063 |
|  |  |  | 5399307 |
|  **Forest Products – 0.0%** | **Forest Products – 0.0%** | **Forest Products – 0.0%** | **Forest Products – 0.0%** |
|  Interfor Corp.<sup>(b)</sup> | 28218 |  | 501248 |
|  **Gold – 0.8%** | **Gold – 0.8%** | **Gold – 0.8%** | **Gold – 0.8%** |
|  Agnico Eagle Mines Ltd. | 61135 |  | 2689339 |
|  Barrick Gold Corp. | 143570 |  | 2157857 |
|  Endeavour Mining PLC | 122275 |  | 2126768 |
|  Northern Star Resources Ltd. | 71866 |  | 401091 |
|  Regis Resources Ltd. | 301971 |  | 294427 |
|  St. Barbara Ltd.<sup>(b)</sup> | 412784 |  | 134387 |
|  |  |  | 7803869 |

---

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| | |
|:---|:---|
| **24 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Industrial Gases – 0.2%** | **Industrial Gases – 0.2%** |  |  |
|  Air Liquide SA | 4613 | $| 603443 |
|  Air Products and Chemicals, Inc. | 2547 |  | 637769 |
|  Linde PLC | 2065 |  | 614028 |
|  |  |  | 1855240 |
|  **Paper Packaging – 0.1%** | **Paper Packaging – 0.1%** | **Paper Packaging – 0.1%** | **Paper Packaging – 0.1%** |
|  Sealed Air Corp. | 26931 |  | 1282454 |
|  **Paper Products – 0.2%** | **Paper Products – 0.2%** | **Paper Products – 0.2%** | **Paper Products – 0.2%** |
|  Stora Enso Oyj – Class R | 94140 |  | 1227473 |
|  Suzano SA | 105200 |  | 1083466 |
|  |  |  | 2310939 |
|  **Specialty Chemicals – 0.7%** | **Specialty Chemicals – 0.7%** | **Specialty Chemicals – 0.7%** | **Specialty Chemicals – 0.7%** |
|  Albemarle Corp. | 2888 |  | 808265 |
|  Danimer Scientific, Inc.<sup>(a)(b)</sup> | 167875 |  | 439833 |
|  Ecolab, Inc. | 3149 |  | 494613 |
|  Evonik Industries AG | 49372 |  | 909517 |
|  IMCD NV | 4070 |  | 527856 |
|  Johnson Matthey PLC | 31809 |  | 706083 |
|  Livent Corp.<sup>(a)(b)</sup> | 26870 |  | 848286 |
|  Shanghai Putailai New Energy Technology Co., Ltd. – Class A | 60520 |  | 414260 |
|  Sika AG (REG) | 2054 |  | 463127 |
|  Umicore SA | 18303 |  | 603375 |
|  Wacker Chemie AG | 5147 |  | 599241 |
|  |  |  | 6814456 |
|  **Steel – 0.8%** | **Steel – 0.8%** | **Steel – 0.8%** | **Steel – 0.8%** |
|  ArcelorMittal SA | 174554 |  | 3901919 |
|  Commercial Metals Co. | 20956 |  | 953498 |
|  Steel Dynamics, Inc. | 15744 |  | 1480723 |
|  Vale SA (Sponsored ADR) | 138199 |  | 1788295 |
|  |  |  | 8124435 |
|  |  |  | 61791747 |
|  **Capital Goods – 4.5%** | **Capital Goods – 4.5%** | **Capital Goods – 4.5%** | **Capital Goods – 4.5%** |
|  **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** | **Aerospace & Defense – 0.3%** |
|  BAE Systems PLC | 108753 |  | 1017228 |
|  Hexcel Corp. | 13775 |  | 767268 |
|  Huntington Ingalls Industries, Inc. | 5361 |  | 1378152 |
|  |  |  | 3162648 |
|  **Agricultural & Farm Machinery – 0.3%** | **Agricultural & Farm Machinery – 0.3%** | **Agricultural & Farm Machinery – 0.3%** | **Agricultural & Farm Machinery – 0.3%** |
|  Deere & Co. | 2279 |  | 902074 |
|  Lindsay Corp. | 4466 |  | 756094 |
|  Toro Co. (The) | 8093 |  | 853245 |
|  |  |  | 2511413 |
|  **Building Products – 0.6%** | **Building Products – 0.6%** | **Building Products – 0.6%** | **Building Products – 0.6%** |
|  A O Smith Corp. | 12800 |  | 701184 |
|  Carrier Global Corp. | 18733 |  | 744824 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 25** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Cie de Saint-Gobain | 26986 | $| 1103213 |
|  Kingspan Group PLC | 11474 |  | 578481 |
|  Lennox International, Inc. | 2335 |  | 545386 |
|  Nibe Industrier AB – Class B | 59623 |  | 475599 |
|  Owens Corning | 14873 |  | 1273277 |
|  Zurn Elkay Water Solutions Corp. | 18797 |  | 441542 |
|  |  |  | 5863506 |
|  **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** | **Construction & Engineering – 0.2%** |
|  Ferrovial SA | 17604 |  | 430213 |
|  MDU Resources Group, Inc. | 5849 |  | 166580 |
|  Vinci SA | 18979 |  | 1746769 |
|  |  |  | 2343562 |
|  **Construction & Farm Machinery & Heavy Trucks – 0.1%** |  |  |  |
|  Cummins, Inc. | 4099 |  | 1002246 |
|  **Electrical Components & Equipment – 1.3%** |  |  |  |
|  Acuity Brands, Inc. | 7334 |  | 1346302 |
|  Advent Technologies Holdings, Inc.<sup>(a)(b)</sup> | 278432 |  | 629256 |
|  Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 80904 |  | 458457 |
|  Beijing Easpring Material Technology Co., Ltd. – Class A | 53500 |  | 434679 |
|  Blink Charging Co.<sup>(a)(b)</sup> | 19644 |  | 290731 |
|  Camel Group Co., Ltd. – Class A | 546200 |  | 639253 |
|  Contemporary Amperex Technology Co., Ltd. – Class A | 8900 |  | 456745 |
|  EnerSys | 16176 |  | 1072307 |
|  First Solar, Inc.<sup>(b)</sup> | 7443 |  | 1083478 |
|  FuelCell Energy, Inc.<sup>(a)(b)</sup> | 146061 |  | 455710 |
|  Gotion High-tech Co., Ltd. – Class A | 121200 |  | 501112 |
|  Hubbell, Inc. | 3554 |  | 844004 |
|  Legrand SA | 10424 |  | 794357 |
|  nVent Electric PLC | 30848 |  | 1125952 |
|  Plug Power, Inc.<sup>(a)(b)</sup> | 23424 |  | 374316 |
|  Prysmian SpA | 23685 |  | 770902 |
|  Signify NV<sup>(c)</sup> | 39231 |  | 1086901 |
|  SunPower Corp.<sup>(a)(b)</sup> | 22852 |  | 422534 |
|  Sunrun, Inc.<sup>(b)</sup> | 28997 |  | 652722 |
|  |  |  | 13439718 |
|  **Heavy Electrical Equipment – 0.5%** | **Heavy Electrical Equipment – 0.5%** | **Heavy Electrical Equipment – 0.5%** | **Heavy Electrical Equipment – 0.5%** |
|  Bloom Energy Corp. – Class A<sup>(b)</sup> | 19157 |  | 358428 |
|  CS Wind Corp. | 14045 |  | 578576 |
|  ITM Power PLC<sup>(a)(b)</sup> | 213956 |  | 202118 |
|  Ming Yang Smart Energy Group Ltd. – Class A | 188696 |  | 645860 |
|  NARI Technology Co., Ltd. – Class A | 168609 |  | 566285 |
|  NEL ASA<sup>(b)</sup> | 333613 |  | 407785 |

---

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| | |
|:---|:---|
| **26 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Nordex SE<sup>(b)</sup> | 52303 | $| 487577 |
|  Siemens Energy AG<sup>(b)</sup> | 75800 |  | 883647 |
|  TPI Composites, Inc.<sup>(b)</sup> | 31683 |  | 315563 |
|  Vestas Wind Systems A/S | 24079 |  | 474685 |
|  |  |  | 4920524 |
|  **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** | **Industrial Conglomerates – 0.1%** |
|  General Electric Co. | 13929 |  | 1083815 |
|  **Industrial Machinery – 1.0%** | **Industrial Machinery – 1.0%** | **Industrial Machinery – 1.0%** | **Industrial Machinery – 1.0%** |
|  Chart Industries, Inc.<sup>(b)</sup> | 3225 |  | 718788 |
|  Energy Recovery, Inc.<sup>(b)</sup> | 25889 |  | 666124 |
|  Evoqua Water Technologies Corp.<sup>(b)</sup> | 14600 |  | 572028 |
|  Illinois Tool Works, Inc. | 7222 |  | 1542114 |
|  John Bean Technologies Corp. | 6165 |  | 562248 |
|  McPhy Energy SA<sup>(b)</sup> | 32420 |  | 367775 |
|  Mueller Industries, Inc. | 11185 |  | 700628 |
|  NGK Insulators Ltd. | 66500 |  | 775793 |
|  Pentair PLC | 17361 |  | 745655 |
|  Snap-on, Inc. | 6315 |  | 1402246 |
|  SPX Technologies, Inc.<sup>(b)</sup> | 15185 |  | 999781 |
|  Watts Water Technologies, Inc. – Class A | 5198 |  | 760779 |
|  Xylem, Inc./NY | 7142 |  | 731555 |
|  |  |  | 10545514 |
|  **Trading Companies & Distributors – 0.1%** |  |  |  |
|  WW Grainger, Inc. | 2433 |  | 1421724 |
|  |  |  | 46294670 |
|  **Utilities – 4.4%** | **Utilities – 4.4%** | **Utilities – 4.4%** | **Utilities – 4.4%** |
|  **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** | **Electric Utilities – 1.1%** |
|  Avangrid, Inc.<sup>(a)</sup> | 22721 |  | 924290 |
|  Constellation Energy Corp. | 1 |  | 95 |
|  Edison International | 10973 |  | 658819 |
|  Elia Group SA/NV | 1271 |  | 160695 |
|  Enel SpA | 505112 |  | 2256511 |
|  Eversource Energy | 9966 |  | 760206 |
|  Exelon Corp. | 14729 |  | 568392 |
|  Fortis, Inc./Canada | 16892 |  | 659016 |
|  Hydro One Ltd.<sup>(c)</sup> | 11198 |  | 280782 |
|  Iberdrola SA | 82974 |  | 843785 |
|  NextEra Energy, Inc. | 4547 |  | 352393 |
|  NRG Energy, Inc. | 31429 |  | 1395448 |
|  Orsted AS<sup>(c)</sup> | 5787 |  | 477461 |
|  PG&E Corp.<sup>(b)</sup> | 46315 |  | 691483 |
|  Red Electrica Corp. SA | 15275 |  | 247084 |
|  SSE PLC | 34755 |  | 621102 |
|  Terna – Rete Elettrica Nazionale | 49652 |  | 329275 |
|  |  |  | 11226837 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 27** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Gas Utilities – 0.8%** | **Gas Utilities – 0.8%** |  |
|  AltaGas Ltd. | 17530 | $316154 |
|  APA Group | 323138 | 2175490 |
|  Atmos Energy Corp. | 4024 | 428757 |
|  Beijing Enterprises Holdings Ltd. | 16913 | 42907 |
|  Chesapeake Utilities Corp. | 510 | 63434 |
|  China Gas Holdings Ltd. | 105593 | 93712 |
|  China Resources Gas Group Ltd. | 31847 | 81566 |
|  Enagas SA | 8783 | 142582 |
|  ENN Energy Holdings Ltd. | 26732 | 265771 |
|  Hong Kong & China Gas Co., Ltd. | 381933 | 294382 |
|  Italgas SpA | 17156 | 88392 |
|  Kunlun Energy Co., Ltd. | 140561 | 84009 |
|  Naturgy Energy Group SA<sup>(a)</sup> | 40971 | 1051419 |
|  New Jersey Resources Corp. | 2768 | 123564 |
|  Northwest Natural Holding Co. | 1001 | 48138 |
|  ONE Gas, Inc. | 1557 | 120636 |
|  Snam SpA | 72348 | 321696 |
|  Southwest Gas Holdings, Inc. | 1773 | 129553 |
|  Spire, Inc. | 1510 | 105413 |
|  Toho Gas Co., Ltd. | 3491 | 65044 |
|  Tokyo Gas Co., Ltd. | 14473 | 258654 |
|  Towngas Smart Energy Co., Ltd. | 39098 | 13694 |
|  UGI Corp. | 38767 | 1369638 |
|  |  | 7684605 |
|  **Independent Power and Renewable Electricity Producers – 0.7%** |  |  |
|  Atlantica Sustainable Infrastructure PLC | 22761 | 630707 |
|  Azure Power Global Ltd.<sup>(a)(b)</sup> | 58369 | 337956 |
|  Boralex, Inc. – Class A | 17325 | 491258 |
|  Brookfield Renewable Corp. – Class A | 15520 | 482227 |
|  China Longyuan Power Group Corp. Ltd. – Class H | 436000 | 498204 |
|  EDP Renovaveis SA | 81512 | 1715215 |
|  Innergex Renewable Energy, Inc. | 52473 | 577748 |
|  NextEra Energy Partners LP<sup>(a)</sup> | 9801 | 725960 |
|  Ormat Technologies, Inc.<sup>(a)</sup> | 7255 | 656215 |
|  Solaria Energia y Medio Ambiente SA<sup>(b)</sup> | 30463 | 481806 |
|  TransAlta Renewables, Inc.<sup>(a)</sup> | 61898 | 664710 |
|  Xinyi Energy Holdings Ltd.<sup>(a)</sup> | 1580000 | 402437 |
|  |  | 7664443 |
|  **Independent Power Producers & Energy Traders – 0.5%** |  |  |
|  AES Corp. (The) | 28600 | 748176 |
|  Clearway Energy, Inc. – Class A | 18541 | 599431 |
|  Drax Group PLC | 104811 | 625891 |
|  ERG SpA | 24584 | 771122 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Guangxi Guiguan Electric Power Co., Ltd. – Class A | 778700 | $| 668481 |
|  Northland Power, Inc. | 21941 |  | 638412 |
|  RWE AG | 22706 |  | 874070 |
|  |  |  | 4925583 |
|  **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** | **Multi-Utilities – 0.7%** |
|  ACEA SpA | 1503 |  | 18939 |
|  Algonquin Power & Utilities Corp. | 56518 |  | 625604 |
|  CenterPoint Energy, Inc. | 18109 |  | 518099 |
|  Consolidated Edison, Inc. | 10200 |  | 897192 |
|  DTE Energy Co. | 6684 |  | 749343 |
|  E.ON SE | 67344 |  | 563938 |
|  National Grid PLC | 136793 |  | 1490376 |
|  NiSource, Inc. | 11678 |  | 300008 |
|  NorthWestern Corp. | 1615 |  | 85320 |
|  Sempra Energy | 12677 |  | 1913466 |
|  United Utilities Group PLC | 24063 |  | 259307 |
|  Unitil Corp. | 461 |  | 24299 |
|  |  |  | 7445891 |
|  **Water Utilities – 0.6%** | **Water Utilities – 0.6%** | **Water Utilities – 0.6%** | **Water Utilities – 0.6%** |
|  American States Water Co. | 7480 |  | 676641 |
|  American Water Works Co., Inc. | 9061 |  | 1316925 |
|  Beijing Enterprises Water Group Ltd. | 3070538 |  | 645114 |
|  California Water Service Group | 14893 |  | 924260 |
|  China Water Affairs Group Ltd. | 30530 |  | 21623 |
|  Cia de Saneamento Basico do Estado de Sao Paulo (ADR) | 12060 |  | 139414 |
|  Essential Utilities, Inc. | 6860 |  | 303349 |
|  Middlesex Water Co. | 3851 |  | 344549 |
|  Pennon Group PLC | 9208 |  | 88486 |
|  Severn Trent PLC | 8939 |  | 256547 |
|  SJW Group | 16297 |  | 1151872 |
|  |  |  | 5868780 |
|  |  |  | 44816139 |
|  **Pharmaceuticals & Biotechnology – 1.9%** |  |  |  |
|  **Biotechnology – 0.3%** | **Biotechnology – 0.3%** | **Biotechnology – 0.3%** | **Biotechnology – 0.3%** |
|  AbbVie, Inc. | 6902 |  | 1010453 |
|  Amgen, Inc. | 1716 |  | 463921 |
|  Moderna, Inc.<sup>(b)</sup> | 4536 |  | 681897 |
|  Neurocrine Biosciences, Inc.<sup>(b)</sup> | 5444 |  | 626713 |
|  Regeneron Pharmaceuticals, Inc.<sup>(b)</sup> | 1116 |  | 835605 |
|  |  |  | 3618589 |
|  **Life Sciences Tools & Services – 0.5%** |  |  |  |
|  Danaher Corp. | 3046 |  | 766587 |
|  Eurofins Scientific SE | 12537 |  | 802553 |
|  Mettler-Toledo International, Inc.<sup>(b)</sup> | 1117 |  | 1412927 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 29** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Sartorius Stedim Biotech | 489 | $| 155179 |
|  Waters Corp.<sup>(b)</sup> | 5979 |  | 1788737 |
|  |  |  | 4925983 |
|  **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** | **Pharmaceuticals – 1.1%** |
|  Bayer AG (REG) | 22622 |  | 1189488 |
|  Elanco Animal Health, Inc.<sup>(b)</sup> | 62566 |  | 825245 |
|  Eli Lilly & Co. | 6176 |  | 2236268 |
|  Johnson & Johnson | 300 |  | 52191 |
|  Novo Nordisk A/S – Class B | 17095 |  | 1858761 |
|  Pfizer, Inc. | 40807 |  | 1899566 |
|  Roche Holding AG (Roche) | 1269 |  | 515074 |
|  Roche Holding AG (Genusschein) | 4707 |  | 1561774 |
|  Takeda Pharmaceutical Co., Ltd. | 16700 |  | 441030 |
|  Zoetis, Inc. | 3810 |  | 574472 |
|  |  |  | 11153869 |
|  |  |  | 19698441 |
|  **Software & Services – 1.9%** | **Software & Services – 1.9%** | **Software & Services – 1.9%** | **Software & Services – 1.9%** |
|  **Application Software – 0.5%** | **Application Software – 0.5%** | **Application Software – 0.5%** | **Application Software – 0.5%** |
|  Autodesk, Inc.<sup>(b)</sup> | 3735 |  | 800411 |
|  Cadence Design Systems, Inc.<sup>(b)</sup> | 9649 |  | 1460762 |
|  Dropbox, Inc. – Class A<sup>(b)</sup> | 63208 |  | 1374774 |
|  Fair Isaac Corp.<sup>(b)</sup> | 1541 |  | 737892 |
|  Roper Technologies, Inc. | 2559 |  | 1060808 |
|  |  |  | 5434647 |
|  **Data Processing & Outsourced Services – 0.4%** |  |  |  |
|  Mastercard, Inc. – Class A | 6728 |  | 2207995 |
|  Visa, Inc. – Class A | 6229 |  | 1290400 |
|  |  |  | 3498395 |
|  **Internet Services & Infrastructure – 0.1%** |  |  |  |
|  VeriSign, Inc.<sup>(b)</sup> | 6730 |  | 1349096 |
|  **IT Consulting & Other Services – 0.1%** |  |  |  |
|  Gartner, Inc.<sup>(b)</sup> | 4620 |  | 1394870 |
|  Kyndryl Holdings, Inc.<sup>(b)</sup> | 606 |  | 5860 |
|  |  |  | 1400730 |
|  **Systems Software – 0.8%** |  |  |  |
|  Fortinet, Inc.<sup>(b)</sup> | 22356 |  | 1277869 |
|  Microsoft Corp. | 21408 |  | 4969439 |
|  Palo Alto Networks, Inc.<sup>(b)</sup> | 3978 |  | 682585 |
|  ServiceNow, Inc.<sup>(b)</sup> | 2069 |  | 870511 |
|  |  |  | 7800404 |
|  |  |  | 19483272 |

---

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Food Beverage & Tobacco – 1.6%** |  |  |  |
|  **Agricultural Products – 0.3%** |  |  |  |
|  Archer-Daniels-Midland Co. | 11204 | $| 1086564 |
|  Bunge Ltd. | 13976 |  | 1379431 |
|  Darling Ingredients, Inc.<sup>(b)</sup> | 11976 |  | 939877 |
|  |  |  | 3405872 |
|  **Brewers – 0.1%** |  |  |  |
|  Carlsberg AS – Class B | 6255 |  | 736498 |
|  Kirin Holdings Co., Ltd. | 31600 |  | 464518 |
|  |  |  | 1201016 |
|  **Packaged Foods & Meats – 1.0%** |  |  |  |
|  Danone SA | 15513 |  | 770988 |
|  Hershey Co. (The) | 6030 |  | 1439783 |
|  Hormel Foods Corp. | 15728 |  | 730566 |
|  JBS SA | 158600 |  | 766365 |
|  Maple Leaf Foods, Inc. | 49198 |  | 729113 |
|  Marfrig Global Foods SA | 389700 |  | 807238 |
|  Mowi ASA | 56453 |  | 842605 |
|  Nestle SA (REG) | 20051 |  | 2182728 |
|  Pilgrim's Pride Corp.<sup>(b)</sup> | 34010 |  | 783931 |
|  Sao Martinho SA | 118800 |  | 620276 |
|  Tyson Foods, Inc. – Class A | 11981 |  | 818901 |
|  |  |  | 10492494 |
|  **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** | **Tobacco – 0.2%** |
|  Imperial Brands PLC | 64211 |  | 1564120 |
|  |  |  | 16663502 |
|  **Technology Hardware & Equipment – 1.0%** |  |  |  |
|  **Electronic Components – 0.1%** |  |  |  |
|  Samsung SDI Co., Ltd. | 1355 |  | 699065 |
|  TDK Corp. | 1600 |  | 49981 |
|  |  |  | 749046 |
|  **Electronic Equipment & Instruments – 0.2%** |  |  |  |
|  Itron, Inc.<sup>(b)</sup> | 14699 |  | 718634 |
|  Landis+Gyr Group AG<sup>(b)</sup> | 14851 |  | 855818 |
|  |  |  | 1574452 |
|  **Technology Distributors – 0.0%** |  |  |  |
|  CDW Corp./DE | 2581 |  | 446023 |
|  **Technology Hardware, Storage & Peripherals – 0.7%** |  |  |  |
|  Apple, Inc. | 49183 |  | 7541721 |
|  |  |  | 10311242 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 31** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Commercial & Professional Services – 0.9%** |  |  |
|  **Diversified Support Services – 0.2%** |  |  |
|  Brambles Ltd. | 112577 | $842834 |
|  Copart, Inc.<sup>(b)</sup> | 8585 | 987447 |
|  |  | 1830281 |
|  **Environmental & Facilities Services – 0.5%** |  |  |
|  Aker Carbon Capture ASA<sup>(b)</sup> | 209829 | 236125 |
|  Casella Waste Systems, Inc. – Class A<sup>(b)</sup> | 8032 | 657098 |
|  Clean Harbors, Inc.<sup>(b)</sup> | 9646 | 1181249 |
|  Republic Services, Inc. | 6397 | 848370 |
|  Rollins, Inc. | 32642 | 1373575 |
|  Tetra Tech, Inc. | 4976 | 703009 |
|  Waste Management, Inc. | 4201 | 665313 |
|  |  | 5664739 |
|  **Research & Consulting Services – 0.2%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 12001 | 1306309 |
|  Nihon M&A Center Holdings, Inc. | 28200 | 318203 |
|  Thomson Reuters Corp. | 4286 | 455829 |
|  |  | 2080341 |
|  |  | 9575361 |
|  **Transportation – 0.9%** |  |  |
|  **Air Freight & Logistics – 0.1%** |  |  |
|  CH Robinson Worldwide, Inc. | 3539 | 345831 |
|  Expeditors International of Washington, Inc. | 3436 | 336213 |
|  Kuehne & Nagel International AG (REG) | 1634 | 347823 |
|  |  | 1029867 |
|  **Airport Services – 0.2%** |  |  |
|  Aena SME SA<sup>(b)(c)</sup> | 2594 | 304876 |
|  Aeroports de Paris<sup>(b)</sup> | 978 | 132256 |
|  Auckland International Airport Ltd.<sup>(b)</sup> | 42616 | 190511 |
|  Beijing Capital International Airport Co., Ltd. – Class H<sup>(b)</sup> | 59027 | 31965 |
|  Flughafen Zurich AG (REG)<sup>(b)</sup> | 672 | 104251 |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup> | 1305 | 50277 |
|  Grupo Aeroportuario del Centro Norte SAB de CV (ADR) | 1201 | 76588 |
|  Grupo Aeroportuario del Pacifico SAB de CV (ADR) | 1281 | 198632 |
|  Grupo Aeroportuario del Sureste SAB de CV (ADR) | 665 | 155224 |
|  Japan Airport Terminal Co., Ltd.<sup>(a)(b)</sup> | 3287 | 140687 |
|  |  | 1385267 |

---

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Highways & Railtracks – 0.5%** |  |  |
|  Atlantia SpA | 17776 | $396538 |
|  Atlas Arteria Ltd. | 43029 | 181143 |
|  Getlink SE | 14168 | 224201 |
|  Jiangsu Expressway Co., Ltd. – Class H | 43124 | 30417 |
|  Shenzhen Expressway Corp. Ltd. – Class H | 21630 | 15528 |
|  Transurban Group<sup>(a)</sup> | 498103 | 4225381 |
|  Yuexiu Transport Infrastructure Ltd. | 33065 | 12942 |
|  |  | 5086150 |
|  **Marine – 0.0%** |  |  |
|  SITC International Holdings Co., Ltd. | 101000 | 165418 |
|  **Marine Ports & Services – 0.0%** |  |  |
|  China Merchants Port Holdings Co., Ltd. | 47253 | 55399 |
|  COSCO SHIPPING Ports Ltd. | 59696 | 29439 |
|  Hamburger Hafen und Logistik AG | 793 | 9288 |
|  Hutchison Port Holdings Trust | 178300 | 29121 |
|  Westshore Terminals Investment Corp.<sup>(a)</sup> | 1294 | 23147 |
|  |  | 146394 |
|  **Road & Rail – 0.1%** |  |  |
|  Aurizon Holdings Ltd. | 513638 | 1190288 |
|  |  | 9003384 |
|  **Semiconductors & Semiconductor Equipment – 0.9%** |  |  |
|  **Semiconductor Equipment – 0.5%** |  |  |
|  Applied Materials, Inc. | 11454 | 1011274 |
|  ASML Holding NV | 3124 | 1465427 |
|  Enphase Energy, Inc.<sup>(b)</sup> | 4343 | 1333301 |
|  KLA Corp. | 1092 | 345563 |
|  SolarEdge Technologies, Inc.<sup>(b)</sup> | 1804 | 414974 |
|  Xinyi Solar Holdings Ltd. | 444000 | 440802 |
|  |  | 5011341 |
|  **Semiconductors – 0.4%** |  |  |
|  Canadian Solar, Inc.<sup>(b)</sup> | 19902 | 674678 |
|  LONGi Green Energy Technology Co., Ltd. – Class A<sup>(b)</sup> | 82732 | 546376 |
|  NVIDIA Corp. | 5619 | 758396 |
|  QUALCOMM, Inc. | 11049 | 1300025 |
|  Wolfspeed, Inc.<sup>(a)(b)</sup> | 6685 | 526444 |
|  |  | 3805919 |
|  |  | 8817260 |
|  **Health Care Equipment & Services – 0.9%** |  |  |
|  **Health Care Distributors – 0.3%** |  |  |
|  AmerisourceBergen Corp. | 8981 | 1411993 |
|  McKesson Corp. | 3871 | 1507251 |
|  |  | 2919244 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 33** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Health Care Equipment – 0.1%** |  |  |
|  ABIOMED, Inc.<sup>(b)</sup> | 1321 | $332998 |
|  Hologic, Inc.<sup>(b)</sup> | 5168 | 350390 |
|  Inmode Ltd.<sup>(b)</sup> | 6523 | 223869 |
|  |  | 907257 |
|  **Health Care Supplies – 0.1%** |  |  |
|  Coloplast A/S – Class B | 10204 | 1137441 |
|  **Health Care Technology – 0.1%** |  |  |
|  Veeva Systems, Inc. – Class A<sup>(b)</sup> | 2774 | 465866 |
|  **Managed Health Care – 0.3%** |  |  |
|  Centene Corp.<sup>(b)</sup> | 17500 | 1489775 |
|  Humana, Inc. | 357 | 199235 |
|  Molina Healthcare, Inc.<sup>(b)</sup> | 3875 | 1390582 |
|  UnitedHealth Group, Inc. | 404 | 224281 |
|  |  | 3303873 |
|  |  | 8733681 |
|  **Insurance – 0.8%** |  |  |
|  **Insurance Brokers – 0.2%** |  |  |
|  Aon PLC – Class A | 5352 | 1506535 |
|  Willis Towers Watson PLC | 4115 | 897934 |
|  |  | 2404469 |
|  **Life & Health Insurance – 0.3%** |  |  |
|  Japan Post Holdings Co., Ltd. | 66500 | 447184 |
|  Japan Post Insurance Co., Ltd. | 87200 | 1290835 |
|  Medibank Pvt Ltd. | 570753 | 1027736 |
|  NN Group NV | 5413 | 229200 |
|  |  | 2994955 |
|  **Multi-line Insurance – 0.1%** |  |  |
|  Aviva PLC | 102679 | 492513 |
|  Sampo Oyj – Class A | 8524 | 389783 |
|  |  | 882296 |
|  **Property & Casualty Insurance – 0.2%** |  |  |
|  Arch Capital Group Ltd.<sup>(b)</sup> | 25001 | 1437557 |
|  Fidelity National Financial, Inc. | 25616 | 1008758 |
|  |  | 2446315 |
|  |  | 8728035 |
|  **Banks – 0.7%** |  |  |
|  **Diversified Banks – 0.6%** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 38744 | 199872 |
|  Barclays PLC | 197141 | 334992 |
|  BNP Paribas SA | 6659 | 312266 |
|  Commerzbank AG<sup>(b)</sup> | 13541 | 108188 |
|  JPMorgan Chase & Co. | 10970 | 1380904 |
|  National Bank of Canada | 12998 | 885011 |

---

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Natwest Group PLC | 112343 | $| 302573 |
|  Oversea-Chinese Banking Corp., Ltd. | 68000 |  | 583718 |
|  Skandinaviska Enskilda Banken AB – Class A | 37694 |  | 397423 |
|  Societe Generale SA | 57128 |  | 1310346 |
|  Standard Chartered PLC | 99680 |  | 595562 |
|  |  |  | 6410855 |
|  **Regional Banks – 0.1%** |  |  |  |
|  Resona Holdings, Inc. | 277600 |  | 1046261 |
|  |  |  | 7457116 |
|  **Media & Entertainment – 0.5%** |  |  |  |
|  **Advertising – 0.0%** |  |  |  |
|  Dentsu Group, Inc. | 11300 |  | 351468 |
|  **Cable & Satellite – 0.0%** |  |  |  |
|  SES SA | 13532 |  | 95982 |
|  **Interactive Home Entertainment – 0.1%** |  |  |  |
|  Electronic Arts, Inc. | 11548 |  | 1454586 |
|  **Interactive Media & Services – 0.4%** |  |  |  |
|  Alphabet, Inc. – Class A<sup>(b)</sup> | 17717 |  | 1674434 |
|  Alphabet, Inc. – Class C<sup>(b)</sup> | 16366 |  | 1549205 |
|  Meta Platforms, Inc. – Class A<sup>(b)</sup> | 4506 |  | 419779 |
|  |  |  | 3643418 |
|  |  |  | 5545454 |
|  **Retailing – 0.5%** |  |  |  |
|  **Automotive Retail – 0.1%** |  |  |  |
|  AutoZone, Inc.<sup>(b)</sup> | 236 |  | 597760 |
|  **Department Stores – 0.0%** |  |  |  |
|  Next PLC | 8724 |  | 492728 |
|  **General Merchandise Stores – 0.0%** |  |  |  |
|  Dollarama, Inc.<sup>(a)</sup> | 3669 |  | 218010 |
|  **Internet & Direct Marketing Retail – 0.3%** |  |  |  |
|  Amazon.com, Inc.<sup>(b)</sup> | 27284 |  | 2794973 |
|  **Specialty Retail – 0.1%** | **Specialty Retail – 0.1%** | **Specialty Retail – 0.1%** | **Specialty Retail – 0.1%** |
|  Ulta Beauty, Inc.<sup>(b)</sup> | 3296 |  | 1382243 |
|  |  |  | 5485714 |
|  **Telecommunication Services – 0.5%** |  |  |  |
|  **Integrated Telecommunication Services – 0.5%** |  |  |  |
|  Cellnex Telecom SA<sup>(c)</sup> | 56647 |  | 1854070 |
|  China Tower Corp. Ltd. – Class H<sup>(c)</sup> | 1646763 |  | 148991 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 35** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Elisa Oyj | 3015 | $145704 |
|  Eutelsat Communications SA | 5857 | 58793 |
|  Helios Towers PLC<sup>(b)</sup> | 15533 | 22318 |
|  Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 169617 | 1497067 |
|  RAI Way SpA<sup>(c)</sup> | 3359 | 16091 |
|  Spark New Zealand Ltd. | 348074 | 1036133 |
|  Telstra Group Ltd.<sup>(a)</sup> | 79859 | 200241 |
|  Vantage Towers AG | 3212 | 90336 |
|  |  | 5069744 |
|  **Wireless Telecommunication Services – 0.0%** |  |  |
|  SoftBank Corp. | 11600 | 114427 |
|  |  | 5184171 |
|  **Diversified Financials – 0.5%** |  |  |
|  **Asset Management & Custody Banks – 0.3%** |  |  |
|  Ameriprise Financial, Inc. | 4678 | 1446063 |
|  Brookfield Infrastructure Corp. – Class A | 3431 | 147945 |
|  Carlyle Group, Inc. (The) | 28498 | 805924 |
|  Hicl Infrastructure PLC | 71691 | 133967 |
|  |  | 2533899 |
|  **Investment Banking & Brokerage – 0.1%** |  |  |
|  Goldman Sachs Group, Inc. (The) | 3583 | 1234379 |
|  **Mortgage REITs – 0.1%** |  |  |
|  Annaly Capital Management, Inc. | 46964 | 871182 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 13439 | 365272 |
|  |  | 1236454 |
|  |  | 5004732 |
|  **Consumer Durables & Apparel – 0.4%** |  |  |
|  **Apparel, Accessories & Luxury Goods – 0.1%** |  |  |
|  Pandora A/S | 8720 | 458702 |
|  **Consumer Electronics – 0.1%** |  |  |
|  Panasonic Holdings Corp.<sup>(a)</sup> | 110500 | 787049 |
|  **Homebuilding – 0.2%** |  |  |
|  Desarrolladora Homex SAB de CV<sup>(b)</sup> | 1590 | 2 |
|  Installed Building Products, Inc. | 5065 | 435590 |
|  Open House Group Co., Ltd.<sup>(a)</sup> | 9100 | 323682 |
|  PulteGroup, Inc. | 42130 | 1684779 |
|  Urbi Desarrollos Urbanos SAB de CV<sup>(b)</sup> | 9 | 3 |
|  |  | 2444056 |
|  |  | 3689807 |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Consumer Services – 0.3%** |  |  |
|  **Casinos & Gaming – 0.0%** |  |  |
|  La Francaise des Jeux SAEM<sup>(c)</sup> | 2851 | $92910 |
|  **Hotels, Resorts & Cruise Lines – 0.1%** |  |  |
|  Booking Holdings, Inc.<sup>(b)</sup> | 175 | 327159 |
|  Marriott International, Inc./MD – Class A | 2015 | 322622 |
|  |  | 649781 |
|  **Restaurants – 0.1%** |  |  |
|  Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 158 | 236736 |
|  Domino's Pizza, Inc. | 3759 | 1248890 |
|  Sodexo SA | 2624 | 232440 |
|  Yum! Brands, Inc. | 2053 | 242767 |
|  |  | 1960833 |
|  **Specialized Consumer Services – 0.1%** |  |  |
|  WW International, Inc.<sup>(b)</sup> | 153085 | 691944 |
|  |  | 3395468 |
|  **Automobiles & Components – 0.3%** |  |  |
|  **Auto Parts & Equipment – 0.1%** |  |  |
|  Aisin Corp. | 35300 | 906142 |
|  **Automobile Manufacturers – 0.2%** |  |  |
|  Nissan Motor Co., Ltd. | 145700 | 464390 |
|  Tesla, Inc.<sup>(b)</sup> | 7636 | 1737495 |
|  |  | 2201885 |
|  |  | 3108027 |
|  **Food & Staples Retailing – 0.3%** |  |  |
|  **Food Distributors – 0.1%** |  |  |
|  Sysco Corp. | 12936 | 1119740 |
|  **Food Retail – 0.1%** |  |  |
|  Alimentation Couche-Tard, Inc. | 16303 | 729976 |
|  George Weston Ltd. | 1089 | 119863 |
|  Kroger Co. (The) | 8836 | 417855 |
|  |  | 1267694 |
|  **Hypermarkets & Super Centers – 0.1%** |  |  |
|  Costco Wholesale Corp. | 1151 | 577226 |
|  |  | 2964660 |
|  **Information Technology – 0.2%** |  |  |
|  **Technology Hardware, Storage & Peripherals – 0.2%** |  |  |
|  NetApp, Inc. | 11621 | 804987 |
|  Ricoh Co., Ltd. | 104400 | 765021 |
|  |  | 1570008 |
|  **Household & Personal Products – 0.1%** |  |  |
|  **Household Products – 0.1%** |  |  |
|  Colgate-Palmolive Co. | 20102 | 1484332 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 37** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Industrials – 0.1%** | **Industrials – 0.1%** |  |
|  **Machinery – 0.1%** |  |  |
|  AGCO Corp. | 10094 | $1253372 |
|  CNH Industrial NV | 16410 | 212297 |
|  |  | 1465669 |
|  **Residential – 0.1%** | **Residential – 0.1%** | **Residential – 0.1%** |
|  **Homebuilding – 0.1%** |  |  |
|  Ez Tec Empreendimentos e Participacoes SA | 285700 | 1152092 |
|  Total Common Stocks <br>(cost $738,921,855) |  | 698300835 |
|  **INVESTMENT COMPANIES – 1.1%** | **INVESTMENT COMPANIES – 1.1%** | **INVESTMENT COMPANIES – 1.1%** |
|  **Funds and Investment Trusts – 1.1%<sup>(f)</sup>** |  |  |
|  3i Infrastructure PLC | 22021 | 79330 |
|  JPMorgan Alerian MLP Index ETN<sup>(a)</sup> | 179740 | 4117843 |
|  VanEck Agribusiness ETF | 45479 | 4040809 |
|  VanEck Gold Miners ETF/USA<sup>(a)</sup> | 103210 | 2493554 |
|  Total Investment Companies <br>(cost $9,273,833) |  | 10731536 |
|  **SHORT-TERM INVESTMENTS – 27.6%** | **SHORT-TERM INVESTMENTS – 27.6%** | **SHORT-TERM INVESTMENTS – 27.6%** |
|  **Investment Companies – 27.6%** | **Investment Companies – 27.6%** | **Investment Companies – 27.6%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(g)(h)(i)</sup> <br>(cost $284,519,965) | 284519965 | 284519965 |
|  **Total Investments Before Security Lending Collateral for Securities Loaned – 96.5%** <br> (cost $1,032,715,653) |  | 993552336 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%** |  |  |
|  **Investment Companies – 0.6%** | **Investment Companies – 0.6%** | **Investment Companies – 0.6%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(g)(h)(i)</sup> <br>(cost $5,935,657) | 5935657 | 5935657 |
|  **Total Investments – 97.1%** <br> (cost $1,038,651,310) |  | 999487993 |
|  Other assets less liabilities – 2.9% |  | 30192139 |
|  **Net Assets – 100.0%** |  | $**1029680132** |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

**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** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Bloomberg Commodity Index Futures | 1295 | December 2022 | $14678825 | $(368251) |
|  Brent Crude Futures | 228 | March 2023 | 19842840 | 510808 |
|  Coffee Robusta Futures | 108 | January 2023 | 2001240 | (209192) |
|  Coffee 'C' Futures | 84 | March 2023 | 5482575 | (605327) |
|  Copper Futures | 140 | December 2022 | 11812500 | (847736) |
|  Corn Futures | 552 | March 2023 | 19230300 | (221449) |
|  Cotton No.2 Futures | 101 | March 2023 | 3617820 | (534691) |
|  Gasoline RBOB Futures | 81 | February 2023 | 8315168 | 199151 |
|  Gold 100 OZ Futures | 207 | December 2022 | 33962490 | (1731052) |
|  KC HRW Wheat Futures | 120 | March 2023 | 5845500 | (39977) |
|  Lean Hogs Futures | 225 | April 2023 | 8424000 | 638350 |
|  Live Cattle Futures | 119 | April 2023 | 7571970 | 197686 |
|  LME Nickel Futures | 53 | November 2022 | 6906006 | 150241 |
|  LME Nickel Futures | 53 | January 2023 | 6930969 | 82212 |
|  LME Primary Aluminum Futures | 217 | November 2022 | 12043500 | (303732) |
|  LME Primary Aluminum Futures | 217 | January 2023 | 12054350 | (38318) |
|  LME Zinc Futures | 111 | November 2022 | 7563263 | (1224137) |
|  LME Zinc Futures | 115 | January 2023 | 7771125 | (469525) |
|  Low SU Gasoil Futures | 140 | March 2023 | 13023500 | (215776) |
|  Natural Gas Futures | 427 | December 2022 | 28211890 | (5967486) |
|  NY Harbor ULSD Futures | 79 | February 2023 | 10828957 | (117329) |
|  Platinum Futures | 41 | January 2023 | 1906705 | 23434 |
|  Silver Futures | 83 | December 2022 | 7934385 | (186144) |
|  Soybean Futures | 258 | March 2023 | 18414750 | 187814 |
|  Soybean Meal Futures | 264 | March 2023 | 10805520 | 215180 |
|  Soybean Oil Futures | 300 | March 2023 | 12263400 | 847877 |
|  Sugar 11 (World) Futures | 379 | April 2023 | 7169467 | (418019) |
|  Wheat (CBT) Futures | 207 | March 2023 | 9307238 | (104716) |
|  WTI Crude Futures | 297 | February 2023 | 24615360 | 428104 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Euro STOXX 50 Index Futures | 68 | December 2022 | 2431331 | (157212) |
|  FTSE 100 Index Futures | 10 | December 2022 | 815088 | (25073) |
|  LME Nickel Futures | 53 | November 2022 | 6906006 | (86805) |
|  LME Primary Aluminum Futures | 217 | November 2022 | 12043500 | (33923) |
|  LME Zinc Futures | 111 | November 2022 | 7563263 | 469493 |
|  MSCI Emerging Markets Futures | 174 | December 2022 | 7426320 | 1113341 |
|  S&P 500 E-Mini Futures | 57 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066550 | (640171) |
|  S&P/TSX 60 Index Futures | 4 | December 2022 | 691511 | (33215) |
|  SPI 200 Futures | 5 | December 2022 | 548180 | (10162) |
|  TOPIX Index Futures | 8 | December 2022 | 1036215 | (26127) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9551854) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 39** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

**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 | USD | 2315 | GBP | 1960 | 11/17/2022 | $(66193) |
|  Bank of America, NA | NZD | 1071 | USD | 631 | 11/18/2022 | 7864 |
|  Bank of America, NA | USD | 1027 | MXN | 21145 | 11/18/2022 | 37782 |
|  Bank of America, NA | USD | 1883 | PEN | 7351 | 11/22/2022 | (41932) |
|  Bank of America, NA | SEK | 13210 | USD | 1171 | 12/01/2022 | (27969) |
|  Bank of America, NA | USD | 2714 | SEK | 29410 | 12/01/2022 | (45375) |
|  Bank of America, NA | JPY | 109211 | USD | 770 | 12/02/2022 | 32803 |
|  Bank of America, NA | USD | 582 | JPY | 84304 | 12/02/2022 | (13025) |
|  Bank of America, NA | CHF | 1580 | USD | 1622 | 12/07/2022 | 37934 |
|  Bank of America, NA | EUR | 9782 | USD | 9449 | 12/08/2022 | (244130) |
|  Bank of America, NA | KRW | 5619214 | USD | 3932 | 01/30/2023 | (15283) |
|  Barclays Bank PLC | USD | 4620 | AUD | 7403 | 11/16/2022 | 117643 |
|  Barclays Bank PLC | USD | 1101 | AUD | 1698 | 11/16/2022 | (14422) |
|  Barclays Bank PLC | USD | 9415 | JPY | 1397402 | 11/16/2022 | (2469) |
|  Barclays Bank PLC | USD | 2250 | NOK | 23980 | 11/16/2022 | 58085 |
|  Barclays Bank PLC | USD | 1845 | SEK | 20079 | 11/16/2022 | (25179) |
|  Barclays Bank PLC | PEN | 12513 | USD | 3179 | 11/22/2022 | 44784 |
|  Barclays Bank PLC | USD | 1515 | PEN | 6071 | 11/22/2022 | 5958 |
|  Barclays Bank PLC | USD | 6307 | CZK | 158064 | 11/30/2022 | 60518 |
|  Barclays Bank PLC | USD | 1278 | HUF | 544013 | 11/30/2022 | 24869 |
|  Barclays Bank PLC | USD | 1042 | SGD | 1460 | 12/07/2022 | (10909) |
|  Barclays Bank PLC | MYR | 136020 | USD | 30475 | 12/15/2022 | 1696465 |
|  Barclays Bank PLC | USD | 27089 | MYR | 120810 | 12/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;(1528164) |
|  Barclays Bank PLC | ZAR | 132806 | USD | 7306 | 12/15/2022 | 100149 |
|  Barclays Bank PLC | TWD | 35921 | USD | 1115 | 12/21/2022 | 418 |
|  Barclays Bank PLC | USD | 3528 | CNH | 25323 | 02/16/2023 | (53362) |
|  BNP Paribas SA | GBP | 1257 | USD | 1428 | 11/17/2022 | (14567) |
|  BNP Paribas SA | USD | 1019 | NZD | 1652 | 11/18/2022 | (58230) |
|  BNP Paribas SA | USD | 980 | NOK | 10095 | 12/01/2022 | (8313) |
|  BNP Paribas SA | CHF | 688 | USD | 705 | 12/07/2022 | 15561 |
|  BNP Paribas SA | IDR | &nbsp;&nbsp;&nbsp;&nbsp;25860133 | USD | 1654 | 01/26/2023 | 5266 |
|  BNP Paribas SA | USD | 16019 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;249834791 | 01/26/2023 | (90167) |
|  Brown Brothers Harriman & Co. | SEK | 8974 | USD | 797 | 12/01/2022 | (17174) |
|  Brown Brothers Harriman & Co. | USD | 3341 | EUR | 3414 | 12/08/2022 | 41924 |
|  Citibank, NA | AUD | 1566 | USD | 994 | 01/19/2023 | (10745) |
|  Citibank, NA | USD | 6067 | PHP | 362023 | 01/26/2023 | 120908 |
|  Credit Suisse International | USD | 3901 | COP | 17346841 | 11/22/2022 | (400499) |
|  Credit Suisse International | HUF | 2844489 | USD | 6845 | 11/30/2022 | 34185 |
|  Credit Suisse International | PLN | 8980 | USD | 1884 | 11/30/2022 | 9259 |
|  Deutsche Bank AG | BRL | 17460 | USD | 3297 | 11/03/2022 | (83289) |
|  Deutsche Bank AG | USD | 3321 | BRL | 17460 | 11/03/2022 | 58831 |
|  Deutsche Bank AG | THB | 817142 | USD | 23152 | 11/10/2022 | 1670315 |
|  Deutsche Bank AG | CHF | 9493 | USD | 9555 | 11/16/2022 | 60375 |
|  Deutsche Bank AG | CHF | 1957 | USD | 1955 | 11/16/2022 | (1818) |
|  Deutsche Bank AG | EUR | 2690 | USD | 2625 | 11/16/2022 | (35872) |
|  Deutsche Bank AG | USD | 6951 | AUD | 11048 | 11/16/2022 | 118330 |
|  Deutsche Bank AG | USD | 6921 | CAD | 9395 | 11/16/2022 | (24134) |
|  Deutsche Bank AG | USD | 4359 | EUR | 4337 | 11/16/2022 | (68360) |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> 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)** |
|  Deutsche Bank AG | USD | 1914 | JPY | 283060 | 11/16/2022 | $(7049) |
|  Deutsche Bank AG | USD | 12655 | NZD | 22490 | 11/16/2022 | 423865 |
|  Deutsche Bank AG | MXN | 58739 | USD | 2917 | 11/18/2022 | (39864) |
|  Deutsche Bank AG | USD | 6216 | MXN | 124572 | 11/18/2022 | 54753 |
|  Deutsche Bank AG | COP | &nbsp;&nbsp;&nbsp;&nbsp;15590304 | USD | 3135 | 11/22/2022 | (10868) |
|  Deutsche Bank AG | CZK | 446748 | USD | 17863 | 11/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;(132989) |
|  Deutsche Bank AG | USD | 13370 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;5462406 | 11/30/2022 | (290466) |
|  Deutsche Bank AG | DKK | 23781 | USD | 3185 | 12/01/2022 | 21500 |
|  Deutsche Bank AG | ZAR | 29824 | USD | 1636 | 12/15/2022 | 18136 |
|  Deutsche Bank AG | INR | 394961 | USD | 4763 | 12/21/2022 | 19885 |
|  Deutsche Bank AG | USD | 2027 | CAD | 2741 | 01/19/2023 | (12492) |
|  Deutsche Bank AG | CNH | 116714 | USD | 16308 | 02/16/2023 | 291942 |
|  Goldman Sachs Bank USA | BRL | 30521 | USD | 5806 | 11/03/2022 | (102841) |
|  Goldman Sachs Bank USA | USD | 5631 | BRL | 30521 | 11/03/2022 | 277286 |
|  Goldman Sachs Bank USA | NOK | 93871 | USD | 9140 | 11/16/2022 | 106478 |
|  Goldman Sachs Bank USA | NZD | 14774 | USD | 8596 | 11/16/2022 | 4254 |
|  Goldman Sachs Bank USA | USD | 4731 | CAD | 6492 | 11/16/2022 | 33894 |
|  Goldman Sachs Bank USA | USD | 1269 | NOK | 13368 | 11/16/2022 | 17089 |
|  Goldman Sachs Bank USA | USD | 2684 | NZD | 4819 | 11/16/2022 | 118750 |
|  Goldman Sachs Bank USA | USD | 5431 | MXN | 111793 | 11/18/2022 | 196637 |
|  Goldman Sachs Bank USA | CLP | 3947706 | USD | 4041 | 11/22/2022 | (130531) |
|  Goldman Sachs Bank USA | PEN | 7384 | USD | 1849 | 11/22/2022 | (511) |
|  Goldman Sachs Bank USA | USD | 2308 | CLP | 2157233 | 11/22/2022 | (28719) |
|  Goldman Sachs Bank USA | USD | 2959 | HUF | 1205746 | 11/30/2022 | (71917) |
|  Goldman Sachs Bank USA | USD | 916 | JPY | 131472 | 12/02/2022 | (28535) |
|  Goldman Sachs Bank USA | MYR | 9623 | USD | 2164 | 12/15/2022 | 127674 |
|  Goldman Sachs Bank USA | USD | 17774 | INR | 1446302 | 12/21/2022 | (405068) |
|  Goldman Sachs Bank USA | USD | 5326 | PHP | 315800 | 01/26/2023 | 71107 |
|  Goldman Sachs Bank USA | CNH | 29789 | USD | 4092 | 02/16/2023 | 4045 |
|  HSBC Bank USA | USD | 8896 | PLN | 42764 | 11/30/2022 | 33908 |
|  JPMorgan Chase Bank, NA | BRL | 12935 | USD | 2444 | 11/03/2022 | (60450) |
|  JPMorgan Chase Bank, NA | USD | 2461 | BRL | 12935 | 11/03/2022 | 43585 |
|  JPMorgan Chase Bank, NA | EUR | 12952 | USD | 12770 | 11/16/2022 | (42778) |
|  JPMorgan Chase Bank, NA | GBP | 11000 | USD | 12484 | 11/16/2022 | (134903) |
|  JPMorgan Chase Bank, NA | SEK | 107078 | USD | 9624 | 11/16/2022 | (82562) |
|  JPMorgan Chase Bank, NA | CLP | 3926733 | USD | 4181 | 11/22/2022 | 31699 |
|  JPMorgan Chase Bank, NA | PEN | 7854 | USD | 2008 | 11/22/2022 | 40942 |
|  JPMorgan Chase Bank, NA | USD | 839 | CLP | 745890 | 11/22/2022 | (50626) |
|  JPMorgan Chase Bank, NA | PLN | 29622 | USD | 6230 | 11/30/2022 | 44483 |
|  JPMorgan Chase Bank, NA | USD | 1271 | CZK | 31495 | 11/30/2022 | (2185) |
|  JPMorgan Chase Bank, NA | USD | 1406 | HUF | 587407 | 11/30/2022 | 943 |
|  JPMorgan Chase Bank, NA | USD | 4595 | PLN | 22370 | 11/30/2022 | 76119 |
|  JPMorgan Chase Bank, NA | TWD | 147713 | USD | 4623 | 12/21/2022 | 41031 |
|  Morgan Stanley Capital Services, Inc. | GBP | 2182 | USD | 2596 | 11/17/2022 | 92190 |
|  Morgan Stanley Capital Services, Inc. | USD | 1529 | GBP | 1393 | 11/17/2022 | 69862 |
|  Morgan Stanley Capital Services, Inc. | MXN | 21145 | USD | 1053 | 11/18/2022 | (11664) |
|  Morgan Stanley Capital Services, Inc. | USD | 7639 | COP | &nbsp;&nbsp;&nbsp;&nbsp;34041724 | 11/22/2022 | (770056) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 41** |

---

------

**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. | SEK | 8582 | USD | 783 | 12/01/2022 | $3947 |
|  Morgan Stanley Capital Services, Inc. | JPY | 264817 | USD | 1839 | 12/02/2022 | 52447 |
|  Morgan Stanley Capital Services, Inc. | JPY | &nbsp;&nbsp;&nbsp;&nbsp;168886 | USD | 1132 | 12/02/2022 | (7259) |
|  Morgan Stanley Capital Services, Inc. | USD | 653 | EUR | 669 | 12/08/2022 | 10408 |
|  Morgan Stanley Capital Services, Inc. | USD | 916 | EUR | 924 | 12/08/2022 | (771) |
|  Morgan Stanley Capital Services, Inc. | MYR | 22046 | USD | 4653 | 12/15/2022 | (10942) |
|  Morgan Stanley Capital Services, Inc. | USD | 9814 | MYR | 43531 | 12/15/2022 | (604161) |
|  Morgan Stanley Capital Services, Inc. | TWD | 61686 | USD | 1937 | 12/21/2022 | 23866 |
|  Natwest Markets PLC | GBP | 983 | USD | 1153 | 11/17/2022 | 25325 |
|  Natwest Markets PLC | USD | 2013 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;287824 | 12/02/2022 | (70532) |
|  Natwest Markets PLC | USD | 735 | CNH | 5261 | 02/16/2023 | (13386) |
|  Societe Generale | USD | 858 | SEK | 9419 | 12/01/2022 | (3449) |
|  Standard Chartered Bank | TWD | 61686 | USD | 1938 | 12/21/2022 | 24779 |
|  State Street Bank & Trust Co. | THB | 149191 | USD | 4074 | 11/10/2022 | 151605 |
|  State Street Bank & Trust Co. | USD | 11713 | THB | 419310 | 11/10/2022 | &nbsp;&nbsp;&nbsp;&nbsp;(689985) |
|  State Street Bank & Trust Co. | GBP | 789 | USD | 898 | 11/17/2022 | (7073) |
|  State Street Bank & Trust Co. | USD | 123 | GBP | 109 | 11/17/2022 | 1997 |
|  State Street Bank & Trust Co. | NZD | 593 | USD | 354 | 11/18/2022 | 9416 |
|  State Street Bank & Trust Co. | NOK | 10198 | USD | 994 | 12/01/2022 | 12158 |
|  State Street Bank & Trust Co. | SEK | 1810 | USD | 165 | 12/01/2022 | 368 |
|  State Street Bank & Trust Co. | USD | 860 | SEK | 9430 | 12/01/2022 | (3826) |
|  State Street Bank & Trust Co. | JPY | 48349 | USD | 335 | 12/02/2022 | 8632 |
|  State Street Bank & Trust Co. | CHF | 1524 | USD | 1598 | 12/07/2022 | 69710 |
|  State Street Bank & Trust Co. | SGD | 1460 | USD | 1028 | 12/07/2022 | (4003) |
|  State Street Bank & Trust Co. | USD | 362 | EUR | 366 | 12/08/2022 | 406 |
|  State Street Bank & Trust Co. | USD | 805 | HKD | 6310 | 01/12/2023 | (990) |
|  UBS AG | USD | 610 | JPY | 87664 | 12/02/2022 | (18500) |
|  UBS AG | USD | 4064 | CHF | 3973 | 12/07/2022 | (80370) |
|  |  |  |  |  |  | $183446 |

---

**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** | **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 | &nbsp;&nbsp;&nbsp;&nbsp;30950 | 03/18/2031 | 2.378% | CPI# | Maturity | $353391 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $353391 |
| Goldman Sachs International | USD | &nbsp;&nbsp;&nbsp;&nbsp;53750 | 04/26/2027 | 2.175% | CPI# | Maturity | 3139466 | – 0 | 3139466 |
| Goldman Sachs International | USD | &nbsp;&nbsp;&nbsp;&nbsp;110190 | 04/25/2030 | 1.900% | CPI# | Maturity | 3537697 | – 0 | 3537697 |
| Goldman Sachs International | USD | &nbsp;&nbsp;&nbsp;&nbsp;58060 | 03/16/2031 | 2.289% | CPI# | Maturity | 873507 | – 0 | 873507 |
|  |  |  |  |  |  |  | $7904061 | $– 0 | $7904061 |

---

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

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**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)** |
|  **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  UBS AG |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR Plus 0.37% | Quarterly | USD | 2297 | 1/17/23 | $179284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR Plus 0.43% | Quarterly | USD | 1518 | 1/17/23 | 118607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE EPRA/NAREIT Developed Real Estate Index | OBFR Plus 0.32% | Quarterly | USD | 43809 | 9/15/23 | 3238850 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536741 |

---

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

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $10,330,916 or 1.0% of net assets.

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

(e) Fair valued by the Adviser.

(f) 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.

(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, or call AB at (800) 227-4618.

(h) Affiliated investments.

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

Currency Abbreviations:

---

| | |
|:---|:---|
| AUD – Australian Dollar<br> BRL – Brazilian Real<br> CAD – Canadian Dollar<br> CHF – Swiss Franc<br> CLP – Chilean Peso<br> CNH – Chinese Yuan Renminbi (Offshore)<br> COP – Colombian Peso<br> CZK – Czech Koruna<br> DKK – Danish Krone<br> EUR – Euro<br> GBP – Great British Pound<br> HKD – Hong Kong Dollar<br> HUF – Hungarian Forint<br> IDR – Indonesian Rupiah<br> INR – Indian Rupee | JPY – Japanese Yen<br> KRW – South Korean Won<br> MXN – Mexican Peso<br> MYR – Malaysian Ringgit<br> NOK – Norwegian Krone<br> NZD – New Zealand Dollar<br> PEN – Peruvian Sol<br> PHP – Philippine Peso<br> PLN – Polish Zloty<br> SEK – Swedish Krona<br> SGD – Singapore Dollar<br> THB – Thailand Baht<br> TWD – New Taiwan Dollar<br> USD – United States Dollar<br> ZAR – South African Rand |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 43** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CPI – Consumer Price Index

EPRA – European Public Real Estate Association

ETF – Exchange Traded Fund

ETN – Exchange Traded Note

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

PJSC – Public Joint Stock Company

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

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

See notes to consolidated financial statements..

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $748,195,688) | $709032371 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $290,455,622—including investment of cash collateral for securities loaned of $5,935,657) | 290455622 |
|  Cash collateral due from broker | 29496542 |
|  Foreign currencies, at value (cost $3,031,450) | 3012535 |
|  Receivable for investment securities sold | 13443196 |
|  Unrealized appreciation on inflation swaps | 7904061 |
|  Unrealized appreciation on forward currency exchange contracts | 7017347 |
|  Unrealized appreciation on total return swaps | 3536741 |
|  Receivable for variation margin on futures | 3267250 |
|  Unaffiliated dividends receivable | 1034188 |
|  Affiliated dividends receivable | 501587 |
|  Receivable for capital stock sold | 429844 |
|  Total assets | 1069131284 |
| **Liabilities** | **Liabilities** |
|  Payable for investment securities purchased and foreign currency transactions | 14392879 |
|  Cash collateral due to broker | 10718000 |
|  Unrealized depreciation on forward currency exchange contracts | 6833901 |
|  Payable for collateral received on securities loaned | 5935657 |
|  Advisory fee payable | 569597 |
|  Payable for capital stock redeemed | 382754 |
|  Distribution fee payable | 126341 |
|  Administrative fee payable | 31456 |
|  Transfer Agent fee payable | 16962 |
|  Foreign capital gains tax payable | 13123 |
|  Directors' fees payable | 2904 |
|  Accrued expenses | 427578 |
|  Total liabilities | 39451152 |
|  Net Assets | $**1029680132** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $114598 |
|  Additional paid-in capital | 1201795027 |
|  Accumulated loss | (172229493) |
|  Net Assets | $**1029680132** |

---

(a) Includes securities on loan with a value of $19,553,104 (see Note E).

See notes to consolidated financial statements.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 45** |

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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** | $6689786 | 731737 | $9.14 \* |
| **C** | $574031 | 61644 | $9.31 |
| **Advisor** | $31703149 | 3470439 | $9.14 |
| **R** | $69952 | 7635 | $9.16 |
| **K** | $1059401 | 117440 | $9.02 |
| **I** | $27259597 | 3018366 | $9.03 |
| **1** | $638228592 | 71328163 | $8.95 |
| **2** | $9199 | 1000 | $9.20 |
| **Z** | $&nbsp;&nbsp;&nbsp;&nbsp;324086425 | 35861280 | $&nbsp;&nbsp;&nbsp;&nbsp;9.04 |

---

\* The maximum offering price per share for Class A shares was $9.55 which reflects a sales charge of 4.25%. 

See notes to consolidated financial statements.

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|:---|:---|
| **46 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** | **Investment Income** | **Investment Income** |
|  Dividends | Dividends | Dividends |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $1,417,613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29398903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 2173764 |  |
|  Securities lending income | 328329 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900996 |
| **Expenses** | **Expenses** | **Expenses** |
|  Advisory fee (see Note B) | 9235305 |  |
|  Distribution fee—Class A | 14625 |  |
|  Distribution fee—Class C | 3303 |  |
|  Distribution fee—Class R | 357 |  |
|  Distribution fee—Class K | 2709 |  |
|  Distribution fee—Class 1 | 1714848 |  |
|  Transfer agency—Class A | 5760 |  |
|  Transfer agency—Class C | 393 |  |
|  Transfer agency—Advisor Class | 26706 |  |
|  Transfer agency—Class R | 187 |  |
|  Transfer agency—Class K | 2179 |  |
|  Transfer agency—Class I | 12476 |  |
|  Transfer agency—Class 1 | 146813 |  |
|  Transfer agency—Class 2 | 1 |  |
|  Transfer agency—Class Z | 117358 |  |
|  Custody and accounting | 309145 |  |
|  Registration fees | 163022 |  |
|  Audit and tax | 137222 |  |
|  Administrative | 88018 |  |
|  Printing | 61710 |  |
|  Legal | 55093 |  |
|  Directors' fees | 33777 |  |
|  Miscellaneous | 119554 |  |
|  Total expenses | 12250561 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (218051) |  |
|  Net expenses |  | 12032510 |
|  Net investment income |  | 19868486 |

---

See notes to consolidated financial statements.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 47** |

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**CONSOLIDATED STATEMENT OF OPERATIONS** (continued)

---

| | |
|:---|:---|
| **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> | $31101671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 1833380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 54611621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 32065756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (670745) |
|  Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206853320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (77977) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (19817305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (987278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (24905) |
|  Net loss on investment and foreign currency transactions | (108819102) |
|  Contributions from Affiliates (see Note B) | 1612 |
|  **Net Decrease in Net Assets from Operations** | $**(88949004)** |

---

(a) Net of foreign realized capital gains taxes of $4,438.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $9,091.

See notes to consolidated financial statements.

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|:---|:---|
| **48 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $19868486 | $16202556 |
|  Net realized gain on investment and foreign currency transactions | 118941683 | 181993385 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (227760785) | 221060621 |
|  Contributions from Affiliates (see Note B) | 1612 | – 0 |
|  Net increase (decrease) in net assets from operations | (88949004) | 419256562 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (464964) | (221879) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (12613) | (9571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1665845) | (412387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (5635) | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (108197) | (32508) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2495051) | (808887) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (61937570) | (16708336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (981) | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (54143835) | (15915046) |
| **Capital Stock Transactions** |  |  |
|  Net increase (decrease) | (92876275) | 18064568 |
|  Total increase (decrease) | (302659970) | 403211571 |
| **Net Assets** |  |  |
|  Beginning of period | 1332340102 | 929128531 |
|  End of period | $**1029680132** | $**1332340102** |

---

See notes to consolidated financial statements.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 49** |

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**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 non-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 October 31, 2022, consolidated net assets of the Fund were $1,029,680,132, of which $117,236,096, or 11%, 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 has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class 1, Class 2, Class Z, and Class T shares. Class B and Class T shares have not been issued. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. As of October 31, 2022, AllianceBernstein L.P. (the "Adviser"), was the sole shareholder of Class 2 shares. 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R, Class K, Class 1, and Class Z shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I, and Class 2 shares are sold without an

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|:---|:---|
| **50 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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

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 ("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, 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

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 51** |

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

by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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

**2. Fair Value Measurements** 

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

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|:---|:---|
| **52 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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

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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 53** |

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

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $&nbsp;&nbsp;&nbsp;&nbsp;178322072 | $&nbsp;&nbsp;&nbsp;&nbsp;93392590 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | $&nbsp;&nbsp;&nbsp;&nbsp;271714662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 68714763 | 46447426 | 0 | <sup>(a)</sup> | 115162189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 28185075 | 33606672 | 0 | <sup>(a)</sup> | 61791747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Goods | 30869117 | 15425553 | – 0 |  | 46294670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 25519352 | 19296787 | – 0 |  | 44816139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals & Biotechnology | 13174582 | 6523859 | – 0 |  | 19698441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software & Services | 19483272 | – 0 | – 0 |  | 19483272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Beverage & Tobacco | 10102045 | 6561457 | – 0 |  | 16663502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware & Equipment | 8706378 | 1604864 | – 0 |  | 10311242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial & Professional Services | 8178199 | 1397162 | – 0 |  | 9575361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation | 1135635 | 7867749 | – 0 |  | 9003384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 6364655 | 2452605 | – 0 |  | 8817260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Services | 7596240 | 1137441 | – 0 |  | 8733681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 4850784 | 3877251 | – 0 |  | 8728035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 2265915 | 5191201 | – 0 |  | 7457116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media & Entertainment | 5098004 | 447450 | – 0 |  | 5545454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retailing | 4992986 | 492728 | – 0 |  | 5485714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services | – 0 | 5184171 | – 0 |  | 5184171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financials | 4870765 | 133967 | – 0 |  | 5004732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Durables & Apparel | 2120374 | 1569433 | – 0 |  | 3689807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 3070118 | 325350 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | 3395468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles & Components | 1737495 | 1370532 | – 0 |  | 3108027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 2964660 | – 0 | – 0 |  | 2964660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 804987 | 765021 | – 0 |  | 1570008 |

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|:---|:---|
| **54 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Household & Personal Products | $1484332 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | $1484332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1253372 | 212297 | – 0 |  | 1465669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential | 1152092 | – 0 | – 0 |  | 1152092 |
|  Investment Companies | 10652206 | 79330 | – 0 |  | 10731536 |
|  Short-Term Investments | 284519965 | – 0 | – 0 |  | 284519965 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 5935657 | – 0 | – 0 |  | 5935657 |
|  Total Investments in Securities | 744125097 | 255362896 | 0 | <sup>(a)</sup> | 999487993 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 5063691 | – 0 | – 0 |  | 5063691 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 7017347 | – 0 |  | 7017347 |
|  Inflation (CPI) Swaps | – 0 | 7904061 | – 0 |  | 7904061 |
|  Total Return Swaps | – 0 | 3536741 | – 0 |  | 3536741 |
|  **Liabilities:** |  |  |  |  |  |
|  Futures | (14615545) | – 0 | – 0 |  | (14615545)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (6833901) | – 0 |  | (6833901) |
|  **Total** | $**734573243** | $**266987144** | $**0** | **<sup>(a)</sup>** | $**1001560387** |

---

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

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

(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.

**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,

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 55** |

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

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.

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 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 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.

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

**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.

**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%, 1.55%, 1.30%, 1.05%, 1.30%, 1.05% and 1.05% of daily average net assets for Class A, Class C, Advisor Class, Class R, Class K, 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, 2023. For the year ended October 31, 2022, such reimbursement amounted to $29.

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 year ended October 31, 2022, the reimbursement for such services amounted to $88,018.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 57** |

---

------

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

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 $220,207 for the year ended October 31, 2022.

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 $955 from the sale of Class A shares and received $0 and $0 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $214,886.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233997 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559249 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508726 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 |
|  Government Money Market Portfolio\* | 20370 | 188344 | 202778 | 5936 | 42 |
|  Total |  |  |  | $290456 | $2216 |

---

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

During the year ended October 31, 2022, the Adviser reimbursed the Fund $1,612 for trading losses incurred due to a trade entry error.

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

**NOTE C** 

**Distribution Services Agreement** 

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. 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 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 $160,653, $16,966, $19,723 and $1,945,115 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, 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 year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737023974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897425817 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404961428 |
|  Gross unrealized appreciation | $79557802 |
|  Gross unrealized depreciation | (446355053) |
|  Net unrealized depreciation | $(366797251) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 59** |

---

------

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

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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.

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

During the year ended October 31, 2022, the Fund held futures for hedging and non hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging and non hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 61** |

---

------

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

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 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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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

---

| | |
|:---|:---|
| **62 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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.

**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 year ended October 31, 2022, 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 year ended October 31, 2022, the Fund held total return swaps for hedging and non hedging purposes.

**Variance Swaps:** 

The Fund may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual "variance" as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its "volatility") over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the year ended October 31, 2022, the Fund held variance swaps for hedging and non hedging purposes.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 63** |

---

------

**NOTES TO CONSOLIDATED 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 year ended October 31, 2022, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>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/Payable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113341 \* | Receivable/Payable for variation margin on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891960 \* |
|  Commodity contracts | Receivable/Payable for variation margin on futures | 3950350<br> \*  | Receivable/Payable for variation margin on futures | 13723585<br> \*  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 7017347 | Unrealized depreciation on forward currency exchange contracts | 6833901 |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 7904061 |  |  |

---

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative<br>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 | Unrealized appreciation on total return swaps | $3536741 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23521840 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21449446 |

---

\* 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. <br>

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within 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 | $33147 | $(136554) |
|  Commodity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54578474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19680751) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 1833380 | (77977) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 9007296 | (7156488) |
|  Commodity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (2691262) | 991234 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 65** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Consolidated<br>Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign exchange contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $(66699) | $187124 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 25816421 | 4990852 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88510757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20882560) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401699453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $30987272 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $467997320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $495946253 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $319308462 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $122744236 |
|  Variance Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1445350 <sup>(a)</sup> |

---

(a) Positions were open for five months during the year.

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 October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | |
|:---|:---|
| **66 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO CONSOLIDATED 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** |
|  Bank of America, NA | $116383 | $(116383) | $&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 |
|  Barclays Bank PLC | 2108889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1634505 | – 0 | – 0 | 474384 |
|  BNP Paribas SA | 20827 | (20827) | – 0 | – 0 | – 0 |
|  Brown Brothers Harriman & Co. | 41924 | (17174) | – 0 | – 0 | 24750 |
|  Citibank, NA | 474299 | (10745) | – 0 | – 0 | 463554 |
|  Credit Suisse International | 43444 | (43444) | – 0 | – 0 | – 0 |
|  Deutsche Bank AG | 2737932 | (707201) | – 0 | – 0 | 2030731 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 8507884 | (768122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7090000 | – 0 | 649762 |
|  HSBC Bank USA | 33908 | – 0 | – 0 | – 0 | 33908 |
|  JPMorgan Chase Bank, NA | 278802 | (278802) | – 0 | – 0 | – 0 |
|  Morgan Stanley Capital Services, Inc. | 252720 | (252720) | – 0 | – 0 | – 0 |
|  Natwest Markets PLC | 25325 | (25325) | – 0 | – 0 | – 0 |
|  Standard Chartered Bank | 24779 | – 0 | (24779) | – 0 | – 0 |
|  State Street Bank & Trust Co. | 254292 | (254292) | – 0 | – 0 | – 0 |
|  UBS AG | 3536741 | (98870) | (3437871) | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18458149 | $(4228410) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10552650 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677089 |
| **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 | $453907 | $(116383) | $– 0 | $– 0 | $337524 |
|  Barclays Bank PLC | 1634505 | (1634505) | – 0 | – 0 | – 0 |
|  BNP Paribas SA | 171277 | (20827) | – 0 | – 0 | 150450 |
|  Brown Brothers Harriman & Co. | 17174 | (17174) | – 0 | – 0 | – 0 |
|  Citibank, NA | 10745 | (10745) | – 0 | – 0 | – 0 |
|  Credit Suisse International | 400499 | (43444) | (320000) | – 0 | 37055 |
|  Deutsche Bank AG | 707201 | (707201) | – 0 | – 0 | – 0 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 768122 | (768122) | – 0 | – 0 | – 0 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 67** |

---

------

**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** |
|  JPMorgan Chase Bank, NA | $373504 | $(278802) | $– 0 | $– 0 – $| 94702 |
|  Morgan Stanley Capital Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404853 | (252720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1152133 | – 0 – | – 0 |
|  Natwest Markets PLC | 83918 | (25325) | – 0 | – 0 – | 58593 |
|  Societe Generale | 3449 | – 0 | – 0 | – 0 – | 3449 |
|  State Street Bank & Trust Co. | 705877 | (254292) | – 0 | – 0 – | 451585 |
|  UBS AG | 98870 | (98870) | – 0 | – 0 – | – 0 |
|  Total | $6833901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4228410 | $(1472133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133358 |

---

\* 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).

**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. 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

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| | |
|:---|:---|
| **68 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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 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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 69** |

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------

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

A summary of the Fund's transactions surrounding securities lending for the year ended October 31, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Government Money<br>Market Portfolio** | **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** |
| $&nbsp;&nbsp;&nbsp;&nbsp;19553104 | $&nbsp;&nbsp;&nbsp;&nbsp;5935657 | $&nbsp;&nbsp;&nbsp;&nbsp;15561534 | $&nbsp;&nbsp;&nbsp;&nbsp;285898 | $&nbsp;&nbsp;&nbsp;&nbsp;42431 | $&nbsp;&nbsp;&nbsp;&nbsp;3136 |

---

\* As of October 31, 2022.

**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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 349177 | 317223 | $3423280 | $3288034 |
|  Shares issued in reinvestment of dividends | 45750 | 25555 | 433245 | 214154 |
|  Shares converted from Class C | 10676 | 47783 | 109344 | 457252 |
|  Shares redeemed | (164526) | (804855) | (1613537) | (7247828) |
|  **Net increase (decrease)** | **241077** | **(414294)** | $**2352332** | $**(3288388)** |
| **Class C** |  |  |  |  |
|  Shares sold | 55339 | 64 | $550702 | $591 |
|  Shares issued in reinvestment of dividends | 1299 | 1081 | 12612 | 9141 |
|  Shares converted to Class A | (10463) | (47515) | (109344) | (457252) |
|  Shares redeemed | (2901) | (1542) | (28381) | (14427) |
|  **Net increase (decrease)** | **43274** | **(47912)** | $**425589** | $**(461947)** |

---

---

| | |
|:---|:---|
| **70 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 2640030 | 543513 | $26830283 | $5271583 |
|  Shares issued in reinvestment of dividends | 135873 | 35548 | 1282638 | 296466 |
|  Shares redeemed | (982915) | (442417) | (9652710) | (4262588) |
|  **Net increase** | **1792988** | **136644** | $**18460211** | $**1305461** |
| **Class R** |  |  |  |  |
|  Shares sold | 926 | 873 | $9244 | $8390 |
|  Shares issued in reinvestment of dividends | 591 | 77 | 5634 | 652 |
|  Shares redeemed | (26) | (1930) | (262) | (18669) |
|  **Net increase (decrease)** | **1491** | **(980)** | $**14616** | $**(9627)** |
| **Class K** |  |  |  |  |
|  Shares sold | 123524 | 70470 | $1212120 | $687598 |
|  Shares issued in reinvestment of dividends | 11559 | 3926 | 108197 | 32508 |
|  Shares redeemed | (125956) | (158429) | (1234185) | (1448034) |
|  **Net increase (decrease)** | **9127** | **(84033)** | $**86132** | $**(727928)** |
| **Class I** |  |  |  |  |
|  Shares sold | 541727 | 286467 | $5327187 | $2889024 |
|  Shares issued in reinvestment of dividends | 267422 | 97928 | 2495050 | 808887 |
|  Shares redeemed | (315402) | (738310) | (3078805) | (6968310) |
|  **Net increase (decrease)** | **493747** | **(353915)** | $**4743432** | $**(3270399)** |
| **Class 1** |  |  |  |  |
|  Shares sold | 14122033 | 13434001 | $137649533 | $126050237 |
|  Shares issued in reinvestment of dividends | 5191186 | 1712373 | 48122290 | 14041460 |
|  Shares redeemed | (11984056) | (13764673) | (117086783) | (126361702) |
|  **Net increase** | **7329163** | **1381701** | $**68685040** | $**13729995** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 71** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class Z** |  |  |  |  |
|  Shares sold | 14904457 | 249298 | $150963872 | $2315447 |
|  Shares issued in reinvestment of dividends | 5796984 | 1926761 | 54143834 | 15915046 |
|  Shares redeemed | (41035392) | (844383) | (392751333) | (7443092) |
|  **Net increase (decrease)** | **(20333951)** | **1331676** | $**(187643627)** | $**10787401** |

---

There were no transactions in capital shares for Class 2 for the year ended October 31, 2022 and the year ended October 31, 2021.

**NOTE G** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, commodity and bond markets 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) and regional and global conflicts, that affect large portions of the market.

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

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

---

| | |
|:---|:---|
| **72 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

**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 instrument, 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.

**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. 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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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 73** |

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**NOTES TO CONSOLIDATED 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.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**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 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.

**Real Estate Risk**—The Fund's investments in the 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.

**Non-Diversification Risk**—The Fund may have more risk because it is "non-diversified", meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's NAV.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar

---

| | |
|:---|:---|
| **74 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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------

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

LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 75** |

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

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

**NOTE 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 year ended October 31, 2022.

**NOTE I** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $120834691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34109559 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120834691 | $34109559 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $77586580 |
|  Accumulated capital and other losses | (18244552)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (366906504)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307564476)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $18,244,552. During the fiscal year, the Fund
utilized $43,146,571 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, and the tax
deferral of losses on wash sales.

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

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| | |
|:---|:---|
| **76 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2022, the Fund had a net short-term capital loss carryforward of $18,244,552, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares, book/tax differences associated with the treatment of earnings from the Subsidiary, and contributions from the Adviser resulted in a net increase in accumulated loss and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE J** 

**Recent Accounting Pronouncements** 

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

**NOTE K** 

**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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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 77** |

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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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.81 | $7.65 | $8.66 | $8.53 | $8.90 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .27 | .09 | .12 | .14 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.86) | 3.14 | (.96) | .13 | (.23 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.72) | 3.41 | (.87) | .25 | (.09 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.95) | (.25 | (.14) | (.12 | (.28 |
|  Net asset value, end of period | **$9.14** | **$10.81** | **$7.65** | **$8.66** | **$8.53** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (7.01)% | 45.48 | (10.11)% | 2.97 | (1.11) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $6690 | $5306 | $6926 | $10634 | $11478 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.16% | 1.29 | 1.29% | 1.30 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.18% | 1.39 | 1.40% | 1.32 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.46% | 2.86 | 1.10% | 1.42 | 1.52 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **78 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.86 | $7.66 | $8.63 | $8.49 | $8.83 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .07 | (.49 | .03 | .06 | .07 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.89) | 3.86 | (.95 | .11 | (.23 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.82) | 3.37 | (.92 | .17 | (.16 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.73) | (.17 | (.05 | (.03 | (.18 |
|  Net asset value, end of period | **$9.31** | **$10.86** | **$7.66** | **$8.63** | **$8.49** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (7.71)% | 44.41 | (10.74) | 2.05 | (1.82) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $574 | $199 | $508 | $754 | $1225 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.94% | 2.04 | 2.04 | 2.05 | 2.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.96% | 2.19 | 2.15 | 2.07 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | .72% | (5.20) | .34 | .66 | .78 |
|  Portfolio turnover rate | 79% | 65 | 88 | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04 | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 79** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.79 | $7.63 | $8.63 | $8.51 | $8.89 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .16 | .11 | .14 | .16 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.87) | 3.27 | (.95) | .12 | (.24 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.70) | 3.43 | (.84) | .26 | (.08 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.95) | (.27 | (.16) | (.14 | (.30 |
|  Net asset value, end of period | **$9.14** | **$10.79** | **$7.63** | **$8.63** | **$8.51** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (6.64)% | 45.82 | (9.79)% | 3.15 | (.96 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $31703 | $18096 | $11761 | $18611 | $26030 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .91% | 1.04 | 1.04% | 1.05 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .93% | 1.17 | 1.14% | 1.07 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.75% | 1.60 | 1.33% | 1.66 | 1.77 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **80 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.83 | $7.53 | $8.53 | $8.40 | $8.79 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .11 | (.02 | .07 | .10 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.88) | 3.41 | (.95) | .11 | (.23 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.77) | 3.39 | (.88) | .21 | (.12 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.90) | (.09 | (.12) | (.08 | (.27 |
|  Net asset value, end of period | **$9.16** | **$10.83** | **$7.53** | **$8.53** | **$8.40** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (7.32)% | 45.23 | (10.32)% | 2.62 | (1.47) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $70 | $67 | $54 | $271 | $271 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.53% | 1.54 | 1.54% | 1.55 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.59% | 1.57 | 1.60% | 1.57 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.06% | (.19 | .92% | 1.16 | 1.24 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 81** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.68 | $7.55 | $8.55 | $8.42 | $8.80 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .13 | (.02 | .08 | .12 | .13 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.85) | 3.39 | (.94) | .13 | (.23 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.72) | 3.37 | (.86) | .25 | (.10 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.94) | (.24 | (.14) | (.12 | (.28 |
|  Net asset value, end of period | **$9.02** | **$10.68** | **$7.55** | **$8.55** | **$8.42** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (7.08)% | 45.60 | (10.10)% | 3.03 | (1.20) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1059 | $1157 | $1453 | $2069 | $2604 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.26% | 1.26 | 1.28% | 1.27 | 1.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.28% | 1.28 | 1.29% | 1.28 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.33% | (.18 | 1.08% | 1.44 | 1.52 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **82 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.70 | $7.58 | $8.58 | $8.46 | $8.83 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .09 | .12 | .15 | .17 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.86) | 3.32 | (.94) | .13 | (.22 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.69) | 3.41 | (.82) | .28 | (.05 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.98) | (.29 | (.18) | (.16 | (.32 |
|  Net asset value, end of period | **$9.03** | **$10.70** | **$7.58** | **$8.58** | **$8.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (6.75)% | 46.03 | (9.76)% | 3.39 | (.69 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $27260 | $27013 | $21817 | $23541 | $12213 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .86% | .84 | .86% | .85 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .88% | .85 | .87% | .86 | .84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.74% | .88 | 1.49% | 1.79 | 1.96 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 83** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.61 | $7.52 | $8.51 | $8.39 | $8.76 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .15 | .13 | .10 | .13 | .15 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.85) | 3.23 | (.93) | .12 | (.22 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.70) | 3.36 | (.83) | .25 | (.07 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.96) | (.27 | (.16) | (.13 | (.30 |
|  Net asset value, end of period | **$8.95** | **$10.61** | **$7.52** | **$8.51** | **$8.39** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (6.85)% | 45.63 | (9.94)% | 3.14 | (.92 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $638229 | $678946 | $470635 | $608485 | $641891 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.08% | 1.08 | 1.10% | 1.09 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.10% | 1.10 | 1.11% | 1.10 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.50% | 1.33 | 1.26% | 1.62 | 1.71 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **84 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.88 | $7.70 | $8.71 | $8.58 | $8.96 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .18 | .14 | .12 | .16 | .18 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.88) | 3.33 | (.95) | .13 | (.24 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.70) | 3.47 | (.83) | .29 | (.06 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.98) | (.29 | (.18) | (.16 | (.32 |
|  Net asset value, end of period | **$9.20** | **$10.88** | **$7.70** | **$8.71** | **$8.58** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (6.63)% | 46.10 | (9.70)% | 3.46 | (.77 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $9 | $11 | $8 | $9 | $9 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .81% | .83 | .82% | .81 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .83% | .84 | .84% | .81 | .82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.78% | 1.45 | 1.53% | 1.90 | 1.95 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 85** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.70 | $7.58 | $8.58 | $8.46 | $8.83 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .14 | .12 | .16 | .17 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (.85) | 3.27 | (.94) | .12 | (.22 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.68) | 3.41 | (.82) | .28 | (.05 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.98) | (.29 | (.18) | (.16 | (.32 |
|  Net asset value, end of period | **$9.04** | **$10.70** | **$7.58** | **$8.58** | **$8.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (6.64)% | 46.17 | (9.75)% | 3.37 | (.68 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $324086 | $601545 | $415967 | $487326 | $1013733 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .83% | .84 | .85% | .84 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .85% | .85 | .86% | .85 | .84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.76% | 1.44 | 1.51% | 1.89 | 1.86 |
|  Portfolio turnover rate | 79% | 65 | 88% | 100 | 141 |
|  <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; portfolios | .03% | .03 | .04% | .02 | .03 |

---

See footnote summary on page 87.

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

(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 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 years ended October 31, 2022, October 31, 2021, October 31, 2020, October 31, 2019 and October 31, 2018, such waiver amounted to .02%,
..01%, .01%, .01% and .01%, respectively.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.16% | 1.29% | 1.29% | 1.29% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.18% | 1.39% | 1.40% | 1.32% | 1.27% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.94% | 2.04% | 2.04% | 2.04% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.96% | 2.19% | 2.15% | 2.07% | 2.02% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .91% | 1.04% | 1.04% | 1.04% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .93% | 1.17% | 1.14% | 1.07% | 1.02% |
|  **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.53% | 1.54% | 1.54% | 1.54% | 1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.59% | 1.57% | 1.60% | 1.57% | 1.58% |
|  **Class K** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.26% | 1.26% | 1.28% | 1.27% | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.28% | 1.28% | 1.29% | 1.28% | 1.27% |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .86% | .84% | .86% | .84% | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .88% | .85% | .87% | .85% | .84% |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.08% | 1.08% | 1.10% | 1.09% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.10% | 1.10% | 1.11% | 1.09% | 1.08% |
|  **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .81% | .83% | .82% | .81% | .82% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .82% | .84% | .84% | .81% | .82% |
|  **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .83% | .84% | .85% | .83% | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .85% | .85% | .86% | .84% | .84% |

---

(g) 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.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the years ended October 31, 2020 and October 31, 2019 by .02% and .07%, respectively. 

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 87** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB All Market Real Return Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities of AB All Market Real Return Portfolio (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the consolidated portfolio of investments, as of October 31, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

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|:---|:---|
| **88 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g480120g91r55.jpg)

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

New York, New York

December 28, 2022

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 89** |

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------

**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For individual shareholders, the Fund designates 96.13% of dividends paid as qualified dividend income. For corporate shareholders, 2.57% of dividends paid qualify for the dividends received deduction.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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|:---|:---|
| **90 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Vinod Chathlani**<sup>(2)</sup>**,** Vice President<br> **Daniel J. Loewy**<sup>(2)</sup>**,** Vice President<br> **Leon Zhu**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

---

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

---

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

---

| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's All Market Real Return Portfolio Team. Messrs. Chathlani, Loewy and Zhu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 91** |

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------

**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

---

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|:---|:---|
| **92 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | |  |
| Marshall C. Turner, Jr.,<sup>##</sup><br>*Chairman of the Board*<br> 81<br> (2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 93** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** | |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup><br> 78<br> (2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

---

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|:---|:---|
| **94 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup><br> 74<br> (2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 95** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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|:---|:---|
| **96 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup><br> 70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

# Mr. Erzan is an "interested person" of the Fund as defined in the "40 Act", due to his position as a Senior Vice President of the Adviser.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 97** |

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------

**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **PRINCIPAL POSITION(S)**<br> **HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br> **DURING PAST 5 YEARS** |
| Onur Erzan<br> 46 | President and Chief Executive Officer | See biography above. |
| Vinod Chathlani<br> 40 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Daniel J. Loewy<br> 48 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer of Dynamic Asset Allocation. |
| Leon Zhu<br> 55 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br> 67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br> 63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc, ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br> 61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br> 58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

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

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

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

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| | |
|:---|:---|
| **98 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 99** |

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| | |
|:---|:---|
| **100 <sup>\|</sup> 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 August 2-3, 2022 (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 for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 101** |

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The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The 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 2020 and 2021 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

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|:---|:---|
| **102 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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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 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 Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5-, and 10-year periods ended May 31, 2022 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 advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 103** |

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The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year. The information provided included a pro forma expense ratio to reflect changes to the Fund's transfer agent out-of-pocket expense allocation effective November 1, 2021. The Adviser had agreed to cap the Fund's expenses, but the directors noted that the Fund's pro forma 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. Based on their review, the directors concluded that the Fund's pro forma expense ratio was acceptable.

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|:---|:---|
| **104 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**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 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 <sup>\|</sup> 105** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **106 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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**NOTES** 

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET REAL RETURN PORTFOLIO <sup>\|</sup> 107** |

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**NOTES** 

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|:---|:---|
| **108 <sup>\|</sup> AB ALL MARKET REAL RETURN PORTFOLIO** | **abfunds.com** |

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![LOGO](g480120g43p34.jpg)

AB ALL MARKET REAL RETURN PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

AMRR-0151-1022 ![LOGO](g480120g22c48.jpg)

------

**OCT** <sup>10.31.22</sup>

![LOGO](g379847g43p34.jpg)

ANNUAL REPORT

## AB BOND INFLATION STRATEGY
![LOGO](g379847covart_7682.jpg)

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

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

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

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

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

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

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

------

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g379847g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Bond Inflation Strategy (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g379847g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 6, 2022** 

This report provides management's discussion of fund performance for the AB Bond Inflation Strategy for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to maximize real return without assuming what the Adviser considers to be undue risk.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB BOND INFLATION STRATEGY** |  |  |
| Class 1 Shares<sup>1</sup> | -6.47% | -8.75% |
| Class 2 Shares<sup>1</sup> | -6.43% | -8.77% |
| Class A Shares | -6.53% | -8.93% |
| Class C Shares | -6.84% | -9.58% |
| Advisor Class Shares<sup>2</sup> | -6.42% | -8.72% |
| Class R Shares<sup>2</sup> | -6.58% | -9.15% |
| Class K Shares<sup>2</sup> | -6.47% | -8.94% |
| Class I Shares<sup>2</sup> | -6.40% | -8.67% |
| Class Z Shares<sup>2</sup> | -6.32% | -8.65% |
| Bloomberg 1-10 Year TIPS Index | -5.32% | -7.18% |

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1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements.

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|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg 1-10 Year Treasury Inflation-Protected Securities ("TIPS") Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes underperformed the benchmark, before sales charges. In the 12-month period, the Fund's yield-curve positioning was the largest detractor, relative to the benchmark, as losses on the five- and 10-year parts of the curve were greater than gains from positioning on the two- and 20-year parts of the curve. Sector allocation also detracted, as allocations to investment-grade corporate bonds, agency risk-sharing securities, collateralized mortgage obligations and US agency mortgages lost more than gains within Consumer Price Index ("CPI")

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|:---|:---|
| **2 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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swaps and investment-grade credit default swaps. Positioning in US Treasury inflation-protected securities ("TIPS") was a minor detractor from performance. Currency decisions added to performance, due to exposure to the Swedish krona, Australian dollar, offshore Chinese renminbi and Canadian dollar that gained more than an exposure to the Russian ruble.

During the six-month period, sector allocation was the largest detractor, mostly from allocations to investment-grade corporate bonds, agency risk-sharing securities and collateralized mortgage obligations. Yield-curve positioning on the five- to 10-year and six-month parts of the curve also detracted, and was partially offset by gains on the two- and 20-year parts of the curve. Overall positioning in TIPS contributed to performance. A currency position in the offshore Chinese renminbi was a minor contributor to performance.

During both periods, the Fund utilized currency forwards to hedge currency risk and actively manage currency positions. Treasury futures and interest rate swaps were utilized to manage duration, country exposure and yield-curve positioning. CPI swaps were used to hedge inflation and for investment purposes. Credit default swaps were utilized in the corporate and commercial mortgage-backed securities sectors for hedging and investment purposes. Total return swaps were used in the corporate sector for hedging and investment purposes.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund seeks real return. Real return is the rate of return after adjusting for inflation. The Fund pursues its objective by investing principally in inflation-indexed securities (such as TIPS or inflation-indexed securities from issuers other than the US Treasury) or by gaining inflation protection through derivatives transactions, such as inflation (CPI) swaps or total return swaps linked to TIPS. In deciding whether to purchase inflation-indexed securities or use inflation-linked derivatives transactions, the Adviser considers the relative costs and efficiency of each method. In addition, in seeking to maximize real return, the Fund may also invest in other fixed-income investments, such as US and non-US government securities, corporate fixed-income securities and mortgage-related securities, as well as derivatives linked to such securities.

Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities. While the Fund expects to invest principally in investment-grade securities, it may invest up to 15% of its total assets in fixed-income securities rated BB or B or the equivalent by at least one nationally recognized statistical rating organization (or deemed by the Adviser to be of comparable credit quality), which are not investment-grade ("junk bonds").

Inflation-indexed securities are fixed-income securities structured to provide protection against inflation. Their principal value and/or the interest paid on them are adjusted to reflect official inflation measures. The inflation measure for TIPS is the CPI for Urban Consumers. The Fund may also invest in other inflation-indexed securities, issued by both US and non-US issuers, and in derivative instruments linked to these securities.

The Fund may invest in derivatives, such as options, futures contracts, forwards or swaps. The Fund intends to use leverage for investment purposes. To do this, the Fund expects to enter into (i) reverse repurchase agreement transactions and use the cash made available from these transactions to make additional investments in fixed-income securities in accordance with the Fund's investment policies and (ii) total return swaps. In determining when and to what extent to employ leverage or enter into derivatives transactions, the Adviser considers factors such as the relative risks and returns expected of potential investments and the costs of such transactions. The Adviser considers the impact of reverse repurchase agreements, swaps and other derivatives in making its assessments of the Fund's risks. The resulting exposures to markets, sectors, issuers or specific securities will be continuously monitored by the Adviser.

(continued on next page)

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|:---|:---|
| **4 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings.

The Fund may also invest in loan participations and assignments; structured securities; mortgage-backed and other asset-backed securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund may invest in fixed-income securities of any maturity and duration. If the rating of a fixed-income security falls below investment-grade, the Fund will not be obligated to sell the security and may continue to hold it if, in the Adviser's opinion, the investment is appropriate under the circumstances.

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg 1-10 Year TIPS Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the US Treasury. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. 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) 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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

---

| | |
|:---|:---|
| **6 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** (continued)

**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.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US 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.

**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:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**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

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. For Class 1 shares, go to www.bernstein.com and click on "Investments", found in the footer, then "Mutual Fund Information—Mutual Fund Performance at a Glance."** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 2.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Effective on March 7, 2022, the maximum sales charge for purchases of Class A shares was reduced from 4.25% to 2.25%. Class 1 and Class 2 shares do not carry sales charges. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

---

| | |
|:---|:---|
| **8 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g379847g30a19.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Bond Inflation Strategy Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 2.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 9** |

---

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS 1 SHARES**<sup>2</sup> |  |  | 2.13% |
| 1 Year | -8.75% | -8.75% |  |
| 5 Years | 2.42% | 2.42% |  |
| 10 Years | 1.49% | 1.49% |  |
| **CLASS 2 SHARES**<sup>2</sup> |  |  | 2.23% |
| 1 Year | -8.77% | -8.77% |  |
| 5 Years | 2.50% | 2.50% |  |
| 10 Years | 1.58% | 1.58% |  |
| **CLASS A SHARES** |  |  | 1.73% |
| 1 Year | -8.93% | -11.01% |  |
| 5 Years | 2.25% | 1.79% |  |
| 10 Years | 1.32% | 1.09% |  |
| **CLASS C SHARES** |  |  | 1.02% |
| 1 Year | -9.58% | -10.44% |  |
| 5 Years | 1.51% | 1.51% |  |
| 10 Years<sup>3</sup> | 0.58% | 0.58% |  |
| **ADVISOR CLASS SHARES**<sup>4</sup> |  |  | 2.02% |
| 1 Year | -8.72% | -8.72% |  |
| 5 Years | 2.52% | 2.52% |  |
| 10 Years | 1.58% | 1.58% |  |
| **CLASS R SHARES**<sup>4</sup> |  |  | 1.50% |
| 1 Year | -9.15% | -9.15% |  |
| 5 Years | 2.02% | 2.02% |  |
| 10 Years | 1.09% | 1.09% |  |
| **CLASS K SHARES**<sup>4</sup> |  |  | 1.80% |
| 1 Year | -8.94% | -8.94% |  |
| 5 Years | 2.24% | 2.24% |  |
| 10 Years | 1.33% | 1.33% |  |
| **CLASS I SHARES**<sup>4</sup> |  |  | 2.13% |
| 1 Year | -8.67% | -8.67% |  |
| 5 Years | 2.52% | 2.52% |  |
| 10 Years | 1.60% | 1.60% |  |
| **CLASS Z SHARES**<sup>4</sup> |  |  | 2.22% |
| 1 Year | -8.65% | -8.65% |  |
| 5 Years | 2.52% | 2.52% |  |
| Since Inception<sup>5</sup> | 2.49% | 2.49% |  |

---

(footnotes continued on next page)

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| | |
|:---|:---|
| **10 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**The Fund's prospectus fee table shows the Fund's total annual operating expense ratios as 0.75%, 0.65%, 1.00%, 1.75%, 0.75%, 1.40%, 1.09%, 0.74% and 0.66% for Class 1, Class 2, Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual 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) to 0.60%, 0.50%, 0.75%, 1.50%, 0.50%, 1.00%, 0.75%, 0.50% and 0.50% for Class 1, Class 2, Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

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| | |
|:---|:---|
| 2 | Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.  |

---

3 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 4 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

5 Inception date: 12/11/2014.

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS 1 SHARES**<sup>1</sup> |  |
| 1 Year | -9.20% |
| 5 Years | 2.25% |
| 10 Years | 1.44% |
| **CLASS 2 SHARES**<sup>1</sup> |  |
| 1 Year | -9.03% |
| 5 Years | 2.37% |
| 10 Years | 1.55% |
| **CLASS A SHARES** |  |
| 1 Year | -11.38% |
| 5 Years | 1.65% |
| 10 Years | 1.05% |
| **CLASS C SHARES** |  |
| 1 Year | -10.84% |
| 5 Years | 1.34% |
| 10 Years<sup>2</sup> | 0.54% |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |
| 1 Year | -9.08% |
| 5 Years | 2.35% |
| 10 Years | 1.54% |
| **CLASS R SHARES**<sup>3</sup> |  |
| 1 Year | -9.59% |
| 5 Years | 1.86% |
| 10 Years | 1.05% |
| **CLASS K SHARES**<sup>3</sup> |  |
| 1 Year | -9.34% |
| 5 Years | 2.09% |
| 10 Years | 1.28% |
| **CLASS I SHARES**<sup>3</sup> |  |
| 1 Year | -9.11% |
| 5 Years | 2.37% |
| 10 Years | 1.55% |
| **CLASS Z SHARES**<sup>3</sup> |  |
| 1 Year | -9.09% |
| 5 Years | 2.37% |
| Since Inception<sup>4</sup> | 2.39% |

---

(footnotes continued on next page)

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| | |
|:---|:---|
| **12 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements.

2 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 3 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

4 Inception date: 12/11/2014.

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 13** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | |
|:---|:---|
| **14 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $934.70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | 0.91% |
|  Hypothetical\*\* | $1000 | $1020.62 | $4.63 | 0.91% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $931.60 | $8.08 | 1.66% |
|  Hypothetical\*\* | $1000 | $1016.84 | $8.44 | 1.66% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $935.80 | $3.27 | 0.67% |
|  Hypothetical\*\* | $1000 | $1021.83 | $3.41 | 0.67% |
| **Class R** |  |  |  |  |
|  Actual | $1000 | $934.20 | $5.66 | 1.16% |
|  Hypothetical\*\* | $1000 | $1019.36 | $5.90 | 1.16% |
| **Class K** |  |  |  |  |
|  Actual | $1000 | $935.30 | $4.44 | 0.91% |
|  Hypothetical\*\* | $1000 | $1020.62 | $4.63 | 0.91% |
| **Class I** |  |  |  |  |
|  Actual | $1000 | $936.00 | $3.27 | 0.67% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.83 | $3.41 | 0.67% |
| **Class 1** |  |  |  |  |
|  Actual | $1000 | $935.30 | $3.71 | 0.76% |
|  Hypothetical\*\* | $1000 | $1021.37 | $3.87 | 0.76% |
| **Class 2** |  |  |  |  |
|  Actual | $1000 | $935.70 | $3.22 | 0.66% |
|  Hypothetical\*\* | $1000 | $1021.88 | $3.36 | 0.66% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $936.80 | $3.27 | 0.67% |
|  Hypothetical\*\* | $1000 | $1021.83 | $3.41 | 0.67% |

---

\* Expenses are equal to each classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 15** |

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,058.5

Total Investments ($mil): $1,118.0

------

INFLATION PROTECTION BREAKDOWN<sup>1</sup>

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| | |
|:---|:---|
| U.S. Inflation-Protected Exposure | 74.8% |
| Non-Inflation Exposure | 25.2 |
|  | 100.0% |

---

SECTOR BREAKDOWN OF NET PORTFOLIO ASSETS, EXCLUDING TREASURY SECURITIES, TIPS, INTEREST RATE DERIVATIVES AND NET CASH EQUIVALENTS<sup>1</sup>

---

| | |
|:---|:---|
| Corporates–Investment Grade | 9.9% |
| Asset-Backed Securities | 4.8% |
| Collateralized Mortgage Obligations | 4.8% |
| Collateralized Loan Obligations | 2.5% |
| Mortgage Pass-Throughs | 2.3% |
| Corporates–Non-Investment Grade | 1.7% |
| Commercial Mortgage-Backed Securities | 1.4% |
| Emerging Markets–Corporate Bonds | 0.3% |
| Local Governments–US Municipal Bonds | 0.2% |
| Quasi-Sovereigns | 0.2% |
| Common Stocks | 0.1% |
| Emerging Markets–Sovereigns | 0.1% |

---

SECTOR BREAKDOWN OF TOTAL PORTFOLIO INVESTMENTS, EXCLUDING DERIVATIVES<sup>2</sup>

---

| | |
|:---|:---|
| Inflation-Linked Securities | 69.2% |
| Corporates–Investment Grade | 9.4% |
| Asset-Backed Securities | 4.6% |
| Collateralized Mortgage Obligations | 4.5% |
| Collateralized Loan Obligations | 2.3% |
| Mortgage Pass-Throughs | 2.2% |
| Corporates–Non-Investment Grade | 1.6% |
| Commercial Mortgage-Backed Securities | 1.5% |
| Emerging Markets–Corporate Bonds | 0.3% |
| Local Governments–US Municipal Bonds | 0.2% |
| Quasi-Sovereigns | 0.1% |
| Common Stocks | 0.1% |
| Emerging Markets–Sovereigns | 0.1% |
| Short-Term Investments | 3.9% |

---

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| | |
|:---|:---|
| 1 | The Fund's sector and inflation protection exposure breakdowns are expressed as an approximate percentage of the Fund's total net assets (and may vary over time) inclusive of derivative exposure except as noted, based on the Adviser's internal classification.  |

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| | |
|:---|:---|
| 2 | The Fund's sector breakdown is expressed, based on the Adviser's internal classification, as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions (not reflected in the table), which may be used for hedging or investment purposes or to adjust the risk profile or exposures of the Fund (see "Portfolio of Investments" section of the report for additional details). Derivative transactions may result in a form of leverage for the Fund. The Fund uses leverage for investment purposes by entering into reverse repurchase agreements. As a result, the Fund's total investments will generally exceed its net assets.  |

---

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| | |
|:---|:---|
| **16 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **INFLATION-LINKED SECURITIES – 73.1%** |  |  |  |
|  **United States – 73.1%** | **United States – 73.1%** | **United States – 73.1%** | **United States – 73.1%** |
|  U.S. Treasury Inflation Index<br>0.125%, 07/15/2024(TIPS) | U.S.$| 42184 | $41076943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/2024 (TIPS)<sup>(a)</sup> |  | 10555 | 10233138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 10/15/2025 (TIPS) |  | 5938 | 5673236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2026 (TIPS)<sup>(b)</sup> |  | 100227 | 94636379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2030 (TIPS) |  | 6649 | 5925960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 07/15/2031 (TIPS)<sup>(b)</sup> |  | 228710 | 201264656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/2025 (TIPS)<sup>(a)</sup> |  | 113872 | 109903890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.375%, 01/15/2027 (TIPS) |  | 85893 | 81101433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 (TIPS) |  | 4538 | 4265089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 01/15/2026 (TIPS)<sup>(b)</sup> |  | 97607 | 94038438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/2028 (TIPS) |  | 60525 | 57536892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 01/15/2029 (TIPS) |  | 29212 | 27788233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/2028 (TIPS) |  | 12967 | 12981618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/2029 (TIPS) |  | 25798 | 26946457 |
|  Total Inflation-Linked Securities<br>(cost $873,016,160) |  |  | 773372362 |
|  **CORPORATES - INVESTMENT GRADE – 9.9%** |  |  |  |
|  **Industrial – 5.0%** | **Industrial – 5.0%** | **Industrial – 5.0%** | **Industrial – 5.0%** |
|  **Basic – 0.3%** | **Basic – 0.3%** | **Basic – 0.3%** | **Basic – 0.3%** |
|  Anglo American Capital PLC<br>3.875%, 03/16/2029<sup>(c)</sup> |  | 373 | 316187 |
|  Braskem Netherlands Finance BV<br>4.50%, 01/31/2030<sup>(c)</sup> |  | 200 | 161000 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 2365 | 2324133 |
|  Freeport Indonesia PT<br>4.763%, 04/14/2027<sup>(c)</sup> |  | 415 | 371944 |
|  Inversiones CMPC SA/Cayman Islands Branch<br>4.375%, 05/15/2023<sup>(c)</sup> |  | 270 | 267320 |
|  Suzano Austria GmbH<br>3.75%, 01/15/2031 |  | 222 | 176629 |
|  |  |  | 3617213 |
|  **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** |
|  CNH Industrial Capital LLC<br>3.95%, 05/23/2025 |  | 1889 | 1810078 |
|  Flowserve Corp.<br>2.80%, 01/15/2032 |  | 545 | 390743 |
|  Parker-Hannifin Corp.<br>4.50%, 09/15/2029 |  | 1430 | 1336235 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Westinghouse Air Brake Technologies Corp.<br>3.20%, 06/15/2025 | U.S.$| 180 | $| 167184 |
|  |  |  |  | 3704240 |
|  **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** |
|  Discovery Communications LLC<br>4.65%, 05/15/2050 |  | 58 |  | 37995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/2047 |  | 188 |  | 133634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 83 |  | 59840 |
|  Prosus NV<br>3.257%, 01/19/2027<sup>(c)</sup> |  | 593 |  | 489225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030<sup>(c)</sup> |  | 428 |  | 313457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.027%, 08/03/2050<sup>(c)</sup> |  | 487 |  | 260636 |
|  Tencent Holdings Ltd.<br>3.24%, 06/03/2050<sup>(c)</sup> |  | 655 |  | 340313 |
|  Time Warner Cable LLC<br>4.50%, 09/15/2042 |  | 235 |  | 161175 |
|  Warnermedia Holdings, Inc.<br>4.279%, 03/15/2032<sup>(c)</sup> |  | 1595 |  | 1289031 |
|  Weibo Corp.<br>3.375%, 07/08/2030 |  | 2114 |  | 1453771 |
|  |  |  |  | 4539077 |
|  **Communications - Telecommunications – 0.0%** |  |  |  |  |
|  T-Mobile USA, Inc.<br>2.625%, 02/15/2029 |  | 203 |  | 168462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/15/2029 |  | 119 |  | 102998 |
|  |  |  |  | 271460 |
|  **Consumer Cyclical - Automotive – 0.3%** |  |  |  |  |
|  General Motors Co.<br>6.125%, 10/01/2025 |  | 194 |  | 193242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/2027 |  | 272 |  | 275710 |
|  Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027<sup>(c)</sup> |  | 1942 |  | 1657167 |
|  Nissan Motor Co., Ltd.<br>4.345%, 09/17/2027<sup>(c)</sup> |  | 1378 |  | 1161888 |
|  |  |  |  | 3288007 |
|  **Consumer Cyclical - Other – 0.2%** |  |  |  |  |
|  Las Vegas Sands Corp.<br>3.90%, 08/08/2029 |  | 1419 |  | 1144778 |
|  Marriott International, Inc./MD<br>Series EE<br>5.75%, 05/01/2025 |  | 92 |  | 92903 |
|  MDC Holdings, Inc.<br>6.00%, 01/15/2043 |  | 731 |  | 556349 |
|  |  |  |  | 1794030 |

---

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| | |
|:---|:---|
| **18 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.2%** |  |  |  |
|  Advance Auto Parts, Inc.<br>3.50%, 03/15/2032 | U.S.$| 141 | $111552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/2030 |  | 1525 | 1292026 |
|  Ross Stores, Inc.<br>4.70%, 04/15/2027 |  | 1083 | 1036431 |
|  |  |  | 2440009 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  Altria Group, Inc.<br>3.40%, 05/06/2030 |  | 950 | 771875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/2029 |  | 226 | 208053 |
|  BAT Capital Corp.<br>2.259%, 03/25/2028 |  | 1727 | 1366644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/2027 |  | 605 | 563194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 04/02/2030 |  | 593 | 518359 |
|  Cargill, Inc.<br>5.125%, 10/11/2032<sup>(c)</sup> |  | 632 | 616725 |
|  Cigna Corp.<br>4.375%, 10/15/2028 |  | 501 | 470880 |
|  CVS Health Corp.<br>4.30%, 03/25/2028 |  | 49 | 46005 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021<br>2.51%, 05/15/2031 |  | 1190 | 890013 |
|  Takeda Pharmaceutical Co., Ltd.<br>4.40%, 11/26/2023 |  | 384 | 380202 |
|  |  |  | 5831950 |
|  **Energy – 0.7%** |  |  |  |
|  BP Capital Markets America, Inc.<br>2.939%, 06/04/2051 |  | 1962 | 1211712 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032<sup>(c)</sup> |  | 1496 | 1093980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(c)</sup> |  | 1113 | 1012708 |
|  Enbridge Energy Partners LP<br>7.375%, 10/15/2045 |  | 1351 | 1429318 |
|  Energy Transfer LP<br>6.25%, 04/15/2049 |  | 843 | 735829 |
|  EQT Corp.<br>5.70%, 04/01/2028 |  | 345 | 335768 |
|  Marathon Petroleum Corp.<br>5.125%, 12/15/2026 |  | 289 | 284110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2041 |  | 282 | 275057 |
|  Oleoducto Central SA<br>4.00%, 07/14/2027<sup>(c)</sup> |  | 453 | 368572 |
|  ONEOK Partners LP<br>6.125%, 02/01/2041 |  | 105 | 92785 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 19** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  ONEOK, Inc.<br>6.35%, 01/15/2031 | U.S.$| 166 | $| 163958 |
|  Tengizchevroil Finance Co. International Ltd.<br>3.25%, 08/15/2030<sup>(c)</sup> |  | 306 |  | 195687 |
|  |  |  |  | 7199484 |
|  **Other Industrial – 0.1%** |  |  |  |  |
|  Alfa SAB de CV<br>5.25%, 03/25/2024<sup>(c)</sup> |  | 600 |  | 593925 |
|  **Services – 0.2%** | **Services – 0.2%** | **Services – 0.2%** | **Services – 0.2%** | **Services – 0.2%** |
|  Expedia Group, Inc.<br>4.625%, 08/01/2027 |  | 486 |  | 455056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/2025<sup>(c)</sup> |  | 34 |  | 33980 |
|  Global Payments, Inc.<br>2.90%, 11/15/2031 |  | 432 |  | 330355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 971 |  | 897495 |
|  S&P Global, Inc.<br>4.25%, 05/01/2029<sup>(c)</sup> |  | 295 |  | 275291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/2028<sup>(c)</sup> |  | 59 |  | 57199 |
|  |  |  |  | 2049376 |
|  **Technology – 1.5%** |  |  |  |  |
|  Broadcom, Inc.<br>3.137%, 11/15/2035<sup>(c)</sup> |  | 188 |  | 130399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/2036<sup>(c)</sup> |  | 557 |  | 380047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(c)</sup> |  | 188 |  | 164989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 260 |  | 223678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(c)</sup> |  | 673 |  | 564593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037<sup>(c)</sup> |  | 689 |  | 567874 |
|  Entegris Escrow Corp.<br>4.75%, 04/15/2029<sup>(c)</sup> |  | 1896 |  | 1693033 |
|  Honeywell International, Inc.<br>4.125%, 11/02/2034 | EUR | 1651 |  | 1610194 |
|  HP, Inc.<br>5.50%, 01/15/2033 | U.S.$| 1844 |  | 1641676 |
|  Infor, Inc.<br>1.75%, 07/15/2025<sup>(c)</sup> |  | 450 |  | 403488 |
|  Intel Corp.<br>5.05%, 08/05/2062 |  | 1204 |  | 981284 |
|  International Business Machines Corp.<br>4.90%, 07/27/2052 |  | 1186 |  | 1000154 |
|  Kyndryl Holdings, Inc.<br>2.05%, 10/15/2026 |  | 1428 |  | 1119666 |
|  Micron Technology, Inc.<br>6.75%, 11/01/2029 |  | 1463 |  | 1463687 |
|  NXP BV/NXP Funding LLC<br>5.55%, 12/01/2028 |  | 711 |  | 681835 |

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| | |
|:---|:---|
| **20 <sup>\|</sup> AB 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** | **U.S. $ Value** |
|  Oracle Corp.<br>5.375%, 07/15/2040 | U.S.$| 376 | $| 313937 |
|  SK Hynix, Inc.<br>2.375%, 01/19/2031<sup>(c)</sup> |  | 382 |  | 268904 |
|  TSMC Arizona Corp.<br>3.875%, 04/22/2027 |  | 1009 |  | 943627 |
|  VeriSign, Inc.<br>2.70%, 06/15/2031 |  | 250 |  | 194187 |
|  Western Digital Corp.<br>3.10%, 02/01/2032 |  | 1677 |  | 1163050 |
|  Workday, Inc.<br>3.70%, 04/01/2029 |  | 182 |  | 162195 |
|  |  |  |  | 15672497 |
|  **Transportation - Airlines – 0.1%** |  |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025<sup>(c)</sup> |  | 528 |  | 514714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(c)</sup> |  | 614 |  | 570830 |
|  |  |  |  | 1085544 |
|  **Transportation - Railroads – 0.0%** |  |  |  |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036<sup>(c)</sup> |  | 223 |  | 182739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(c)</sup> |  | 284 |  | 263283 |
|  |  |  |  | 446022 |
|  **Transportation - Services – 0.0%** |  |  |  |  |
|  Ashtead Capital, Inc.<br>5.50%, 08/11/2032<sup>(c)</sup> |  | 305 |  | 275708 |
|  ENA Master Trust<br>4.00%, 05/19/2048<sup>(c)</sup> |  | 303 |  | 205472 |
|  |  |  |  | 481180 |
|  |  |  |  | 53014014 |
|  **Financial Institutions – 4.7%** |  |  |  |  |
|  **Banking – 3.6%** | **Banking – 3.6%** | **Banking – 3.6%** | **Banking – 3.6%** | **Banking – 3.6%** |
|  AIB Group PLC<br>7.583%, 10/14/2026<sup>(c)</sup> |  | 2155 |  | 2142652 |
|  Banco de Credito del Peru S.A.<br>3.125%, 07/01/2030<sup>(c)</sup> |  | 958 |  | 839974 |
|  Banco Santander SA<br>4.175%, 03/24/2028 |  | 600 |  | 528438 |
|  Bank of America Corp.<br>4.376%, 04/27/2028 |  | 2480 |  | 2306598 |
|  Bank of Ireland Group PLC<br>6.253%, 09/16/2026<sup>(c)</sup> |  | 456 |  | 440674 |
|  Barclays PLC<br>7.385%, 11/02/2028 |  | 1252 |  | 1245815 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 21** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BNP Paribas SA<br>2.591%, 01/20/2028<sup>(c)</sup> | U.S.$| 593 | $500397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/25/2031<sup>(c)(d)</sup> |  | 1227 | 849526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029<sup>(c)(d)</sup> |  | 1097 | 1035853 |
|  Citigroup, Inc.<br>4.075%, 04/23/2029 |  | 592 | 533321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/2025 |  | 2463 | 2392509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023<sup>(d)</sup> |  | 213 | 211473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(d)</sup> |  | 504 | 424877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026<sup>(d)</sup> |  | 480 | 376310 |
|  Credit Suisse Group AG<br>3.091%, 05/14/2032<sup>(c)</sup> |  | 928 | 636794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031<sup>(c)</sup> |  | 614 | 475119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026<sup>(c)</sup> |  | 1025 | 956048 |
|  Danske Bank A/S<br>4.298%, 04/01/2028<sup>(c)</sup> |  | 746 | 658173 |
|  Deutsche Bank AG/New York NY<br>2.129%, 11/24/2026 |  | 296 | 249120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.961%, 11/26/2025 |  | 405 | 373074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 846 | 808742 |
|  Discover Bank<br>4.682%, 08/09/2028 |  | 327 | 313904 |
|  Federation des Caisses Desjardins du Quebec<br>4.55%, 08/23/2027<sup>(c)</sup> |  | 1174 | 1097678 |
|  Fifth Third Bancorp<br>Series L<br>4.50%, 09/30/2025<sup>(d)</sup> |  | 334 | 307794 |
|  Goldman Sachs Group, Inc. (The)<br>Series V<br>4.125%, 11/10/2026<sup>(d)</sup> |  | 775 | 603694 |
|  HSBC Holdings PLC<br>4.762%, 03/29/2033 |  | 373 | 296498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.402%, 08/11/2033 |  | 603 | 523368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 1794 | 1797534 |
|  JPMorgan Chase & Co.<br>2.58%, 04/22/2032 |  | 1364 | 1049080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.565%, 06/14/2030 |  | 426 | 390863 |
|  Mizuho Financial Group, Inc.<br>5.414%, 09/13/2028 |  | 1151 | 1111682 |
|  Morgan Stanley<br>0.406%, 10/29/2027 | EUR | 1030 | 868897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 | U.S.$| 799 | 739554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 10/18/2028 |  | 1224 | 1235077 |
|  Nationwide Building Society<br>2.972%, 02/16/2028<sup>(c)</sup> |  | 982 | 831852 |

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| | |
|:---|:---|
| **22 <sup>\|</sup> AB 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** |
|  Santander Holdings USA, Inc.<br>2.49%, 01/06/2028 | U.S.$| 497 | $410606 |
|  Societe Generale SA<br>2.797%, 01/19/2028<sup>(c)</sup> |  | 1764 | 1461298 |
|  Standard Chartered PLC<br>3.971%, 03/30/2026<sup>(c)</sup> |  | 657 | 604230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.925% (LIBOR 3 Month + 1.51%), 01/30/2027<sup>(c)(d)(e)</sup> |  | 400 | 294744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/26/2025<sup>(c)(d)</sup> |  | 1267 | 1155669 |
|  Svenska Handelsbanken AB<br>4.75%, 03/01/2031<sup>(c)(d)</sup> |  | 1400 | 1082438 |
|  Truist Financial Corp.<br>Series Q<br>5.10%, 03/01/2030<sup>(d)</sup> |  | 1060 | 931963 |
|  UBS Group AG<br>4.488%, 05/12/2026<sup>(c)</sup> |  | 648 | 614673 |
|  UniCredit SpA<br>1.982%, 06/03/2027<sup>(c)</sup> |  | 204 | 165860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026<sup>(c)</sup> |  | 1071 | 919004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 06/03/2032<sup>(c)</sup> |  | 368 | 259937 |
|  US Bancorp<br>Series J<br>5.30%, 04/15/2027<sup>(d)</sup> |  | 427 | 357297 |
|  Wells Fargo & Co.<br>Series BB<br>3.90%, 03/15/2026<sup>(d)</sup> |  | 418 | 354832 |
|  |  |  | 37765513 |
|  **Brokerage – 0.2%** |  |  |  |
|  Charles Schwab Corp. (The)<br>2.90%, 03/03/2032 |  | 322 | 261509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>5.375%, 06/01/2025<sup>(d)</sup> |  | 402 | 392634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026<sup>(d)</sup> |  | 1366 | 1114164 |
|  |  |  | 1768307 |
|  **Finance – 0.6%** |  |  |  |
|  Air Lease Corp.<br>2.875%, 01/15/2026 |  | 111 | 98702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 51 | 44941 |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(c)</sup> |  | 1329 | 999076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 232 | 221193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 83 | 73211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(c)</sup> |  | 585 | 547396 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(c)</sup> |  | 751 | 625080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(c)</sup> |  | 346 | 278374 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(c)</sup> | U.S.$| 211 | $| 171902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(c)</sup> |  | 7 |  | 6351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024<sup>(c)</sup> |  | 194 |  | 187072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(c)</sup> |  | 246 |  | 225661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(c)</sup> |  | 550 |  | 528182 |
|  CDBL Funding 1<br>3.50%, 10/24/2027<sup>(c)</sup> |  | 940 |  | 846921 |
|  Synchrony Financial<br>2.875%, 10/28/2031 |  | 791 |  | 559269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 429 |  | 369253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/2025 |  | 244 |  | 231144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 414 |  | 397746 |
|  |  |  |  | 6411474 |
|  **Insurance – 0.1%** |  |  |  |  |
|  Guardian Life Insurance Co. of America (The)<br>4.85%, 01/24/2077<sup>(c)</sup> |  | 183 |  | 139234 |
|  Swiss Re Finance Luxembourg SA<br>5.00%, 04/02/2049<sup>(c)</sup> |  | 1000 |  | 871510 |
|  Voya Financial, Inc.<br>5.65%, 05/15/2053 |  | 335 |  | 323851 |
|  |  |  |  | 1334595 |
|  **REITs – 0.2%** |  |  |  |  |
|  American Tower Corp.<br>3.65%, 03/15/2027 |  | 635 |  | 574662 |
|  GLP Capital LP/GLP Financing II, Inc.<br>3.25%, 01/15/2032 |  | 1373 |  | 1017599 |
|  Vornado Realty LP<br>3.40%, 06/01/2031 |  | 718 |  | 530186 |
|  |  |  |  | 2122447 |
|  |  |  |  | 49402336 |
|  **Utility – 0.2%** |  |  |  |  |
|  **Electric – 0.2%** | **Electric – 0.2%** | **Electric – 0.2%** | **Electric – 0.2%** | **Electric – 0.2%** |
|  AES Panama Generation Holdings SRL<br>4.375%, 05/31/2030<sup>(c)</sup> |  | 358 |  | 281433 |
|  Chile Electricity Pec SpA<br>Zero Coupon, 01/25/2028<sup>(c)</sup> |  | 661 |  | 458693 |
|  Duke Energy Carolinas NC Storm Funding LLC<br>Series A-2<br>2.617%, 07/01/2041 |  | 1183 |  | 855569 |
|  Engie Energia Chile SA<br>3.40%, 01/28/2030<sup>(c)</sup> |  | 751 |  | 548230 |
|  |  |  |  | 2143925 |
|  Total Corporates - Investment Grade<br>(cost $122,557,459) |  |  |  | 104560275 |

---

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| | |
|:---|:---|
| **24 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **ASSET-BACKED SECURITIES – 4.8%** |  |  |  |
|  **Autos - Fixed Rate – 2.9%** | **Autos - Fixed Rate – 2.9%** | **Autos - Fixed Rate – 2.9%** | **Autos - Fixed Rate – 2.9%** |
|  ACM Auto Trust<br>Series 2022-1A, Class A<br>3.23%, 04/20/2029<sup>(c)</sup> | U.S.$| 1389 | $1383072 |
|  American Credit Acceptance Receivables Trust<br>Series 2022-3, Class A<br>4.12%, 02/13/2026<sup>(c)</sup> |  | 1294 | 1282958 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2017-2A, Class D<br>4.56%, 03/20/2024<sup>(c)</sup> |  | 2039 | 2028101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A<br>3.70%, 09/20/2024<sup>(c)</sup> |  | 1760 | 1733453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A<br>4.00%, 03/20/2025<sup>(c)</sup> |  | 1425 | 1395028 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 777 | 750404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 916 | 822321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-P4, Class D<br>2.61%, 09/11/2028 |  | 1206 | 975643 |
|  CPS Auto Receivables Trust<br>Series 2021-C, Class D<br>1.69%, 06/15/2027<sup>(c)</sup> |  | 1080 | 978584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class C<br>2.17%, 04/16/2029<sup>(c)</sup> |  | 1765 | 1631648 |
|  FHF Trust<br>Series 2021-2A, Class A<br>0.83%, 12/15/2026<sup>(c)</sup> |  | 478 | 451776 |
|  Ford Credit Auto Owner Trust<br>Series 2021-1, Class D<br>2.31%, 10/17/2033<sup>(c)</sup> |  | 1000 | 857867 |
|  Hertz Vehicle Financing III LLC<br>Series 2022-1A, Class C<br>2.63%, 06/25/2026<sup>(c)</sup> |  | 1660 | 1453353 |
|  LAD Auto Receivables Trust<br>Series 2021-1A, Class A<br>1.30%, 08/17/2026<sup>(c)</sup> |  | 910 | 874666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A<br>5.21%, 06/15/2027<sup>(c)</sup> |  | 2063 | 2025340 |
|  Octane Receivables Trust<br>Series 2021-2A, Class B<br>2.02%, 09/20/2028<sup>(c)</sup> |  | 1508 | 1343996 |
|  Prestige Auto Receivables Trust<br>Series 2022-1A, Class A2<br>5.90%, 07/15/2025<sup>(c)</sup> |  | 1459 | 1456754 |

---

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Research-Driven Pagaya Motor Asset Trust VII<br>Series 2022-3A, Class A<br>5.38%, 11/25/2030<sup>(c)</sup> | U.S.$| 2298 | $2232310 |
|  Santander Bank Auto Credit-Linked Notes<br>Series 2022-A, Class B<br>5.281%, 05/15/2032<sup>(c)</sup> |  | 2240 | 2163044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class B<br>5.721%, 08/16/2032<sup>(c)</sup> |  | 2286 | 2274283 |
|  Santander Bank NA – SBCLN<br>Series 2021-1A, Class B<br>1.833%, 12/15/2031<sup>(c)</sup> |  | 793 | 759991 |
|  United Auto Credit Securitization Trust<br>Series 2022-2, Class A<br>4.39%, 04/10/2025<sup>(c)</sup> |  | 1948 | 1933881 |
|  |  |  | 30808473 |
|  **Other ABS - Fixed Rate – 1.5%** |  |  |  |
|  AB Issuer LLC<br>Series 2021-1, Class A2<br>3.734%, 07/30/2051<sup>(c)</sup> |  | 1457 | 1183909 |
|  Affirm Asset Securitization Trust<br>Series 2021-Z1, Class A<br>1.07%, 08/15/2025<sup>(c)</sup> |  | 270 | 261979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A<br>1.17%, 11/16/2026<sup>(c)</sup> |  | 439 | 422194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A<br>1.75%, 02/15/2027<sup>(c)</sup> |  | 1372 | 1331032 |
|  Amur Equipment Finance Receivables XI LLC<br>Series 2022-2A, Class A2<br>5.30%, 06/21/2028<sup>(c)</sup> |  | 936 | 923400 |
|  Atalaya Equipment Leasing Trust<br>Series 2021-1A, Class B<br>2.08%, 02/15/2027<sup>(c)</sup> |  | 482 | 448385 |
|  BHG Securitization Trust<br>Series 2022-A, Class D<br>3.56%, 02/20/2035<sup>(c)</sup> |  | 1350 | 1079151 |
|  Cajun Global LLC<br>Series 2021-1, Class A2<br>3.931%, 11/20/2051<sup>(c)</sup> |  | 459 | 381477 |
|  College Ave Student Loans LLC<br>Series 2021-C, Class B<br>2.72%, 07/26/2055<sup>(c)</sup> |  | 603 | 509121 |
|  Conn's Receivables Funding LLC<br>Series 2021-A, Class A<br>1.05%, 05/15/2026<sup>(c)</sup> |  | 342 | 340841 |

---

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|:---|:---|
| **26 <sup>\|</sup> AB 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** |
|  Dext ABS LLC<br>Series 2021-1, Class B<br>1.76%, 02/15/2028<sup>(c)</sup> | U.S.$| 197 | $178377 |
|  Diamond Issuer<br>Series 2021-1A, Class A<br>2.305%, 11/20/2051<sup>(c)</sup> |  | 2152 | 1804246 |
|  Domino's Pizza Master Issuer LLC<br>Series 2021-1A, Class A2I<br>2.662%, 04/25/2051<sup>(c)</sup> |  | 769 | 616948 |
|  GCI Funding I LLC<br>Series 2021-1, Class A<br>2.38%, 06/18/2046<sup>(c)</sup> |  | 502 | 421497 |
|  Hardee's Funding LLC<br>Series 2018-1A, Class A23<br>5.71%, 06/20/2048<sup>(c)</sup> |  | 498 | 448817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050<sup>(c)</sup> |  | 329 | 275667 |
|  MVW LLC<br>Series 2021-2A, Class B<br>1.83%, 05/20/2039<sup>(c)</sup> |  | 954 | 846439 |
|  Neighborly Issuer<br>Series 2022-1A, Class A2<br>3.695%, 01/30/2052<sup>(c)</sup> |  | 1653 | 1317585 |
|  Neighborly Issuer LLC<br>Series 2021-1A, Class A2<br>3.584%, 04/30/2051<sup>(c)</sup> |  | 518 | 423328 |
|  Nelnet Student Loan Trust<br>Series 2021-CA, Class B<br>2.53%, 04/20/2062<sup>(c)</sup> |  | 758 | 577223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class B<br>2.90%, 04/20/2062<sup>(c)</sup> |  | 793 | 615437 |
|  NMEF Funding LLC<br>Series 2022-B, Class A2<br>6.07%, 06/15/2029<sup>(c)</sup> |  | 968 | 964807 |
|  Upstart Securitization Trust<br>Series 2020-3, Class A<br>1.702%, 11/20/2030<sup>(c)</sup> |  | 1 | 1240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B<br>1.66%, 07/20/2031<sup>(c)</sup> |  | 1090 | 1008932 |
|  |  |  | 16382032 |
|  **Credit Cards - Fixed Rate – 0.4%** |  |  |  |
|  Brex Commercial Charge Card Master Trust<br>Series 2021-1, Class A<br>2.09%, 07/15/2024<sup>(c)</sup> |  | 729 | 716601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.63%, 07/15/2025<sup>(c)</sup> |  | 2894 | 2787659 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mission Lane Credit Card Master Trust<br>Series 2021-A, Class B<br>2.24%, 09/15/2026<sup>(c)</sup> | U.S.$| 352 | $337902 |
|  |  |  | 3842162 |
|  Total Asset-Backed Securities<br>(cost $55,194,381) |  |  | 51032667 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 4.8%** |  |  |  |
|  **Risk Share Floating Rate – 4.4%** |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2019-1A, Class M1B<br>5.336% (LIBOR 1 Month + 1.75%), 03/25/2029<sup>(c)(e)</sup> |  | 108 | 107633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B<br>5.186% (LIBOR 1 Month + 1.60%), 07/25/2029<sup>(c)(e)</sup> |  | 138 | 137406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C<br>5.536% (LIBOR 1 Month + 1.95%), 07/25/2029<sup>(c)(e)</sup> |  | 480 | 474362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class M1B<br>6.436% (LIBOR 1 Month + 2.85%), 10/25/2030<sup>(c)(e)</sup> |  | 27 | 27430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C<br>5.947% (SOFR + 2.95%), 03/25/2031<sup>(c)(e)</sup> |  | 728 | 704352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class M1B<br>4.497% (SOFR + 1.50%), 06/25/2031<sup>(c)(e)</sup> |  | 1425 | 1378478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A2<br>3.997% (SOFR + 1.00%), 09/25/2031<sup>(c)(e)</sup> |  | 1699 | 1600586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B<br>5.147% (SOFR + 2.15%), 01/26/2032<sup>(c)(e)</sup> |  | 1255 | 1204889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A<br>7.025% (SOFR + 4.00%), 09/27/2032<sup>(c)(e)</sup> |  | 2594 | 2594119 |
|  Connecticut Avenue Securities Trust<br>Series 2018-R07, Class 1M2<br>5.986% (LIBOR 1 Month + 2.40%), 04/25/2031<sup>(c)(e)</sup> |  | 52 | 52038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R02, Class 1M2<br>5.886% (LIBOR 1 Month + 2.30%), 08/25/2031<sup>(c)(e)</sup> |  | 22 | 21867 |

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| | |
|:---|:---|
| **28 <sup>\|</sup> AB 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R03, Class 1M2<br>5.736% (LIBOR 1 Month + 2.15%), 09/25/2031<sup>(c)(e)</sup> | U.S.$| 12 | $12404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2M2<br>5.686% (LIBOR 1 Month + 2.10%), 09/25/2039<sup>(c)(e)</sup> |  | 13 | 13397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R07, Class 1M2<br>5.686% (LIBOR 1 Month + 2.10%), 10/25/2039<sup>(c)(e)</sup> |  | 96 | 95112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1M2<br>5.636% (LIBOR 1 Month + 2.05%), 01/25/2040<sup>(c)(e)</sup> |  | 388 | 381613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R02, Class 2M2<br>5.586% (LIBOR 1 Month + 2.00%), 01/25/2040<sup>(c)(e)</sup> |  | 202 | 197885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R01, Class 1M2<br>4.547% (SOFR + 1.55%), 10/25/2041<sup>(c)(e)</sup> |  | 1447 | 1353768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2<br>4.647% (SOFR + 1.65%), 12/25/2041<sup>(c)(e)</sup> |  | 864 | 786267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M2<br>4.897% (SOFR + 1.90%), 12/25/2041<sup>(c)(e)</sup> |  | 2899 | 2631555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>4.197% (SOFR + 1.20%), 01/25/2042<sup>(c)(e)</sup> |  | 1915 | 1860234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M2<br>6.497% (SOFR + 3.50%), 03/25/2042<sup>(c)(e)</sup> |  | 2283 | 2171537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M2<br>6.097% (SOFR + 3.10%), 03/25/2042<sup>(c)(e)</sup> |  | 573 | 536658 |
|  Eagle Re Ltd.<br>Series 2021-2, Class M1B<br>5.047% (SOFR + 2.05%), 04/25/2034<sup>(c)(e)</sup> |  | 675 | 656730 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2022-DNA4, Class M1B<br>6.347% (SOFR + 3.35%), 05/25/2042<sup>(c)(e)</sup> |  | 2051 | 1933399 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2015-HQA2, Class M3<br>8.386% (LIBOR 1 Month + 4.80%), 05/25/2028<sup>(e)</sup> |  | 100 | 102004 |

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 29** |

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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 2019-DNA4, Class M2<br>5.536% (LIBOR 1 Month + 1.95%), 10/25/2049<sup>(c)(e)</sup> | U.S.$| 75 | $74467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2<br>5.286% (LIBOR 1 Month + 1.70%), 01/25/2050<sup>(c)(e)</sup> |  | 191 | 187640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2<br>5.797% (SOFR + 2.80%), 10/25/2050<sup>(c)(e)</sup> |  | 402 | 401508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>4.647% (SOFR + 1.65%), 01/25/2034<sup>(c)(e)</sup> |  | 498 | 484930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>4.497% (SOFR + 1.50%), 10/25/2041<sup>(c)(e)</sup> |  | 2561 | 2350743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>4.797% (SOFR + 1.80%), 11/25/2041<sup>(c)(e)</sup> |  | 2635 | 2416421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA3, Class M1<br>3.847% (SOFR + 0.85%), 09/25/2041<sup>(c)(e)</sup> |  | 1119 | 1057844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>5.347% (SOFR + 2.35%), 12/25/2041<sup>(c)(e)</sup> |  | 1765 | 1484282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA1, Class M1B<br>4.847% (SOFR + 1.85%), 01/25/2042<sup>(c)(e)</sup> |  | 1542 | 1384119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B<br>5.397% (SOFR + 2.40%), 02/25/2042<sup>(c)(e)</sup> |  | 2468 | 2270452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1B<br>5.897% (SOFR + 2.90%), 04/25/2042<sup>(c)(e)</sup> |  | 1069 | 991083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA5, Class M1B<br>7.497% (SOFR + 4.50%), 06/25/2042<sup>(c)(e)</sup> |  | 3681 | 3666835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>5.147% (SOFR + 2.15%), 09/25/2042<sup>(c)(e)</sup> |  | 1165 | 1156812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A<br>5.497% (SOFR + 2.50%), 03/25/2052<sup>(c)(e)</sup> |  | 3188 | 3158755 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2014-C04, Class 1M2<br>8.486% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(e)</sup> |  | 117 | 120223 |

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| **30 <sup>\|</sup> AB 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(e)</sup> | U.S.$| 105 | $105838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.586% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(e)</sup> |  | 100 | 101170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2<br>9.286% (LIBOR 1 Month + 5.70%), 04/25/2028<sup>(e)</sup> |  | 395 | 415847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2<br>4.997% (SOFR + 2.00%), 11/25/2041<sup>(c)(e)</sup> |  | 1221 | 1081164 |
|  PMT Credit Risk Transfer Trust<br>Series 2019-2R, Class A<br>6.346% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(c)(e)</sup> |  | 519 | 494412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A<br>5.946% (LIBOR 1 Month + 2.35%), 02/27/2023<sup>(e)(f)</sup> |  | 172 | 161866 |
|  Radnor Re Ltd.<br>Series 2019-1, Class M1B<br>5.536% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(c)(e)</sup> |  | 586 | 573492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>5.336% (LIBOR 1 Month + 1.75%), 06/25/2029<sup>(c)(e)</sup> |  | 127 | 126625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.536% (LIBOR 1 Month + 0.95%), 01/25/2030<sup>(c)(e)</sup> |  | 148 | 147566 |
|  Traingle Re Ltd.<br>Series 2021-3, Class M1A<br>4.897% (SOFR + 1.90%), 02/25/2034<sup>(c)(e)</sup> |  | 987 | 981630 |
|  |  |  | 46431447 |
|  **Agency Floating Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 3955, Class SD<br>3.188% (6.60% – LIBOR 1 Month), 11/15/2041<sup>(e)(g)</sup> |  | 1925 | 157777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4693, Class SL<br>2.738% (6.15% – LIBOR 1 Month), 06/15/2047<sup>(e)(g)</sup> |  | 1179 | 115440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4954, Class SL<br>2.464% (6.05% – LIBOR 1 Month), 02/25/2050<sup>(e)(g)</sup> |  | 1469 | 138838 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 31** |

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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 4981, Class HS<br>2.514% (6.10% – LIBOR 1 Month), 06/25/2050<sup>(e)(g)</sup> | U.S.$| 2932 | $273888 |
|  Federal National Mortgage Association REMICs<br>Series 2011-131, Class ST<br>2.954% (6.54% – LIBOR 1 Month), 12/25/2041<sup>(e)(g)</sup> |  | 593 | 73313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-17, Class SA<br>2.464% (6.05% – LIBOR 1 Month), 04/25/2044<sup>(e)(g)</sup> |  | 1558 | 155570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-78, Class SE<br>2.514% (6.10% – LIBOR 1 Month), 12/25/2044<sup>(e)(g)</sup> |  | 866 | 76155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-77, Class DS<br>2.414% (6.00% – LIBOR 1 Month), 10/25/2046<sup>(e)(g)</sup> |  | 915 | 81663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS<br>2.564% (6.15% – LIBOR 1 Month), 08/25/2047<sup>(e)(g)</sup> |  | 1004 | 102292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA<br>2.614% (6.20% – LIBOR 1 Month), 10/25/2047<sup>(e)(g)</sup> |  | 1251 | 140684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>2.614% (6.20% – LIBOR 1 Month), 12/25/2047<sup>(e)(g)</sup> |  | 1441 | 144958 |
|  Government National Mortgage Association<br>Series 2017-122, Class SA<br>2.711% (6.20% – LIBOR 1 Month), 08/20/2047<sup>(e) (g)</sup> |  | 760 | 79462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-134, Class MS<br>2.711% (6.20% – LIBOR 1 Month), 09/20/2047<sup>(e)(g)</sup> |  | 863 | 91265 |
|  |  |  | 1631305 |
|  **Agency Fixed Rate – 0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 5015, Class BI<br>4.00%, 09/25/2050<sup>(h)</sup> |  | 2051 | 391721 |
|  Federal National Mortgage Association REMICs<br>Series 2020-89, Class KI<br>4.00%, 12/25/2050<sup>(h)</sup> |  | 4424 | 841028 |
|  |  |  | 1232749 |

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB 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** |
|  **Non-Agency Fixed Rate – 0.1%** |  |  |  |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3<br>3.647%, 03/15/2035<sup>(f)</sup> | U.S.$| 1070 | $972946 |
|  **Non-Agency Floating Rate – 0.0%** |  |  |  |
|  JPMorgan Chase Bank, NA<br>Series 2019-CL1, Class M3<br>5.686% (LIBOR 1 Month + 2.10%), 04/25/2047<sup>(c)(e)</sup> |  | 143 | 130954 |
|  Total Collateralized Mortgage Obligations<br>(cost $52,893,858) |  |  | 50399401 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 2.4%** |  |  |  |
|  **CLO - Floating Rate – 2.4%** |  |  |  |
|  AGL CLO 10 Ltd.<br>Series 2021-10A, Class A<br>5.209% (LIBOR 3 Month + 1.13%), 04/15/2034<sup>(c)(e)</sup> |  | 250 | 239382 |
|  AGL CLO 12 Ltd.<br>Series 2021-12A, Class D<br>7.093% (LIBOR 3 Month + 2.85%), 07/20/2034<sup>(c)(e)</sup> |  | 948 | 793373 |
|  AGL CLO 16 Ltd.<br>Series 2021-16A, Class A<br>5.373% (LIBOR 3 Month + 1.13%), 01/20/2035<sup>(c)(e)</sup> |  | 4408 | 4198078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class D<br>7.343% (LIBOR 3 Month + 3.10%), 01/20/2035<sup>(c)(e)</sup> |  | 650 | 548082 |
|  Balboa Bay Loan Funding Ltd.<br>Series 2020-1A, Class DR<br>7.393% (LIBOR 3 Month + 3.15%), 01/20/2032<sup>(c)(e)</sup> |  | 415 | 361585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A<br>5.443% (LIBOR 3 Month + 1.20%), 07/20/2034<sup>(c)(e)</sup> |  | 1111 | 1065485 |
|  Ballyrock CLO 15 Ltd.<br>Series 2021-1A, Class C<br>7.179% (LIBOR 3 Month + 3.10%), 04/15/2034<sup>(c)(e)</sup> |  | 1000 | 850847 |
|  Ballyrock CLO 16 Ltd.<br>Series 2021-16A, Class C<br>7.143% (LIBOR 3 Month + 2.90%), 07/20/2034<sup>(c)(e)</sup> |  | 660 | 552698 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 33** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Crown Point CLO 11 Ltd.<br>Series 2021-11A, Class D<br>7.679% (LIBOR 3 Month + 3.60%), 01/17/2034<sup>(c)(e)</sup> | U.S.$| 400 | $356162 |
|  Dryden 78 CLO Ltd.<br>Series 2020-78A, Class C<br>6.029% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(c)(e)</sup> |  | 880 | 810908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A, Class D<br>7.079% (LIBOR 3 Month + 3.00%), 04/17/2033<sup>(c)(e)</sup> |  | 460 | 399729 |
|  Dryden 98 CLO Ltd.<br>Series 2022-98A, Class D<br>7.063% (SOFR + 3.10%), 04/20/2035<sup>(c)(e)</sup> |  | 500 | 434768 |
|  Elevation CLO Ltd.<br>Series 2020-11A, Class C<br>6.279% (LIBOR 3 Month + 2.20%), 04/15/2033<sup>(c)(e)</sup> |  | 780 | 695522 |
|  Elmwood CLO IX Ltd.<br>Series 2021-2A, Class D<br>7.193% (LIBOR 3 Month + 2.95%), 07/20/2034<sup>(c)(e)</sup> |  | 1065 | 913012 |
|  Flatiron CLO 21 Ltd.<br>Series 2021-1A, Class D<br>7.127% (LIBOR 3 Month + 2.90%), 07/19/2034<sup>(c)(e)</sup> |  | 1120 | 1000380 |
|  Goldentree Loan Management US CLO 7 Ltd.<br>Series 2020-7A, Class AR<br>5.313% (LIBOR 3 Month + 1.07%), 04/20/2034<sup>(c)(e)</sup> |  | 1077 | 1027569 |
|  Magnetite XXVI Ltd.<br>Series 2020-26A, Class A1R<br>5.478% (LIBOR 3 Month + 1.12%), 07/25/2034<sup>(c)(e)</sup> |  | 2348 | 2255447 |
|  Neuberger Berman Loan Advisers CLO 42 Ltd.<br>Series 2021-42A, Class D<br>6.879% (LIBOR 3 Month + 2.80%), 07/16/2035<sup>(c)(e)</sup> |  | 1295 | 1097655 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd.<br>Series 2021-43A, Class A<br>5.209% (LIBOR 3 Month + 1.13%), 07/17/2035<sup>(c)(e)</sup> |  | 1354 | 1300859 |

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|:---|:---|
| **34 <sup>\|</sup> AB 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** |
|  Neuberger Berman Loan Advisers CLO Ltd.<br>Series 2021-42A, Class A<br>5.179% (LIBOR 3 Month + 1.10%), 07/16/2035<sup>(c)(e)</sup> | U.S.$| 903 | $864545 |
|  New Mountain CLO 3 Ltd.<br>Series CLO-3A, Class A<br>5.423% (LIBOR 3 Month + 1.18%), 10/20/2034<sup>(c)(e)</sup> |  | 500 | 477090 |
|  OCP CLO Ltd.<br>Series 2020-18A, Class AR<br>5.333% (LIBOR 3 Month + 1.09%), 07/20/2032<sup>(c)(e)</sup> |  | 1424 | 1376159 |
|  Pikes Peak CLO 8<br>Series 2021-8A, Class A<br>5.413% (LIBOR 3 Month + 1.17%), 07/20/2034<sup>(c)(e)</sup> |  | 1450 | 1391010 |
|  Rad CLO 7 Ltd.<br>Series 2020-7A, Class C<br>6.079% (LIBOR 3 Month + 2.00%), 04/17/2033<sup>(c)(e)</sup> |  | 400 | 370822 |
|  Rad CLO 14 Ltd<br>Series 2021-14A, Class A<br>5.249% (LIBOR 3 Month + 1.17%), 01/15/2035<sup>(c)(e)</sup> |  | 291 | 277556 |
|  Regatta XX Funding Ltd.<br>Series 2021-2A, Class D<br>7.179% (LIBOR 3 Month + 3.10%), 10/15/2034<sup>(c)(e)</sup> |  | 1425 | 1253292 |
|  Regatta XXIV Funding Ltd.<br>Series 2021-5A, Class D<br>7.343% (LIBOR 3 Month + 3.10%), 01/20/2035<sup>(c)(e)</sup> |  | 500 | 417955 |
|  Sixth Street CLO XVII Ltd.<br>Series 2021-17A, Class A<br>5.483% (LIBOR 3 Month + 1.24%), 01/20/2034<sup>(c)(e)</sup> |  | 381 | 367085 |
|  Voya CLO Ltd.<br>Series 2019-1A, Class DR<br>6.929% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(c)(e)</sup> |  | 340 | 290675 |
|  Total Collateralized Loan Obligations<br>(cost $28,169,501) |  |  | 25987730 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 35** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **MORTGAGE PASS-THROUGHS – 2.3%** |  |  |  |  |
|  **Agency Fixed Rate 30-Year – 2.3%** |  |  |  |  |
|  Federal National Mortgage Association<br>Series 2022<br>2.50%, 03/01/2052 | U.S.$| 3828 | $| 3146066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 6700 |  | 5719351 |
|  Uniform Mortgage-Backed Security<br>Series 2022<br>2.50%, 11/01/2052, TBA |  | 7341 |  | 6009874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2052, TBA |  | 11228 |  | 9532166 |
|  Total Mortgage Pass-Throughs<br>(cost $26,330,521) |  |  |  | 24407457 |
|  **CORPORATES - NON-INVESTMENT GRADE – 1.7%** |  |  |  |  |
|  **Industrial – 1.3%** | **Industrial – 1.3%** | **Industrial – 1.3%** | **Industrial – 1.3%** | **Industrial – 1.3%** |
|  **Basic – 0.0%** | **Basic – 0.0%** | **Basic – 0.0%** | **Basic – 0.0%** | **Basic – 0.0%** |
|  INEOS Quattro Finance 2 PLC<br>2.50%, 01/15/2026<sup>(c)</sup> | EUR | 506 |  | 417545 |
|  **Capital Goods – 0.1%** |  |  |  |  |
|  TK Elevator Midco GmbH<br>4.375%, 07/15/2027<sup>(c)</sup> |  | 401 |  | 335347 |
|  TransDigm, Inc.<br>6.25%, 03/15/2026<sup>(c)</sup> | U.S.$| 512 |  | 504883 |
|  |  |  |  | 840230 |
|  **Communications - Media – 0.4%** |  |  |  |  |
|  Altice Financing SA<br>3.00%, 01/15/2028<sup>(c)</sup> | EUR | 642 |  | 484578 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(c)</sup> | U.S.$| 104 |  | 84523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(c)</sup> |  | 368 |  | 280302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(c)</sup> |  | 2261 |  | 1812576 |
|  DISH DBS Corp.<br>5.75%, 12/01/2028<sup>(c)</sup> |  | 1067 |  | 861165 |
|  VZ Vendor Financing II BV<br>2.875%, 01/15/2029<sup>(c)</sup> | EUR | 561 |  | 408793 |
|  |  |  |  | 3931937 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |  |
|  Altice France SA/France<br>3.375%, 01/15/2028<sup>(c)</sup> |  | 307 |  | 232854 |
|  Lorca Telecom Bondco SA<br>4.00%, 09/18/2027<sup>(c)</sup> |  | 642 |  | 558436 |
|  |  |  |  | 791290 |

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| **36 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 0.2%** |  |  |  |
|  Adient Global Holdings Ltd.<br>3.50%, 08/15/2024<sup>(c)</sup> | EUR | 642 | $600615 |
|  Clarios Global LP/Clarios US Finance Co.<br>4.375%, 05/15/2026<sup>(c)</sup> |  | 191 | 175852 |
|  Ford Motor Co.<br>6.10%, 08/19/2032 | U.S.$| 1172 | 1073833 |
|  ZF Finance GmbH<br>3.75%, 09/21/2028<sup>(c)</sup> | EUR | 600 | 487737 |
|  |  |  | 2338037 |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(c)</sup> | U.S.$| 1235 | 996485 |
|  Royal Caribbean Cruises Ltd.<br>8.25%, 01/15/2029<sup>(c)</sup> |  | 1118 | 1114456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(c)</sup> |  | 422 | 454329 |
|  |  |  | 2565270 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 03/15/2029<sup>(c)</sup> |  | 664 | 549373 |
|  IQVIA, Inc.<br>2.25%, 03/15/2029<sup>(c)</sup> | EUR | 550 | 440472 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV<br>2.875%, 04/30/2028<sup>(c)</sup> |  | 550 | 458262 |
|  |  |  | 1448107 |
|  **Services – 0.1%** |  |  |  |
|  APCOA Parking Holdings GmbH<br>4.625%, 01/15/2027<sup>(c)</sup> |  | 642 | 511397 |
|  **Technology – 0.1%** |  |  |  |
|  Playtech PLC<br>4.25%, 03/07/2026<sup>(c)</sup> |  | 550 | 504278 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  Deutsche Lufthansa AG<br>3.00%, 05/29/2026<sup>(c)</sup> |  | 400 | 348054 |
|  |  |  | 13696145 |
|  **Financial Institutions – 0.3%** |  |  |  |
|  **Banking – 0.3%** |  |  |  |
|  Credit Suisse Group AG<br>5.25%, 02/11/2027<sup>(c)(d)</sup> | U.S.$| 713 | 506230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/21/2026<sup>(c)(d)</sup> |  | 320 | 239859 |

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 37** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2023<sup>(c)(d)</sup> | U.S.$| 694 | $614981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/11/2023<sup>(c)(d)</sup> |  | 257 | 233919 |
|  Discover Financial Services<br>Series D<br>6.125%, 06/23/2025<sup>(d)</sup> |  | 1667 | 1615490 |
|  |  |  | 3210479 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(c)(d)</sup> |  | 751 | 667421 |
|  Total Corporates - Non-Investment Grade<br>(cost $21,264,856) |  |  | 17574045 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.6%** |  |  |  |
|  **Non-Agency Floating Rate CMBS – 1.1%** |  |  |  |
|  AREIT Trust<br>Series 2022-CRE6, Class A<br>4.144% (SOFR + 1.25%), 01/16/2037<sup>(c)(e)</sup> |  | 3807 | 3635014 |
|  Ashford Hospitality Trust<br>Series 2018-KEYS, Class A<br>4.413% (LIBOR 1 Month + 1.00%), 06/15/2035<sup>(c)(e)</sup> |  | 659 | 627883 |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2017-SCH, Class AF<br>4.413% (LIBOR 1 Month + 1.00%), 11/15/2033<sup>(c)(e)</sup> |  | 1755 | 1597765 |
|  BBCMS Mortgage Trust<br>Series 2020-BID, Class A<br>5.552% (LIBOR 1 Month + 2.14%), 10/15/2037<sup>(c)(e)</sup> |  | 1383 | 1354074 |
|  BFLD Trust<br>Series 2021-FPM, Class A<br>5.013% (LIBOR 1 Month + 1.60%), 06/15/2038<sup>(c)(e)</sup> |  | 2276 | 2185674 |
|  BX Commercial Mortgage Trust<br>Series 2019-IMC, Class D<br>5.312% (LIBOR 1 Month + 1.90%), 04/15/2034<sup>(c)(e)</sup> |  | 185 | 172823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>5.562% (LIBOR 1 Month + 2.15%), 04/15/2034<sup>(c)(e)</sup> |  | 895 | 830707 |

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| **38 <sup>\|</sup> AB 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** |
|  CLNY Trust<br>Series 2019-IKPR, Class D<br>5.437% (LIBOR 1 Month + 2.02%), 11/15/2038<sup>(c)(e)</sup> | U.S.$| 1000 | $912362 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk<br>Series 2021-MN1, Class M1<br>4.997% (SOFR + 2.00%), 01/25/2051<sup>(c)(e)</sup> |  | 116 | 107800 |
|  Natixis Commercial Mortgage Securities Trust<br>Series 2019-MILE, Class A<br>4.912% (LIBOR 1 Month + 1.50%), 07/15/2036<sup>(c)(e)</sup> |  | 461 | 452759 |
|  |  |  | 11876861 |
|  **Non-Agency Fixed Rate CMBS – 0.5%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust<br>Series 2013-WBRK, Class D<br>3.534%, 03/10/2037<sup>(c)</sup> |  | 520 | 438489 |
|  Citigroup Commercial Mortgage Trust<br>Series 2013-GC11, Class B<br>3.732%, 04/10/2046 |  | 915 | 901284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC11, Class D<br>4.407%, 04/10/2046<sup>(c)</sup> |  | 191 | 182153 |
|  Commercial Mortgage Trust<br>Series 2013-SFS, Class A1<br>1.873%, 04/12/2035<sup>(c)</sup> |  | 27 | 26489 |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class D<br>5.155%, 08/10/2044<sup>(c)</sup> |  | 19 | 7923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC18, Class D<br>5.057%, 01/10/2047<sup>(c)</sup> |  | 157 | 64081 |
|  GSF<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026<sup>(f)(i)</sup> |  | 573 | 531342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026<sup>(f)(i)</sup> |  | 1421 | 1339427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026<sup>(f)(i)</sup> |  | 40 | 36896 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2014-C21, Class B<br>4.341%, 08/15/2047 |  | 314 | 291530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class XA<br>0.802%, 09/15/2047<sup>(h)</sup> |  | 17774 | 188162 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 39** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  LB-UBS Commercial Mortgage Trust<br>Series 2006-C6, Class AJ<br>5.452%, 09/15/2039 | U.S.$| 78 | $| 34104 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2015-C25, Class XA<br>1.044%, 10/15/2048<sup>(h)</sup> |  | 9541 |  | 199566 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2016-LC25, Class C<br>4.339%, 12/15/2059 |  | 330 |  | 281781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class C<br>4.385%, 11/15/2049 |  | 525 |  | 459186 |
|  |  |  |  | 4982413 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $17,984,451) |  |  |  | 16859274 |
|  **EMERGING MARKETS - CORPORATE BONDS – 0.3%** |  |  |  |  |
|  **Industrial – 0.3%** |  |  |  |  |
|  **Basic – 0.1%** |  |  |  |  |
|  Vedanta Resources Finance II PLC<br>13.875%, 01/21/2024<sup>(c)</sup> |  | 379 |  | 316181 |
|  Volcan Cia Minera SAA<br>4.375%, 02/11/2026<sup>(c)</sup> |  | 125 |  | 104062 |
|  |  |  |  | 420243 |
|  **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** | **Capital Goods – 0.1%** |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 590 |  | 538117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(c)</sup> |  | 384 |  | 361469 |
|  Odebrecht Holdco Finance Ltd.<br>Zero Coupon, 09/10/2058<sup>(c)</sup> |  | 270 |  | 676 |
|  |  |  |  | 900262 |
|  **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>(c)</sup> |  | 427 |  | 330447 |
|  **Consumer Cyclical - Other – 0.0%** |  |  |  |  |
|  Wynn Macau Ltd.<br>5.625%, 08/26/2028<sup>(c)</sup> |  | 483 |  | 284970 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |  |
|  Natura & Co. Luxembourg Holdings SARL<br>6.00%, 04/19/2029<sup>(c)</sup> |  | 592 |  | 491908 |
|  Natura Cosmeticos SA<br>4.125%, 05/03/2028<sup>(c)</sup> |  | 583 |  | 452116 |

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| | |
|:---|:---|
| **40 <sup>\|</sup> AB 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** |
|  Virgolino de Oliveira Finance SA<br>10.50%, 01/28/2018<sup>(f)(i)(j)(k)(l)</sup> | U.S.$| 655 | $66 |
|  |  |  | 944090 |
|  |  |  | 2880012 |
|  **Utility – 0.0%** |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026<sup>(f)</sup> |  | 89 | 81910 |
|  **Financial Institutions – 0.0%** |  |  |  |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd.<br>5.25%, 12/27/2033<sup>(c)(m)</sup> |  | 247 | 5168 |
|  Total Emerging Markets - Corporate Bonds<br>(cost $4,483,507) |  |  | 2967090 |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%** |  |  |  |
|  **United States – 0.2%** |  |  |  |
|  City of New York NY<br>Series 2021-D<br>1.923%, 08/01/2031 |  | 775 | 583082 |
|  Port Authority of New York & New Jersey<br>Series 2020-A<br>1.086%, 07/01/2023 |  | 660 | 643731 |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>3.00%, 06/01/2035 |  | 405 | 372327 |
|  University of California<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 1465 | 886044 |
|  Total Local Governments - US Municipal Bonds<br>(cost $3,295,748) |  |  | 2485184 |
|  **QUASI-SOVEREIGNS – 0.2%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.2%** |  |  |  |
|  **Mexico – 0.2%** |  |  |  |
|  Comision Federal de Electricidad<br>3.348%, 02/09/2031<sup>(c)</sup> |  | 1089 | 800960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/2029<sup>(c)</sup> |  | 1016 | 856170 |
|  Total Quasi-Sovereigns<br>(cost $2,104,812) |  |  | 1657130 |

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 41** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **<br>Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 0.1%** |  |  |  |
|  **Financials – 0.1%** |  |  |  |
|  **Insurance – 0.1%** |  |  |  |
|  Mt. Logan Re Ltd.<br>(Preference Shares)<sup>(i)(j)(l)</sup> |  | 1428 | $1245015 |
|  Mt. Logan Re Ltd.<br>(Special Investment)<sup>(i)(j)(l)</sup> |  | 226 | 189472 |
|  Total Common Stocks<br>(cost $1,427,910) |  |  | 1434487 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **EMERGING MARKETS -<br>SOVEREIGNS – 0.1%** |  |  |  |
|  **Dominican Republic – 0.1%** |  |  |  |
|  Dominican Republic International Bond 4.875%, 09/23/2032<sup>(c)</sup> | U.S.$| 1213 | 930447 |
|  **Egypt – 0.0%** |  |  |  |
|  Egypt Government International Bond 5.875%, 02/16/2031<sup>(c)</sup> |  | 699 | 424992 |
|  Total Emerging Markets - Sovereigns<br>(cost $1,889,811) |  |  | 1355439 |
|  **GOVERNMENTS - SOVEREIGN<br>BONDS – 0.0%** |  |  |  |
|  **Colombia – 0.0%** |  |  |  |
|  Colombia Government International Bond<br>3.125%, 04/15/2031<br>(cost $247,274) |  | 248 | 170081 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 4.1%** |  |  |  |
|  **Investment Companies – 4.1%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(n)(o)(p)</sup><br>(cost $43,763,545) |  | 43763545 | 43763545 |
|  **Total Investments – 105.6%**<br> (cost $1,254,623,794) |  |  | 1118026167 |
|  Other assets less liabilities – (5.6)% |  |  | (59519797) |
|  **Net Assets – 100.0%** |  |  | $**1058506370** |

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|:---|:---|
| **42 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**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. 10 Yr Ultra Futures | 68 | December 2022 | $7886937 | $(43076) |
|  U.S. T-Note 5 Yr (CBT) Futures | 906 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96573937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2263327) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Japan Bond (OSE) Futures | 37 | December 2022 | 37018662 | (17038) |
|  U.S. T-Note 2 Yr (CBT) Futures | 163 | December 2022 | 33314398 | 203244 |
|  U.S. Ultra Bond (CBT) Futures | 80 | December 2022 | 10212500 | 1799885 |
|  |  |  |  | $(320312) |

---

**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)** |
|  Australia and New Zealand Banking Group Ltd. | EUR | 1281 | USD | 1272 | 12/08/2022 | $2325 |
|  Bank of America, NA | JPY | &nbsp;&nbsp;&nbsp;&nbsp;104935 | USD | 740 | 12/02/2022 | 32056 |
|  Bank of America, NA | EUR | 5027 | USD | &nbsp;&nbsp;&nbsp;&nbsp;4865 | 12/08/2022 | (116410) |
|  Morgan Stanley Capital Services, Inc. | EUR | 1321 | USD | 1284 | 11/09/2022 | (22765) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104794) |

---

**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>October 31,<br>2022** | **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; CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | (5.00)% | Quarterly | 5.19% | USD | 10100 | $&nbsp;&nbsp;&nbsp;&nbsp;17764 | $&nbsp;&nbsp;&nbsp;&nbsp;248790 | $&nbsp;&nbsp;&nbsp;&nbsp;(231026) |

---

**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 | 64600 | 02/26/2025 | 1.589% | CPI# | Maturity | $8476342 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;8476342 |
| USD | 61010 | 05/13/2027 | 3.263% | CPI# | Maturity | 237382 | – 0 | 237382 |
| USD | 38550 | 02/28/2025 | 1.527% | CPI# | Maturity | 5171912 | – 0 | 5171912 |
| USD | 29760 | 07/08/2027 | 2.770% | CPI# | Maturity | 555046 | – 0 | 555046 |
| USD | 29760 | 07/08/2027 | 2.778% | CPI# | Maturity | 544733 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | 544733 |
| USD | 9000 | 07/15/2023 | 1.902% | CPI# | Maturity | 912717 | – 0 | 912717 |
| USD | 3000 | 01/15/2024 | 1.599% | CPI# | Maturity | 376988 | – 0 | 376988 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;16275120 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;16275120 |

---

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 43** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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 | 1160 | 06/09/2025 | 2.488% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | $56424 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $56424 |
| USD | 2106 | 08/04/2025 | 2.293% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 131786 | – 0 | 131786 |
| USD | 5400 | 10/04/2026 | 1.487% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 576403 | – 0 | 576403 |
| USD | 1080 | 11/08/2026 | 1.657% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 108345 | – 0 | 108345 |
| USD | 1080 | 11/09/2026 | 1.672% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 107597 | – 0 | 107597 |
| USD | 7030 | 04/04/2027 | 2.436% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 550178 | – 0 | 550178 |
| USD | 20920 | 06/05/2027 | 0.558% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 3340297 | – 0 | 3340297 |
| USD | 715 | 07/12/2027 | 2.355% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 56423 | – 0 | 56423 |
| USD | 5395 | 06/04/2029 | 2.150% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 619767 | – 0 | 619767 |
| USD | 3170 | 09/27/2029 | 1.593% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 500714 | – 0 | 500714 |
| USD | 40300 | 05/21/2031 | 1.617% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 7240891 | – 0 | 7240891 |
| USD | 1490 | 11/10/2035 | 2.631% | 3 Month<br>LIBOR | Semi-Annual/ Quarterly | 217637 | – 0 | 217637 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;13506462 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;13506462 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;(1427) | $(948) | $(479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6 | (1427) | (758) | (669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 9 | (2060) | (864) | (1196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 19 | (4279) | &nbsp;&nbsp;&nbsp;&nbsp;(2630) | &nbsp;&nbsp;&nbsp;&nbsp;(1649) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 19 | (4279) | (2396) | (1883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 18 | (3963) | (1971) | (1992) |

---

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 26 | $(5865) | $(3069) | $(2796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 30 | (6816) | (3684) | (3132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 30 | (6815) | (3566) | (3249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 42 | (9510) | (4976) | (4534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 42 | (9510) | (4490) | (5020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 64 | (14582) | (7443) | (7139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 61 | (13789) | (6511) | (7278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 85 | &nbsp;&nbsp;&nbsp;&nbsp;(19178) | (8681) | (10497) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 4 | (792) | (408) | (384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 85 | (19336) | (9720) | (9616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 97 | (22031) | &nbsp;&nbsp;&nbsp;&nbsp;(11273) | &nbsp;&nbsp;&nbsp;&nbsp;(10758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 91 | (20604) | &nbsp;&nbsp;&nbsp;&nbsp;(6891) | &nbsp;&nbsp;&nbsp;&nbsp;(13713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 158 | (35819) | (21916) | (13903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 97 | (21872) | (6237) | (15635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 118 | (26786) | (9149) | (17637) |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 21 | (4755) | (2299) | (2456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 91 | (20604) | (10708) | (9896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 105 | (23775) | (12356) | (11419) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 152 | (34393) | (16225) | (18168) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 153 | (34552) | (16294) | (18258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 305 | (69104) | (20447) | (48657) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 45** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 463 | $(104923) | $(30328) | $(74595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 500 | (113165) | (26790) | (86375) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2377) | (1489) | (888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 11 | (2378) | (879) | (1499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 19 | (4279) | (2263) | (2016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 21 | (4755) | (1937) | (2818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 21 | (4755) | (1790) | (2965) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 41 | (9352) | (4164) | (5188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 116 | (26310) | (11561) | (14749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 125 | (28212) | (10054) | (18158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 260 | (58801) | (39637) | (19164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 225 | (51035) | (28646) | (22389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 362 | (81942) | (56031) | (25911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 419 | (94780) | (60089) | (34691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 700 | (158494) | (86540) | (71954) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 910 | &nbsp;&nbsp;&nbsp;&nbsp;(206043) | &nbsp;&nbsp;&nbsp;&nbsp;(100374) | &nbsp;&nbsp;&nbsp;&nbsp;(105669) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 20 | (4438) | (1786) | (2652) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 21 | (4755) | (1914) | (2841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 83 | (18702) | (9843) | (8859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 85 | (19336) | (7759) | (11577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 169 | (38197) | (19490) | (18707) |

---

---

| | |
|:---|:---|
| **46 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 484 | $(109520) | $(55394) | $(54126) |
|  Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 770 | (174343) | (106265) | (68078) |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 134 | (30272) | (8804) | (21468) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(1789087) | $&nbsp;&nbsp;&nbsp;&nbsp;(869737) | $&nbsp;&nbsp;&nbsp;&nbsp;(919350) |

---

\* Termination date

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Swap<br>Counterparty** | **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 23,800 | 07/15/2023 | 1.848% | CPI# | Maturity | $&nbsp;&nbsp;&nbsp;&nbsp;2480597 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;2480597 |

---

# 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<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** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| Morgan Stanley Capital Services LLC | USD | 595 | 03/06/2042 | 2.804% | 3 Month<br>LIBOR | Semi-Annual/<br> Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;99561 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;99561 |

---

**REVERSE REPURCHASE AGREEMENTS (see Note D)** 

---

| | | | |
|:---|:---|:---|:---|
| **Broker** | **Interest Rate** | **Maturity** | **U.S. $Value at<br>October 31,<br>2022** |
|  HSBC Securities (USA), Inc.<sup>†</sup> | 3.10% |  | $6508280 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | 3.10% |  | 8699210 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | 3.10% |  | 39021652 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;54229142 |

---

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on
October 31, 2022.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 47** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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 | $&nbsp;&nbsp;&nbsp;&nbsp;54229142 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;54229142 |

---

(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 reverse repurchase agreements.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $193,667,782 or 18.3% of net assets.

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

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.30% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  GSF<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026 | 02/25/2021 | $558713 | $531342 | 0.05% |
|  GSF<br>Series 2021-1, Class A2<br>2.435%, 08/15/2026 | 02/25/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339427 | 0.13% |
|  GSF<br>Series 2021-1, Class AS<br>2.638%, 08/15/2026 | 02/25/2021 | 40849 | 36896 | 0.00% |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3<br>3.647%, 03/15/2035 | 11/19/2020 | 1139410 | 972946 | 0.09% |
|  PMT Credit Risk Transfer Trust<br>Series 2020-1R, Class A<br>5.946%, 02/27/2023 | 11/02/2000 | 171746 | 161866 | 0.02% |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026 | 08/02/2018 | 89000 | 81910 | 0.01% |
|  Virgolino de Oliveira Finance SA<br>10.50%, 01/28/2018 | 01/24/2014 | 363153 | 66 | 0.00% |

---

(g) Inverse interest only security.

(h) IO – Interest Only.

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

(j) Non-income producing security.

(k) Defaulted matured security.

(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 October 31, 2022.

(n) Affiliated investments.

(o) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

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

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

Currency Abbreviations: EUR – Euro JPY – Japanese Yen USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CPI – Consumer Price Index

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 49** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $1,210,860,249) | $1074262622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $43,763,545) | 43763545 |
|  Cash | 253331 |
|  Cash collateral due from broker | 11510992 |
|  Foreign currencies, at value (cost $7,820) | 7819 |
|  Receivable for investment securities sold | 19714026 |
|  Unaffiliated interest and dividends receivable | 2855220 |
|  Unrealized appreciation on inflation swaps | 2480597 |
|  Receivable for capital stock sold | 1684631 |
|  Receivable for variation margin on centrally cleared swaps | 463580 |
|  Unrealized appreciation on interest rate swaps | 99561 |
|  Unrealized appreciation on forward currency exchange contracts | 34381 |
|  Affiliated dividends receivable | 22673 |
|  Total assets | 1157152978 |
| **Liabilities** | **Liabilities** |
|  Payable for reverse repurchase agreements | 54229142 |
|  Payable for investment securities purchased and foreign currency transactions | 34772165 |
|  Payable for capital stock redeemed | 4431811 |
|  Cash collateral due to broker | 2500000 |
|  Market value on credit default swaps (net premiums received $869,737) | 1789087 |
|  Advisory fee payable | 219320 |
|  Unrealized depreciation on forward currency exchange contracts | 139175 |
|  Payable for variation margin on futures | 90373 |
|  Distribution fee payable | 58837 |
|  Administrative fee payable | 35416 |
|  Transfer Agent fee payable | 19734 |
|  Foreign capital gains tax payable | 14365 |
|  Directors' fees payable | 2744 |
|  Accrued expenses | 344439 |
|  Total liabilities | 98646608 |
|  Net Assets | $**1058506370** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $103895 |
|  Additional paid-in capital | 1192347039 |
|  Accumulated loss | (133944564) |
|  **Net Assets** | $**1058506370** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**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** | $63936079 | 6215841 | $10.29 \* |
| **C** | $15480152 | 1554720 | $9.96 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;506033055 | 49128779 | $&nbsp;&nbsp;&nbsp;&nbsp;10.30 |
| **R** | $2633061 | 255182 | $10.32 |
| **K** | $4373155 | 425426 | $10.28 |
| **I** | $6413931 | 630695 | $10.17 |
| **1** | $390054599 | 38769511 | $10.06 |
| **2** | $59262211 | 5893109 | $10.06 |
| **Z** | $10320127 | 1022031 | $10.10 |

---

\* The maximum offering price per share for Class A shares was $10.53 which reflects a sales charge of 2.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 51** |

---

------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76132876 |  |
|  Dividends—Affiliated issuers | 135729 | $76268605 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 5874855 |  |
|  Distribution fee—Class A | 170972 |  |
|  Distribution fee—Class C | 169338 |  |
|  Distribution fee—Class R | 12197 |  |
|  Distribution fee—Class K | 13633 |  |
|  Distribution fee—Class 1 | 409527 |  |
|  Transfer agency—Class A | 80975 |  |
|  Transfer agency—Class C | 19804 |  |
|  Transfer agency—Advisor Class | 666576 |  |
|  Transfer agency—Class R | 6343 |  |
|  Transfer agency—Class K | 10907 |  |
|  Transfer agency—Class I | 7876 |  |
|  Transfer agency—Class 1 | 59752 |  |
|  Transfer agency—Class 2 | 10055 |  |
|  Transfer agency—Class Z | 4784 |  |
|  Registration fees | 274202 |  |
|  Custody and accounting | 178097 |  |
|  Audit and tax | 131376 |  |
|  Printing | 111968 |  |
|  Administrative | 98498 |  |
|  Legal | 47436 |  |
|  Directors' fees | 32646 |  |
|  Miscellaneous | 36737 |  |
|  Total expenses before interest expense | 8428554 |  |
|  Interest expense | 1025697 |  |
|  Total expenses | 9454251 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1793015) |  |
|  Net expenses |  | 7661236 |
|  Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68607369 |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**STATEMENT OF OPERATIONS** (continued)

---

| | |
|:---|:---|
| **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> | $(28319072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 1506571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (6264885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 622285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 2351939 |
|  Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> | (173348817) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 1520465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (1023220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25703989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (85855) |
|  Net loss on investment and foreign currency transactions | (177336600) |
|  **Net Decrease in Net Assets from Operations** | $**(108729231)** |

---

(a) Net of foreign realized capital gains taxes of $9,520.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $2,200.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 53** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $68607369 | $33270082 |
|  Net realized gain (loss) on investment and foreign currency transactions | (30103162) | 14110803 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (147233438) | 4188413 |
|  Net increase (decrease) in net assets from operations | (108729231) | 51569298 |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4072663) | (1439317) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (935082) | (255420) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (35350604) | (11236851) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (134438) | (74773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (306142) | (278001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (438474) | (241543) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (25583456) | (14464863) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (4260551) | (2649431) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1252299) | (756905) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase | 215890499 | 430919982 |
|  Total increase | 34827559 | 451092176 |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 1023678811 | 572586635 |
|  End of period | $**1058506370** | $**1023678811** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **54 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**STATEMENT OF CASH FLOWS** 

**For the year ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities** |  |  |
|  Net decrease in net assets from operations |  | $(108729231) |
| **Reconciliation of net decrease in net assets from operations to net decrease in cash from operating activities** |  |  |
|  Purchases of long-term investments | $(1109250749) |  |
|  Purchases of short-term investments | (769496233) |  |
|  Proceeds from disposition of long-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051157312 |  |
|  Proceeds from disposition of short-term investments | 772061841 |  |
|  Net realized loss on investment transactions and foreign currency transactions | 30103162 |  |
|  Net realized gain on forward currency exchange contracts | 1506571 |  |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 147233438 |  |
|  Net accretion of bond discount and amortization of bond premium | 17130103 |  |
|  Inflation index adjustment | (76379884) |  |
|  Increase in receivable for investments sold | (19541021) |  |
|  Increase in interest receivable | (93923) |  |
|  Increase in affiliated dividends receivable | (22303) |  |
|  Decrease in cash collateral due from broker | 107479 |  |
|  Decrease in payable for investments purchased | (11249797) |  |
|  Increase in cash collateral due to broker | 272000 |  |
|  Decrease in advisory fee payable | (44445) |  |
|  Increase in administrative fee payable | 286 |  |
|  Decrease in Foreign capital gains tax payable | (11720) |  |
|  Increase in Transfer Agent fee payable | 9296 |  |
|  Increase in distribution fee payable | 4202 |  |
|  Increase in Directors' fee payable | 363 |  |
|  Decrease in accrued expenses | (18033) |  |
|  Proceeds on swaps, net | 1263102 |  |
|  Proceeds for exchange-traded derivatives settlements, net | 15241879 |  |
|  Total adjustments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49982926 |
|  Net cash provided by (used in) operating activities |  | (58746305) |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 55** |

---

------

**STATEMENT OF CASH FLOWS** (continued)

---

| | | |
|:---|:---|:---|
| **Cash flows from financing activities** |  |  |
|  Subscriptions of capital stock, net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179734845 |  |
|  Cash dividends paid (net of dividend reinvestments)<sup>†</sup> | (16945069) |  |
|  Repayment of reverse repurchase agreements | (107652543) |  |
|  Net cash provided by (used in) financing activities |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55137233 |
|  Effect of exchange rate on cash |  | 2266084 |
|  Net decrease in cash |  | (1342988) |
|  Cash at beginning of year |  | 1604138 |
|  Cash at end of year |  | $**261150** |
| **Supplemental disclosure of cash flow information** |  |  |
|  † Reinvestment of dividends | $55388640 |  |
|  Interest expense paid during the year | $900520 |  |

---

In accordance with U.S. GAAP, the Fund has included a Statement of Cash Flows as a result of its significant investments in reverse repurchase agreements throughout the year.

See notes to financial statements.

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 Portfolio (the "Fund"), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2. Class B and Class T shares have not been issued. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. Effective March 7, 2022, the maximum sales charge for purchases of Class A shares was reduced from 4.25% to 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. Prior to March 7, 2022, purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may have been subject to a 1%, 1-year contingent deferred sales charge, which may have been 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. 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.

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 57** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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

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|:---|:---|
| **58 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 59** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Inflation-Linked Securities | $– 0 | $773372362 | $– 0 | $773372362 |
|  Corporates—Investment Grade | – 0 | 104560275 | – 0 | 104560275 |
|  Asset-Backed Securities | – 0 | 51032667 | – 0 | 51032667 |
|  Collateralized Mortgage Obligations | – 0 | 50399401 | – 0 | 50399401 |
|  Collateralized Loan Obligations | – 0 | 25987730 | – 0 | 25987730 |
|  Mortgage Pass-Throughs | – 0 | 24407457 | – 0 | 24407457 |
|  Corporates—Non-Investment Grade | – 0 | 17574045 | – 0 | 17574045 |
|  Commercial Mortgage-Backed Securities | – 0 | 14951609 | 1907665 | 16859274 |
|  Emerging Markets—Corporate Bonds | – 0 | 2967024 | 66 | 2967090 |
|  Local Governments—US Municipal Bonds | – 0 | 2485184 | – 0 | 2485184 |
|  Quasi-Sovereigns | – 0 | 1657130 | – 0 | 1657130 |
|  Common Stocks | – 0 | – 0 | 1434487 | 1434487 |
|  Emerging Markets—Sovereigns | – 0 | 1355439 | – 0 | 1355439 |
|  Governments—Sovereign Bonds | – 0 | 170081 | – 0 | 170081 |
|  Short-Term Investments | 43763545 | – 0 | – 0 | 43763545 |
|  Total Investments in Securities | 43763545 | 1070920404 | 3342218 | 1118026167 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 2003129 | – 0 | – 0 | 2003129 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 34381 | – 0 | 34381 |
|  Centrally Cleared Credit Default Swaps | – 0 | 17764 | – 0 | 17764 <sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 16275120 | – 0 | 16275120 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 13506462 | – 0 | 13506462 <sup>(b)</sup> |
|  Inflation (CPI) Swaps | – 0 | 2480597 | – 0 | 2480597 |
|  Interest Rate Swaps | – 0 | 99561 | – 0 | 99561 |

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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:** |  |  |  |  |
|  Futures | $(2323441) | $– 0 | $– 0 | $(2323441)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (139175) | – 0 | (139175) |
|  Credit Default Swaps | – 0 | (1789087) | – 0 | (1789087) |
|  Reverse Repurchase Agreements | (54229142) | – 0 | – 0 | (54229142) |
|  **Total** | $**(10785909** | $**1101406027** | $**3342218** | $**1093962336** |

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

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

**3. 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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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**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 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%, 1.00%, .75%, ..50%, .60%, .50% and .50% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K, 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, 2023 and then may be extended for additional one-year terms. For the year ended October 31, 2022, such reimbursement amounted to $1,778,032.

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 year ended October 31, 2022, the reimbursement for such services amounted to $98,498.

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 $218,108 for the year ended October 31, 2022.

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 $10,072 from the sale of Class A shares and received $2,712 and $5,934 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the

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**NOTES TO FINANCIAL STATEMENTS** (continued)

investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $14,983.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47433 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |

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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 Investment Company Act of 1940. 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 $302,226, $59,887, $59,686 and $1,583,343 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, 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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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE D** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175508517 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141842046 |
|  U.S. government securities | 933773791 | 878601369 |

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The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258817817 |
|  Gross unrealized appreciation | $34862159 |
|  Gross unrealized depreciation | (150035786) |
|  Net unrealized depreciation | $(115173627) |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. 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 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 (or soon will be) 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 a 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).

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| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 69** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, 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 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 year ended October 31, 2022, 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 a 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held credit default 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 year ended October 31, 2022, 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.

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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/Payable for variation margin on futures | $2003129<br> \*  | Receivable/Payable for variation margin on futures | $2323441<br> \*  |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | 231026 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 29781582<br> \*  |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 34381 | Unrealized depreciation on forward currency exchange contracts | 139175 |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 99561 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 2480597 |  |  |
|  Credit contracts |  |  | Market value on credit default swaps | 1789087 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;34399250 |  | $&nbsp;&nbsp;&nbsp;&nbsp;4482729 |

---

\* 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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| **72 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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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 | $(6264885) | $(1023220) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 1506571 | 1520465 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (543543) | 23950373 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 1165828 | 1753616 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;(4136029) | $&nbsp;&nbsp;&nbsp;&nbsp;26201234 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $89002655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $71240584 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $24632259 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $58585666 |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $595000 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $23800000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $98025868 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $248564615 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $13160200 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $10811415 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121620951 <sup>(a)</sup> |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $20860000 <sup>(c)</sup> |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

(a) Positions were open for nine months during the year.

(b) Positions were open for four months during the year.

(c) Positions were open for less than one month during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Australia and New Zealand Banking Group Ltd. | $2325 | $– 0 | $– 0 | $– 0 | $2325 |
|  Bank of America, NA | 32056 | (32056) | – 0 | – 0 | – 0 |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 2480597 | (194948) | (2165200) | – 0 | 120449 |
|  Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 99561 | (99561) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;2614539 | $&nbsp;&nbsp;&nbsp;&nbsp;(326565 | $&nbsp;&nbsp;&nbsp;&nbsp;(2165200 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;122774 |
| **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 | $116410 | $(32056) | $– 0 | $– 0 | $84354 |
|  Citigroup Global Markets, Inc. | 103500 | – 0 | – 0 | – 0 | 103500 |
|  Credit Suisse International | 147240 | – 0 | (147240) | – 0 | – 0 |
|  Deutsche Bank AG | 405271 | – 0 | – 0 | (405271) | – 0 |
|  Goldman Sachs International | 733513 | – 0 | – 0 | (733513) | – 0 |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 194948 | (194948) | – 0 | – 0 | – 0 |
|  Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 227380 | (99561) | (90500) | – 0 | 37319 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1928262 | $&nbsp;&nbsp;&nbsp;&nbsp;(326565 | $&nbsp;&nbsp;&nbsp;&nbsp;(237740 | $&nbsp;&nbsp;&nbsp;&nbsp;(1138784 | $&nbsp;&nbsp;&nbsp;&nbsp;225173 |

---

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|:---|:---|
| **74 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

\* 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.  |

---

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 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.

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

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund earned drop income of $358,317 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. For the year ended October 31, 2022, the average amount of reverse repurchase agreements outstanding was $127,260,457 and the daily weighted average interest rate was .81%. At October 31, 2022, the Fund had reverse repurchase agreements outstanding in the amount of $54,229,142 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 October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities**<br>**Subject to a 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;54229142 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54012968) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216174 |

---

† Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

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|:---|:---|
| **76 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 3408664 | 2978479 | $39211778 | $35571322 |
|  Shares issued in reinvestment of dividends and distributions | 255057 | 90410 | 2866214 | 1077553 |
|  Shares converted from Class C | 26159 | 37706 | 297352 | 448061 |
|  Shares redeemed | (2041123) | (1241973) | (22492315) | (14796949) |
|  **Net increase** | **1648757** | **1864622** | $**19883029** | $**22299987** |
| **Class C** |  |  |  |  |
|  Shares sold | 957369 | 910217 | $10835221 | $10556717 |
|  Shares issued in reinvestment of dividends and distributions | 73644 | 18764 | 802273 | 217682 |
|  Shares converted to Class A | (26969) | (38802) | (297352) | (448061) |
|  Shares redeemed | (560082) | (119284) | (6068964) | (1373884) |
|  **Net increase** | **443962** | **770895** | $**5271178** | $**8952454** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 40616333 | 32633289 | $468051394 | $390487358 |
|  Shares issued in reinvestment of dividends and distributions | 2345667 | 752032 | 26434513 | 8980280 |
|  Shares redeemed | (33515631) | (5427376) | (375042679) | (64729262) |
|  **Net increase** | **9446369** | **27957945** | $**119443228** | $**334738376** |
| **Class R** |  |  |  |  |
|  Shares sold | 141704 | 75262 | $1603993 | $896690 |
|  Shares issued in reinvestment of dividends and distributions | 11932 | 6268 | 134438 | 74772 |
|  Shares redeemed | (95894) | (149178) | (1097267) | (1768349) |
|  **Net increase (decrease)** | **57742** | **(67648)** | $**641164** | $**(796887)** |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 77** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class K** |  |  |  |  |
|  Shares sold | 112908 | 275029 | $1294450 | $3257866 |
|  Shares issued in reinvestment of dividends and distributions | 27068 | 23367 | 306141 | 278000 |
|  Shares redeemed | (335148) | (266306) | (3896262) | (3145625) |
|  **Net increase (decrease)** | **(195172)** | **32090** | $**(2295671)** | $**390241** |
| **Class I** |  |  |  |  |
|  Shares sold | 423106 | 196613 | $4824045 | $2313809 |
|  Shares issued in reinvestment of dividends and distributions | 39405 | 20510 | 438474 | 241543 |
|  Shares redeemed | (346343) | (427976) | (3852368) | (5005518) |
|  **Net increase (decrease)** | **116168** | **(210853)** | $**1410151** | $**(2450166)** |
| **Class 1** |  |  |  |  |
|  Shares sold | 11062605 | 8538149 | $125319297 | $99794546 |
|  Shares issued in reinvestment of dividends and distributions | 1752879 | 943670 | 19320268 | 11024083 |
|  Shares redeemed | (6204606) | (4846477) | (68561063) | (56534866) |
|  **Net increase** | **6610878** | **4635342** | $**76078502** | $**54283763** |
| **Class 2** |  |  |  |  |
|  Shares sold | 3439902 | 1000419 | $39531686 | $11655904 |
|  Share issued in reinvestment of dividends and distributions | 347497 | 214040 | 3835645 | 2498675 |
|  Shares redeemed | (3552396) | (871616) | (40218571) | (10110085) |
|  **Net increase** | **235003** | **342843** | $**3148760** | $**4044494** |
| **Class Z** |  |  |  |  |
|  Shares sold | 660539 | 1223975 | $7478978 | $14312713 |
|  Share issued in reinvestment of dividends and distributions | 113031 | 64293 | 1250674 | 753696 |
|  Shares redeemed | (1528362) | (479527) | (16419494) | (5608689) |
|  **Net increase (decrease)** | **(754792)** | **808741** | $**(7689842)** | $**9457720** |

---

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|:---|:---|
| **78 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **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 bond market fluctuates. 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) 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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 79** |

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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 instrument, 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.

**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.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling

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|:---|:---|
| **80 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 81** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68537505 | $27901153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 3796204 | 3495951 |
|  Total taxable distributions paid | $72333709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31397104 |

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| **82 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $3129746 |
|  Accumulated capital and other losses | (21564655)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (115209506)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133644415)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $21,564,655.

(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 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, 2022, the Fund had a net short-term capital loss carryforward of $9,889,007 and a net long-term capital loss carryforward of $11,665,648, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 83** |

---

------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.97 | $11.56 | $10.95 | $10.47 | $10.83 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .64 | .51 | .25 | .21 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.66) | .35 | .59 | .52 | (.38 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.02) | .86 | .84 | .73 | (.10 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.62 | (.45 | (.23 | (.24 | (.26 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.66 | (.45 | (.23 | (.25 | (.26 |
|  Net asset value, end of period | **$10.29** | **$11.97** | **$11.56** | **$10.95** | **$10.47** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.93) | 7.63 | 7.64 | 7.00 | (.99 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $63936 | $54687 | $31248 | $38422 | $52116 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .84 | .78 | .91 | 1.25 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.04 | 1.00 | 1.18 | 1.51 | 1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.69 | 4.29 | 2.26 | 1.93 | 2.60 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **84 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.63 | $11.25 | $10.67 | $10.24 | $10.61 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .54 | .44 | .18 | .13 | .19 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.62) | .31 | .56 | .49 | (.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.08) | .75 | .74 | .62 | (.18 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.55 | (.37 | (.16 | (.19 | (.19 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.59 | (.37 | (.16 | (.19 | (.19 |
|  Net asset value, end of period | **$9.96** | **$11.63** | **$11.25** | **$10.67** | **$10.24** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (9.58) | 6.87 | 6.92 | 6.18 | (1.77) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $15480 | $12915 | $3823 | $2607 | $3391 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | 1.59 | 1.53 | 1.64 | 1.99 | 2.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.78 | 1.75 | 1.91 | 2.26 | 2.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 4.91 | 3.79 | 1.62 | 1.28 | 1.77 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 85** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.99 | $11.57 | $10.96 | $10.49 | $10.84 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .67 | .57 | .27 | .27 | .30 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.67) | .33 | .60 | .48 | (.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.00) | .90 | .87 | .75 | (.07 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.65 | (.48 | (.26 | (.27 | (.28 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.69 | (.48 | (.26 | (.28 | (.28 |
|  Net asset value, end of period | **$10.30** | **$11.99** | **$11.57** | **$10.96** | **$10.49** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.72) | 7.98 | 7.93 | 7.21 | (.68 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $506033 | $475604 | $135677 | $168440 | $150011 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .59 | .53 | .66 | .97 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .78 | .74 | .92 | 1.24 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.95 | 4.76 | 2.44 | 2.47 | 2.80 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $12.00 | $11.57 | $10.93 | $10.46 | $10.82 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .61 | .45 | .21 | .20 | .24 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.67) | .38 | .62 | .49 | (.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.06) | .83 | .83 | .69 | (.13 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.58 | (.40 | (.19 | (.22 | (.23 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.62 | (.40 | (.19 | (.22 | (.23 |
|  Net asset value, end of period | **$10.32** | **$12.00** | **$11.57** | **$10.93** | **$10.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (9.15) | 7.44 | 7.61 | 6.64 | (1.15) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2633 | $2369 | $3066 | $6992 | $6354 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | 1.09 | 1.04 | 1.21 | 1.47 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.43 | 1.40 | 1.58 | 1.83 | 1.90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.36 | 3.74 | 1.88 | 1.88 | 2.24 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 87** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.96 | $11.54 | $10.92 | $10.45 | $10.81 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .61 | .52 | .27 | .17 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.64) | .34 | .58 | .54 | (.38 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.03) | .86 | .85 | .71 | (.11 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.61 | (.44 | (.23 | (.23 | (.25 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.65 | (.44 | (.23 | (.24 | (.25 |
|  Net asset value, end of period | **$10.28** | **$11.96** | **$11.54** | **$10.92** | **$10.45** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.94) | 7.64 | 7.74 | 6.88 | (1.01) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $4373 | $7420 | $6790 | $5051 | $12055 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .82 | .78 | .89 | 1.27 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.10 | 1.09 | 1.21 | 1.57 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.33 | 4.34 | 2.40 | 1.61 | 2.57 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **88 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.84 | $11.44 | $10.84 | $10.38 | $10.74 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .66 | .51 | .27 | .25 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.64) | .37 | .59 | .49 | (.36 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.98 | .88 | .86 | .74 | (.08 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.65 | (.48 | (.26 | (.27 | (.28 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.69 | (.48 | (.26 | (.28 | (.28 |
|  Net asset value, end of period | **$10.17** | **$11.84** | **$11.44** | **$10.84** | **$10.38** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.67) | 7.88 | 7.97 | 7.23 | (.73 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $6414 | $6093 | $8297 | $9893 | $5688 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .59 | .53 | .65 | .94 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .78 | .74 | .88 | 1.18 | 1.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.92 | 4.31 | 2.42 | 2.40 | 2.67 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 89** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.73 | $11.35 | $10.77 | $10.33 | $10.69 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .64 | .52 | .26 | .24 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.62) | .34 | .59 | .48 | (.36 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.98 | .86 | .85 | .72 | (.08 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.65 | (.48 | (.27 | (.27 | (.28 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.69 | (.48 | (.27 | (.28 | (.28 |
|  Net asset value, end of period | **$10.06** | **$11.73** | **$11.35** | **$10.77** | **$10.33** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.75) | 7.77 | 7.84 | 7.18 | (.77 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $390055 | $377333 | $312381 | $319282 | $306620 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .69 | .63 | .75 | 1.07 | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .78 | .75 | .88 | 1.20 | 1.28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.76 | 4.44 | 2.42 | 2.31 | 2.66 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.73 | $11.34 | $10.76 | $10.32 | $10.69 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .64 | .53 | .28 | .26 | .29 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.61) | .35 | .58 | .48 | (.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.97 | .88 | .86 | .74 | (.08 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.66 | (.49 | (.28 | (.29 | (.29 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.70 | (.49 | (.28 | (.30 | (.29 |
|  Net asset value, end of period | **$10.06** | **$11.73** | **$11.34** | **$10.76** | **$10.32** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.77) | 7.98 | 7.96 | 7.19 | (.77 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $59262 | $66348 | $60289 | $58829 | $50705 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .58 | .53 | .65 | .96 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .67 | .65 | .78 | 1.09 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 5.75 | 4.51 | 2.53 | 2.45 | 2.78 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 91** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.77 | $11.38 | $10.80 | $10.35 | $10.72 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .67 | .56 | .24 | .27 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.65) | .32 | .62 | .47 | (.36 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.98 | .88 | .86 | .74 | (.08 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.65 | (.49 | (.28 | (.28 | (.29 |
|  Distributions from net realized gain on investment transactions | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Return of capital | – 0 | – 0 | – 0 | (.01 | – 0 |
|  Total dividends and distributions | (.69 | (.49 | (.28 | (.29 | (.29 |
|  Net asset value, end of period | **$10.10** | **$11.77** | **$11.38** | **$10.80** | **$10.35** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (8.65) | 7.94 | 7.92 | 7.26 | (.77 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $10320 | $20910 | $11016 | $32606 | $26142 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .58 | .53 | .67 | .96 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .68 | .65 | .81 | 1.10 | 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 6.02 | 4.81 | 2.16 | 2.50 | 2.69 |
|  Portfolio turnover rate | 79 | 62 | 48 | 40 | 36 |

---

See footnote summary on page 93.

---

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|:---|:---|
| **92 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

(a) Based on average shares outstanding.

(b) Net of 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 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 expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .95% | .97% | 1.01% | 1.02% | 1.01% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.69% | 1.72% | 1.77% | 1.77% | 1.76% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .69% | .72% | .77% | .77% | .76% |
|  **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.34% | 1.36% | 1.37% | 1.36% | 1.36% |
|  **Class K** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.02% | 1.05% | 1.07% | 1.04% | 1.05% |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .69% | .71% | .73% | .73% | .73% |
|  **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .60% | .60% | .60% | .60% | .60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .69% | .72% | .73% | .73% | .74% |
|  **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .59% | .62% | .63% | .63% | .64% |
|  **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .60% | .62% | .63% | .64% | .65% |

---

(f) 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.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 93** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Board of Directors and Shareholders of AB Bond Inflation Strategy** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Bond Inflation Strategy (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

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| **94 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g379847g91r55.jpg)

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

New York, New York

December 23, 2022

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 95** |

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------

**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 95.15% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

The Fund designates $3,796,204 of dividends paid as long-term capital gains dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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|:---|:---|
| **96 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Michael Canter**<sup>(2)</sup>**,** Vice President<br> **Janaki Rao**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

---

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

---

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

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's U.S. Multi-Sector Fixed-Income Team. Messrs. Canter and Rao are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 97** |

---

------

**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

---

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|:---|:---|
| **98 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |  |
| Marshall C. Turner, Jr.,<sup>##</sup><br> *Chairman of the Board*<br>81<br> (2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 99** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup><br> 78<br> (2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

---

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|:---|:---|
| **100 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup> <br>70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 101** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) <br>| Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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|:---|:---|
| **102 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY**<br> **DIRECTOR** | **OTHER<br>PUBLIC COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY**<br> **DIRECTOR** |
| **INDEPENDENT DIRECTORS**<br> **(continued)** | **INDEPENDENT DIRECTORS**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br>70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

# Mr. Erzan is an "interested person" of the Fund as defined in the "40 Act", due to his position as a Senior Vice President of the Adviser.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 103** |

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------

**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **PRINCIPAL<br>POSITION(S)**<br> **HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br> **DURING PAST 5 YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Michael Canter<br> 53 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer – Securitized Assets. |
| Janaki Rao<br> 52 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief<br> Financial Officer | Senior Vice President of<br> AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

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

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

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

---

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|:---|:---|
| **104 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 105** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| | |
|:---|:---|
| **106 <sup>\|</sup> AB 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 Bond Inflation Strategy (the "Fund") at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

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

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

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 107** |

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judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution

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|:---|:---|
| **108 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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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 profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. 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. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser's total compensation was above 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

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|:---|:---|
| **abfunds.com** | **AB BOND INFLATION STRATEGY <sup>\|</sup> 109** |

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purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Analyst and 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 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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 in line with the medians.

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|:---|:---|
| **110 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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**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 BOND INFLATION STRATEGY <sup>\|</sup> 111** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **112 <sup>\|</sup> AB BOND INFLATION STRATEGY** | **abfunds.com** |

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![LOGO](g379847g43p34.jpg)

AB BOND INFLATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

BIS-0151-1022 ![LOGO](g379847g22c48.jpg)

------

**OCT** <sup>10.31.22</sup>

![LOGO](g307295g43p34.jpg)

ANNUAL REPORT

## AB HIGH YIELD PORTFOLIO
![LOGO](g307295covart_7682.jpg)

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

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

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

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

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

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

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

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g307295g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB High Yield Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g307295g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 5, 2022** 

This report provides management's discussion of fund performance for the AB High Yield Portfolio for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to seek to maximize total return consistent with prudent investment management.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB HIGH YIELD PORTFOLIO** |  |  |
| Class A Shares | -5.94% | -12.89% |
| Advisor Class Shares<sup>1</sup> | -5.82% | -12.68% |
| Class Z Shares<sup>1</sup> | -5.82% | -12.67% |
| Primary Benchmark: <br>Bloomberg US Corporate HY 2% Issuer Capped Index | -4.71% | -11.76% |
| Markit iBoxx USD Liquid High Yield Index | -3.92% | -10.82% |

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|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its primary benchmark, the Bloomberg US Corporate High Yield ("HY") 2% Issuer Capped Index, for the six- and 12-month periods ended October 31, 2022. The table also includes the Markit iBoxx USD Liquid High Yield Index.

During both periods, all share classes underperformed the primary benchmark, before sales charges. In the 12-month period, industry allocation was the main detractor, relative to the benchmark, mostly from the utilization of high-yield credit default swaps, underweights to energy and electric, and an overweight to retailers, partially offset by the utilization of futures. Security selection also detracted, as selection within technology, electric, entertainment, consumer cyclical–other, and real estate investment trusts ("REITs") lost more than gains within telecommunications, energy and retailers. Yield-curve positioning contributed, as underweights to the two-, 20- and 30-year parts of the curve added more than losses from overweights to the five- and 10-year parts of the curve. Currency decisions were a minor contributor to performance.

During the six-month period, industry allocation detracted, as losses from underweights to energy and electric, the use of high-yield credit default

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|:---|:---|
| **2 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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swaps and an overweight to the entertainment sector more than offset a gain from the use of futures. Security selection also hampered returns, as selection within technology, autos, finance and REITs detracted, and were partially offset by gains from selection within entertainment, retailers, media, telecommunications and capital goods. An overweight to the six-month part of the yield curve and underweights to the two-, 20- and 30-year parts of the curve contributed, and were partially offset by overweights to the five- and 10-year parts of the curve. Currency decisions added modestly to results.

During both periods, the Fund utilized derivatives in the form of futures to hedge duration and interest-rate risk, and interest rate swaps to hedge duration risk. Currency forwards were used to hedge foreign currency exposure and to take active currency risk. Credit default swaps, both single name and index, were used to take active exposure as well as to hedge investment-grade and high-yield credit risk taken through cash bonds. Total return swaps were used to create synthetic high-yield exposure. Credit options were used to generate income over the 12-month period.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

The Fund's Senior Investment Management Team (the "Team") continues to seek to maximize total return, utilizing a high-yield strategy with a global, multi-sector approach. The Team invests in corporate bonds from US and non-US issuers, and government bonds from developed and emerging markets, primarily focusing on lower-rated bonds ("junk bonds"), although it may also invest in investment-grade bonds.

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| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities rated Ba1 or lower by Moody's Investors Service, or BB+ or lower by S&P Global Ratings or Fitch Ratings, or the equivalent by any nationally recognized statistical rating organization (commonly known as "junk bonds"); unrated securities considered by the Adviser to be of comparable quality; and related derivatives.

The Fund may invest in fixed-income securities with a range of maturities from short- to long-term. The Fund may also invest in equity securities.

In selecting securities for purchase or sale by the Fund, the Adviser attempts to take advantage of inefficiencies that it believes exist in the global debt markets. These inefficiencies arise from investor behavior, market complexity, and the investment limitations to which investors are subject. The Adviser combines quantitative analysis with fundamental credit and economic research in seeking to exploit these inefficiencies.

The Fund will most often invest in securities of US issuers, but may also purchase fixed-income securities of foreign issuers, including securities denominated in foreign currencies and securities of emerging-market issuers. The Adviser may or may not hedge any foreign currency exposure through the use of currency-related derivatives.

The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps, to a significant extent. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposure. The Fund may, for example, use credit default and interest rate swaps to gain exposure to the fixed-income markets or particular fixed-income securities and, as noted above, may use currency-related derivatives. The Adviser may use derivatives to effectively leverage the Fund by creating aggregate market exposure substantially in excess of the Fund's net assets.

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|:---|:---|
| **4 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg US Corporate HY 2% Issuer Capped Index and the Markit iBoxx USD Liquid High Yield Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg US Corporate HY 2% Issuer Capped Index is the 2% Issuer Capped component of the US Corporate High Yield Index, which represents the performance of fixed-income securities having a maximum quality rating of Ba1, a minimum amount outstanding of $150 million and at least one year to maturity. The Markit iBoxx USD Liquid High Yield Index consists of USD high-yield bond issues with more than $400 million outstanding, selected to provide a balanced representation of the broad USD high-yield liquid corporate bond universe. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond or stock market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market.

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

**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 corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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

**Inflation Risk:** This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater if the Fund invests a significant portion of its assets in 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. 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:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

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

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk 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 in fixed-income securities denominated in foreign currencies or reduce the Fund's returns.

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|:---|:---|
| **6 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (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 decline.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**Performance information prior to July 26, 2016 shown in this report reflects the historical performance of the AB High-Yield Portfolio, a series of The AB Pooling Portfolios (the "Accounting Survivor"). Upon completion of a reorganization of the Accounting Survivor into the Fund on July 26, 2016 (the "Reorganization"), Class Z shares of the Fund assumed the performance and financial history of the Accounting Survivor. Because the Fund has higher expenses than the Accounting Survivor had, the Accounting Survivor's performance would have been lower than that shown had it operated with the Fund's current expense levels. At the time of the Reorganization, the Accounting Survivor and the Fund had substantially similar investment objectives and strategies.** 

**From February 26, 2018, through April 29, 2021, the Fund had a performance-based, or fulcrum, advisory fee. Accordingly, performance information shown during this period reflects performance fee** 

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 7** |

---

------

**DISCLOSURES AND RISKS** (continued)

**adjustments and would have been different if the Fund had been managed under the current advisory fee arrangement. Class A and Class Z shares of the Fund were not in operation during this period.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

---

| | |
|:---|:---|
| **8 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g307295g00o25.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB High Yield Portfolio Advisor Class shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's current and previous benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 9** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 7.28% |
| 1 Year | -12.89% | -16.57% |  |
| Since Recommencement of Operations<sup>2</sup> | -7.42% | -10.04% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | 7.84% |
| 1 Year | -12.68% | -12.68% |  |
| 5 Years | 2.43% | 2.43% |  |
| 10 Years | 4.31% | 4.31% |  |
| **CLASS Z SHARES**<sup>3</sup> |  |  | 7.84% |
| 1 Year | -12.67% | -12.67% |  |
| Since Recommencement of Operations<sup>2</sup> | -7.19% | -7.19% |  |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 2.28%, 1.83% and 1.92% for Class A, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios (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) to 0.85%, 0.60% and 0.60% for Class A, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023. Any fees waived and expenses borne by the Adviser through December 31, 2019, under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund's total other expenses to exceed the expense limitation for Advisor Class shares in effect (1) at the time of the waiver or reimbursement or (2) at the time of recapture. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratio shown above may differ from the expense ratio in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Recommencement of operations date: 4/30/2021.

---

| | |
|:---|:---|
| 3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

---

| | |
|:---|:---|
| **10 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -18.69% |
| Since Recommencement of Operations<sup>1</sup> | -12.08% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -14.84% |
| 5 Years | 2.03% |
| 10 Years | 4.19% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -14.83% |
| Since Recommencement of Operations<sup>1</sup> | -9.15% |

---

1 Recommencement of operations date: 4/30/2021.

---

| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 11** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $940.60 | $4.16 | 0.85% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.92 | $&nbsp;&nbsp;&nbsp;&nbsp;4.33 | 0.85% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $941.80 | $2.94 | 0.60% |
|  Hypothetical\*\* | $1000 | $1022.18 | $3.06 | 0.60% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $941.80 | $2.94 | 0.60% |
|  Hypothetical\*\* | $1000 | $1022.18 | $3.06 | 0.60% |

---

\* Expenses are equal to the classes' annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $68.3

------

![LOGO](g307295g73h34.jpg)

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| | |
|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" represents less than 0.1% weightings in the following types: Emerging Markets–Treasuries, Rights and Warrants.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 13** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - NON-INVESTMENT GRADE – 72.8%** |  |  |  |
|  **Industrial – 66.6%** |  |  |  |
|  **Basic – 4.9%** |  |  |  |
|  Arconic Corp. <br>6.125%, 02/15/2028<sup>(a)</sup> | U.S.$| 11 | $10307 |
|  ASP Unifrax Holdings, Inc. <br>5.25%, 09/30/2028<sup>(a)</sup> |  | 170 | 136684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029<sup>(a)</sup> |  | 17 | 11403 |
|  Big River Steel LLC/BRS Finance Corp. <br>6.625%, 01/31/2029<sup>(a)</sup> |  | 16 | 15153 |
|  Cheever Escrow Issuer LLC <br>7.125%, 10/01/2027<sup>(a)</sup> |  | 206 | 188812 |
|  Cleveland-Cliffs, Inc. <br>4.625%, 03/01/2029<sup>(a)</sup> |  | 6 | 5166 |
|  Commercial Metals Co. <br>4.875%, 05/15/2023 |  | 50 | 49869 |
|  Constellium SE <br>3.125%, 07/15/2029<sup>(a)</sup> | EUR | 166 | 121589 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 | U.S.$| 60 | 57499 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(a)</sup> |  | 29 | 26255 |
|  Element Solutions, Inc. <br>3.875%, 09/01/2028<sup>(a)</sup> |  | 110 | 93451 |
|  ERP Iron Ore, LLC <br>9.039%, 12/31/2019<sup>(b)(c)(d)(e)(f)</sup> |  | 5 | 3332 |
|  FMG Resources August 206 Pty Ltd. <br>4.375%, 04/01/2031<sup>(a)</sup> |  | 145 | 115188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/2032<sup>(a)</sup> |  | 180 | 159850 |
|  Graham Packaging Co., Inc. <br>7.125%, 08/15/2028<sup>(a)</sup> |  | 119 | 97736 |
|  Graphic Packaging International LLC <br>3.75%, 02/01/2030<sup>(a)</sup> |  | 23 | 19768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/2027<sup>(a)</sup> |  | 28 | 25835 |
|  Guala Closures SpA <br>3.25%, 06/15/2028<sup>(a)</sup> | EUR | 200 | 159993 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc.<br>9.00%, 07/01/2028<sup>(a)</sup> | U.S.$| 37 | 31289 |
|  INEOS Styrolution Group GmbH <br>2.25%, 01/16/2027<sup>(a)</sup> | EUR | 100 | 77825 |
|  Ingevity Corp. <br>3.875%, 11/01/2028<sup>(a)</sup> | U.S.$| 30 | 25456 |
|  Intelligent Packaging Holdco Issuer LP <br>9.00% (9.00% Cash or 9.75% PIK), 01/15/2026<sup>(a)(f)</sup> |  | 39 | 29363 |

---

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| | |
|:---|:---|
| **14 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <br>6.00%, 09/15/2028<sup>(a)</sup> | U.S.$| 98 | $73135 |
|  Kleopatra Finco SARL <br>4.25%, 03/01/2026<sup>(a)</sup> | EUR | 100 | 81266 |
|  Kobe US Midco 2, Inc. <br>9.25% (9.25% Cash or 10.00% PIK), 11/01/2026<sup>(a)(f)</sup> | U.S.$| 97 | 74703 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018<sup>(b)(c)(d)(e)(g)</sup> |  | 60 | – 0 |
|  Mercer International, Inc. <br>5.125%, 02/01/2029 |  | 199 | 165836 |
|  Monitchem HoldCo 3 SA <br>5.25%, 03/15/2025<sup>(a)</sup> | EUR | 207 | 186254 |
|  Olin Corp. <br>5.625%, 08/01/2029 | U.S.$| 301 | 282952 |
|  Rimini Bidco SpA <br>6.25% (EURIBOR 3 Month + 5.25%), 12/14/2026<sup>(h)</sup> | EUR | 100 | 84059 |
|  SCIL IV LLC/SCIL USA Holdings LLC <br>5.375%, 11/01/2026<sup>(a)</sup> | U.S.$| 431 | 344135 |
|  Sealed Air Corp. <br>5.50%, 09/15/2025<sup>(a)</sup> |  | 33 | 32416 |
|  Valvoline, Inc. <br>4.25%, 02/15/2030<sup>(a)</sup> |  | 63 | 60939 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(a)</sup> |  | 269 | 177992 |
|  WR Grace Holdings LLC <br>4.875%, 06/15/2027<sup>(a)</sup> |  | 158 | 138226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/15/2029<sup>(a)</sup> |  | 261 | 201760 |
|  |  |  | 3365496 |
|  **Capital Goods – 5.4%** |  |  |  |
|  ARD Finance SA <br>5.00% (5.00% Cash or 5.75% PIK), 06/30/2027<sup>(a)(f)</sup> | EUR | 120 | 80870 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <br>3.00%, 09/01/2029<sup>(a)</sup> |  | 100 | 70660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/2029<sup>(a)</sup> | U.S.$| 200 | 151750 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <br>4.125%, 08/15/2026<sup>(a)</sup> |  | 200 | 172050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2027<sup>(a)</sup> |  | 200 | 143206 |
|  Ball Corp. <br>2.875%, 08/15/2030 |  | 222 | 172700 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 15** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bombardier, Inc. <br>6.00%, 02/15/2028<sup>(a)</sup> | U.S.$| 85 | $75739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/2024<sup>(a)</sup> |  | 59 | 58851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2025<sup>(a)</sup> |  | 42 | 41295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(a)</sup> |  | 173 | 164378 |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(a)</sup> |  | 16 | 15069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 07/15/2029<sup>(a)</sup> |  | 11 | 10201 |
|  Crown Cork & Seal Co., Inc. <br>7.375%, 12/15/2026 |  | 20 | 20381 |
|  Eco Material Technologies, Inc. <br>7.875%, 01/31/2027<sup>(a)</sup> |  | 258 | 241388 |
|  Energizer Holdings, Inc. <br>4.375%, 03/31/2029<sup>(a)</sup> |  | 74 | 59886 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(a)</sup> |  | 80 | 70164 |
|  Gates Global LLC/Gates Corp. <br>6.25%, 01/15/2026<sup>(a)</sup> |  | 162 | 155520 |
|  GFL Environmental, Inc. <br>3.50%, 09/01/2028<sup>(a)</sup> |  | 28 | 23723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2028<sup>(a)</sup> |  | 50 | 42875 |
|  Granite US Holdings Corp. <br>11.00%, 10/01/2027<sup>(a)</sup> |  | 18 | 16831 |
|  Griffon Corp. <br>5.75%, 03/01/2028 |  | 39 | 35730 |
|  Harsco Corp. <br>5.75%, 07/31/2027<sup>(a)</sup> |  | 151 | 107047 |
|  JELD-WEN, Inc. <br>4.625%, 12/15/2025<sup>(a)</sup> |  | 6 | 4990 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)</sup> |  | 52 | 47344 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(a)</sup> |  | 299 | 205692 |
|  Mueller Water Products, Inc. <br>4.00%, 06/15/2029<sup>(a)</sup> |  | 13 | 11291 |
|  Renk AG/Frankfurt am Main <br>5.75%, 07/15/2025<sup>(a)</sup> | EUR | 100 | 89128 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030<sup>(a)</sup> | U.S.$| 130 | 106323 |
|  Stevens Holding Co., Inc. <br>6.125%, 10/01/2026<sup>(a)</sup> |  | 20 | 20048 |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027<sup>(a)</sup> | EUR | 100 | 83628 |
|  TransDigm, Inc. <br>4.625%, 01/15/2029 | U.S.$| 150 | 127842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 |  | 84 | 71533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/2026<sup>(a)</sup> |  | 288 | 283998 |

---

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| | |
|:---|:---|
| **16 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/15/2026 | U.S.$| 158 | $152202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/2025<sup>(a)</sup> |  | 61 | 62070 |
|  Triumph Group, Inc. <br>6.25%, 09/15/2024<sup>(a)</sup> |  | 258 | 239354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 |  | 23 | 17447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 06/01/2024<sup>(a)</sup> |  | 28 | 28295 |
|  Trivium Packaging Finance BV <br>3.75%, 08/15/2026<sup>(a)</sup> | EUR | 100 | 88725 |
|  WESCO Distribution, Inc. <br>7.125%, 06/15/2025<sup>(a)</sup> | U.S.$| 14 | 14140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/2028<sup>(a)</sup> |  | 107 | 108520 |
|  |  |  | 3692884 |
|  **Communications - Media – 9.4%** |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.50%, 11/15/2028<sup>(a)</sup> |  | 125 | 106353 |
|  Altice Financing SA <br>5.00%, 01/15/2028<sup>(a)</sup> |  | 608 | 485764 |
|  AMC Networks, Inc. <br>4.25%, 02/15/2029 |  | 298 | 231162 |
|  Arches Buyer, Inc. <br>6.125%, 12/01/2028<sup>(a)</sup> |  | 100 | 77185 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 02/01/2031<sup>(a)</sup> |  | 50 | 39498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2034<sup>(a)</sup> |  | 482 | 353933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(a)</sup> |  | 235 | 190990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)</sup> |  | 53 | 40370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030<sup>(a)</sup> |  | 40 | 33327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028<sup>(a)</sup> |  | 193 | 174148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2027<sup>(a)</sup> |  | 295 | 273341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/01/2029<sup>(a)</sup> |  | 66 | 61139 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.125%, 08/15/2027<sup>(a)</sup> |  | 124 | 111587 |
|  CSC Holdings LLC <br>3.375%, 02/15/2031<sup>(a)</sup> |  | 208 | 150873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2031<sup>(a)</sup> |  | 200 | 155745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/01/2030<sup>(a)</sup> |  | 516 | 371750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/2028<sup>(a)</sup> |  | 200 | 172919 |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(a)</sup> |  | 218 | 189282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 263 | 212264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 |  | 86 | 79318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 71 | 53969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 101 | 85323 |
|  DISH Network Corp. <br>3.375%, 08/15/2026<sup>(i)</sup> |  | 27 | 18692 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Gray Escrow II, Inc. <br>5.375%, 11/15/2031<sup>(a)</sup> | U.S.$| 137 | $110091 |
|  iHeartCommunications, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 118 | 102945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/2027<sup>(a)</sup> |  | 37 | 33722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/2026 |  | 5 | 4853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 05/01/2027 |  | 40 | 36188 |
|  Lamar Media Corp. <br>4.875%, 01/15/2029 |  | 8 | 7237 |
|  LCPR Senior Secured Financing DAC <br>6.75%, 10/15/2027<sup>(a)</sup> |  | 200 | 189370 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 176 | 154968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2029<sup>(a)</sup> |  | 13 | 11066 |
|  National CineMedia LLC <br>5.75%, 08/15/2026 |  | 21 | 1691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/15/2028<sup>(a)</sup> |  | 60 | 24113 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/2029<sup>(a)</sup> |  | 139 | 114270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2030<sup>(a)</sup> |  | 11 | 9077 |
|  Radiate Holdco LLC/Radiate Finance, Inc. <br>4.50%, 09/15/2026<sup>(a)</sup> |  | 214 | 182724 |
|  Sinclair Television Group, Inc. <br>5.125%, 02/15/2027<sup>(a)</sup> |  | 9 | 7558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030<sup>(a)</sup> |  | 344 | 257229 |
|  Sirius XM Radio, Inc. <br>3.875%, 09/01/2031<sup>(a)</sup> |  | 210 | 167898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(a)</sup> |  | 135 | 116529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2030<sup>(a)</sup> |  | 111 | 90893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2029<sup>(a)</sup> |  | 24 | 22132 |
|  Summer BC Holdco B SARL <br>5.75%, 10/31/2026<sup>(a)</sup> | EUR | 100 | 85325 |
|  Summer BidCo BV <br>9.00% (9.00% Cash or 9.75% PIK), 11/15/2025<sup>(a)(f)</sup> |  | 150 | 109369 |
|  TEGNA, Inc. <br>5.00%, 09/15/2029 | U.S.$| 61 | 58239 |
|  Univision Communications, Inc. <br>4.50%, 05/01/2029<sup>(a)</sup> |  | 71 | 59898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/2030<sup>(a)</sup> |  | 150 | 146062 |
|  Urban One, Inc. <br>7.375%, 02/01/2028<sup>(a)</sup> |  | 54 | 47262 |
|  Virgin Media Finance PLC <br>5.00%, 07/15/2030<sup>(a)</sup> |  | 200 | 160233 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Virgin Media Vendor Financing Notes IV DAC <br>5.00%, 07/15/2028<sup>(a)</sup> | U.S.$| 200 | $171265 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029<sup>(a)</sup> | EUR | 100 | 72868 |
|  Ziggo Bond Co. BV <br>5.125%, 02/28/2030<sup>(a)</sup> | U.S.$| 200 | 158393 |
|  |  |  | 6382400 |
|  **Communications - Telecommunications – 3.6%** |  |  |  |
|  Altice France SA/France <br>3.375%, 01/15/2028<sup>(a)</sup> | EUR | 100 | 75848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/2028<sup>(a)</sup> | U.S.$| 200 | 159812 |
|  Connect Finco SARL/Connect US Finco LLC <br>6.75%, 10/01/2026<sup>(a)</sup> |  | 404 | 379760 |
|  Consolidated Communications, Inc. <br>6.50%, 10/01/2028<sup>(a)</sup> |  | 309 | 253858 |
|  Embarq Corp. <br>7.995%, 06/01/2036 |  | 123 | 49776 |
|  Frontier Communications Holdings LLC <br>6.75%, 05/01/2029<sup>(a)</sup> |  | 43 | 35444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/2030<sup>(a)</sup> |  | 140 | 142936 |
|  Hughes Satellite Systems Corp. <br>6.625%, 08/01/2026 |  | 122 | 114935 |
|  Intelsat Jackson Holdings SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/2023<sup>(b)(c)(e)</sup> |  | 158 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/15/2024<sup>(b)(c)(e)(g)</sup> |  | 47 | – 0 |
|  Kaixo Bondco Telecom SA <br>5.125%, 09/30/2029<sup>(a)</sup> | EUR | 100 | 79740 |
|  Level 3 Financing, Inc. <br>3.75%, 07/15/2029<sup>(a)</sup> | U.S.$| 180 | 137176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/2028<sup>(a)</sup> |  | 134 | 110433 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> | EUR | 142 | 123517 |
|  Nexstar Media, Inc. <br>5.625%, 07/15/2027<sup>(a)</sup> | U.S.$| 76 | 71544 |
|  Telecom Italia Capital SA <br>6.375%, 11/15/2033 |  | 90 | 70201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/2036 |  | 175 | 137276 |
|  United Group BV <br>4.00%, 11/15/2027<sup>(a)</sup> | EUR | 394 | 283860 |
|  Vmed O2 UK Financing I PLC <br>4.75%, 07/15/2031<sup>(a)</sup> | U.S.$| 200 | 163624 |
|  Zayo Group Holdings, Inc. <br>4.00%, 03/01/2027<sup>(a)</sup> |  | 108 | 83413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2028<sup>(a)</sup> |  | 7 | 4654 |
|  |  |  | 2477807 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 19** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 6.1%** |  |  |  |
|  Adient Global Holdings Ltd. <br>4.875%, 08/15/2026<sup>(a)</sup> | U.S.$| 200 | $178953 |
|  American Axle & Manufacturing, Inc. <br>5.00%, 10/01/2029 |  | 161 | 130932 |
|  Clarios Global LP/Clarios US Finance Co. 8.50%, 05/15/2027<sup>(a)</sup> |  | 59 | 58020 |
|  Dana, Inc. <br>4.25%, 09/01/2030 |  | 20 | 15980 |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(a)</sup> |  | 338 | 296153 |
|  Exide Technologies <br>(Exchange Priority) <br>11.00%, 10/31/2024<sup>(b)(c)(e)(g)</sup> |  | 32 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; (First Lien) <br>11.00%, 10/31/2024<sup>(b)(c)(e)(g)</sup> |  | 13 | – 0 |
|  Faurecia SE <br>3.75%, 06/15/2028<sup>(a)</sup> | EUR | 100 | 83282 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 | U.S.$| 162 | 121651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 |  | 539 | 493851 |
|  Ford Motor Credit Co. LLC <br>2.70%, 08/10/2026 |  | 200 | 173230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/2030 |  | 200 | 162133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/2027 |  | 200 | 183229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 05/03/2029 |  | 200 | 178684 |
|  Goodyear Tire & Rubber Co. (The) <br>5.00%, 07/15/2029 |  | 303 | 262978 |
|  IHO Verwaltungs GmbH <br>3.75% (3.75% Cash or 4.50% PIK), 09/15/2026<sup>(a)(f)</sup> | EUR | 100 | 82148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% (6.00% Cash or 6.75% PIK), 05/15/2027<sup>(a)(f)</sup> | U.S.$| 200 | 171872 |
|  Jaguar Land Rover Automotive PLC <br>4.50%, 01/15/2026<sup>(a)</sup> | EUR | 110 | 92073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2027<sup>(a)</sup> | U.S.$| 200 | 141829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024<sup>(a)</sup> | EUR | 100 | 93582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/2026<sup>(a)</sup> |  | 100 | 84884 |
|  Mclaren Finance PLC <br>7.50%, 08/01/2026<sup>(a)</sup> | U.S.$| 200 | 159689 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(a)</sup> |  | 90 | 77283 |
|  Real Hero Merger Sub 2, Inc. <br>6.25%, 02/01/2029<sup>(a)</sup> |  | 130 | 94109 |
|  Renault SA <br>2.375%, 05/25/2026<sup>(a)</sup> | EUR | 100 | 87717 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Schaeffler AG <br>3.375%, 10/12/2028<sup>(a)</sup> | EUR | 200 | $167341 |
|  Tenneco, Inc. <br>5.00%, 07/15/2026 | U.S.$| 25 | 24903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/2029<sup>(a)</sup> |  | 169 | 167920 |
|  Titan International, Inc. <br>7.00%, 04/30/2028 |  | 60 | 55894 |
|  ZF Europe Finance BV <br>3.00%, 10/23/2029<sup>(a)</sup> | EUR | 200 | 153743 |
|  ZF Finance GmbH <br>2.25%, 05/03/2028<sup>(a)</sup> |  | 100 | 77007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/25/2027 |  | 100 | 82382 |
|  |  |  | 4153452 |
|  **Consumer Cyclical - Entertainment – 3.6%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> | U.S.$| 26 | 22748 |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(a)</sup> |  | 220 | 176962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> |  | 195 | 135086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/01/2027<sup>(a)</sup> |  | 78 | 72735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/2026<sup>(a)</sup> |  | 260 | 254215 |
|  Cedar Fair LP <br>5.25%, 07/15/2029 |  | 15 | 13197 |
|  Cedar Fair LP/Canada's Wonderland Co.,/Magnum Management Corp./Millennium Op <br>5.375%, 04/15/2027 |  | 64 | 60176 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>5.50%, 05/01/2025<sup>(a)</sup> |  | 192 | 190694 |
|  Cinemark USA, Inc. <br>5.25%, 07/15/2028<sup>(a)</sup> |  | 151 | 115883 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 41 | 36728 |
|  Mattel, Inc. <br>3.375%, 04/01/2026<sup>(a)</sup> |  | 78 | 71438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/15/2027<sup>(a)</sup> |  | 66 | 64164 |
|  NCL Corp., Ltd. <br>3.625%, 12/15/2024<sup>(a)</sup> |  | 79 | 68979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2026<sup>(a)</sup> |  | 24 | 19653 |
|  Royal Caribbean Cruises Ltd. <br>5.375%, 07/15/2027<sup>(a)</sup> |  | 91 | 71294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 49 | 40062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(a)</sup> |  | 173 | 133210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/2029<sup>(a)</sup> |  | 82 | 83230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(a)</sup> |  | 74 | 79696 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 21** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  SeaWorld Parks & Entertainment, Inc. <br>5.25%, 08/15/2029<sup>(a)</sup> | U.S.$| 121 | $105137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/01/2025<sup>(a)</sup> |  | 33 | 33850 |
|  Six Flags Entertainment Corp. <br>4.875%, 07/31/2024<sup>(a)</sup> |  | 117 | 113260 |
|  Vail Resorts, Inc. <br>6.25%, 05/15/2025<sup>(a)</sup> |  | 60 | 59701 |
|  Viking Cruises Ltd. <br>5.875%, 09/15/2027<sup>(a)</sup> |  | 16 | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(a)</sup> |  | 79 | 62905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/2025<sup>(a)</sup> |  | 148 | 159060 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 29 | 22623 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(a)</sup> |  | 241 | 200805 |
|  |  |  | 2480279 |
|  **Consumer Cyclical - Other – 4.3%** |  |  |  |
|  Adams Homes, Inc. <br>7.50%, 02/15/2025<sup>(a)</sup> |  | 58 | 46899 |
|  Beazer Homes USA, Inc. <br>6.75%, 03/15/2025 |  | 28 | 26248 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(a)</sup> |  | 151 | 131822 |
|  Builders FirstSource, Inc. <br>6.375%, 06/15/2032<sup>(a)</sup> |  | 115 | 105934 |
|  Caesars Entertainment, Inc. <br>6.25%, 07/01/2025<sup>(a)</sup> |  | 78 | 76149 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 49 | 43406 |
|  Cirsa Finance International SARL <br>4.75%, 05/22/2025<sup>(a)</sup> | EUR | 100 | 91907 |
|  CP Atlas Buyer, Inc. <br>7.00%, 12/01/2028<sup>(a)</sup> | U.S.$| 26 | 18742 |
|  Empire Communities Corp. <br>7.00%, 12/15/2025<sup>(a)</sup> |  | 61 | 52874 |
|  Everi Holdings, Inc. <br>5.00%, 07/15/2029<sup>(a)</sup> |  | 21 | 18297 |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>7.875%, 11/15/2025<sup>(a)</sup> |  | 223 | 186067 |
|  Forestar Group, Inc. <br>3.85%, 05/15/2026<sup>(a)</sup> |  | 41 | 35230 |
|  Hilton Domestic Operating Co., Inc. <br>3.625%, 02/15/2032<sup>(a)</sup> |  | 100 | 79614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/2030 |  | 17 | 15284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028<sup>(a)</sup> |  | 11 | 10616 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc <br>4.875%, 07/01/2031<sup>(a)</sup> | U.S.$| 163 | $133326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 49 | 42168 |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028<sup>(a)</sup> |  | 40 | 35424 |
|  International Game Technology PLC <br>4.125%, 04/15/2026<sup>(a)</sup> |  | 200 | 186189 |
|  Mattamy Group Corp. <br>4.625%, 03/01/2030<sup>(a)</sup> |  | 155 | 122466 |
|  MGM Resorts International <br>4.75%, 10/15/2028 |  | 138 | 119823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/2023 |  | 33 | 33027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/2025 |  | 90 | 88813 |
|  NH Hotel Group SA <br>4.00%, 07/02/2026<sup>(a)</sup> | EUR | 139 | 120615 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. <br>5.625%, 09/01/2029<sup>(a)</sup> | U.S.$| 20 | 14885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/2031<sup>(a)</sup> |  | 46 | 32646 |
|  Scientific Games International, Inc. <br>7.00%, 05/15/2028<sup>(a)</sup> |  | 9 | 8709 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 04/01/2029<sup>(a)</sup> |  | 20 | 16297 |
|  Standard Industries, Inc./NJ <br>3.375%, 01/15/2031<sup>(a)</sup> |  | 395 | 296045 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. <br>5.875%, 05/15/2025<sup>(a)</sup> |  | 16 | 14986 |
|  Taylor Morrison Communities, Inc. <br>5.125%, 08/01/2030<sup>(a)</sup> |  | 61 | 50715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(a)</sup> |  | 17 | 15986 |
|  Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. <br>5.625%, 03/01/2024<sup>(a)</sup> |  | 17 | 17266 |
|  Travel + Leisure Co. <br>4.50%, 12/01/2029<sup>(a)</sup> |  | 52 | 42333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(a)</sup> |  | 12 | 9743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(a)</sup> |  | 289 | 281993 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.25%, 05/15/2027<sup>(a)</sup> |  | 240 | 209028 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <br>5.125%, 10/01/2029<sup>(a)</sup> |  | 86 | 68546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/2025<sup>(a)</sup> |  | 48 | 46786 |
|  |  |  | 2946904 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 23** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Restaurants – 0.8%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029<sup>(a)</sup> | U.S.$| 146 | $122275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/2030<sup>(a)</sup> |  | 165 | 134647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2025<sup>(a)</sup> |  | 66 | 65992 |
|  IRB Holding Corp. <br>7.00%, 06/15/2025<sup>(a)</sup> |  | 5 | 5002 |
|  Papa John's International, Inc. <br>3.875%, 09/15/2029<sup>(a)</sup> |  | 22 | 17911 |
|  Stonegate Pub Co. Financing 2019 PLC <br>8.25%, 07/31/2025<sup>(a)</sup> | GBP | 113 | 117251 |
|  Yum! Brands, Inc. <br>4.625%, 01/31/2032 | U.S.$| 96 | 81974 |
|  |  |  | 545052 |
|  **Consumer Cyclical - Retailers – 3.5%** |  |  |  |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(a)</sup> |  | 99 | 78444 |
|  Asbury Automotive Group, Inc. <br>4.625%, 11/15/2029<sup>(a)</sup> |  | 99 | 81410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(a)</sup> |  | 26 | 20962 |
|  Bath & Body Works, Inc. <br>6.625%, 10/01/2030<sup>(a)</sup> |  | 185 | 165758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 |  | 48 | 39616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 |  | 128 | 108845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 |  | 17 | 16124 |
|  BCPE Ulysses Intermediate, Inc. <br>7.75% (7.75% Cash or 8.50% PIK), 04/01/2027<sup>(a)(f)</sup> |  | 28 | 18534 |
|  Carvana Co. <br>5.50%, 04/15/2027<sup>(a)</sup> |  | 39 | 18868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/01/2028<sup>(a)</sup> |  | 114 | 52473 |
|  Dufry One BV <br>2.50%, 10/15/2024<sup>(a)</sup> | EUR | 103 | 97336 |
|  FirstCash, Inc. <br>5.625%, 01/01/2030<sup>(a)</sup> | U.S.$| 47 | 42060 |
|  Foundation Building Materials, Inc. <br>6.00%, 03/01/2029<sup>(a)</sup> |  | 29 | 20290 |
|  Gap, Inc. (The) <br>3.625%, 10/01/2029<sup>(a)</sup> |  | 243 | 170719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/01/2031<sup>(a)</sup> |  | 115 | 79351 |
|  Group 1 Automotive, Inc. <br>4.00%, 08/15/2028<sup>(a)</sup> |  | 13 | 10702 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(a)</sup> |  | 72 | 57941 |
|  Levi Strauss & Co. <br>3.50%, 03/01/2031<sup>(a)</sup> |  | 71 | 56841 |

---

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Michaels Cos, Inc. (The) <br>5.25%, 05/01/2028<sup>(a)</sup> | U.S.$| 221 | $157212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 05/01/2029<sup>(a)</sup> |  | 58 | 32491 |
|  Murphy Oil USA, Inc. <br>5.625%, 05/01/2027 |  | 2 | 2238 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC <br>7.125%, 04/01/2026<sup>(a)</sup> |  | 144 | 136954 |
|  Party City Holdings, Inc. <br>8.75%, 02/15/2026<sup>(a)</sup> |  | 20 | 12654 |
|  Rite Aid Corp. <br>7.50%, 07/01/2025<sup>(a)</sup> |  | 17 | 11978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026<sup>(a)</sup> |  | 263 | 170832 |
|  Sonic Automotive, Inc. <br>4.625%, 11/15/2029<sup>(a)</sup> |  | 115 | 90513 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>6.375%, 09/30/2026<sup>(a)</sup> |  | 312 | 252711 |
|  SRS Distribution, Inc. <br>6.125%, 07/01/2029<sup>(a)</sup> |  | 19 | 15608 |
|  Staples, Inc. <br>7.50%, 04/15/2026<sup>(a)</sup> |  | 206 | 179163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/2027<sup>(a)</sup> |  | 61 | 44289 |
|  TPro Acquisition Corp. <br>11.00%, 10/15/2024<sup>(a)</sup> |  | 33 | 32347 |
|  White Cap Buyer LLC <br>6.875%, 10/15/2028<sup>(a)</sup> |  | 19 | 16147 |
|  William Carter Co. (The) <br>5.625%, 03/15/2027<sup>(a)</sup> |  | 119 | 114406 |
|  |  |  | 2405817 |
|  **Consumer Non-Cyclical – 8.9%** |  |  |  |
|  AdaptHealth LLC <br>4.625%, 08/01/2029<sup>(a)</sup> |  | 52 | 44291 |
|  AHP Health Partners, Inc. <br>5.75%, 07/15/2029<sup>(a)</sup> |  | 10 | 7750 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029<sup>(a)</sup> |  | 346 | 286270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/15/2030<sup>(a)</sup> |  | 100 | 88730 |
|  Bausch Health Americas, Inc. <br>8.50%, 01/31/2027<sup>(a)</sup> |  | 59 | 26539 |
|  Bausch Health Cos., Inc. <br>4.875%, 06/01/2028<sup>(a)</sup> |  | 196 | 120278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2029<sup>(a)</sup> |  | 20 | 7813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029<sup>(a)</sup> |  | 31 | 12090 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CAB SELAS <br>3.375%, 02/01/2028<sup>(a)</sup> | EUR | 322 | $248392 |
|  Catalent Pharma Solutions, Inc. <br>3.125%, 02/15/2029<sup>(a)</sup> | U.S.$| 14 | 11462 |
|  CD&R Smokey Buyer, Inc. <br>6.75%, 07/15/2025<sup>(a)</sup> |  | 78 | 74096 |
|  Chobani LLC/Chobani Finance Corp., Inc. <br>4.625%, 11/15/2028<sup>(a)</sup> |  | 24 | 20924 |
|  Chrome Bidco SASU <br>3.50%, 05/31/2028<sup>(a)</sup> | EUR | 200 | 160001 |
|  CHS/Community Health Systems, Inc. <br>4.75%, 02/15/2031<sup>(a)</sup> | U.S.$| 20 | 13421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2030<sup>(a)</sup> |  | 498 | 344938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/15/2027<sup>(a)</sup> |  | 17 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/2029<sup>(a)</sup> |  | 14 | 10433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/01/2028<sup>(a)</sup> |  | 138 | 53616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(a)</sup> |  | 126 | 51937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2026<sup>(a)</sup> |  | 44 | 37937 |
|  Darling Ingredients, Inc. <br>6.00%, 06/15/2030<sup>(a)</sup> |  | 60 | 57748 |
|  DaVita, Inc. <br>3.75%, 02/15/2031<sup>(a)</sup> |  | 78 | 56598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(a)</sup> |  | 212 | 165293 |
|  Elanco Animal Health, Inc. <br>6.40%, 08/28/2028 |  | 120 | 108203 |
|  Embecta Corp. <br>5.00%, 02/15/2030<sup>(a)</sup> |  | 161 | 138198 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 122 | 73303 |
|  Garden Spinco Corp. <br>8.625%, 07/20/2030<sup>(a)</sup> |  | 82 | 84832 |
|  Grifols Escrow Issuer SA <br>3.875%, 10/15/2028<sup>(a)</sup> | EUR | 100 | 75309 |
|  Gruenenthal GmbH <br>3.625%, 11/15/2026<sup>(a)</sup> |  | 100 | 88081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/15/2028<sup>(a)</sup> |  | 239 | 195550 |
|  Horizon Therapeutics USA, Inc. <br>5.50%, 08/01/2027<sup>(a)</sup> | U.S.$| 200 | 192377 |
|  IQVIA, Inc. <br>2.25%, 03/15/2029<sup>(a)</sup> | EUR | 100 | 80451 |
|  Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. <br>7.00%, 12/31/2027<sup>(a)</sup> | U.S.$| 143 | 120567 |
|  Lamb Weston Holdings, Inc. <br>4.125%, 01/31/2030<sup>(a)</sup> |  | 99 | 86559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/2028<sup>(a)</sup> |  | 17 | 15919 |

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|:---|:---|
| **26 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Legacy LifePoint Health LLC <br>4.375%, 02/15/2027<sup>(a)</sup> | U.S.$| 107 | $84482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/2025<sup>(a)</sup> |  | 20 | 17711 |
|  LifePoint Health, Inc. <br>5.375%, 01/15/2029<sup>(a)</sup> |  | 424 | 269484 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC <br>10.00%, 06/15/2029<sup>(a)</sup> |  | 2 | 1110 |
|  Medline Borrower LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/01/2029<sup>(a)</sup> |  | 164 | 133955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(a)</sup> |  | 288 | 224491 |
|  ModivCare, Inc. <br>5.875%, 11/15/2025<sup>(a)</sup> |  | 24 | 22929 |
|  Nidda Healthcare Holding GmbH <br>7.50%, 08/21/2026 | EUR | 270 | 246751 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028<sup>(a)</sup> |  | 100 | 83361 |
|  Paysafe Finance PLC/Paysafe Holdings US Corp. <br>4.00%, 06/15/2029<sup>(a)</sup> | U.S.$| 67 | 48156 |
|  Performance Food Group, Inc. <br>4.25%, 08/01/2029<sup>(a)</sup> |  | 75 | 63788 |
|  Picard Groupe SAS <br>3.875%, 07/01/2026<sup>(a)</sup> | EUR | 100 | 85211 |
|  Post Holdings, Inc. <br>4.50%, 09/15/2031<sup>(a)</sup> | U.S.$| 125 | 103373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2030<sup>(a)</sup> |  | 58 | 49029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029<sup>(a)</sup> |  | 100 | 90031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> |  | 14 | 13562 |
|  Radiology Partners, Inc. <br>9.25%, 02/01/2028<sup>(a)</sup> |  | 6 | 3194 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. <br>9.75%, 12/01/2026<sup>(a)</sup> |  | 24 | 19169 |
|  RP Escrow Issuer LLC <br>5.25%, 12/15/2025<sup>(a)</sup> |  | 231 | 173797 |
|  Spectrum Brands, Inc. <br>3.875%, 03/15/2031<sup>(a)</sup> |  | 193 | 142269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2025 |  | 3 | 2959 |
|  Tenet Healthcare Corp. <br>4.375%, 01/15/2030<sup>(a)</sup> |  | 153 | 128612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/2028<sup>(a)</sup> |  | 256 | 221956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2030<sup>(a)</sup> |  | 149 | 138548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/2027<sup>(a)</sup> |  | 51 | 48999 |
|  Triton Water Holdings, Inc. <br>6.25%, 04/01/2029<sup>(a)</sup> |  | 222 | 168621 |

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(a)</sup> | U.S.$| 342 | $309663 |
|  US Renal Care, Inc. <br>10.625%, 07/15/2027<sup>(a)</sup> |  | 80 | 31923 |
|  |  |  | 6100595 |
|  **Energy – 4.7%** |  |  |  |
|  Berry Petroleum Co. LLC <br>7.00%, 02/15/2026<sup>(a)</sup> |  | 63 | 57314 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.625%, 12/15/2025<sup>(a)</sup> |  | 178 | 176181 |
|  Callon Petroleum Co. <br>8.25%, 07/15/2025 |  | 8 | 7998 |
|  Citgo Holding, Inc. <br>9.25%, 08/01/2024<sup>(a)</sup> |  | 72 | 72100 |
|  CITGO Petroleum Corp. <br>6.375%, 06/15/2026<sup>(a)</sup> |  | 16 | 15749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2025<sup>(a)</sup> |  | 50 | 49285 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026<sup>(a)</sup> |  | 58 | 53468 |
|  CNX Resources Corp. <br>6.00%, 01/15/2029<sup>(a)</sup> |  | 37 | 34569 |
|  Comstock Resources, Inc. <br>6.75%, 03/01/2029<sup>(a)</sup> |  | 58 | 55539 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026<sup>(a)</sup> |  | 89 | 82535 |
|  Diamond Foreign Asset Co./Diamond Finance LLC <br>9.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(a)(f)</sup> |  | 4 | 3960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(f)</sup> |  | 4 | 3432 |
|  Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028<sup>(a)</sup> |  | 86 | 81356 |
|  EnLink Midstream LLC <br>5.625%, 01/15/2028<sup>(a)</sup> |  | 37 | 35448 |
|  EnLink Midstream Partners LP <br>4.15%, 06/01/2025 |  | 48 | 45171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2044 |  | 14 | 11015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C <br>6.00%, 12/15/2170<sup>(j)</sup> |  | 102 | 78348 |
|  EQM Midstream Partners LP <br>4.50%, 01/15/2029<sup>(a)</sup> |  | 62 | 52704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(a)</sup> |  | 114 | 95240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/2028 |  | 18 | 16110 |

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| | |
|:---|:---|
| **28 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Genesis Energy LP/Genesis Energy Finance Corp. <br>5.625%, 06/15/2024 | U.S.$| 45 | $43990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 |  | 21 | 19667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 |  | 24 | 23054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 |  | 62 | 59110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 |  | 104 | 100969 |
|  Global Partners LP/GLP Finance Corp. <br>6.875%, 01/15/2029 |  | 96 | 87390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 |  | 21 | 20140 |
|  Gulfport Energy Corp. <br>6.00%, 10/15/2024<sup>(c)</sup> |  | 128 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2025<sup>(c)</sup> |  | 24 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2026<sup>(c)</sup> |  | 30 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2023<sup>(c)</sup> |  | 4 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/17/2026<sup>(a)</sup> |  | 29 | 28801 |
|  Hess Midstream Operations LP <br>4.25%, 02/15/2030<sup>(a)</sup> |  | 17 | 14533 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. <br>5.75%, 02/01/2029<sup>(a)</sup> |  | 5 | 4576 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(a)</sup> |  | 227 | 182723 |
|  Moss Creek Resources Holdings, Inc. <br>10.50%, 05/15/2027<sup>(a)</sup> |  | 48 | 46271 |
|  Murphy Oil Corp. <br>6.125%, 12/01/2042 |  | 21 | 16681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2028 |  | 55 | 53814 |
|  Nabors Industries Ltd. <br>7.25%, 01/15/2026<sup>(a)</sup> |  | 27 | 26037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(a)</sup> |  | 37 | 34142 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 121 | 119221 |
|  New Fortress Energy, Inc. <br>6.75%, 09/15/2025<sup>(a)</sup> |  | 77 | 75610 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.50%, 02/01/2026<sup>(a)</sup> |  | 64 | 57943 |
|  Occidental Petroleum Corp. <br>5.50%, 12/01/2025 |  | 28 | 28097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/2026 |  | 272 | 275872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/01/2031 |  | 46 | 46175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 |  | 69 | 66369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 |  | 42 | 45990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/2030 |  | 42 | 48020 |
|  PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028 |  | 9 | 8173 |

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 29** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  PDC Energy, Inc. <br>5.75%, 05/15/2026 | U.S.$| 51 |  | $48945 |
|  Southwestern Energy Co. <br>5.70%, 01/23/2025 |  | 32 |  | 31535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 09/15/2028 |  | 10 |  | 10379 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. <br>8.50%, 10/15/2026<sup>(a)</sup> |  | 150 |  | 144037 |
|  Sunnova Energy Corp. <br>5.875%, 09/01/2026<sup>(a)</sup> |  | 40 |  | 35275 |
|  Sunoco LP/Sunoco Finance Corp. <br>5.875%, 03/15/2028 |  | 16 |  | 15235 |
|  Talos Production, Inc. <br>12.00%, 01/15/2026 |  | 23 |  | 24393 |
|  Transocean Guardian Ltd. <br>5.875%, 01/15/2024<sup>(a)</sup> |  | 121 |  | 117810 |
|  Transocean Phoenix 2 Ltd. <br>7.75%, 10/15/2024<sup>(a)</sup> |  | 20 |  | 20280 |
|  Transocean Poseidon Ltd. <br>6.875%, 02/01/2027<sup>(a)</sup> |  | 99 |  | 94619 |
|  Transocean, Inc. <br>6.80%, 03/15/2038 |  | 0 | \*\* | 102 |
|  Venture Global Calcasieu Pass LLC <br>4.125%, 08/15/2031<sup>(a)</sup> |  | 69 |  | 58990 |
|  Weatherford International Ltd. <br>11.00%, 12/01/2024<sup>(a)</sup> |  | 2 |  | 2054 |
|  |  |  |  | 3164776 |
|  **Other Industrial – 0.4%** |  |  |  |  |
|  American Builders & Contractors Supply Co., Inc. <br>4.00%, 01/15/2028<sup>(a)</sup> |  | 35 |  | 30940 |
|  Belden, Inc. <br>3.375%, 07/15/2031<sup>(a)</sup> | EUR | 153 |  | 112740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2028<sup>(a)</sup> |  | 100 |  | 87578 |
|  H&E Equipment Services, Inc. <br>3.875%, 12/15/2028<sup>(a)</sup> | U.S.$| 33 |  | 27909 |
|  Interface, Inc. <br>5.50%, 12/01/2028<sup>(a)</sup> |  | 11 |  | 8798 |
|  Univar Solutions USA, Inc./Washington <br>5.125%, 12/01/2027<sup>(a)</sup> |  | 17 |  | 15734 |
|  |  |  |  | 283699 |
|  **Services – 4.6%** |  |  |  |  |
|  ADT Security Corp. (The) <br>4.875%, 07/15/2032<sup>(a)</sup> |  | 10 |  | 8506 |

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| | |
|:---|:---|
| **30 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. <br>6.625%, 07/15/2026<sup>(a)</sup> | U.S.$| 182 | $174219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2027<sup>(a)</sup> |  | 51 | 44345 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <br>4.625%, 06/01/2028<sup>(a)</sup> |  | 200 | 163774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(a)</sup> | GBP | 100 | 85922 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(a)</sup> | U.S.$| 353 | 257313 |
|  Aptim Corp. <br>7.75%, 06/15/2025<sup>(a)</sup> |  | 85 | 58396 |
|  APX Group, Inc. <br>5.75%, 07/15/2029<sup>(a)</sup> |  | 253 | 199637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027<sup>(a)</sup> |  | 128 | 125106 |
|  Block, Inc. <br>2.75%, 06/01/2026 |  | 216 | 193300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/2031 |  | 11 | 8856 |
|  Elior Group SA <br>3.75%, 07/15/2026<sup>(a)</sup> | EUR | 100 | 70156 |
|  Garda World Security Corp. <br>4.625%, 02/15/2027<sup>(a)</sup> | U.S.$| 53 | 47158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027<sup>(a)</sup> |  | 71 | 64334 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 134 | 96500 |
|  Monitronics International, Inc. <br>0.00%, 04/01/2020<sup>(b)(c)(d)(e)</sup> |  | 14 | – 0 |
|  MPH Acquisition Holdings LLC <br>5.50%, 09/01/2028<sup>(a)</sup> |  | 193 | 167455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2028<sup>(a)</sup> |  | 312 | 241075 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>3.375%, 08/31/2027<sup>(a)</sup> |  | 105 | 91192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/2026<sup>(a)</sup> |  | 130 | 127089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(a)</sup> |  | 102 | 94461 |
|  Q-Park Holding I BV <br>2.00%, 03/01/2027<sup>(a)</sup> | EUR | 236 | 184825 |
|  Ritchie Bros Auctioneers, Inc. <br>5.375%, 01/15/2025<sup>(a)</sup> | U.S.$| 12 | 11828 |
|  Sabre GLBL, Inc. <br>7.375%, 09/01/2025<sup>(a)</sup> |  | 101 | 94943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2025<sup>(a)</sup> |  | 65 | 63371 |
|  Service Corp. International/US <br>3.375%, 08/15/2030 |  | 22 | 17589 |
|  TripAdvisor, Inc. <br>7.00%, 07/15/2025<sup>(a)</sup> |  | 27 | 26773 |

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 31** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Verisure Holding AB <br>3.25%, 02/15/2027<sup>(a)</sup> | EUR | 100 | $83979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/15/2026<sup>(a)</sup> |  | 139 | 122639 |
|  Verscend Escrow Corp. <br>9.75%, 08/15/2026<sup>(a)</sup> | U.S.$| 137 | 137383 |
|  WASH Multifamily Acquisition, Inc. <br>5.75%, 04/15/2026<sup>(a)</sup> |  | 17 | 15873 |
|  ZipRecruiter, Inc. <br>5.00%, 01/15/2030<sup>(a)</sup> |  | 85 | 69625 |
|  |  |  | 3147622 |
|  **Technology – 3.6%** |  |  |  |
|  Ahead DB Holdings LLC <br>6.625%, 05/01/2028<sup>(a)</sup> |  | 37 | 30075 |
|  AthenaHealth Group, Inc. <br>6.50%, 02/15/2030<sup>(a)</sup> |  | 42 | 32771 |
|  Avaya, Inc. <br>6.125%, 09/15/2028<sup>(a)</sup> |  | 139 | 58809 |
|  Boxer Parent Co., Inc. <br>7.125%, 10/02/2025<sup>(a)</sup> |  | 136 | 133873 |
|  Centurion Bidco SpA <br>5.875%, 09/30/2026<sup>(a)</sup> | EUR | 141 | 123133 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(a)</sup> | U.S.$| 200 | 166758 |
|  CommScope, Inc. <br>4.75%, 09/01/2029<sup>(a)</sup> |  | 28 | 23705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2026<sup>(a)</sup> |  | 56 | 54154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/2027<sup>(a)</sup> |  | 29 | 25803 |
|  Elastic NV <br>4.125%, 07/15/2029<sup>(a)</sup> |  | 17 | 14221 |
|  Entegris Escrow Corp. <br>5.95%, 06/15/2030<sup>(a)</sup> |  | 169 | 154431 |
|  GoTo Group, Inc. <br>5.50%, 09/01/2027<sup>(a)</sup> |  | 117 | 68177 |
|  Imola Merger Corp. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 40 | 34687 |
|  NCR Corp. <br>5.00%, 10/01/2028<sup>(a)</sup> |  | 86 | 72900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/2029<sup>(a)</sup> |  | 101 | 84683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2027<sup>(a)</sup> |  | 27 | 26046 |
|  NortonLifeLock, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 103 | 101608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 09/30/2030<sup>(a)</sup> |  | 103 | 101657 |
|  Pitney Bowes, Inc. <br>6.875%, 03/15/2027<sup>(a)</sup> |  | 40 | 25654 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(a)</sup> |  | 50 | 41640 |

---

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Presidio Holdings, Inc. <br>8.25%, 02/01/2028<sup>(a)</sup> | U.S.$| 193 | $171952 |
|  Rackspace Technology Global, Inc. <br>3.50%, 02/15/2028<sup>(a)</sup> |  | 226 | 149525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/01/2028<sup>(a)</sup> |  | 109 | 45783 |
|  Science Applications International Corp. <br>4.875%, 04/01/2028<sup>(a)</sup> |  | 15 | 13702 |
|  Seagate HDD Cayman <br>4.091%, 06/01/2029 |  | 117 | 93700 |
|  Sensata Technologies BV <br>4.00%, 04/15/2029<sup>(a)</sup> |  | 200 | 168320 |
|  Sensata Technologies, Inc. <br>3.75%, 02/15/2031<sup>(a)</sup> |  | 180 | 143298 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.50%, 09/01/2025<sup>(a)</sup> |  | 305 | 256458 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 37 | 26625 |
|  Xerox Corp. <br>4.625%, 03/15/2023 |  | 4 | 3979 |
|  |  |  | 2448127 |
|  **Transportation - Airlines – 0.8%** |  |  |  |
|  Air Canada <br>3.875%, 08/15/2026<sup>(a)</sup> |  | 25 | 22112 |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 72 | 67852 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.50%, 04/20/2026<sup>(a)</sup> |  | 183 | 174215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> |  | 161 | 146275 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. <br>5.75%, 01/20/2026<sup>(a)</sup> |  | 119 | 109841 |
|  United Airlines, Inc. <br>4.625%, 04/15/2029<sup>(a)</sup> |  | 22 | 18887 |
|  |  |  | 539182 |
|  **Transportation - Services – 2.0%** |  |  |  |
|  AerCap Global Aviation Trust <br>6.50%, 06/15/2045<sup>(a)</sup> |  | 200 | 182635 |
|  Atlantia SpA <br>1.875%, 02/12/2028<sup>(a)</sup> | EUR | 253 | 197824 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <br>4.75%, 04/01/2028<sup>(a)</sup> | U.S.$| 89 | 78138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2029<sup>(a)</sup> |  | 157 | 135842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(a)</sup> |  | 22 | 20130 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 33** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  BCP V Modular Services Finance PLC <br>6.75%, 11/30/2029 | EUR | 113 | $77346 |
|  EC Finance PLC <br>3.00%, 10/15/2026 |  | 111 | 96686 |
|  Hertz Corp. (The) <br>4.625%, 12/01/2026<sup>(a)</sup> | U.S.$| 183 | 155930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029<sup>(a)</sup> |  | 76 | 60485 |
|  Kapla Holding SAS <br>3.375%, 12/15/2026<sup>(a)</sup> | EUR | 149 | 120166 |
|  Loxam SAS <br>4.50%, 02/15/2027 |  | 113 | 99018 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 150 | 121911 |
|  XPO Logistics, Inc. <br>6.25%, 05/01/2025<sup>(a)</sup> |  | 11 | 11122 |
|  |  |  | 1357233 |
|  |  |  | 45491325 |
|  **Financial Institutions – 5.5%** |  |  |  |
|  **Banking – 0.7%** |  |  |  |
|  Ally Financial, Inc. <br>Series B <br>4.70%, 05/15/2026<sup>(j)</sup> |  | 164 | 118800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C <br>4.70%, 05/15/2028<sup>(j)</sup> |  | 28 | 18830 |
|  Bread Financial Holdings, Inc. <br>4.75%, 12/15/2024<sup>(a)</sup> |  | 103 | 90583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2026<sup>(a)</sup> |  | 22 | 18963 |
|  Credit Suisse Group AG <br>5.25%, 02/11/2171<sup>(a)(j)</sup> |  | 200 | 142189 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025<sup>(j)</sup> |  | 93 | 90127 |
|  Societe Generale SA <br>8.00%, 09/29/2025<sup>(a)(j)</sup> |  | 3 | 2958 |
|  |  |  | 482450 |
|  **Brokerage – 0.5%** |  |  |  |
|  Advisor Group Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 87 | 86874 |
|  AG Issuer LLC <br>6.25%, 03/01/2028<sup>(a)</sup> |  | 127 | 119205 |
|  Hightower Holding LLC <br>6.75%, 04/15/2029<sup>(a)</sup> |  | 11 | 9011 |
|  LPL Holdings, Inc. <br>4.00%, 03/15/2029<sup>(a)</sup> |  | 12 | 10505 |
|  NFP Corp. <br>7.50%, 10/01/2030<sup>(a)</sup> |  | 132 | 126620 |
|  |  |  | 352215 |

---

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 1.8%** |  |  |  |
|  Air Lease Corp. <br>Series B <br>4.65%, 06/15/2026<sup>(j)</sup> | U.S.$| 50 | $41485 |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(a)(j)</sup> |  | 31 | 23092 |
|  Castlelake Aviation Finance DAC <br>5.00%, 04/15/2027<sup>(a)</sup> |  | 98 | 83280 |
|  CNG Holdings, Inc. <br>12.50%, 06/15/2024<sup>(a)</sup> |  | 32 | 26880 |
|  Compass Group Diversified Holdings LLC 5.25%, 04/15/2029<sup>(a)</sup> |  | 93 | 79920 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028<sup>(a)</sup> |  | 214 | 126314 |
|  Enova International, Inc. <br>8.50%, 09/01/2024<sup>(a)</sup> |  | 13 | 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/2025<sup>(a)</sup> |  | 131 | 118933 |
|  goeasy Ltd. <br>4.375%, 05/01/2026<sup>(a)</sup> |  | 23 | 19939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/01/2024<sup>(a)</sup> |  | 63 | 59227 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp. <br>5.00%, 08/15/2028<sup>(a)</sup> |  | 200 | 157182 |
|  Navient Corp. <br>5.50%, 01/25/2023 |  | 87 | 87010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2033 |  | 151 | 106652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/25/2024 |  | 115 | 113086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/2023 |  | 35 | 35040 |
|  SLM Corp. <br>3.125%, 11/02/2026 |  | 78 | 68403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/2025 |  | 57 | 53030 |
|  |  |  | 1211679 |
|  **Insurance – 0.1%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc. <br>6.00%, 08/01/2029<sup>(a)</sup> |  | 19 | 15728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, 08/01/2026<sup>(a)</sup> |  | 40 | 39929 |
|  USI, Inc./NY <br>6.875%, 05/01/2025<sup>(a)</sup> |  | 7 | 6828 |
|  |  |  | 62485 |
|  **Other Finance – 0.6%** |  |  |  |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(a)</sup> |  | 151 | 112769 |
|  Coinbase Global, Inc. <br>3.375%, 10/01/2028<sup>(a)</sup> |  | 54 | 35750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 10/01/2031<sup>(a)</sup> |  | 78 | 46926 |
|  Intrum AB <br>3.50%, 07/15/2026<sup>(a)</sup> | EUR | 100 | 80585 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 35** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Motion Finco SARL <br>7.00%, 05/15/2025<sup>(a)</sup> | EUR | 132 | $127894 |
|  |  |  | 403924 |
|  **REITs – 1.8%** |  |  |  |
|  ADLER Group SA <br>2.75%, 11/13/2026<sup>(a)</sup> |  | 100 | 41998 |
|  Aedas Homes Opco SLU <br>4.00%, 08/15/2026 |  | 111 | 94029 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL <br>4.50%, 04/01/2027<sup>(a)</sup> | U.S.$| 202 | 172302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026<sup>(a)</sup> |  | 150 | 139524 |
|  Diversified Healthcare Trust <br>4.75%, 02/15/2028 |  | 189 | 128866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/2025 |  | 46 | 43452 |
|  Iron Mountain, Inc. <br>4.50%, 02/15/2031<sup>(a)</sup> |  | 198 | 161513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/2029<sup>(a)</sup> |  | 69 | 59464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2030<sup>(a)</sup> |  | 25 | 21682 |
|  SBA Communications Corp. <br>3.125%, 02/01/2029 |  | 46 | 37273 |
|  Service Properties Trust <br>4.50%, 06/15/2023 |  | 25 | 24638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/2025 |  | 247 | 240770 |
|  Vivion Investments SARL <br>3.00%, 08/08/2024<sup>(a)</sup> | EUR | 100 | 84819 |
|  |  |  | 1250330 |
|  |  |  | 3763083 |
|  **Utility – 0.7%** |  |  |  |
|  **Electric – 0.6%** |  |  |  |
|  Calpine Corp. <br>4.50%, 02/15/2028<sup>(a)</sup> | U.S.$| 64 | 57610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/2028<sup>(a)</sup> |  | 133 | 118329 |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(a)(j)</sup> |  | 28 | 24884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(a)(j)</sup> |  | 29 | 27544 |
|  Vistra Operations Co. LLC <br>4.375%, 05/01/2029<sup>(a)</sup> |  | 103 | 88276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/2026<sup>(a)</sup> |  | 78 | 74821 |
|  |  |  | 391464 |
|  **Natural Gas – 0.0%** |  |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. <br>5.875%, 08/20/2026 |  | 11 | 10336 |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Utility – 0.1%** |  |  |  |
|  Solaris Midstream Holdings LLC <br>7.625%, 04/01/2026<sup>(a)</sup> | U.S.$| 89 | $85151 |
|  |  |  | 486951 |
|  Total Corporates - Non-Investment Grade <br>(cost $57,283,840) |  |  | 49741359 |
|  **CORPORATES - INVESTMENT GRADE – 11.7%** |  |  |  |
|  **Industrial – 7.1%** |  |  |  |
|  **Basic – 0.9%** |  |  |  |
|  ArcelorMittal SA <br>7.00%, 10/15/2039 | U.S.$| 25 | 23595 |
|  Arconic Corp. <br>6.00%, 05/15/2025<sup>(a)</sup> |  | 20 | 19791 |
|  Celanese US Holdings LLC <br>5.90%, 07/05/2024 |  | 43 | 42257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 43 | 41827 |
|  CF Industries, Inc. <br>5.15%, 03/15/2034 |  | 23 | 20773 |
|  Freeport-McMoRan, Inc. <br>5.25%, 09/01/2029 |  | 104 | 96730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/2034 |  | 99 | 88460 |
|  INEOS Finance PLC <br>2.875%, 05/01/2026<sup>(a)</sup> | EUR | 358 | 313954 |
|  |  |  | 647387 |
|  **Capital Goods – 0.1%** |  |  |  |
|  General Electric Co. <br>Series D <br>6.623% (LIBOR 3 Month + 3.33%), 12/15/2022<sup>(h)(j)</sup> | U.S.$| 40 | 38804 |
|  Howmet Aerospace, Inc. <br>5.90%, 02/01/2027 |  | 4 | 3968 |
|  |  |  | 42772 |
|  **Communications - Media – 1.3%** |  |  |  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 314 | 282605 |
|  Discovery Communications LLC <br>4.125%, 05/15/2029 |  | 12 | 10138 |
|  Netflix, Inc. <br>3.625%, 05/15/2027 | EUR | 124 | 119206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2026 | U.S.$| 25 | 23845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/15/2029 | EUR | 113 | 108884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 04/15/2028 | U.S.$| 286 | 271852 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 37** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Warnermedia Holdings, Inc. <br>3.755%, 03/15/2027<sup>(a)</sup> | U.S.$| 47 | $41829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/2032<sup>(a)</sup> |  | 65 | 52531 |
|  |  |  | 910890 |
|  **Communications - Telecommunications – 0.8%** |  |  |  |
|  Hughes Satellite Systems Corp. <br>5.25%, 08/01/2026 |  | 21 | 20043 |
|  Sprint Capital Corp. <br>8.75%, 03/15/2032 |  | 357 | 418825 |
|  Sprint Communications, Inc. <br>6.00%, 11/15/2022 |  | 38 | 38006 |
|  Sprint Corp. <br>7.875%, 09/15/2023 |  | 73 | 74189 |
|  |  |  | 551063 |
|  **Consumer Cyclical - Other – 0.5%** |  |  |  |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 87 | 66094 |
|  Resorts World Las Vegas LLC / RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(a)</sup> |  | 300 | 207972 |
|  Toll Brothers Finance Corp. <br>4.875%, 03/15/2027 |  | 93 | 85808 |
|  |  |  | 359874 |
|  **Consumer Cyclical - Retailers – 0.3%** |  |  |  |
|  Macy's Retail Holdings LLC <br>4.50%, 12/15/2034 |  | 225 | 154816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2030<sup>(a)</sup> |  | 45 | 37992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2032<sup>(a)</sup> |  | 37 | 30760 |
|  |  |  | 223568 |
|  **Consumer Non-Cyclical – 1.4%** |  |  |  |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 |  | 70 | 71550 |
|  BAT International Finance PLC <br>4.448%, 03/16/2028 |  | 116 | 102417 |
|  Charles River Laboratories International, Inc. <br>3.75%, 03/15/2029<sup>(a)</sup> |  | 42 | 36351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/2031<sup>(a)</sup> |  | 151 | 127071 |
|  HCA, Inc. <br>5.375%, 09/01/2026 |  | 33 | 32027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 09/01/2028 |  | 35 | 33667 |
|  Newell Brands, Inc. <br>4.45%, 04/01/2026 |  | 190 | 176710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2025 |  | 12 | 11578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/2046 |  | 27 | 20763 |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2027 | U.S.$| 35 | $34271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/15/2029 |  | 35 | 34204 |
|  Pilgrim's Pride Corp. <br>3.50%, 03/01/2032<sup>(a)</sup> |  | 148 | 113597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/30/2027<sup>(a)</sup> |  | 136 | 133039 |
|  |  |  | 927245 |
|  **Energy – 1.1%** |  |  |  |
|  Antero Resources Corp. <br>7.625%, 02/01/2029<sup>(a)</sup> |  | 3 | 3060 |
|  Apache Corp. <br>5.10%, 09/01/2040 |  | 326 | 263942 |
|  Cenovus Energy, Inc. <br>5.40%, 06/15/2047 |  | 2 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039 |  | 1 | 1438 |
|  Continental Resources, Inc./OK <br>4.90%, 06/01/2044 |  | 16 | 11398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(a)</sup> |  | 28 | 25477 |
|  EQT Corp. <br>3.90%, 10/01/2027 |  | 118 | 106054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/01/2025 |  | 70 | 70062 |
|  Hess Corp. <br>7.30%, 08/15/2031 |  | 36 | 38200 |
|  Marathon Oil Corp. <br>6.80%, 03/15/2032 |  | 34 | 34639 |
|  Western Midstream Operating LP <br>3.95%, 06/01/2025 |  | 26 | 24704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 49 | 43072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 41 | 38760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 |  | 12 | 11093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 |  | 26 | 21048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2050 |  | 84 | 65980 |
|  |  |  | 760633 |
|  **Services – 0.0%** |  |  |  |
|  Expedia Group, Inc. <br>6.25%, 05/01/2025<sup>(a)</sup> |  | 5 | 4997 |
|  **Technology – 0.3%** |  |  |  |
|  Broadcom, Inc. <br>4.00%, 04/15/2029<sup>(a)</sup> |  | 16 | 14042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(a)</sup> |  | 63 | 52852 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 91 | 81016 |
|  MSCI, Inc. <br>4.00%, 11/15/2029<sup>(a)</sup> |  | 25 | 21707 |
|  Western Digital Corp. <br>3.10%, 02/01/2032 |  | 14 | 9709 |
|  |  |  | 179326 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Airlines – 0.4%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(a)</sup> | U.S.$| 45 | $41727 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027<sup>(a)</sup> |  | 222 | 219797 |
|  |  |  | 261524 |
|  |  |  | 4869279 |
|  **Financial Institutions – 4.3%** |  |  |  |
|  **Banking – 2.0%** |  |  |  |
|  AIB Group PLC <br>7.583%, 10/14/2026<sup>(a)</sup> |  | 200 | 198978 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> |  | 200 | 193506 |
|  Barclays PLC <br>8.00%, 03/15/2029<sup>(j)</sup> |  | 200 | 179750 |
|  BNP Paribas SA <br>4.625%, 08/25/2171<sup>(a)(j)</sup> |  | 200 | 138893 |
|  Citigroup, Inc. <br>Series T <br>6.25%, 08/15/2026<sup>(j)</sup> |  | 30 | 28993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W <br>4.00%, 12/10/2025<sup>(j)</sup> |  | 18 | 15174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y <br>4.15%, 11/15/2026<sup>(j)</sup> |  | 46 | 36063 |
|  First-Citizens Bank & Trust Co. <br>3.929%, 06/19/2024 |  | 37 | 36423 |
|  Goldman Sachs Group, Inc. (The) <br>Series P <br>5.00%, 12/01/2022<sup>(j)</sup> |  | 126 | 117228 |
|  HSBC Holdings PLC <br>4.762%, 03/29/2033 |  | 203 | 161964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 200 | 200403 |
|  Lloyds Banking Group PLC <br>6.00%, 06/07/2171<sup>(j)</sup> | GBP | 8 | 8488 |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(j)</sup> | U.S.$| 111 | 94226 |
|  |  |  | 1410089 |
|  **Brokerage – 0.1%** |  |  |  |
|  Charles Schwab Corp. (The) <br>Series G <br>5.375%, 06/01/2025<sup>(j)</sup> |  | 38 | 37114 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.3%** |  |  |  |
|  Aircastle Ltd. <br>2.85%, 01/26/2028<sup>(a)</sup> | U.S.$| 2 | $1503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> |  | 148 | 138486 |
|  Aviation Capital Group LLC <br>1.95%, 01/30/2026<sup>(a)</sup> |  | 2 | 1665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(a)</sup> |  | 18 | 14665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(a)</sup> |  | 16 | 14516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024<sup>(a)</sup> |  | 36 | 34714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(a)</sup> |  | 6 | 5504 |
|  |  |  | 211053 |
|  **Insurance – 1.1%** |  |  |  |
|  ACE Capital Trust II <br>9.70%, 04/01/2030 |  | 20 | 24930 |
|  Centene Corp. <br>2.50%, 03/01/2031 |  | 639 | 488365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/2031 |  | 43 | 32879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 |  | 66 | 52993 |
|  Liberty Mutual Group, Inc. <br>7.80%, 03/15/2037<sup>(a)</sup> |  | 55 | 60356 |
|  Prudential Financial, Inc. <br>5.20%, 03/15/2044 |  | 20 | 18663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2043 |  | 50 | 49341 |
|  |  |  | 727527 |
|  **REITs – 0.8%** |  |  |  |
|  MPT Operating Partnership LP/MPT Finance Corp. <br>3.50%, 03/15/2031 |  | 314 | 217079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2029 |  | 21 | 16778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/2027 |  | 122 | 104312 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 |  | 104 | 63651 |
|  VICI Properties LP/VICI Note Co., Inc. <br>5.625%, 05/01/2024<sup>(a)</sup> |  | 93 | 91942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027<sup>(a)</sup> |  | 59 | 55736 |
|  |  |  | 549498 |
|  |  |  | 2935281 |
|  **Utility – 0.3%** |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  Enel Finance International NV <br>7.50%, 10/14/2032<sup>(a)</sup> |  | 200 | 201025 |
|  Total Corporates - Investment Grade <br>(cost $8,950,641) |  |  | 8005585 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 41** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  **BANK LOANS – 3.5%** |  |  |  |  |
|  **Industrial – 3.1%** |  |  |  |  |
|  **Capital Goods – 0.3%** |  |  |  |  |
|  ACProducts Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.127% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(k)</sup> | U.S.$| 74 |  | $50980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.924% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(k)</sup> |  | 24 |  | 16822 |
|  Apex Tool Group, LLC <br>8.624% (SOFR 1 Month + 5.25%), 02/08/2029<sup>(k)</sup> |  | 45 |  | 38548 |
|  Chariot Buyer, LLC <br>7.254% (LIBOR 1 Month + 3.50%), 11/03/2028<sup>(k)</sup> |  | 20 |  | 17986 |
|  Granite US Holdings Corporation <br>7.688% (LIBOR 3 Month + 4.00%), 09/30/2026<sup>(b)(k)</sup> |  | 54 |  | 52912 |
|  |  |  |  | 177248 |
|  **Communications - Media – 0.1%** |  |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>8.284% (LIBOR 3 Month + 4.50%), 10/28/2027<sup>(k)</sup> |  | 37 |  | 32388 |
|  Clear Channel Outdoor Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.254% (LIBOR 1 Month + 3.50%), 08/21/2026<sup>(k)</sup> |  | 0 | \*\* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.915% (LIBOR 3 Month + 3.50%), 08/21/2026<sup>(k)</sup> |  | 12 |  | 10606 |
|  iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) <br>6.754% (LIBOR 1 Month + 3.00%), 05/01/2026<sup>(k)</sup> |  | 18 |  | 16722 |
|  Univision Communications, Inc. <br>6.504% (LIBOR 1 Month + 2.75%), 03/15/2024<sup>(k)</sup> |  | 10 |  | 9853 |
|  |  |  |  | 69596 |
|  **Communications - Telecommunications – 0.5%** |  |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>8.518% (LIBOR 1 Month + 4.75%), 04/27/2027<sup>(k)</sup> |  | 56 |  | 54778 |
|  DIRECTV Financing, LLC <br>8.754% (LIBOR 1 Month + 5.00%), 08/02/2027<sup>(k)</sup> |  | 55 |  | 51911 |
|  Intrado Corporation (West Corp/Olympus Merger) <br>8.415% (LIBOR 3 Month + 4.00%), 10/10/2024<sup>(k)</sup> |  | 25 |  | 22116 |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Proofpoint, Inc. <br>9.320% (LIBOR 3 Month + 6.25%), 08/31/2029<sup>(k)</sup> | U.S.$| 120 | $115200 |
|  Zacapa SARL <br>7.803% (SOFR 3 Month + 4.25%), 03/22/2029<sup>(k)</sup> |  | 98 | 93614 |
|  |  |  | 337619 |
|  **Consumer Cyclical - Automotive – 0.1%** |  |  |  |
|  Clarios Global LP <br>7.004% (LIBOR 1 Month + 3.25%), 04/30/2026<sup>(k)</sup> |  | 42 | 41012 |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |  |
|  Seaworld Parks & Entertainment, Inc. <br>6.813% (LIBOR 1 Month + 3.00%), 08/25/2028<sup>(k)</sup> |  | 116 | 112985 |
|  **Consumer Cyclical - Other – 0.0%** |  |  |  |
|  Caesars Resort Collection, LLC <br>6.504% (LIBOR 1 Month + 2.75%), 12/23/2024<sup>(k)</sup> |  | 30 | 29599 |
|  Flutter Entertainment PLC <br>5.892% (LIBOR 3 Month + 2.25%), 07/21/2026<sup>(k)</sup> |  | 4 | 3985 |
|  |  |  | 33584 |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |
|  IRB Holding Corp. <br>5.865% (LIBOR 1 Month + 2.75%), 02/05/2025<sup>(k)</sup> |  | 6 | 5873 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Great Outdoors Group, LLC <br>7.504% (LIBOR 1 Month + 3.75%), 03/06/2028<sup>(k)</sup> |  | 17 | 15594 |
|  Restoration Hardware, Inc. <br>7.079% (SOFR 1 Month + 3.25%), 10/20/2028<sup>(k)</sup> |  | 70 | 65917 |
|  |  |  | 81511 |
|  **Consumer Non-Cyclical – 0.4%** |  |  |  |
|  Gainwell Acquisition Corp. <br>7.674% (LIBOR 3 Month + 4.00%), 10/01/2027<sup>(k)</sup> |  | 39 | 37269 |
|  Global Medical Response, Inc. <br>8.004% (LIBOR 1 Month + 4.25%), 03/14/2025<sup>(k)</sup> |  | 16 | 11945 |
|  Kronos Acquisition Holdings, Inc. <br>6.820% (LIBOR 3 Month + 3.75%), 12/22/2026<sup>(k)</sup> |  | 39 | 37067 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 43** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) <br>8.165% (LIBOR 3 Month + 3.75%), 11/16/2025<sup>(k)</sup> | U.S.$| 27 | $24087 |
|  Padagis, LLC <br>8.491% (LIBOR 3 Month + 4.75%), 07/06/2028<sup>(b)(k)</sup> |  | 28 | 23859 |
|  PetSmart, LLC <br>7.500% (LIBOR 1 Month + 3.75%), 02/11/2028<sup>(k)</sup> |  | 79 | 75873 |
|  US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) <br>8.924% (LIBOR 3 Month + 5.25%), 12/15/2027<sup>(k)</sup> |  | 89 | 79346 |
|  |  |  | 289446 |
|  **Energy – 0.4%** |  |  |  |
|  CITGO Petroleum Corporation <br>9.365% (LIBOR 1 Month + 6.25%), 03/28/2024<sup>(k)</sup> |  | 34 | 34325 |
|  GIP II Blue Holding, L.P. <br>8.174% (LIBOR 3 Month + 4.50%), 09/29/2028<sup>(k)</sup> |  | 206 | 203462 |
|  Parkway Generation, LLC <br>8.500% (LIBOR 1 Month + 4.75%), 02/18/2029<sup>(k)</sup> |  | 59 | 58522 |
|  |  |  | 296309 |
|  **Other Industrial – 0.2%** |  |  |  |
|  American Tire Distributors, Inc. <br>10.608% (LIBOR 3 Month + 6.25%), 10/20/2028<sup>(k)</sup> |  | 82 | 75393 |
|  Dealer Tire, LLC <br>8.004% (LIBOR 1 Month + 4.25%), 12/12/2025<sup>(k)</sup> |  | 19 | 19069 |
|  FCG Acquisitions, Inc. <br>10.424% (LIBOR 3 Month + 6.75%), 03/30/2029<sup>(b)(k)</sup> |  | 30 | 28050 |
|  Rockwood Service Corporation <br>8.004% (LIBOR 1 Month + 4.25%), 01/23/2027<sup>(k)</sup> |  | 3 | 3157 |
|  |  |  | 125669 |
|  **Services – 0.1%** |  |  |  |
|  Amentum Government Services Holdings, LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.674% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(b)(k)</sup> |  | 15 | 14202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.170% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(b)(k)</sup> |  | 5 | 4713 |

---

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| | |
|:---|:---|
| **44 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Garda World Security Corporation <br>7.240% (LIBOR 3 Month + 4.25%), 10/30/2026<sup>(k)</sup> | U.S.$| 58 | $54929 |
|  Verscend Holding Corp. <br>7.754% (LIBOR 1 Month + 4.00%), 08/27/2025<sup>(b)(k)</sup> |  | 26 | 25493 |
|  |  |  | 99337 |
|  **Technology – 0.7%** |  |  |  |
|  Ascend Learning, LLC <br>9.504% (LIBOR 1 Month + 5.75%), 12/10/2029<sup>(k)</sup> |  | 50 | 42312 |
|  Banff Guarantor, Inc. <br>9.254% (LIBOR 1 Month + 5.50%), 02/27/2026<sup>(k)</sup> |  | 50 | 45850 |
|  Boxer Parent Company, Inc. <br>7.504% (LIBOR 1 Month + 3.75%), 10/02/2025<sup>(k)</sup> |  | 57 | 54961 |
|  Endurance International Group Holdings, Inc. <br>6.698% (LIBOR 1 Month + 3.50%), 02/10/2028<sup>(k)</sup> |  | 73 | 62201 |
|  FINThrive Software Intermediate Holdings, Inc. <br>10.504% (LIBOR 1 Month + 6.75%), 12/17/2029<sup>(k)</sup> |  | 50 | 42725 |
|  Loyalty Ventures, Inc. <br>8.254% (LIBOR 1 Month + 4.50%), 11/03/2027<sup>(k)</sup> |  | 125 | 38618 |
|  Peraton Corp. <br>7.504% (LIBOR 1 Month + 3.75%), 02/01/2028<sup>(k)</sup> |  | 33 | 31306 |
|  Playtika Holding Corp. <br>6.504% (LIBOR 1 Month + 2.75%), 03/13/2028<sup>(k)</sup> |  | 59 | 57416 |
|  Presidio Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.260% (LIBOR 1 Month + 3.50%), 01/22/2027<sup>(b)(k)</sup> |  | 1 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.920% (LIBOR 3 Month + 3.50%), 01/22/2027<sup>(b)(k)</sup> |  | 14 | 13953 |
|  Veritas US, Inc. <br>8.674% (LIBOR 3 Month + 5.00%), 09/01/2025<sup>(k)</sup> |  | 83 | 66387 |
|  |  |  | 456348 |
|  |  |  | 2126537 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 45** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  **Financial Institutions – 0.3%** |  |  |  |  |
|  **Finance – 0.0%** |  |  |  |  |
|  Orbit Private Holdings I Ltd. <br>8.174% (LIBOR 3 Month + 4.50%), 12/11/2028<sup>(b)(k)</sup> | U.S.$| 30 |  | $28956 |
|  **Insurance – 0.3%** |  |  |  |  |
|  Cross Financial Corp. <br>7.813% (LIBOR 1 Month + 4.00%), 09/15/2027<sup>(k)</sup> |  | 44 |  | 43440 |
|  Hub International Limited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.232% (LIBOR 3 Month + 3.25%), 04/25/2025<sup>(k)</sup> |  | 0 | \*\* | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.528% (LIBOR 3 Month + 3.25%), 04/25/2025<sup>(k)</sup> |  | 66 |  | 64959 |
|  Jones DesLauriers Insurance Management, Inc. <br>12.063% (CDOR 3 Month + 7.50%), 03/26/2029<sup>(b)(k)</sup> | CAD | 95 |  | 64367 |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) <br>7.504% (LIBOR 1 Month + 3.75%), 09/03/2026<sup>(k)</sup> | U.S.$| 49 |  | 47856 |
|  |  |  |  | 220788 |
|  |  |  |  | 249744 |
|  **Utility – 0.1%** |  |  |  |  |
|  **Electric – 0.1%** |  |  |  |  |
|  Granite Generation LLC <br>7.504% (LIBOR 1 Month + 3.75%), 11/09/2026<sup>(k)</sup> | U.S.$| 50 |  | 48146 |
|  Total Bank Loans <br>(cost $2,664,059) |  |  |  | 2424427 |
|  **EMERGING MARKETS - CORPORATE BONDS – 2.1%** |  |  |  |  |
|  **Industrial – 2.0%** |  |  |  |  |
|  **Basic – 0.1%** |  |  |  |  |
|  Eldorado Gold Corp. <br>6.25%, 09/01/2029<sup>(a)</sup> |  | 91 |  | 73605 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |  |
|  Sable International Finance Ltd. <br>5.75%, 09/07/2027<sup>(a)</sup> |  | 180 |  | 159138 |
|  **Consumer Cyclical - Other – 1.4%** |  |  |  |  |
|  Allwyn Entertainment Financing UK PLC <br>4.446% (EURIBOR 3 Month + 4.12%), 02/15/2028<sup>(h)</sup> | EUR | 113 |  | 105105 |

---

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| | |
|:---|:---|
| **46 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Melco Resorts Finance Ltd. <br>5.375%, 12/04/2029<sup>(a)</sup> | U.S.$| 236 | $128620 |
|  MGM China Holdings Ltd. <br>4.75%, 02/01/2027<sup>(a)</sup> |  | 421 | 311540 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(a)</sup> |  | 200 | 161000 |
|  Wynn Macau Ltd. <br>5.50%, 01/15/2026<sup>(a)</sup> |  | 409 | 280165 |
|  |  |  | 986430 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  K201640219 South Africa Ltd. <br>Zero Coupon, 06/25/2023<sup>(b)(e)</sup> | ZAR | 1 | – 0 |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(e)(f)(g)</sup> | U.S.$| 17 | 9 |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(e)(f)(g)</sup> |  | 12 | 1 |
|  |  |  | 10 |
|  **Consumer Non-Cyclical – 0.0%** |  |  |  |
|  Tonon Luxembourg SA <br>6.50% (0.50% Cash and 6.00% PIK), 10/31/2024<sup>(c)(e)(f)(g)(l)</sup> |  | 2 | – 0 |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018<sup>(b)(c)(d)(e)(g)</sup> |  | 96 | 10 |
|  |  |  | 10 |
|  **Technology – 0.3%** |  |  |  |
|  CA Magnum Holdings <br>5.375%, 10/31/2026<sup>(a)</sup> | U.S.$| 200 | 167500 |
|  |  |  | 1386693 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(g)</sup> |  | 28 | 25770 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $1,916,404) |  |  | 1412463 |
|  |  | **Shares** |  |
|  **COMMON STOCKS – 0.6%** |  |  |  |
|  **Energy – 0.2%** |  |  |  |
|  **Energy Equipment & Services – 0.0%** |  |  |  |
|  BIS Industries Holdings Ltd.<sup>(b)(c)(e)</sup> |  | 21027 | – 0 |
|  CHC Group LLC<sup>(c)</sup> |  | 468 | 5 |
|  Diamond Offshore Drilling, Inc.<sup>(a)(c)</sup> |  | 1142 | 11249 |
|  Vantage Drilling International<sup>(c)</sup> |  | 118 | 2124 |
|  |  |  | 13378 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 47** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Shares** | **U.S. $ Value** |
|  **Oil, Gas & Consumable Fuels – 0.2%** |  |  |
|  Berry Corp. | 2975 | $26388 |
|  Chord Energy Corp. | 47 | 7195 |
|  Civitas Resources, Inc. | 523 | 36563 |
|  Denbury, Inc.<sup>(c)</sup> | 339 | 30988 |
|  Edcon Ltd.<sup>(b)(c)(e)</sup> | 8218 | – 0 |
|  Global Partners LP/MA | 1004 | 33714 |
|  SandRidge Energy, Inc.<sup>(c)</sup> | 5 | 95 |
|  |  | 134943 |
|  |  | 148321 |
|  **Consumer Discretionary – 0.1%** |  |  |
|  **Diversified Consumer Services – 0.0%** |  |  |
|  Monitronics International, Inc.<sup>(c)</sup> | 262 | 65 |
|  **Hotels, Restaurants & Leisure – 0.0%** |  |  |
|  Caesars Entertainment, Inc.<sup>(c)</sup> | 151 | 6603 |
|  **Multiline Retail – 0.1%** |  |  |
|  ATD New Holdings, Inc.<sup>(c)</sup> | 1009 | 72144 |
|  K201640219 South Africa Ltd. A Shares<sup>(b)(c)(e)</sup> | 191574 | – 0 |
|  K201640219 South Africa Ltd. B Shares<sup>(b)(c)(e)</sup> | 30276 | – 0 |
|  |  | 72144 |
|  |  | 78812 |
|  **Consumer Staples – 0.1%** |  |  |
|  **Household Products – 0.1%** |  |  |
|  Southeastern Grocers, Inc.<sup>(b)(c)(e)</sup> | 3584 | 66304 |
|  **Communication Services – 0.1%** |  |  |
|  **Diversified Telecommunication Services – 0.1%** |  |  |
|  Intelsat Jackson Holdings SA<sup>(b)(c)(e)</sup> | 402 | – 0 |
|  Intelsat SA<sup>(c)</sup> | 1932 | 48300 |
|  |  | 48300 |
|  **Media – 0.0%** |  |  |
|  DISH Network Corp. – Class A<sup>(c)</sup> | 100 | 1491 |
|  iHeartMedia, Inc. – Class A<sup>(c)</sup> | 1045 | 8653 |
|  |  | 10144 |
|  |  | 58444 |
|  **Industrials – 0.1%** |  |  |
|  **Construction & Engineering – 0.1%** |  |  |
|  WillScot Mobile Mini Holdings Corp.<sup>(c)</sup> | 508 | 21605 |
|  **Electrical Equipment – 0.0%** |  |  |
|  Exide Corp.<sup>(b)(c)(e)</sup> | 7 | 875 |
|  |  | 22480 |

---

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **<br>Shares** | **U.S. $ Value** |
|  **Information Technology – 0.0%** |  |  |
|  **Software – 0.0%** |  |  |
|  Avaya Holdings Corp.<sup>(c)</sup> | 1385 | $2188 |
|  **Health Care – 0.0%** |  |  |
|  **Pharmaceuticals – 0.0%** |  |  |
|  Mallinckrodt PLC<sup>(c)</sup> | 91 | 1380 |
|  **Materials – 0.0%** |  |  |
|  **Containers & Packaging – 0.0%** |  |  |
|  Westrock Co. | 6 | 204 |
|  **Metals & Mining – 0.0%** |  |  |
|  Neenah Enterprises, Inc.<sup>(b)(c)</sup> | 4481 | – 0 |
|  |  | 204 |
|  Total Common Stocks <br>(cost $600,389) |  | 378133 |
|  **PREFERRED STOCKS – 0.2%** |  |  |
|  **Industrial – 0.1%** |  |  |
|  **Consumer Cyclical - Automotive – 0.0%** |  |  |
|  Exide International Holdings LP <br>0.00%, <sup>(b)(c)(e)(g)</sup> | 39 | 19500 |
|  **Energy – 0.0%** |  |  |
|  Gulfport Energy Corp. <br>10.00% <sup>(b)(c)</sup> | 4 | 24000 |
|  **Industrial Conglomerates – 0.1%** |  |  |
|  WESCO International, Inc. <br>Series A <br>10.625% | 1425 | 38475 |
|  |  | 81975 |
|  **Financial Institutions – 0.1%** |  |  |
|  **Capital Markets – 0.1%** |  |  |
|  Ladenburg Thalmann Financial Services, Inc. <br>Series A <br>8.00% | 2175 | 27731 |
|  **Consumer Discretionary – 0.0%** |  |  |
|  **Household Durables – 0.0%** |  |  |
|  Hovnanian Enterprises, Inc. <br>7.625% | 490 | 9310 |
|  Total Preferred Stocks <br>(cost $93,585) |  | 119016 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 49** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 0.1%** |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Mexican Bonos <br>Series M <br>5.75%, 03/05/2026 | MXN | 1202 | $53492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M 20 <br>10.00%, 12/05/2024 |  | 480 | 24105 |
|  Total Governments - Treasuries <br>(cost $91,135) |  |  | 77597 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%** |  |  |  |
|  **Risk Share Floating Rate – 0.1%** |  |  |  |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2013-DN2, Class M2 <br>7.836% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(h)</sup> | U.S.$| 19 | 18959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-HQ2, Class M3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336% (LIBOR 1 Month + 3.75%), 09/25/2024<sup>(h)</sup> |  | 22 | 21703 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2014-C01, Class M2 <br>7.986% (LIBOR 1 Month + 4.40%), 01/25/2024<sup>(h)</sup> |  | 4 | 4405 |
|  |  |  | 45067 |
|  **Non-Agency Fixed Rate – 0.0%** |  |  |  |
|  Alternative Loan Trust <br>Series 2006-28CB, Class A14 <br>6.25%, 10/25/2036 |  | 4 | 1988 |
|  CSMC Mortgage-Backed Trust <br>Series 2006-7, Class 3A12 <br>6.25%, 08/25/2036 |  | 4 | 1673 |
|  |  |  | 3661 |
|  Total Collateralized Mortgage Obligations <br>(cost $51,718) |  |  | 48728 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 0.1%** |  |  |  |
|  Citigroup Commercial Mortgage Trust <br>Series 2014-GC23, Class D <br>4.481%, 07/10/2047<sup>(a)</sup> |  | 15 | 13135 |
|  GS Mortgage Securities Trust <br>Series 2014-GC18, Class D <br>5.057%, 01/10/2047<sup>(a)</sup> |  | 12 | 4758 |

---

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C17, Class D <br>4.883%, 01/15/2047<sup>(a)</sup> | U.S.$| 29 | $27027 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $54,250) |  |  | 44920 |
|  |  | **Shares** |  |
|  **WARRANTS – 0.0%** |  |  |  |
|  Avaya Holdings Corp., expiring 12/15/2022<sup>(c)</sup> |  | 1210 | 36 |
|  Willscot Corp., expiring 11/29/2022<sup>(b)(c)(e)</sup> |  | 787 | 21306 |
|  Total Warrants <br>(cost $3,589) |  |  | 21342 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **EMERGING MARKETS - TREASURIES – 0.0%** |  |  |  |
|  **South Africa – 0.0%** |  |  |  |
|  Republic of South Africa Government Bond <br>Series 2023 <br>7.75%, 02/28/2023 <br>(cost $21,059) | ZAR | 283 | 15409 |
|  |  | **Shares** |  |
|  **RIGHTS – 0.0%** |  |  |  |
|  Vistra Energy Corp., expiring 12/31/2049<sup>(b)(c)</sup> <br>(cost $0) |  | 3442 | 3872 |
|  **SHORT-TERM INVESTMENTS – 7.8%** |  |  |  |
|  **Investment Companies – 7.8%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(m)(n)(o)</sup> <br>(cost $5,336,489) |  | 5336489 | 5336489 |
|  **Total Investments – 99.0%** <br> (cost $77,067,158) |  |  | 67629340 |
|  Other assets less liabilities – 1.0% |  |  | 668490 |
|  **Net Assets – 100.0%** |  |  | $**68297830** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 51** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

**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** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. Long Bond (CBT) Futures | 4 | December 2022 | $482000 | $(67070) |
|  U.S. T-Note 5 Yr (CBT) Futures | 14 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492313 | (65047) |
|  U.S. T-Note 10 Yr (CBT) Futures | 16 | December 2022 | 1769500 | (116375) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Euro-OAT Futures | 1 | December 2022 | 131319 | 5653 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242839) |

---

**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 | EUR | 6820 | USD | 6588 | 12/08/2022 | $(170472) |
|  Brown Brothers Harriman & Co. | GBP | 207 | USD | 246 | 11/17/2022 | 8232 |
|  Brown Brothers Harriman & Co. | MXN | 1195 | USD | 58 | 11/18/2022 | (1865) |
|  Brown Brothers Harriman & Co. | EUR | 153 | USD | 154 | 12/08/2022 | 1761 |
|  Brown Brothers Harriman & Co. | EUR | 662 | USD | 650 | 12/08/2022 | (5588) |
|  Brown Brothers Harriman & Co. | USD | 337 | EUR | 346 | 12/08/2022 | 5812 |
|  Brown Brothers Harriman & Co. | USD | 220 | EUR | 220 | 12/08/2022 | (1616) |
|  Brown Brothers Harriman & Co. | CAD | 99 | USD | 73 | 01/19/2023 | (14) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163750) |

---

**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>October 31,<br>2022** | **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; CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | (5.00)% | Quarterly | 5.19% | USD 2,590 | $&nbsp;&nbsp;&nbsp;&nbsp;4555 | $&nbsp;&nbsp;&nbsp;&nbsp;78206 | $&nbsp;&nbsp;&nbsp;&nbsp;(73651) |

---

\* Termination date

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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 | 1770 | 03/06/2023 | 3 Month LIBOR | 2.714% | Quarterly/ Semi-Annual | $(12230) | $— | $(12230) |
| USD | 2835 | 09/02/2025 | 2.248% | 3 Month LIBOR | Semi-Annual/ Quarterly | 182796 | (8311) | 191107 |
| USD | 961 | 01/15/2026 | 1.978% | 3 Month LIBOR | Semi-Annual/ Quarterly | 69264 | 5398 | 63866 |
| USD | 651 | 02/16/2026 | 1.625% | 3 Month LIBOR | Semi-Annual/ Quarterly | 59577 | 7434 | 52143 |
| USD | 150 | 03/31/2026 | 1.693% | 3 Month LIBOR | Semi-Annual/ Quarterly | 13496 |  | 13496 |
| USD | 100 | 05/03/2026 | 1.770% | 3 Month LIBOR | Semi-Annual/ Quarterly | 8641 |  | 8641 |
| USD | 800 | 06/01/2026 | 1.714% | 3 Month LIBOR | Semi-Annual/ Quarterly | 71201 | &nbsp;&nbsp;&nbsp;&nbsp;32362 | 38839 |
| USD | 4650 | 04/28/2027 | 3 Month LIBOR | 2.330% | Quarterly/ Semi-Annual | &nbsp;&nbsp;&nbsp;&nbsp;(386912) | 16658 | &nbsp;&nbsp;&nbsp;&nbsp;(403570) |
| USD | 350 | 05/03/2027 | 2.285% | 3 Month LIBOR | Semi-Annual/ Quarterly | 28217 | 112 | 28105 |
| USD | 940 | 03/06/2028 | 2.876% | 3 Month LIBOR | Semi-Annual/ Quarterly | 63770 |  | 63770 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;97820 | $&nbsp;&nbsp;&nbsp;&nbsp;53653 | $&nbsp;&nbsp;&nbsp;&nbsp;44167 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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** |  |  |  |  |  |  |  |  |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB- Series 6, 05/11/2063\* | 5.00% | Monthly | 7.50% | USD | 130 | $&nbsp;&nbsp;&nbsp;&nbsp;49368 | $&nbsp;&nbsp;&nbsp;&nbsp;15035 | $&nbsp;&nbsp;&nbsp;&nbsp;34333 |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 134 | 30431 | 12628 | 17803 |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Altice France SA, 6/20/2024\* | 5.00 | Quarterly | 5.28 | EUR | 70 | 10 | 2063 | (2053) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB- Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 21 | (7954) | (2390) | (5564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB- Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 50 | &nbsp;&nbsp;&nbsp;&nbsp;(18924) | (5277) | (13647) |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 53** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 176 | $(39970) | $&nbsp;&nbsp;&nbsp;&nbsp;(11269) | $&nbsp;&nbsp;&nbsp;&nbsp;(28701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 53 | (11896) | (3267) | (8629) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023\* | 5.00 | Quarterly | 1.43 | USD | 10 | 452 | 147 | 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023\* | 5.00 | Quarterly | 1.43 | USD | 20 | 903 | 458 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB- Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 117 | (44680) | (19557) | (25123) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(42260) | $&nbsp;&nbsp;&nbsp;&nbsp;(11429) | $&nbsp;&nbsp;&nbsp;&nbsp;(30831) |

---

\* Termination date

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty &<br>Referenced Obligation** | **Rate<br>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 Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markit iBoxx USD Contingent Convertible Liquid Developed Market AT1 | 1 Day<br>SOFR | Maturity | USD 557 | 12/20/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;(29182) |

---

\*\* Principal amount less than 500. 

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $45,833,662 or 67.1% of net assets.

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

(c) Non-income producing security.

(d) Defaulted matured security.

(e) Fair valued by the Adviser.

(f) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at October 31, 2022.

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| | |
|:---|:---|
| **54 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.07% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Exide International Holdings LP | 11/05/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | 0.03% |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies (First Lien) <br>11.00%, 10/31/2024 | 10/29/2020 | – 0 | – 0 | 0.00% |
|  Intelsat Jackson Holdings SA <br>8.50%, 10/15/2024 | 09/05/2018 -<br> 04/17/2019 | – 0 | – 0 | 0.00% |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 03/13/2015 -<br> 06/30/2021 | 16653 | 9 | 0.00% |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022 | 12/22/2016 -<br> 06/30/2021 | 11614 | 1 | 0.00% |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018 | 02/19/2015 | 36767 | – 0 | 0.00% |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026 | 02/08/2018 -<br> 06/04/2019 | 28004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25770 | 0.04% |
|  Tonon Luxembourg SA 6.50%, 10/31/2024 | 05/03/2019 -<br> 10/31/2020 | 4111 | – 0 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018 | 02/13/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96161 | 10 | 0.00% |

---

(h) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(i) Convertible security.

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

(k) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the SOFR/CDOR or the
LIBOR/SOFR/CDOR floor rate plus spread at October 31, 2022.

(l) Defaulted.

(m) Affiliated investments.

(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, or call AB at (800) 227-4618.

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

MXN – Mexican Peso

USD – United States Dollar

ZAR – South African Rand

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 55** |

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**PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

OAT – Obligations Assimilables du Trésor

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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| | |
|:---|:---|
| **56 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value <br>Unaffiliated issuers (cost $71,730,669) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62292851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $5,336,489) | 5336489 |
|  Cash collateral due from broker | 311720 |
|  Foreign currencies, at value (cost $8,603) | 8366 |
|  Unaffiliated interest receivable | 999390 |
|  Receivable for investment securities sold | 110411 |
|  Receivable for capital stock sold | 83479 |
|  Market value of credit default swaps (net premiums paid $30,331) | 81164 |
|  Receivable for variation margin on centrally cleared swaps | 20034 |
|  Unrealized appreciation on forward currency exchange contracts | 15805 |
|  Affiliated dividends receivable | 9421 |
|  Receivable for terminated total return swaps | 8455 |
|  Total assets | 69277585 |
| **Liabilities** |  |
|  Due to Custodian | 987 |
|  Payable for investment securities purchased | 200000 |
|  Unrealized depreciation on forward currency exchange contracts | 179555 |
|  Audit and tax fee payable | 135439 |
|  Payable for capital stock redeemed | 127067 |
|  Market value of credit default swaps (net premiums received $41,760) | 123424 |
|  Dividends payable | 82948 |
|  Custody and accounting fees payable | 50508 |
|  Unrealized depreciation on total return swaps | 29182 |
|  Payable for variation margin on futures | 12218 |
|  Advisory fee payable | 4349 |
|  Payable for capital gains taxes | 4029 |
|  Payable for variation margin on centrally cleared swaps | 555 |
|  Transfer Agent fee payable | 290 |
|  Distribution fee payable | 196 |
|  Accrued expenses | 29008 |
|  Total liabilities | 979755 |
|  Net Assets | $**68297830** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $8317 |
|  Additional paid-in capital | 88648768 |
|  Accumulated loss | (20359255) |
|  | $**68297830** |

---

**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** | $1000327 | 121794 | $8.21 \* |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;67249210 | 8189472 | $&nbsp;&nbsp;&nbsp;&nbsp;8.21 |
| **Z** | $48293 | 5880 | $8.21 |

---

\* The maximum offering price per share for Class A shares was $8.57, which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 57** |

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------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest (net of foreign taxes withheld of $1,111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443912 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 28204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 25593 | $3497709 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 281116 |  |
|  Transfer agency—Class A | 1017 |  |
|  Transfer agency—Advisor Class | 68296 |  |
|  Transfer agency—Class Z | 15 |  |
|  Distribution fee—Class A | 2262 |  |
|  Audit and tax | 142549 |  |
|  Custody and accounting | 107903 |  |
|  Administrative | 81463 |  |
|  Registration fees | 69961 |  |
|  Legal | 37996 |  |
|  Printing | 29964 |  |
|  Directors' fees | 17028 |  |
|  Miscellaneous | 5240 |  |
|  Total expenses | 844810 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (469606) |  |
|  Net expenses |  | 375204 |
|  Net investment income |  | 3122505 |
| **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> |  | (1039088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 905936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (491522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (129751) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written swaptions |  | 45105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 84588 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10488876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (233744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (182673) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 3584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (1498) |
|  Net loss on investment and foreign currency transactions |  | (11527939) |
|  **Net Decrease in Net Assets from Operations** |  | $**(8405434)** |

---

(a) Net of foreign realized capital gains taxes of $166.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,870.

See notes to financial statements.

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| | |
|:---|:---|
| **58 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended**<br>**October 31,**<br>**2022** | **For the Period**<br>**January 1,**<br>**2021 to**<br>**October 31,<br>2021<sup>(a)</sup>** | **Year Ended<br>December 31,**<br>**2020** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
|  Net investment income | $3122505 | $1969179 | $2090232 |
|  Net realized gain (loss) on investment and foreign currency transactions | (624732) | 1151868 | 129191 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities | (10903207) | (646735) | 970654 |
|  Net increase (decrease) in net assets from operations | (8405434) | 2474312 | 3190077 |
| **Distributions to Shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (48807) | (1360) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (3658061) | (2142401) | (2379537) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (4016) | (544) | – 0 |
| **Capital Stock Transactions** |  |  |  |
|  Net increase (decrease) | 16588915 | 24744091 | (2277269) |
|  Total increase (decrease) | 4472597 | 25074098 | (1466729) |
| **Net Assets** |  |  |  |
|  Beginning of period | 63825233 | 38751135 | 40217864 |
|  End of period | $**68297830** | $**63825233** | $**38751135** |

---

(a) The Fund changed its fiscal year end from December 31 to October 31.

See notes to financial statements.

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 59** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 High Yield Portfolio (the "Fund"), a diversified portfolio. On April 30, 2021, the Fund's name was changed from the AB FlexFee High Yield Portfolio to AB High Yield Portfolio and the fiscal year end changed from December 31 to October 31. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Effective April 30, 2021 the Fund recommenced offering of Class A and Class Z shares. Class B, Class T, Class 1 and Class 2 shares have not been issued, and no shares of Class C, Class R, Class K or Class I were outstanding as of October 31, 2022. 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%. 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 Company's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other

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|:---|:---|
| **60 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

things, for making all fair value determinations relating to the Company'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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 61** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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| | |
|:---|:---|
| **62 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 63** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** |  | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |  |
|  Corporates – Non-Investment Grade | $– 0 | $49738027 |  | $3332 | <sup>#</sup> | $49741359 |
|  Corporates – Investment Grade | – 0 | 8005585 |  | – 0 |  | 8005585 |
|  Bank Loans | – 0 | 2167303 |  | 257124 |  | 2424427 |
|  Emerging Markets – Corporate Bonds | – 0 | 1412453 | <sup>#</sup> | 10 | <sup>#</sup> | 1412463 |
|  Common Stocks | 190440 | 120514 |  | 67179 | <sup>#</sup> | 378133 |
|  Preferred Stocks | 47785 | 27731 |  | 43500 |  | 119016 |
|  Governments – Treasuries | – 0 | 77597 |  | – 0 |  | 77597 |
|  Collateralized Mortgage Obligations | – 0 | 48728 |  | – 0 |  | 48728 |
|  Commercial Mortgage-Backed Securities | – 0 | 44920 |  | – 0 |  | 44920 |
|  Warrants | 36 | – 0 |  | 21306 |  | 21342 |
|  Emerging Markets – Treasuries | – 0 | 15409 |  | – 0 |  | 15409 |
|  Rights | – 0 | – 0 |  | 3872 |  | 3872 |
|  Short-Term Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 5336489 | – 0 |  | – 0 |  | 5336489 |
|  Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;5574750 | &nbsp;&nbsp;&nbsp;&nbsp;61658267 |  | &nbsp;&nbsp;&nbsp;&nbsp;396323 |  | &nbsp;&nbsp;&nbsp;&nbsp;67629340 |

---

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|:---|:---|
| **64 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Financial Instruments\*:** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures | $5653 | $– 0 | $– 0 | $5653 |
|  Forward Currency Exchange Contracts | – 0 | 15805 | – 0 | 15805 |
|  Centrally Cleared Credit Default Swaps | – 0 | 4555 | – 0 | 4555 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 496962 | – 0 | 496962 |
|  Credit Default Swaps | – 0 | 81164 | – 0 | 81164 |
|  **Liabilities** |  |  |  |  |
|  Futures | (248492) | – 0 | – 0 | (248492) |
|  Forward Currency Exchange Contracts | – 0 | (179555) | – 0 | (179555) |
|  Centrally Cleared Interest Rate Swaps | – 0 | (399142) | – 0 | (399142) |
|  Credit Default Swaps | – 0 | (123424) | – 0 | (123424) |
|  Total Return Swaps | – 0 | (29182) | – 0 | (29182) |
|  **Total** | $**5331911** | $**61525450** | $**396323** | $**67253684** |

---

# The Fund held securities with zero market value at period end.

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

† 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 the 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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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 65** |

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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 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 settled 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 portfolio 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

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|:---|:---|
| **66 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**NOTE B** 

**Advisory Fee and Other Transactions with Affiliates** 

Effective April 30, 2021, under an amended advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .425% of the next $2.5 billion and .40% in excess of $5 billion of the Fund's average daily net assets. Prior to April 30, 2021, the Fund calculated and accrued daily a base fee, at an annualized rate of .40% of the Fund's average daily net assets ("Base Fee"). The prior advisory fee was increased or decreased from the Base Fee by a performance adjustment ("Performance Adjustment") that depended on whether, and to what extent, the investment performance of the Advisor Class shares of the Fund ("Measuring Class") exceeded, or was exceeded by, the performance of the Markit iBoxx USD Liquid High Yield Index ("Index") plus .75% ("Index Hurdle") over the Performance Period (as defined below). The Performance Adjustment was calculated and accrued daily, according to a schedule that added or subtracted .002667% of the Fund's average daily net assets for each .01% of absolute performance by which the performance of the Measuring Class exceeded or lagged the Index Hurdle for the period from the beginning of the Performance Period through the current business day. The maximum Performance Adjustment (positive or negative) could not exceed an annualized rate of +/- .20% ("Maximum Performance Adjustment") of the Fund's average daily net assets, which would occur when the performance of the Measuring Class exceeded, or was exceeded by, the Index Hurdle by .75% or more for the Performance Period. On a monthly basis, the Fund paid the Adviser the minimum fee rate of .20% on an annualized basis (Base Fee minus the Maximum Performance Adjustment) applied to the average daily net assets for the month. At the end of the Performance Period, the Fund paid to the Adviser the total advisory fee, less the amount of any minimum fees paid during the Performance Period and any waivers described below. The period over which performance was measured ("Performance Period") was initially from February 26, 2018 to December 31, 2019 and thereafter was each 12-month period beginning on the first day in the month of January through December 31 of the same year. In addition, the Adviser had agreed to waive its advisory fee by limiting the Fund's accrual of the advisory fee (Base Fee plus Performance Adjustment) on any day to the amount corresponding to the maximum fee rate multiplied by the Fund's current net assets if such amount was less than the amount that would have been accrued based on the Fund's average daily net assets for the Performance Period. For the period from January 1, 2021 until the

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 67** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

implementation of the new advisory fee on April 30, 2021, the Fund paid the minimum fee under the prior advisory fee arrangement (0.20% of the Fund's average daily net assets) as a result of a fee waiver by the Adviser.

Effective April 30, 2021, the Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total expenses (other than 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 Cap") to .85%, .60% and .60% of daily average net assets for the Class A, Advisor Class and Class Z, respectively. For the year ended October 31, 2022, such reimbursements/waivers amounted to $386,176. The Expense Cap will remain in effect until January 31, 2023 and then may be continued thereafter from year to year by the Adviser.

Any fees waived and expenses borne by the Adviser between February 26, 2018 and December 31, 2019 are/were subject to repayment by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amount to $484,978 for the year ended December 31, 2019. Prior to April 30, 2021, the Advisor had agreed to waive its fees and bear certain expenses to the extent necessary to limit total expenses (other than the advisory fee, 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 from exceeding .10% of average daily net assets. In any case, no repayment will be made that would cause the Fund's total annual expenses (subject to the exclusions set forth in the preceding sentence) to exceed .10% of average daily net assets.

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 year ended October 31, 2022, the Adviser voluntarily agreed to waive such fees in the amount of $81,463.

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 $18,340 for the year ended October 31, 2022.

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|:---|:---|
| **68 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $1,967.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |

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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 Investment Company Act of 1940. 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. There are no distribution and servicing fees on 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. 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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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 69** |

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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 year ended October 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40728207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28336430 |
|  U.S. government securities | – 0 | 309621 |

---

As of October 31, 2022, the cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $77127181 |
|  Gross unrealized appreciation | $1006348 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11030624) |
|  Net unrealized depreciation | $(10024276) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

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| | |
|:---|:---|
| **70 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities,

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 71** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. 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. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of a written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

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| | |
|:---|:---|
| **72 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 of 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 year ended October 31, 2022, the Fund held written swaptions for non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures including by 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 or rates for a specified amount of an underlying asset. 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

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

movements in interest rates 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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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| | |
|:---|:---|
| **74 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Interest Rate Swaps:** 

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

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by a 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 year ended October 31, 2022, the Fund held interest rate 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

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 obligation 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 year ended October 31, 2022, the Fund held credit default 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 year ended October 31, 2022, the Fund held total return swaps for hedging and non-hedging purposes.

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| | |
|:---|:---|
| **76 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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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 tables below for additional details.

During the year ended October 31, 2022, 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 <br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable<br>for variation margin<br>on futures | $5653 <br><sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable<br>for variation margin<br>on futures | $248492 <br><sup>\*</sup> |
|  Interest rate<br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 459967 <br><sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 415800 <br><sup>\*</sup> |
|  Foreign currency <br>contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized<br>appreciation on<br>forward currency<br>exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>15805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized<br>depreciation on<br>forward currency<br>exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>179555 |
|  Credit contracts | Market value of<br>credit default<br>swaps | 81164 | Market value of<br>credit default<br>swaps | 123424 |

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 77** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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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/Payable for variation margin on centrally cleared swaps | $73651 <sup>\*</sup> |
|  Credit contracts |  |  | Unrealized<br>depreciation on<br>total return swaps | 29182 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;562589 |  | $&nbsp;&nbsp;&nbsp;&nbsp;1070104 |

---

\* 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) on swaps | $(9659) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106898 |
|  Interest rate contracts | Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures | (481445) | (175498) |
|  Foreign currency contracts | Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) on forward currency exchange contracts | 905936 | (233744) |
|  Credit contracts | Net realized gain/(loss) on swaps; Net change in unrealized appreciation (depreciation) on swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120092) | (103314) |
|  Credit Contracts | Net realized gain/(loss) on written swaptions; Net change in unrealized appreciation (depreciation) on written swaptions | 45105 | – 0 |

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|:---|:---|
| **78 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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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)** |
|  Equity contracts | Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures | $(10077) | $(7175) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412833) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $2590000 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $3413789 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13207000 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $334264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $701904 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $186535 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $4865719 |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $4459399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $166297 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $750355 |
|  Written Swaptions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $2910000 <sup>(d)</sup> |

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a) Positions were open for one month during the reporting period.

b) Positions were open for eleven months during the reporting period.

c) Positions were open for ten months during the reporting period.

d) Positions were open for three months during the reporting 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 October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 79** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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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** |
|  BNP Paribas SA | $10 | $– 0 | $– 0 | $– 0 | $10 |
|  Brown Brothers Harriman & Co. | 15805 | (9083) | – 0 | – 0 | 6722 |
|  Credit Suisse International | 49368 | (26878) | – 0 | – 0 | 22490 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 31786 | (31786) | – 0 | – 0 | – 0 |
|  Total | $96969 | $(67747) | $– 0 | $– 0 | $29222 |
| **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 | $170472 | $– 0 | $– 0 | $– 0 | $170472 |
|  Brown Brothers Harriman & Co. | 9083 | (9083) | – 0 | – 0 | – 0 |
|  Credit Suisse International | 26878 | (26878) | – 0 | – 0 | – 0 |
|  Deutsche Bank AG | 51866 | – 0 | – 0 | – 0 | 51866 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 73862 | (31786) | – 0 | – 0 | 42076 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67747 | $&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;264414 |

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

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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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**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).

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|:---|:---|
| **80 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**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** | **Shares** | **Amount** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | January 1,<br> 2021 to<br> October 31,<br>2021<sup>(a)</sup> | Year Ended<br>December 31,<br>2020 | Year Ended<br>October 31,<br> 2022 | January 1,<br> 2021 to<br> October 31,<br>2021<sup>(a)</sup> | Year Ended<br>December 31,<br>2020 |
| **Class A\*** |  |  |  |  |  |  |
|  Shares sold | 110732 | 15725 | – 0 | $1074065 | $157857 | $– 0 |
|  Shares issued in reinvestment of dividends | 1981 | 90 | – 0 | 17332 | 899 | – 0 |
|  Shares redeemed | (6734) | – 0 | – 0 | (59373) | – 0 | – 0 |
|  **Net increase** | **105979** | **15815** | **– 0** | $**1032024** | $**158756** | $**– 0** |
| **Advisor Class** |  |  |  |  |  |  |
|  Shares sold | 5003503 | 3689392 | 1342319 | $45166837 | $36953019 | $12290493 |
|  Shares issued in reinvestment of dividends | 218017 | 90586 | 121319 | 1949901 | 905458 | 1122225 |
|  Shares redeemed | (3405602) | (1335401) | (1709250) | &nbsp;&nbsp;&nbsp;&nbsp;(31564032) | &nbsp;&nbsp;&nbsp;&nbsp;(13332322 | &nbsp;&nbsp;&nbsp;&nbsp;(15689987 |
|  **Net increase (decrease)** | **1815918** | **2444577** | **(245612** | $**15552706** | $**24526155** | $**(2277269** |
| **Class Z\*** |  |  |  |  |  |  |
|  Shares sold | 2395 | 5880 | – 0 | $24001 | $59180 | $– 0 |
|  Shares issued in reinvestment of dividends | 90 | – 0 | – 0 | 834 | – 0 | – 0 |
|  Shares redeemed | (2485) | – 0 | – 0 | (20650) | – 0 | – 0 |
|  **Net increase** | **– 0** | **5880** | **– 0** | $**4185** | $**59180** | $**– 0** |

---

(a) The Fund changed its fiscal year end from December 31 to October 31.

\* Commenced distribution on April 30, 2021.

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market.

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 81** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

**Duration Risk**—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the 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 instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

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|:---|:---|
| **82 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

**Emerging-Market Risk**—Investments in emerging market countries may have more risk 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 in fixed-income securities denominated in foreign currencies or reduce the Fund's returns.

**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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However,

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 83** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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

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|:---|:---|
| **84 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal year ended October 31, 2022, period ended October 31, 2021 and year ended December 31, 2020 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **November 1,<br>2021 to<br>October 31,<br>2022** | **January 1,<br>2021 to<br>October 31,<br>2021** | **January 1,<br>2020 to<br>December 31,<br>2020** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $3710884 | $2144305 | $2379537 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379537 |

---

As of December 31, 2021, the Fund's most recent tax year-end, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $42753 |
|  Accumulated capital and other losses | (9133476)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | 601097 <sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8489626)<sup>(c)</sup> |

---

(a) As of December 31, 2021, the Fund had a net capital loss carryforward of $9,133,476. During the tax year, the Fund
utilized $856,675 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, return of capital distributions received from underlying securities, 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 accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 85** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2021, the Fund's most recent tax year end, the Fund had a net short-term capital loss carryforward of $4,806,884 and a net long-term capital loss carryforward of $4,326,592, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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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|:---|:---|
| **86 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended<br>October 31,**<br> **2022** | **April 30,**<br> **2021<sup>(a)</sup> to**<br> **October 31,**<br> **2021<sup>(b)</sup>** | **November 1,<br>2017 to<br>February 26,<br>2018<sup>(a)</sup>** | **Year Ended<br>October 31,**<br> **2017** |
|  Net asset value, beginning of period | $9.98 | $9.98 | $9.71 | $9.46 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | .44 | .17 | .15 | .46 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.69) | .05 | (.18 | .25 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 |
|  Net increase (decrease) in net asset value from operations | (1.25) | .22 | (.03 | .71 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.52 | (.22 | (.12 | (.42 |
|  Return of capital | – 0 | – 0 | – 0 | (.04 |
|  Total dividends and distributions | (.52 | (.22 | (.12 | (.46 |
|  Net asset value, end of period | **$8.21** | **$9.98** | **$9.56** | **$9.71** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup>\* | (12.89) | 2.23 | (.02 | 7.61 |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1001 | $158 | $3131 | $5150 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | .85 | .85 | .95 | .95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | 1.61 | 2.28 | 3.27 | 2.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.88 | 3.43 | 4.70 | 4.82 |
|  Portfolio turnover rate<sup>+++</sup> | 48 | 36 | 75 | 65 |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01 |

---

See footnote summary on page 90.

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 87** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| | **Year Ended<br>October 31,<br>2022** | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(b)</sup>** | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** | **November 1,<br>2018 to<br>December 31,<br>2018<sup>(i)</sup>** | **Year Ended<br>October 31,<br>2018** |
| | **Year Ended<br>October 31,<br>2022** | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(b)</sup>** | **2020** | **2019** | **November 1,<br>2018 to<br>December 31,<br>2018<sup>(i)</sup>** | **Year Ended<br>October 31,<br>2018** |
|  |  | **January 1,<br>2021 to**<br>**October 31,**<br>**2021<sup>(b)</sup>** |  |  |  |  |
|  Net asset value, beginning of period | $9.98 | $9.86 | $9.63 | $8.90 | $9.36 | $9.71 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | .45 | .38 | .50 | .52 | .09 | .50 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.68) | .16 | .30 | .77 | (.41 | (.37 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | – 0 | – 0 | .00 |
|  Net increase (decrease) in net asset value from operations | (1.23) | .54 | .80 | 1.29 | (.32 | .13 |
|  **Less: Dividends** |  |  |  |  |  |  |
|  Dividends from net investment income | (.54 | (.42 | (.57 | (.56 | (.14 | (.48 |
|  Net asset value, end of period | **$8.21** | **$9.98** | **$9.86** | **$9.63** | **$8.90** | **$9.36** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup>\* | (12.68) | 5.56 | 8.95 | 14.77 | (3.45) | 1.32 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $67249 | $63608 | $38751 | $40218 | $30509 | $33990 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | .60 | .51 | .70 | .29 | .29 | .33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | 1.35 | 1.74 | 2.17 | 1.84 | 3.25 | 2.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 5.00 | 4.60 | 5.41 | 5.45 | 5.73 | 5.20 |
|  Portfolio turnover rate<sup>+++</sup> | 48 | 36 | 75 | 40 | 5 | 75 |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01 | .01 | .01 |

---

See footnote summary on page 90.

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|:---|:---|
| **88 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended<br>October 31,**<br> **2022** | **April 30,**<br> **2021<sup>(a)</sup> to<br>October 31**<br> **2021<sup>(b)</sup>** | **November 1,<br>2017 to<br>February 26,<br>2018<sup>(a)</sup>** | **Year Ended**<br> **October 31,**<br> **2017** |
|  Net asset value, beginning of period | $9.98 | $9.98 | $9.70 | $9.45 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(c)(d)</sup> | .44 | .18 | .16 | .49 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.67) | .05 | (.18 | .24 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 |
|  Net increase (decrease) in net asset value from operations | (1.23) | .23 | (.02 | .73 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.54 | (.23 | (.13 | (.43 |
|  Return of capital | – 0 | – 0 | – 0 | (.05 |
|  Total dividends and distributions | (.54 | (.23 | (.13 | (.48 |
|  Net asset value, end of period | **$8.21** | **$9.98** | **$9.55** | **$9.70** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup>\* | (12.67) | 2.36 | .14 | 7.91 |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $48 | $59 | $417 | $499 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | .60 | .60 | .70 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)(h)</sup><sup>†</sup> | 1.27 | 1.92 | 2.78 | 1.41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(d)</sup> | 4.87 | 3.61 | 5.04 | 5.12 |
|  Portfolio turnover rate<sup>+++</sup> | 48 | 36 | 75 | 65 |
|  <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying | <sup>†</sup> Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .00 | .01 |

---

See footnote summary on page 90.

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 89** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

(a) Class A and Class Z shares of the Fund were not in operation from February 26, 2018 until April 30, 2021.

(b) The Fund changed its fiscal year end from December 31 to October 31.

(c) Based on average shares outstanding.

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

(e) Amount is less than $.005.

(f) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the
period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. 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 for a period of less than one year is not annualized.

(g) The expense ratios presented below exclude interest expense:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>October 31,**<br>**2022** | **January 1,<br>2021 to<br>October 31,<br>2021<sup>(b)</sup>** | | **Year Ended December 31,** | **Year Ended December 31,** | **November 1,**<br>**2018 to**<br>**December 31,**<br>**2018<sup>(i)</sup>** | | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Year Ended<br>October 31,**<br>**2022** | **January 1,<br>2021 to<br>October 31,<br>2021<sup>(b)</sup>** | | **2020** | **2019** | **November 1,**<br>**2018 to**<br>**December 31,**<br>**2018<sup>(i)</sup>** | | **2018** |  | **2017** |
|  <u>Class A</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/ reimbursements | .85% | .85 | %<sup>^</sup> | N/A | N/A | N/A |  | .95 | %<sup>(a)^</sup> | .95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/ reimbursements | 1.61% | 2.28 | %<sup>^</sup> | N/A | N/A | N/A |  | 3.27 | %<sup>(a)^</sup> | 2.69% |
|  <u>Advisor Class</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/ reimbursements | .60% | .51 | %<sup>^</sup> | .70% | .29% | .29 | %<sup>^</sup> | .31 | % | .70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/ reimbursements | 1.35% | 1.74 | %<sup>^</sup> | 2.17% | 1.84% | 3.25 | %<sup>^</sup> | 2.54 | % | 2.54% |
|  <u>Class Z</u> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/ reimbursements | .60% | .60 | %<sup>^</sup> | N/A | N/A | N/A |  | .70 | %<sup>(a)^</sup> | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/ reimbursements | 1.27% | 1.92 | %<sup>^</sup> | N/A | N/A | N/A |  | 2.77 | %<sup>(a)^</sup> | 1.47% |

---

(h) 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 year ended December 31, 2019, period ended December 31, 2018, years ended October 31, 2018 and October 31, 2017, such waivers amounted to
..01%, .01% (annualized), .01% and .01%, respectively.

(i) The Fund changed its fiscal year end from October 31 to December 31.

^ Annualized.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the years ended December 31, 2019, October 31, 2018 and October 31, 2017 by .01%, .03% and .07%, respectively. 

\*\* Includes the impact of reimbursements from the Adviser which enhanced the Fund's performance for the year ended October 31, 2018 by .01%. 

---

| | |
|:---|:---|
| + | 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.  |

---

++ The advisory fee reflected in the Fund's expense ratio may be higher or lower than the Base Fee plus Performance Adjustment due to the different time periods over which the fee is calculated (i.e., the financial reporting vs. the Performance Period).

+++ Portfolio turnover is calculated for the Fund as a whole for the full fiscal year or period, as applicable, and is not annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB High Yield Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB High Yield Portfolio, (formerly known as AB FlexFee High Yield Portfolio) (the "Fund"), (one of the portfolios constituting the AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended, the period from January 1, 2021 through October 31, 2021 and for the year ended December 31, 2020, the financial highlights for each of the periods indicated therein through October 31, 2022 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting the AB Bond Fund, Inc.) at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for the year then ended, the period from January 1, 2021 through October 31, 2021 and for the year ended December 31, 2020, and its financial highlights for each of the periods indicated therein through October 31, 2022, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

---

| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 91** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g307295g91r55.jpg)

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

New York, New York

December 23, 2022

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|:---|:---|
| **92 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the tax year ended December 31, 2021. For foreign shareholders, 67.78% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 93** |

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**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Gershon M. Distenfeld**<sup>(2)</sup>**,** Vice President<br> **Robert Schwartz**<sup>(2)</sup>**,** Vice President<br> **William Smith**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary  | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nasvhille, TN 37203<br>**Transfer Agent**<br> AllianceBernstein<br>Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672 | **Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 |

---

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

---

| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's High Yield Investment Team. Messrs. Distenfeld, Schwartz and Smith are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

---

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|:---|:---|
| **94 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>+</sup><br> 1345 Avenue of the Americas New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 95** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |
| Marshall C. Turner, Jr.<sup>#</sup><br> *Chairman of the Board* <br> 81<br> (2014) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and he currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

---

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|:---|:---|
| **96 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Jorge A. Bermudez,<sup>#</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>#</sup><br> 78<br> (2014) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 97** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Nancy P. Jacklin,<sup>#</sup><br> 74<br> (2014) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>#</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

---

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| | |
|:---|:---|
| **98 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Carol C. McMullen,<sup>#</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 to 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 99** |

---

------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Garry L. Moody,<sup>#</sup><br> 70<br> (2014) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Dept.—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

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

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

---

| | |
|:---|:---|
| **100 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*,<br>AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST 5 YEARS** |
| Onur Erzan<br> 46 | President and Chief Executive Officer | See biography above. |
| Gershon M. Distenfeld<br> 47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Co-Head of Fixed-Income. |
| William Smith<br> 35 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also a Director of US High Yield Credit. |
| Robert Schwartz<br> 50 | Vice President | Senior Vice President of the Manager\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br> 67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which has been associated since prior to 2017. |
| Joseph J. Mantineo<br> 63 | Treasurer and Chief Financial Officer | Senior Vice President of ABIS\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br> 61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br> 58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

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

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

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

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 101** |

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------

**Operation and Effectiveness of the Funds' Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors/Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Funds' LRMP is adequately designed, has been implemented as intended,

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| | |
|:---|:---|
| **102 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the Program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| | |
|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 103** |

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------

**Board Consideration of Amendment to the Fund's Advisory Agreement** 

At the Board Meeting held by video conference on November 3-5, 2020, the Adviser presented its recommendation that the Board of Directors (the "Board" or "Directors") of AB Bond Fund, Inc. (the "Company") consider and approve an amendment to the Company's then-current Advisory Agreement with the Adviser (the "Amended Agreement") in respect of AB FlexFee<sup>TM</sup> High Yield Portfolio (the "Fund")\* to implement an advisory fee with breakpoints at specific asset levels (based on the Fund's average daily net assets) and eliminate the performance-based advisory fee. The Adviser cited the following reasons for its recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The performance-based fee structure has failed to increase investor demand and attract significant assets for the Fund,
making it more difficult for the Fund to achieve economies of scale. The Adviser also observed that the Fund's then-current advisory fee structure was not in line with those of peer funds, noting that few other firms had made a substantial
effort to launch fulcrum fee funds since implementation of the performance-based fee structure for the Fund in 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The methodology used to calculate the performance-based fee is complex, preventing the Fund from being more competitive in
the mutual fund marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The performance-based fee structure creates uncertainty for investors in reasonably predicting Fund expenses, due to
significant fluctuations in advisory fees and total expense ratios that can result from fund performance fluctuations. This was a particular issue in the qualified plan context, where uncertainty about the amount of future fees has been a concern.

At the recommendation of the Adviser, the Board, including a majority of the Directors who are not interested persons of the Company (the "Independent Directors") as defined in the Investment Company Act of 1940, as amended ("1940 Act"), approved the Amended Agreement between the Company, on behalf of the Fund, and the Adviser, for an initial two-year period, at the Board Meeting. The Board, including the Independent Directors, also recommended approval of the Amended Agreement by stockholders.

At the Board Meeting, the Board also approved, upon recommendation of the Adviser, (i) changing the Fund's name to "AB High Yield Portfolio"; (ii) changing the benchmark against which the Fund's performance is compared in the Fund's prospectus and shareholder reports from the Markit iBoxx USD Liquid High Yield Index to the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index, the index used by the Fund

\* Effective April 30, 2021, the Fund changed its name to AB High Yield Portfolio.

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| **104 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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prior to the implementation of the performance-based fee structure; (iii) changing the Fund's fiscal year end from December 31 to October 31, to be consistent with the other fixed-income mutual funds advised by the Adviser with conventional asset-based advisory fees; and (iv) changing the Fund's dividend policy to declare dividends daily instead of monthly. The Directors also noted the Adviser's intent, in connection with these changes, to offer Class A and Class Z shares in addition to Advisor Class shares. Implementation of the foregoing changes and actions was conditioned upon approval by stockholders of the Amended Agreement and would be effective on or about May 1, 2021.

The Directors also considered that the Fund would not bear the expenses relating to the above-referenced changes, including expenses relating to the special meeting of stockholders called to approve the Amended Agreement and the preparation, printing and mailing of the proxy materials and of all related solicitations, in light of the applicable expense limitation agreement and the Adviser's agreement to bear such expenses to the extent not subject to such expense limitation agreement.

At the Board Meeting, the Directors also approved the continuance of the Fund's then-current Advisory Agreement for an additional annual term or, if earlier, until such time as the Amended Agreement takes effect.

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

The Directors considered the fact that the Amended Agreement would have terms and conditions substantially identical to those of the then-current Advisory Agreement, except for (i) the absence of the performance-based advisory fee and adoption of a more conventional advisory fee, which would consist of an advisory fee with breakpoints at specific asset levels (based on the Fund's average daily net assets) under the Amended Agreement and (ii) the change in the name of the Fund.

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

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 105** |

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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 then-current and proposed management fees. In connection with their consideration of the then-current management fee, the Directors considered materials presented to them concerning the SEC's published guidance on factors that should be considered in connection with fulcrum fee arrangements, including the following factors: (1) the fairness of the fulcrum fee; (2) selection of an appropriate index against which fund performance should be measured; (3) variations in periods used for computing average asset values and performance; (4) length of period over which performance is computed; (5) computation of performance over a rolling period; (6) performance for transitional periods; (7) computation of the performance of the fund and the index with respect to payment of dividends and capital gains distributions; and (8) avoidance of basing significant fee adjustments upon random or insignificant differences. 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 then-current Advisory Agreement and the Amended Agreement, 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 then-current Advisory Agreement and to be provided under the Amended Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The Directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the Directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio

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| **106 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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management team and other senior personnel of the Adviser. The Directors also considered that the Amended Agreement, similar to the then-current 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. The Directors noted that the Adviser had not requested any reimbursements from the Fund in 2020 through the date of the Board Meeting, in the Fund's fiscal year ended December 31, 2019, in the two-month fiscal period ended December 31, 2018 and in the fiscal year ended October 31, 2018. 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 then-current Advisory Agreement and to be provided to the Fund under the Amended Agreement.

**Costs of Services to be Provided and Profitability** 

In connection with their approval of the continuance of the Fund's then-current Advisory Agreement 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 2018 and 2019 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 then-current Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The Directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The Directors noted that the Fund was not profitable to the Adviser in the periods reviewed. The Directors noted that, due to the performance fee component of the advisory fee under the then-current Advisory Agreement, profitability would tend to be higher with better performance relative to the Fund's benchmark index, which they considered to create an appropriate alignment of incentives. The Directors noted that, due to the elimination of the performance fee, profitability in respect of periods after the effective date of the Amended Agreement (if it becomes effective) would no longer be directly affected by investment performance relative to the Fund's benchmark index.

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|:---|:---|
| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 107** |

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The Adviser agreed to provide the Directors with profitability information in connection with future proposed continuances of the Amended Agreement and the Directors recognized that such information for 2021 and subsequent years would differ from that reviewed previously as a result of the elimination of the performance fee.

**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 to be received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of Class A shares to be offered with the implementation of the Amended Agreement, and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The Directors recognized that the Fund's unprofitability to the Adviser would be exacerbated 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 Board Meeting, the Directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Board Meeting, the Directors reviewed performance information for the Fund's operations 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 period ended July 31, 2020. Based on their review, the Directors concluded that the Fund's investment performance was acceptable. In connection with their consideration of the Amended Agreement, the Directors noted that the Fund's performance would have been different had the fee schedule in the Amended Agreement been in effect during such periods.

**Management Fees and Other Expenses** 

The Directors considered the advisory fee rate payable by the Fund to the Adviser under the then-current Advisory Agreement and the proposed advisory fee rate payable by the Fund to the Adviser under the Amended Agreement, 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 considered the

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| **108 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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Fund's contractual effective advisory fee rate under the then-current Advisory Agreement against a peer group median. The Directors also compared the Fund's proposed contractual effective advisory fee rate under the Amended Agreement with a peer group median. The information reviewed by the Directors showed that its proposed contractual effective advisory fee rate under the Amended Agreement was lower than the peer group 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 Analyst and noted the differences between the Fund's fee schedule under the then-current Advisory Agreement and the Amended Agreement, 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 Directors previously discussed these matters with an independent fee consultant.

The Adviser reviewed with the Directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and 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 stockholders 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.

The Directors noted that the Fund invests in shares of exchange-traded funds ("ETFs"), subject to the restrictions and limitations of the 1940 Act as these may be varied as a result of exemptive orders issued by the SEC. The Directors also noted that ETFs pay advisory fees pursuant to their

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| **abfunds.com** | **AB HIGH YIELD PORTFOLIO <sup>\|</sup> 109** |

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advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The Directors concluded, based on the Adviser's explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund is for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund's operations under the then-current performance-based advisory fee structure, the Directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to 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 the Directors considered 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 the expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the Directors concluded that the Fund's expense ratio was acceptable.

With respect to the Fund's proposed implementation of an asset-based advisory fee with breakpoints at specific asset levels as provided in the Amended Agreement, the Directors considered the proposed total expense ratio of the Advisor Class shares of the Fund (Class A and Class Z shares will also be offered) in comparison to a peer group and peer universe selected by the 15(c) service provider. The Directors also considered the Adviser's proposed expense cap for the Fund's Advisor Class shares, with corresponding expense caps for the other classes of shares, for an initial period to end no earlier than April 30, 2022. The Directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The Directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the Directors concluded that the Fund's proposed expense ratios were acceptable.

**Economies of Scale** 

The Directors noted that the proposed advisory fee schedule for the Fund in the Amended Agreement, unlike the advisory fee schedule in the then-current Advisory Agreement, 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

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| **110 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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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 previously discussed economies of scale with an independent fee consultant. The Directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Board 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 stockholders 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 HIGH YIELD PORTFOLIO <sup>\|</sup> 111** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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| **112 <sup>\|</sup> AB HIGH YIELD PORTFOLIO** | **abfunds.com** |

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![LOGO](g307295g43p34.jpg)

AB HIGH YIELD PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

HY-0151-1022 ![LOGO](g307295g22c48.jpg)

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**OCT** <sup>10.31.22</sup>

![LOGO](g365516g43p34.jpg)

ANNUAL REPORT

## AB INCOME FUND
![LOGO](g365516covart_7682.jpg)

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

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

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

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

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

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

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

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g365516g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB Income Fund (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g365516g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 6, 2022** 

This report provides management's discussion of fund performance for the AB Income Fund for the annual reporting period ended October 31, 2022.

**The investment objective of the Fund is to seek high current income consistent with preservation of capital.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB INCOME FUND** |  |  |
| Class A Shares | -10.16% | -18.83% |
| Class C Shares | -10.49% | -19.41% |
| Advisor Class Shares<sup>1</sup> | -10.03% | -18.60% |
| Class Z Shares<sup>1</sup> | -10.02% | -18.57% |
| Bloomberg US Aggregate Bond Index | -6.86% | -15.68% |

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|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund's Predecessor Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes underperformed the benchmark, before sales charges. During the 12-month period, overall duration exposure and yield-curve positioning were the largest detractors, relative to the benchmark, as overweights on the two- to 10-year parts of the curve lost more than gains from underweights on the 20- to 30-year parts of the curve. Sector allocation also detracted, mostly from off-benchmark exposure to emerging-market sovereign and corporate bonds, and exposure to collateralized loan obligations. These sector losses were partially offset by an overweight to US Treasuries, off-benchmark exposure to high-yield corporate bonds, and underweights to investment-grade corporate bonds and US agency mortgages. Security selection within high-yield corporate bonds, emerging-market sovereign bonds and US agency mortgages also detracted, and were partially offset by gains from selection within commercial mortgage-backed securities ("CMBS"). An off-benchmark country allocation to Canada contributed more than a loss from a minor position in Russia. Currency decisions did not materially impact performance during the period.

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| **2 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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In the six-month period, overall duration exposure and yield-curve positioning were the largest detractors, as losses from overweights on the two- to 10-year parts of the yield curve detracted more than gains from underweights on the 20- to 30-year parts of the curve. Sector allocation also negatively impacted performance, mostly due to off-benchmark exposure to emerging-market sovereign bonds, collateralized loan obligations and bank loans, which was partially offset by gains from an overweight to US Treasuries and an underweight to US agency mortgages. Security selection also detracted, primarily from selection within emerging-market sovereign bonds, high-yield and investment-grade corporate bonds, and US agency mortgages that was partially offset by selection within CMBS. Country allocation was a minor contributor to performance results, as exposure to Canada added more than exposure to Australia during the period. Currency decisions did not materially impact results.

During both periods, the Fund utilized derivatives in the form of treasury futures and interest rate swaps to manage and hedge duration risk and/or to take active yield-curve positioning. Consumer Price Index swaps were utilized to obtain active inflation exposure. Currency forwards were used to hedge foreign currency exposure. Credit default swap indices were used to take active high-yield credit risk. CMBS indices were used to take active commercial real estate exposure. During the 12-month period, interest rate swaptions were used to manage and hedge duration risk, generate income and/or to take active yield-curve positioning.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

The Fund's Senior Investment Management Team (the "Team") continues to pursue high income, while preserving capital by investing primarily in

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| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 3** |

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government bonds from both US and non-US issuers as well as corporate bonds, with scope to invest a select amount in below investment-grade bonds. The Team manages the Fund with a core fixed-income strategy through a global, multi-sector approach that seeks an attractive risk/return profile.

**INVESTMENT POLICIES** 

The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in income-producing securities. The Fund also normally invests at least 65% of its total assets in securities of US and foreign governments, their agencies or instrumentalities and repurchase agreements relating to US government securities.

The Fund normally invests at least 65% of its total assets in US dollar-denominated securities. The Fund may also invest up to 35% of its total assets in non-government fixed-income securities, including corporate debt securities, non-government mortgage-backed and other asset-backed securities, certificates of deposit and commercial paper. The Fund may invest up to 35% of its net assets in below investment-grade securities (commonly known as "junk bonds"). The Fund may invest no more than 25% of its total assets in securities of issuers in any one country other than the US. The Fund's investments in foreign securities may include investments in securities of emerging-market countries or of issuers in emerging markets.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risks and return characteristics as well as the securities' impact on the overall risks and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings. The Fund may invest in fixed-income securities with any maturity or duration.

The Fund utilizes derivatives, such as options, futures contracts, forwards and swaps to a significant extent, subject to the limits of applicable law. The Fund may, for example, use credit default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposure. The Fund may also enter into transactions such as reverse repurchase agreements that are similar to borrowings for investment purposes. The Fund's use of derivatives and these borrowing transactions may create aggregate exposure that is substantially in excess of its net assets, effectively leveraging the Fund.

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|:---|:---|
| **4 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. The index is not leveraged, whereas the Fund utilizes leverage. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) 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. 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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 5** |

---

------

**DISCLOSURES AND RISKS** (continued)

**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 the 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.

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

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

**Leverage Risk:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Currency Risk:** Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**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 decline.

**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

---

| | |
|:---|:---|
| **6 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** (continued)

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.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1%** 

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 7** |

---

------

**DISCLOSURES AND RISKS** (continued)

**1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

**The Fund commenced operations on April 22, 2016. The Fund acquired the assets and liabilities of the AllianceBernstein Income Fund, Inc., a closed-end fund (the "Predecessor Fund"), effective at the close of business on April 21, 2016 (the "Reorganization"). The Fund has the same investment objective that the Predecessor Fund had and similar investment strategies and policies. In addition, the Fund has higher expenses (including transfer agency and shareholder servicing fees), and a different advisory fee arrangement than the Predecessor Fund had.** 

**Performance information prior to April 22, 2016, shown in this report reflects the historical performance of the Predecessor Fund based on its NAV. Such performance information may not be representative of performance the Fund would have achieved as an open-end fund under its current investment strategies and policies and expense levels.** 

---

| | |
|:---|:---|
| **8 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g365516g13n11.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Income Fund Advisor Class shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

---

| | |
|:---|:---|
| 1 | Performance returns of Advisor Class shares for the periods prior to April 21, 2016, are based on the NAV per share of the Predecessor Fund. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund's Predecessor Fund.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 9** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 6.07% |
| 1 Year | -18.83% | -22.27% |  |
| 5 Years | -1.35% | -2.20% |  |
| Since Inception<sup>2</sup> | 0.21% | -0.45% |  |
| **CLASS C SHARES** |  |  | 5.56% |
| 1 Year | -19.41% | -20.20% |  |
| 5 Years | -2.08% | -2.08% |  |
| Since Inception<sup>2</sup> | -0.52% | -0.52% |  |
| **ADVISOR CLASS SHARES**<sup>3,4</sup> |  |  | 6.59% |
| 1 Year | -18.60% | -18.60% |  |
| 5 Years | -1.10% | -1.10% |  |
| 10 Years | 1.43% | 1.43% |  |
| **CLASS Z SHARES**<sup>4</sup> |  |  | 6.62% |
| 1 Year | -18.57% | -18.57% |  |
| Since Inception<sup>2</sup> | -4.63% | -4.63% |  |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 0.80%, 1.55%, 0.55% and 0.49% for Class A, Class C, Advisor Class and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios, exclusive of 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, to 0.77%, 1.52% and 0.52% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023. Any fees waived and expenses borne by the Adviser through April 22, 2018, under the expense limitations in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund's total annual operating expenses to exceed the expense limitations. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Inception dates: 4/21/2016 for all share classes except Class Z; 11/20/2019 for Class Z shares.

3 Performance returns of Advisor Class shares for the periods prior to April 21, 2016, are based on the NAV per share of the Predecessor Fund.

---

| | |
|:---|:---|
| 4 | These share classes are offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund's Predecessor Fund.  |

---

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| | |
|:---|:---|
| **10 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -21.43% |
| 5 Years | -1.98% |
| Since Inception<sup>1</sup> | -0.23% |
| **CLASS C SHARES** |  |
| 1 Year | -19.36% |
| 5 Years | -1.87% |
| Since Inception<sup>1</sup> | -0.30% |
| **ADVISOR CLASS SHARES**<sup>2,3</sup> |  |
| 1 Year | -17.74% |
| 5 Years | -0.88% |
| 10 Years | 1.64% |
| **CLASS Z SHARES**<sup>3</sup> |  |
| 1 Year | -17.71% |
| Since Inception<sup>1</sup> | -4.30% |

---

1 Inception dates: 4/21/2016 for all share classes except Class Z; 11/20/2019 for Class Z shares.

2 Performance returns of Advisor Class shares for the periods prior to April 21, 2016, are based on the NAV per share of the Predecessor Fund.

---

| | |
|:---|:---|
| 3 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund's Predecessor Fund.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 11** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $1000 | $898.40 | $6.46 | 1.35% |
|  Hypothetical\*\* | $1000 | $1018.40 | $6.87 | 1.35% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $895.10 | $10.03 | 2.10% |
|  Hypothetical\*\* | $1000 | $1014.62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | 2.10% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $899.70 | $5.27 | 1.10% |
|  Hypothetical\*\* | $1000 | $1019.66 | $5.60 | 1.10% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $899.80 | $5.22 | 1.09% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019.71 | $5.55 | 1.09% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,630.2

------

![LOGO](g365516g00a18.jpg)

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| | |
|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" security type weightings represent 0.3% or less in the following types: Asset-Backed Securities, Common Stocks, Local Governments–US Municipal Bonds, Preferred Stocks and Warrants.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 13** |

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**PORTFOLIO SUMMARY** (continued)

**October 31, 2022** (unaudited)

------

![LOGO](g365516g00a19.jpg)

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| | |
|:---|:---|
| 1 | The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.3% or less in the following: Angola, Australia, Bermuda, Chile, Denmark, Dominican Republic, Ecuador, El Salvador, Finland, Germany, Ghana, Hong Kong, Indonesia, Israel, Italy, Ivory Coast, Jamaica, Japan, Kazakhstan, Kenya, Kuwait, Lebanon, Macau, Morocco, Netherlands, Nigeria, Norway, Pakistan, Panama, Senegal, South Africa, Spain, Sweden, Turkey and Ukraine.  |

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| | |
|:---|:---|
| **14 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 75.5%** |  |  |  |
|  **Canada – 5.7%** |  |  |  |
|  Canadian Government Bond <br>1.00%, 09/01/2026 | CAD | 225418 | $150294661 |
|  **United States – 69.8%** |  |  |  |
|  U.S. Treasury Bonds <br>3.00%, 08/15/2052<sup>(a)</sup> | U.S.$| 49257 | 39220488 |
|  U.S. Treasury Notes<br>2.875%, 05/15/2032<sup>(a)</sup> |  | 342529 | 309988926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/2027<sup>(a)(b)(c)(d)</sup> |  | 528947 | 525806477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/31/2027 |  | 509098 | 506313970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/31/2024 |  | 455821 | 454752769 |
|  |  |  | 1836082630 |
|  Total Governments - Treasuries <br>(cost $2,021,706,343) |  |  | 1986377291 |
|  **MORTGAGE PASS-THROUGHS – 19.5%** |  |  |  |
|  **Agency Fixed Rate 30-Year – 19.5%** |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2020<br>2.50%, 08/01/2050 |  | 49351 | 41019079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/2050 |  | 39019 | 32420344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2050 |  | 2724 | 2600088 |
|  Federal National Mortgage Association<br>Series 1998<br>8.00%, 06/01/2028 |  | 1 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1999<br>7.50%, 11/01/2029 |  | 5 | 5234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>4.50%, 02/01/2050 |  | 6545 | 6236753 |
|  Government National Mortgage Association<br>Series 2021<br>4.00%, 11/21/2052, TBA |  | 13732 | 12647373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/2052, TBA |  | 70886 | 67148902 |
|  Uniform Mortgage-Backed Security<br>Series 2022<br>3.00%, 11/01/2052, TBA |  | 61874 | 52530134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2052, TBA |  | 82946 | 72940899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2052, TBA |  | 44832 | 40775927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2052, TBA |  | 133971 | 125629464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2052, TBA |  | 62077 | 59831803 |
|  Total Mortgage Pass-Throughs <br>(cost $540,165,290) |  |  | 513787329 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 15** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 17.4%** |  |  |  |
|  **Financial Institutions – 11.0%** |  |  |  |
|  **Banking – 7.3%** |  |  |  |
|  AIB Group PLC <br>4.263%, 04/10/2025<sup>(e)</sup> | U.S.$| 5750 | $5480555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.583%, 10/14/2026<sup>(e)</sup> |  | 8459 | 8410530 |
|  Ally Financial, Inc. <br>8.00%, 11/01/2031 |  | 75 | 76990 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030<sup>(e)</sup> |  | 3765 | 3301152 |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand <br>5.375%, 04/17/2025<sup>(e)</sup> |  | 3998 | 3847075 |
|  Banco Santander SA<br>4.175%, 03/24/2028 |  | 2800 | 2466044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.179%, 11/19/2025 |  | 4000 | 3801720 |
|  Bank of America Corp.<br>Series X<br>6.25%, 09/05/2024<sup>(f)</sup> |  | 5833 | 5677317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z<br>6.50%, 10/23/2024<sup>(f)</sup> |  | 869 | 859371 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(e)</sup> |  | 2167 | 2094167 |
|  Barclays PLC<br>7.125%, 06/15/2025<sup>(f)</sup> | GBP | 333 | 350646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/2023<sup>(e)(f)</sup> |  | 1350 | 1537017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.385%, 11/02/2028 | U.S.$| 3394 | 3377234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2029<sup>(f)</sup> |  | 8072 | 7244458 |
|  BBVA Bancomer SA/Texas <br>5.875%, 09/13/2034<sup>(e)</sup> |  | 5343 | 4446578 |
|  BNP Paribas SA<br>4.625%, 02/25/2031<sup>(e)(f)</sup> |  | 2244 | 1553656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/16/2029<sup>(e)(f)</sup> |  | 3972 | 3750601 |
|  Citigroup, Inc.<br>3.875%, 02/18/2026<sup>(f)</sup> |  | 3286 | 2696097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023<sup>(f)</sup> |  | 1726 | 1713625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series T<br>6.25%, 08/15/2026<sup>(f)</sup> |  | 1126 | 1088200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U<br>5.00%, 09/12/2024<sup>(f)</sup> |  | 2540 | 2261565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.70%, 01/30/2025<sup>(f)</sup> |  | 1811 | 1451118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(f)</sup> |  | 2865 | 2415224 |

---

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| | |
|:---|:---|
| **16 <sup>\|</sup> 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** |
|  Comerica, Inc. <br>5.625%, 07/01/2025<sup>(f)</sup> | U.S.$| 7029 | $6816162 |
|  Credit Agricole SA <br>8.125%, 12/23/2025<sup>(e)(f)</sup> |  | 4972 | 4947538 |
|  Credit Suisse Group AG <br>6.373%, 07/15/2026<sup>(e)</sup> |  | 1114 | 1039061 |
|  Danske Bank A/S<br>3.244%, 12/20/2025<sup>(e)</sup> |  | 200 | 184668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.298%, 04/01/2028<sup>(e)</sup> |  | 4773 | 4211075 |
|  Deutsche Bank AG/New York NY <br>6.119%, 07/14/2026 |  | 4938 | 4720530 |
|  First-Citizens Bank & Trust Co. <br>3.929%, 06/19/2024 |  | 1568 | 1543539 |
|  HSBC Holdings PLC<br>4.60%, 12/17/2030<sup>(f)</sup> |  | 758 | 500515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 03/29/2033 |  | 3659 | 2908539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/30/2025<sup>(f)</sup> |  | 707 | 627979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 9148 | 9166021 |
|  ING Groep NV<br>6.50%, 04/16/2025<sup>(f)</sup> |  | 6341 | 5773671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/2024<sup>(e)(f)</sup> |  | 3383 | 3206103 |
|  JPMorgan Chase & Co. <br>4.323%, 04/26/2028 |  | 9095 | 8466263 |
|  Mitsubishi UFJ Financial Group, Inc. <br>5.017%, 07/20/2028 |  | 3927 | 3735402 |
|  Mizuho Financial Group, Inc. <br>5.414%, 09/13/2028 |  | 6110 | 5901282 |
|  Morgan Stanley<br>4.21%, 04/20/2028 |  | 3639 | 3368258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 10/18/2028 |  | 10098 | 10189387 |
|  Nationwide Building Society <br>4.302%, 03/08/2029<sup>(e)</sup> |  | 2000 | 1741920 |
|  Nordea Bank Abp <br>6.625%, 03/26/2026<sup>(e)(f)</sup> |  | 8725 | 8256380 |
|  PNC Financial Services Group, Inc. (The) <br>Series O <br>6.46% (LIBOR 3 Month + 3.68%),<br>02/01/2023<sup>(f)(g)</sup> |  | 1247 | 1245030 |
|  Standard Chartered PLC<br>5.925% (LIBOR 3 Month + 1.51%), 01/30/2027<sup>(e)(f)(g)</sup> |  | 7500 | 5526450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2027<sup>(e)(f)</sup> |  | 290 | 265362 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024<sup>(e)(f)</sup> |  | 8800 | 8280272 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(f)</sup> |  | 14180 | 12467198 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 17** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  UBS Group AG <br>4.375%, 02/10/2031<sup>(e)(f)</sup> | U.S.$| 4958 | $| 3408179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/19/2025<sup>(e)(f)</sup> |  | 211 |  | 204362 |
|  UniCredit SpA<br>1.982%, 06/03/2027<sup>(e)</sup> |  | 250 |  | 203260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026<sup>(e)</sup> |  | 3984 |  | 3418591 |
|  |  |  |  | 192223937 |
|  **Brokerage – 0.2%** | **Brokerage – 0.2%** | **Brokerage – 0.2%** | **Brokerage – 0.2%** | **Brokerage – 0.2%** |
|  Charles Schwab Corp. (The) <br>Series G <br>5.375%, 06/01/2025<sup>(f)</sup> |  | 4807 |  | 4694997 |
|  **Finance – 1.5%** | **Finance – 1.5%** | **Finance – 1.5%** | **Finance – 1.5%** | **Finance – 1.5%** |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(e)</sup> |  | 1242 |  | 933674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 678 |  | 646419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 163 |  | 143776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/25/2023 |  | 1716 |  | 1680290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2023 |  | 140 |  | 139035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(e)</sup> |  | 5846 |  | 5470219 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(e)</sup> |  | 1442 |  | 1200220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(e)</sup> |  | 4367 |  | 3513470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(e)</sup> |  | 1437 |  | 1170724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(e)</sup> |  | 1592 |  | 1444310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024<sup>(e)</sup> |  | 1694 |  | 1633507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(e)</sup> |  | 1315 |  | 1206276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(e)</sup> |  | 4722 |  | 4534678 |
|  Huarong Finance 2017 Co., Ltd. <br>4.75%, 04/27/2027<sup>(e)</sup> |  | 400 |  | 285825 |
|  Huarong Finance II Co., Ltd. <br>5.50%, 01/16/2025<sup>(e)</sup> |  | 7507 |  | 6349514 |
|  Synchrony Financial <br>3.95%, 12/01/2027 |  | 9789 |  | 8425686 |
|  |  |  |  | 38777623 |
|  **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** | **Insurance – 1.5%** |
|  ACE Capital Trust II <br>9.70%, 04/01/2030 |  | 750 |  | 934867 |
|  Assicurazioni Generali SpA <br>5.50%, 10/27/2047<sup>(e)</sup> | EUR | 6630 |  | 6436386 |
|  Credit Agricole Assurances SA <br>4.75%, 09/27/2048<sup>(e)</sup> |  | 3200 |  | 2962377 |
|  Fairfax Financial Holdings Ltd. <br>8.30%, 04/15/2026 | U.S.$| 5000 |  | 5267250 |
|  Hartford Financial Services Group, Inc. (The) <br>Series ICON <br>5.03% (LIBOR 3 Month + 2.12%), 02/12/2047<sup>(e)(g)</sup> |  | 3275 |  | 2697421 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037<sup>(e)</sup> | U.S.$| 4117 | $| 4286456 |
|  Prudential Financial, Inc.<br>5.20%, 03/15/2044 |  | 4029 |  | 3759661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2043 |  | 2868 |  | 2833871 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 12065 |  | 11663477 |
|  |  |  |  | 40841766 |
|  **REITs – 0.5%** | **REITs – 0.5%** | **REITs – 0.5%** | **REITs – 0.5%** | **REITs – 0.5%** |
|  GLP Capital LP/GLP Financing II, Inc.<br>5.25%, 06/01/2025 |  | 886 |  | 857887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/15/2026 |  | 283 |  | 270073 |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 |  | 2398 |  | 1467648 |
|  Spirit Realty LP<br>2.10%, 03/15/2028 |  | 3911 |  | 3080304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/2030 |  | 1800 |  | 1438794 |
|  STORE Capital Corp. <br>4.625%, 03/15/2029 |  | 1143 |  | 1061698 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(e)</sup> |  | 4814 |  | 3616758 |
|  VICI Properties LP/VICI Note Co., Inc.<br>4.625%, 06/15/2025<sup>(e)</sup> |  | 628 |  | 590891 |
|  |  |  |  | 12384053 |
|  |  |  |  | 288922376 |
|  **Industrial – 5.3%** |  |  |  |  |
|  **Basic – 0.7%** |  |  |  |  |
|  Anglo American Capital PLC <br>5.625%, 04/01/2030<sup>(e)</sup> |  | 3960 |  | 3736359 |
|  ArcelorMittal SA <br>7.00%, 10/15/2039 |  | 1180 |  | 1113082 |
|  Arconic Corp. <br>6.00%, 05/15/2025<sup>(e)</sup> |  | 765 |  | 756990 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 1124 |  | 1104577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 1124 |  | 1093337 |
|  CF Industries, Inc. <br>4.95%, 06/01/2043 |  | 75 |  | 60269 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(e)</sup> |  | 964 |  | 863985 |
|  Gold Fields Orogen Holdings BVI Ltd. <br>5.125%, 05/15/2024<sup>(e)</sup> |  | 1445 |  | 1412307 |
|  MEGlobal Canada ULC <br>5.00%, 05/18/2025<sup>(e)</sup> |  | 1988 |  | 1916929 |
|  Nexa Resources SA <br>5.375%, 05/04/2027<sup>(e)</sup> |  | 5600 |  | 5055680 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 19** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Suzano Austria GmbH<br>3.75%, 01/15/2031 | U.S.$| 1304 | $1037495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2030 |  | 2100 | 1850363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DM3N<br>3.125%, 01/15/2032 |  | 427 | 314913 |
|  |  |  | 20316286 |
|  **Capital Goods – 0.1%** |  |  |  |
|  General Electric Co. <br>Series D <br>6.623% (LIBOR 3 Month + 3.33%), 12/15/2022<sup>(f)</sup> |  | 1203 | 1163553 |
|  Westinghouse Air Brake Technologies Corp. <br>4.95%, 09/15/2028 |  | 2060 | 1921939 |
|  |  |  | 3085492 |
|  **Communications - Media – 0.5%** |  |  |  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(e)</sup> |  | 2691 | 2421954 |
|  Prosus NV <br>3.68%, 01/21/2030<sup>(e)</sup> |  | 5224 | 3825927 |
|  Warnermedia Holdings, Inc. <br>4.279%, 03/15/2032<sup>(e)</sup> |  | 4364 | 3526854 |
|  Weibo Corp. <br>3.50%, 07/05/2024 |  | 4574 | 4303276 |
|  |  |  | 14078011 |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC<br>4.738%, 03/20/2025<sup>(e)</sup> |  | 1244 | 1224920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.152%, 03/20/2028<sup>(e)</sup> |  | 1990 | 1938638 |
|  |  |  | 3163558 |
|  **Consumer Cyclical - Automotive – 0.0%** |  |  |  |
|  Harley-Davidson Financial Services, Inc. <br>3.05%, 02/14/2027<sup>(e)</sup> |  | 655 | 558931 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Lennar Corp. <br>4.75%, 11/29/2027 |  | 75 | 69398 |
|  PulteGroup, Inc. <br>6.375%, 05/15/2033 |  | 2868 | 2671714 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%, 04/16/2029<sup>(e)</sup> |  | 1100 | 762564 |
|  |  |  | 3503676 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Macy's Retail Holdings LLC<br>5.875%, 03/15/2030<sup>(e)</sup> | U.S.$| 985 | $831606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2032<sup>(e)</sup> |  | 1510 | 1255354 |
|  |  |  | 2086960 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  BAT Capital Corp.<br>4.906%, 04/02/2030 |  | 7540 | 6590940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/2032 |  | 15 | 15332 |
|  BAT International Finance PLC <br>4.448%, 03/16/2028 |  | 7944 | 7049506 |
|  Charles River Laboratories International, Inc. <br>4.00%, 03/15/2031<sup>(e)</sup> |  | 725 | 610109 |
|  Newell Brands, Inc.<br>6.375%, 09/15/2027 |  | 1534 | 1502062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/15/2029 |  | 1534 | 1499102 |
|  |  |  | 17267051 |
|  **Energy – 1.5%** |  |  |  |
|  Continental Resources, Inc./OK <br>5.75%, 01/15/2031<sup>(e)</sup> |  | 2501 | 2275635 |
|  Ecopetrol SA<br>4.625%, 11/02/2031 |  | 1135 | 781731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/18/2023 |  | 281 | 275802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/02/2051 |  | 1495 | 879807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/2030 |  | 4658 | 3803257 |
|  Energy Transfer LP <br>4.40%, 03/15/2027 |  | 8139 | 7566340 |
|  EQT Corp. <br>5.70%, 04/01/2028 |  | 1528 | 1487111 |
|  Hess Corp. <br>7.30%, 08/15/2031 |  | 8898 | 9441935 |
|  Hunt Oil Co. of Peru LLC Sucursal Del Peru <br>6.375%, 06/01/2028<sup>(e)</sup> |  | 1047 | 944907 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(e)</sup> |  | 1169 | 951128 |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/2029 |  | 3952 | 3514553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 1880 | 1856876 |
|  Raizen Fuels Finance SA <br>5.30%, 01/20/2027<sup>(e)</sup> |  | 2218 | 2105436 |
|  Western Midstream Operating LP<br>3.95%, 06/01/2025 159 |  |  | 151075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 1171 | 1029332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/2026 |  | 1558 | 1472886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 |  | 490 | 452981 |
|  |  |  | 38990792 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 21** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Services – 0.1%** |  |  |  |  |
|  Expedia Group, Inc. <br>3.25%, 02/15/2030 | U.S.$| 2340 | $| 1887374 |
|  **Technology – 1.1%** |  |  |  |  |
|  Baidu, Inc.<br>3.075%, 04/07/2025 |  | 797 |  | 742740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.425%, 04/07/2030 |  | 225 |  | 180657 |
|  Broadcom, Inc.<br>3.187%, 11/15/2036<sup>(e)</sup> |  | 8786 |  | 5994776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(e)</sup> |  | 845 |  | 741572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(e)</sup> |  | 4079 |  | 3421955 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029<sup>(e)</sup> |  | 7688 |  | 6865000 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 |  | 5492 |  | 5494581 |
|  NXP BV/NXP Funding LLC<br>5.35%, 03/01/2026 |  | 3499 |  | 3413712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/01/2028 |  | 1130 |  | 1083647 |
|  Western Digital Corp. <br>3.10%, 02/01/2032 |  | 748 |  | 518760 |
|  |  |  |  | 28457400 |
|  **Transportation - Airlines – 0.1%** |  |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(e)</sup> |  | 1640 |  | 1524692 |
|  **Transportation - Railroads – 0.1%** |  |  |  |  |
|  Lima Metro Line 2 Finance Ltd.<br>4.35%, 04/05/2036<sup>(e)</sup> |  | 359 |  | 293444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 07/05/2034<sup>(e)</sup> |  | 1581 |  | 1466046 |
|  |  |  |  | 1759490 |
|  **Transportation - Services – 0.2%** |  |  |  |  |
|  Adani Ports & Special Economic Zone Ltd.<br>4.00%, 07/30/2027<sup>(e)</sup> |  | 4585 |  | 3656308 |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032<sup>(e)</sup> |  | 1006 |  | 909384 |
|  |  |  |  | 4565692 |
|  |  |  |  | 141245405 |
|  **Utility – 1.1%** |  |  |  |  |
|  **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** | **Electric – 1.1%** |
|  Adani Transmission Step-One Ltd. <br>4.00%, 08/03/2026<sup>(e)</sup> |  | 3064 |  | 2614549 |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(e)</sup> |  | 2474 |  | 1944873 |
|  Chile Electricity PEC SpA <br>Zero Coupon, 01/25/2028<sup>(e)</sup> |  | 3169 |  | 2199088 |
|  Colbun SA <br>3.15%, 03/06/2030<sup>(e)</sup> |  | 209 |  | 168245 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ComEd Financing III <br>6.35%, 03/15/2033 | U.S.$| 3462 | $3357205 |
|  Empresa Electrica Cochrane SpA <br>5.50%, 05/14/2027<sup>(e)</sup> |  | 309 | 266453 |
|  Empresas Publicas de Medellin ESP<br>4.25%, 07/18/2029<sup>(e)</sup> |  | 3775 | 2692755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/2031<sup>(e)</sup> |  | 5315 | 3605231 |
|  Enel Finance International NV <br>7.50%, 10/14/2032<sup>(e)</sup> |  | 2493 | 2503795 |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030<sup>(e)</sup> |  | 6432 | 4695360 |
|  Kallpa Generacion SA <br>4.125%, 08/16/2027<sup>(e)</sup> |  | 2562 | 2243031 |
|  LLPL Capital Pte Ltd. <br>6.875%, 02/04/2039<sup>(e)</sup> |  | 2978 | 2292805 |
|  |  |  | 28583390 |
|  Total Corporates - Investment Grade <br>(cost $517,715,752) |  |  | 458751171 |
|  **CORPORATES - NON-INVESTMENT GRADE – 10.8%** |  |  |  |
|  **Industrial – 8.4%** |  |  |  |
|  **Basic – 0.5%** |  |  |  |
|  ASP Unifrax Holdings, Inc.<br>5.25%, 09/30/2028<sup>(e)</sup> |  | 277 | 222714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029<sup>(e)</sup> |  | 280 | 187821 |
|  ERP Iron Ore, LLC <br>9.034%, 12/31/2019<sup>(h)(i)(j)(k)(l)</sup> |  | 118 | 78879 |
|  FMG Resources August 2006 Pty Ltd. <br>6.125%, 04/15/2032<sup>(e)</sup> |  | 3761 | 3332058 |
|  Graphic Packaging International LLC <br>4.75%, 07/15/2027<sup>(e)</sup> |  | 32 | 29525 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. <br>9.00%, 07/01/2028<sup>(e)</sup> |  | 2965 | 2507323 |
|  INEOS Quattro Finance 1 PLC <br>3.75%, 07/15/2026<sup>(e)</sup> | EUR | 107 | 82957 |
|  Kleopatra Finco Sarl <br>4.25%, 03/01/2026<sup>(a)(e)</sup> |  | 2779 | 2258375 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018<sup>(h)(i)(j)(k)(m)</sup> | U.S.$| 1407 | – 0 |
|  SCIL IV LLC/SCIL USA Holdings LLC <br>5.375%, 11/01/2026<sup>(e)</sup> |  | 1782 | 1422856 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(e)</sup> |  | 4043 | 2675172 |
|  |  |  | 12797680 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 23** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  **Capital Goods – 0.5%** |  |  |  |  |
|  ARD Finance SA <br>6.50% (6.50% Cash or 7.25% PIK),<br>06/30/2027<sup>(e)(l)</sup> | U.S.$| 3692 |  | $2648727 |
|  Bombardier, Inc. <br>7.875%, 04/15/2027<sup>(e)</sup> |  | 1946 |  | 1849011 |
|  Eco Material Technologies, Inc. <br>7.875%, 01/31/2027<sup>(e)</sup> |  | 2807 |  | 2626257 |
|  Gates Global LLC/Gates Corp. <br>6.25%, 01/15/2026<sup>(e)</sup> |  | 1047 |  | 1005120 |
|  TK Elevator Holdco GmbH <br>7.625%, 07/15/2028<sup>(e)</sup> |  | 1008 |  | 833515 |
|  TransDigm, Inc. <br>6.25%, 03/15/2026<sup>(e)</sup> |  | 33 |  | 32541 |
|  Triumph Group, Inc.<br>6.25%, 09/15/2024<sup>(e)</sup> |  | 1309 |  | 1214399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025 |  | 362 |  | 274595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 06/01/2024<sup>(e)</sup> |  | 1428 |  | 1443066 |
|  Trivium Packaging Finance BV <br>3.75%, 08/15/2026<sup>(e)</sup> | EUR | 100 |  | 88725 |
|  |  |  |  | 12015956 |
|  **Communications - Media – 0.9%** |  |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.50%, 11/15/2028<sup>(e)</sup> | U.S.$| 5620 |  | 4781608 |
|  Altice Financing SA <br>5.75%, 08/15/2029<sup>(e)</sup> |  | 3670 |  | 2890052 |
|  AMC Networks, Inc. <br>4.25%, 02/15/2029 |  | 3809 |  | 2954679 |
|  Banijay Entertainment SASU<br>3.50%, 03/01/2025<sup>(e)</sup> | EUR | 600 |  | 557936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/2025<sup>(e)</sup> | U.S.$| 455 |  | 421931 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(e)</sup> |  | 688 |  | 559151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(e)</sup> |  | 6459 |  | 4919756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(e)</sup> |  | 519 |  | 416067 |
|  CSC Holdings LLC<br>5.00%, 11/15/2031<sup>(e)</sup> |  | 1045 |  | 756987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030<sup>(e)</sup> |  | 230 |  | 177100 |
|  DISH DBS Corp.<br>5.125%, 06/01/2029 |  | 635 |  | 429209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(e)</sup> |  | 289 |  | 250930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/2026 |  | 302 |  | 255123 |
|  iHeartCommunications, Inc. <br>6.375%, 05/01/2026 |  | 0 | <sup>\*\*</sup> | 333 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(e)</sup> |  | 3282 |  | 2889276 |

---

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  National CineMedia LLC <br>5.875%, 04/15/2028<sup>(e)</sup> | U.S.$| 2267 | $911085 |
|  Sinclair Television Group, Inc. <br>5.50%, 03/01/2030<sup>(e)</sup> |  | 2251 | 1683208 |
|  |  |  | 24854431 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Intelsat Jackson Holdings SA <br>Zero Coupon, 08/01/2023<sup>(h)(i)(k)</sup> |  | 4941 | – 0 |
|  Kaixo Bondco Telecom SA <br>5.125%, 09/30/2029<sup>(e)</sup> | EUR | 4070 | 3240627 |
|  Vmed O2 UK Financing I PLC <br>4.75%, 07/15/2031<sup>(e)</sup> | U.S.$| 1329 | 1078630 |
|  |  |  | 4319257 |
|  **Consumer Cyclical - Automotive – 0.7%** |  |  |  |
|  Clarios Global LP/Clarios US Finance Co. <br>4.375%, 05/15/2026<sup>(e)</sup> | EUR | 360 | 331450 |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(e)</sup> | U.S.$| 2682 | 2349942 |
|  Exide Technologies<br>(Exchange Priority)<br>11.00%, 10/31/2024<sup>(h)(k)(m)</sup> |  | 2273 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; (First Lien)<br>11.00%, 10/31/2024<sup>(h)(i)(k)(m)</sup> |  | 933 | – 0 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 |  | 4859 | 4452010 |
|  IHO Verwaltungs GmbH<br>3.625% (3.625% Cash or 4.375% PIK), 05/15/2025<sup>(e)(l)</sup> | EUR | 560 | 500774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875% (3.875% Cash or 4.625% PIK), 05/15/2027<sup>(e)(l)</sup> |  | 623 | 488868 |
|  Jaguar Land Rover Automotive PLC<br>5.50%, 07/15/2029<sup>(e)</sup> | U.S.$| 2707 | 1909220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2025<sup>(e)</sup> |  | 1661 | 1532871 |
|  Mclaren Finance PLC <br>7.50%, 08/01/2026<sup>(e)</sup> |  | 6471 | 5146580 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(e)</sup> |  | 1509 | 1295793 |
|  Tenneco, Inc. <br>5.00%, 07/15/2026 |  | 680 | 677355 |
|  |  |  | 18684863 |
|  **Consumer Cyclical - Entertainment – 0.9%** |  |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(e)</sup> |  | 1841 | 1485448 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 25** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(e)</sup> | U.S.$| 2598 | $1803064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/01/2027<sup>(e)</sup> |  | 1508 | 1405984 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>5.50%, 05/01/2025<sup>(e)</sup> |  | 8053 | 7998239 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(e)</sup> |  | 779 | 697820 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(e)</sup> |  | 433 | 339771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(e)</sup> |  | 82 | 66966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(e)</sup> |  | 1617 | 1245106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(e)</sup> |  | 2358 | 2538646 |
|  SeaWorld Parks & Entertainment, Inc. <br>8.75%, 05/01/2025<sup>(e)</sup> |  | 4017 | 4120478 |
|  Viking Cruises Ltd.<br>5.875%, 09/15/2027<sup>(e)</sup> |  | 1057 | 844797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/2025<sup>(e)</sup> |  | 888 | 954360 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(e)</sup> |  | 1376 | 1073404 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(e)</sup> |  | 75 | 62491 |
|  |  |  | 24636574 |
|  **Consumer Cyclical - Other – 0.6%** |  |  |  |
|  Adams Homes, Inc. <br>7.50%, 02/15/2025<sup>(e)</sup> |  | 2232 | 1804795 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(e)</sup> |  | 1846 | 1611558 |
|  Caesars Entertainment, Inc. <br>4.625%, 10/15/2029<sup>(e)</sup> |  | 213 | 170449 |
|  Empire Communities Corp. <br>7.00%, 12/15/2025<sup>(e)</sup> |  | 1386 | 1201357 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875%, 07/01/2031<sup>(e)</sup> |  | 140 | 114513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(e)</sup> |  | 1864 | 1604102 |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028<sup>(e)</sup> |  | 846 | 749209 |
|  Marriott Ownership Resorts, Inc. <br>6.125%, 09/15/2025<sup>(e)</sup> |  | 810 | 801293 |
|  NAC Aviation 29 DAC <br>4.75%, 06/30/2026<sup>(h)</sup> |  | 5881 | 4725968 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. <br>5.875%, 09/01/2031<sup>(e)</sup> |  | 392 | 278202 |

---

---

| | |
|:---|:---|
| **26 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Travel + Leisure Co. <br>6.625%, 07/31/2026<sup>(e)</sup> | U.S.$| 2404 | $| 2345727 |
|  |  |  |  | 15407173 |
|  **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** | **Consumer Cyclical - Restaurants – 0.1%** |
|  1011778 BC ULC/New Red Finance, Inc. <br>3.875%, 01/15/2028<sup>(e)</sup> |  | 1546 |  | 1360109 |
|  **Consumer Cyclical - Retailers – 0.7%** | **Consumer Cyclical - Retailers – 0.7%** | **Consumer Cyclical - Retailers – 0.7%** | **Consumer Cyclical - Retailers – 0.7%** | **Consumer Cyclical - Retailers – 0.7%** |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(e)</sup> |  | 845 |  | 669553 |
|  Bath & Body Works, Inc.<br>6.75%, 07/01/2036 |  | 704 |  | 581039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 |  | 2210 |  | 1879273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 |  | 236 |  | 223832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/01/2025<sup>(e)</sup> |  | 185 |  | 192753 |
|  Dufry One BV <br>2.50%, 10/15/2024<sup>(e)</sup> | EUR | 1810 |  | 1710475 |
|  FirstCash, Inc. <br>5.625%, 01/01/2030<sup>(e)</sup> | U.S.$| 66 |  | 59063 |
|  Foundation Building Materials, Inc. <br>6.00%, 03/01/2029<sup>(e)</sup> |  | 1143 |  | 799711 |
|  Gap, Inc. (The) <br>3.625%, 10/01/2029<sup>(e)</sup> |  | 873 |  | 613326 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(e)</sup> |  | 2225 |  | 1790547 |
|  Michaels Cos, Inc. (The) <br>7.875%, 05/01/2029<sup>(e)</sup> |  | 4529 |  | 2537101 |
|  PetSmart, Inc./PetSmart Finance Corp. <br>7.75%, 02/15/2029<sup>(e)</sup> |  | 1480 |  | 1389513 |
|  Rite Aid Corp. <br>7.50%, 07/01/2025<sup>(e)</sup> |  | 1748 |  | 1231623 |
|  SRS Distribution, Inc. <br>6.125%, 07/01/2029<sup>(e)</sup> |  | 548 |  | 450171 |
|  Staples, Inc.<br>7.50%, 04/15/2026<sup>(e)</sup> |  | 2956 |  | 2570892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/2027<sup>(a)(e)</sup> |  | 1108 |  | 804463 |
|  TPro Acquisition Corp. <br>11.00%, 10/15/2024<sup>(e)</sup> |  | 716 |  | 701838 |
|  |  |  |  | 18205173 |
|  **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%** |
|  CHS/Community Health Systems, Inc. <br>6.875%, 04/15/2029<sup>(e)</sup> |  | 2079 |  | 856964 |
|  Cidron Aida Finco SARL <br>5.00%, 04/01/2028<sup>(e)</sup> | EUR | 496 |  | 384496 |
|  Garden Spinco Corp. <br>8.625%, 07/20/2030<sup>(e)</sup> | U.S.$| 1594 |  | 1649057 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 27** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Legacy LifePoint Health LLC <br>4.375%, 02/15/2027<sup>(e)</sup> | U.S.$| 695 | $| 548737 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC <br>10.00%, 06/15/2029<sup>(e)</sup> |  | 162 |  | 90735 |
|  Medline Borrower LP <br>5.25%, 10/01/2029<sup>(e)</sup> |  | 1374 |  | 1071005 |
|  Radiology Partners, Inc. <br>9.25%, 02/01/2028<sup>(e)</sup> |  | 3294 |  | 1753627 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. <br>9.75%, 12/01/2026<sup>(e)</sup> |  | 3840 |  | 3067008 |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(e)</sup> |  | 1383 |  | 1252237 |
|  |  |  |  | 10673866 |
|  **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** | **Energy – 1.2%** |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.625%, 12/15/2025<sup>(e)</sup> |  | 1896 |  | 1876623 |
|  Citgo Holding, Inc. <br>9.25%, 08/01/2024<sup>(e)</sup> |  | 737 |  | 738024 |
|  CITGO Petroleum Corp. <br>7.00%, 06/15/2025<sup>(e)</sup> |  | 2880 |  | 2838787 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026<sup>(e)</sup> |  | 1339 |  | 1241735 |
|  Diamond Foreign Asset Co./Diamond Finance LLC<br>13.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(e)(l)</sup> |  | 87 |  | 78865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(l)</sup> |  | 76 |  | 69249 |
|  Encino Acquisition Partners Holdings LLC <br>8.50%, 05/01/2028<sup>(e)</sup> |  | 826 |  | 781396 |
|  EQM Midstream Partners LP<br>4.50%, 01/15/2029<sup>(e)</sup> |  | 145 |  | 123259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(e)</sup> |  | 319 |  | 266505 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>6.25%, 05/15/2026 |  | 1149 |  | 1076050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 |  | 123 |  | 118154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 |  | 4346 |  | 4143433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 |  | 996 |  | 966967 |
|  Global Partners LP/GLP Finance Corp. <br>6.875%, 01/15/2029 |  | 1924 |  | 1751456 |
|  Gulfport Energy Corp.<br>6.00%, 10/15/2024<sup>(i)</sup> |  | 438 |  | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2025<sup>(i)</sup> |  | 1351 |  | 1689 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2026<sup>(i)</sup> | U.S.$| 1194 | $| 1492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2023<sup>(i)</sup> |  | 236 |  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/17/2026<sup>(e)</sup> |  | 580 |  | 578018 |
|  Harbour Energy PLC <br>5.50%, 10/15/2026<sup>(e)</sup> |  | 403 |  | 363220 |
|  Ithaca Energy North Sea PLC <br>9.00%, 07/15/2026<sup>(e)</sup> |  | 1684 |  | 1665055 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(e)</sup> |  | 2772 |  | 2231321 |
|  Nabors Industries Ltd. | Nabors Industries Ltd. | Nabors Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/2026<sup>(e)</sup> |  | 925 |  | 891996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(e)</sup> |  | 1372 |  | 1266040 |
|  New Fortress Energy, Inc. <br>6.75%, 09/15/2025<sup>(e)</sup> |  | 1399 |  | 1373748 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.50%, 02/01/2026<sup>(e)</sup> |  | 4696 |  | 4251571 |
|  Occidental Petroleum Corp.<br>5.875%, 09/01/2025 |  | 38 |  | 38341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/2025 |  | 755 |  | 801191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/2030 |  | 891 |  | 1018716 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. <br>8.50%, 10/15/2026<sup>(e)</sup> |  | 1560 |  | 1497990 |
|  Transocean Phoenix 2 Ltd. <br>7.75%, 10/15/2024<sup>(e)</sup> |  | 120 |  | 119297 |
|  |  |  |  | 32171030 |
|  **Services – 0.7%** | **Services – 0.7%** | **Services – 0.7%** | **Services – 0.7%** | **Services – 0.7%** |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. <br>9.75%, 07/15/2027<sup>(e)</sup> |  | 1513 |  | 1315569 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(e)</sup> |  | 458 |  | 333850 |
|  APX Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2029<sup>(e)</sup> |  | 3592 |  | 2834375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027<sup>(e)</sup> |  | 3506 |  | 3426729 |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(e)</sup> |  | 2427 |  | 2103263 |
|  Garda World Security Corp. <br>9.50%, 11/01/2027<sup>(e)</sup> |  | 3358 |  | 3042684 |
|  ION Trading Technologies SARL <br>5.75%, 05/15/2028<sup>(e)</sup> |  | 284 |  | 228634 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(e)</sup> |  | 3319 |  | 2390178 |
|  Monitronics International, Inc. <br>0.00%, 04/01/2020<sup>(h)(i)(j)(k)</sup> |  | 1835 |  | – 0 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 29** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  MPH Acquisition Holdings LLC <br>5.75%, 11/01/2028<sup>(a)(e)</sup> | U.S.$| 4123 | $| 3185718 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. <br>6.25%, 01/15/2028<sup>(e)</sup> |  | 473 |  | 438041 |
|  |  |  |  | 19299041 |
|  **Technology – 0.6%** | **Technology – 0.6%** | **Technology – 0.6%** | **Technology – 0.6%** | **Technology – 0.6%** |
|  Avaya, Inc. <br>6.125%, 09/15/2028<sup>(e)</sup> |  | 1487 |  | 629120 |
|  Cablevision Lightpath LLC <br>5.625%, 09/15/2028<sup>(e)</sup> |  | 1847 |  | 1467128 |
|  CommScope, Inc. <br>4.75%, 09/01/2029<sup>(e)</sup> |  | 381 |  | 322558 |
|  Entegris Escrow Corp. <br>5.95%, 06/15/2030<sup>(e)</sup> |  | 2001 |  | 1828494 |
|  NCR Corp.<br>5.125%, 04/15/2029<sup>(e)</sup> |  | 1017 |  | 852704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2027<sup>(e)</sup> |  | 23 |  | 22187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/01/2029<sup>(e)</sup> |  | 366 |  | 350599 |
|  NortonLifeLock, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/2027<sup>(e)</sup> |  | 1528 |  | 1507357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 09/30/2030<sup>(e)</sup> |  | 1528 |  | 1508075 |
|  Presidio Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 02/01/2027<sup>(e)</sup> |  | 165 |  | 152270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2028<sup>(e)</sup> |  | 1836 |  | 1635766 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.50%, 09/01/2025<sup>(e)</sup> |  | 6350 |  | 5339397 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(e)</sup> |  | 947 |  | 681442 |
|  |  |  |  | 16297097 |
|  **Transportation - Services – 0.4%** |  |  |  |  |
|  AerCap Global Aviation Trust <br>6.50%, 06/15/2045<sup>(e)</sup> |  | 1944 |  | 1775202 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. <br>6.125%, 10/15/2026<sup>(e)</sup> |  | 842 |  | 719775 |
|  BCP V Modular Services Finance II PLC <br>4.75%, 11/30/2028<sup>(e)</sup> | EUR | 264 |  | 214719 |
|  BCP V Modular Services Finance PLC <br>6.75%, 11/30/2029<sup>(e)</sup> |  | 2585 |  | 1769385 |
|  EC Finance PLC <br>3.00%, 10/15/2026<sup>(e)</sup> |  | 869 |  | 756937 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(e)</sup> |  | 2338 |  | 2048699 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(e)</sup> | U.S.$| 3304 |  | 2685293 |
|  |  |  |  | 9970010 |
|  |  |  |  | 220692260 |

---

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Financial Institutions – 2.1%** |  |  |  |
|  **Banking – 1.0%** |  |  |  |
|  Ally Financial, Inc. <br>Series B <br>4.70%, 05/15/2026<sup>(f)</sup> | U.S.$| 3727 | $2699802 |
|  Banco Bilbao Vizcaya Argentaria SA <br>Series 9 <br>6.50%, 03/05/2025<sup>(f)</sup> |  | 1800 | 1616058 |
|  Bread Financial Holdings, Inc.<br>4.75%, 12/15/2024<sup>(e)</sup> |  | 3513 | 3089508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2026<sup>(e)</sup> |  | 824 | 711277 |
|  Credit Suisse Group AG<br>5.25%, 02/11/2027<sup>(e)(f)</sup> |  | 4846 | 3440660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/18/2024<sup>(e)(f)</sup> |  | 640 | 538739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/21/2026<sup>(e)(f)</sup> |  | 3961 | 2969007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/17/2023<sup>(e)(f)</sup> |  | 4684 | 4150679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/11/2023<sup>(e)(f)</sup> |  | 2150 | 1956908 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025<sup>(f)</sup> |  | 2197 | 2129113 |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024<sup>(e)</sup> |  | 999 | 953795 |
|  Societe Generale SA <br>8.00%, 09/29/2025<sup>(e)(f)</sup> |  | 2015 | 1986690 |
|  |  |  | 26242236 |
|  **Brokerage – 0.3%** |  |  |  |
|  Advisor Group Holdings, Inc. <br>10.75%, 08/01/2027<sup>(e)</sup> |  | 4330 | 4323722 |
|  NFP Corp.<br>6.875%, 08/15/2028<sup>(e)</sup> |  | 2285 | 1969167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/2030<sup>(e)</sup> |  | 1206 | 1156843 |
|  |  |  | 7449732 |
|  **Finance – 0.3%** |  |  |  |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(e)(f)</sup> |  | 1325 | 986993 |
|  Castlelake Aviation Finance DAC <br>5.00%, 04/15/2027<sup>(e)</sup> |  | 1799 | 1528772 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028<sup>(e)</sup> |  | 3057 | 1804394 |
|  Enova International, Inc. <br>8.50%, 09/01/2024<sup>(e)</sup> |  | 3418 | 3209160 |
|  Lincoln Financing SARL <br>3.625%, 04/01/2024<sup>(e)</sup> | EUR | 759 | 726627 |
|  |  |  | 8255946 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 31** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Insurance – 0.3%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc.<br>7.00%, 11/15/2025<sup>(e)</sup> | U.S.$| 4241 | $4020553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.125%, 08/01/2026<sup>(e)</sup> |  | 831 | 829537 |
|  Ardonagh Midco 2 PLC <br>11.50% (11.50% Cash or 12.75% PIK), 01/15/2027<sup>(e)(l)</sup> |  | 1789 | 1764403 |
|  AssuredPartners, Inc. <br>5.625%, 01/15/2029<sup>(e)</sup> |  | 2222 | 1827262 |
|  |  |  | 8441755 |
|  **Other Finance – 0.1%** |  |  |  |
|  Intrum AB<br>3.00%, 09/15/2027<sup>(a)(e)</sup> | EUR | 1490 | 1118416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/2026<sup>(e)</sup> |  | 1040 | 838083 |
|  |  |  | 1956499 |
|  **REITs – 0.1%** |  |  |  |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL <br>4.50%, 04/01/2027<sup>(e)</sup> | U.S.$| 320 | 272954 |
|  Diversified Healthcare Trust <br>9.75%, 06/15/2025 |  | 695 | 656511 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <br>4.875%, 05/15/2029<sup>(e)</sup> |  | 1270 | 1085520 |
|  |  |  | 2014985 |
|  |  |  | 54361153 |
|  **Utility – 0.3%** |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(e)(f)</sup> |  | 3399 | 3020725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(e)(f)</sup> |  | 4113 | 3906528 |
|  |  |  | 6927253 |
|  **Natural Gas – 0.0%** |  |  |  |
|  AmeriGas Partners LP / AmeriGas Finance Corp. <br>5.875%, 08/20/2026 |  | 488 | 458564 |
|  **Other Utility – 0.0%** |  |  |  |
|  Solaris Midstream Holdings LLC <br>7.625%, 04/01/2026<sup>(e)</sup> |  | 1318 | 1260996 |
|  |  |  | 8646813 |
|  Total Corporates - Non-Investment Grade <br>(cost $337,667,866) |  |  | 283700226 |

---

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **COLLATERALIZED LOAN OBLIGATIONS – 5.1%** |  |  |  |
|  **CLO - Floating Rate – 5.1%** | **CLO - Floating Rate – 5.1%** | **CLO - Floating Rate – 5.1%** | **CLO - Floating Rate – 5.1%** |
|  Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class CR <br>6.079% (LIBOR 3 Month + 2.00%),<br>04/17/2033<sup>(e)(g)</sup> | U.S.$| 9437 | $8645111 |
|  Balboa Bay Loan Funding Ltd.<br>Series 2020-1A, Class DR<br>7.393% (LIBOR 3 Month + 3.15%),<br>01/20/2032<sup>(e)(g)</sup> |  | 1935 | 1685942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class D<br>7.293% (LIBOR 3 Month + 3.05%),<br>07/20/2034<sup>(e)(g)</sup> |  | 2750 | 2301409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class D<br>7.963% (SOFR + 4.00%),<br>04/20/2034<sup>(e)(g)</sup> |  | 7850 | 7161869 |
|  Ballyrock CLO 15 Ltd. <br>Series 2021-1A, Class C <br>7.179% (LIBOR 3 Month + 3.10%),<br>04/15/2034<sup>(e)(g)</sup> |  | 2750 | 2339829 |
|  Black Diamond CLO Ltd. <br>Series 2016-1A, Class A2AR <br>6.077% (LIBOR 3 Month + 1.75%),<br>04/26/2031<sup>(e)(g)</sup> |  | 5300 | 4966471 |
|  BlueMountain Fuji US CLO II Ltd. <br>Series 2017-2A, Class D <br>10.393% (LIBOR 3 Month + 6.15%),<br>10/20/2030<sup>(e)(g)</sup> |  | 3300 | 2584804 |
|  CBAM Ltd. <br>Series 2018-7A, Class B1 <br>5.843% (LIBOR 3 Month + 1.60%),<br>07/20/2031<sup>(e)(g)</sup> |  | 1996 | 1871489 |
|  CIFC Funding Ltd. <br>Series 2020-4A, Class D <br>7.479% (LIBOR 3 Month + 3.40%),<br>01/15/2034<sup>(e)(g)</sup> |  | 300 | 265222 |
|  Crown Point CLO 11 Ltd. <br>Series 2021-11A, Class D <br>7.679% (LIBOR 3 Month + 3.60%),<br>01/17/2034<sup>(e)(g)</sup> |  | 2000 | 1780808 |
|  Dryden 49 Senior Loan Fund <br>Series 2017-49A, Class E <br>10.494% (LIBOR 3 Month + 6.30%),<br>07/18/2030<sup>(e)(g)</sup> |  | 605 | 492983 |
|  Dryden 78 CLO Ltd.<br>Series 2020-78A, Class C<br>6.029% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(e)(g)</sup> |  | 1480 | 1363799 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 33** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-78A, Class D<br>7.079% (LIBOR 3 Month + 3.00%), 04/17/2033<sup>(e)(g)</sup> | U.S.$| 6824 | $5929582 |
|  Dryden 98 CLO Ltd. <br>Series 2022-98A, Class D <br>7.063% (SOFR + 3.10%), 04/20/2035<sup>(e)(g)</sup> |  | 4850 | 4217250 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class D1 <br>7.929% (LIBOR 3 Month + 3.85%), 04/15/2033<sup>(e)(g)</sup> |  | 4490 | 3935656 |
|  Elmwood CLO VII Ltd. <br>Series 2020-4A, Class D <br>7.679% (LIBOR 3 Month + 3.60%), 01/17/2034<sup>(e)(g)</sup> |  | 4200 | 3763574 |
|  Elmwood CLO VIII Ltd. <br>Series 2021-1A, Class D1 <br>7.243% (LIBOR 3 Month + 3.00%), 01/20/2034<sup>(e)(g)</sup> |  | 1000 | 881091 |
|  Elmwood CLO XII Ltd. <br>Series 2021-5A, Class D <br>7.293% (LIBOR 3 Month + 3.05%), 01/20/2035<sup>(e)(g)</sup> |  | 4850 | 4163546 |
|  Galaxy 30 Clo Ltd. <br>Series 2022-30A, Class D <br>7.214% (SOFR + 3.35%), 04/15/2035<sup>(e)(g)</sup> |  | 6350 | 5574684 |
|  GoldenTree Loan Opportunities IX Ltd. <br>Series 2014-9A, Class DR2 <br>7.415% (LIBOR 3 Month + 3.00%),<br>10/29/2029<sup>(e)(g)</sup> |  | 2815 | 2539974 |
|  Greywolf CLO VI Ltd. <br>Series 2018-1A, Class A2 <br>5.957% (LIBOR 3 Month + 1.63%),<br>04/26/2031<sup>(e)(g)</sup> |  | 5300 | 5041572 |
|  Halcyon Loan Advisors Funding Ltd.<br>Series 2018-1A, Class A2<br>6.043% (LIBOR 3 Month + 1.80%), 07/21/2031<sup>(e)(g)</sup> |  | 1826 | 1708187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class C<br>7.443% (LIBOR 3 Month + 3.20%), 07/21/2031<sup>(e)(g)</sup> |  | 2000 | 1654388 |
|  Madison Park Funding LI Ltd. <br>Series 2021-51A, Class D <br>7.277% (LIBOR 3 Month + 3.05%), 07/19/2034<sup>(e)(g)</sup> |  | 3650 | 3144979 |

---

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Magnetite XXV Ltd. <br>Series 2020-25A, Class D <br>7.658% (LIBOR 3 Month + 3.30%), 01/25/2032<sup>(e)(g)</sup> | U.S.$| 3000 | $2690217 |
|  Northwoods Capital XII-B Ltd. <br>Series 2018-12BA, Class B <br>5.143% (LIBOR 3 Month + 1.85%), 06/15/2031<sup>(e)(g)</sup> |  | 1350 | 1263805 |
|  OCP CLO Ltd. <br>Series 2021-21A, Class D <br>7.193% (LIBOR 3 Month + 2.95%), 07/20/2034<sup>(e)(g)</sup> |  | 4750 | 3988337 |
|  Octagon Investment Partners 29 Ltd. <br>Series 2016-1A, Class DR <br>7.425% (LIBOR 3 Month + 3.10%), 01/24/2033<sup>(e)(g)</sup> |  | 6571 | 5714266 |
|  OZLM VII Ltd. <br>Series 2014-7RA, Class CR <br>7.079% (LIBOR 3 Month + 3.00%), 07/17/2029<sup>(e)(g)</sup> |  | 1000 | 880676 |
|  OZLM XVIII Ltd. <br>Series 2018-18A, Class B <br>5.629% (LIBOR 3 Month + 1.55%), 04/15/2031<sup>(e)(g)</sup> |  | 5450 | 5072735 |
|  Palmer Square CLO Ltd. <br>Series 2021-3A, Class D <br>7.029% (LIBOR 3 Month + 2.95%), 01/15/2035<sup>(e)(g)</sup> |  | 2400 | 2051184 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class D <br>7.263% (SOFR + 3.30%), 04/20/2035<sup>(e)(g)</sup> |  | 4423 | 3813343 |
|  Regatta XX Funding Ltd. <br>Series 2021-2A, Class D <br>7.179% (LIBOR 3 Month + 3.10%), 10/15/2034<sup>(e)(g)</sup> |  | 3500 | 3077476 |
|  Regatta XXIV Funding Ltd. <br>Series 2021-5A, Class D <br>7.343% (LIBOR 3 Month + 3.10%), 01/20/2035<sup>(e)(g)</sup> |  | 7500 | 6269325 |
|  Rockford Tower CLO Ltd.<br>Series 2017-2A, Class DR<br>6.929% (LIBOR 3 Month + 2.85%), 10/15/2029<sup>(e)(g)</sup> |  | 4444 | 3908425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D<br>7.493% (LIBOR 3 Month + 3.25%), 07/20/2034<sup>(e)(g)</sup> |  | 950 | 804638 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 35** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D<br>7.493% (LIBOR 3 Month + 3.25%), 10/20/2034<sup>(e)(g)</sup> | U.S.$| 8550 | $| 7193808 |
|  Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class D <br>7.393% (LIBOR 3 Month + 3.15%), 01/20/2034<sup>(e)(g)</sup> |  | 2400 |  | 2087153 |
|  Sixth Street CLO XX Ltd. <br>Series 2021-20A, Class D <br>7.293% (LIBOR 3 Month + 3.05%), 10/20/2034<sup>(e)(g)</sup> |  | 3250 |  | 2787392 |
|  Venture XXVII CLO Ltd. <br>Series 2017-27A, Class D <br>8.243% (LIBOR 3 Month + 4.00%), 07/20/2030<sup>(e)(g)</sup> |  | 1591 |  | 1364897 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>6.929% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(e)(g)</sup> |  | 4595 |  | 3928644 |
|  Total Collateralized Loan Obligations <br>(cost $153,546,563) |  |  |  | 134910540 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 4.7%** |  |  |  |  |
|  **Risk Share Floating Rate – 4.2%** | **Risk Share Floating Rate – 4.2%** | **Risk Share Floating Rate – 4.2%** | **Risk Share Floating Rate – 4.2%** | **Risk Share Floating Rate – 4.2%** |
|  Bellemeade Re Ltd.<br>Series 2018-3A, Class M1B<br>5.436% (LIBOR 1 Month + 1.85%), 10/25/2028<sup>(e)(g)</sup> |  | 249 |  | 248612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class M2<br>6.286% (LIBOR 1 Month + 2.70%), 03/25/2029<sup>(e)(g)</sup> |  | 1340 |  | 1327108 |
|  Connecticut Avenue Securities Trust <br>Series 2022-R03, Class 1M2 <br>6.497% (SOFR + 3.50%), 03/25/2042<sup>(e)(g)</sup> |  | 2657 |  | 2527526 |
|  Eagle Re Ltd. <br>Series 2018-1, Class M1 <br>5.286% (LIBOR 1 Month + 1.70%), 11/25/2028<sup>(e)(g)</sup> |  | 513 |  | 509187 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2<br>7.836% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(g)</sup> |  | 1403 |  | 1424968 |

---

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| | |
|:---|:---|
| **36 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DN1, Class B<br>15.086% (LIBOR 1 Month + 11.50%), 01/25/2025<sup>(g)</sup> | U.S.$| 1559 | $1578606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA2, Class B<br>11.136% (LIBOR 1 Month + 7.55%), 12/25/2027<sup>(g)</sup> |  | 1432 | 1434033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DNA3, Class B<br>12.936% (LIBOR 1 Month + 9.35%), 04/25/2028<sup>(g)</sup> |  | 2462 | 2507773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA1, Class B<br>12.386% (LIBOR 1 Month + 8.80%), 03/25/2028<sup>(g)</sup> |  | 1569 | 1550813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DNA1, Class B<br>13.586% (LIBOR 1 Month + 10.00%), 07/25/2028<sup>(g)</sup> |  | 2219 | 2245761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA2, Class B1<br>8.736% (LIBOR 1 Month + 5.15%), 10/25/2029<sup>(g)</sup> |  | 5178 | 5430715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA3, Class B1<br>8.036% (LIBOR 1 Month + 4.45%), 03/25/2030<sup>(g)</sup> |  | 4550 | 4616257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HQA3, Class B1<br>8.036% (LIBOR 1 Month + 4.45%), 04/25/2030<sup>(g)</sup> |  | 9090 | 8961522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-DNA2, Class B1<br>7.286% (LIBOR 1 Month + 3.70%), 12/25/2030<sup>(e)(g)</sup> |  | 7000 | 6880231 |
|  Federal National Mortgage Association<br>Connecticut Avenue Securities<br>Series 2014-C01, Class M2<br>7.986% (LIBOR 1 Month + 4.40%), 01/25/2024<sup>(g)</sup> |  | 1824 | 1845288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>8.486% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(g)</sup> |  | 2366 | 2431097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 2M2<br>8.586% (LIBOR 1 Month + 5.00%), 11/25/2024<sup>(g)</sup> |  | 81 | 81080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>8.586% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(g)</sup> |  | 881 | 895198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 2M2<br>9.136% (LIBOR 1 Month + 5.55%), 04/25/2028<sup>(g)</sup> |  | 1185 | 1214572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>10.336% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(g)</sup> |  | 1065 | 1106872 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 37** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2<br>10.536% (LIBOR 1 Month + 6.95%), 08/25/2028<sup>(g)</sup> | U.S.$| 476 | $490289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.586% (LIBOR 1 Month + 6.00%), 09/25/2028<sup>(g)</sup> |  | 2286 | 2361616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C05, Class 2B <br>14.335% (LIBOR 1 Month + 10.75%), 01/25/2029<sup>(g)</sup> |  | 2739 | 2810744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class 2B<br>13.086% (LIBOR 1 Month + 9.50%), 05/25/2029<sup>(g)</sup> |  | 1187 | 1179459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class 1B1<br>9.336% (LIBOR 1 Month + 5.75%), 07/25/2029<sup>(g)</sup> |  | 5579 | 5944826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class 1B1<br>8.436% (LIBOR 1 Month + 4.85%), 10/25/2029<sup>(g)</sup> |  | 7080 | 7337434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class 1B1<br>7.186% (LIBOR 1 Month + 3.60%), 01/25/2030<sup>(g)</sup> |  | 7280 | 7169586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C03, Class 1B1<br>7.336% (LIBOR 1 Month + 3.75%), 10/25/2030<sup>(g)</sup> |  | 7250 | 7161686 |
|  Home Re Ltd.<br>Series 2019-1, Class B1<br>7.936% (LIBOR 1 Month + 4.35%), 05/25/2029<sup>(g)(m)</sup> |  | 2000 | 1965980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M2<br>8.836% (LIBOR 1 Month + 5.25%), 10/25/2030<sup>(e)(g)</sup> |  | 4734 | 4728325 |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2014-CH1, Class M2<br>7.836% (LIBOR 1 Month + 4.25%), 11/25/2024<sup>(g)(m)</sup> |  | 355 | 340946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CH1, Class M2<br>9.086% (LIBOR 1 Month + 5.50%), 10/25/2025<sup>(g)(m)</sup> |  | 651 | 636339 |
|  PMT Credit Risk Transfer Trust<br>Series 2019-2R, Class A<br>6.346% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(e)(g)</sup> |  | 1370 | 1306085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1R, Class A<br>5.946% (LIBOR 1 Month + 2.35%), 02/27/2023<sup>(g)(m)</sup> |  | 1892 | 1782952 |

---

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| | |
|:---|:---|
| **38 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Radnor Re Ltd.<br>Series 2019-1, Class M1B<br>5.536% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(e)(g)</sup> | U.S.$| 2673 | $2615238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class M2<br>6.786% (LIBOR 1 Month + 3.20%), 02/25/2029<sup>(e)(g)</sup> |  | 6106 | 5783169 |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.897% (SOFR + 1.90%), 02/25/2034<sup>(e)(g)</sup> |  | 7447 | 7403824 |
|  Wells Fargo Credit Risk Transfer Securities Trust <br>Series 2015-WF1, Class 1M2 <br>8.836% (LIBOR 1 Month + 5.25%), 11/25/2025<sup>(g)(m)</sup> |  | 236 | 217981 |
|  |  |  | 110053698 |
|  **Agency Floating Rate – 0.4%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 3119, Class PI<br>3.788% (7.20% – LIBOR 1 Month), 02/15/2036<sup>(g)(n)</sup> |  | 908 | 118896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3856, Class KS<br>3.138% (6.55% – LIBOR 1 Month), 05/15/2041<sup>(g)(n)</sup> |  | 5290 | 508691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4248, Class SL<br>2.638% (6.05% – LIBOR 1 Month), 05/15/2041<sup>(g)(n)</sup> |  | 514 | 32872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4372, Class JS<br>2.688% (6.10% – LIBOR 1 Month), 08/15/2044<sup>(g)(n)</sup> |  | 2737 | 235705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4570, Class ST<br>2.588% (6.00% – LIBOR 1 Month), 04/15/2046<sup>(g)(n)</sup> |  | 1277 | 118448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4735, Class SA<br>2.788% (6.20% – LIBOR 1 Month), 12/15/2047<sup>(g)(n)</sup> |  | 6299 | 614723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4763, Class SB<br>3.588% (7.00% – LIBOR 1 Month), 03/15/2048<sup>(g)(n)</sup> |  | 8758 | 1198280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774, Class BS<br>2.788% (6.20% – LIBOR 1 Month), 02/15/2048<sup>(g)(n)</sup> |  | 4262 | 449461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4774, Class SL<br>2.788% (6.20% – LIBOR 1 Month), 04/15/2048<sup>(g)(n)</sup> |  | 5775 | 599130 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 39** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4927, Class SJ<br>2.464% (6.05% – LIBOR 1 Month), 11/25/2049<sup>(g)(n)</sup> | U.S.$| 2380 | $301372 |
|  Federal National Mortgage Association REMICs<br>Series 2013-4, Class ST<br>2.564% (6.15% – LIBOR 1 Month), 02/25/2043<sup>(g)(n)</sup> |  | 1931 | 184244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-88, Class BS<br>2.564% (6.15% – LIBOR 1 Month), 01/25/2045<sup>(g)(n)</sup> |  | 1448 | 133289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-90, Class SA<br>2.564% (6.15% – LIBOR 1 Month), 12/25/2045<sup>(g)(n)</sup> |  | 13216 | 1535432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-69, Class DS<br>2.514% (6.10% – LIBOR 1 Month), 10/25/2046<sup>(g)(n)</sup> |  | 19899 | 1195037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-49, Class SP<br>2.564% (6.15% – LIBOR 1 Month), 07/25/2047<sup>(g)(n)</sup> |  | 1819 | 176138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-32, Class SB<br>2.614% (6.20% – LIBOR 1 Month), 05/25/2048<sup>(g)(n)</sup> |  | 3466 | 343107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-45, Class SL<br>2.614% (6.20% – LIBOR 1 Month), 06/25/2048<sup>(g)(n)</sup> |  | 2489 | 254826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-57, Class SL<br>2.614% (6.20% – LIBOR 1 Month), 08/25/2048<sup>(g)(n)</sup> |  | 7068 | 842378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-58, Class SA<br>2.614% (6.20% – LIBOR 1 Month), 08/25/2048<sup>(g)(n)</sup> |  | 3200 | 350941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-59, Class HS<br>2.614% (6.20% – LIBOR 1 Month), 08/25/2048<sup>(g)(n)</sup> |  | 7792 | 910639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA<br>2.464% (6.05% – LIBOR 1 Month), 06/25/2049<sup>(g)(n)</sup> |  | 3172 | 284926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-60, Class SJ<br>2.464% (6.05% – LIBOR 1 Month), 10/25/2049<sup>(g)(n)</sup> |  | 2830 | 293196 |
|  |  |  | 10681731 |
|  **Non-Agency Fixed Rate – 0.1%** |  |  |  |
|  Alternative Loan Trust <br>Series 2006-24CB, Class A15 <br>5.75%, 08/25/2036 |  | 869 | 486516 |

---

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| | |
|:---|:---|
| **40 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CHL Mortgage Pass-Through Trust<br>Series 2007-3, Class A30<br>5.75%, 04/25/2037 | U.S.$| 457 | $| 235762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HY4, Class 1A1<br>3.579%, 09/25/2047 |  | 158 |  | 136466 |
|  Citigroup Mortgage Loan Trust <br>Series 2007-AR4, Class 1A1A <br>3.328%, 03/25/2037 |  | 84 |  | 72638 |
|  CSMC Mortgage-Backed Trust <br>Series 2006-7, Class 3A12 <br>6.25%, 08/25/2036 |  | 322 |  | 139021 |
|  Wells Fargo Mortgage Backed Securities Trust <br>Series 2007-AR7, Class A1 <br>4.151%, 12/28/2037 |  | 542 |  | 486997 |
|  |  |  |  | 1557400 |
|  **Non-Agency Floating Rate – 0.0%** |  |  |  |  |
|  First Horizon Alternative Mortgage Securities Trust <br>Series 2007-FA2, Class 1A10 <br>3.836% (LIBOR 1 Month + 0.25%), 04/25/2037<sup>(g)</sup> |  | 322 |  | 83825 |
|  Lehman XS Trust <br>Series 2007-10H, Class 2AIO <br>3.872% (7.00% – LIBOR 1 Month), 07/25/2037<sup>(g)(n)</sup> |  | 201 |  | 17790 |
|  |  |  |  | 101615 |
|  **Agency Fixed Rate – 0.0%** |  |  |  |  |
|  Federal National Mortgage Association REMICs<br>Series 2013-87, Class KI<br>3.00%, 12/25/2037<sup>(o)</sup> |  | 203 |  | 825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-26, Class IO<br>5.00%, 05/25/2046<sup>(o)</sup> |  | 370 |  | 60385 |
|  |  |  |  | 61210 |
|  Total Collateralized Mortgage Obligations <br>(cost $125,637,322) |  |  |  | 122455654 |
|  **BANK LOANS – 3.7%** | **BANK LOANS – 3.7%** | **BANK LOANS – 3.7%** | **BANK LOANS – 3.7%** | **BANK LOANS – 3.7%** |
|  **Industrial – 3.2%** | **Industrial – 3.2%** | **Industrial – 3.2%** | **Industrial – 3.2%** | **Industrial – 3.2%** |
|  **Capital Goods – 0.3%** | **Capital Goods – 0.3%** | **Capital Goods – 0.3%** | **Capital Goods – 0.3%** | **Capital Goods – 0.3%** |
|  Apex Tool Group, LLC <br>8.624% (SOFR 1 Month + 5.25%), 02/08/2029<sup>(p)</sup> |  | 3813 |  | 3281492 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 41** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Chariot Buyer LLC <br>7.254% (LIBOR 1 Month + 3.50%), 11/03/2028<sup>(p)</sup> | U.S.$| 228 | $| 206833 |
|  Granite US Holdings Corporation <br>7.688% (LIBOR 3 Month + 4.00%), 09/30/2026<sup>(h)(p)</sup> |  | 3528 |  | 3433616 |
|  |  |  |  | 6921941 |
|  **Communications - Media – 0.1%** |  |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>8.284% (LIBOR 3 Month + 4.50%), 10/28/2027<sup>(p)</sup> |  | 1277 |  | 1108014 |
|  Coral-US Co-Borrower LLC <br>6.412% (LIBOR 1 Month + 3.00%), 10/15/2029<sup>(p)</sup> |  | 1550 |  | 1496851 |
|  iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) <br>6.754% (LIBOR 1 Month + 3.00%), 05/01/2026<sup>(p)</sup> |  | 222 |  | 209022 |
|  Univision Communications, Inc. <br>6.504% (LIBOR 1 Month + 2.75%), 03/15/2024<sup>(p)</sup> |  | 175 |  | 174066 |
|  |  |  |  | 2987953 |
|  **Communications - Telecommunications – 0.6%** |  |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>8.518% (LIBOR 1 Month + 4.75%), 04/27/2027<sup>(p)</sup> |  | 3967 |  | 3873561 |
|  Directv Financing, LLC <br>8.754% (LIBOR 1 Month + 5.00%), 08/02/2027<sup>(p)</sup> |  | 2075 |  | 1972616 |
|  Proofpoint, Inc. <br>9.320% (LIBOR 3 Month + 6.25%), 08/31/2029<sup>(p)</sup> |  | 6000 |  | 5760000 |
|  Zacapa SARL <br>7.803% (SOFR 3 Month + 4.25%), 03/22/2029<sup>(p)</sup> |  | 3291 |  | 3136070 |
|  |  |  |  | 14742247 |
|  **Consumer Cyclical - Automotive – 0.0%** | **Consumer Cyclical - Automotive – 0.0%** | **Consumer Cyclical - Automotive – 0.0%** | **Consumer Cyclical - Automotive – 0.0%** | **Consumer Cyclical - Automotive – 0.0%** |
|  Clarios Global LP <br>7.004% (LIBOR 1 Month + 3.25%), 04/30/2026<sup>(p)</sup> |  | 347 |  | 336302 |
|  **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%** |
|  Caesars Resort Collection, LLC <br>6.504% (LIBOR 1 Month + 2.75%), 12/23/2024<sup>(p)</sup> |  | 3622 |  | 3578380 |

---

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| | |
|:---|:---|
| **42 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |  |
|  IRB Holding Corp. <br>5.865% (LIBOR 1 Month + 2.75%), 02/05/2025<sup>(p)</sup> | U.S.$| 550 | $| 540812 |
|  **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** | **Consumer Cyclical - Retailers – 0.1%** |
|  Great Outdoors Group, LLC <br>7.504% (LIBOR 1 Month + 3.75%), 03/06/2028<sup>(p)</sup> |  | 1189 |  | 1117402 |
|  Restoration Hardware, Inc. <br>7.079% (SOFR 1 Month + 3.25%), 10/20/2028<sup>(p)</sup> |  | 2250 |  | 2118758 |
|  |  |  |  | 3236160 |
|  **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** | **Consumer Non-Cyclical – 0.5%** |
|  Global Medical Response, Inc. <br>8.004% (LIBOR 1 Month + 4.25%), 03/14/2025<sup>(p)</sup> |  | 1131 |  | 870458 |
|  Kronos Acquisition Holdings, Inc. <br>6.820% (LIBOR 3 Month + 3.75%), 12/22/2026<sup>(p)</sup> |  | 1877 |  | 1769967 |
|  LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) <br>8.165% (LIBOR 3 Month + 3.75%), 11/16/2025<sup>(p)</sup> |  | 1018 |  | 897224 |
|  Padagis LLC <br>8.491% (LIBOR 3 Month + 4.75%), 07/06/2028<sup>(h)(p)</sup> |  | 1336 |  | 1129318 |
|  PetSmart LLC <br>7.500% (LIBOR 1 Month + 3.75%), 02/11/2028<sup>(p)</sup> |  | 4315 |  | 4144572 |
|  US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) <br>8.924% (LIBOR 3 Month + 5.25%), 12/15/2027<sup>(p)</sup> |  | 4265 |  | 3817438 |
|  |  |  |  | 12628977 |
|  **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** | **Energy – 0.4%** |
|  CITGO Petroleum Corporation <br>9.365% (LIBOR 1 Month + 6.25%), 03/28/2024<sup>(p)</sup> |  | 1570 |  | 1569165 |
|  GIP II Blue Holding, L.P. <br>8.174% (LIBOR 3 Month + 4.50%), 09/29/2028<sup>(p)</sup> |  | 3754 |  | 3715488 |
|  Parkway Generation, LLC <br>8.504% (LIBOR 1 Month + 4.75%), 02/18/2029<sup>(p)</sup> |  | 4530 |  | 4477185 |
|  |  |  |  | 9761838 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 43** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** | **Other Industrial – 0.1%** |
|  American Tire Distributors, Inc. <br>10.608% (LIBOR 3 Month + 6.25%), 10/20/2028<sup>(p)</sup> | U.S.$| 1676 | $1539285 |
|  Dealer Tire, LLC <br>8.004% (LIBOR 1 Month + 4.25%), 12/12/2025<sup>(p)</sup> |  | 1293 | 1268100 |
|  Rockwood Service Corporation <br>8.004% (LIBOR 1 Month + 4.25%), 01/23/2027<sup>(p)</sup> |  | 174 | 169156 |
|  |  |  | 2976541 |
|  **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** |
|  Amentum Government Services Holdings LLC<br>7.674% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(h)(p)</sup> |  | 330 | 321276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.170% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(p)</sup> |  | 110 | 104303 |
|  Verscend Holding Corp. <br>7.754% (LIBOR 1 Month + 4.00%), 08/27/2025<sup>(h)(p)</sup> |  | 1920 | 1894086 |
|  |  |  | 2319665 |
|  **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** | **Technology – 0.9%** |
|  Ascend Learning, LLC <br>9.504% (LIBOR 1 Month + 5.75%), 12/10/2029<sup>(p)</sup> |  | 930 | 787012 |
|  Banff Guarantor, Inc. <br>9.254% (LIBOR 1 Month + 5.50%), 02/27/2026<sup>(p)</sup> |  | 1050 | 962850 |
|  Boxer Parent Company, Inc. <br>7.504% (LIBOR 1 Month + 3.75%), 10/02/2025<sup>(p)</sup> |  | 3383 | 3247201 |
|  Endurance International Group Holdings, Inc. <br>6.698% (LIBOR 1 Month + 3.50%), 02/10/2028<sup>(p)</sup> |  | 9638 | 8181987 |
|  FINThrive Software Intermediate Holdings, Inc. <br>10.504% (LIBOR 1 Month + 6.75%), 12/17/2029<sup>(p)</sup> |  | 580 | 495610 |
|  Loyalty Ventures, Inc. <br>8.254% (LIBOR 1 Month + 4.50%), 11/03/2027<sup>(p)</sup> |  | 4472 | 1386299 |
|  Peraton Corp. <br>7.504% (LIBOR 1 Month + 3.75%), 02/01/2028<sup>(p)</sup> |  | 1605 | 1542908 |

---

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| | |
|:---|:---|
| **44 <sup>\|</sup> 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** | **U.S. $ Value** |
|  Presidio Holdings, Inc.<br>7.260% (LIBOR 1 Month + 3.50%), 01/22/2027<sup>(p)</sup> | U.S.$| 68 | $| 66072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.920% (LIBOR 3 Month + 3.50%), 01/22/2027<sup>(h)(p)</sup> |  | 1542 |  | 1508364 |
|  Veritas US, Inc. <br>8.674% (LIBOR 3 Month + 5.00%), 09/01/2025<sup>(p)</sup> |  | 5641 |  | 4522457 |
|  |  |  |  | 22700760 |
|  |  |  |  | 82731576 |
|  **Financial Institutions – 0.4%** |  |  |  |  |
|  **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** | **Finance – 0.0%** |
|  Orbit Private Holdings I Ltd. <br>8.174% (LIBOR 3 Month + 4.50%), 12/11/2028<sup>(h)(p)</sup> |  | 377 |  | 366778 |
|  **Insurance – 0.4%** |  |  |  |  |
|  Hub International Limited<br>7.232% (LIBOR 3 Month + 3.25%), 04/25/2025<sup>(p)</sup> |  | 7 |  | 60710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.528% (LIBOR 3 Month + 3.25%), 04/25/2025<sup>(p)</sup> |  | 2805 |  | 2698161 |
|  Jones DesLauriers Insurance Management, Inc. <br>12.063% (CDOR 3 Month + 7.50%), 03/26/2029<sup>(h)(p)</sup> | CAD | 7686 |  | 5218321 |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)<br>7.504% (LIBOR 1 Month + 3.75%), 09/03/2026<sup>(p)</sup> | U.S.$| 2208 |  | 2150921 |
|  |  |  |  | 10128113 |
|  |  |  |  | 10494891 |
| **Utility – 0.1%** |  |  |  |  |
|  **Electric – 0.1%** |  |  |  |  |
|  Granite Generation LLC <br>7.504% (LIBOR 1 Month + 3.75%), 11/09/2026<sup>(p)</sup> |  | 3667 |  | 3561077 |
|  Total Bank Loans <br>(cost $106,506,263) |  |  |  | 96787544 |
|  **EMERGING MARKETS - CORPORATE BONDS – 3.3%** |  |  |  |  |
|  **Industrial – 2.9%** |  |  |  |  |
|  **Basic – 0.9%** |  |  |  |  |
|  Braskem Idesa SAPI<br>6.99%, 02/20/2032<sup>(e)</sup> |  | 3579 |  | 2371553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 11/15/2029<sup>(e)</sup> |  | 2459 |  | 1865766 |

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 45** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  CSN Inova Ventures <br>6.75%, 01/28/2028<sup>(e)</sup> | U.S.$| 445 |  | $378361 |
|  CSN Resources SA<br>4.625%, 06/10/2031<sup>(e)</sup> |  | 4293 |  | 2856240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/17/2026<sup>(e)</sup> |  | 766 |  | 729998 |
|  Eldorado Gold Corp. <br>6.25%, 09/01/2029<sup>(e)</sup> |  | 2385 |  | 1929107 |
|  Indika Energy Capital IV Pte Ltd. <br>8.25%, 10/22/2025<sup>(e)</sup> |  | 4123 |  | 3875620 |
|  OCP SA <br>3.75%, 06/23/2031<sup>(e)</sup> |  | 1011 |  | 749277 |
|  Sasol Financing USA LLC <br>5.875%, 03/27/2024 |  | 1467 |  | 1424824 |
|  Stillwater Mining Co.<br>4.00%, 11/16/2026<sup>(e)</sup> |  | 953 |  | 780150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/16/2029<sup>(e)</sup> |  | 891 |  | 652212 |
|  Vedanta Resources Finance II PLC <br>13.875%, 01/21/2024<sup>(e)</sup> |  | 4716 |  | 3934323 |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026<sup>(e)</sup> |  | 1565 |  | 1302863 |
|  |  |  |  | 22850294 |
|  **Capital Goods – 0.3%** |  |  |  |  |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 4430 |  | 4040437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(e)</sup> |  | 2058 |  | 1937247 |
|  IHS Holding Ltd.<br>5.625%, 11/29/2026<sup>(e)</sup> |  | 1243 |  | 921995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/29/2028<sup>(e)</sup> |  | 410 |  | 293227 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058<sup>(e)</sup> |  | 5578 |  | 13946 |
|  |  |  |  | 7206852 |
|  **Communications - Media – 0.1%** |  |  |  |  |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(e)</sup> |  | 2296 |  | 1776828 |
|  **Communications - Telecommunications – 0.0%** |  |  |  |  |
|  C&W Senior Financing DAC <br>6.875%, 09/15/2027<sup>(e)</sup> |  | 247 |  | 213942 |
|  CT Trust <br>5.125%, 02/03/2032<sup>(e)</sup> |  | 723 |  | 575598 |
|  Digicel Group Holdings Ltd.<br>7.00%, 11/16/2022<sup>(f)(l)(m)</sup> |  | 90 |  | 6317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% (5.00% Cash and 3.00% PIK), 04/01/2025<sup>(e)(l)</sup> |  | 0 | \*\* | – 0 |

---

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| | |
|:---|:---|
| **46 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Digicel International Finance Ltd./Digicel international Holdings Ltd. <br>8.75%, 05/25/2024<sup>(e)</sup> | U.S.$| 339 | $287182 |
|  |  |  | 1083039 |
|  **Consumer Cyclical - Other – 0.2%** |  |  |  |
|  Melco Resorts Finance Ltd. <br>5.375%, 12/04/2029<sup>(e)</sup> |  | 200 | 109000 |
|  MGM China Holdings Ltd.<br>5.25%, 06/18/2025<sup>(e)</sup> |  | 895 | 771937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2024<sup>(e)</sup> |  | 569 | 465158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/15/2026<sup>(e)</sup> |  | 598 | 454253 |
|  Studio City Co., Ltd. <br>7.00%, 02/15/2027<sup>(e)</sup> |  | 336 | 270480 |
|  Studio City Finance Ltd.<br>6.00%, 07/15/2025<sup>(e)</sup> |  | 1088 | 518024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/2028<sup>(e)</sup> |  | 998 | 416228 |
|  Wynn Macau Ltd.<br>5.50%, 01/15/2026<sup>(e)</sup> |  | 2168 | 1485080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/26/2028<sup>(e)</sup> |  | 1919 | 1132210 |
|  |  |  | 5622370 |
|  **Consumer Non-Cyclical – 0.4%** |  |  |  |
|  BRF GmbH <br>4.35%, 09/29/2026<sup>(e)</sup> |  | 941 | 838666 |
|  BRF SA <br>4.875%, 01/24/2030<sup>(e)</sup> |  | 4401 | 3433606 |
|  MARB BondCo PLC <br>3.95%, 01/29/2031<sup>(e)</sup> |  | 4509 | 3314115 |
|  Natura & Co. Luxembourg Holdings SARL<br>6.00%, 04/19/2029<sup>(e)</sup> |  | 2088 | 1734971 |
|  Natura Cosmeticos SA <br>4.125%, 05/03/2028<sup>(e)</sup> |  | 2828 | 2193114 |
|  Tonon Luxembourg SA <br>6.50% (0.50% Cash and 6.00% PIK), 10/31/2024<sup>(i)(k)(l)(m)(q)</sup> |  | 871 | 87 |
|  Ulker Biskuvi Sanayi AS <br>6.95%, 10/30/2025<sup>(e)</sup> |  | 609 | 422494 |
|  Virgolino de Oliveira Finance SA<br>10.50%, 01/28/2018<sup>(h)(i)(j)(k)(m)</sup> |  | 4738 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 01/13/2020<sup>(h)(i)(j)(k)(m)</sup> |  | 750 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 02/09/2022<sup>(h)(i)(j)(k)(m)</sup> |  | 1690 | 169 |
|  |  |  | 11937771 |
|  **Energy – 0.9%** |  |  |  |
|  Acu Petroleo Luxembourg SARL <br>7.50%, 01/13/2032<sup>(e)</sup> |  | 2230 | 1740961 |
|  Gran Tierra Energy, Inc. <br>7.75%, 05/23/2027<sup>(e)</sup> |  | 1998 | 1541637 |

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 47** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Greenko Wind Projects Mauritius Ltd. <br>5.50%, 04/06/2025<sup>(e)</sup> | U.S.$| 1925 | $1631437 |
|  Kosmos Energy Ltd. <br>7.50%, 03/01/2028<sup>(e)</sup> |  | 1388 | 1087671 |
|  Leviathan Bond Ltd.<br>5.75%, 06/30/2023<sup>(e)</sup> |  | 4992 | 4935216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/30/2025<sup>(e)</sup> |  | 1763 | 1676837 |
|  Medco Platinum Road Pte Ltd. <br>6.75%, 01/30/2025<sup>(e)</sup> |  | 3831 | 3652140 |
|  MV24 Capital BV <br>6.748%, 06/01/2034<sup>(e)</sup> |  | 1593 | 1313453 |
|  Peru LNG SRL <br>5.375%, 03/22/2030<sup>(e)</sup> |  | 3367 | 2644358 |
|  ReNew Power Pvt Ltd. <br>5.875%, 03/05/2027<sup>(e)</sup> |  | 211 | 188357 |
|  SEPLAT Energy PLC <br>7.75%, 04/01/2026<sup>(e)</sup> |  | 2065 | 1596245 |
|  SierraCol Energy Andina LLC <br>6.00%, 06/15/2028<sup>(e)</sup> |  | 2098 | 1375764 |
|  |  |  | 23384076 |
|  **Services – 0.1%** |  |  |  |
|  Bidvest Group UK PLC (The) <br>3.625%, 09/23/2026<sup>(e)</sup> |  | 1667 | 1404760 |
|  **Technology – 0.0%** |  |  |  |
|  CA Magnum Holdings <br>5.375%, 10/31/2026<sup>(e)</sup> |  | 1397 | 1169987 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  JSW Infrastructure Ltd.<br>4.95%, 01/21/2029<sup>(e)</sup> |  | 583 | 434627 |
|  |  |  | 76870604 |
| **Utility – 0.3%** |  |  |  |
|  **Electric – 0.3%** |  |  |  |
|  AES Andes SA <br>6.35%, 10/07/2079<sup>(e)</sup> |  | 1816 | 1443720 |
|  India Clean Energy Holdings <br>4.50%, 04/18/2027<sup>(e)</sup> |  | 2686 | 1866770 |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029<sup>(e)</sup> |  | 1306 | 1097693 |
|  JSW Hydro Energy Ltd. <br>4.125%, 05/18/2031<sup>(e)</sup> |  | 1224 | 941848 |
|  Light Servicos de Eletricidade SA/Light Energia SA<br>4.375%, 06/18/2026<sup>(e)</sup> |  | 2245 | 1809470 |

---

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Star Energy Geothermal Wayang Windu Ltd.<br>6.75%, 04/24/2033<sup>(e)</sup> | U.S.$| 750 | $663413 |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026<sup>(m)</sup> |  | 289 | 265978 |
|  |  |  | 8088892 |
|  **Financial Institutions – 0.1%** |  |  |  |
|  **Insurance – 0.1%** |  |  |  |
|  Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc.<br>7.625% (7.625% Cash or 8.375% PIK), 10/15/2025<sup>(e)(l)</sup> |  | 1938 | 1814307 |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd.<br>4.375%, 10/25/2029<sup>(e)(l)</sup> |  | 3891 | 75951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/27/2033<sup>(e)(l)</sup> |  | 1221 | 25514 |
|  |  |  | 101465 |
|  **REITs – 0.0%** |  |  |  |
|  China Aoyuan Group Ltd.<br>5.375%, 09/13/2022<sup>(e)(i)(j)</sup> |  | 200 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/01/2027<sup>(e)(i)(q)</sup> |  | 757 | 22710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 03/01/2027<sup>(e)(i)(q)</sup> |  | 644 | 21654 |
|  China SCE Group Holdings Ltd. <br>6.00%, 02/04/2026<sup>(e)</sup> |  | 1319 | 92330 |
|  KWG Group Holdings Ltd.<br>5.95%, 08/10/2025<sup>(e)</sup> |  | 339 | 35595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/14/2026<sup>(e)</sup> |  | 400 | 37200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 01/13/2027<sup>(e)</sup> |  | 396 | 35640 |
|  Powerlong Real Estate Holdings Ltd.<br>4.90%, 05/13/2026<sup>(e)</sup> |  | 684 | 54720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/30/2025<sup>(e)</sup> |  | 689 | 48359 |
|  Shimao Group Holdings Ltd.<br>5.20%, 01/30/2025<sup>(e)(i)(q)</sup> |  | 255 | 12750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/16/2027<sup>(e)(i)(q)</sup> |  | 800 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/2026<sup>(e)(i)(q)</sup> |  | 806 | 40300 |
|  Sunac China Holdings Ltd.<br>5.95%, 04/26/2024<sup>(e)(i)(q)</sup> |  | 588 | 33810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/10/2025<sup>(e)(i)(q)</sup> |  | 229 | 12595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/26/2026<sup>(e)(i)(q)</sup> |  | 305 | 16775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 08/03/2024<sup>(e)(i)(q)</sup> |  | 225 | 12938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/09/2025<sup>(e)(i)(q)</sup> |  | 205 | 11275 |
|  Times China Holdings Ltd.<br>5.55%, 06/04/2024<sup>(e)</sup> |  | 234 | 17550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/14/2027<sup>(e)</sup> |  | 887 | 44350 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 49** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/22/2026<sup>(e)</sup> | U.S.$| 380 | $20900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/02/2023<sup>(e)</sup> |  | 200 | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/08/2025<sup>(e)</sup> |  | 434 | 28210 |
|  Yango Justice International Ltd.<br>7.50%, 02/17/2025<sup>(e)(i)(q)</sup> |  | 898 | 13470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/04/2024<sup>(e)(i)(q)</sup> |  | 342 | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/25/2023<sup>(e)(i)(q)</sup> |  | 400 | 6000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 09/15/2022<sup>(i)(j)</sup> |  | 215 | 3225 |
|  Zhenro Properties Group Ltd. <br>7.10%, 09/10/2024<sup>(e)(i)(q)</sup> |  | 233 | 4660 |
|  |  |  | 703146 |
|  |  |  | 2618918 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $131,413,385) |  |  | 87578414 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.6%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 1.9%** |  |  |  |
|  BANK <br>Series 2020-BN25, Class XA <br>0.883%, 01/15/2063<sup>(o)</sup> |  | 65536 | 3063860 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust <br>Series 2016-UB10, Class C <br>4.839%, 07/15/2049 |  | 372 | 334377 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.334%, 05/15/2052<sup>(o)</sup> |  | 10793 | 678420 |
|  CD Mortgage Trust <br>Series 2017-CD3, Class XA <br>0.966%, 02/10/2050<sup>(o)</sup> |  | 13843 | 430461 |
|  CFCRE Commercial Mortgage Trust <br>Series 2016-C4, Class XA <br>1.608%, 05/10/2058<sup>(o)</sup> |  | 12424 | 514225 |
|  Citigroup Commercial Mortgage Trust <br>Series 2013-GC15, Class C <br>5.163%, 09/10/2046 |  | 516 | 501641 |
|  Commercial Mortgage Trust<br>Series 2014-CR15, Class XA<br>0.623%, 02/10/2047<sup>(o)</sup> |  | 30482 | 184205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR27, Class XA<br>0.907%, 10/10/2048<sup>(o)</sup> |  | 6179 | 130538 |
|  CSAIL Commercial Mortgage Trust <br>Series 2019-C15, Class B <br>4.476%, 03/15/2052 |  | 960 | 833823 |

---

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class C<br>5.155%, 08/10/2044<sup>(e)</sup> | U.S.$| 375 | $298249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-GC5, Class D<br>5.155%, 08/10/2044<sup>(e)</sup> |  | 14025 | 5937561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA<br>1.197%, 10/10/2049<sup>(o)</sup> |  | 30005 | 1062514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XA<br>1.129%, 05/10/2052<sup>(o)</sup> |  | 15596 | 733745 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2014-C21, Class B<br>4.341%, 08/15/2047 |  | 1599 | 1486207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class C<br>4.384%, 11/15/2047 |  | 5869 | 4968709 |
|  JPMDB Commercial Mortgage Securities Trust <br>Series 2019-COR6, Class XA <br>0.931%, 11/13/2052<sup>(o)</sup> |  | 36991 | 1668604 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>Series 2012-LC9, Class E<br>4.321%, 12/15/2047<sup>(e)</sup> |  | 7500 | 6754410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9, Class G<br>4.321%, 12/15/2047<sup>(e)</sup> |  | 831 | 610047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2, Class XA<br>1.77%, 08/15/2049<sup>(o)</sup> |  | 15170 | 755291 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 |  | 632 | 277149 |
|  LCCM <br>Series 2017-LC26, Class XA <br>1.52%, 07/12/2050<sup>(e)(o)</sup> |  | 33108 | 1719039 |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>Series 2013-C9, Class D<br>4.104%, 05/15/2046<sup>(e)</sup> |  | 680 | 609451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C18, Class C<br>4.473%, 10/15/2047 |  | 4408 | 4073534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class XA<br>1.003%, 04/15/2048<sup>(o)</sup> |  | 11357 | 189113 |
|  UBS Commercial Mortgage Trust<br>Series 2012-C1, Class D<br>6.445%, 05/10/2045<sup>(e)</sup> |  | 280 | 254653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class XA<br>1.526%, 06/15/2050<sup>(o)</sup> |  | 6911 | 356790 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 51** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C16, Class XA<br>1.57%, 04/15/2052<sup>(o)</sup> | U.S.$| 15507 | $| 1013411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA<br>1.023%, 12/15/2052<sup>(o)</sup> |  | 43652 |  | 2035546 |
|  UBS-Barclays Commercial Mortgage Trust<br>Series 2013-C5, Class B<br>3.649%, 03/10/2046<sup>(e)</sup> |  | 2414 |  | 2367891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C5, Class C<br>4.175%, 03/10/2046<sup>(e)</sup> |  | 782 |  | 709959 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2015-LC20, Class XA<br>1.288%, 04/15/2050<sup>(o)</sup> |  | 7670 |  | 166955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36, Class XA<br>1.184%, 11/15/2059<sup>(o)</sup> |  | 43052 |  | 1512916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class XA<br>1.605%, 10/15/2049<sup>(o)</sup> |  | 27077 |  | 1278272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class XA<br>0.83%, 12/15/2059<sup>(o)</sup> |  | 17162 |  | 456145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA<br>1.604%, 08/15/2052<sup>(o)</sup> |  | 18880 |  | 1359919 |
|  WF-RBS Commercial Mortgage Trust<br>Series 2011-C4, Class E<br>4.843%, 06/15/2044<sup>(e)</sup> |  | 489 |  | 391390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC14, Class C<br>4.344%, 03/15/2047 |  | 134 |  | 126273 |
|  |  |  |  | 49845293 |
|  **Non-Agency Floating Rate CMBS – 0.7%** | **Non-Agency Floating Rate CMBS – 0.7%** | **Non-Agency Floating Rate CMBS – 0.7%** | **Non-Agency Floating Rate CMBS – 0.7%** | **Non-Agency Floating Rate CMBS – 0.7%** |
|  BFLD Trust <br>Series 2019-DPLO, Class E <br>5.652% (LIBOR 1 Month + 2.24%), 10/15/2034<sup>(e)(g)</sup> |  | 11227 |  | 10559497 |
|  DBWF Mortgage Trust <br>Series 2018-GLKS, Class E <br>6.498% (LIBOR 1 Month + 3.02%), 12/19/2030<sup>(e)(g)</sup> |  | 1994 |  | 1853511 |
|  Great Wolf Trust <br>Series 2019-WOLF, Class D <br>5.345% (LIBOR 1 Month + 1.93%), 12/15/2036<sup>(e)(g)</sup> |  | 5005 |  | 4704264 |
|  Morgan Stanley Capital I Trust <br>Series 2019-BPR, Class D <br>7.662% (LIBOR 1 Month + 4.25%), 05/15/2036<sup>(e)(g)</sup> |  | 1651 |  | 1529859 |
|  |  |  |  | 18647131 |

---

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| | |
|:---|:---|
| **52 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **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>0.131%, 11/16/2045<sup>(o)</sup> | U.S.$| 92 | $1 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $81,340,615) |  |  | 68492425 |
|  **EMERGING MARKETS - SOVEREIGNS – 1.9%** |  |  |  |
|  **Angola – 0.2%** | **Angola – 0.2%** | **Angola – 0.2%** | **Angola – 0.2%** |
|  Angolan Government International Bond<br>8.00%, 11/26/2029<sup>(e)</sup> |  | 6780 | 5508750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 05/09/2028<sup>(e)</sup> |  | 460 | 385250 |
|  |  |  | 5894000 |
|  **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** | **Dominican Republic – 0.5%** |
|  Dominican Republic International Bond<br>4.50%, 01/30/2030<sup>(e)</sup> |  | 9442 | 7537667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/23/2032<sup>(e)</sup> |  | 3361 | 2578097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/05/2049<sup>(e)</sup> |  | 2287 | 1637778 |
|  |  |  | 11753542 |
|  **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** | **Ecuador – 0.3%** |
|  Ecuador Government International Bond<br>1.50%, 07/31/2040<sup>(e)</sup> |  | 1114 | 361134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/31/2035<sup>(e)</sup> |  | 13778 | 5005665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/2030<sup>(e)</sup> |  | 2144 | 1136243 |
|  |  |  | 6503042 |
|  **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>(e)</sup> |  | 235 | 78843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 02/01/2041<sup>(e)</sup> |  | 158 | 53799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 02/28/2029<sup>(e)</sup> |  | 7640 | 3043107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 07/15/2052<sup>(e)</sup> |  | 210 | 78750 |
|  |  |  | 3254499 |
|  **Ghana – 0.1%** | **Ghana – 0.1%** | **Ghana – 0.1%** | **Ghana – 0.1%** |
|  Ghana Government International Bond<br>6.375%, 02/11/2027<sup>(e)</sup> |  | 7940 | 2382000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/07/2034<sup>(e)</sup> |  | 1769 | 497531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.627%, 06/16/2049<sup>(e)</sup> |  | 238 | 63858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/26/2051<sup>(e)</sup> |  | 1313 | 367066 |
|  |  |  | 3310455 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 53** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **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>(e)</sup> | EUR | 3137 | $2166804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/03/2028<sup>(e)</sup> | U.S.$| 1377 | 1246443 |
|  |  |  | 3413247 |
|  **Kenya – 0.1%** | **Kenya – 0.1%** | **Kenya – 0.1%** | **Kenya – 0.1%** |
|  Republic of Kenya Government International Bond<br>7.00%, 05/22/2027<sup>(e)</sup> |  | 1680 | 1331400 |
|  **Lebanon – 0.0%** | **Lebanon – 0.0%** | **Lebanon – 0.0%** | **Lebanon – 0.0%** |
|  Lebanon Government International Bond<br>6.60%, 11/27/2026<sup>(e)(i)(q)</sup> |  | 1284 | 72867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/22/2024<sup>(e)(i)(q)</sup> |  | 507 | 28931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/23/2027<sup>(e)(i)(q)</sup> |  | 1053 | 59428 |
|  |  |  | 161226 |
|  **Nigeria – 0.1%** | **Nigeria – 0.1%** | **Nigeria – 0.1%** | **Nigeria – 0.1%** |
|  Nigeria Government International Bond<br>6.125%, 09/28/2028<sup>(e)</sup> |  | 233 | 153197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 11/28/2047<sup>(e)</sup> |  | 2963 | 1674095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.696%, 02/23/2038<sup>(e)</sup> |  | 1729 | 1011465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 02/16/2032<sup>(e)</sup> |  | 426 | 272640 |
|  |  |  | 3111397 |
|  **Pakistan – 0.0%** | **Pakistan – 0.0%** | **Pakistan – 0.0%** | **Pakistan – 0.0%** |
|  Pakistan Government International Bond<br>6.875%, 12/05/2027<sup>(e)</sup> |  | 245 | 75977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 04/08/2031<sup>(e)</sup> |  | 3816 | 1154760 |
|  |  |  | 1230737 |
|  **Senegal – 0.3%** | **Senegal – 0.3%** | **Senegal – 0.3%** | **Senegal – 0.3%** |
|  Senegal Government International Bond<br>6.25%, 05/23/2033<sup>(e)</sup> |  | 5158 | 3845289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/13/2048<sup>(e)</sup> |  | 6453 | 4086766 |
|  |  |  | 7932055 |
|  **Ukraine – 0.1%** | **Ukraine – 0.1%** | **Ukraine – 0.1%** | **Ukraine – 0.1%** |
|  Ukraine Government International Bond<br>7.253%, 03/15/2035<sup>(e)</sup> |  | 4689 | 699833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/25/2034<sup>(e)</sup> |  | 3586 | 537452 |
|  |  |  | 1237285 |
|  Total Emerging Markets - Sovereigns <br>(cost $87,930,610) |  |  | 49132885 |

---

---

| | |
|:---|:---|
| **54 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **AGENCIES – 1.2%** | **AGENCIES – 1.2%** | **AGENCIES – 1.2%** | **AGENCIES – 1.2%** |
|  **Agency Debentures – 1.2%** | **Agency Debentures – 1.2%** | **Agency Debentures – 1.2%** | **Agency Debentures – 1.2%** |
|  Federal Home Loan Banks <br>5.50%, 07/15/2036 | U.S.$| 8695 | $9224091 |
|  Federal Home Loan Mortgage Corp.<br>6.25%, 07/15/2032 |  | 10400 | 11754281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 |  | 4000 | 4608094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GDIF<br>6.75%, 09/15/2029 |  | 4606 | 5245710 |
|  Total Agencies <br>(cost $35,033,655) |  |  | 30832176 |
|  **QUASI-SOVEREIGNS – 0.8%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.8%** |  |  |  |
|  **Indonesia – 0.1%** |  |  |  |
|  Indonesia Asahan Aluminium Persero PT <br>4.75%, 05/15/2025<sup>(e)</sup> |  | 2044 | 1952245 |
|  **Kazakhstan – 0.1%** |  |  |  |
|  KazMunayGas National Co. JSC<br>4.75%, 04/24/2025<sup>(e)</sup> |  | 768 | 714864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/24/2030<sup>(e)</sup> |  | 1940 | 1586920 |
|  |  |  | 2301784 |
|  **Mexico – 0.5%** |  |  |  |
|  Comision Federal de Electricidad <br>4.688%, 05/15/2029<sup>(e)</sup> |  | 4031 | 3396873 |
|  Petroleos Mexicanos<br>5.95%, 01/28/2031 |  | 6037 | 4337585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 1455 | 1270797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/2047 |  | 8071 | 4854706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060 |  | 3090 | 1842413 |
|  |  |  | 15702374 |
|  **Ukraine – 0.1%** |  |  |  |
|  NAK Naftogaz Ukraine via Kondor Finance PLC <br>7.625%, 11/08/2026<sup>(i)(m)(q)</sup> |  | 2168 | 306636 |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030<sup>(m)</sup> |  | 7856 | 1017843 |
|  |  |  | 1324479 |
|  Total Quasi-Sovereigns <br>(cost $34,151,028) |  |  | 21280882 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 55** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **GOVERNMENTS - SOVEREIGN BONDS – 0.5%** |  |  |  |  |
|  **Colombia – 0.2%** |  |  |  |  |
|  Colombia Government International Bond<br>3.125%, 04/15/2031 | U.S.$| 864 | $| 592542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/22/2032 |  | 8612 |  | 5714062 |
|  |  |  |  | 6306604 |
|  **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** | **Mexico – 0.1%** |
|  Mexico Government International Bond <br>2.659%, 05/24/2031 |  | 3159 |  | 2446646 |
|  **Panama – 0.2%** | **Panama – 0.2%** | **Panama – 0.2%** | **Panama – 0.2%** | **Panama – 0.2%** |
|  Panama Notas del Tesoro <br>3.75%, 04/17/2026 |  | 5027 |  | 4697882 |
|  **Peru – 0.0%** | **Peru – 0.0%** | **Peru – 0.0%** | **Peru – 0.0%** | **Peru – 0.0%** |
|  Peruvian Government International Bond<br>2.392%, 01/23/2026 |  | 247 |  | 222192 |
|  Total Governments - Sovereign Bonds <br>(cost $17,477,957) |  |  |  | 13673324 |
|  **ASSET-BACKED SECURITIES – 0.5%** | **ASSET-BACKED SECURITIES – 0.5%** | **ASSET-BACKED SECURITIES – 0.5%** | **ASSET-BACKED SECURITIES – 0.5%** | **ASSET-BACKED SECURITIES – 0.5%** |
|  **Other ABS - Fixed Rate – 0.3%** | **Other ABS - Fixed Rate – 0.3%** | **Other ABS - Fixed Rate – 0.3%** | **Other ABS - Fixed Rate – 0.3%** | **Other ABS - Fixed Rate – 0.3%** |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I<br>Series 2018-20, Class PT<br>11.552%, 11/16/2043<sup>(m)</sup> |  | 137 |  | 129255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-36, Class PT 13.124%, 10/17/2044<sup>(m)</sup> |  | 369 |  | 352042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-43, Class PT 0.389%, 11/15/2044<sup>(m)</sup> |  | 13 |  | 12501 |
|  Marlette Funding Trust<br>Series 2018-4A, Class C<br>4.91%, 12/15/2028<sup>(e)</sup> |  | 89 |  | 88508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class C 4.11%, 07/16/2029<sup>(e)</sup> |  | 1161 |  | 1151543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class C 3.79%, 09/17/2029<sup>(e)</sup> |  | 1775 |  | 1755079 |
|  SoFi Consumer Loan Program LLC <br>Series 2016-1, Class R <br>Zero Coupon, 08/25/2025<sup>(h)(k)(m)</sup> |  | 108 |  | 104762 |
|  SoFi Consumer Loan Program Trust <br>Series 2019-4, Class D <br>3.48%, 08/25/2028<sup>(e)</sup> |  | 3000 |  | 2983574 |
|  |  |  |  | 6577264 |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Autos - Fixed Rate – 0.2%** | **Autos - Fixed Rate – 0.2%** | **Autos - Fixed Rate – 0.2%** | **Autos - Fixed Rate – 0.2%** |
|  Flagship Credit Auto Trust <br>Series 2019-4, Class E <br>4.11%, 03/15/2027<sup>(e)</sup> | U.S.$| 2970 | $2726868 |
|  Westlake Automobile Receivables Trust <br>Series 2019-2A, Class E <br>4.02%, 04/15/2025<sup>(e)</sup> |  | 2551 | 2529598 |
|  |  |  | 5256466 |
|  Total Asset-Backed Securities <br>(cost $12,109,268) |  |  | 11833730 |
|  |  | **Shares** |  |
|  **COMMON STOCKS – 0.4%** |  |  |  |
|  **Energy – 0.2%** |  |  |  |
|  **Energy Equipment & Services – 0.0%** |  |  |  |
|  Diamond Offshore Drilling, Inc.<sup>(e)(i)</sup> |  | 22730 | 223890 |
|  Vantage Drilling International<sup>(i)</sup> |  | 5988 | 107784 |
|  |  |  | 331674 |
|  **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
|  Berry Corp. |  | 78098 | 692729 |
|  Chord Energy Corp. |  | 4334 | 663492 |
|  Civitas Resources, Inc. |  | 5127 | 358429 |
|  Denbury, Inc.<sup>(i)</sup> |  | 6516 | 595628 |
|  Golden Energy Offshore Services AS<sup>(i)</sup> |  | 1497659 | 251383 |
|  Nordic Aviation Capital AS<sup>(h)(i)</sup> |  | 103735 | 2178435 |
|  SandRidge Energy, Inc.<sup>(i)</sup> |  | 105 | 1983 |
|  |  |  | 4742079 |
|  |  |  | 5073753 |
|  **Consumer Discretionary – 0.1%** | **Consumer Discretionary – 0.1%** | **Consumer Discretionary – 0.1%** | **Consumer Discretionary – 0.1%** |
|  **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** | **Auto Components – 0.0%** |
|  Energy Technology<sup>(h)(i)(k)</sup> |  | 497 | 62125 |
|  **Internet & Catalog Retail – 0.0%** |  |  |  |
|  GOLO Mobile, Inc.<sup>(h)(i)(k)</sup> |  | 30264 | – 0 |
|  **Multiline Retail – 0.1%** |  |  |  |
|  ATD New Holdings, Inc.<sup>(i)</sup> |  | 29486 | 2108249 |
|  |  |  | 2170374 |
|  **Consumer Staples – 0.1%** |  |  |  |
|  **Household Products – 0.1%** |  |  |  |
|  Southeastern Grocers, Inc.<sup>(h)(i)(k)</sup> |  | 71086 | 1315091 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 57** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | <br> **Shares** | **U.S. $ Value** |
|  **Communication Services – 0.0%** |  |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |  |
|  Intelsat SA/Luxembourg |  | 46202 | $1155050 |
|  Intelsat Jackson Holdings SA<sup>(h)(i)(k)</sup> |  | 9676 | – 0 |
|  |  |  | 1155050 |
|  **Media – 0.0%** |  |  |  |
|  iHeartMedia, Inc. – Class A<sup>(i)</sup> |  | 14385 | 119108 |
|  |  |  | 1274158 |
|  **Information Technology – 0.0%** |  |  |  |
|  **Software – 0.0%** |  |  |  |
|  Monitronics International, Inc.<sup>(i)</sup> |  | 34245 | 8561 |
|  Paysafe AG Tracker<sup>(h)(i)</sup> |  | 71679 | – 0 |
|  Paysafe Ltd.<sup>(i)</sup> |  | 100908 | 147326 |
|  |  |  | 155887 |
|  **Health Care – 0.0%** |  |  |  |
|  **Pharmaceuticals – 0.0%** |  |  |  |
|  Mallinckrodt PLC<sup>(i)</sup> |  | 5739 | 87003 |
|  Total Common Stocks <br>(cost $14,460,449) |  |  | 10076266 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.3%** |  |  |  |
|  **United States – 0.3%** |  |  |  |
|  Texas Transportation Commission State Highway Fund<br>Series 2010-B<br>5.178%, 04/01/2030 | U.S.$| 2560 | 2520559 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The))<br>Series 2021<br>5.75%, 07/25/2041<sup>(e)</sup> |  | 6915 | 5911232 |
|  Total Local Governments – US Municipal Bonds <br>(cost $9,475,000) |  |  | 8431791 |
|  |  | **Shares** |  |
|  **PREFERRED STOCKS – 0.1%** |  |  |  |
|  **Industrial – 0.1%** |  |  |  |
|  **Auto Components – 0.1%** |  |  |  |
|  Energy Technology <br>0.00%<sup>(h)(i)(k)</sup> |  | 3093 | 1546500 |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | <br> **Shares** | **U.S. $ Value** |
|  **Energy – 0.0%** |  |  |
|  Gulfport Energy Corp.<br>10.00%<sup>(h)(i)</sup> | 113 | $678000 |
|  Total Preferred Stocks <br>(cost $2,416,822) |  | 2224500 |
|  **WARRANTS – 0.0%** |  |  |
|  Avaya Holdings Corp., expiring 12/15/2022<sup>(i)</sup> | 2936 | 88 |
|  Encore Automotive Acceptance, expiring 07/05/2031<sup>(h)(i)(k)</sup> | 12 | – 0 |
|  Flexpath Capital, Inc., expiring 04/15/2031<sup>(h)(i)(k)</sup> | 17195 | – 0 |
|  Total Warrants <br>(cost $0) |  | 88 |
|  **SHORT-TERM INVESTMENTS – 0.2%** | **SHORT-TERM INVESTMENTS – 0.2%** | **SHORT-TERM INVESTMENTS – 0.2%** |
|  **Investment Companies – 0.2%** | **Investment Companies – 0.2%** | **Investment Companies – 0.2%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>2.67%<sup>(r)(s)(t)</sup> <br>(cost $5,641,740) | 5641740 | 5641740 |
|  **Total Investments – 148.5%**<br>(cost $4,234,395,928) |  | 3905967976 |
|  Other assets less liabilities – (48.5)% |  | (1275779597) |
|  **Net Assets – 100.0%** |  | $**2630188379** |

---

**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** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Long Gilt Futures | 11 | December 2022 | $1288349 | $(99529) |
|  U.S. Long Bond (CBT) Futures | 1185 | December 2022 | 142792500 | (19871589) |
|  U.S. T-Note 2 Yr (CBT) Futures | 2567 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524650678 | (5212823) |
|  U.S. T-Note 10 Yr (CBT) Futures | 4133 | December 2022 | 457083969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21383283) |
|  U.S. Ultra Bond (CBT) Futures | 1315 | December 2022 | 167867969 | (29590897) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Euro Buxl 30 Yr Bond Futures | 13 | December 2022 | 1852830 | 184989 |
|  Euro-BOBL Futures | 18 | December 2022 | 2128749 | 63845 |
|  Euro-Bund Futures | 50 | December 2022 | 6840665 | 298359 |
|  Euro-Schatz Futures | 168 | December 2022 | 17753985 | 220668 |
|  U.S. 10 Yr Ultra Futures | 2722 | December 2022 | 315709469 | 27611215 |
|  U.S. T-Note 5 Yr (CBT) Futures | 6410 | December 2022 | 683265938 | 6786441 |
|  |  |  |  | $(40992604) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 59** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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 | EUR | 32461 | USD | 31358 | 12/08/2022 | $(810141) |
|  Citibank, NA | CAD | 211686 | USD | 155117 | 01/19/2023 | (433336) |
|  Citibank, NA | USD | 1899 | AUD | 2993 | 01/19/2023 | 20537 |
|  JPMorgan Chase Bank | USD | 2761 | EUR | 2815 | 12/08/2022 | 28834 |
|  Morgan Stanley Capital Services, Inc. | GBP | 1077 | USD | 1281 | 11/17/2022 | 45507 |
|  State Street Bank & Trust Co. | EUR | 187 | USD | 184 | 12/08/2022 | (1404) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150003) |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  iTraxx Xover Series 38, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 5.50% | EUR 13,220 | $&nbsp;&nbsp;&nbsp;&nbsp;(205521) | $&nbsp;&nbsp;&nbsp;&nbsp;(551169) | $&nbsp;&nbsp;&nbsp;&nbsp;345648 |

---

\* Termination date

**CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional**<br> **Amount**<br> **(000)** | **Notional**<br> **Amount**<br> **(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  USD | 109350 | 04/20/2023 | 2.850% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | $1053036 | $– 0 | $1053036 |
|  USD | 46860 | 04/02/2024 | 2.851% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 1406568 | – 0 | 1406568 |
|  USD | 30755 | 02/10/2025 | 2.034% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 1901205 | – 0 | 1901205 |
|  USD | 6010 | 06/09/2025 | 2.491% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 291477 | – 0 | 291477 |
|  USD | 10000 | 01/11/2027 | 2.285% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 757389 | – 0 | 757389 |
|  USD | 11920 | 04/26/2027 | 2.287% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | 1012259 | – 0 | 1012259 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;6421934 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;6421934 |

---

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Barclays Bank PLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00% | Monthly | 7.50% | USD | 3600 | $&nbsp;&nbsp;&nbsp;&nbsp;(1371340) | $(83966) | $&nbsp;&nbsp;&nbsp;&nbsp;(1287374) |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 2880 | (1097072) | (414890) | (682182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50% | USD | 831 | (188133) | &nbsp;&nbsp;&nbsp;&nbsp;(211018) | 22885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2078 | (470570) | (483828) | 13258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1559 | (352967) | (362912) | 9945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 114 | (25716) | (6748) | (18968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 450 | (101912) | (47911) | (54001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 802 | (181635) | (120662) | (60973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 700 | (158494) | (58345) | (100149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1070 | (242338) | (102454) | (139884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 1378 | (312075) | (131111) | (180964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3500 | (792472) | (337825) | (454647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6690 | (1514731) | (630298) | (884433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6690 | (1514731) | (630298) | (884433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6320 | (1431046) | (513979) | (917067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6695 | (1515840) | (395820) | (1120020) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 330 | (36129) | (12294) | (23835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 660 | (72384) | (25098) | (47286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 1650 | (180896) | (61555) | (119341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 3779 | (414169) | (192123) | (222046) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 61** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00% | Monthly | 7.50% | USD | 8010 | $(957108) | $(233985) | $(723123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 940 | (212857) | (109642) | (103215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6454 | (1461318) | (734589) | (726729) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 13777 | (1510122) | (568252) | (941870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 11880 | (4525422) | (2527802) | (1997620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 4426 | (1002160) | (675546) | (326614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3004 | (680100) | (328864) | (351236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6179 | (1399031) | (956643) | (442388) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 2699 | (1027956) | (492924) | (535032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 2786 | (1061143) | (501486) | (559657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2100 | (475484) | (124778) | (350706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3160 | (715444) | (255670) | (459774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 6680 | (1512512) | (709432) | (803080) |
|  Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc | Morgan Stanley & Co. International plc |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 170 | (18673) | (6585) | (12088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 383 | (86696) | (30046) | (56650) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(28620676) | $&nbsp;&nbsp;&nbsp;&nbsp;(13079379) | $&nbsp;&nbsp;&nbsp;&nbsp;(15541297) |

---

\* Termination date

**REVERSE REPURCHASE AGREEMENTS (see Note D)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal**<br> **Amount**<br> **(000)** | **Interest Rate** | | **Maturity** | **U.S. $Value at<br>October 31, 2022** |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 3095 | (1.25) | %)\* | – $| 3091884 |
|  Barclays Capital, Inc.<sup>†</sup> | USD | 861 | 2.50 | % | – | 863444 |
|  First Boston<sup>†</sup> | EUR | 2236 | 0.25 | % | – | 2209922 |
|  First Boston<sup>†</sup> | EUR | 1103 | (0.25) | %)\* | – | 1089644 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 229363 | 3.10 | % | – | 229441503 |

---

---

| | |
|:---|:---|
| **62 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broker** | **Currency** | **Principal**<br> **Amount**<br> **(000)** | **Interest Rate** | **Maturity** | **U.S. $Value at<br>October 31, 2022** |
|  HSBC Securities (USA), Inc.<sup>†</sup> | USD | 139300 | 3.10% |  | $139300000 |
|  JPMorgan Chase Bank<sup>†</sup> | USD | 460856 | 3.11% |  | 461015501 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;837011898 |

---

\* Interest payment due from counterparty.

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on
October 31, 2022.

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** |
|  Government –Treasuries | $829757004 | $– 0 – $| – 0 – $| – 0 – $| 829757004 |
|  Corporates – Non-Investment Grade | 7254894 | – 0 – | – 0 – | – 0 – | 7254894 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837011898 | $&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;837011898 |

---

\*\* Principal amount less than 500. 

(a) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(b) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(d) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $826,873,669 or 31.4% of net assets.

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

(g) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

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

(i) Non-income producing security.

(j) Defaulted matured security.

(k) Fair valued by the Adviser.

(l) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at October 31, 2022.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 63** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(m) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.26% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I<br>Series 2018-20, Class PT <br>11.552%, 11/16/2043 | 09/27/2018 | $136560 | $129255 | 0.00% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I <br>Series 2019-36, Class PT <br>13.124%, 10/17/2044 | 09/04/2019 | 368729 | 352042 | 0.01% |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I <br>Series 2019-43, Class PT <br>0.389%, 11/15/2044 | 10/09/2019 | 13481 | 12501 | 0.00% |
|  Digicel Group Holdings Ltd. <br>7.00%, 11/16/2022 | 06/21/2019 | 19246 | 6317 | 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 | 692006 | – 0 | 0.00% |
|  Home Re Ltd. <br>Series 2019-1, Class B1 <br>7.936%, 05/25/2029 | 12/20/2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965980 | 0.07% |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.836%, 11/25/2024 | 11/06/2015 | 353964 | 340946 | 0.01% |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2015-CH1, Class M2 <br>9.086%, 10/25/2025 | 09/18/2015 | 648642 | 636339 | 0.02% |
|  Magnetation LLC/Mag Finance Corp.<br>11.00%, 05/15/2018 | 02/19/2015 | 861787 | – 0 | 0.00% |
|  NAK Naftogaz Ukraine via Kondor Finance PLC <br>7.625%, 11/08/2026 | 11/04/2019 | 2168000 | 306636 | 0.01% |
|  PMT Credit Risk Transfer Trust Series 2020-1R, Class A <br>5.946%, 02/27/2023 | 02/11/2020 | 1891785 | 1782952 | 0.07% |
|  SoFi Consumer Loan Program LLC <br>Series 2016-1, Class R <br>Zero Coupon, 08/25/2025 | 07/19/2017 | 34727 | 104762 | 0.00% |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030 | 06/17/2021 | 7856000 | 1017843 | 0.04% |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026 | 02/08/2018 | 289000 | 265978 | 0.01% |

---

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Tonon Luxembourg SA <br>6.50%, 10/31/2024 | 01/16/2013 | $1804783 | $87 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018 | 06/19/2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510949 | 474 | 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%, 02/09/2022 | 01/29/2014 | 916308 | 169 | 0.00% |
|  Wells Fargo Credit Risk Transfer Securities Trust <br>Series 2015-WF1, Class 1M2 <br>8.836%, 11/25/2025 | 09/06/2016 | 237621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217981 | 0.01% |

---

(n) Inverse interest only security.

(o) IO – Interest Only.

(p) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the CDOR/SOFR or the
LIBOR/CDOR/SOFR floor plus a spread October 31, 2022.

(q) Defaulted.

(r) Affiliated investments.

(s) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

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

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 65** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $4,228,754,188) | $3900326236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $5,641,740) | 5641740 |
|  Cash | 8456938 |
|  Cash collateral due from broker | 1033000 |
|  Foreign currencies, at value (cost $402,708) | 394713 |
|  Receivable for investment securities sold | 216860608 |
|  Unaffiliated interest and dividends receivable | 25364226 |
|  Receivable for capital stock sold | 6831850 |
|  Receivable for variation margin on centrally cleared swaps | 164046 |
|  Unrealized appreciation on forward currency exchange contracts | 94878 |
|  Affiliated dividends receivable | 18253 |
|  Other assets | 42307 |
|  Total assets | 4165228795 |
| **Liabilities** | **Liabilities** |
|  Payable for reverse repurchase agreements | 837011898 |
|  Payable for investment securities purchased | 652257108 |
|  Market value on credit default swaps (net premiums received $13,079,379) | 28620676 |
|  Payable for capital stock repurchased | 11656955 |
|  Unrealized depreciation on forward currency exchange contracts | 1244881 |
|  Payable for variation margin on futures | 1189797 |
|  Advisory fee payable | 1018348 |
|  Dividends payable | 730068 |
|  Foreign capital gains tax payable | 360410 |
|  Distribution fee payable | 125760 |
|  Transfer Agent fee payable | 62467 |
|  Administrative fee payable | 32692 |
|  Directors' fees payable | 4853 |
|  Accrued expenses and other liabilities | 724503 |
|  Total liabilities | 1535040416 |
|  Net Assets | $**2630188379** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $424204 |
|  Additional paid-in capital | 3519715614 |
|  Accumulated loss | (889951439) |
|  **Net Assets** | $**2630188379** |

---

**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** | $159887152 | 25814291 | $6.19 \* |
| **C** | $113981584 | 18381750 | $6.20 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;2335294081 | 376616260 | $&nbsp;&nbsp;&nbsp;&nbsp;6.20 |
| **Z** | $21025562 | 3391869 | $6.20 |

---

\* The maximum offering price per share for Class A shares was $6.46 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **66 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153161830 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 322872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 137770 |  |
|  Other income | 52102 | $153674574 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 15974539 |  |
|  Distribution fee—Class A | 542449 |  |
|  Distribution fee—Class C | 1556753 |  |
|  Transfer agency—Class A | 177135 |  |
|  Transfer agency—Class C | 127075 |  |
|  Transfer agency—Advisor Class | 2672176 |  |
|  Transfer agency—Class Z | 5385 |  |
|  Custody and accounting | 398416 |  |
|  Printing | 262853 |  |
|  Audit and tax | 167389 |  |
|  Registration fees | 116912 |  |
|  Administrative | 92045 |  |
|  Legal | 70642 |  |
|  Directors' fees | 64199 |  |
|  Miscellaneous | 71895 |  |
|  Total expenses before interest expense | 22299863 |  |
|  Interest expense | 9932151 |  |
|  Total expenses | 32232014 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1093142) |  |
|  Net expenses |  | 31138872 |
|  Net investment income |  | 122535702 |
| **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> |  | (475049337) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 11323255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (31527848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options |  | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (24041069) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Swaptions |  | (56399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (18474283) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (333950286) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 7236557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (46553976) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 63228566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Swaptions |  | (258487) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (438888) |
|  Net loss on investment and foreign currency transactions |  | (848559198) |
|  **Net Decrease in Net Assets from Operations** |  | $**(726023496)** |

---

(a) Net of foreign realized capital gains taxes of $85,657.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $154,107.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 67** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $122535702 | $152778034 |
|  Net realized gain (loss) on investment and foreign currency transactions | (537822684) | 50218675 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (310736514) | (82969291) |
|  Contributions from Affiliates (see Note B) | – 0 | 1723972 |
|  Net increase (decrease) in net assets from operations | (726023496) | 121751390 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (7242847) | (9801938) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4015362) | (5496599) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (117190413) | (150065239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (938821) | (986960) |
| **Capital Stock Transactions** |  |  |
|  Net increase (decrease) | (1158104578) | 65001121 |
|  Total increase (decrease) | (2013515517) | 20401775 |
| **Net Assets** |  |  |
|  Beginning of period | 4643703896 | 4623302121 |
|  End of period | $**2630188379** | $**4643703896** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **68 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**STATEMENT OF CASH FLOWS** 

**For the year ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities** |  |  |
|  Net decrease in net assets from operations |  | $(726023496) |
| **Reconciliation of net decrease in net assets from operations to net increase in cash from operating activities** |  |  |
|  Purchases of long-term investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8522534036) |  |
|  Purchases of short-term investments | (941157456) |  |
|  Proceeds from disposition of long-term investments | 9865544669 |  |
|  Proceeds from disposition of short-term investments | 1046688236 |  |
|  Net realized loss on investment transactions and foreign currency transactions | 537822684 |  |
|  Net realized gain on forward currency exchange contracts | 11323255 |  |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 310736514 |  |
|  Net accretion of bond discount and amortization of bond premium | 62402848 |  |
|  Increase in receivable for investments sold | (212699654) |  |
|  Decrease in interest receivable | 40357168 |  |
|  Increase in affiliated dividends receivable | (17500) |  |
|  Increase in other assets | (16330) |  |
|  Decrease in cash collateral due from broker | 1740000 |  |
|  Increase in payable for investments purchased | 407740661 |  |
|  Decrease in cash collateral due to broker | (2780000) |  |
|  Decrease in advisory fee payable | (777609) |  |
|  Decrease in administrative fee payable | (165) |  |
|  Decrease in Foreign capital gains tax payable | (68450) |  |
|  Decrease in Transfer Agent fee payable | (6289) |  |
|  Decrease in distribution fee payable | (99132) |  |
|  Decrease in Directors' fee payable | (1506) |  |
|  Decrease in accrued expenses | (105673) |  |
|  Proceeds from options written, net | 2997 |  |
|  Payments on swaptions written, net | (467961) |  |
|  Payments on swaps, net | (45268450) |  |
|  Payments for exchange-traded derivatives settlements, net | (67959983) |  |
|  Total adjustments |  | 2490398838 |
|  Net cash provided by (used in) operating activities |  | 1764375342 |
| **Cash flows from financing activities** |  |  |
|  Redemptions of capital stock, net | (1242993396) |  |
|  Cash dividends paid (net of dividend reinvestments)<sup>†</sup> | (43865877) |  |
|  Repayment of reverse repurchase agreements | (474120662) |  |
|  Net cash provided by (used in) financing activities |  | (1760979935) |
|  Effect of exchange rate on cash |  | (18913171) |
|  Net decrease in cash |  | (15517764) |
|  Cash at beginning of year |  | 24369415 |
|  Cash at end of year |  | $**8851651** |
| **Supplemental disclosure of cash flow information** |  |  |
|  † Reinvestment of dividends | $85876697 |  |
|  Interest expense paid during the year | $9815884 |  |

---

In accordance with U.S. GAAP, the Fund has included a Statement of Cash Flows as a result of its significant investments in reverse repurchase agreements throughout the year.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 69** |

---

------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class B, Class K, Class R, Class I, Class T, Class 1 and Class 2 shares have not been issued. 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class 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

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|:---|:---|
| **70 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 71** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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| | |
|:---|:---|
| **72 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Governments – Treasuries | $– 0 | $1986377291 | – 0 |  | $1986377291 |
|  Mortgage Pass-Throughs | – 0 | 513787329 | – 0 |  | 513787329 |
|  Corporates – Investment Grade | – 0 | 458751171 | – 0 |  | 458751171 |
|  Corporates – Non-Investment Grade | – 0 | 278895379 | 4804847 | <sup>(a)</sup> | 283700226 |
|  Collateralized Loan Obligations | – 0 | 134910540 | – 0 |  | 134910540 |
|  Collateralized Mortgage Obligations | – 0 | 122455654 | – 0 |  | 122455654 |
|  Bank Loans | – 0 | 82745410 | 14042134 |  | 96787544 |
|  Emerging Markets – Corporate Bonds | – 0 | 87577696 | 718 | <sup>(a)</sup> | 87578414 |
|  Commercial Mortgage-Backed Securities | – 0 | 68492425 | – 0 |  | 68492425 |
|  Emerging Markets – Sovereigns | – 0 | 49132885 | – 0 |  | 49132885 |
|  Agencies | – 0 | 30832176 | – 0 |  | 30832176 |
|  Quasi-Sovereigns | – 0 | 21280882 | – 0 |  | 21280882 |
|  Governments – Sovereign Bonds | – 0 | 13673324 | – 0 |  | 13673324 |
|  Asset-Backed Securities | – 0 | 11728968 | 104762 |  | 11833730 |
|  Common Stocks | 3248755 | 3271860 | 3555651 | <sup>(a)</sup> | 10076266 |
|  Local Governments – US Municipal Bonds | – 0 | 8431791 | – 0 |  | 8431791 |
|  Preferred Stocks | – 0 | – 0 | 2224500 |  | 2224500 |
|  Warrants | 88 | – 0 | 0 | <sup>(a)</sup> | 88 |
|  Short-Term Investments | 5641740 | – 0 | – 0 |  | 5641740 |
|  Total Investments in Securities | 8890583 | &nbsp;&nbsp;&nbsp;&nbsp;3872344781 | &nbsp;&nbsp;&nbsp;&nbsp;24732612 | <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3905967976 |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | &nbsp;&nbsp;&nbsp;&nbsp;35165517 | – 0 | – 0 |  | 35165517 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 94878 | – 0 |  | 94878 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 6421934 | – 0 |  | 6421934 <sup>(c)</sup> |

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| | |
|:---|:---|
| **74 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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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 | $(76158121) | $– 0 | – 0 |  | $(76158121)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (1244881) | – 0 |  | (1244881) |
|  Centrally Cleared Credit Default Swaps | – 0 | (205521) | – 0 |  | (205521)<sup>(c)</sup> |
|  Credit Default Swaps | – 0 | (28620676) | – 0 |  | (28620676) |
|  Reverse Repurchase Agreements | (837011898) | – 0 | – 0 |  | (837011898) |
|  **Total** | $**(869113919** | $**3848790515** | $**24732612** | **<sup>(a)</sup>** | $**3004409208** |

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

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

(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. 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

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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. Certain prior year amounts have been reclassified to conform to current year presentation.

**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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|:---|:---|
| **76 <sup>\|</sup> AB INCOME FUND** | **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 .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 year ended October 31, 2022, such reimbursement/waivers amounted to $1,066,679. The Expense Caps may not be terminated by the Adviser before January 31, 2023.

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 year ended October 31, 2022, the reimbursement for such services amounted to $92,045.

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 $672,457 for the year ended October 31, 2022.

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 $7,592 from the sale of Class A shares and received $15,053 and $9,359 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 77** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $26,463.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |

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During the year ended October 31, 2021, the Adviser reimbursed the Fund $1,723,972 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 Investment Company Act of 1940. 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 $1,013,893 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, 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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|:---|:---|
| **78 <sup>\|</sup> AB INCOME FUND** | **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 year ended October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $448435339 | $1131256970 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073855350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8618168459 |

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The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4237445530 |
|  Gross unrealized appreciation | $113884098 |
|  Gross unrealized depreciation | (428564877) |
|  Net unrealized depreciation | $(314680779) |

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments are

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 79** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging purposes.

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| | |
|:---|:---|
| **80 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased option are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. 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. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 81** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held written swaptions for non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. 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 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

---

| | |
|:---|:---|
| **82 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 83** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 a 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 year ended October 31, 2022, 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 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 year ended October 31, 2022, the Fund held inflation (CPI) swaps for 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

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| | |
|:---|:---|
| **84 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 a 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 year ended October 31, 2022, the Fund held credit default 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 85** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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 | <br>Receivable/Payable for variation margin on futures | $35165517 <br>\* | <br>Receivable/Payable for variation margin on futures | $76158121 <br>\* |
|  Credit contracts | Receivable/Payable for variation margin on centrally cleared swaps | 345648 \* |  |  |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 6421934<br> \*  |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 94878 | Unrealized depreciation on forward currency exchange contracts | 1244881 |
|  Credit contracts |  |  | Market value on credit default swaps | 28620676 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;42027977 |  | $&nbsp;&nbsp;&nbsp;&nbsp;106023678 |

---

\* 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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| | |
|:---|:---|
| **86 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain<br>or (Loss) on<br>Derivatives<br>Within 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;(31527848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46553976 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 11323255 | 7236557 |
|  Foreign exchange contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | 2997 | – 0 |
|  Interest rate contracts | Net realized gain (loss) on written swaptions; Net change in unrealized appreciation (depreciation) of written swaptions | (56399) | (258487) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (2857247) | 15448318 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (21183822) | 47780248 |
|  Total |  | $(44299064) | $23652660 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $743647855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969063715 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $76640135 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $357872400 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 87** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | |
|:---|:---|
|  Written Swaptions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $44894200 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214895000 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $96350000 <sup>(c)</sup> |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $259301869 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $58762176 |

---

(a) Positions were open for nine months during the year.

(b) Positions were open for four months during the year.

(c) Positions were open for one month during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $20537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20537) | $– 0 – $| – 0 – $| – 0 |
|  JPMorgan Chase Bank/JPMorgan Securities, LLC | 28834 | (28834) | – 0 – | – 0 – | – 0 |
|  Morgan Stanley Capital Services, Inc./Morgan Stanley & Co. International plc | 45507 | (45507) | – 0 – | – 0 – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94878 | $(94878) | $&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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| | |
|:---|:---|
| **88 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**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 | $810141 | $– 0 | $– 0 | $– 0 | $810141 |
|  Barclays Bank PLC | 1371340 | – 0 | – 0 | (1371340) | – 0 |
|  Citibank, NA/Citigroup Global Markets, Inc. | 10333068 | (20537) | (373000) | (9858515) | 81016 |
|  Credit Suisse International | 3334861 | – 0 | – 0 | (3334861) | – 0 |
|  Goldman Sachs International | 9116835 | – 0 | (660000) | (8456835) | – 0 |
|  JPMorgan Chase Bank/JPMorgan Securities, LLC | 4792539 | (28834) | – 0 | (4763705) | – 0 |
|  Morgan Stanley Capital Services, Inc./Morgan Stanley & Co. International plc | 105369 | (45507) | – 0 | (59862) | – 0 |
|  State Street Bank & Trust Co. | 1404 | – 0 | – 0 | – 0 | 1404 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29865557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94878 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27845118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892561 |

---

\* 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

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 89** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 year ended October 31, 2022, the Fund earned drop income of $5,422,796 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. For the year ended October 31, 2022, the average amount of reverse repurchase agreements outstanding was $1,249,952,892 and the daily weighted average interest rate was 0.79%. At October 31, 2022, the Fund had reverse repurchase agreements outstanding in the amount of $837,011,898 as reported on the statement of assets and liabilities.

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| | |
|:---|:---|
| **90 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table presents the Fund's RVP liabilities by counterparty net of the related collateral pledged by the Fund as of October 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities<br>Subject to a MRA** | **Securities<br>Collateral<br>Pledged<sup>†</sup>\*** | **Net<br>Amount<br>of RVP<br>Liabilities** |
|  Barclays Capital, Inc. | 3955328 | (3955328) | – 0 |
|  Credit Suisse International/ First Boston<sup>†</sup> | 3299566 | (3299566) | – 0 |
|  HSBC Securities (USA), Inc. | 368741503 | (228709343) | 140032160 |
|  JPMorgan Chase Bank | 461015501 | (458847705) | 2167796 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;837011898 | $&nbsp;&nbsp;&nbsp;&nbsp;(694811942) | $&nbsp;&nbsp;&nbsp;&nbsp;142199956 |

---

† Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

**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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 5504143 | 12693420 | $39565166 | $102684240 |
|  Shares issued in reinvestment of dividends | 683436 | 794420 | 4848123 | 6379937 |
|  Shares converted from Class C | 150661 | 356137 | 1067762 | 2859271 |
|  Shares redeemed | (14232001) | (16512385) | (100905810) | (132616025) |
|  **Net decrease** | **(7893761)** | **(2668408)** | $**(55424759)** | $**(20692577)** |
| **Class C** |  |  |  |  |
|  Shares sold | 737142 | 3077054 | $5442290 | $24874379 |
|  Shares issued in reinvestment of dividends | 367071 | 456339 | 2605062 | 3671010 |
|  Shares converted to Class A | (150476) | (355698) | (1067762) | (2859271) |
|  Shares redeemed | (7173549) | (5920156) | (51179390) | (47610467) |
|  **Net decrease** | **(6219812)** | **(2742461)** | $**(44199800)** | $**(21924349)** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 91** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 125018791 | 167986666 | $895171374 | $1352943498 |
|  Shares issued in reinvestment of dividends | 10905106 | 12483656 | 77665707 | 100377691 |
|  Shares redeemed | (285020744) | (168770779) | (2028413744) | &nbsp;&nbsp;&nbsp;&nbsp;(1357710463) |
|  **Net increase (decrease)** | **(149096847)** | **11699543** | **$(1055576663)** | $**95610726** |
|  **Class Z** |  |  |  |  |
|  Shares sold | 987963 | 2157210 | $6992661 | $17350447 |
|  Shares issued in reinvestment of dividends | 106789 | 94970 | 757805 | 762411 |
|  Shares redeemed | (1516427) | (759196) | (10653822) | (6105537) |
|  **Net increase (decrease)** | **(421675)** | **1492984** | $**(2903356)** | $**12007321** |

---

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market.

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

**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 corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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| | |
|:---|:---|
| **92 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Interest-Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 the 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.

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

**Emerging Market Risk**—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

**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.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 93** |

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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 decline.

**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.

**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 instrument, 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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR,

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| | |
|:---|:---|
| **94 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 95** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**NOTE 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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129387443 | $166350736 |
|  Total taxable distributions paid | $129387443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166350736 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1322646 |
|  Accumulated capital and other losses | (557600583)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (319324058)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(875601995)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $557,599,853. As of October 31, 2022, the
cumulative deferred loss on straddles was $730.

(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 accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital

---

| | |
|:---|:---|
| **96 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2022, the Fund had a net short-term capital loss carryforward of $187,331,997 and a net long-term capital loss carryforward of $370,267,856, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 97** |

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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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.89 | $7.96 | $7.98 | $7.49 | $8.09 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .23 | .24 | .26 | .31 | .29 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.69) | (.04 | .02 | .53 | (.50) |
|  Contributions from Affiliates | – 0 | .00 | – 0 | .00 <sup>(d)</sup> | .00 <sup>(d)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.46) | .20 | .28 | .84 | (.21) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.24 | (.27 | (.30 | (.30) | (.36) |
|  Return of capital | – 0 | – 0 | – 0 | (.05) | (.03) |
|  Total dividends and distributions | (.24 | (.27 | (.30 | (.35) | (.39) |
|  Net asset value, end of period | **$6.19** | **$7.89** | **$7.96** | **$7.98** | **$7.49** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (18.83) | 2.48 | 3.55 | 11.50% | (2.71)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $159887 | $265990 | $289619 | $240567 | $232931 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | 1.04 | .79 | .78 | .77% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | 1.08 | .80 | .80 | .83% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.15 | 3.04 | 3.24 | 4.02% | 3.73% |
|  Portfolio turnover rate\*\* | 167 | 166 | 246 | 270% | 105% |

---

See footnote summary on page 102.

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| | |
|:---|:---|
| **98 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.90 | $7.97 | $7.99 | $7.50 | $8.10 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .18 | .20 | .25 | .23 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.68) | (.04 | .02 | .53 | (.50) |
|  Contributions from Affiliates | – 0 | .00 | – 0 | .00 <sup>(d)</sup> | .00 <sup>(d)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.51) | .14 | .22 | .78 | (.27) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.21 | (.24 | (.25) | (.30) |
|  Return of capital | – 0 | – 0 | – 0 | (.04) | (.03) |
|  Total dividends and distributions | (.19 | (.21 | (.24 | (.29) | (.33) |
|  Net asset value, end of period | **$6.20** | **$7.90** | **$7.97** | **$7.99** | **$7.50** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (19.41) | 1.71 | 2.77 | 10.65% | (3.43)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $113982 | $194363 | $217968 | $164413 | $82283 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | 1.79 | 1.54 | 1.53 | 1.52% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | 1.82 | 1.55 | 1.55 | 1.57% | 1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.39 | 2.29 | 2.49 | 3.21% | 2.98% |
|  Portfolio turnover rate\*\* | 167 | 166 | 246 | 270% | 105% |

---

See footnote summary on page 102.

---

| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 99** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $7.90 | $7.97 | $7.99 | $7.50 | $8.10 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .24 | .26 | .27 | .33 | .31 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.68) | (.04 | .03 | .53 | (.50) |
|  Contributions from Affiliates | – 0 | .00 | – 0 | .00 <sup>(d)</sup> | .00 <sup>(d)</sup> |
|  Net increase (decrease) in net asset value from operations | (1.44) | .22 | .30 | .86 | (.19) |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.29 | (.32 | (.31) | (.38) |
|  Return of capital | – 0 | – 0 | – 0 | (.06) | (.03) |
|  Total dividends and distributions | (.26 | (.29 | (.32 | (.37) | (.41) |
|  Net asset value, end of period | **$6.20** | **$7.90** | **$7.97** | **$7.99** | **$7.50** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (18.60) | 2.73 | 3.80 | 11.76% | (2.46)% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000,000's omitted) | $2334 | $4152 | $4097 | $3562 | $2222 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .79 | .54 | .53 | .52% | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .82 | .55 | .55 | .58% | .91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.38 | 3.28 | 3.48 | 4.24% | 3.98% |
|  Portfolio turnover rate\*\* | 167 | 166 | 246 | 270% | 105% |

---

See footnote summary on page 102.

---

| | |
|:---|:---|
| **100 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **November 20,**<br> **2019<sup>(g)</sup> to**<br> **October 31,**<br> **2020** |
|  | **2022** | **2021** | **November 20,**<br> **2019<sup>(g)</sup> to**<br> **October 31,**<br> **2020** |
|  Net asset value, beginning of period | $7.90 | $7.97 | $7.97 |
|  **Income From Investment Operations** |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .25 | .27 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.69) | (.05) | .03 |
|  Net increase (decrease) in net asset value from operations | (1.44) | .22 | .30 |
|  **Less: Dividends** |  |  |  |
|  Dividends from net investment income | (.26) | (.29) | (.30 |
|  Net asset value, end of period | **$6.20** | **$7.90** | **$7.97** |
|  **Total Return** |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (18.57)% | 2.78% | 3.89 |
|  **Ratios/Supplemental Data** |  |  |  |
|  Net assets, end of period (000's omitted) | $21026 | $30118 | $18492 |
|  Ratio to average net assets of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup> | .78% | .49% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup> | .78% | .49% | .48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 3.44% | 3.32% | 3.49 |
|  Portfolio turnover rate\*\* | 167% | 166% | 246 |

---

See footnote summary on page 102.

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 101** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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.

(f) The expense ratios, excluding interest expense are:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .77% | .77% | .77% | .77% | .77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .80% | .78% | .79% | .82% | .85% |
|  **Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.55% | 1.53% | 1.54% | 1.57% | 1.60% |
|  **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .52% | .52% | .52% | .52% | .52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .55% | .53% | .54% | .57% | .60% |
|  **Class Z** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .49% | .47% | .46% | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .49% | .47% | .46% | N/A | N/A |

---

(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. 

\*\* The Fund accounts for dollar roll transactions as purchases and sales.

^ Annualized.

See notes to financial statements.

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| | |
|:---|:---|
| **102 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Board of Directors and Shareholders of AB Income Fund** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Income Fund (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 103** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g365516g91r55.jpg)

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

New York, New York

December 28, 2022

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|:---|:---|
| **104 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 80.59% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 105** |

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**BOARD OF DIRECTORS** 

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

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**OFFICERS** 

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|:---|:---|
| **Scott A. DiMaggio**<sup>(2)</sup>**,** Vice President<br> **Gershon M. Distenfeld**<sup>(2)</sup>**,**<br> Vice President<br> **Fahd Malik**<sup>(2)</sup>**,** Vice President<br> **Matthew S. Sheridan**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller**<br>Vincent S. Noto,**<br> Chief Compliance Officer |

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

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

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|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's U.S. Investment Grade: Core Fixed Income Investment Team. Messrs. DiMaggio, Distenfeld, Malik and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

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|:---|:---|
| **106 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 107** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board*<br>81<br>(2015) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

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|:---|:---|
| **108 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br>71<br>(2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |

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| | |
|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 109** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Michael J. Downey,<sup>##</sup><br>78<br>(2015) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |
| Nancy P. Jacklin,<sup>##</sup><br>74<br>(2015) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |

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|:---|:---|
| **110 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Jeanette W. Loeb,<sup>##</sup><br>70<br>(2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 111** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br>67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 to 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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|:---|:---|
| **112 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup><br>70<br>(2015) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Dept. Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

\*\* There is no stated term of office for the Fund's Directors.

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

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

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

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 113** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITION(S)**<br> **HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Scott A. DiMaggio<br> 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also co-Head of Fixed-Income. |
| Gershon M. Distenfeld<br>47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also co-Head of Fixed Income. |
| Fahd Malik<br> 38 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew S. Sheridan<br>47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS"\*\*), with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

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

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

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

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| **114 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 115** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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|:---|:---|
| **116 <sup>\|</sup> AB INCOME FUND** | **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 Income Fund (the "Fund") at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

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

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund 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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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 117** |

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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 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, 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

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|:---|:---|
| **118 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund's shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended July 31, 2021 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 noted that it was equal to the median. The directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

The directors noted that the Fund may invest in shares of exchange-traded funds ("ETFs"), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued, and rules adopted, by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 119** |

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expense ratios of the relevant ETFs. The directors concluded, based on the Adviser's explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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. 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 and that the Fund's net assets were higher than a breakpoint level. Accordingly, the Fund's current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. 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 breakpoint arrangements were acceptable and provide a means for sharing any economies of scale.

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|:---|:---|
| **120 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 121** |

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**NOTES** 

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|:---|:---|
| **122 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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**NOTES** 

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|:---|:---|
| **abfunds.com** | **AB INCOME FUND <sup>\|</sup> 123** |

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**NOTES** 

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|:---|:---|
| **124 <sup>\|</sup> AB INCOME FUND** | **abfunds.com** |

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![LOGO](g365516g43p34.jpg)

AB INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IF-0151-1022 ![LOGO](g365516g22c48.jpg)

------

**OCT** <sup>10.31.22</sup> 

![LOGO](g380159g43p34.jpg)

ANNUAL REPORT

## AB MUNICIPAL BOND INFLATION STRATEGY
![LOGO](g380159covart_7682.jpg)

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

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

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

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

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

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

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

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g380159g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Municipal Bond Inflation Strategy (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g380159g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\| 1</sup>** |

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**ANNUAL REPORT** 

**December 14, 2022** 

This report provides management's discussion of fund performance for the AB Municipal Bond Inflation Strategy for the annual period ended October 31, 2022.

**The Fund's investment objective is to maximize real after-tax return for investors subject to federal income taxes, without undue risk to principal.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB MUNICIPAL BOND INFLATION STRATEGY** |  |  |
| Class 1 Shares<sup>1</sup> | -4.07% | -5.92% |
| Class 2 Shares<sup>1</sup> | -4.02% | -5.83% |
| Class A Shares | -4.14% | -6.06% |
| Class C Shares | -4.51% | -6.75% |
| Advisor Class Shares<sup>2</sup> | -4.02% | -5.82% |
| Bloomberg 1-10 Year TIPS Index | -5.32% | -7.18% |

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1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements.

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|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg 1-10 Year Treasury Inflation-Protected Securities ("TIPS") Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes of the Fund outperformed the benchmark, before sales charges. The Fund invests primarily in municipal bonds and uses tax-efficient hedges for inflation protection. The Fund's overweight to municipals contributed, relative to the benchmark, for the six-month period, but detracted for the 12-month period. The use of Consumer Price Index ("CPI") swaps had no material impact on performance, relative to the benchmark, over either period. Yield-curve positioning contributed, particularly underweights to the intermediate parts of the curve for both periods.

During both periods, the Fund utilized derivatives in the form of interest rate swaps for hedging purposes, which detracted from absolute performance.

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|:---|:---|
| **2 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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Credit default swaps were utilized for investment purposes, which had no material impact on performance. CPI swaps were used for hedging purposes, which detracted from absolute performance for the six-month period and added for the 12-month period.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Yields continued their ascent higher toward the end of the reporting period ended October 31, 2022. During the 12-month period, the yield on a 10-Year AAA municipal bond rose to 3.39% from 1.22% and the yield on the 10-Year US Treasury rose to 4.06% from 1.58%. Demand for municipals continued to weaken during the six-month period, as investors have pulled approximately $104.8 billion year to date from municipal bond mutual funds and exchange-traded funds as of October 26, 2022. In addition to broader fixed-income market volatility, these municipal market outflows contributed to municipal underperformance versus US Treasuries, with 10-Year AAA Muni/Treasury after-tax spreads widening 73 basis points ("b.p.") during the 12-month period and 1 b.p. during the six-month period. Average BBB credit spreads widened during the 12-month and six-month periods by approximately 60 b.p. and 26 b.p., respectively.

The Fund's Senior Investment Management Team (the "Team") continues to focus on real after-tax return by investing in municipal bonds that generate income exempt from federal income taxes. In seeking to manage volatility and interest-rate risk, the Team focuses on intermediate-term bonds and seeks to provide inflation protection by entering into inflation swap agreements or investing in other inflation-protected instruments.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of October 31, 2022, 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 were 3.22% and 0.40%, respectively.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund seeks real after-tax return for investors subject to federal income taxes. Real return is the rate of return after adjusting for inflation. The Fund pursues its objective by investing principally in high-quality, predominantly investment-grade, municipal securities that pay interest exempt from federal taxation. As a fundamental policy, the Fund will invest at least 80% of its net assets in municipal securities. These securities may be subject to the federal alternative minimum tax for some taxpayers.

The Fund will invest at least 80% of its total assets in fixed-income securities rated A or better or the equivalent by one or more nationally recognized statistical rating organizations (or deemed to be of comparable credit quality by the Adviser). The Fund may invest up to 20% of its total assets in below investment-grade fixed-income securities ("junk bonds"). If the rating of a fixed-income security falls below investment-grade, the Fund will not be obligated to sell the security and may continue to hold it if, in the Adviser's opinion, the investment is appropriate under the circumstances.

The Fund may invest in fixed-income securities with any maturity and duration.

To provide inflation protection, the Fund will typically enter into inflation swaps. The Fund may use other inflation-indexed instruments. Payments to the Fund pursuant to swaps will result in taxable income, either ordinary income or capital gains, rather than income exempt from federal income taxation. It is expected that the Fund's primary use of derivatives will be for the purpose of inflation protection.

The Fund may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; certain types of mortgage-related securities; and derivatives, such as options, futures contracts, forwards and swaps.

The Fund may utilize leverage for investment purposes through the use of tender option bond ("TOB") transactions. The Adviser considers the impact of TOB transactions, swaps and other derivatives in making its assessments of the Fund's risks. The resulting exposures to markets, sectors, issuers or specific securities will be continuously monitored by the Adviser.

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|:---|:---|
| **4 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg 1-10 Year TIPS Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the US Treasury. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. 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) 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, or 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. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. 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.

Congress has previously considered making changes to the municipal securities provisions of the Internal Revenue Code that could change the US federal income tax treatment of certain types of municipal 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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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. 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:** To the extent the Fund uses leveraging techniques, such as TOB transactions, its net asset value ("NAV") may be more volatile

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|:---|:---|
| **6 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Illiquid Investments Risk:** Illiquid investments risk exists when certain investments are or become more 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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. For Class 1 shares, go to www.bernstein.com and click on "Investments", found in the footer, then "Mutual Fund Information—Mutual Fund Performance at a Glance."** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3.00% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Class 1 and 2 shares do not carry sales charges. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 7** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g380159g55m51.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Municipal Bond Inflation Strategy Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 3.00% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **8 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS 1 SHARES**<sup>3</sup> |  |  | 3.30% | 5.08% |
| 1 Year | -5.92% | -5.92% |  |  |
| 5 Years | 1.98% | 1.98% |  |  |
| 10 Years | 1.35% | 1.35% |  |  |
| **CLASS 2 SHARES**<sup>3</sup> |  |  | 3.39% | 5.22% |
| 1 Year | -5.83% | -5.83% |  |  |
| 5 Years | 2.10% | 2.10% |  |  |
| 10 Years | 1.45% | 1.45% |  |  |
| **CLASS A SHARES** |  |  | 2.96% | 4.55% |
| 1 Year | -6.06% | -8.87% |  |  |
| 5 Years | 1.84% | 1.22% |  |  |
| 10 Years | 1.18% | 0.88% |  |  |
| **CLASS C SHARES** |  |  | 2.30% | 3.54% |
| 1 Year | -6.75% | -7.67% |  |  |
| 5 Years | 1.09% | 1.09% |  |  |
| 10 Years<sup>4</sup> | 0.44% | 0.44% |  |  |
| **ADVISOR CLASS SHARES**<sup>5</sup> |  |  | 3.30% | 5.08% |
| 1 Year | -5.82% | -5.82% |  |  |
| 5 Years | 2.10% | 2.10% |  |  |
| 10 Years | 1.44% | 1.44% |  |  |

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**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 0.66%, 0.56%, 0.84%, 1.59% and 0.59% for Class 1, Class 2, Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios (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) to 0.60%, 0.50%, 0.75%, 1.50% and 0.50% for Class 1, Class 2, Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

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|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

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|:---|:---|
| 3 | Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.  |

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4 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 5 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS 1 SHARES**<sup>1</sup> |  |
| 1 Year | -6.50% |
| 5 Years | 1.74% |
| 10 Years | 1.26% |
| **CLASS 2 SHARES**<sup>1</sup> |  |
| 1 Year | -6.40% |
| 5 Years | 1.84% |
| 10 Years | 1.36% |
| **CLASS A SHARES** |  |
| 1 Year | -9.44% |
| 5 Years | 0.96% |
| 10 Years | 0.79% |
| **CLASS C SHARES** |  |
| 1 Year | -8.23% |
| 5 Years | 0.83% |
| 10 Years<sup>2</sup> | 0.36% |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |
| 1 Year | -6.39% |
| 5 Years | 1.83% |
| 10 Years | 1.37% |

---

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| | |
|:---|:---|
| 1 | Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and the Adviser's institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.  |

---

2 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 3 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

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| | |
|:---|:---|
| **10 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 11** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $958.60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | 0.75% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.42 | $3.82 | 0.75% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $954.90 | $7.39 | 1.50% |
|  Hypothetical\*\* | $1000 | $1017.64 | $7.63 | 1.50% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $959.80 | $2.47 | 0.50% |
|  Hypothetical\*\* | $1000 | $1022.68 | $2.55 | 0.50% |
| **Class 1** |  |  |  |  |
|  Actual | $1000 | $959.30 | $2.96 | 0.60% |
|  Hypothetical\*\* | $1000 | $1022.18 | $3.06 | 0.60% |
| **Class 2** |  |  |  |  |
|  Actual | $1000 | $959.80 | $2.47 | 0.50% |
|  Hypothetical\*\* | $1000 | $1022.68 | $2.55 | 0.50% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,193.1

------

![LOGO](g380159g04o01.jpg)

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| | |
|:---|:---|
| 1 | 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 Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). 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 the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy 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.  |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 13** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 95.0%** | **MUNICIPAL OBLIGATIONS – 95.0%** | **MUNICIPAL OBLIGATIONS – 95.0%** |
|  **Long-Term Municipal Bonds – 90.2%** | **Long-Term Municipal Bonds – 90.2%** | **Long-Term Municipal Bonds – 90.2%** |
|  **Alabama – 0.7%** | **Alabama – 0.7%** | **Alabama – 0.7%** |
|  Alabama Special Care Facilities Financing Authority-Birmingham AL<br>(Children's Hospital of Alabama Obligated Group (The)) <br>Series 2015 <br>5.00%, 06/01/2028 | $3905 | $4037644 |
|  Black Belt Energy Gas District<br>(Goldman Sachs Group, Inc. (The)) <br>Series 2021 <br>4.00%, 10/01/2052 | 5000 | 4813020 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile<br>(Infirmary Health System Obligated Group) <br>Series 2016 <br>5.00%, 02/01/2025 | 2110 | 2150226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 02/01/2039 | 1675 | 1464965 |
|  Sumter County Industrial Development Authority/AL (Enviva, Inc.) <br>Series 2022 <br>6.00%, 07/15/2052 | 3770 | 3403830 |
|  |  | 15869685 |
|  **American Samoa – 0.1%** | **American Samoa – 0.1%** | **American Samoa – 0.1%** |
|  American Samoa Economic Development Authority (Territory of American Samoa) <br>Series 2015-A <br>6.625%, 09/01/2035 | 1335 | 1399926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>6.50%, 09/01/2028<sup>(a)</sup> | 295 | 316794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 09/01/2038<sup>(a)</sup> | 280 | 310207 |
|  |  | 2026927 |
|  **Arizona – 1.4%** | **Arizona – 1.4%** | **Arizona – 1.4%** |
|  Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) <br>Series 2020 <br>4.00%, 11/01/2030 | 935 | 903334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2031 | 800 | 833089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2032 | 650 | 672636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2033 | 900 | 928312 |

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| | |
|:---|:---|
| **14 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Arizona Industrial Development Authority<br>(Kipp New York, Inc. Jerome Facility) <br>Series 2021-B <br>4.00%, 07/01/2041 | $500 | $393699 |
|  Arizona Industrial Development Authority<br>(Legacy Cares, Inc.) <br>Series 2020 <br>6.50%, 07/01/2026<sup>(a)</sup> | 1000 | 919128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2030<sup>(a)</sup> | 1000 | 848554 |
|  Arizona Industrial Development Authority<br>(Phoenix Children's Hospital Obligated Group) <br>Series 2021 <br>4.00%, 02/01/2039 | 1800 | 1602483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2026 | 1200 | 1246622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 1000 | 1063793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 | 1300 | 1406863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 | 1250 | 1360152 |
|  City of Glendale AZ<br>(City of Glendale AZ COP) <br>Series 2021 <br>2.542%, 07/01/2033 | 4000 | 3007449 |
|  City of Phoenix Civic Improvement Corp.<br>(Phoenix Sky Harbor International Airport) <br>Series 2017-A <br>5.00%, 07/01/2029 | 3945 | 4043825 |
|  City of Tempe AZ<br>(City of Tempe AZ COP) <br>Series 2021 <br>1.951%, 07/01/2031 | 2400 | 1870938 |
|  Industrial Development Authority of the County of Pima (The)<br>(La Posada at Park Centre, Inc. Obligated Group) <br>Series 2022 <br>5.125%, 11/15/2029<sup>(a)</sup> | 2000 | 1965818 |
|  Salt River Project Agricultural Improvement & Power District <br>Series 2021-A <br>5.00%, 01/01/2029 | 2750 | 3002352 |
|  State of Arizona Lottery Revenue <br>Series 2019 <br>5.00%, 07/01/2028 (Pre-refunded/ETM) | 5000 | 5416808 |
|  |  | 31485855 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 15** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  **Arkansas – 0.0%** |  |  |  |  |
|  City of Fayetteville AR Sales & Use Tax Revenue <br>Series 2022 <br>2.875%, 11/01/2032 | $| 1000 | $| 908616 |
|  **California – 10.4%** | **California – 10.4%** | **California – 10.4%** | **California – 10.4%** | **California – 10.4%** |
|  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>(a)</sup> |  | 3315 |  | 2230821 |
|  California Community Housing Agency<br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>4.00%, 08/01/2046<sup>(a)</sup> |  | 1000 |  | 692098 |
|  California Housing Finance Agency <br>Series 2021-1, Class A <br>3.50%, 11/20/2035 |  | 977 |  | 835234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.823%, 03/25/2035<sup>(b)</sup> |  | 2500 |  | 139038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A <br>3.25%, 08/20/2036 |  | 1972 |  | 1614463 |
|  California Infrastructure & Economic Development Bank <br>Series 2022 <br>0.85%, 01/01/2050 (Pre-refunded/ETM)<sup>(a)</sup> |  | 25000 |  | 24774100 |
|  California Pollution Control Financing Authority<br>(Rialto Bioenergy Facility LLC) <br>Series 2019 <br>7.50%, 12/01/2040<sup>(a)</sup> |  | 250 |  | 159138 |
|  California State Public Works Board<br>(California State Public Works Board Lease) <br>Series 2021-A <br>5.00%, 02/01/2023 |  | 10000 |  | 10044743 |
|  California State Public Works Board<br>(State of California Department of Corrections & Rehabilitation Lease) <br>Series 2018 <br>5.00%, 05/01/2029 |  | 2995 |  | 3241923 |
|  California State University <br>Series 2021-B <br>2.374%, 11/01/2035 |  | 1000 |  | 698676 |

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| | |
|:---|:---|
| **16 <sup>\|</sup> 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** |
|  City of Los Angeles Department of Airports <br>Series 2019 <br>5.00%, 05/15/2027 | $1410 | $1461484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2039 | 1000 | 993913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 05/15/2037 | 4000 | 4014725 |
|  CMFA Special Finance Agency VII<br>(CMFA Special Finance Agency VII The Breakwater Apartments) <br>Series 2021 <br>4.00%, 08/01/2047<sup>(a)</sup> | 1000 | 665351 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.60%, 05/01/2047<sup>(a)</sup> | 6500 | 4737048 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2046<sup>(a)</sup> | 2000 | 1351661 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>3.50%, 10/01/2046<sup>(a)</sup> | 2000 | 1369288 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A2 <br>3.125%, 08/01/2056<sup>(a)</sup> | 1500 | 923663 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.375%, 07/01/2043<sup>(a)</sup> | 3500 | 2529330 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Theo Apartments) <br>Series 2021 <br>3.50%, 05/01/2047<sup>(a)</sup> | 2300 | 1720303 |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A <br>3.10%, 07/01/2045<sup>(a)</sup> | 1000 | 700335 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority<br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments) <br>Series 2021 <br>4.00%, 10/01/2048<sup>(a)</sup> | $2000 | $1318388 |
|  Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue <br>Series 2021-A <br>4.00%, 06/01/2038 | 5880 | 5688133 |
|  Los Angeles Department of Water & Power System Revenue <br>Series 2021-B <br>5.00%, 07/01/2041 | 10000 | 10447221 |
|  Orange County Transportation Authority <br>Series 2021 <br>5.00%, 10/15/2024 | 3505 | 3622492 |
|  Sacramento County Water Financing Authority (Sacramento County Water Agency) <br>NATL Series 2007-B <br>2.635% (LIBOR 3 Month + 0.57%), 06/01/2039<sup>(c)</sup> | 5000 | 4298780 |
|  San Diego County Regional Airport Authority<br>Series 2021-B <br>4.00%, 07/01/2035 | 3100 | 2778449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 | 8395 | 7470405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 7075 | 6097127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 8655 | 7382461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 3325 | 2812037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2030 | 2785 | 2866199 |
|  San Francisco Intl Airport <br>Series 2021-A <br>5.00%, 05/01/2031 | 3275 | 3388346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2036 | 5960 | 5939099 |
|  San Joaquin Hills Transportation Corridor Agency <br>Series 2021 <br>5.00%, 01/15/2033 | 5000 | 5113861 |
|  State of California <br>Series 2014 <br>5.00%, 05/01/2025 | 2960 | 3033203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 11/01/2022 | 7635 | 7635000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 11/01/2030 | 10870 | 12055505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2035 | 10335 | 11105731 |

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|:---|:---|
| **18 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 10/01/2023 | $| 10000 | $| 10078062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2024 |  | 2655 |  | 2693140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2034 |  | 2690 |  | 2651764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2035 |  | 10000 |  | 9829893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2023 |  | 6000 |  | 6091889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2024 |  | 3590 |  | 3710124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 |  | 6980 |  | 7535311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 04/01/2042 |  | 8640 |  | 8046017 |
|  University of California <br>Series 2022-S <br>5.00%, 05/15/2024 |  | 6000 |  | 6165525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2025 |  | 4000 |  | 4174490 |
|  |  |  |  | 228925987 |
|  **Colorado – 3.2%** | **Colorado – 3.2%** | **Colorado – 3.2%** | **Colorado – 3.2%** | **Colorado – 3.2%** |
|  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 |  | 2441416 |
|  Centerra Metropolitan District No. 1 <br>Series 2017 <br>5.00%, 12/01/2029<sup>(a)</sup> |  | 1510 |  | 1456294 |
|  City & County of Denver CO. Airport System Revenue<br>(Denver Intl Airport) <br>Series 2012-A <br>5.00%, 11/15/2024 |  | 10395 |  | 10404208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 |  | 3000 |  | 3002248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 12/01/2026 |  | 1700 |  | 1748446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2028 |  | 10000 |  | 10312347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 |  | 6555 |  | 6738522 |
|  Colorado Health Facilities Authority<br>(AdventHealth Obligated Group) <br>Series 2021 <br>5.00%, 11/15/2041 |  | 2600 |  | 2664033 |
|  Colorado Health Facilities Authority<br>(CommonSpirit Health) <br>Series 2019-A <br>5.00%, 08/01/2032 |  | 640 |  | 652312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 2250 |  | 2284677 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 19** |

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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** |
|  Colorado Health Facilities Authority<br>(Intermountain Healthcare Obligated Group) <br>Series 2019-B <br>4.00%, 01/01/2040 | $| 1445 | $| 1323443 |
|  Colorado Health Facilities Authority<br>(Sanford Obligated Group) <br>Series 2019-A <br>5.00%, 11/01/2033 |  | 1525 |  | 1576185 |
|  Denver City & County School District No. 1 <br>Series 2014-B <br>5.00%, 12/01/2023 |  | 4730 |  | 4823414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.00%, 12/01/2039 |  | 6785 |  | 7213413 |
|  Denver Urban Renewal Authority<br>(Stapleton Development Corp.) <br>Series 2013-A <br>5.00%, 12/01/2022 |  | 1640 |  | 1642068 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-470 Public Highway Authority <br>Series 2021-B <br>2.387% (SOFR + 0.35%), 09/01/2039<sup>(c)</sup> |  | 2000 |  | 1969626 |
|  Johnstown Plaza Metropolitan District <br>Series 2022 <br>4.25%, 12/01/2046 |  | 2000 |  | 1513629 |
|  State of Colorado <br>Series 2022 <br>6.00%, 12/15/2041 |  | 6000 |  | 6854573 |
|  Sterling Ranch Community Authority Board<br>(Sterling Ranch Colorado Metropolitan District No. 2) <br>Series 2020-A <br>3.75%, 12/01/2040 |  | 1050 |  | 787327 |
|  Vauxmont Metropolitan District <br>AGM Series 2019 <br>5.00%, 12/15/2024 |  | 260 |  | 267447 |
|  |  |  |  | 69675628 |
|  **Connecticut – 2.9%** | **Connecticut – 2.9%** | **Connecticut – 2.9%** | **Connecticut – 2.9%** | **Connecticut – 2.9%** |
|  City of New Haven CT <br>Series 2018-A <br>5.50%, 08/01/2035 |  | 1920 |  | 2033558 |
|  Connecticut State Health & Educational Facilities Authority<br>(Stamford Hospital Obligated Group (The)) <br>Series 2022 <br>4.00%, 07/01/2035 |  | 1500 |  | 1340531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2036 |  | 1500 |  | 1326671 |

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| | |
|:---|:---|
| **20 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | $| 1000 | $| 874482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 1500 |  | 1264157 |
|  Connecticut State Health & Educational Facilities Authority<br>(Yale University) <br>Series 2020 <br>1.10%, 07/01/2048 |  | 10105 |  | 10027719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>1.10%, 07/01/2049 |  | 8000 |  | 7409730 |
|  State of Connecticut <br>Series 2013-A <br>5.00%, 10/15/2024 |  | 5035 |  | 5118619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A <br>5.00%, 03/01/2028 |  | 2230 |  | 2274660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-F <br>5.00%, 11/15/2026 |  | 1275 |  | 1315788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-B <br>5.00%, 06/15/2025 |  | 4330 |  | 4510188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 |  | 2840 |  | 2949299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 03/15/2032 |  | 2160 |  | 2241701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 04/15/2028 |  | 1440 |  | 1550359 |
|  State of Connecticut Clean Water Fund - State Revolving Fund <br>Series 2013-A <br>5.00%, 03/01/2024 |  | 4360 |  | 4385921 |
|  State of Connecticut Special Tax Revenue<br>Series 2020<br>5.00%, 05/01/2035 |  | 1960 |  | 2084850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2038 |  | 3040 |  | 3205220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2040 |  | 1000 |  | 1043757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D <br>4.00%, 11/01/2037 |  | 2250 |  | 2118919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2038 |  | 4185 |  | 3913319 |
|  University of Connecticut <br>Series 2020-A <br>5.00%, 02/15/2038 |  | 1795 |  | 1868319 |
|  |  |  |  | 62857767 |
|  **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** | **District of Columbia – 1.5%** |
|  District of Columbia<br>(District of Columbia International School Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2039 |  | 2000 |  | 1882379 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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** |
|  District of Columbia<br>(Plenary Infrastructure DC LLC State Lease) <br>Series 2022 <br>5.00%, 08/31/2029 | $| 4765 | $| 4903026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/31/2030 |  | 5025 |  | 5155052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/29/2032 |  | 5475 |  | 5552104 |
|  Metropolitan Washington Airports Authority Aviation Revenue <br>Series 2018-A <br>5.00%, 10/01/2025 |  | 5500 |  | 5652537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026 |  | 3065 |  | 3166119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 10/01/2038 |  | 2500 |  | 2243260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 |  | 1695 |  | 1681942 |
|  Washington Metropolitan Area Transit Authority Dedicated Revenue <br>Series 2021-A <br>4.00%, 07/15/2039 |  | 2450 |  | 2272564 |
|  |  |  |  | 32508983 |
|  **Florida – 4.7%** | **Florida – 4.7%** | **Florida – 4.7%** | **Florida – 4.7%** | **Florida – 4.7%** |
|  Align Affordable Housing Bond Fund LP<br>(SHI - Lake Worth LLC) <br>Series 2021 <br>3.25%, 12/01/2051<sup>(a)</sup> |  | 2500 |  | 2080961 |
|  Capital Trust Agency, Inc.<br>(Franklin Academy Series 2020 Obligated Group) <br>Series 2020 <br>4.00%, 12/15/2025<sup>(a)</sup> |  | 300 |  | 292348 |
|  Central Florida Expressway Authority <br>Series 2019-B <br>5.00%, 07/01/2032 |  | 6000 |  | 6398776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 |  | 7255 |  | 7650197 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2021-D <br>5.00%, 07/01/2035 |  | 8685 |  | 9313364 |
|  City of Palmetto FL<br>(Renaissance Arts and Education, Inc.) <br>Series 2022 <br>5.125%, 06/01/2042 |  | 2400 |  | 2210491 |
|  City of South Miami Health Facilities Authority, Inc. <br>(Baptist Health South Florida Obligated Group) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017 <br>5.00%, 08/15/2025 |  | 4500 |  | 4649757 |

---

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| | |
|:---|:---|
| **22 <sup>\|</sup> 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 Broward FL Airport System Revenue <br>Series 2019-A <br>4.00%, 10/01/2044 | $16215 | $13423920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C <br>2.384%, 10/01/2026 | 2600 | 2352570 |
|  County of Miami-Dade FL<br>(County of Miami-Dade FL Non-Ad Valorem) <br>Series 2015-A <br>5.00%, 06/01/2023 | 6100 | 6164272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2024 | 5000 | 5114412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2026 | 2885 | 2985569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2027 | 4515 | 4670459 |
|  County of Osceola FL Transportation Revenue <br>Series 2020-A <br>Zero Coupon, 10/01/2030 | 115 | 74495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2031 | 140 | 85197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2032 | 100 | 57181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2033 | 115 | 61590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 10/01/2034 | 125 | 62747 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida LLC) <br>Series 2022 <br>2.90%, 12/01/2056 (Pre-refunded/ETM) | 10000 | 9920429 |
|  Florida Development Finance Corp.<br>(Mater Academy, Inc.) <br>Series 2022-A <br>4.00%, 06/15/2042 | 2000 | 1600468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2042 | 2550 | 2367709 |
|  Florida Municipal Power Agency<br>(Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) <br>Series 2015-B <br>5.00%, 10/01/2023 | 1500 | 1523346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.425%, 10/01/2026 | 500 | 432857 |
|  Greater Orlando Aviation Authority <br>Series 2017-A <br>5.00%, 10/01/2029 (Pre-refunded/ETM) | 4420 | 4664595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 4000 | 4027377 |
|  Mid-Bay Bridge Authority <br>Series 2015-A <br>5.00%, 10/01/2028 | 1000 | 1012249 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 23** |

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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** |
|  Orange County Health Facilities Authority<br>(Presbyterian Retirement Communities, Inc. Obligated Group) <br>Series 2023 <br>4.00%, 08/01/2036<sup>(d)</sup> | $| 1000 | $| 848945 |
|  Polk County Industrial Development Authority<br>(Mineral Development LLC) <br>Series 2020 <br>5.875%, 01/01/2033<sup>(a)</sup> |  | 1000 |  | 971268 |
|  Village Community Development District No. 13 <br>Series 2019 <br>3.55%, 05/01/2039 |  | 4195 |  | 3124363 |
|  Village Community Development District No. 14<br>Series 2022<br>5.50%, 05/01/2053 |  | 5000 |  | 4912922 |
|  |  |  |  | 103054834 |
|  **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** | **Georgia – 3.8%** |
|  Augusta Development Authority<br>(AU Health System Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2034 |  | 4490 |  | 3964734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 5065 |  | 4420157 |
|  City of Atlanta GA Department of Aviation <br>Series 2022-B <br>5.00%, 07/01/2038 |  | 3440 |  | 3410629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042 |  | 6830 |  | 6716409 |
|  Cobb County Kennestone Hospital Authority<br>(WellStar Health System Obligated Group)<br>Series 2021 <br>5.00%, 04/01/2025 |  | 1650 |  | 1694320 |
|  Main Street Natural Gas, Inc.<br>(Citadel LP) <br>Series 2022-C <br>4.00%, 08/01/2052<sup>(a)</sup> |  | 5000 |  | 4617604 |
|  Main Street Natural Gas, Inc.<br>(Citigroup, Inc.) <br>Series 2021-C <br>4.00%, 05/01/2052 |  | 2075 |  | 1943025 |
|  Main Street Natural Gas, Inc.<br>(Royal Bank of Canada) <br>Series 2018-A <br>4.00%, 04/01/2048 |  | 9370 |  | 9350003 |

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| | |
|:---|:---|
| **24 <sup>\|</sup> 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 2018-C <br>4.00%, 08/01/2048 | $| 6850 | $| 6831303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 07/01/2052 |  | 37825 |  | 36541409 |
|  Richmond County Board of Education <br>Series 2021 <br>5.00%, 10/01/2023 |  | 3400 |  | 3451380 |
|  |  |  |  | 82940973 |
|  **Guam – 0.2%** | **Guam – 0.2%** | **Guam – 0.2%** | **Guam – 0.2%** | **Guam – 0.2%** |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 |  | 135 |  | 131141 |
|  Territory of Guam<br>(Territory of Guam Business Privilege Tax)<br>Series 2015-D <br>5.00%, 11/15/2023 |  | 1035 |  | 1037746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 |  | 865 |  | 866591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2031 |  | 2070 |  | 2039874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F <br>5.00%, 01/01/2028 |  | 500 |  | 499962 |
|  |  |  |  | 4575314 |
|  **Illinois – 4.5%** | **Illinois – 4.5%** | **Illinois – 4.5%** | **Illinois – 4.5%** | **Illinois – 4.5%** |
|  Chicago Board of Education <br>Series 2018-A <br>5.00%, 12/01/2027 |  | 1200 |  | 1185740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>5.00%, 12/01/2030 |  | 135 |  | 131795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031 |  | 265 |  | 256630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 |  | 100 |  | 95313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>4.00%, 12/01/2041 |  | 5800 |  | 4558218 |
|  Chicago Housing Authority <br>Series 2018-A <br>5.00%, 01/01/2034 |  | 2500 |  | 2593659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 |  | 5260 |  | 5412305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2038 |  | 1000 |  | 1026967 |
|  Chicago O'Hare International Airport <br>Series 2015-B <br>5.00%, 01/01/2029 |  | 5000 |  | 5119117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>5.00%, 01/01/2033 |  | 5000 |  | 5108344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 01/01/2035 |  | 1475 |  | 1498256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 01/01/2037 |  | 1000 |  | 980418 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 01/01/2042 | $2000 | $1714231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 | 680 | 698618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2031 | 600 | 614865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2042 | 3850 | 3673987 |
|  Chicago O'Hare International Airport<br>(Chicago O'Hare International Airport Customer Facility Charge) <br>Series 2013 <br>5.25%, 01/01/2023 | 2500 | 2506988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2025 | 2250 | 2256164 |
|  County of Cook IL <br>Series 2012-C <br>5.00%, 11/15/2024 | 2560 | 2561623 |
|  Illinois Finance Authority<br>(Ascension Health Credit Group) <br>Series 2016-C <br>5.00%, 02/15/2024 | 1630 | 1658669 |
|  Illinois Finance Authority<br>(Illinois Institute of Technology) <br>Series 2019 <br>5.00%, 09/01/2023 | 100 | 100314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2026 | 100 | 100176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027 | 100 | 99891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2029 | 100 | 99243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2033 | 200 | 192141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/2034 | 100 | 95387 |
|  Illinois Finance Authority<br>(University of Chicago (The)) <br>Series 2021-A <br>5.00%, 10/01/2033 | 1750 | 1919582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2035 | 1400 | 1506355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2036 | 2500 | 2668891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2037 | 1350 | 1430810 |
|  Illinois Finance Authority<br>(Washington and Jane Smith Community - Orland Park) <br>Series 2022 <br>4.00%, 10/15/2040 | 9375 | 7287685 |
|  Illinois Housing Development Authority<br>Series 2022<br>5.67%, 12/01/2025<sup>(a)</sup> | 1250 | 1244952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17%, 11/01/2038 | 125 | 122783 |
|  Illinois State Toll Highway Authority <br>Series 2020-A <br>5.00%, 01/01/2040 | 1080 | 1106050 |

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|:---|:---|
| **26 <sup>\|</sup> 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 2021-A <br>5.00%, 01/01/2043 | $| 6700 | $| 6792309 |
|  State of Illinois <br>Series 2013 <br>5.00%, 07/01/2023 |  | 1670 |  | 1680436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014 <br>5.00%, 05/01/2030 |  | 4180 |  | 4179475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 12/01/2024 |  | 5050 |  | 5092442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D <br>5.00%, 11/01/2024 |  | 7950 |  | 8019066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2023 |  | 2785 |  | 2806063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 10/01/2023 |  | 1730 |  | 1743084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 03/01/2042 |  | 2945 |  | 2912362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>5.25%, 10/01/2037 |  | 3000 |  | 2964222 |
|  |  |  |  | 97815626 |
|  **Indiana – 1.7%** | **Indiana – 1.7%** | **Indiana – 1.7%** | **Indiana – 1.7%** | **Indiana – 1.7%** |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana LLC) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(a)</sup> |  | 2380 |  | 1732438 |
|  Indiana Finance Authority<br>(CWA Authority, Inc.) <br>Series 2021 <br>5.00%, 10/01/2033 |  | 2000 |  | 2171957 |
|  Indiana Finance Authority<br>(Duke Energy Indiana LLC) <br>Series 2022 <br>3.75%, 03/01/2031 |  | 5750 |  | 5650137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/2035 |  | 7555 |  | 7278927 |
|  Indiana Finance Authority<br>(Fulcrum Centerpoint LLC) <br>Series 2021 <br>0.28%, 12/15/2045 |  | 5000 |  | 4994529 |
|  Indiana Finance Authority<br>(Good Samaritan Hospital Obligated Group) <br>Series 2022 <br>4.00%, 04/01/2035 |  | 1210 |  | 1006929 |

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Indiana Finance Authority<br>(Greencroft Goshen Obligated Group) <br>Series 2023-2 <br>4.00%, 11/15/2037<sup>(d)</sup> | $| 1000 | $| 763737 |
|  Indiana Finance Authority<br>(Indiana University Health, Inc. Obligated Group) <br>Series 2021 <br>0.70%, 12/01/2046 |  | 8150 |  | 7395352 |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.)<br>Series 2021-B <br>2.50%, 11/01/2030 |  | 495 |  | 404773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.25%, 11/01/2030 |  | 1535 |  | 1424490 |
|  Indiana Finance Authority<br>(University of Evansville) <br>Series 2022 <br>5.25%, 09/01/2037 |  | 5000 |  | 4683009 |
|  |  |  |  | 37506278 |
|  **Iowa – 1.6%** | **Iowa – 1.6%** | **Iowa – 1.6%** | **Iowa – 1.6%** | **Iowa – 1.6%** |
|  Iowa Finance Authority <br>Series 2022-E <br>2.914% (SOFR + 0.80%), 01/01/2052<sup>(c)</sup> |  | 8000 |  | 7798455 |
|  Iowa Finance Authority<br>(Iowa Fertilizer Co. LLC) <br>Series 2022 <br>4.00%, 12/01/2050 |  | 5000 |  | 4493597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2050 |  | 7000 |  | 6218834 |
|  Iowa Finance Authority<br>(Iowa Finance Authority State Revolving Fund) <br>Series 2021-A <br>5.00%, 08/01/2039 |  | 5200 |  | 5570573 |
|  Iowa Higher Education Loan Authority (Simpson College) <br>Series 2020 <br>5.25%, 11/01/2040 |  | 2275 |  | 2044847 |
|  Iowa Tobacco Settlement Authority <br>Series 2021-A <br>4.00%, 06/01/2034 |  | 500 |  | 453962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2035 |  | 515 |  | 461913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 |  | 1000 |  | 877433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2038 |  | 1000 |  | 867142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2040 |  | 500 |  | 422008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2031 |  | 900 |  | 919301 |

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| | |
|:---|:---|
| **28 <sup>\|</sup> 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 2021-B <br>4.00%, 06/01/2049 | $| 1890 | $| 1724050 |
|  PEFA, Inc.<br>(Goldman Sachs Group, Inc. (The)) <br>Series 2019 <br>5.00%, 09/01/2049 |  | 2360 |  | 2357622 |
|  |  |  |  | 34209737 |
|  **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
|  Kansas Development Finance Authority (AdventHealth Obligated Group) <br>Series 2021 <br>5.00%, 11/15/2054 |  | 6000 |  | 6359333 |
|  **Kentucky – 2.6%** | **Kentucky – 2.6%** | **Kentucky – 2.6%** | **Kentucky – 2.6%** | **Kentucky – 2.6%** |
|  City of Ashland KY<br>(Ashland Hospital Corp. Obligated Group)<br>Series 2019 <br>5.00%, 02/01/2026 |  | 180 |  | 183895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2027 |  | 195 |  | 200279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2030 |  | 125 |  | 129244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2031 |  | 150 |  | 152016 |
|  City of Henderson KY<br>(Pratt Paper LLC) <br>Series 2022 <br>3.70%, 01/01/2032<sup>(a)</sup> |  | 1150 |  | 1041895 |
|  Kentucky Municipal Power Agency <br>NATL Series 2015-A <br>5.00%, 09/01/2023 |  | 1875 |  | 1897697 |
|  Kentucky Public Energy Authority<br>(BP PLC) <br>Series 2020-A <br>4.00%, 12/01/2050 |  | 7260 |  | 7067053 |
|  Kentucky Public Energy Authority<br>(Morgan Stanley) <br>Series 2018-C <br>9.575% (CPI + 1.05%), 12/01/2049<sup>(c)</sup> |  | 20000 |  | 19957364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C <br>4.00%, 02/01/2050 |  | 9015 |  | 8520794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 08/01/2052 |  | 18485 |  | 16924406 |
|  |  |  |  | 56074643 |
|  **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** | **Louisiana – 0.7%** |
|  City of New Orleans LA <br>Series 2021-A <br>5.00%, 12/01/2030 |  | 1910 |  | 2045460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2035 |  | 2680 |  | 2792929 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 29** |

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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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2038 | $| 2070 | $| 2135280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2039 |  | 885 |  | 909561 |
|  Jefferson Sales Tax District <br>AGM Series 2017-B <br>5.00%, 12/01/2034 |  | 1800 |  | 1882320 |
|  Parish of St. James LA<br>(NuStar Logistics LP) <br>Series 2020 <br>5.85%, 08/01/2041<sup>(a)</sup> |  | 340 |  | 346570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/2038<sup>(a)</sup> |  | 455 |  | 476880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 12/01/2040<sup>(a)</sup> |  | 390 |  | 408754 |
|  State of Louisiana Gasoline & Fuels Tax Revenue <br>Series 2022-A <br>2.628% (SOFR + 0.50%), 05/01/2043<sup>(c)</sup> |  | 4960 |  | 4783506 |
|  |  |  |  | 15781260 |
|  **Maryland – 2.9%** | **Maryland – 2.9%** | **Maryland – 2.9%** | **Maryland – 2.9%** | **Maryland – 2.9%** |
|  County of Montgomery MD <br>Series 2019-A <br>5.00%, 11/01/2026 |  | 5925 |  | 6308474 |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners LLC) <br>Series 2022 <br>5.00%, 12/31/2039 |  | 4125 |  | 4038865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2040 |  | 8795 |  | 8572170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/2040 |  | 3525 |  | 3434154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2042 |  | 3120 |  | 3015647 |
|  Maryland Health & Higher Educational Facilities Authority <br>(Stevenson University, Inc.)<br>Series 2021<br>4.00%, 06/01/2039 |  | 500 |  | 419343 |
|  State of Maryland <br>Series 2017-B <br>5.00%, 08/01/2024 |  | 5790 |  | 5964957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.00%, 08/01/2028 |  | 9315 |  | 10136527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.00%, 03/01/2026 |  | 11500 |  | 12126809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-D <br>4.00%, 08/01/2029 |  | 4500 |  | 4647631 |
|  Washington Suburban Sanitary Commission <br>Series 2020 <br>5.00%, 12/01/2022 |  | 4140 |  | 4146241 |
|  |  |  |  | 62810818 |

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|:---|:---|
| **30 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Massachusetts – 1.4%** | **Massachusetts – 1.4%** | **Massachusetts – 1.4%** |
|  Commonwealth of Massachusetts <br>Series 2020-B <br>5.00%, 07/01/2024 | $7380 | $7593131 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-A <br>2.434% (LIBOR 3 Month + 0.57%), 05/01/2037<sup>(c)</sup> | 3275 | 3086369 |
|  Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) <br>Series 2022-B <br>4.11%, 07/15/2031 | 3200 | 3052930 |
|  Massachusetts Bay Transportation Authority Sales Tax Revenue <br>Series 2004-C <br>5.25%, 07/01/2023 | 3520 | 3568476 |
|  Massachusetts Clean Water Trust (The) (Massachusetts Water Pollution Abatement Trust (The) SRF) <br>Series 2006 <br>9.59% (CPI + 0.99%), 08/01/2023<sup>(c)</sup> | 2275 | 2282876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2 <br>4.00%, 02/01/2023 | 1645 | 1648561 |
|  Massachusetts Development Finance Agency<br>(Broad Institute Inc. (The)) <br>Series 2017 <br>5.00%, 04/01/2028 | 1655 | 1760360 |
|  Massachusetts Port Authority <br>Series 2021-E <br>5.00%, 07/01/2037 | 2250 | 2274082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2039 | 5000 | 5026009 |
|  |  | 30292794 |
|  **Michigan – 1.5%** | **Michigan – 1.5%** | **Michigan – 1.5%** |
|  City of Detroit MI <br>Series 2018 <br>5.00%, 04/01/2035 | 750 | 741403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2036 | 305 | 300483 |
|  City of Detroit MI Sewage Disposal System Revenue <br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>3.108% (LIBOR 3 Month + 0.60%), 07/01/2032<sup>(c)</sup> | 2605 | 2504448 |

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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** |
|  Detroit City School District <br>AGM Series 2005-A <br>5.25%, 05/01/2029 | $| 3860 | $| 4215400 |
|  Michigan Finance Authority<br>(City of Detroit MI) <br>Series 2016-C <br>5.00%, 04/01/2026 |  | 1000 |  | 1043919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2027 |  | 1735 |  | 1829469 |
|  Michigan Finance Authority<br>(Great Lakes Water Authority Water Supply System Revenue) <br>AGM Series 2014-D2 <br>5.00%, 07/01/2024 |  | 10545 |  | 10821915 |
|  Michigan Finance Authority<br>(Henry Ford Health System Obligated Group)<br>Series 2016 <br>5.00%, 11/15/2031 |  | 1785 |  | 1822617 |
|  Michigan Finance Authority<br>(Michigan Finance Authority Drinking Water Revolving Fund) <br>Series 2021 <br>5.00%, 10/01/2026 |  | 1250 |  | 1327463 |
|  Michigan Strategic Fund<br>(Michigan Strategic Fund—I 75 Improvement Project) <br>Series 2018 <br>5.00%, 12/31/2028 |  | 3075 |  | 3078086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/2029 |  | 6015 |  | 5978092 |
|  |  |  |  | 33663295 |
|  **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** | **Minnesota – 0.3%** |
|  Minneapolis-St Paul Metropolitan Airports Commission <br>Series 2022-B <br>4.00%, 01/01/2038 |  | 4250 |  | 3695366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 |  | 2105 |  | 2046968 |
|  |  |  |  | 5742334 |
|  **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** | **Mississippi – 0.1%** |
|  Mississippi Development Bank<br>(Magnolia Regional Health Center) <br>Series 2021 <br>5.00%, 10/01/2033<sup>(a)</sup> |  | 1000 |  | 985841 |
|  Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) <br>Series 2016-A <br>5.00%, 09/01/2036 |  | 1500 |  | 1465482 |
|  |  |  |  | 2451323 |

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|:---|:---|
| **32 <sup>\|</sup> 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** |
|  **Missouri – 1.1%** | **Missouri – 1.1%** | **Missouri – 1.1%** |
|  Health & Educational Facilities Authority of the State of Missouri <br>(BJC Healthcare Obligated Group)<br>Series 2021-B<br>4.00%, 05/01/2051 | $11975 | $12162093 |
|  Howard Bend Levee District <br>XLCA INS Series 2005 <br>5.75%, 03/01/2025 | 135 | 135885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027 | 120 | 120510 |
|  Lee's Summit Industrial Development Authority<br>(John Knox Village Obligated Group) <br>Series 2016-A <br>5.00%, 08/15/2036 | 1675 | 1487512 |
|  Missouri State Environmental Improvement & Energy Resources Authority<br>(Missouri Environmental Improvement & Energy Resources Auth State Revolving Funds) <br>Series 2020-A <br>5.00%, 01/01/2023 | 9785 | 9814426 |
|  |  | 23720426 |
|  **Montana – 0.1%** | **Montana – 0.1%** | **Montana – 0.1%** |
|  Montana Facility Finance Authority<br>(Benefis Health System Obligated Group) <br>Series 2016 <br>5.00%, 02/15/2031 | 1925 | 1959727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2033 | 1350 | 1362457 |
|  |  | 3322184 |
|  **Nebraska – 0.7%** | **Nebraska – 0.7%** | **Nebraska – 0.7%** |
|  Central Plains Energy Project<br>(Goldman Sachs Group, Inc. (The)) <br>Series 2018 <br>5.00%, 03/01/2050 | 15000 | 15008046 |
|  **Nevada – 2.2%** | **Nevada – 2.2%** | **Nevada – 2.2%** |
|  City of Sparks NV<br> (City of Sparks NV Sales Tax) <br>Series 2019-A <br>2.50%, 06/15/2024<sup>(a)</sup> | 240 | 230070 |
|  Clark County School District <br>Series 2021-A <br>4.00%, 06/15/2034 | 10085 | 9890340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2027 | 3500 | 3705078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 06/15/2027 | 5170 | 5472929 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 33** |

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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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2028 | $| 6710 | $| 7155949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2032 |  | 3425 |  | 3683816 |
|  Las Vegas Valley Water District <br>Series 2022-A <br>4.00%, 06/01/2036 |  | 5000 |  | 4780806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2037 |  | 6350 |  | 6021167 |
|  Tahoe-Douglas Visitors Authority <br>Series 2020 <br>4.00%, 07/01/2027 |  | 1200 |  | 1166041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2029 |  | 2625 |  | 2650205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 2035 |  | 2022779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 |  | 805 |  | 781225 |
|  |  |  |  | 47560405 |
|  **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** | **New Hampshire – 0.7%** |
|  National Finacnce Authority<br>(New Hampshire Business Finance Authority)<br>National Finacnce Authority Series 2022-2, Class X <br>0.674%, 10/01/2036<sup>(b)</sup> |  | 5000 |  | 258520 |
|  New Hampshire Business Finance Authority <br>Series 2020-1, Class A <br>4.125%, 01/20/2034 |  | 1494 |  | 1377880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A <br>4.375%, 09/20/2036 |  | 9959 |  | 8988717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>0.334%, 09/20/2036 |  | 8500 |  | 199143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A <br>4.00%, 10/20/2036 |  | 4995 |  | 4324328 |
|  |  |  |  | 15148588 |
|  **New Jersey – 4.1%** | **New Jersey – 4.1%** | **New Jersey – 4.1%** | **New Jersey – 4.1%** | **New Jersey – 4.1%** |
|  Federal Home Loan Mortgage Corp. Enhanced Receipt <br>Series 2019-B, Class 1 <br>3.87%, 11/15/2035<sup>(a)</sup> |  | 12363 |  | 11220095 |
|  New Jersey Economic Development Authority <br>Series 2014-P <br>5.00%, 06/15/2029 (Pre-refunded/ETM) |  | 1150 |  | 1181874 |
|  New Jersey Economic Development Authority<br>(Port Newark Container Terminal LLC) <br>Series 2017 <br>5.00%, 10/01/2026 |  | 2130 |  | 2157832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027 |  | 1680 |  | 1699613 |

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| | |
|:---|:---|
| **34 <sup>\|</sup> 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 Jersey Economic Development Authority<br>(United Airlines, Inc.) <br>Series 2012 <br>5.25%, 09/15/2029 | $1365 | $1341143 |
|  New Jersey Educational Facilities Authority<br>(Ramapo College of New Jersey) <br>AGM Series 2022-A <br>4.00%, 07/01/2039 | 550 | 503943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 750 | 678779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 835 | 740481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 845 | 890098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 400 | 419579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 | 600 | 628026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037 | 600 | 625832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 | 745 | 774536 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2029 | 4390 | 4515816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 06/15/2028 | 4170 | 4297803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2029 | 17500 | 18001543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2030 | 1500 | 1540221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/2031 | 3000 | 3072154 |
|  New Jersey Transportation Trust Fund Authority<br>(New Jersey Transportation Trust Fund Authority State Lease) <br>Series 2014-C <br>5.25%, 06/15/2032 | 2960 | 2997905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 06/15/2036 | 1140 | 1139973 |
|  New Jersey Turnpike Authority <br>Series 2013-A <br>5.00%, 01/01/2023 (Pre-refunded/ETM) | 1600 | 1604785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2023 | 200 | 200545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A <br>5.00%, 01/01/2028 | 4785 | 4902137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C <br>5.00%, 01/01/2023 | 1590 | 1594332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A <br>5.00%, 01/01/2033 | 7300 | 7620132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>5.00%, 01/01/2028 | 4375 | 4593510 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>0.897%, 01/01/2025 | $| 1000 | $| 914961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.713%, 01/01/2029 |  | 1350 |  | 1098155 |
|  Tobacco Settlement Financing Corp./NJ <br>Series 2018-A <br>5.00%, 06/01/2030 |  | 4750 |  | 4885062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B <br>5.00%, 06/01/2046 |  | 3495 |  | 3209262 |
|  |  |  |  | 89050127 |
|  **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** | **New Mexico – 0.1%** |
|  State of New Mexico Severance Tax Permanent Fund <br>Series 2022-A <br>5.00%, 07/01/2031 |  | 1000 |  | 1113021 |
|  Winrock Town Center Tax Increment Development District No. 1 <br>Series 2022 <br>4.00%, 05/01/2033<sup>(a)</sup> |  | 1035 |  | 870456 |
|  |  |  |  | 1983477 |
|  **New York – 9.5%** | **New York – 9.5%** | **New York – 9.5%** | **New York – 9.5%** | **New York – 9.5%** |
|  City of New York NY <br>Series 2020-A <br>5.00%, 08/01/2026 |  | 3940 |  | 4166160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>5.00%, 08/01/2033 |  | 3645 |  | 3910842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>1.396%, 08/01/2027 |  | 3120 |  | 2616308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 08/01/2041 |  | 2000 |  | 1769570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 2000 |  | 2161724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F <br>5.00%, 06/01/2044 |  | 2500 |  | 2593834 |
|  County of Nassau NY <br>Series 2022-A <br>4.00%, 04/01/2042 |  | 2205 |  | 1912881 |
|  Metropolitan Transportation Authority<br>Series 2012-C<br>5.00%, 11/15/2024 (Pre-refunded/ETM) |  | 4065 |  | 4067576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 (Pre-refunded/ETM) |  | 5000 |  | 5003169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-F <br>5.00%, 11/15/2026 |  | 3635 |  | 3637170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-A <br>5.00%, 11/15/2026 (Pre-refunded/ETM) |  | 2300 |  | 2321418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-E <br>5.00%, 11/15/2025 (Pre-refunded/ETM) |  | 8510 |  | 8665587 |

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| | |
|:---|:---|
| **36 <sup>\|</sup> 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A <br>5.00%, 11/15/2024 | $1130 | $1153700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 11/15/2027 | 1370 | 1388602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 11/15/2023 | 1110 | 1124510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2025 | 1935 | 1982142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2026 | 555 | 568213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C <br>5.00%, 11/15/2026 | 1275 | 1305732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2027 | 1745 | 1783896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 1000 | 1021777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>5.00%, 11/15/2045 | 5120 | 5242554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>4.00%, 11/15/2026 | 1000 | 982526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/2028 | 4000 | 4073587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D <br>2.367% (SOFR + 0.33%), 11/01/2035<sup>(c)</sup> | 1975 | 1916919 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue <br>Series 2012-B <br>5.00%, 11/01/2026<sup>(e)</sup> | 6830 | 6830000 |
|  New York State Dormitory Authority<br>(State of New York Pers Income Tax) <br>Series 2014-A <br>5.00%, 02/15/2028 | 6565 | 6687936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.202%, 03/15/2034 | 2000 | 1464003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.252%, 03/15/2032 | 2000 | 1522826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 03/15/2042 | 5000 | 4415340 |
|  New York State Environmental Facilities Corp.<br>(State of New York SRF) <br>Series 2021 <br>4.00%, 08/15/2038 | 800 | 742877 |
|  New York State Thruway Authority<br>(State of New York Pers Income Tax) <br>Series 2021-A <br>5.00%, 03/15/2025 | 2225 | 2305693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 03/15/2030 | 21850 | 23826638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2039 | 2000 | 2094387 |
|  New York State Urban Development Corp.<br>(State of New York Pers Income Tax) <br>Series 2022 <br>5.00%, 09/15/2029 | 37115 | 40433912 |

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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** |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.)<br>Series 2018<br>5.00%, 01/01/2027 | $| 3000 | $| 2990886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2028 |  | 2590 |  | 2580513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2029 |  | 3665 |  | 3637928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.00%, 10/01/2030 |  | 1500 |  | 1403830 |
|  New York Transportation Development Corp.<br>(JFK International Air Terminal LLC) <br>Series 2022 <br>5.00%, 12/01/2038 |  | 1700 |  | 1586046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2040 |  | 2850 |  | 2611285 |
|  New York Transportation Development Corp.<br>(Laguardia Gateway Partners LLC) <br>Series 2016-A <br>5.00%, 07/01/2046 |  | 345 |  | 315013 |
|  Port Authority of New York & New Jersey <br>Series 2021-2 <br>5.00%, 07/15/2028 |  | 1025 |  | 1067678 |
|  Suffolk Tobacco Asset Securitization Corp. <br>Series 2021 <br>5.00%, 06/01/2028 |  | 2265 |  | 2333369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2032 |  | 2245 |  | 2308645 |
|  Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021 <br>5.00%, 05/15/2050 |  | 4740 |  | 4929355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>2.00%, 05/15/2045 |  | 2945 |  | 2719309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.591%, 05/15/2036 |  | 2000 |  | 1440844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.917%, 05/15/2040 |  | 1000 |  | 687502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 08/15/2024 |  | 16500 |  | 17005969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-E <br>3.087% (SOFR + 1.05%), 04/01/2026<sup>(c)(d)</sup> |  | 6000 |  | 5747802 |
|  |  |  |  | 209059983 |
|  **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** | **North Carolina – 0.4%** |
|  Fayetteville State University <br>Series 2023 <br>5.00%, 04/01/2032<sup>(a)(d)</sup> |  | 655 |  | 662450 |

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| **38 <sup>\|</sup> 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 | $| 6950068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>5.00%, 03/01/2028 |  | 1175 |  | 1261544 |
|  |  |  |  | 8874062 |
|  **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** | **North Dakota – 0.0%** |
|  County of Grand Forks ND<br>(Red River Biorefinery LLC) <br>Series 2021 <br>6.625%, 12/15/2031<sup>(a)</sup> |  | 425 |  | 249759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/2043<sup>(a)</sup> |  | 440 |  | 243259 |
|  |  |  |  | 493018 |
|  **Ohio – 1.7%** | **Ohio – 1.7%** | **Ohio – 1.7%** | **Ohio – 1.7%** | **Ohio – 1.7%** |
|  American Municipal Power, Inc. <br>Series 2016-A <br>5.00%, 02/15/2036 |  | 5000 |  | 5107766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 02/15/2035 |  | 1425 |  | 1503896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 02/15/2037 |  | 1430 |  | 1280844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2038 |  | 1330 |  | 1179471 |
|  Buckeye Tobacco Settlement Financing Authority <br>Series 2020-A <br>4.00%, 06/01/2039 |  | 1000 |  | 887305 |
|  City of Chillicothe OH<br>(Adena Health System Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2037 |  | 3385 |  | 3401992 |
|  City of Cleveland OH Airport System Revenue <br>AGM Series 2016-B <br>5.00%, 01/01/2023 |  | 1510 |  | 1514164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2024 |  | 1075 |  | 1094931 |
|  City of Cleveland OH Income Tax Revenue <br>Series 2017-B1 <br>5.00%, 10/01/2027 |  | 2500 |  | 2677731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029 |  | 3085 |  | 3302988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2030 |  | 2000 |  | 2137030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B2 <br>5.00%, 10/01/2029 |  | 1485 |  | 1591443 |
|  County of Cuyahoga OH (MetroHealth System (The)) <br>Series 2017 <br>5.00%, 02/15/2037 |  | 5600 |  | 5573398 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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 Washington OH<br>(Marietta Area Health Care, Inc. Obligated Group) <br>Series 2022 <br>6.375%, 12/01/2037 | $| 2000 | $| 1817088 |
|  Ohio Higher Educational Facility Commission (University of Dayton) <br>Series 2022 <br>5.00%, 02/01/2038 |  | 1250 |  | 1281635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2039 |  | 3860 |  | 3929942 |
|  |  |  |  | 38281624 |
|  **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** | **Oklahoma – 0.2%** |
|  Oklahoma Development Finance Authority <br>Series 2022 <br>4.38%, 11/01/2045 |  | 2500 |  | 2184392 |
|  Oklahoma Development Finance Authority (Gilcrease Expressway West) <br>Series 2020 <br>1.625%, 07/06/2023 |  | 500 |  | 487935 |
|  Oklahoma Development Finance Authority (OU Medicine Obligated Group) <br>Series 2022-A <br>5.50%, 08/15/2037 |  | 2000 |  | 1758604 |
|  |  |  |  | 4430931 |
|  **Oregon – 0.7%** | **Oregon – 0.7%** | **Oregon – 0.7%** | **Oregon – 0.7%** | **Oregon – 0.7%** |
|  Deschutes County Hospital Facilities Authority<br>(St. Charles Health System Obligated Group) <br>Series 2016-A <br>4.00%, 01/01/2033 |  | 1000 |  | 941315 |
|  Oregon Health & Science University<br>(Oregon Health & Science University Obligated Group) <br>Series 2021-B <br>5.00%, 07/01/2046 |  | 4750 |  | 4907137 |
|  Port of Portland OR Airport Revenue <br>Series 2022-2 <br>4.00%, 07/01/2038 |  | 5000 |  | 4491791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 3500 |  | 3039994 |
|  Tri-County Metropolitan Transportation District of Oregon <br>Series 2018-A <br>5.00%, 10/01/2029 |  | 1910 |  | 2025641 |
|  |  |  |  | 15405878 |

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| | |
|:---|:---|
| **40 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Other – 0.2%** | **Other – 0.2%** | **Other – 0.2%** |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-ML12, Class AUS <br>2.34%, 07/25/2041<sup>(a)</sup> | $2481 | $1902136 |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>2.65%, 06/15/2036<sup>(a)</sup> | 3760 | 3024295 |
|  |  | 4926431 |
|  **Pennsylvania – 4.3%** | **Pennsylvania – 4.3%** | **Pennsylvania – 4.3%** |
|  Allegheny County Airport Authority <br>Series 2021-A <br>4.00%, 01/01/2037 | 1750 | 1537014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2041 | 5255 | 4424638 |
|  Berks County Municipal Authority (The)<br>(Tower Health Obligated Group) <br>Series 2012-A <br>4.50%, 11/01/2041 | 1000 | 654645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B <br>5.00%, 02/01/2040 | 2000 | 1873501 |
|  Bucks County Industrial Development Authority<br>(Grand View Hospital/Sellersville PA Obligated Group) <br>Series 2021 <br>5.00%, 07/01/2032 | 1000 | 968067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 1150 | 1098109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2034 | 1300 | 1225804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2035 | 1050 | 975857 |
|  Chester County Industrial Development Authority<br>(Collegium Charter School) <br>Series 2022 <br>5.00%, 10/15/2032<sup>(a)</sup> | 1000 | 953929 |
|  City of Philadelphia PA <br>Series 2017 <br>5.00%, 08/01/2028 | 12990 | 13699976 |
|  City of Philadelphia PA Airport Revenue Series 2021 <br>5.00%, 07/01/2028 | 3035 | 3111465 |
|  City of Philadelphia PA Water & Wastewater Revenue <br>Series 2017-A <br>5.00%, 10/01/2032 | 1000 | 1051811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2033 | 1135 | 1190259 |
|  Commonwealth of Pennsylvania <br>Series 2017 <br>5.00%, 01/01/2024 | 3600 | 3672125 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 41** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  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 | $8636692 |
|  Lancaster County Hospital Authority/PA<br>(St. Anne's Retirement Community Obligated Group) <br>Series 2022 <br>3.50%, 03/01/2025 | 1410 | 1342521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2033 | 1600 | 1444785 |
|  Montgomery County Higher Education and Health Authority<br>(Thomas Jefferson University Obligated Group) <br>Series 2018 <br>5.00%, 09/01/2034 | 1500 | 1542202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 05/01/2036 | 1100 | 1003472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2037 | 1500 | 1348582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2038 | 1375 | 1219866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2039 | 1500 | 1313682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2040 | 2000 | 1755749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2041 | 3000 | 2615387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2042 | 2125 | 1837064 |
|  Moon Industrial Development Authority<br>(Baptist Homes Society) <br>Series 2015 <br>5.125%, 07/01/2025 | 1300 | 1249759 |
|  Pennsylvania Economic Development Financing Authority<br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 06/30/2042 | 1000 | 927293 |
|  Pennsylvania Economic Development Financing Authority<br>(UPMC Obligated Group) <br>Series 2022-C <br>2.94% (MUNIPSA + 0.70%), 11/15/2047<sup>(c)</sup> | 5000 | 4843106 |
|  Pennsylvania Higher Educational Facilities Authority<br>(University of Pennsylvania Health System Obligated Group (The)) <br>Series 2022 <br>4.00%, 08/15/2042 | 2000 | 1779948 |

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| | |
|:---|:---|
| **42 <sup>\|</sup> 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** |
|  Pennsylvania Turnpike Commission<br>Series 2017<br>5.00%, 12/01/2028 | $| 1750 | $| 1861266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2029 |  | 1255 |  | 1333579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 06/01/2034 |  | 5830 |  | 5990757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2036 |  | 1750 |  | 1764286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 12/01/2023 |  | 4250 |  | 4324395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>3.00%, 12/01/2042 |  | 1245 |  | 872063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 12/01/2039 |  | 2000 |  | 1774966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 12/01/2036 |  | 1000 |  | 1053158 |
|  Philadelphia Authority for Industrial Development<br>(MaST Community Charter School III) <br>Series 2021 <br>5.00%, 08/01/2040 |  | 1000 |  | 939319 |
|  School District of Philadelphia (The) <br>Series 2016-F <br>5.00%, 09/01/2034 |  | 5000 |  | 5147557 |
|  |  |  |  | 94358654 |
|  **Puerto Rico – 0.5%** | **Puerto Rico – 0.5%** | **Puerto Rico – 0.5%** | **Puerto Rico – 0.5%** | **Puerto Rico – 0.5%** |
|  Commonwealth of Puerto Rico <br>Series 2021-A <br>Zero Coupon, 07/01/2024 |  | 261 |  | 237364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 |  | 4179 |  | 2123458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 |  | 3 |  | 2454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 3 |  | 2131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 2 |  | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 3 |  | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 |  | 3 |  | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 |  | 752 |  | 752707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 |  | 153 |  | 153143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 |  | 1388 |  | 1397973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 1128 |  | 1134672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 |  | 228 |  | 229429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.01%, 11/01/2043 |  | 20 |  | 9196 |
|  Puerto Rico Electric Power Authority <br>AGM Series 2007-V <br>5.25%, 07/01/2031 |  | 970 |  | 954243 |
|  Puerto Rico Highway & Transportation Authority <br>AGC Series 2005-L <br>5.25%, 07/01/2041 |  | 790 |  | 759209 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 43** |

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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; AGC Series 2007-N <br>5.25%, 07/01/2034 | $| 1010 | $| 980320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2036 |  | 1095 |  | 1059370 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-C <br>5.25%, 07/01/2036 |  | 100 |  | 96746 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A <br>Zero Coupon, 07/01/2024 |  | 790 |  | 725329 |
|  |  |  |  | 10624134 |
|  **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** | **Rhode Island – 0.1%** |
|  Rhode Island Health and Educational Building Corp.<br>(City of Newport RI) <br>Series 2022-C <br>4.00%, 05/15/2040 |  | 3435 |  | 3161309 |
|  **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>Series 2022 <br>4.80%, 11/01/2024 |  | 525 |  | 507902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 11/01/2032 |  | 100 |  | 93639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 |  | 1315 |  | 1186341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 |  | 100 |  | 89743 |
|  County of Richland SC <br>Series 2021-A <br>5.00%, 03/01/2028 |  | 13020 |  | 14090946 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC) <br>Series 2021 <br>6.25%, 06/01/2040<sup>(a)</sup> |  | 1000 |  | 724042 |
|  South Carolina Public Service Authority <br>Series 2016-A <br>5.00%, 12/01/2034 |  | 1000 |  | 1004649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2036 |  | 1535 |  | 1532971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>5.00%, 12/01/2037 |  | 5040 |  | 4989131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C <br>5.00%, 12/01/2035 |  | 930 |  | 932179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A <br>4.00%, 12/01/2042 |  | 2260 |  | 1920616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 12/01/2039 |  | 1975 |  | 1721156 |
|  |  |  |  | 28793315 |

---

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| | |
|:---|:---|
| **44 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Tennessee – 0.8%** | **Tennessee – 0.8%** | **Tennessee – 0.8%** |
|  Bristol Industrial Development Board<br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(a)</sup> | $1410 | $1292216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B <br>Zero Coupon, 12/01/2024<sup>(a)</sup> | 1405 | 1252990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/01/2031<sup>(a)</sup> | 1000 | 591419 |
|  City of Pigeon Forge TN <br>Series 2021-B <br>5.00%, 06/01/2024 | 4545 | 4666644 |
|  Tennessee Energy Acquisition Corp.<br>(Goldman Sachs Group, Inc. (The)) <br>Series 2021 <br>5.00%, 05/01/2052 | 8770 | 8544435 |
|  Wilson County Health & Educational Facilities Board <br>Series 2021 <br>4.00%, 12/01/2039 | 1000 | 713981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2024 | 1000 | 932035 |
|  |  | 17993720 |
|  **Texas – 6.5%** | **Texas – 6.5%** | **Texas – 6.5%** |
|  Central Texas Regional Mobility Authority <br>Series 2021-B <br>5.00%, 01/01/2030 | 1800 | 1909674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2034 | 1575 | 1640830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2035 | 1350 | 1392060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 | 1675 | 1705646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2039 | 1000 | 1006291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>5.00%, 01/01/2027 | 5000 | 5128590 |
|  City of Houston TX <br>Series 2021-A <br>5.00%, 03/01/2026 | 2500 | 2614537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2027 | 4180 | 4421878 |
|  City of Houston TX Airport System Revenue <br>Series 2020-A <br>4.00%, 07/01/2037 | 3000 | 2657318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 07/01/2035 | 1100 | 985901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 1085 | 961064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2039 | 2500 | 2151959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 | 5175 | 4408808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 | 1000 | 1016210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 | 3000 | 3041191 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 45** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Houston TX Airport System Revenue<br>(United Airlines, Inc.) <br>Series 2014 <br>5.00%, 07/01/2029 | $2465 | $2429187 |
|  City of Houston TX Combined Utility System Revenue <br>Series 2014-C <br>5.00%, 05/15/2024 | 1100 | 1128514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>4.00%, 11/15/2039 | 1015 | 921960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>5.00%, 11/15/2022 | 4330 | 4332824 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 1998 <br>Zero Coupon, 12/01/2022<br>(Pre-refunded/ETM) | 8265 | 8242758 |
|  City of San Antonio TX Electric & Gas Systems Revenue <br>Series 2021-A <br>5.00%, 02/01/2038 | 1750 | 1823197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2039 | 2000 | 2074470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2040 | 2470 | 2552290 |
|  Conroe Local Government Corp.<br>(Conroe Local Government Corp. Conroe Convention Center Hotel) <br>Series 2021 <br>4.00%, 10/01/2041 | 905 | 797500 |
|  Dallas Area Rapid Transit<br>(Dallas Area Rapid Transit Sales Tax) <br>Series 2020-B <br>5.00%, 12/01/2022 | 1250 | 1251874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2023 | 4000 | 4076429 |
|  Fort Worth Independent School District <br>Series 2021-A <br>5.00%, 02/15/2026 | 2900 | 3048717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2027 | 2350 | 2502061 |
|  Harris County Cultural Education Facilities Finance Corp.<br>(Texas Children's Hospital Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2041 | 2000 | 1769315 |
|  Harris County Flood Control District <br>Series 2021-A <br>4.00%, 10/01/2039 | 7790 | 7353906 |
|  Hidalgo County Regional Mobility Authority <br>Series 2022-A <br>4.00%, 12/01/2040 | 1000 | 851514 |

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| | |
|:---|:---|
| **46 <sup>\|</sup> 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | $750 | $632217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2033 | 750 | 753928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>4.00%, 12/01/2041 | 1000 | 834748 |
|  Lewisville Independent School District <br>Series 2020 <br>5.00%, 08/15/2023 | 2430 | 2462693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/2024 | 2295 | 2361345 |
|  Lower Colorado River Authority<br>(LCRA Transmission Services Corp.) <br>Series 2021 <br>5.00%, 05/15/2029 | 800 | 858136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 05/15/2040 | 5000 | 5157338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2041 | 10000 | 10242234 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Buckingham Senior Living Community, Inc. Obligated Group) <br>Series 2021 <br>2.00%, 11/15/2061 | 908 | 400917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2036 | 225 | 188797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/2037 | 35 | 27849 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Morningside Ministries Obligated Group) <br>Series 2022 <br>4.00%, 01/01/2042 | 1825 | 1308346 |
|  New Hope Cultural Education Facilities Finance Corp.<br>(Westminster Manor) <br>Series 2016 <br>5.00%, 11/01/2031 | 1000 | 996419 |
|  Newark Higher Education Finance Corp.<br>(TLC Academy) <br>Series 2021-A <br>4.00%, 08/15/2041 | 1690 | 1294664 |
|  North Texas Tollway Authority<br>(North Texas Tollway System) <br>Series 2017-A <br>5.00%, 01/01/2038 | 3000 | 3004887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>4.00%, 01/01/2032 | 1080 | 1069452 |
|  Port Authority of Houston of Harris County Texas<br>Series 2021 <br>5.00%, 10/01/2027 | 1065 | 1128840 |

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| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 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** |
|  Port Beaumont Navigation District<br>(Jefferson Railport Terminal II LLC) <br>Series 2020 <br>3.625%, 01/01/2035<sup>(a)</sup> | $| 240 | $| 184968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.00%, 01/01/2027<sup>(a)</sup> |  | 550 |  | 471072 |
|  San Antonio Water System <br>Series 2021-A <br>5.00%, 05/15/2035 |  | 1160 |  | 1246723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2036 |  | 3700 |  | 3960530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2037 |  | 3275 |  | 3486334 |
|  Spring Independent School District <br>Series 2021 <br>5.00%, 08/15/2027 |  | 1430 |  | 1528032 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(CHRISTUS Health Obligated Group) <br>Series 2018-A <br>5.00%, 07/01/2030 |  | 2465 |  | 2586778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 |  | 10940 |  | 11424074 |
|  Tarrant County Cultural Education Facilities Finance Corp.<br>(Edgemere Retirement Senior Quality Lifestyles Corp.) <br>Series 2015-A <br>5.00%, 11/15/2025<sup>(f)(g)</sup> |  | 1105 |  | 442000 |
|  University of North Texas System <br>Series 2022 <br>5.00%, 04/15/2035 |  | 1015 |  | 1077250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2036 |  | 1000 |  | 1059065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2037 |  | 1320 |  | 1392561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/2038 |  | 1525 |  | 1603654 |
|  |  |  |  | 143384324 |
|  **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** | **Utah – 0.8%** |
|  City of Salt Lake City UT Airport Revenue <br>Series 2021-A <br>4.00%, 07/01/2038 |  | 15880 |  | 13763293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2040 |  | 2915 |  | 2468515 |
|  Military Installation Development Authority <br>Series 2021-A <br>4.00%, 06/01/2041 |  | 1000 |  | 755595 |
|  |  |  |  | 16987403 |
|  **Virginia – 1.6%** | **Virginia – 1.6%** | **Virginia – 1.6%** | **Virginia – 1.6%** | **Virginia – 1.6%** |
|  Align Affordable Housing Bond Fund LP<br>(Park Landing LP) <br>Series 2022-2 <br>5.66%, 08/01/2052 |  | 884 |  | 754337 |

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| **48 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **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** |
|  Fairfax County Economic Development Authority<br>(County of Fairfax VA) <br>Series 2020 <br>5.00%, 08/01/2032 | $| 410 | $| 446657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2033 |  | 410 |  | 444753 |
|  Halifax County Industrial Development Authority<br>(Virginia Electric and Power Co.) <br>Series 2022 <br>1.65%, 12/01/2041 |  | 5000 |  | 4821157 |
|  Hampton Roads Transportation Accountability Commission <br>Series 2021-A <br>5.00%, 07/01/2026 |  | 2685 |  | 2817139 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC) <br>Series 2022 <br>5.00%, 01/01/2032 |  | 3220 |  | 3255040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 |  | 2800 |  | 2826776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2033 |  | 4000 |  | 4017627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2033 |  | 8090 |  | 8105099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2037 |  | 2175 |  | 2123891 |
|  Virginia Small Business Financing Authority<br>(Elizabeth River Crossings OpCo LLC) <br>Series 2022 <br>4.00%, 01/01/2039 |  | 6500 |  | 5511261 |
|  |  |  |  | 35123737 |
|  **Washington – 3.5%** | **Washington – 3.5%** | **Washington – 3.5%** | **Washington – 3.5%** | **Washington – 3.5%** |
|  City of Seattle WA Municipal Light & Power Revenue <br>Series 2021-A <br>4.00%, 07/01/2033 |  | 2060 |  | 2047178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 2020 |  | 1987187 |
|  City of Seattle WA Water System Revenue <br>Series 2017 <br>5.00%, 08/01/2023 |  | 4020 |  | 4074583 |
|  Energy Northwest<br>(Bonneville Power Administration) <br>Series 2016 <br>5.00%, 07/01/2025 |  | 19925 |  | 20767118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>4.00%, 07/01/2042 |  | 1000 |  | 901457 |
|  Port of Seattle WA <br>Series 2013 <br>5.00%, 07/01/2024 |  | 4820 |  | 4862024 |

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| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 49** |

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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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019 <br>5.00%, 04/01/2033 | $| 2000 | $| 2034353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2034 |  | 1000 |  | 1011921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 08/01/2040 |  | 2000 |  | 1707555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/2023 |  | 1165 |  | 1176849 |
|  Spokane County School District No. 81 Spokane <br>Series 2012 <br>3.00%, 12/01/2031 |  | 5000 |  | 4466470 |
|  State of Washington <br>Series 2015-R <br>5.00%, 07/01/2026 |  | 13325 |  | 13796874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-F <br>5.00%, 06/01/2029 |  | 3165 |  | 3461825 |
|  University of Washington <br>Series 2022-A <br>5.00%, 04/01/2034 |  | 3250 |  | 3518342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2035 |  | 2645 |  | 2847379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 |  | 1340 |  | 1433757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>2.787%, 07/01/2033 |  | 2500 |  | 2040534 |
|  Washington State Convention Center Public Facilities District<br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax) <br>Series 2021 <br>4.00%, 07/01/2031 |  | 1600 |  | 1380519 |
|  Washington State Housing Finance Commission <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 |  | 980 |  | 827794 |
|  Washington State Housing Finance Commission Series 2021-1, Class X <br>0.725%, 12/20/2035<sup>(b)</sup> |  | 981 |  | 49360 |
|  Washington State Housing Finance Commission<br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2016 <br>5.00%, 01/01/2036<sup>(a)</sup> |  | 2125 |  | 1822081 |
|  |  |  |  | 76215160 |
|  **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** | **West Virginia – 0.2%** |
|  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> |  | 1185 |  | 873803 |

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| **50 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **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** |
|  Tobacco Settlement Finance Authority/WV <br>Series 2020 <br>4.875%, 06/01/2049 | $| 2600 | $| 2210555 |
|  West Virginia Economic Development Authority<br>(Arch Resources, Inc.) <br>Series 2021 <br>4.125%, 07/01/2045 |  | 265 |  | 255687 |
|  |  |  |  | 3340045 |
|  **Wisconsin – 2.4%** | **Wisconsin – 2.4%** | **Wisconsin – 2.4%** | **Wisconsin – 2.4%** | **Wisconsin – 2.4%** |
|  St. Croix Chippewa Indians of Wisconsin <br>Series 2021 <br>5.00%, 09/30/2041<sup>(a)</sup> |  | 1000 |  | 734089 |
|  State of Wisconsin <br>Series 2021-2 <br>5.00%, 05/01/2026 |  | 5850 |  | 6187594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2029 |  | 6000 |  | 6582698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1 <br>5.00%, 05/01/2028<sup>(d)</sup> |  | 4300 |  | 4556658 |
|  UMA Education, Inc. <br>Series 2019 <br>5.00%, 10/01/2023<sup>(a)</sup> |  | 150 |  | 149729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2025<sup>(a)</sup> |  | 555 |  | 549062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2026<sup>(a)</sup> |  | 590 |  | 580523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(a)</sup> |  | 610 |  | 596224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2028<sup>(a)</sup> |  | 335 |  | 324818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> |  | 155 |  | 149397 |
|  Wisconsin Center District<br>(Wisconsin Center District Ded Tax) <br>Series 2022 <br>5.00%, 12/15/2022<sup>(a)</sup> |  | 750 |  | 750973 |
|  Wisconsin Department of Transportation <br>Series 2013-1 <br>5.00%, 07/01/2023 |  | 5500 |  | 5567153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2024 (Pre-refunded/ETM) |  | 6500 |  | 6577257 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner LLC) <br>Series 2022 <br>4.625%, 03/15/2040<sup>(a)</sup> |  | 280 |  | 228059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>3.875%, 12/01/2039<sup>(a)</sup> |  | 1285 |  | 1035300 |
|  Wisconsin Public Finance Authority <br>Series 2022 <br>5.00%, 02/01/2042 |  | 2000 |  | 1774410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2042<sup>(a)</sup> |  | 3100 |  | 2645569 |

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 51** |

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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** |
|  Wisconsin Public Finance Authority<br>(Appalachian Regional Healthcare System Obligated Group) <br>Series 2021 <br>5.00%, 07/01/2035 | $| 300 | $| 300522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2036 |  | 350 |  | 349268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2038 |  | 375 |  | 369014 |
|  Wisconsin Public Finance Authority<br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(a)</sup> |  | 5000 |  | 4274210 |
|  Wisconsin Public Finance Authority<br>(National Senior Communities, Inc. Obligated Group) <br>Series 2022 <br>4.00%, 01/01/2042 |  | 1375 |  | 1127560 |
|  Wisconsin Public Finance Authority<br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2042 |  | 3000 |  | 2807891 |
|  Wisconsin Public Finance Authority<br>(Renown Regional Medical Center) <br>Series 2020 <br>4.00%, 06/01/2035 |  | 1220 |  | 1116253 |
|  Wisconsin Public Finance Authority<br>(Roseman University of Health Sciences) <br>Series 2022 <br>4.00%, 04/01/2032<sup>(a)</sup> |  | 915 |  | 802843 |
|  Wisconsin Public Finance Authority<br>(Samaritan Housing Foundation Obligated Group) <br>Series 2021-B <br>2.25%, 06/01/2027<sup>(a)</sup> |  | 1500 |  | 1313817 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group) Series 2022 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2033 |  | 1725 |  | 1738263 |
|  |  |  |  | 53189154 |
|  Total Long-Term Municipal Bonds <br>(cost $2,203,509,131) |  |  |  | 1977974145 |
|  **Short-Term Municipal Notes – 4.8%** | **Short-Term Municipal Notes – 4.8%** | **Short-Term Municipal Notes – 4.8%** | **Short-Term Municipal Notes – 4.8%** | **Short-Term Municipal Notes – 4.8%** |
|  **California – 0.7%** | **California – 0.7%** | **California – 0.7%** | **California – 0.7%** | **California – 0.7%** |
|  State of California <br>Series 2019-B <br>1.80%, 05/01/2040<sup>(h)</sup> |  | 14600 |  | 14600000 |

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| **52 <sup>\|</sup> 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** |
|  **Colorado – 0.1%** | **Colorado – 0.1%** | **Colorado – 0.1%** |
|  Colorado Health Facilities Authority<br>(Children's Hospital Colorado Obligated Group) <br>Series 2020 <br>2.25%, 12/01/2052<sup>(h)</sup> | $2615 | $2615000 |
|  **District of Columbia – 0.7%** | **District of Columbia – 0.7%** | **District of Columbia – 0.7%** |
|  District of Columbia<br>(Carnegie Endowment for International Peace) <br>Series 2010 <br>2.23%, 11/01/2045<sup>(h)</sup> | 2500 | 2500000 |
|  District of Columbia<br>(Georgetown University (The)) <br>Series 2016 <br>2.23%, 04/01/2041<sup>(h)</sup> | 7700 | 7700000 |
|  District of Columbia<br>(MedStar Health Obligated Group) <br>Series 2012-A <br>2.21%, 08/15/2038<sup>(h)</sup> | 4440 | 4440000 |
|  |  | 14640000 |
|  **Florida – 0.5%** | **Florida – 0.5%** | **Florida – 0.5%** |
|  Florida Keys Aqueduct Authority <br>Series 2013 <br>2.22%, 09/01/2035<sup>(h)</sup> | 8910 | 8910000 |
|  Halifax Hospital Medical Center<br>(Halifax Hospital Medical Center Obligated Group) <br>Series 2010 <br>2.25%, 06/01/2048<sup>(h)</sup> | 1685 | 1685000 |
|  |  | 10595000 |
|  **Illinois – 0.1%** | **Illinois – 0.1%** | **Illinois – 0.1%** |
|  Illinois Finance Authority<br>(Latin School of Chicago (The)) <br>Series 2005-B <br>2.25%, 08/01/2035<sup>(h)</sup> | 1245 | 1245000 |
|  Village of Brookfield IL<br>(Chicago Zoological Society (The)) <br>Series 2008 <br>2.25%, 06/01/2038<sup>(h)</sup> | 2350 | 2350000 |
|  |  | 3595000 |
|  **Louisiana – 0.3%** | **Louisiana – 0.3%** | **Louisiana – 0.3%** |
|  Louisiana Public Facilities Authority<br>(CHRISTUS Health Obligated Group) <br>Series 2009 <br>2.23%, 07/01/2047<sup>(h)</sup> | 5250 | 5250000 |

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| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 53** |

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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** |
|  Louisiana Public Facilities Authority<br>(Coca-Cola Bottling Co. United-Gulf Coast LLC) <br>Series 2013 <br>2.23%, 04/02/2023<sup>(h)</sup> | $| 2280 | $| 2280000 |
|  |  |  |  | 7530000 |
|  **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** | **Massachusetts – 0.1%** |
|  Massachusetts Development Finance Agency<br>(Trustees of The College of The Holy Cross) <br>Series 2018 <br>1.64%, 09/01/2037<sup>(h)</sup> |  | 1730 |  | 1730000 |
|  **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** | **Minnesota – 0.2%** |
|  City of Minneapolis MN<br>(Fairview Health Services Obligated Group) <br>Series 2018 <br>2.30%, 11/15/2048<sup>(h)</sup> |  | 2750 |  | 2750000 |
|  City of Minneapolis MN/St. Paul Housing & Redevelopment Authority<br>(Allina Health Obligated Group) <br>Series 2008 <br>2.20%, 11/15/2034<sup>(h)</sup> |  | 990 |  | 990000 |
|  |  |  |  | 3740000 |
|  **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** | **New Jersey – 0.1%** |
|  New Jersey Health Care Facilities Financing Authority<br>(AHS Hospital Corp.) <br>Series 2008-C <br>2.23%, 07/01/2036<sup>(h)</sup> |  | 1145 |  | 1145000 |
|  **New York – 1.0%** | **New York – 1.0%** | **New York – 1.0%** | **New York – 1.0%** | **New York – 1.0%** |
|  Build NYC Resource Corp.<br>(Asia Society (The)) <br>Series 2015 <br>2.22%, 04/01/2045<sup>(h)</sup> |  | 4725 |  | 4725000 |
|  New York City Health and Hospitals Corp. <br>Series 2008-B <br>2.25%, 02/15/2031<sup>(h)</sup> |  | 11000 |  | 11000000 |
|  New York State Housing Finance Agency<br>(8 East 102nd Street LLC) <br>Series 2012 <br>2.22%, 05/01/2044<sup>(h)</sup> |  | 4025 |  | 4025000 |

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| **54 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **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** |
|  Trust for Cultural Resources of The City of New York (The)<br>(New York Botanical Garden (The)) <br>Series 2009 <br>2.22%, 07/01/2032<sup>(h)</sup> | $| 2540 | $| 2540000 |
|  |  |  |  | 22290000 |
|  **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** | **Ohio – 0.0%** |
|  Columbus Regional Airport Authority <br>Series 2006 <br>2.23%, 12/01/2036<sup>(h)</sup> |  | 930 |  | 930000 |
|  **Washington – 0.9%** | **Washington – 0.9%** | **Washington – 0.9%** | **Washington – 0.9%** | **Washington – 0.9%** |
|  Port of Tacoma WA <br>Series 2019-B <br>2.25%, 12/01/2044<sup>(h)</sup> |  | 18000 |  | 18000000 |
|  Washington State Housing Finance Commission<br>(Vintage at Urban Center LLC) <br>Series 2015 <br>2.21%, 07/01/2047<sup>(h)</sup> |  | 1075 |  | 1075000 |
|  |  |  |  | 19075000 |
|  **Wisconsin – 0.1%** | **Wisconsin – 0.1%** | **Wisconsin – 0.1%** | **Wisconsin – 0.1%** | **Wisconsin – 0.1%** |
|  Wisconsin Health & Educational Facilities Authority<br>(Medical College of Wisconsin, Inc.) <br>Series 2008-B <br>1.64%, 12/01/2033<sup>(h)</sup> |  | 3225 |  | 3225000 |
|  Total Short-Term Municipal Notes <br>(cost $105,710,000) |  |  |  | 105710000 |
|  Total Municipal Obligations <br>(cost $2,309,219,131) |  |  |  | 2083684145 |
|  **CORPORATES - INVESTMENT<br>GRADE – 0.9%** |  |  |  |  |
|  **Industrial – 0.9%** | **Industrial – 0.9%** | **Industrial – 0.9%** | **Industrial – 0.9%** | **Industrial – 0.9%** |
|  **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** | **Capital Goods – 0.2%** |
|  Caterpillar Financial Services Corp. <br>3.096% (SOFR + 0.27%), 09/13/2024<sup>(c)</sup> |  | 2500 |  | 2471250 |
|  John Deere Capital Corp. <br>3.159% (SOFR + 0.12%), 07/10/2023<sup>(c)</sup> |  | 1435 |  | 1427897 |
|  |  |  |  | 3899147 |
|  **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** | **Consumer Cyclical - Automotive – 0.2%** |
|  General Motors Financial Co., Inc. <br>4.34% (SOFR + 1.30%), 04/07/2025<sup>(c)</sup> |  | 5000 |  | 4875800 |

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| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 55** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **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 | $882280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.777%, 11/15/2030 | 1000 | 756990 |
|  Ochsner LSU Health System of North Louisiana <br>Series 2021 <br>2.51%, 05/15/2031 | 2300 | 1720193 |
|  Sutter Health <br>Series 20A <br>3.161%, 08/15/2040 | 1000 | 674950 |
|  UPMC <br>Series D-1 <br>3.60%, 04/03/2025 | 5600 | 5380872 |
|  |  | 9415285 |
|  **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** |
|  Hackensack Meridian Health, Inc. <br>Series 2020 <br>2.675%, 09/01/2041 | 1790 | 1143971 |
|  Total Corporates – Investment Grade <br>(cost $21,927,066) |  | 19334203 |
|  **CORPORATES - NON-INVESTMENT GRADE – 0.3%** |  |  |
|  **Industrial – 0.3%** |  |  |
|  **Banks – 0.0%** | **Banks – 0.0%** | **Banks – 0.0%** |
|  UMB Financial Corp. <br>10.00%, 01/01/2049<sup>(i)(j)</sup> | 145 | 144604 |
|  **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> | 1933 | 1419402 |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(a)</sup> | 959 | 832671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> | 996 | 803861 |
|  |  | 3055934 |
|  **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** | **Consumer Non-Cyclical – 0.1%** |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(a)</sup> | 2000 | 1633600 |
|  **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.50%, 04/20/2026<sup>(a)</sup> | 650 | 619476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(a)</sup> | 575 | 523250 |

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| **56 <sup>\|</sup> 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** |
|  United Airlines, Inc. <br>4.375%, 04/15/2026<sup>(a)</sup> | $| 600 | $| 548970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/15/2029<sup>(a)</sup> |  | 275 |  | 236093 |
|  |  |  |  | 1927789 |
|  Total Corporates – Non-Investment Grade <br>(cost $8,131,806) |  |  |  | 6761927 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** |  |  |  |  |
|  **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** | **Agency CMBS – 0.2%** |
|  California Housing Finance Agency <br>Series 2021-2, Class A <br>3.75%, 03/25/2035 |  | 4935 |  | 4573929 |
|  Federal Home Loan Mortgage Corp. <br>Series 2021-ML10, Class ACA <br>2.046%, 06/25/2038 |  | 986 |  | 721345 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $6,833,387) |  |  |  | 5295274 |
|  **GOVERNMENTS - TREASURIES – 0.2%** | **GOVERNMENTS - TREASURIES – 0.2%** | **GOVERNMENTS - TREASURIES – 0.2%** | **GOVERNMENTS - TREASURIES – 0.2%** | **GOVERNMENTS - TREASURIES – 0.2%** |
|  **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** | **United States – 0.2%** |
|  U.S. Treasury Notes <br>2.625%, 02/15/2029<sup>(e)</sup> <br>(cost $4,999,304) |  | 5000 |  | 4551562 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%** |  |  |  |  |
|  **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** | **Risk Share Floating Rate – 0.0%** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2013-DN2, Class M2 <br>7.836% (LIBOR 1 Month + 4.25%), 11/25/2023<sup>(c)</sup> |  | 107 |  | 108439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-DN3, Class M3 <br>7.586% (LIBOR 1 Month + 4.00%), 08/25/2024<sup>(c)</sup> |  | 35 |  | 35054 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2014-C03, Class 2M2 <br>6.486% (LIBOR 1 Month + 2.90%), 07/25/2024<sup>(c)</sup> |  | 51 |  | 50637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2 <br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(c)</sup> |  | 55 |  | 56060 |
|  Total Collateralized Mortgage Obligations <br>(cost $244,376) |  |  |  | 250190 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 57** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS – 0.5%** | **SHORT-TERM INVESTMENTS – 0.5%** | **SHORT-TERM INVESTMENTS – 0.5%** |
|  **Investment Companies – 0.5%** | **Investment Companies – 0.5%** | **Investment Companies – 0.5%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(k)(l)(m)</sup> <br>(cost $10,358,484) | 10358484 | $10358484 |
|  **Total Investments – 97.1%** <br> (cost $2,361,713,554) |  | 2130235785 |
|  Other assets less liabilities – 2.9% |  | 62858616 |
|  **Net Assets – 100.0%** |  | $**2193094401** |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | **Payment<br>Frequency<br>Paid/<br>Received** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid/<br>(Received)** | **Unrealized**<br>**Appreciation**<br> **(Depreciation)** |
|  USD | 15000 | 04/29/2024 | 2.765% | CPI# | Maturity | $1264557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $1264557 |
|  USD | 30000 | 08/06/2024 | 2.815% | CPI# | Maturity | 2065048 | – 0 | 2065048 |
|  USD | 20000 | 11/02/2024 | 3.310% | CPI# | Maturity | 883594 | – 0 | 883594 |
|  USD | 25000 | 11/19/2024 | 3.695% | CPI# | Maturity | 812907 | – 0 | 812907 |
|  USD | 40000 | 11/24/2024 | 3.469% | CPI# | Maturity | 1567016 | – 0 | 1567016 |
|  USD | 5345 | 01/15/2025 | 2.565% | CPI# | Maturity | 515656 | – 0 | 515656 |
|  USD | 2673 | 01/15/2025 | 2.585% | CPI# | Maturity | 255785 | – 0 | 255785 |
|  USD | 2672 | 01/15/2025 | 2.613% | CPI# | Maturity | 252812 | – 0 | 252812 |
|  USD | 148000 | 01/15/2026 | 3.508% | CPI# | Maturity | 7584303 | – 0 | 7584303 |
|  USD | 135000 | 01/15/2026 | 3.580% | CPI# | Maturity | 6426859 | – 0 | 6426859 |
|  USD | 10000 | 04/01/2026 | 2.508% | CPI# | Maturity | 972268 | – 0 | 972268 |
|  USD | 30000 | 08/06/2026 | 2.689% | CPI# | Maturity | 2180072 | – 0 | 2180072 |
|  USD | 25000 | 10/04/2026 | 2.725% | CPI# | Maturity | 1521225 | – 0 | 1521225 |
|  USD | 25000 | 11/24/2026 | 3.176% | CPI# | Maturity | 961451 | – 0 | 961451 |
|  USD | 74000 | 01/15/2028 | 3.232% | CPI# | Maturity | 3923262 | – 0 | 3923262 |
|  USD | 19310 | 01/15/2028 | 1.230% | CPI# | Maturity | 3568673 | – 0 | 3568673 |
|  USD | 14770 | 01/15/2028 | 0.735% | CPI# | Maturity | 3238723 | – 0 | 3238723 |
|  USD | 25000 | 10/04/2028 | 2.661% | CPI# | Maturity | 1574998 | – 0 | 1574998 |
|  USD | 12000 | 08/29/2029 | 1.748% | CPI# | Maturity | 1937987 | – 0 | 1937987 |
|  USD | 4825 | 01/15/2030 | 1.572% | CPI# | Maturity | 850404 | – 0 | 850404 |
|  USD | 4825 | 01/15/2030 | 1.587% | CPI# | Maturity | 844095 | – 0 | 844095 |
|  USD | 1670 | 01/15/2030 | 1.714% | CPI# | Maturity | 273548 | – 0 | 273548 |
|  USD | 1670 | 01/15/2030 | 1.731% | CPI# | Maturity | 271042 | – 0 | 271042 |
|  USD | 7850 | 01/15/2031 | 2.782% | CPI# | Maturity | 608872 | – 0 | 608872 |
|  USD | 6150 | 01/15/2031 | 2.680% | CPI# | Maturity | 535380 | – 0 | 535380 |
|  USD | 15000 | 12/02/2035 | 2.074% | CPI# | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328614 | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328614 |
|  USD | 25000 | 04/01/2036 | 2.438% | CPI# | Maturity | 2652821 | – 0 | 2652821 |
|  USD | 32000 | 04/29/2036 | 2.503% | CPI# | Maturity | 3078947 | – 0 | 3078947 |
|  USD | 10000 | 05/01/2036 | 2.510% | CPI# | Maturity | 951470 | – 0 | 951470 |
|  USD | 10000 | 08/03/2036 | 2.488% | CPI# | Maturity | 854376 | – 0 | 854376 |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> 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)** | **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 | 20000 | 08/06/2036 | 2.440% | CPI# | Maturity | $1813012 | $– 0 | $1813012 |
|  USD | 40000 | 10/04/2036 | 2.510% | CPI# | Maturity | 2897724 | – 0 | 2897724 |
|  USD | 35000 | 11/02/2036 | 2.638% | CPI# | Maturity | 1949385 | – 0 | 1949385 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61416886 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61416886 |

---

# 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)** | **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 | 37000 | 01/15/2027 | 1 Day SOFR | 2.484% | Annual | $(2133218) | $– 0 | $(2133218) |
|  USD | 70000 | 04/15/2032 | 1.254% | 1 Day SOFR | Annual | 14451449 | – 0 | 14451449 |
|  USD | 55000 | 04/15/2032 | 2.677% | 1 Day SOFR | Annual | 4828082 | – 0 | 4828082 |
|  USD | 37000 | 04/15/2032 | 2.316% | 1 Day SOFR | Annual | 4340939 | – 0 | 4340939 |
|  USD | 20000 | 04/15/2032 | 1.658% | 1 Day SOFR | Annual | 3451724 | – 0 | 3451724 |
|  USD | 20000 | 04/15/2032 | 1.862% | 1 Day SOFR | Annual | 3109317 | – 0 | 3109317 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28048293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28048293 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 48 | $(10936) | $(4502) | $(6434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 419 | (94780) | (50341) | (44439) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 28 | (6340) | (3266) | (3074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 27 | (6022) | (2502) | (3520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 330 | (74651) | (31055) | (43596) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 496 | (112214) | (45482) | (66732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 851 | (192729) | (98616) | (94113) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 162 | (36612) | (19365) | (17247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 430 | (97316) | (38285) | (59031) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(631600) | $&nbsp;&nbsp;&nbsp;&nbsp;(293414) | $&nbsp;&nbsp;&nbsp;&nbsp;(338186) |

---

\* Termination date

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 59** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| Bank of America, NA | USD | 86000 | 01/15/2027 | 3.600% | CPI# | Maturity | $&nbsp;&nbsp;&nbsp;&nbsp;3185117 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;3185117 |
| Bank of America, NA | USD | 25000 | 02/02/2032 | 2.403% | CPI# | Maturity | 2561787 | – 0 | 2561787 |
| Barclays Bank PLC | USD | 25000 | 08/07/2024 | 2.573% | CPI# | Maturity | 615707 | – 0 | 615707 |
| Barclays Bank PLC | USD | 19000 | 05/05/2025 | 2.125% | CPI# | Maturity | 2057072 | – 0 | 2057072 |
| Barclays Bank PLC | USD | 5400 | 03/06/2027 | 2.695% | CPI# | Maturity | (67454) | – 0 | (67454) |
| Barclays Bank PLC | USD | 20000 | 06/06/2032 | 2.145% | CPI# | Maturity | 2804694 | – 0 | 2804694 |
| Barclays Bank PLC | USD | 14000 | 09/01/2032 | 2.128% | CPI# | Maturity | 2039550 | – 0 | 2039550 |
| Barclays Bank PLC | USD | 22000 | 08/29/2033 | 2.368% | CPI# | Maturity | 2307653 | – 0 | 2307653 |
| Citibank, NA | USD | 15500 | 12/07/2022 | 2.748% | CPI# | Maturity | (425809) | – 0 | (425809) |
| Citibank, NA | USD | 47000 | 05/24/2023 | 2.533% | CPI# | Maturity | 273903 | – 0 | 273903 |
| Citibank, NA | USD | 30000 | 10/29/2023 | 2.524% | CPI# | Maturity | 710716 | – 0 | 710716 |
| Citibank, NA | USD | 30000 | 09/19/2024 | 2.070% | CPI# | Maturity | 3533955 | – 0 | 3533955 |
| Citibank, NA | USD | 25000 | 07/03/2025 | 2.351% | CPI# | Maturity | 2321730 | – 0 | 2321730 |
| Citibank, NA | USD | 15800 | 02/08/2028 | 2.940% | CPI# | Maturity | (738712) | – 0 | (738712) |
| Citibank, NA | USD | 12000 | 11/05/2033 | 2.273% | CPI# | Maturity | 1436235 | – 0 | 1436235 |
| Citibank, NA | USD | 35000 | 02/15/2041 | 2.888% | CPI# | Maturity | (234024) | – 0 | (234024) |
| Citibank, NA | USD | 13000 | 02/15/2041 | 2.744% | CPI# | Maturity | 209368 | – 0 | 209368 |
| Deutsche Bank AG | USD | 25000 | 09/02/2025 | 1.880% | CPI# | Maturity | 3258149 | – 0 | 3258149 |
| Goldman Sachs International | USD | 57000 | 04/15/2024 | 4.308% | CPI# | Maturity | 2207438 | – 0 | 2207438 |
| Goldman Sachs International | USD | 59000 | 01/15/2027 | 4.353% | CPI# | Maturity | (542474) | – 0 | (542474) |
| Goldman Sachs International | USD | 39000 | 01/15/2027 | 3.534% | CPI# | Maturity | 1600629 | – 0 | 1600629 |
| Goldman Sachs International | USD | 37000 | 01/15/2027 | 4.193% | CPI# | Maturity | 159560 | – 0 | 159560 |
| Goldman Sachs International | USD | 28000 | 01/15/2027 | 4.215% | CPI# | Maturity | (16538) | – 0 | (16538) |
| Goldman Sachs International | USD | 18000 | 04/15/2032 | 2.994% | CPI# | Maturity | 903068 | – 0 | 903068 |
| Goldman Sachs International | USD | 20000 | 02/15/2041 | 2.890% | CPI# | Maturity | (141771) | – 0 | (141771) |
| Goldman Sachs International | USD | 15000 | 02/15/2041 | 2.815% | CPI# | Maturity | 74692 | – 0 | 74692 |
| Goldman Sachs International | USD | 14000 | 02/15/2041 | 2.380% | CPI# | Maturity | 999748 | – 0 | 999748 |
| Goldman Sachs International | USD | 7000 | 02/15/2041 | 2.413% | CPI# | Maturity | 466305 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 | 466305 |

---

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid/<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
| JPMorgan Chase Bank, NA | USD | 200000 | 01/18/2023 | 3.793% | CPI# | Maturity | $7449296 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $7449296 |
| JPMorgan Chase Bank, NA | USD | 150000 | 01/18/2023 | 3.825% | CPI# | Maturity | 5538652 | – 0 | 5538652 |
| JPMorgan Chase Bank, NA | USD | 100000 | 01/18/2023 | 3.788% | CPI# | Maturity | 3729603 | – 0 | 3729603 |
| JPMorgan Chase Bank, NA | USD | 1400 | 06/30/2026 | 2.890% | CPI# | Maturity | (80730) | – 0 | (80730) |
| JPMorgan Chase Bank, NA | USD | 3300 | 07/21/2026 | 2.935% | CPI# | Maturity | (223953) | – 0 | (223953) |
| JPMorgan Chase Bank, NA | USD | 2400 | 10/03/2026 | 2.485% | CPI# | Maturity | 48080 | – 0 | 48080 |
| JPMorgan Chase Bank, NA | USD | 5400 | 11/14/2026 | 2.488% | CPI# | Maturity | 101864 | – 0 | 101864 |
| JPMorgan Chase Bank, NA | USD | 4850 | 12/23/2026 | 2.484% | CPI# | Maturity | 108001 | – 0 | 108001 |
| JPMorgan Chase Bank, NA | USD | 13000 | 03/01/2027 | 2.279% | CPI# | Maturity | 1374072 | – 0 | 1374072 |
| JPMorgan Chase Bank, NA | USD | 45000 | 01/15/2028 | 3.861% | CPI# | Maturity | 399931 | – 0 | 399931 |
| JPMorgan Chase Bank, NA | USD | 21350 | 02/20/2028 | 2.899% | CPI# | Maturity | (819339) | – 0 | (819339) |
| JPMorgan Chase Bank, NA | USD | 12000 | 03/26/2028 | 2.880% | CPI# | Maturity | (397003) | – 0 | (397003) |
| JPMorgan Chase Bank, NA | USD | 10000 | 07/03/2028 | 2.356% | CPI# | Maturity | 1000933 | – 0 | 1000933 |
| JPMorgan Chase Bank, NA | USD | 25000 | 11/05/2028 | 2.234% | CPI# | Maturity | 2820287 | – 0 | 2820287 |
| JPMorgan Chase Bank, NA | USD | 18000 | 04/17/2030 | 2.378% | CPI# | Maturity | 1787081 | – 0 | 1787081 |
| JPMorgan Chase Bank, NA | USD | 29000 | 04/15/2032 | 2.944% | CPI# | Maturity | 1604049 | – 0 | 1604049 |
| JPMorgan Chase Bank, NA | USD | 24000 | 11/17/2032 | 2.183% | CPI# | Maturity | 3264548 | – 0 | 3264548 |
| Morgan Stanley Capital Services LLC | USD | 10000 | 04/16/2023 | 2.690% | CPI# | Maturity | (115067) | – 0 | (115067) |
| Morgan Stanley Capital Services LLC | USD | 5000 | 08/15/2026 | 2.885% | CPI# | Maturity | (284471) | – 0 | (284471) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;58866128 | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;58866128 |

---

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 61** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTEREST RATE 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** | **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% | SIFMA\* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;1472321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;1472321 |

---

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

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $110,508,806 or 5.0% of net assets.

(b) IO – Interest Only.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(d) When-Issued or delayed delivery security.

(e) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(f) Non-income producing security.

(g) Defaulted.

(h) 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.

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

(j) Fair valued by the Adviser.

(k) Affiliated investments.

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

(m) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

As of October 31, 2022, 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 3.2% and 0.4%, respectively.

Glossary:

ACA – ACA Financial Guaranty Corporation

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

LIBOR – London Interbank Offered Rate

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.

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| **62 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $2,351,355,070) | $2119877301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $10,358,484) | 10358484 |
|  Cash | 8065 |
|  Cash collateral due from broker | 37615601 |
|  Unrealized appreciation on inflation swaps | 62953473 |
|  Interest receivable | 27631795 |
|  Receivable for capital stock sold | 8028536 |
|  Receivable for variation margin on centrally cleared swaps | 2063307 |
|  Unrealized appreciation on interest rate swaps | 1472321 |
|  Receivable for investment securities sold | 190000 |
|  Affiliated dividends receivable | 29054 |
|  Total assets | 2270227937 |
| **Liabilities** | **Liabilities** |
|  Cash collateral due to broker | 49024394 |
|  Payable for investment securities purchased | 13855478 |
|  Payable for capital stock redeemed | 8302477 |
|  Unrealized depreciation on inflation swaps | 4087345 |
|  Advisory fee payable | 673902 |
|  Market value on credit default swaps (net premiums received $293,414) | 631600 |
|  Distribution fee payable | 130997 |
|  Administrative fee payable | 31456 |
|  Transfer Agent fee payable | 21125 |
|  Directors' fees payable | 4195 |
|  Accrued expenses | 370567 |
|  Total liabilities | 77133536 |
|  Net Assets | $**2193094401** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $214612 |
|  Additional paid-in capital | 2337308009 |
|  Accumulated loss | (144428220) |
|  **Net Assets** | $**2193094401** |

---

**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** | $&nbsp;&nbsp;&nbsp;&nbsp;308985916 | 30175623 | $&nbsp;&nbsp;&nbsp;&nbsp;10.24 \* |
| **C** | $25986248 | 2541373 | $10.23 |
| **Advisor** | $948603522 | 92570086 | $10.25 |
| **1** | $594155115 | 58367637 | $10.18 |
| **2** | $315363600 | 30957288 | $10.19 |

---

\* The maximum offering price per share for Class A shares was $10.56 which reflects a sales charge of 3.00%. 

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 63** |

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**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** | **Investment Income** | **Investment Income** |
|  Interest | $49939553 |  |
|  Dividends—Affiliated issuers | 338013 | $50277566 |
| **Expenses** | **Expenses** | **Expenses** |
|  Advisory fee (see Note B) | 12444644 |  |
|  Distribution fee—Class A | 987618 |  |
|  Distribution fee—Class C | 270252 |  |
|  Distribution fee—Class 1 | 621402 |  |
|  Transfer agency—Class A | 146594 |  |
|  Transfer agency—Class C | 10881 |  |
|  Transfer agency—Advisor Class | 449466 |  |
|  Transfer agency—Class 1 | 36918 |  |
|  Transfer agency—Class 2 | 17960 |  |
|  Registration fees | 298334 |  |
|  Custody and accounting | 210059 |  |
|  Printing | 93966 |  |
|  Administrative | 92196 |  |
|  Audit and tax | 91985 |  |
|  Legal | 60666 |  |
|  Directors' fees | 49105 |  |
|  Miscellaneous | 54160 |  |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15936206 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1676527) |  |
|  Net expenses |  | 14259679 |
|  Net investment income |  | 36017887 |
| **Realized and Unrealized Gain (Loss) on Investment Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (41413924) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 607936 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (276466716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 122063713 |
|  Net loss on investment transactions |  | (195208991) |
|  **Net Decrease in Net Assets from Operations** |  | $**(159191104)** |

---

See notes to financial statements.

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| **64 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $36017887 | $22742956 |
|  Net realized loss on investment transactions | (40805988) | (490330) |
|  Net change in unrealized appreciation (depreciation) of investments | (154403003) | 81627277 |
|  Contributions from Affiliates (see Note B) | – 0 | 555677 |
|  Net increase (decrease) in net assets from operations | (159191104) | 104435580 |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4564616) | (3352419) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (123917) | (95535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (16355224) | (6909813) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 1 | (8507777) | (8721933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class 2 | (4417481) | (4212452) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net increase | 370480605 | 943374359 |
|  Total increase | 177320486 | 1024517787 |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 2015773915 | 991256128 |
|  End of period | $**2193094401** | $**2015773915** |

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See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 65** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

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

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| **68 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest 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.

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

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Long-Term Municipal Bonds | $– 0 | $1977974145 | $– 0 | $1977974145 |
|  Short-Term Municipal Notes | – 0 | 105710000 | – 0 | 105710000 |
|  Corporates – Investment Grade | – 0 | 19334203 | – 0 | 19334203 |
|  Corporates – Non-Investment Grade | – 0 | 6617323 | 144604 | 6761927 |
|  Commercial Mortgage-Backed Securities | – 0 | 5295274 | – 0 | 5295274 |
|  Governments – Treasuries | – 0 | 4551562 | – 0 | 4551562 |
|  Collateralized Mortgage Obligations | – 0 | 250190 | – 0 | 250190 |
|  Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;10358484 | – 0 | – 0 | 10358484 |
|  Total Investments in Securities | 10358484 | &nbsp;&nbsp;&nbsp;&nbsp;2119732697 | 144604 | &nbsp;&nbsp;&nbsp;&nbsp;2130235785 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 61416886 | – 0 | 61416886 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 30181511 | – 0 | 30181511 <sup>(b)</sup> |
|  Inflation (CPI) Swaps | – 0 | 62953473 | – 0 | 62953473 |
|  Interest Rate Swaps | – 0 | 1472321 | – 0 | 1472321 |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Centrally Cleared Interest Rate Swaps | $– 0 | $(2133218) | $– 0 | $(2133218)<sup>(b)</sup> |
|  Credit Default Swaps | – 0 | (631600) | – 0 | (631600) |
|  Inflation (CPI) Swaps | – 0 | (4087345) | – 0 | (4087345) |
|  **Total** | $**10358484** | $**2268904725** | $**144604** | $**2279407813** |

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

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

**3. Taxes** 

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

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

**4. Investment Income and Investment Transactions** 

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

**5. 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,

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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 (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, 2023 and then may be extended by the Adviser for additional one-year terms. For the year ended October 31, 2022, such reimbursements/waivers amounted to $1,604,631.

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 year ended October 31, 2022, the reimbursement for such services amounted to $92,196.

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 $146,048 for the year ended October 31, 2022.

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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 $-0- from the sale of Class A shares and received $263,757 and $9,272 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $71,896.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232947 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |

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During the year ended October 31, 2021, the Adviser reimbursed the Fund $555,677 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 Investment Company Act of 1940. 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

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|:---|:---|
| **72 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 $517,157 and $1,797,003 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, 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 year ended October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136054328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578380075 |
|  U.S. government securities | 2599953 | 1416093 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361713556 |
|  Gross unrealized appreciation | $156875853 |
|  Gross unrealized depreciation | (238253468) |
|  Net unrealized depreciation | $(81377615) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. The payment flows are

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the

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|:---|:---|
| **74 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 a 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 year ended October 31, 2022, 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

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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 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 a 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

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|:---|:---|
| **76 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held credit default 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.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 77** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, 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/Payable for variation margin on centrally cleared swaps | $91598397<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $2133218<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 1472321 |  |  |
|  Interest rate contracts | Unrealized appreciation on inflation swaps | 62953473 | Unrealized depreciation on inflation swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>4087345 |
|  Credit contracts |  |  | Market value on credit default swaps | 631600 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;156024191 |  | $&nbsp;&nbsp;&nbsp;&nbsp;6852163 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives Within<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121726047 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 124203 | 337666 |
|  Total |  | $607936 | $122063713 |

---

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|:---|:---|
| **78 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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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 year ended October 31, 2022:

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $14482692 |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196323077 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $245338462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $843527692 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $3579953 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America, NA | $5746904 | $– 0 | $(655000) | $(5091904) | $– 0 |
|  Barclays Bank PLC | 9824676 | (67454) | (9442500) | – 0 | 314722 |
|  Citibank, NA/Citigroup Global Markets, Inc. | 9958228 | &nbsp;&nbsp;&nbsp;&nbsp;(1504261 | (8332894) | – 0 | 121073 |
|  Deutsche Bank AG | 3258149 | – 0 | (3139000) | – 0 | 119149 |
|  Goldman Sachs International | 6411440 | (834711) | – 0 | (5164583) | 412146 |
|  JPMorgan Chase Bank, NA | 29226397 | (1521025) | (27455000) | – 0 | 250372 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;64425794 | $(3927451) | $&nbsp;&nbsp;&nbsp;&nbsp;(49024394 | $&nbsp;&nbsp;&nbsp;&nbsp;(10256487 | $&nbsp;&nbsp;&nbsp;&nbsp;1217462 |

---

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 79** |

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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** |
|  Barclays Bank PLC | $67454 | $(67454) | $– 0 – $| – 0 | $– 0 |
|  Citibank, NA/Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1504261 | &nbsp;&nbsp;&nbsp;&nbsp;(1504261 | – 0 – | – 0 | – 0 |
|  Credit Suisse International | 391956 | – 0 | – 0 – | (391956) | – 0 |
|  Goldman Sachs International | 834711 | (834711) | – 0 – | – 0 | – 0 |
|  JPMorgan Chase Bank, NA | 1521025 | (1521025) | – 0 – | – 0 | – 0 |
|  Morgan Stanley Capital Services LLC | 399538 | – 0 | – 0 – | (190800) | 208738 |
|  Total | $4718945 | $(3927451) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;(582756 | $&nbsp;&nbsp;&nbsp;&nbsp;208738 |

---

\* 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.  |

---

**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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 20786123 | 26407533 | $227190213 | $286981285 |
|  Shares issued in reinvestment of dividends | 256254 | 200012 | 2761704 | 2153486 |
|  Shares converted from Class C | 70654 | 137753 | 756530 | 1489456 |
|  Shares redeemed | (23990159) | (7132735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(257236835) | (77134430) |
|  **Net increase (decrease)** | **(2877128)** | **19612563** | $**(26528388)** | $**213489797** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 1491246 | 1415025 | $16249698 | $15365751 |
|  Shares issued in reinvestment of dividends | 9150 | 7049 | 97341 | 75748 |
|  Shares converted to Class A | (70744) | (137881) | (756530) | (1489456) |
|  Shares redeemed | (711491) | (112864) | (7556918) | (1219898) |
|  **Net increase** | **718161** | **1171329** | $**8033591** | $**12732145** |

---

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|:---|:---|
| **80 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 106945004 | 63621228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163480337 | $693291421 |
|  Shares issued in reinvestment of dividends | 1005972 | 446488 | 10820742 | 4831370 |
|  Shares redeemed | (91220153) | (6255946) | (971609434) | (67976037) |
|  **Net increase** | **16730823** | **57811770** | $**202691645** | $**630146754** |
| **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  Shares sold | 18622654 | 12539527 | $201949554 | $135703463 |
|  Shares issued in reinvestment of dividends | 595910 | 601091 | 6366894 | 6424253 |
|  Shares redeemed | (11503338) | (5865521) | (122716651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62849375) |
|  **Net increase** | **7715226** | **7275097** | $**85599797** | $**79278341** |
| **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  Shares sold | 14163464 | 3793264 | $152841464 | $41218325 |
|  Shares issued in reinvestment of dividends | 257519 | 297652 | 2754756 | 3180510 |
|  Shares redeemed | (5173157) | (3422732) | (54912260) | (36671513) |
|  **Net increase** | **9247826** | **668184** | $**100683960** | $**7727322** |

---

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the bond market fluctuates. 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) 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.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 81** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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, or 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. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. 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.

Congress has previously considered making changes to the municipal securities provisions of the Internal Revenue Code that could change the U.S. federal income tax treatment of certain types of municipal 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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

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|:---|:---|
| **82 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 instrument, 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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 83** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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

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| **84 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1429775 | $1319862 |
|  Total taxable distributions | $1429775 | $1319862 |
|  Tax-exempt distributions | 32539240 | 21972290 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33969015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23292152 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed tax-exempt income | $1999908 |
|  Accumulated capital and other losses | (65050825)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (81377303)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144428220) |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $65,050,825.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the
tax treatment of swaps and the tax deferral of losses on wash sales.

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, 2022, the Fund had a net short-term capital loss carryforward of $52,705,359 and a net long-term capital loss carryforward of $12,345,466, which may be carried forward for an indefinite period.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 85** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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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|:---|:---|
| **86 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.03 | $10.30 | $10.24 | $10.02 | $10.28 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .13 | .16 | .22 | .24 | .22 |
|  Net realized and unrealized gain (loss) on investment transactions | (.79 | .75 | .07 | .21 | (.26 |
|  Contributions from Affiliates | – 0 | .00 <sup>(d)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.66 | .91 | .29 | .45 | (.04 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.13 | (.18) | (.23 | (.23 | (.22 |
|  Net asset value, end of period | **$10.24** | **$11.03** | **$10.30** | **$10.24** | **$10.02** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (6.06) | 8.89% | 2.85 | 4.58 | (.42 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $308986 | $364599 | $138454 | $54316 | $75127 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .75 | .75% | .75 | .75 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .82 | .84% | .85 | .86 | .86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.24 | 1.51% | 2.14 | 2.32 | 2.13 |
|  Portfolio turnover rate | 27 | 10% | 29 | 12 | 15 |

---

See footnote summary on page 92.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 87** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.02 | $10.29 | $10.22 | $10.01 | $10.26 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .06 | .08 | .14 | .16 | .14 |
|  Net realized and unrealized gain (loss) on investment transactions | (.80 | .74 | .08 | .20 | (.25 |
|  Contributions from Affiliates | – 0 | .01 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.74 | .83 | .22 | .36 | (.11 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.05 | (.10) | (.15 | (.15 | (.14 |
|  Net asset value, end of period | **$10.23** | **$11.02** | **$10.29** | **$10.22** | **$10.01** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (6.75) | 8.12% | 2.16 | 3.63 | (1.09) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $25986 | $20086 | $6710 | $7717 | $10681 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.50 | 1.50% | 1.50 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.58 | 1.59% | 1.61 | 1.61 | 1.61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .54 | .75% | 1.43 | 1.57 | 1.37 |
|  Portfolio turnover rate | 27 | 10% | 29 | 12 | 15 |

---

See footnote summary on page 92.

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|:---|:---|
| **88 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.04 | $10.31 | $10.24 | $10.03 | $10.29 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .18 | .25 | .26 | .24 |
|  Net realized and unrealized gain (loss) on investment transactions | (.80 | .75 | .07 | .21 | (.26 |
|  Contributions from Affiliates | – 0 | .01 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.64 | .94 | .32 | .47 | (.02 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.21) | (.25 | (.26 | (.24 |
|  Net asset value, end of period | **$10.25** | **$11.04** | **$10.31** | **$10.24** | **$10.03** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (5.82) | 9.14% | 3.19 | 4.76 | (.17 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $948603 | $837132 | $185829 | $205541 | $226145 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .50 | .50% | .50 | .50 | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .58 | .59% | .60 | .61 | .61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.52 | 1.70% | 2.43 | 2.57 | 2.37 |
|  Portfolio turnover rate | 27 | 10% | 29 | 12 | 15 |

---

See footnote summary on page 92.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 89** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.97 | $10.25 | $10.19 | $9.98 | $10.25 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .15 | .18 | .23 | .25 | .23 |
|  Net realized and unrealized gain (loss) on investment transactions | (.79 | .74 | .07 | .22 | (.26 |
|  Contributions from Affiliates | – 0 | .00 <sup>(d)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.64 | .92 | .30 | .47 | (.03 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.15 | (.20) | (.24 | (.26 | (.24 |
|  Net asset value, end of period | **$10.18** | **$10.97** | **$10.25** | **$10.19** | **$9.98** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (5.92) | 9.01% | 3.04 | 4.72 | (.32 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $594155 | $555642 | $444500 | $498857 | $485386 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .60 | .60% | .60 | .60 | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .64 | .66% | .67 | .67 | .67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.43 | 1.72% | 2.33 | 2.47 | 2.27 |
|  Portfolio turnover rate | 27 | 10% | 29 | 12 | 15 |

---

See footnote summary on page 92.

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| **90 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 2** | **Class 2** | **Class 2** | **Class 2** | **Class 2** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $10.98 | $10.25 | $10.19 | $9.99 | $10.25 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .20 | .24 | .26 | .24 |
|  Net realized and unrealized gain (loss) on investment transactions | (.80 | .74 | .07 | .21 | (.25 |
|  Contributions from Affiliates | – 0 | .00 <sup>(d)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.63 | .94 | .31 | .47 | (.01 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.21) | (.25 | (.27 | (.25 |
|  Net asset value, end of period | **$10.19** | **$10.98** | **$10.25** | **$10.19** | **$9.99** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (5.83) | 9.21% | 3.14 | 4.73 | (.12 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $315364 | $238315 | $215763 | $238306 | $231109 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .50 | .50% | .50 | .50 | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .55 | .56% | .57 | .57 | .57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.56 | 1.84% | 2.43 | 2.57 | 2.37 |
|  Portfolio turnover rate<sup>.</sup> | 27 | 10% | 29 | 12 | 15 |

---

See footnote summary on page 92.

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 91** |

---

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**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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.

\* 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. 

See notes to financial statements.

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| **92 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB Municipal Bond Inflation Strategy** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Municipal Bond Inflation Strategy (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 93** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g380159g91r55.jpg)

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

New York, New York

December 23, 2022

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| **94 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Daryl Clements**<sup>(2)</sup>**,** Vice President<br> **Terrance T. Hults**<sup>(2)</sup>**,** Vice President<br> **Matthew J. Norton**<sup>(2)</sup>**,** Vice President<br> **Andrew D. Potter**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

---

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

---

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

---

| | |
|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Municipal Bond Investment Team. Messrs. Clements, Hults, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

---

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 95** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INTERESTED DIRECTOR** |  |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81<br> (2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020.  | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br>(2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup> <br>70 <br>(2020)  | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br>67<br>(2016) <br>| Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE,<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br>70<br>(2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

# Mr. Erzan is an "interested person" of the Fund as defined in the "40 Act," due to his position as a Senior Vice President of the Adviser.

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

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **PRINCIPAL POSITION(S)**<br> **HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br> **DURING PAST 5 YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Daryl Clements<br>55 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Terrance T. Hults<br>56 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew J. Norton<br>39 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer-Municipal Bonds. |
| Andrew D. Potter<br> 37 | Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief<br> Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

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

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

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

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

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The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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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 by video conference on November 2-4, 2021 (the "Meeting").

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

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

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judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution

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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 profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. 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 noted that it was above the median. The directors took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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 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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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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**NOTES** 

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**NOTES** 

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|:---|:---|
| **abfunds.com** | **AB MUNICIPAL BOND INFLATION STRATEGY <sup>\|</sup> 111** |

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**NOTES** 

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| | |
|:---|:---|
| **112 <sup>\|</sup> AB MUNICIPAL BOND INFLATION STRATEGY** | **abfunds.com** |

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![LOGO](g380159g43p34.jpg)

AB MUNICIPAL BOND INFLATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

MBIS-0151-1022 ![LOGO](g380159g22c48.jpg)

------

**OCT** <sup>10.31.22</sup>

![LOGO](g369127g43p34.jpg)

ANNUAL REPORT

## AB SHORT DURATION INCOME PORTFOLIO
![LOGO](g369127covart_7682.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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

------

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g369127g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Short Duration Income Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g369127g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 6, 2022** 

This report provides management's discussion of fund performance for the AB Short Duration Income Portfolio for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to seek high current income consistent with preservation of capital.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB SHORT DURATION INCOME PORTFOLIO**<sup>1</sup> |  |  |
| Class A Shares | -3.76% | -8.94% |
| Class C Shares | -4.16% | -9.67% |
| Advisor Class Shares<sup>2</sup> | -3.67% | -8.76% |
| Bloomberg 1-5 Year US Government/Credit Index | -2.53% | -7.03% |

---

---

| | |
|:---|:---|
| 1 | **Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance for the six- and 12-month periods ended October 31, 2022, by 0.01% and 0.01%, respectively.**  |

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| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg 1-5 Year US Government/Credit Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes of the Fund underperformed the benchmark, before sales charges. Over the 12-month period, security selection detracted the most, relative to the benchmark, mainly due to selection within sovereign bonds, government-guaranteed sovereign bonds and technology, which was partially offset by a gain within the energy sector. Yield-curve positioning in the US detracted from performance. Sector allocation hampered results, as losses from exposure to collateralized loan obligations, emerging-market sovereigns and US agency mortgages exceeded gains from exposure to commercial mortgage-backed securities ("CMBS"). Country allocation to Canada and Australia contributed to performance, offset by a loss from exposure to the eurozone. Currency decisions did not materially impact performance during the period.

During the six-month period, security selection within sovereign bonds, technology and consumer cyclical detracted most from performance.

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| | |
|:---|:---|
| **2 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

Yield-curve positioning in the US also hampered results. Industry allocation negatively impacted performance, mostly from exposure to collateralized loan obligations, collateralized mortgage obligations and US agency mortgages that exceeded gains from the utilization of high-yield credit default swaps and exposure to CMBS. Country allocation to Canada contributed, offsetting a loss from exposure to the eurozone. Currency decisions did not materially impact returns during the period.

During both periods, the Fund utilized derivatives in the form of treasury futures and interest rate swaps to manage and hedge duration risk and/or to take active yield-curve positioning. Consumer Price Index swaps were utilized to obtain active inflation exposure. Currency forwards were used to hedge foreign currency exposure. Credit default swap indices were used to take active high-yield credit risk. Total return swaps were used to create synthetic high-yield exposure in the Fund. CMBS indices were used to take active commercial real estate exposure. During the 12-month period, interest rate swaptions were used to manage and hedge duration risk, generate income and/or to take active yield-curve positioning.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

The Fund's Senior Investment Management Team (the "Team") continues to pursue high income, while preserving capital by investing primarily in government bonds from both US and non-US issuers as well as corporate bonds, with scope to invest a select amount in below investment-grade bonds. The Team manages the Fund with a core fixed-income strategy through a global, multi-sector approach that seeks an attractive risk/return profile.

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund pursues its objective by investing, under normal circumstances, primarily in income-producing securities. The Fund also normally invests at least 65% of its total assets in securities of US and foreign governments and their agencies and instrumentalities (including mortgage-backed securities), derivatives related to such securities, and repurchase agreements relating to US government securities. Under normal circumstances, the Fund will maintain a dollar-weighted average duration of less than three years, although it may invest in securities of any duration or maturity.

The Fund may invest in non-government fixed-income securities, including corporate debt securities, non-government mortgage-backed and other asset-backed securities, certificates of deposit and commercial paper. The Fund may invest up to 35% of its net assets in below investment-grade securities (commonly known as "junk bonds"). The Fund's investments in foreign securities may include both government and corporate securities, and securities of emerging-market countries or of issuers in emerging markets.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risks and return characteristics as well as the securities' impact on the overall risks and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings.

The Fund may utilize derivatives, such as options, futures contracts, forwards and swaps. The Fund may, for example, use interest rate futures contracts and swaps to establish exposure to the fixed-income markets or particular fixed-income securities. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposure. The Fund may also enter into transactions such as reverse repurchase agreements that are similar to borrowings for investment purposes. The Fund's use of derivatives and these borrowing transactions may create aggregate exposure that is substantially in excess of its net assets, effectively leveraging the Fund.

The Adviser may hedge the foreign currency exposure resulting from the Fund's security positions, and may take long or short positions in currencies, through the use of currency-related derivatives.

---

| | |
|:---|:---|
| **4 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg 1-5 Year US Government/Credit Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg 1-5 Year US Government/Credit Index is a broad-based benchmark that measures the nonsecuritized component of the Bloomberg US Aggregate Index. It includes investment-grade, US dollar-denominated, fixed-rate Treasuries and government-related and corporate securities that have a remaining maturity of greater than or equal to one year and less than five years. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) 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 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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

**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.

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

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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.

---

| | |
|:---|:---|
| **6 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**Leverage Risk:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Currency Risk:** Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**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 decline.

**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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 2.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Effective on March 7, 2022, the maximum sales charge for purchases of Class A shares was reduced from 4.25% to 2.25%. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| | |
|:---|:---|
| **8 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

12/12/2018<sup>1</sup> TO 10/31/2022

![LOGO](g369127g01a13.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Short Duration Income Portfolio Class A shares (from 12/12/2018<sup>1</sup> to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 2.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 12/12/2018.

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 5.06% |
| 1 Year | -8.94% | -11.00% |  |
| Since Inception<sup>2</sup> | 0.26% | -0.33% |  |
| **CLASS C SHARES** |  |  | 4.37% |
| 1 Year | -9.67% | -10.55% |  |
| Since Inception<sup>2</sup> | -0.56% | -0.56% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | 5.39% |
| 1 Year | -8.76% | -8.76% |  |
| Since Inception<sup>2</sup> | 0.41% | 0.41% |  |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.26%, 2.19% and 1.18% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios, exclusive of 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, to 0.65%, 1.45% and 0.45% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023. Any fees waived and expenses borne by the Adviser may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund's total operating expenses to exceed the applicable expense limitations. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Inception date: 12/12/2018.

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| | |
|:---|:---|
| 3 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

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| | |
|:---|:---|
| **10 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -12.17% |
| Since Inception<sup>1</sup> | -0.48% |
| **CLASS C SHARES** |  |
| 1 Year | -11.75% |
| Since Inception<sup>1</sup> | -0.70% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -9.98% |
| Since Inception<sup>1</sup> | 0.27% |

---

1 Inception date: 12/12/2018.

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| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 11** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br>**Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $962.40 | $6.13 | 1.24% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018.95 | $6.31 | 1.24% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $958.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | 2.04% |
|  Hypothetical\*\* | $1000 | $1014.92 | $10.36 | 2.04% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $963.30 | $5.15 | 1.04% |
|  Hypothetical\*\* | $1000 | $1019.96 | $5.30 | 1.04% |

---

\* Expenses are equal to the Fund's annualized expense ratio (interest expense incurred) multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Fund's operating expenses are borne by the Adviser or its affiliates.

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

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| | |
|:---|:---|
| **12 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $69.6

------

![LOGO](g369127g01a19.jpg)

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| | |
|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details).  |

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 13** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 72.2%** |  |  |  |
|  **Spain – 0.5%** |  |  |  |
|  Spain Government Bond <br>0.80%, 07/30/2027<sup>(a)</sup> | EUR | 356 | $323605 |
|  **United States – 71.7%** |  |  |  |
|  U.S. Treasury Bonds <br>6.875%, 08/15/2025 | U.S.$| 2177 | 2303795 |
|  U.S. Treasury Notes<br>0.625%, 05/15/2030<sup>(b)</sup> |  | 784 | 609025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026<sup>(c)</sup> |  | 4003 | 3600464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 |  | 499 | 444132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 10/31/2026<sup>(b)</sup> |  | 4590 | 4131984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 08/15/2029 |  | 371 | 316502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 |  | 2662 | 2490353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 07/31/2024 |  | 1597 | 1530413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 05/31/2026<sup>(c)</sup> |  | 4465 | 4130403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2024<sup>(c)</sup> |  | 6988 | 6678713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2025<sup>(c)</sup> |  | 2792 | 2617031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 08/15/2024 |  | 524 | 503599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/2027 |  | 873 | 813247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 |  | 6250 | 5841610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2028 |  | 743 | 689899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 |  | 7900 | 7687687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/2028<sup>(c)</sup> |  | 3613 | 3394056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 |  | 2228 | 2131604 |
|  |  |  | 49914517 |
|  Total Governments - Treasuries <br>(cost $54,878,160) |  |  | 50238122 |
|  **CORPORATES - INVESTMENT<br>GRADE – 12.7%** |  |  |  |
|  **Financial Institutions – 7.2%** |  |  |  |
|  **Banking – 6.4%** |  |  |  |
|  AIB Group PLC <br>7.583%, 10/14/2026<sup>(a)</sup> |  | 209 | 207802 |
|  AIB Group PLC <br>4.263%, 04/10/2025<sup>(a)</sup> |  | 200 | 190628 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030<sup>(a)</sup> |  | 119 | 104339 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 200 | 176146 |
|  Bank of America Corp.<br>Series AA<br>6.10%, 03/17/2025<sup>(d)</sup> |  | 52 | 50113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X<br>6.25%, 09/05/2024<sup>(d)</sup> |  | 83 | 80785 |

---

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> | U.S.$| 200 | $193278 |
|  Barclays PLC <br>8.00%, 03/15/2029<sup>(d)</sup> |  | 200 | 179496 |
|  BNP Paribas SA<br>4.625%, 02/25/2031<sup>(a)(d)</sup> |  | 282 | 195246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/25/2024<sup>(a)(d)</sup> |  | 200 | 187256 |
|  Credit Agricole SA <br>8.125%, 12/23/2025<sup>(a)(d)</sup> |  | 200 | 199016 |
|  Danske Bank A/S <br>4.298%, 04/01/2028<sup>(a)</sup> |  | 200 | 176454 |
|  First-Citizens Bank & Trust Co. <br>3.929%, 06/19/2024 |  | 15 | 14766 |
|  HSBC Holdings PLC <br>4.041%, 03/13/2028 |  | 200 | 175236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 200 | 200394 |
|  JPMorgan Chase & Co.<br>4.323%, 04/26/2028 |  | 128 | 119151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S<br>6.75%, 02/01/2024<sup>(d)</sup> |  | 43 | 42938 |
|  Mizuho Financial Group, Inc. <br>5.414%, 09/13/2028 |  | 200 | 193168 |
|  Morgan Stanley<br>4.21%, 04/20/2028 |  | 51 | 47206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 10/18/2028 |  | 279 | 281525 |
|  Natwest Group PLC <br>4.269%, 03/22/2025 |  | 200 | 192830 |
|  Nordea Bank Abp <br>6.625%, 03/26/2026<sup>(a)(d)</sup> |  | 200 | 189258 |
|  PNC Financial Services Group, Inc. (The) <br>Series O <br>6.46% (LIBOR 3 Month + 3.68%), 02/01/2023<sup>(d)(e)</sup> |  | 12 | 11981 |
|  Skandinaviska Enskilda Banken AB <br>6.875%, 06/30/2027<sup>(a)(d)</sup> |  | 200 | 187344 |
|  Standard Chartered PLC <br>3.971%, 03/30/2026<sup>(a)</sup> |  | 200 | 183936 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024<sup>(a)(d)</sup> |  | 400 | 376376 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(d)</sup> |  | 150 | 131881 |
|  UBS Group AG <br>7.00%, 01/31/2024<sup>(a)(d)</sup> |  | 200 | 193668 |
|  |  |  | 4482217 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 15** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.6%** |  |  |  |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(a)</sup> | U.S.$| 5 | $3759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 8 | 7627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 2 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/25/2023 |  | 16 | 15667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2023 |  | 3 | 2979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> |  | 52 | 48657 |
|  Aviation Capital Group LLC <br>3.50%, 11/01/2027<sup>(a)</sup> |  | 158 | 128723 |
|  Synchrony Financial<br>2.875%, 10/28/2031 |  | 150 | 106056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/2027 |  | 57 | 49062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 50 | 48037 |
|  |  |  | 412331 |
|  **REITs – 0.2%** |  |  |  |
|  Office Properties Income Trust <br>3.45%, 10/15/2031 |  | 180 | 110166 |
|  VICI Properties LP/VICI Note Co., Inc. <br>4.625%, 06/15/2025<sup>(a)</sup> |  | 31 | 29168 |
|  |  |  | 139334 |
|  |  |  | 5033882 |
|  **Industrial – 5.3%** |  |  |  |
|  **Basic – 0.4%** |  |  |  |
|  Arconic Corp. <br>6.00%, 05/15/2025<sup>(a)</sup> |  | 15 | 14843 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 40 | 39309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 40 | 38909 |
|  Glencore Funding LLC<br>1.625%, 09/01/2025<sup>(a)</sup> |  | 114 | 101420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/12/2029<sup>(a)</sup> |  | 115 | 105770 |
|  |  |  | 300251 |
|  **Capital Goods – 0.1%** |  |  |  |
|  Parker-Hannifin Corp. <br>4.50%, 09/15/2029 |  | 100 | 93443 |
|  **Communications - Media – 0.6%** |  |  |  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(a)</sup> |  | 46 | 41401 |
|  Interpublic Group of Cos., Inc. (The) <br>4.65%, 10/01/2028 |  | 210 | 194000 |
|  Netflix, Inc. <br>4.375%, 11/15/2026 |  | 216 | 206025 |
|  |  |  | 441426 |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.4%** |  |  |  |
|  Las Vegas Sands Corp. <br>3.90%, 08/08/2029 | U.S.$| 150 | $121013 |
|  Sands China Ltd. <br>5.625%, 08/08/2025 |  | 200 | 175500 |
|  |  |  | 296513 |
|  **Consumer Non-Cyclical – 0.9%** |  |  |  |
|  BAT Capital Corp. <br>7.75%, 10/19/2032 |  | 74 | 75638 |
|  BAT International Finance PLC <br>4.448%, 03/16/2028 |  | 116 | 102938 |
|  Charles River Laboratories International, Inc. <br>4.00%, 03/15/2031<sup>(a)</sup> |  | 32 | 26929 |
|  Newell Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/2026 |  | 26 | 24181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2025 |  | 7 | 6754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2027 |  | 53 | 51897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/15/2029 |  | 53 | 51794 |
|  Pilgrim's Pride Corp. <br>5.875%, 09/30/2027<sup>(a)</sup> |  | 250 | 244558 |
|  |  |  | 584689 |
|  **Energy – 0.8%** |  |  |  |
|  Boardwalk Pipelines LP <br>4.45%, 07/15/2027 |  | 107 | 98943 |
|  Canadian Natural Resources Ltd. <br>3.85%, 06/01/2027 |  | 215 | 198432 |
|  Continental Resources, Inc./OK <br>5.75%, 01/15/2031<sup>(a)</sup> |  | 41 | 37306 |
|  Ecopetrol SA<br>4.625%, 11/02/2031 |  | 15 | 10331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 06/26/2026 |  | 55 | 49892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/02/2051 |  | 7 | 4120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/2030 |  | 45 | 36743 |
|  EQT Corp.<br>5.70%, 04/01/2028 |  | 39 | 37956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/2030 |  | 31 | 31803 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 |  | 46 | 37904 |
|  Western Midstream Operating LP<br>3.95%, 06/01/2025 |  | 2 | 1900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 20 | 17580 |
|  |  |  | 562910 |
|  **Services – 0.6%** |  |  |  |
|  Expedia Group, Inc. <br>3.80%, 02/15/2028 |  | 111 | 98687 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 17** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Global Payments, Inc.<br>4.45%, 06/01/2028 | U.S.$| 216 | $196502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/2029 |  | 80 | 75346 |
|  RELX Capital, Inc. <br>4.75%, 05/20/2032 |  | 17 | 15827 |
|  |  |  | 386362 |
|  **Technology – 1.3%** |  |  |  |
|  Broadcom, Inc.<br>3.137%, 11/15/2035<sup>(a)</sup> |  | 22 | 15259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(a)</sup> |  | 53 | 46513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/2032 |  | 150 | 126579 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029<sup>(a)</sup> |  | 112 | 100010 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 |  | 222 | 192903 |
|  HP, Inc. <br>4.75%, 01/15/2028 |  | 104 | 97189 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 |  | 147 | 147069 |
|  Take-Two Interactive Software, Inc. <br>3.30%, 03/28/2024 |  | 56 | 54369 |
|  Western Digital Corp. <br>4.75%, 02/15/2026 |  | 116 | 107174 |
|  Workday, Inc. <br>3.70%, 04/01/2029 |  | 35 | 31191 |
|  |  |  | 918256 |
|  **Transportation - Airlines – 0.2%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.50%, 10/20/2025<sup>(a)</sup> |  | 114 | 111047 |
|  |  |  | 3694897 |
|  **Utility – 0.2%** |  |  |  |
|  **Electric – 0.2%** |  |  |  |
|  Chile Electricity PEC SpA <br>Zero Coupon, 01/25/2028<sup>(a)</sup> |  | 200 | 138788 |
|  Total Corporates - Investment Grade <br>(cost $9,709,498) |  |  | 8867567 |
|  **CORPORATES - NON-INVESTMENT GRADE – 10.7%** | **CORPORATES - NON-INVESTMENT GRADE – 10.7%** |  |  |
|  **Industrial – 9.7%** |  |  |  |
|  **Basic – 0.5%** |  |  |  |
|  ASP Unifrax Holdings, Inc. <br>5.25%, 09/30/2028<sup>(a)</sup> |  | 10 | 8040 |
|  INEOS Quattro Finance 2 PLC <br>3.375%, 01/15/2026<sup>(a)</sup> |  | 200 | 168702 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Kleopatra Finco Sarl <br>4.25%, 03/01/2026<sup>(a)</sup> | EUR | 100 | $81266 |
|  WR Grace Holdings LLC <br>4.875%, 06/15/2027<sup>(a)</sup> | U.S.$| 72 | 62989 |
|  |  |  | 320997 |
|  **Capital Goods – 0.8%** |  |  |  |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <br>4.125%, 08/15/2026<sup>(a)</sup> |  | 200 | 172050 |
|  Bombardier, Inc.<br>7.50%, 12/01/2024<sup>(a)</sup> |  | 9 | 8977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/2025<sup>(a)</sup> |  | 15 | 14748 |
|  Eco Material Technologies, Inc. <br>7.875%, 01/31/2027<sup>(a)</sup> |  | 92 | 86076 |
|  Gates Global LLC/Gates Corp. <br>6.25%, 01/15/2026<sup>(a)</sup> |  | 61 | 58560 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(a)</sup> |  | 34 | 30956 |
|  Renk AG/Frankfurt am Main <br>5.75%, 07/15/2025<sup>(a)</sup> | EUR | 100 | 89128 |
|  TransDigm, Inc. <br>8.00%, 12/15/2025<sup>(a)</sup> | U.S.$| 35 | 35614 |
|  Triumph Group, Inc. <br>8.875%, 06/01/2024<sup>(a)</sup> |  | 89 | 89939 |
|  |  |  | 586048 |
|  **Communications - Media – 1.2%** |  |  |  |
|  Altice Financing SA <br>5.00%, 01/15/2028<sup>(a)</sup> |  | 200 | 159792 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(a)</sup> |  | 26 | 21131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2027<sup>(a)</sup> |  | 59 | 54668 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.125%, 08/15/2027<sup>(a)</sup> |  | 60 | 53994 |
|  CSC Holdings LLC <br>7.50%, 04/01/2028<sup>(a)</sup> |  | 200 | 172918 |
|  DISH DBS Corp.<br>5.00%, 03/15/2023 |  | 6 | 5925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(a)</sup> |  | 178 | 154552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(a)</sup> |  | 32 | 25827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/15/2024 |  | 53 | 48882 |
|  McGraw-Hill Education, Inc. <br>5.75%, 08/01/2028<sup>(a)</sup> |  | 56 | 49299 |
|  Sirius XM Radio, Inc.<br>3.125%, 09/01/2026<sup>(a)</sup> |  | 56 | 50046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(a)</sup> |  | 28 | 24169 |
|  |  |  | 821203 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 19** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Telecommunications – 0.1%** |  |  |  |
|  Consolidated Communications, Inc. <br>5.00%, 10/01/2028<sup>(a)</sup> | U.S.$| 35 | $27131 |
|  Frontier Communications Holdings LLC <br>6.75%, 05/01/2029<sup>(a)</sup> |  | 10 | 8243 |
|  |  |  | 35374 |
|  **Consumer Cyclical - Automotive – 0.5%** |  |  |  |
|  Jaguar Land Rover Automotive PLC<br>5.875%, 11/15/2024<sup>(a)</sup> | EUR | 116 | 108555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/2025<sup>(a)</sup> | U.S.$| 217 | 200261 |
|  Tenneco, Inc. <br>7.875%, 01/15/2029<sup>(a)</sup> |  | 26 | 25834 |
|  |  |  | 334650 |
|  **Consumer Cyclical - Entertainment – 1.4%** |  |  |  |
|  Boyne USA, Inc. <br>4.75%, 05/15/2029<sup>(a)</sup> |  | 16 | 13999 |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(a)</sup> |  | 36 | 29047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(a)</sup> |  | 62 | 43029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/2026<sup>(a)</sup> |  | 153 | 149926 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>5.50%, 05/01/2025<sup>(a)</sup> |  | 159 | 157919 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 28 | 25082 |
|  Mattel, Inc. <br>5.875%, 12/15/2027<sup>(a)</sup> |  | 102 | 99163 |
|  NCL Corp. Ltd. <br>5.875%, 03/15/2026<sup>(a)</sup> |  | 33 | 27024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2027<sup>(a)</sup> |  | 268 | 239490 |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(a)</sup> |  | 42 | 32957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(a)</sup> |  | 31 | 25317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(a)</sup> |  | 47 | 50601 |
|  SeaWorld Parks & Entertainment, Inc. <br>8.75%, 05/01/2025<sup>(a)</sup> |  | 20 | 20515 |
|  Viking Cruises Ltd.<br>5.875%, 09/15/2027<sup>(a)</sup> |  | 12 | 9591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/2025<sup>(a)</sup> |  | 16 | 17196 |
|  Viking Ocean Cruises Ship VII Ltd. <br>5.625%, 02/15/2029<sup>(a)</sup> |  | 14 | 10921 |
|  |  |  | 951777 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Other – 0.8%** |  |  |  |
|  Adams Homes, Inc. <br>7.50%, 02/15/2025<sup>(a)</sup> | U.S.$| 13 | $10512 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC <br>6.25%, 09/15/2027<sup>(a)</sup> |  | 125 | 109125 |
|  Churchill Downs, Inc. <br>4.75%, 01/15/2028<sup>(a)</sup> |  | 59 | 52265 |
|  Empire Communities Corp. <br>7.00%, 12/15/2025<sup>(a)</sup> |  | 143 | 123950 |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>7.875%, 11/15/2025<sup>(a)</sup> |  | 85 | 70922 |
|  Forestar Group, Inc. <br>3.85%, 05/15/2026<sup>(a)</sup> |  | 41 | 35230 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875%, 07/01/2031<sup>(a)</sup> |  | 9 | 7362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(a)</sup> |  | 45 | 38726 |
|  Marriott Ownership Resorts, Inc. <br>6.125%, 09/15/2025<sup>(a)</sup> |  | 12 | 11871 |
|  Shea Homes LP/Shea Homes Funding Corp. <br>4.75%, 02/15/2028<sup>(a)</sup> |  | 11 | 9276 |
|  Taylor Morrison Communities, Inc. <br>5.875%, 06/15/2027<sup>(a)</sup> |  | 15 | 14105 |
|  Travel + Leisure Co. <br>6.625%, 07/31/2026<sup>(a)</sup> |  | 20 | 19515 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.25%, 05/15/2027<sup>(a)</sup> |  | 33 | 28741 |
|  |  |  | 531600 |
|  **Consumer Cyclical - Restaurants – 0.1%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc.<br>3.875%, 01/15/2028<sup>(a)</sup> |  | 17 | 14956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2028<sup>(a)</sup> |  | 81 | 71205 |
|  |  |  | 86161 |
|  **Consumer Cyclical - Retailers – 0.5%** |  |  |  |
|  Bath & Body Works, Inc.<br>7.50%, 06/15/2029 |  | 188 | 178307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/01/2025<sup>(a)</sup> |  | 6 | 6252 |
|  Dufry One BV <br>2.50%, 10/15/2024<sup>(a)</sup> | EUR | 100 | 94501 |
|  Hanesbrands, Inc. <br>4.625%, 05/15/2024<sup>(a)</sup> | U.S.$| 35 | 34025 |
|  Michaels Cos, Inc. (The) <br>5.25%, 05/01/2028<sup>(a)</sup> |  | 73 | 51930 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 21** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Rite Aid Corp. <br>7.50%, 07/01/2025<sup>(a)</sup> | U.S.$| 9 | $6341 |
|  Staples, Inc. <br>7.50%, 04/15/2026<sup>(a)</sup> |  | 15 | 13046 |
|  |  |  | 384402 |
|  **Consumer Non-Cyclical – 0.6%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<br>3.50%, 02/15/2023<sup>(a)</sup> |  | 154 | 152984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/15/2028<sup>(a)</sup> |  | 87 | 81801 |
|  Legacy LifePoint Health LLC <br>4.375%, 02/15/2027<sup>(a)</sup> |  | 114 | 90009 |
|  RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. <br>9.75%, 12/01/2026<sup>(a)</sup> |  | 7 | 5591 |
|  RP Escrow Issuer LLC <br>5.25%, 12/15/2025<sup>(a)</sup> |  | 39 | 29342 |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(a)</sup> |  | 81 | 73341 |
|  |  |  | 433068 |
|  **Energy – 0.8%** |  |  |  |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.625%, 12/15/2025<sup>(a)</sup> |  | 156 | 154406 |
|  Callon Petroleum Co. <br>8.00%, 08/01/2028<sup>(a)</sup> |  | 21 | 20941 |
|  CITGO Petroleum Corp. <br>7.00%, 06/15/2025<sup>(a)</sup> |  | 33 | 32528 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026<sup>(a)</sup> |  | 30 | 27655 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026<sup>(a)</sup> |  | 28 | 25966 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>7.75%, 02/01/2028 |  | 15 | 14301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 |  | 21 | 20388 |
|  Nabors Industries Ltd. <br>7.25%, 01/15/2026<sup>(a)</sup> |  | 12 | 11572 |
|  Nabors Industries, Inc. <br>7.375%, 05/15/2027<sup>(a)</sup> |  | 46 | 45324 |
|  New Fortress Energy, Inc. <br>6.75%, 09/15/2025<sup>(a)</sup> |  | 75 | 73646 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.50%, 02/01/2026<sup>(a)</sup> |  | 44 | 39836 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. <br>8.50%, 10/15/2026<sup>(a)</sup> |  | 40 | 38410 |

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|:---|:---|
| **22 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Sunnova Energy Corp. <br>5.875%, 09/01/2026<sup>(a)</sup> | U.S.$| 25 | $22047 |
|  |  |  | 527020 |
|  **Other Industrial – 0.0%** |  |  |  |
|  Avient Corp. <br>5.75%, 05/15/2025<sup>(a)</sup> |  | 16 | 15685 |
|  **Services – 1.0%** |  |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. <br>6.625%, 07/15/2026<sup>(a)</sup> |  | 57 | 54563 |
|  APX Group, Inc. <br>6.75%, 02/15/2027<sup>(a)</sup> |  | 53 | 51802 |
|  Block, Inc. <br>2.75%, 06/01/2026 |  | 81 | 72488 |
|  Garda World Security Corp. <br>4.625%, 02/15/2027<sup>(a)</sup> |  | 59 | 52497 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(a)</sup> |  | 50 | 36008 |
|  MPH Acquisition Holdings LLC <br>5.75%, 11/01/2028<sup>(a)</sup> |  | 78 | 60268 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>3.375%, 08/31/2027<sup>(a)</sup> |  | 168 | 145908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/2028<sup>(a)</sup> |  | 82 | 75939 |
|  Sabre GLBL, Inc. <br>9.25%, 04/15/2025<sup>(a)</sup> |  | 84 | 81896 |
|  WASH Multifamily Acquisition, Inc. <br>5.75%, 04/15/2026<sup>(a)</sup> |  | 15 | 14005 |
|  ZipRecruiter, Inc. <br>5.00%, 01/15/2030<sup>(a)</sup> |  | 63 | 51604 |
|  |  |  | 696978 |
|  **Technology – 0.6%** |  |  |  |
|  Avaya, Inc. <br>6.125%, 09/15/2028<sup>(a)</sup> |  | 51 | 21577 |
|  NCR Corp. <br>5.00%, 10/01/2028<sup>(a)</sup> |  | 105 | 89005 |
|  NortonLifeLock, Inc. <br>6.75%, 09/30/2027<sup>(a)</sup> |  | 106 | 104568 |
|  Presidio Holdings, Inc.<br>4.875%, 02/01/2027<sup>(a)</sup> |  | 56 | 51680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2028<sup>(a)</sup> |  | 2 | 1782 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.50%, 09/01/2025<sup>(a)</sup> |  | 214 | 179942 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(a)</sup> |  | 10 | 7196 |
|  |  |  | 455750 |

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Transportation - Airlines – 0.3%** |  |  |  |
|  Air Canada <br>3.875%, 08/15/2026<sup>(a)</sup> | U.S.$| 12 | $10613 |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(a)</sup> |  | 47 | 44292 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.50%, 04/20/2026<sup>(a)</sup> |  | 99 | 94351 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. <br>5.75%, 01/20/2026<sup>(a)</sup> |  | 24 | 21963 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>8.00%, 09/20/2025<sup>(a)</sup> |  | 41 | 41119 |
|  |  |  | 212338 |
|  **Transportation - Services – 0.5%** |  |  |  |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. <br>6.125%, 10/15/2026<sup>(a)</sup> |  | 200 | 170968 |
|  EC Finance PLC <br>3.00%, 10/15/2026<sup>(a)</sup> | EUR | 100 | 87105 |
|  Loxam SAS <br>4.50%, 02/15/2027<sup>(a)</sup> |  | 100 | 87626 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(a)</sup> | U.S.$| 30 | 24382 |
|  |  |  | 370081 |
|  |  |  | 6763132 |
|  **Financial Institutions – 0.8%** |  |  |  |
|  **Banking – 0.4%** |  |  |  |
|  Bread Financial Holdings, Inc.<br>4.75%, 12/15/2024<sup>(a)</sup> |  | 35 | 30781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2026<sup>(a)</sup> |  | 7 | 6042 |
|  Credit Suisse Group AG <br>5.25%, 02/11/2027<sup>(a)(d)</sup> |  | 368 | 261280 |
|  |  |  | 298103 |
|  **Brokerage – 0.1%** |  |  |  |
|  Advisor Group Holdings, Inc. <br>10.75%, 08/01/2027<sup>(a)</sup> |  | 52 | 51925 |
|  **Finance – 0.1%** |  |  |  |
|  Castlelake Aviation Finance DAC <br>5.00%, 04/15/2027<sup>(a)</sup> |  | 62 | 52687 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028<sup>(a)</sup> |  | 53 | 31283 |
|  |  |  | 83970 |

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|:---|:---|
| **24 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **REITs – 0.2%** |  |  |  |
|  Diversified Healthcare Trust <br>9.75%, 06/15/2025 | U.S.$| 167 | $157751 |
|  |  |  | 591749 |
|  **Utility – 0.2%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(a)</sup> |  | 8 | 7117 |
|  Vistra Operations Co. LLC <br>5.625%, 02/15/2027<sup>(a)</sup> |  | 68 | 64807 |
|  |  |  | 71924 |
|  **Other Utility – 0.1%** |  |  |  |
|  Solaris Midstream Holdings LLC <br>7.625%, 04/01/2026<sup>(a)</sup> |  | 54 | 51665 |
|  |  |  | 123589 |
|  Total Corporates – Non-Investment Grade <br>(cost $8,323,572) |  |  | 7478470 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 6.8%** |  |  |  |
|  **Risk Share Floating Rate – 6.6%** |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2019-1A, Class M1B<br>5.336% (LIBOR 1 Month + 1.75%), 03/25/2029<sup>(a)(e)</sup> |  | 17 | 17085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class M2<br>6.286% (LIBOR 1 Month + 2.70%), 03/25/2029<sup>(a)(e)</sup> |  | 152 | 150488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class M2<br>6.436% (LIBOR 1 Month + 2.85%), 10/25/2029<sup>(a)(e)</sup> |  | 150 | 142609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1B<br>5.147% (SOFR + 2.15%), 01/26/2032<sup>(a)(e)</sup> |  | 193 | 185241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class M1A<br>7.025% (SOFR + 4.00%), 09/27/2032<sup>(a)(e)</sup> |  | 200 | 199999 |
|  Connecticut Avenue Securities Trust<br>Series 2022-R07, Class 1M1<br>5.975% (SOFR + 2.95%), 06/25/2042<sup>(a)(e)</sup> |  | 229 | 230226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2<br>6.597% (SOFR + 3.60%), 07/25/2042<sup>(a)(e)</sup> |  | 73 | 68979 |
|  Connecticut Avenue Securities Trust<br>Series 2019-R02, Class 1M2<br>5.886% (LIBOR 1 Month + 2.30%), 08/25/2031<sup>(a)(e)</sup> |  | 1 | 1374 |

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 25** |

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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 2019-R03, Class 1M2<br>5.736% (LIBOR 1 Month + 2.15%), 09/25/2031<sup>(a)(e)</sup> | U.S.$| 2 | $2301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M1<br>5.547% (SOFR + 2.55%), 07/25/2042<sup>(a)(e)</sup> |  | 238 | 237285 |
|  Eagle Re Ltd. <br>Series 2021-2, Class M1B <br>5.047% (SOFR + 2.05%), 04/25/2034<sup>(a)(e)</sup> |  | 150 | 146030 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2022-HQA3, Class M1A <br>5.297% (SOFR + 2.30%), 08/25/2042<sup>(a)(e)</sup> |  | 139 | 137800 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-HQA1, Class M3<br>8.286% (LIBOR 1 Month + 4.70%), 03/25/2028<sup>(e)</sup> |  | 85 | 86357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA1, Class M2<br>6.836% (LIBOR 1 Month + 3.25%), 07/25/2029<sup>(e)</sup> |  | 149 | 151652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA4, Class M2<br>5.536% (LIBOR 1 Month + 1.95%), 10/25/2049<sup>(a)(e)</sup> |  | 3 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2<br>5.286% (LIBOR 1 Month + 1.70%), 01/25/2050<sup>(a)(e)</sup> |  | 29 | 28561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2<br>4.647% (SOFR + 1.65%), 01/25/2034<sup>(a)(e)</sup> |  | 65 | 63335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>4.497% (SOFR + 1.50%), 10/25/2041<sup>(a)(e)</sup> |  | 150 | 137666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>4.797% (SOFR + 1.80%), 11/25/2041<sup>(a)(e)</sup> |  | 225 | 206368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M1<br>3.947% (SOFR + 0.95%), 12/25/2041<sup>(a)(e)</sup> |  | 593 | 557432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1B<br>5.397% (SOFR + 2.40%), 02/25/2042<sup>(a)(e)</sup> |  | 144 | 132480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B<br>6.497% (SOFR + 3.50%), 03/25/2042<sup>(a)(e)</sup> |  | 20 | 19017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA2, Class M1B<br>6.997% (SOFR + 4.00%), 07/25/2042<sup>(a)(e)</sup> |  | 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179400 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C04, Class 1M2<br>8.486% (LIBOR 1 Month + 4.90%), 11/25/2024<sup>(e)</sup> |  | 89 | 91078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(e)</sup> |  | 18 | 18079 |

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| | |
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| **26 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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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 2015-C03, Class 1M2<br>8.586% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(e)</sup> | U.S.$| 21 | $21685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 2M2<br>9.136% (LIBOR 1 Month + 5.55%), 04/25/2028<sup>(e)</sup> |  | 3 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>10.336% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(e)</sup> |  | 63 | 65012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2<br>10.536% (LIBOR 1 Month + 6.95%), 08/25/2028<sup>(e)</sup> |  | 9 | 9744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B<br>13.836% (LIBOR 1 Month + 10.25%), 01/25/2029<sup>(e)</sup> |  | 118 | 122437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class 2B1<br>9.086% (LIBOR 1 Month + 5.50%), 09/25/2029<sup>(e)</sup> |  | 24 | 25543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class 1B1<br>7.136% (LIBOR 1 Month + 3.55%), 07/25/2030<sup>(e)</sup> |  | 180 | 179444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2M2<br>4.997% (SOFR + 2.00%), 11/25/2041<sup>(a)(e)</sup> |  | 230 | 203605 |
|  Home Re Ltd. <br>Series 2021-1, Class M1B <br>5.136% (LIBOR 1 Month + 1.55%), 07/25/2033<sup>(a)(e)</sup> |  | 211 | 209690 |
|  Home Re Ltd. <br>Series 2020-1, Class M2 <br>8.836% (LIBOR 1 Month + 5.25%), 10/25/2030<sup>(a)(e)</sup> |  | 150 | 149820 |
|  Oaktown Re II Ltd. <br>Series 2018-1A, Class M1 <br>5.136% (LIBOR 1 Month + 1.55%), 07/25/2028<sup>(a)(e)</sup> |  | 31 | 30943 |
|  PMT Credit Risk Transfer Trust <br>Series 2019-2R, Class A <br>6.346% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(a)(e)</sup> |  | 29 | 27689 |
|  Radnor Re Ltd. <br>Series 2019-1, Class M1B <br>5.536% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(a)(e)</sup> |  | 96 | 93699 |
|  Radnor RE Ltd. <br>Series 2020-1, Class M1C <br>5.336% (LIBOR 1 Month + 1.75%), 01/25/2030<sup>(a)(e)</sup> |  | 150 | 142861 |

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Traingle Re Ltd. <br>Series 2021-3, Class M1A <br>4.897% (SOFR + 1.90%), 02/25/2034<sup>(a)(e)</sup> | U.S.$| 125 | $123818 |
|  |  |  | 4602105 |
|  **Agency Fixed Rate – 0.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 4913, Class IO <br>6.00%, 04/15/2041<sup>(f)</sup> |  | 75 | 15706 |
|  Federal National Mortgage Association REMICs<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-120, Class CI<br>3.50%, 12/25/2031<sup>(f)</sup> |  | 134 | 5675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-26, Class IO<br>5.00%, 05/25/2046<sup>(f)</sup> |  | 169 | 27529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-31, Class IO<br>5.00%, 06/25/2046<sup>(f)</sup> |  | 223 | 45156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-64, Class BI<br>5.00%, 09/25/2046<sup>(f)</sup> |  | 28 | 4338 |
|  |  |  | 98404 |
|  **Agency Floating Rate – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 4372, Class JS <br>2.688% (6.10% – LIBOR 1 Month), 08/15/2044<sup>(e)(g)</sup> |  | 91 | 7870 |
|  Federal National Mortgage Association REMICs<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-17, Class ES<br>2.964% (6.55% – LIBOR 1 Month), 03/25/2041<sup>(e)(g)</sup> |  | 79 | 2410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-17, Class SE<br>2.364% (5.95% – LIBOR 1 Month), 03/25/2042<sup>(e)(g)</sup> |  | 67 | 7200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-25, Class SA<br>2.464% (6.05% – LIBOR 1 Month), 06/25/2049<sup>(e)(g)</sup> |  | 46 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-42, Class SQ<br>2.464% (6.05% – LIBOR 1 Month), 08/25/2049<sup>(e)(g)</sup> |  | 39 | 4190 |
|  |  |  | 25799 |
|  Total Collateralized Mortgage Obligations <br>(cost $4,835,033) |  |  | 4726308 |
|  **GOVERNMENTS - SOVEREIGN AGENCIES – 5.0%** |  |  |  |
|  **Canada – 5.0%** |  |  |  |
|  Canada Housing Trust No. 1 <br>1.95%, 12/15/2025<sup>(a)</sup> <br>(cost $4,054,592) | CAD | 5065 | 3507745 |

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| **28 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 3.6%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 3.0%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2013-WBRK, Class D <br>3.534%, 03/10/2037<sup>(a)</sup> | U.S.$| 100 | $84325 |
|  BANK<br>Series 2020-BN28, Class XA<br>1.779%, 03/15/2063<sup>(f)</sup> |  | 2071 | 205067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class XA<br>1.341%, 11/15/2053<sup>(f)</sup> |  | 985 | 73719 |
|  Barclays Commercial Mortgage Trust <br>Series 2019-C3, Class XA <br>1.334%, 05/15/2052<sup>(f)</sup> |  | 985 | 61909 |
|  BBCMS Mortgage Trust <br>Series 2017-C1, Class XA <br>1.437%, 02/15/2050<sup>(f)</sup> |  | 1318 | 64351 |
|  CD Mortgage Trust <br>Series 2016-CD1, Class XA <br>1.368%, 08/10/2049<sup>(f)</sup> |  | 1512 | 56117 |
|  CFCRE Commercial Mortgage Trust<br>Series 2016-C4, Class XA<br>1.608%, 05/10/2058<sup>(f)</sup> |  | 83 | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C8, Class XA<br>1.481%, 06/15/2050<sup>(f)</sup> |  | 278 | 14019 |
|  Citigroup Commercial Mortgage Trust <br>Series 2017-P7, Class XA <br>1.111%, 04/14/2050<sup>(f)</sup> |  | 824 | 30729 |
|  Commercial Mortgage Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR5, Class C<br>4.358%, 12/10/2045<sup>(a)</sup> |  | 100 | 97550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16, Class D<br>4.917%, 04/10/2047<sup>(a)</sup> |  | 100 | 90472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class XA<br>0.936%, 02/10/2049<sup>(f)</sup> |  | 2490 | 58132 |
|  GS Mortgage Securities Trust<br>Series 2013-GC13, Class D<br>4.074%, 07/10/2046<sup>(a)</sup> |  | 100 | 43255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GS3, Class XA<br>1.197%, 10/10/2049<sup>(f)</sup> |  | 1293 | 45782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS5, Class XA<br>0.842%, 03/10/2050<sup>(f)</sup> |  | 1439 | 41835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class XA<br>1.083%, 08/10/2050<sup>(f)</sup> |  | 3285 | 120441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC39, Class XA<br>1.129%, 05/10/2052<sup>(f)</sup> |  | 4646 | 218568 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2013-C14, Class D <br>4.548%, 08/15/2046<sup>(a)</sup> |  | 75 | 41785 |

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 29** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9, Class G<br>4.321%, 12/15/2047<sup>(a)</sup> | U.S.$| 100 | $73436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC11, Class B<br>3.499%, 04/15/2046 |  | 110 | 107060 |
|  UBS Commercial Mortgage Trust<br>Series 2012-C1, Class D<br>6.445%, 05/10/2045<sup>(a)</sup> |  | 17 | 15915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class XA<br>1.526%, 06/15/2050<sup>(f)</sup> |  | 1056 | 54501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C2, Class XA<br>1.087%, 08/15/2050<sup>(f)</sup> |  | 2068 | 79633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C14, Class XA<br>0.95%, 12/15/2051<sup>(f)</sup> |  | 949 | 41695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C15, Class XA<br>0.978%, 12/15/2051<sup>(f)</sup> |  | 741 | 33075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class XA<br>1.023%, 12/15/2052<sup>(f)</sup> |  | 1265 | 58997 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2013-C6, Class D <br>4.316%, 04/10/2046<sup>(a)</sup> |  | 81 | 66094 |
|  Wells Fargo Commercial Mortgage Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC24, Class XA<br>1.605%, 10/15/2049<sup>(f)</sup> |  | 799 | 37726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C48, Class XA<br>0.947%, 01/15/2052<sup>(f)</sup> |  | 795 | 34079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C52, Class XA<br>1.604%, 08/15/2052<sup>(f)</sup> |  | 936 | 67446 |
|  WF-RBS Commercial Mortgage Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C4, Class D<br>4.843%, 06/15/2044<sup>(a)</sup> |  | 60 | 53645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-C4, Class E<br>4.843%, 06/15/2044<sup>(a)</sup> |  | 25 | 20000 |
|  |  |  | 2094775 |
|  **Non-Agency Floating Rate CMBS – 0.6%** |  |  |  |
|  BFLD Trust<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DPLO, Class D<br>5.252% (LIBOR 1 Month + 1.84%), 10/15/2034<sup>(a)(e)</sup> |  | 59 | 55704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DPLO, Class E<br>5.652% (LIBOR 1 Month + 2.24%), 10/15/2034<sup>(a)(e)</sup> |  | 10 | 9406 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>5.437% (LIBOR 1 Month + 2.03%), 11/15/2038<sup>(a)(e)</sup> |  | 120 | 109484 |

---

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| | |
|:---|:---|
| **30 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Great Wolf Trust <br>Series 2019-WOLF, Class D <br>5.345% (LIBOR 1 Month + 1.93%), 12/15/2036<sup>(a)(e)</sup> | U.S.$| 45 | $42296 |
|  Morgan Stanley Capital I Trust <br>Series 2019-BPR, Class D <br>7.662% (LIBOR 1 Month + 4.25%), 05/15/2036<sup>(a)(e)</sup> |  | 133 | 123241 |
|  Starwood Retail Property Trust <br>Series 2014-STAR, Class A <br>4.883% (LIBOR 1 Month + 1.47%), 11/15/2027<sup>(a)(e)</sup> |  | 89 | 60602 |
|  |  |  | 400733 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $2,705,078) |  |  | 2495508 |
|  **MORTGAGE PASS-THROUGHS – 3.4%** |  |  |  |
|  **Agency Fixed Rate 30-Year – 3.4%** |  |  |  |
|  Uniform Mortgage-Backed Security <br>Series 2022 <br>4.50%, 11/01/2052, TBA <br>(cost $2,354,065) |  | 2481 | 2326495 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 2.8%** |  |  |  |
|  **CLO - Floating Rate – 2.8%** |  |  |  |
|  Ballyrock CLO 15 Ltd. <br>Series 2021-1A, Class C <br>7.179% (LIBOR 3 Month + 3.10%), 04/15/2034<sup>(a)(e)</sup> |  | 250 | 212712 |
|  Dryden 98 CLO Ltd. <br>Series 2022-98A, Class D <br>7.063% (SOFR + 3.10%), 04/20/2035<sup>(a)(e)</sup> |  | 250 | 217384 |
|  Galaxy 30 CLO Ltd. <br>Series 2022-30A, Class D <br>7.214% (SOFR + 3.35%), 04/15/2035<sup>(a)(e)</sup> |  | 250 | 219475 |
|  New Mountain CLO 3 Ltd. <br>Series CLO-3A, Class D <br>7.593% (LIBOR 3 Month + 3.35%), 10/20/2034<sup>(a)(e)</sup> |  | 250 | 218726 |
|  Palmer Square CLO Ltd. <br>Series 2021-3A, Class D <br>7.029% (LIBOR 3 Month + 2.95%), 01/15/2035<sup>(a)(e)</sup> |  | 250 | 213665 |
|  PPM CLO 5 Ltd. <br>Series 2021-5A, Class D <br>7.244% (LIBOR 3 Month + 3.05%), 10/18/2034<sup>(a)(e)</sup> |  | 250 | 205007 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 31** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Regatta XXIV Funding Ltd. <br>Series 2021-5A, Class D <br>7.343% (LIBOR 3 Month + 3.10%), 01/20/2035<sup>(a)(e)</sup> | U.S.$| 250 | $208977 |
|  Rockford Tower CLO Ltd. <br>Series 2021-2A, Class D <br>7.493% (LIBOR 3 Month + 3.25%), 07/20/2034<sup>(a)(e)</sup> |  | 250 | 211747 |
|  Sixth Street CLO XVII Ltd. <br>Series 2021-17A, Class D <br>7.393% (LIBOR 3 Month + 3.15%), 01/20/2034<sup>(a)(e)</sup> |  | 250 | 217412 |
|  Total Collateralized Loan Obligations <br>(cost $2,250,000) |  |  | 1925105 |
|  **BANK LOANS – 1.4%** |  |  |  |
|  **Industrial – 1.3%** |  |  |  |
|  **Capital Goods – 0.1%** |  |  |  |
|  ACProducts Holdings, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.127% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(h)</sup> |  | 76 | 52525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.924% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(h)</sup> |  | 25 | 17332 |
|  Chariot Buyer LLC <br>7.254% (LIBOR 1 Month + 3.50%), 11/03/2028<sup>(h)</sup> |  | 10 | 8993 |
|  |  |  | 78850 |
|  **Communications - Media – 0.0%** |  |  |  |
|  Coral-US Co-Borrower LLC <br>6.412% (LIBOR 1 Month + 3.00%), 10/15/2029<sup>(h)</sup> |  | 30 | 28972 |
|  Univision Communications, Inc. <br>6.504% (LIBOR 1 Month + 2.75%), 03/15/2024<sup>(h)</sup> |  | 2 | 1642 |
|  |  |  | 30614 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>8.518% (LIBOR 1 Month + 4.75%), 04/27/2027<sup>(h)</sup> |  | 40 | 39127 |
|  Directv Financing, LLC <br>8.754% (LIBOR 1 Month + 5.00%), 08/02/2027<sup>(h)</sup> |  | 27 | 25956 |
|  Zacapa SARL <br>7.803% (SOFR 3 Month + 4.25%), 03/22/2029<sup>(h)</sup> |  | 43 | 41190 |
|  |  |  | 106273 |

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |  |
|  Seaworld Parks & Entertainment, Inc. <br>6.813% (LIBOR 1 Month + 3.00%), 08/25/2028<sup>(h)</sup> | U.S.$| 142 | $137971 |
|  **Consumer Cyclical - Retailers – 0.1%** |  |  |  |
|  Restoration Hardware, Inc. <br>7.079% (SOFR 1 Month + 3.25%), 10/20/2028<sup>(h)</sup> |  | 60 | 56500 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Kronos Acquisition Holdings, Inc. <br>6.820% (LIBOR 3 Month + 3.75%), 12/22/2026<sup>(h)</sup> |  | 39 | 37067 |
|  Padagis LLC <br>8.491% (LIBOR 3 Month + 4.75%), 07/06/2028<sup>(h)(i)</sup> |  | 28 | 23859 |
|  |  |  | 60926 |
|  **Energy – 0.2%** |  |  |  |
|  GIP II Blue Holding, L.P. <br>8.174% (LIBOR 3 Month + 4.50%), 09/29/2028<sup>(h)</sup> |  | 88 | 87281 |
|  Parkway Generation, LLC <br>8.504% (LIBOR 1 Month + 4.75%), 02/18/2029<sup>(h)</sup> |  | 59 | 58376 |
|  |  |  | 145657 |
|  **Other Industrial – 0.1%** |  |  |  |
|  American Tire Distributors, Inc. <br>10.608% (LIBOR 3 Month + 6.25%), 10/20/2028<sup>(h)</sup> |  | 60 | 55105 |
|  Rockwood Service Corporation <br>8.004% (LIBOR 1 Month + 4.25%), 01/23/2027<sup>(h)</sup> |  | 3 | 2926 |
|  |  |  | 58031 |
|  **Services – 0.0%** |  |  |  |
|  Amentum Government Services Holdings LLC<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.674% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(h)(i)</sup> |  | 2 | 2130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.170% (LIBOR 3 Month + 4.00%), 01/29/2027<sup>(h)(i)</sup> |  | 1 | 707 |
|  |  |  | 2837 |
|  **Technology – 0.3%** |  |  |  |
|  Ascend Learning, LLC <br>9.504% (LIBOR 1 Month + 5.75%), 12/10/2029<sup>(h)</sup> |  | 30 | 25387 |
|  Banff Guarantor, Inc. <br>9.254% (LIBOR 1 Month + 5.50%), 02/27/2026<sup>(h)</sup> |  | 10 | 9170 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 33** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  Boxer Parent Company, Inc. <br>7.504% (LIBOR 1 Month + 3.75%), 10/02/2025<sup>(h)</sup> | U.S.$| 27 |  | $25810 |
|  Endurance International Group Holdings, Inc. <br>6.698% (LIBOR 1 Month + 3.50%), 02/10/2028<sup>(h)</sup> |  | 88 |  | 74814 |
|  FINThrive Software Intermediate Holdings, Inc. <br>10.504% (LIBOR 1 Month + 6.75%), 12/17/2029<sup>(h)</sup> |  | 20 |  | 17090 |
|  Loyalty Ventures, Inc. <br>8.254% (LIBOR 1 Month + 4.50%), 11/03/2027<sup>(h)</sup> |  | 78 |  | 24272 |
|  Peraton Corp. <br>7.504% (LIBOR 1 Month + 3.75%), 02/01/2028<sup>(h)</sup> |  | 19 |  | 18589 |
|  Presidio Holdings, Inc.<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.260% (LIBOR 1 Month + 3.50%), 01/22/2027<sup>(h)(i)</sup> |  | 0 | \*\* | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.920% (LIBOR 3 Month + 3.50%), 01/22/2027<sup>(h)(i)</sup> |  | 9 |  | 8692 |
|  |  |  |  | 204209 |
|  |  |  |  | 881868 |
|  **Financial Institutions – 0.1%** |  |  |  |  |
|  **Finance – 0.0%** |  |  |  |  |
|  Orbit Private Holdings I Ltd. <br>8.174% (LIBOR 3 Month + 4.50%), 12/11/2028<sup>(h)(i)</sup> |  | 30 |  | 28956 |
|  **Insurance – 0.1%** |  |  |  |  |
|  Cross Financial Corp. <br>7.813% (LIBOR 1 Month + 4.00%), 09/15/2027<sup>(h)</sup> |  | 49 |  | 48267 |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) <br>7.504% (LIBOR 1 Month + 3.75%), 09/03/2026<sup>(h)</sup> |  | 11 |  | 10347 |
|  |  |  |  | 58614 |
|  |  |  |  | 87570 |
|  **Utility – 0.0%** |  |  |  |  |
|  **Electric – 0.0%** |  |  |  |  |
|  Granite Generation LLC <br>7.504% (LIBOR 1 Month + 3.75%), 11/09/2026<sup>(h)</sup> |  | 24 |  | 23650 |
|  Total Bank Loans <br>(cost $1,120,981) |  |  |  | 993088 |

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **EMERGING MARKETS - SOVEREIGNS – 1.4%** |  |  |  |
|  **Angola – 0.3%** |  |  |  |
|  Angolan Government International Bond <br>9.50%, 11/12/2025<sup>(a)</sup> | U.S.$| 200 | $194500 |
|  **Dominican Republic – 0.2%** |  |  |  |
|  Dominican Republic International Bond <br>5.50%, 02/22/2029<sup>(a)</sup> |  | 150 | 130388 |
|  **Ecuador – 0.1%** |  |  |  |
|  Ecuador Government International Bond <br>5.50%, 07/31/2030<sup>(a)</sup> |  | 97 | 51270 |
|  **El Salvador – 0.1%** |  |  |  |
|  El Salvador Government International Bond <br>8.625%, 02/28/2029<sup>(a)</sup> |  | 90 | 35848 |
|  **Ivory Coast – 0.4%** |  |  |  |
|  Ivory Coast Government International Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/17/2031<sup>(a)</sup> | EUR | 100 | 74817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/03/2028<sup>(a)</sup> | U.S.$| 200 | 181037 |
|  |  |  | 255854 |
|  **Lebanon – 0.0%** |  |  |  |
|  Lebanon Government International Bond <br>6.10%, 10/04/2022<sup>(a)(j)(k)</sup> |  | 16 | 973 |
|  **Senegal – 0.1%** |  |  |  |
|  Senegal Government International Bond <br>4.75%, 03/13/2028<sup>(a)</sup> | EUR | 100 | 80542 |
|  **South Africa – 0.2%** |  |  |  |
|  Republic of South Africa Government International Bond <br>4.30%, 10/12/2028 | U.S.$| 200 | 170350 |
|  **Ukraine – 0.0%** |  |  |  |
|  Ukraine Government International Bond <br>7.75%, 09/01/2027<sup>(a)</sup> |  | 100 | 16613 |
|  Total Emerging Markets - Sovereigns <br>(cost $1,309,765) |  |  | 936338 |
|  **EMERGING MARKETS - CORPORATE BONDS – 0.7%** |  |  |  |
|  **Industrial – 0.7%** |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Eldorado Gold Corp. <br>6.25%, 09/01/2029<sup>(a)</sup> |  | 28 | 22648 |

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 35** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026<sup>(a)</sup> | U.S.$| 41 |  | $34132 |
|  |  |  |  | 56780 |
|  **Capital Goods – 0.2%** |  |  |  |  |
|  Embraer Netherlands Finance BV <br>5.40%, 02/01/2027 |  | 146 |  | 133161 |
|  **Consumer Cyclical - Other – 0.3%** |  |  |  |  |
|  Wynn Macau Ltd. <br>5.50%, 01/15/2026<sup>(a)</sup> |  | 300 |  | 205500 |
|  **Consumer Non-Cyclical – 0.0%** |  |  |  |  |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <br>5.25%, 04/27/2029<sup>(a)</sup> |  | 11 |  | 9693 |
|  **Energy – 0.1%** |  |  |  |  |
|  Leviathan Bond Ltd.<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/30/2023<sup>(a)</sup> |  | 59 |  | 58329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/30/2025<sup>(a)</sup> |  | 23 |  | 21856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2027<sup>(a)</sup> |  | 30 |  | 28162 |
|  |  |  |  | 108347 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $592,584) |  |  |  | 513481 |
|  **ASSET-BACKED SECURITIES – 0.4%** |  |  |  |  |
|  **Autos - Fixed Rate – 0.3%** |  |  |  |  |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029<sup>(a)</sup> |  | 37 |  | 36638 |
|  Exeter Automobile Receivables Trust<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-4A, Class E<br>5.38%, 07/15/2025<sup>(a)</sup> |  | 115 |  | 114339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class E<br>5.20%, 01/15/2026<sup>(a)</sup> |  | 40 |  | 39638 |
|  Westlake Automobile Receivables Trust <br>Series 2019-2A, Class E <br>4.02%, 04/15/2025<sup>(a)</sup> |  | 14 |  | 13883 |
|  |  |  |  | 204498 |
|  **Other ABS - Fixed Rate – 0.1%** |  |  |  |  |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I <br>Series 2019-43, Class PT <br>0.389%, 11/15/2044<sup>(l)</sup> |  | 0 | \*\* | 104 |

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| | |
|:---|:---|
| **36 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  SoFi Consumer Loan Program Trust <br>Series 2020-1, Class D <br>2.94%, 01/25/2029<sup>(a)</sup> | U.S.$| 100 | $96387 |
|  |  |  | 96491 |
|  Total Asset-Backed Securities <br>(cost $307,520) |  |  | 300989 |
|  **QUASI-SOVEREIGNS – 0.4%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.4%** |  |  |  |
|  **Mexico – 0.4%** |  |  |  |
|  Comision Federal de Electricidad <br>4.688%, 05/15/2029<sup>(a)</sup> |  | 200 | 168537 |
|  Petroleos Mexicanos<br>5.35%, 02/12/2028 |  | 101 | 80343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.49%, 01/23/2027 |  | 22 | 19215 |
|  |  |  | 268095 |
|  **Ukraine – 0.0%** |  |  |  |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030<sup>(l)</sup> |  | 200 | 25913 |
|  Total Quasi-Sovereigns <br>(cost $485,452) |  |  | 294008 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 1.3%** |  |  |  |
|  **Investment Companies – 1.3%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(m)(n)(o)</sup> <br>(cost $921,309) |  | 921309 | 921309 |
|  **Total Investments – 122.8%** <br>(cost $93,847,609) |  |  | 85524533 |
|  Other assets less liabilities – (22.8)% |  |  | (15896815) |
|  **Net Assets – 100.0%** |  |  | $**69627718** |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 37** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**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** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. T-Note 5 Yr (CBT) Futures | 15 | December 2022 | $1598906 | $(33605) |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  10 Yr Canadian Bond Futures | 9 | December 2022 | 812764 | 11416 |
|  10 Yr Mini Japan Government Bond Futures | 3 | December 2022 | 299869 | 479 |
|  Euro-BOBL Futures | 5 | December 2022 | 591319 | 17735 |
|  Euro-Schatz Futures | 2 | December 2022 | 211357 | 2627 |
|  U.S. T-Note 2 Yr (CBT) Futures | 32 | December 2022 | 6540250 | 137210 |
|  U.S. T-Note 10 Yr (CBT) Futures | 70 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741563 | 482559 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618421 |

---

**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 | EUR | 1156 | USD | 1118 | 12/08/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26759) |
|  Citibank, NA | CAD | 4921 | USD | 3606 | 01/19/2023 | (10075) |
|  State Street Bank & Trust Co. | NZD | 78 | USD | 48 | 11/18/2022 | 2728 |
|  |  |  |  |  |  | $(34106) |

---

**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>October 31,<br>2022** | **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)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | 5.00% | Quarterly | 5.19% | USD | 6200 | $(11302) | $(247903) | $236601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxxx Xover Series 38, 5 Year Index, 12/20/2027\* | 5.00 | Quarterly | 5.55 | EUR | 1560 | (24252) | (65032) | 40780 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(35554) | $&nbsp;&nbsp;&nbsp;&nbsp;(312935) | $&nbsp;&nbsp;&nbsp;&nbsp;277381 |

---

\* Termination date

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| | |
|:---|:---|
| **38 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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)** |
| CAD | &nbsp;&nbsp;&nbsp;&nbsp;680 | 05/22/2024 | 3 Month CDOR | 1.985% | Semi-Annual | $(20444) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;(20444) |
| USD | 260 | 05/24/2024 | 2.206% | 3 Month LIBOR | Semi-Annual/<br>Quarterly | 9833 | – 0 | 9833 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(10611) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $(10611) |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &**<br> **Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 350 | $&nbsp;&nbsp;&nbsp;&nbsp;(79247) | $&nbsp;&nbsp;&nbsp;&nbsp;(123302) | $&nbsp;&nbsp;&nbsp;&nbsp;44055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 7 | (1585) | (1778) | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 18 | (4121) | (4237) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 13 | (2853) | (2963) | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 13 | (3011) | (3096) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 17 | (3804) | (1366) | (2438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 25 | (5706) | (2039) | (3667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 37 | (8400) | (2193) | (6207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 55 | (12521) | (3246) | (9275) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 209 | (22938) | (6319) | (16619) |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 109 | (24725) | (22563) | (2162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 17 | (3804) | (1360) | (2444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 280 | (63398) | (33205) | (30193) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 8 | $(1902) | $(680) | $(1222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 141 | (53756) | (26280) | (27476) |
|  Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 233 | (25513) | (22600) | (2913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2 | (476) | (122) | (354) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(317760) | $&nbsp;&nbsp;&nbsp;&nbsp;(257349) | $&nbsp;&nbsp;&nbsp;&nbsp;(60411) |

---

\* Termination date

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty &<br>Referenced Obligation** | **Rate<br>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** |  |  |  |  |  |  |
|  Goldman Sachs Bank USA Markit iBoxx USD<br>Contingent Convertible Liquid Developed Market AT1 | 1 Day<br>SOFR | Maturity | USD | 144 | 12/20/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6570) |

---

**REVERSE REPURCHASE AGREEMENTS (see Note D)** 

---

| | | | |
|:---|:---|:---|:---|
| **Broker** | **Interest Rate** | **Maturity** | **U.S. $Value at<br>October 31,<br>2022** |
|  HSBC Securities (USA), Inc.<sup>†</sup> | 3.10% | – 0 | $12928855 |
|  HSBC Securities (USA), Inc.<sup>†</sup> | 3.10% | – 0 | 2134451 |
|  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15063306 |

---

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on
October 31, 2022.

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** |
|  Governments – Treasuries | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15063306 | $&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;15063306 |

---

\*\* Principal amount less than 500. 

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $22,947,022 or 33.0% of net assets.

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(b) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(c) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

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

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(f) IO – Interest Only.

(g) Inverse interest only security.

(h) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the SOFR or the LIBOR/SOFR
floor rate plus spread at October 31, 2022.

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

(j) Non-income producing security.

(k) Defaulted matured security.

(l) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.04% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Consumer Loan Underlying Bond Certificate Issuer Trust I<br>Series 2019-43, Class PT <br>0.389%, 11/15/2044 | 10/09/2019 | $113 | $104 | 0.00% |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030 | 06/24/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25913 | 0.04% |

---

(m) Affiliated investments.

(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, or call AB at (800) 227-4618.

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

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

NZD – New Zealand Dollar

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

IBOXHY – iBoxx $ Liquid High Yield Index

LIBOR – London Interbank Offered Rate

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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 41** |

---

------

**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $92,926,300) | $84603224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $921,309) | 921309 |
|  Cash | 32336 |
|  Cash collateral due from broker | 972668 |
|  Foreign currencies, at value (cost $8,454) | 8437 |
|  Interest receivable | 763035 |
|  Receivable for capital stock sold | 469551 |
|  Receivable for investment securities sold | 75674 |
|  Receivable for variation margin on futures | 38430 |
|  Receivable due from Adviser | 18751 |
|  Unrealized appreciation on forward currency exchange contracts | 2728 |
|  Affiliated dividends receivable | 1147 |
|  Total assets | 87907290 |
| **Liabilities** | **Liabilities** |
|  Payable for reverse repurchase agreements | 15063306 |
|  Payable for investment securities purchased | 2554065 |
|  Market value on credit default swaps (net premiums received $257,349) | 317760 |
|  Payable for variation margin on centrally cleared swaps | 53576 |
|  Dividends payable | 48087 |
|  Unrealized depreciation on forward currency exchange contracts | 36834 |
|  Payable for capital stock redeemed | 35017 |
|  Unrealized depreciation on total return swaps | 6570 |
|  Foreign capital gains tax payable | 1976 |
|  Directors' fees payable | 1526 |
|  Transfer Agent fee payable | 1493 |
|  Distribution fee payable | 923 |
|  Accrued expenses | 158439 |
|  Total liabilities | 18279572 |
|  Net Assets | $**69627718** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Capital stock, at par | $8011 |
|  Additional paid-in capital | 77925253 |
|  Accumulated loss | (8305546) |
|  **Net Assets** | $**69627718** |

---

**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** | $4364238 | 501704 | $8.70 \* |
| **C** | $292113 | 33615 | $8.69 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;64971367 | 7475457 | $&nbsp;&nbsp;&nbsp;&nbsp;8.69 |

---

\* The maximum offering price per share for Class A shares was $8.90 which reflects a sales charge of 2.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest (net of foreign taxes withheld of $444) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756774 |  |
|  Dividends—Affiliated issuers | 7115 |  |
|  Other income | 327 | $1764216 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 209903 |  |
|  Distribution fee—Class A | 9162 |  |
|  Distribution fee—Class C | 5696 |  |
|  Transfer agency—Class A | 2621 |  |
|  Transfer agency—Class C | 365 |  |
|  Transfer agency—Advisor Class | 30770 |  |
|  Custody and accounting | 115672 |  |
|  Administrative | 92183 |  |
|  Audit and tax | 81811 |  |
|  Registration fees | 54928 |  |
|  Printing | 41370 |  |
|  Legal | 34788 |  |
|  Directors' fees | 18376 |  |
|  Miscellaneous | 10737 |  |
|  Total expenses before interest expense | 708382 |  |
|  Interest expense | 192398 |  |
|  Total expenses | 900780 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (424425) |  |
|  Net expenses |  | 476355 |
|  Net investment income |  | 1287861 |
| **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> |  | (2397139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 210769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 2086034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (216571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written swaptions |  | (1757) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (26593) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (7551907) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 286048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 199570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 441999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written swaptions |  | (1433) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (9548) |
|  Net loss on investment and foreign currency transactions |  | (6980528) |
|  Contributions from Affiliates (see Note B) |  | 7236 |
|  **Net Decrease in Net Assets from Operations** |  | $**(5685431)** |

---

(a) Net of foreign realized capital gains taxes of $894.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $944.

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 43** |

---

------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $1287861 | $1292348 |
|  Net realized gain (loss) on investment and foreign currency transactions | (345257) | 1280893 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (6635271) | (1507315) |
|  Contributions from Affiliates (see Note B) | 7236 | – 0 |
|  Net increase (decrease) in net assets from operations | (5685431) | 1065926 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (173022) | (40601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (17051) | (14065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2076356) | (1504066) |
| **Capital Stock Transactions** |  |  |
|  Net increase | 14728932 | 20561741 |
|  Total increase | 6777072 | 20068935 |
| **Net Assets** |  |  |
|  Beginning of period | 62850646 | 42781711 |
|  End of period | $**69627718** | $**62850646** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**STATEMENT OF CASH FLOWS** 

**For the year ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Cash flows from operating activities** |  |  |
|  Net decrease in net assets from operations |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5685431) |
| **Reconciliation of net decrease in net assets from operations to net increase in cash from operating activities** |  |  |
|  Purchases of long-term investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55892932) |  |
|  Purchases of short-term investments | (29746038) |  |
|  Proceeds from disposition of long-term investments | 51429598 |  |
|  Proceeds from disposition of short-term investments | 29219822 |  |
|  Net realized loss on investment transactions and foreign currency transactions | 345246 |  |
|  Net realized gain on forward currency exchange contracts | 210769 |  |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 6635271 |  |
|  Net accretion of bond discount and amortization of bond premium | 1371092 |  |
|  Increase in receivable for investments sold | (70822) |  |
|  Increase in interest receivable | (24675) |  |
|  Increase in affiliated dividends receivable | (1139) |  |
|  Increase in receivable due from Adviser | (18751) |  |
|  Increase in cash collateral due from broker | (432887) |  |
|  Increase in payable for investments purchased | 1847034 |  |
|  Decrease in advisory fee payable | (20642) |  |
|  Decrease in Foreign capital gains tax payable | (50) |  |
|  Increase in Transfer Agent fee payable | 41 |  |
|  Decrease in distribution fee payable | (563) |  |
|  Decrease in Directors' fee payable | (130) |  |
|  Increase in accrued expenses | 21377 |  |
|  Payments on written swaptions, net | (4329) |  |
|  Payments on swaps, net | (98277) |  |
|  Proceeds for exchange-traded derivatives settlements, net | 2253232 |  |
|  Total adjustments |  | 7022247 |
|  Net cash provided by (used in) operating activities |  | 1336816 |
| **Cash flows from financing activities** |  |  |
|  Subscriptions of capital stock, net | 13278351 |  |
|  Cash dividends paid (net of dividend reinvestments)<sup>†</sup> | (1233674) |  |
|  Repayment of reverse repurchase agreements | (13444223) |  |
|  Net cash provided by (used in) financing activities |  | (1399546) |
|  Effect of exchange rate on cash |  | (36141) |
|  Net decrease in cash |  | (98871) |
|  Cash at beginning of year |  | 139644 |
|  Cash at end of year |  | $**40773** |
| **Supplemental disclosure of cash flow information** |  |  |
|  <sup>†</sup> Reinvestment of dividends | $1043657 |  |
|  Interest expense paid during the year | $151171 |  |

---

*In accordance with U.S. GAAP, the Fund has included a Statement of Cash Flows as a result of its significant investments in reverse repurchase agreements throughout the year.* 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 45** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 Short Duration Income Portfolio (the "Fund"), a non-diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class B, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares have not been issued. Effective March 7, 2022, the maximum sales charge for purchases of Class A shares was reduced from 4.25% to 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may have been subject to a 1%, 18-month contingent deferred sales charge, which may have been subject to waiver in certain circumstances. Prior to March 7, 2022, purchases of Class A shares in amounts of $1,000,000 or more, or by certain group retirement plans, may be subject to a 1%, 1-year 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class shares are sold without any 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

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|:---|:---|
| **46 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 47** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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| **48 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 49** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in**<br> **Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Governments – Treasuries | $– 0 | $50238122 | $– 0 | $50238122 |
|  Corporates – Investment Grade | – 0 | 8867567 | – 0 | 8867567 |
|  Corporates – Non-Investment Grade | – 0 | 7478470 | – 0 | 7478470 |
|  Collateralized Mortgage Obligations | – 0 | 4726308 | – 0 | 4726308 |
|  Governments – Sovereign Agencies | – 0 | 3507745 | – 0 | 3507745 |
|  Commercial Mortgage-Backed Securities | – 0 | 2495508 | – 0 | 2495508 |
|  Mortgage Pass-Throughs | – 0 | 2326495 | – 0 | 2326495 |
|  Collateralized Loan Obligations | – 0 | 1925105 | – 0 | 1925105 |
|  Bank Loans | – 0 | 928359 | 64729 | 993088 |
|  Emerging Markets – Sovereigns | – 0 | 936338 | – 0 | 936338 |
|  Emerging Markets – Corporate Bonds | – 0 | 513481 | – 0 | 513481 |
|  Asset-Backed Securities | – 0 | 300989 | – 0 | 300989 |
|  Quasi-Sovereigns | – 0 | 294008 | – 0 | 294008 |
|  Short-Term Investments | 921309 | – 0 | – 0 | 921309 |
|  Total Investments in Securities | 921309 | 84538495 | 64729 | 85524533 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 652026 | – 0 | – 0 | 652026 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 2728 | – 0 | 2728 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 9833 | – 0 | 9833 <sup>(b)</sup> |
|  **Liabilities:** |  |  |  |  |
|  Futures | (33605) | – 0 | – 0 | (33605)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (36834) | – 0 | (36834) |
|  Centrally Cleared Credit Default Swaps | – 0 | (35554) | – 0 | (35554)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (20444) | – 0 | (20444)<sup>(b)</sup> |
|  Credit Default Swaps | – 0 | (317760) | – 0 | (317760) |
|  Total Return Swaps | – 0 | (6570) | – 0 | (6570) |
|  Reverse Repurchase Agreements | (15063306) | – 0 | – 0 | (15063306) |
|  **Total** | $**(13523576** | $**84133894** | $**64729** | $**70675047** |

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

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|:---|:---|
| **50 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**3. 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 two 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

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 51** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

**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 .35% of the first $2.5 billion of the Fund's average daily net assets and .30% of the excess over $2.5 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 .65%, 1.45% and .45% of daily average net assets for Class A, Class C, and Advisor Class shares, respectively. For the year ended October 31, 2022, such reimbursement/waivers amounted to $331,467. The Expense Caps may not be terminated by the Adviser before January 31, 2023. Any fees waived and expenses borne by the Adviser through January 20, 2021 may be reimbursed by Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to

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| **52 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

repayment amounted to $265,740, $306,046 and $63,883 for the years ended October 31, 2019, October 31, 2020 and October 31, 2021, respectively. In any case, no reimbursement payment will be made that would cause the Fund's total annual operating expenses to exceed the Expense Caps' net fee percentage set forth above.

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 year ended October 31, 2022, the Adviser voluntarily agreed to waive such fees in the amount of $92,183.

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 $16,560 for the year ended October 31, 2022.

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 from the sale of Class A shares and received $0 and $18 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $775.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 53** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Adviser reimbursed the Fund $7,236 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 Investment Company Act of 1940. 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. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .20% 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 $955 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, 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 year ended October 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $14322899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17740547 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41619976 | 31797037 |

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The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93977597 |
|  Gross unrealized appreciation | $1149366 |
|  Gross unrealized depreciation | (9274303) |
|  Net unrealized depreciation | $(8124937) |

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| **54 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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.

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 55** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

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| **56 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. 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. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

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 year ended October 31, 2022, the Fund held written swaptions for non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 57** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 or rates for a specified amount of an underlying asset. 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 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 (or soon will be) 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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| **58 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 a 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 year ended October 31, 2022, the Fund held interest rate swaps for 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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 59** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held inflation (CPI) swaps for 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 a 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

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| **60 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held credit default swaps for 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 year ended October 31, 2022, 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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 61** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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/Payable for variation margin on futures | $652026 \* | Receivable/Payable for variation margin on futures | $33605 \* |
|  Credit contracts | Receivable/Payable for variation margin on centrally cleared swaps | 277381 \* |  |  |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 9833 \* | Receivable/Payable for variation margin on centrally cleared swaps | 20444 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 2728 | Unrealized depreciation on forward currency exchange contracts | 36834 |
|  Credit contracts |  |  | Market value on credit default swaps | 317760 |
|  Credit contracts |  |  | Unrealized depreciation on total return swaps | 6570 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;941968 |  | $&nbsp;&nbsp;&nbsp;&nbsp;415213 |

---

\* 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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| **62 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain**<br> **or (Loss) on<br>Derivatives**<br> **Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $2086034 | $199570 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 210769 | 286048 |
|  Interest rate contracts | Net realized gain (loss) on written swaptions; Net change in unrealized appreciation (depreciation) of written swaptions | (1757) | (1433) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 16948 | (6505) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (233519) | 448504 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;2078475 | $&nbsp;&nbsp;&nbsp;&nbsp;926184 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

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| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $3097159 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21120211 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $1527169 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $9828369 |
|  Written Swaptions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $307250 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $788470 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1600000 <sup>(d)</sup> |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2290749 |

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 63** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | |
|:---|:---|
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5611898 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $149997 |

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(a) Positions were open for four months during the year.

(b) Positions were open for eight months during the year.

(c) Positions were open for three months during the year.

(d) Positions were open for one month during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. 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** |  |
|  State Street Bank & Trust Co. | $2728 | $– 0 | $– 0 | $– 0 | $2728 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | $&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;2728 | <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** |  |
|  Bank of America, NA | $26759 | $– 0 | $– 0 | $– 0 | $26759 |  |
|  Citibank, NA/Citigroup Global Markets, Inc. | 131323 | – 0 | – 0 | (119652) | 11671 |  |
|  Credit Suisse International | 22938 | – 0 | – 0 | (22938) | – 0 |  |
|  Goldman Sachs Bank USA/Goldman Sachs International | 98497 | – 0 | – 0 | – 0 | 98497 |  |
|  JPMorgan Securities, LLC | 55658 | – 0 | – 0 | – 0 | 55658 |  |
|  Morgan Stanley & Co. International PLC | 25989 | – 0 | – 0 | – 0 | 25989 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361164 | $&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;(142590 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218574 | <sup>^</sup> |

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

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

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| **64 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**2. Currency Transactions** 

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

**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.

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 year ended October 31, 2021, the Fund earned drop income of $11,171 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"),

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 65** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the average amount of reverse repurchase agreements outstanding was $22,691,907 and the daily weighted average interest rate was 0.85%. At October 31, 2022, the Fund had reverse repurchase agreements outstanding in the amount of $15,063,306 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 October 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Counterparty** | **RVP Liabilities<br>Subject to a 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;15063306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14910486) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152820 |

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† Including accrued interest.

\* The actual collateral pledged may be more than the amount reported due to overcollateralization. 

**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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 159760 | 640070 | $1490085 | $6419373 |
|  Shares issued in reinvestment of dividends and distributions | 15651 | 3210 | 147338 | 32088 |
|  Shares redeemed | (231832) | (122450) | (2212710) | (1224279) |
|  **Net increase (decrease)** | **(56421)** | **520830** | $**(575287)** | $**5227182** |

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|:---|:---|
| **66 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class C** |  |  |  |  |
|  Shares sold | 1337 | 30942 | $12177 | $310250 |
|  Shares issued in reinvestment of dividends and distributions | 1520 | 1286 | 14464 | 12907 |
|  Shares redeemed | (43026) | (31820) | (389257) | (319931) |
|  **Net increase (decrease)** | **(40169)** | **408** | $**(362616)** | $**3226** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 3459154 | 1731742 | $31395603 | $17350910 |
|  Shares issued in reinvestment of dividends and distributions | 93772 | 35778 | 881855 | 358571 |
|  Shares redeemed | (1797996) | (236815) | (16610623) | (2378148) |
|  **Net increase** | **1754930** | **1530705** | $**15666835** | $**15331333** |

---

At October 31, 2022, the Adviser owns approximately 31% of the Fund's outstanding shares. At October 31, 2022, certain unaffiliated shareholders of the Fund owned 28% of the Fund's outstanding shares. Significant transactions by such shareholder, if any, may impact the Fund's performance.

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) 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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 67** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 the 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.

**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.

**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.

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| **68 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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 instrument, 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.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**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 decline.

**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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 69** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

---

| | |
|:---|:---|
| **70 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1979832 | $1558732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 286597 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558732 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421621 |
|  Accumulated capital and other losses | (540216)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (8134289)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $(8252884)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $540,216.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 71** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(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, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2022, the Fund had a net short-term capital loss carryforward of $492,757 and a net long-term capital loss carryforward of $47,459, which may be carried forward for an indefinite period.

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

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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.

---

| | |
|:---|:---|
| **72 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br>**2019** |
|  | **2022** | **2021** | **2020** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br>**2019** |
|  Net asset value, beginning of period | $9.90 | $9.95 | $10.35 | $10.00 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .18 | .22 | .23 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.05) | .02 | (.28 | .42 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 |
|  Capital contributions | – 0 | – 0 | .16 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.87 | .24 | .11 | .70 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.22 | (.29 | (.38 | (.35 |
|  Distributions from net realized gain on investment transactions | (.11 | – 0 | (.13 | – 0 |
|  Total dividends and distributions | (.33 | (.29 | (.51 | (.35 |
|  Net asset value, end of period | **$8.70** | **$9.90** | **$9.95** | **$10.35** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | (8.94) | 2.37 | 1.17 | 7.09 |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $4364 | $5528 | $371 | $10 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .95 | .68 | .68 | .70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | 1.66 | 1.26 | 1.77 | 3.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.95 | 2.24 | 2.28 | 3.14 |
|  Portfolio turnover rate<sup>\*\*</sup> | 60 | 163 | 336 | 178 |
|  Portfolio turnover rate (including securities sold short)<sup>\*\*</sup> | N/A | N/A | 336 | 181 |

---

See footnote summary on page 76.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 73** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br> **2019** |
|  | **2022** | **2021** | **2020** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br> **2019** |
|  Net asset value, beginning of period | $9.89 | $9.95 | $10.34 | $10.00 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .10 | .15 | .09 | .21 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.04) | .00 | (.04 | .41 |
|  Contributions from Affiliates | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.94) | .15 | .05 | .62 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.15) | (.21 | (.31 | (.28 |
|  Distributions from net realized gain on investment transactions | (.11) | – 0 | (.13 | – 0 |
|  Total dividends and distributions | (.26) | (.21 | (.44 | (.28 |
|  Net asset value, end of period | **$8.69** | **$9.89** | **$9.95** | **$10.34** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | (9.67)% | 1.46 | .51 | 6.23 |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $292 | $730 | $730 | $10 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | 1.71% | 1.47 | 1.48 | 1.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | 2.42% | 2.19 | 2.57 | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 1.10% | 1.53 | .93 | 2.34 |
|  Portfolio turnover rate<sup>\*\*</sup> | 60% | 163 | 336 | 178 |
|  Portfolio turnover rate (including securities sold short)<sup>\*\*</sup> | N/A | N/A | 336 | 181 |

---

See footnote summary on page 76.

---

| | |
|:---|:---|
| **74 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br> **2019** |
|  | **2022** | **2021** | **2020** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,**<br> **2019** |
|  Net asset value, beginning of period | $9.89 | $9.95 | $10.35 | $10.00 |
|  **Income From Investment Operations** |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup> | .20 | .25 | .21 | .30 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (1.05) | .00 | (.08 | .41 |
|  Contributions from Affiliates | .00 <sup>(e)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (.85) | .25 | .13 | .71 |
|  **Less: Dividends and Distributions** |  |  |  |  |
|  Dividends from net investment income | (.24) | (.31 | (.40 | (.36 |
|  Distributions from net realized gain on investment transactions | (.11) | – 0 | (.13 | – 0 |
|  Total dividends and distributions | (.35) | (.31 | (.53 | (.36 |
|  Net asset value, end of period | **$8.69** | **$9.89** | **$9.95** | **$10.35** |
|  **Total Return** |  |  |  |  |
|  Total investment return based on net asset value<sup>(f)</sup> | (8.76)% | 2.48 | 1.34 | 7.25 |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted) | $64972 | $56593 | $41681 | $15498 |
|  Ratio to average net assets of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(g)</sup> | .77% | .47 | .48 | .49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(g)</sup> | 1.48% | 1.18 | 1.68 | 2.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 2.17% | 2.52 | 2.13 | 3.31 |
|  Portfolio turnover rate<sup>\*\*</sup> | 60% | 163 | 336 | 178 |
|  Portfolio turnover rate (including securities sold short)<sup>\*\*</sup> | N/A | N/A | 336 | 181 |

---

See footnote summary on page 76.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 75** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

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

(e) Amount is less than $.005.

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

(g) The expense ratios presented below exclude interest expense:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **December 12,<br>2018<sup>(a)</sup> to<br>October 31,** |  |
|  | **2022** | **2021** | **2020** | **2019** |  |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .65% | .65% | .65% | .65 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.35% | 1.23% | 1.73% | 3.13 | %<sup>^</sup> |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.45% | 1.45% | 1.45% | 1.45 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 2.16% | 2.18% | 2.54% | 3.97 | %<sup>^</sup> |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .45% | .45% | .45% | .45 | %<sup>^</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.16% | 1.16% | 1.64% | 2.95 | %<sup>^</sup> |

---

^ Annualized.

\*\* The Fund accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

---

| | |
|:---|:---|
| **76 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB Short Duration Income Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Short Duration Income Portfolio (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period ended October 31, 2022 and the period from December 12, 2018 (commencement of operations) through October 31, 2019 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the three years in the period ended October 31, 2022 and the period from December 12, 2018 (commencement of operations) through October 31, 2019, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 77** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g369127g91r55.jpg)

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

New York, New York

December 23, 2022

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| | |
|:---|:---|
| **78 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

---

------

**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 65.77% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

The Fund designated $286,597 of dividends paid as long-term capital gains dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in 2023.

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 79** |

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**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Scott A. DiMaggio**<sup>(2)</sup>**,** Vice President<br> **Gershon M. Distenfeld**<sup>(2)</sup>**,**<br> Vice President<br> **Fahd Malik**<sup>(2)</sup>**,** Vice President<br> **Matthew S. Sheridan**<sup>(2)</sup>**,** Vice President | **Emilie D. Wrapp,** Secretary <br> **Michael B. Reyes,** Senior Vice President <br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller**<br>Vincent S. Noto,**<br> Chief Compliance Officer |

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

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

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|:---|:---|
| 2 | The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Short Duration Income Investment team. Messrs. DiMaggio, Distenfeld, Malik and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.  |

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|:---|:---|
| **80 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **INTERESTED DIRECTOR** |  |  |  |
| Onur Erzan,<sup>#</sup> <br>1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO \| 81** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81<br> (2018) <br>| Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

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| **82 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br> (2018) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 83** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2018) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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|:---|:---|
| **84 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2018) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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| | |
|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO \| 85** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY**<br> **HELD BY**<br> **DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br>70<br> (2018) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Dept.—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

# Mr. Erzan is an "interested person" of the Fund as defined in the "40 Act", due to his position as a Senior Vice President of the Adviser.

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

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|:---|:---|
| **86 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

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

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\***<br> **AND AGE** | **PRINCIPAL POSITION(S)**<br> **HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br> **DURING PAST FIVE YEARS** |
| Onur Erzan<br> 46 | President and Chief Executive Officer | See biography above. |
| Scott A. DiMaggio<br> 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also co-Head of Fixed-Income. |
| Gershon M. Distenfeld<br> 47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also co-Head of Fixed-Income. |
| Fahd Malik<br> 38 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew S. Sheridan<br> 47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br> 67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br> 63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS"\*\*), with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br> 61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br> 58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

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

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

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

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 87** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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|:---|:---|
| **88 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 89** |

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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 Short Duration Income Portfolio (the "Fund") at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

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

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

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| **90 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The 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. The Adviser had not requested any reimbursements from the Fund since the Fund's inception. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 91** |

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**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 Fund's unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-year period ended July 31, 2021 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.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Analyst and 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

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| **92 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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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 directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and 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.

The directors noted that the Fund may invest in shares of exchange-traded funds ("ETFs"), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued, and rules adopted, by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts. The directors concluded, based on the Adviser's explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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

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| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 93** |

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lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

**Economies of Scale** 

The directors noted that the advisory fee schedule for the Fund contains a breakpoint that reduces the fee rate on assets above a specified level. 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 the breakpoint in the future.

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|:---|:---|
| **94 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **abfunds.com** | **AB SHORT DURATION INCOME PORTFOLIO <sup>\|</sup> 95** |

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**NOTES** 

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|:---|:---|
| **96 <sup>\|</sup> AB SHORT DURATION INCOME PORTFOLIO** | **abfunds.com** |

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![LOGO](g369127g43p34.jpg)

AB SHORT DURATION INCOME PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

SDI-0151-1022 ![LOGO](g369127g22c48.jpg)

------

**OCT** <sup>10.31.22</sup>

![LOGO](g422088g43p34.jpg)

ANNUAL REPORT

## AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO
![LOGO](g422088covart_7682.jpg)

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g422088g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Sustainable Thematic Credit Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g422088g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 9, 2022** 

This report provides management's discussion of fund performance for the AB Sustainable Thematic Credit Portfolio for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to maximize total return through current income and long-term capital appreciation.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** |  |  |
| Class A Shares | -9.15% | -21.48% |
| Advisor Class Shares<sup>1</sup> | -9.04% | -21.29% |
| Bloomberg US Corporate Bond Index | -7.82% | -19.57% |

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|:---|:---|
| 1 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg US Corporate Bond Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes underperformed the benchmark, before sales charges. The Fund entered the market sell-off period experienced during 2022 with higher risk levels than its benchmark. Overall, in a risk-averse market environment, this risk posture hampered returns, relative to the benchmark. The Fund balanced this higher credit risk exposure with higher interest-rate sensitivity. Typically, negative correlations between these two return drivers help partially offset return drags from one of these factors. However, these correlations broke notably at times during the year, exacerbating the negative performance effect for the Fund. Finally, the Fund's Senior Investment Management Team (the "Team") utilized opportunities outside of the US investment-grade credit sector; however, as the macro outlook for these sectors deteriorated, positioning in sectors such as eurozone investment-grade corporate bonds had a negative impact on performance.

In both periods, modest off-benchmark exposure to developed-market and emerging-market sub-investment-grade corporate bonds had a negative impact on performance, as spreads widened in the risk-off environment. The Team's duration overweight, which is used to balance higher

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|:---|:---|
| **2 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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credit risk in the Fund, detracted during both periods as yields rose. Security selection within US investment-grade corporate bonds also detracted, partially offset by gains among off-benchmark high-yield corporate bonds. In terms of industry allocation, in the 12-month period, security selection within banking, consumer non-cyclicals and real estate investment trusts detracted, but was partially offset by selection within the basic and capital-goods industries. In the six-month period, selection within banking, electric and insurance was the biggest detractor, partially offset by selection within the services and basic industries.

The Fund utilized derivatives in the form of futures and currency forwards for hedging purposes, which had no material impact on absolute returns for either period.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

The Team seeks to maximize total return through investments that benefit society and the environment. The Team employs top-down and bottom-up investment processes with the goal of identifying securities that fit into sustainable investment themes, such as health, climate and empowerment. The Team's approach to building a sustainable portfolio with attractive financial return potential has been to align with the United Nations Sustainable Development Goals ("SDGs"), which 193 nations have committed to advancing. The Team invests primarily in investment-grade corporate bonds from US issuers, but may also invest in non-US issuers and high-yield bonds.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund seeks to achieve its investment objective by investing primarily in fixed-income securities of corporate issuers whose business activities the Adviser believes position the issuer to benefit from certain sustainable investment themes that align with one or more of the United Nations SDGs. These themes principally include the advancement of health, climate, and empowerment. Under normal circumstances, at least 80% of the Fund's net assets will be invested in fixed-income securities of corporate issuers that satisfy the Fund's sustainability criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of "top-down" and "bottom-up" investment processes with the goal of identifying, based on its internal research and analysis, securities and issuers that fit into sustainable investment themes. First, the Adviser identifies through its top-down process the sustainable investment themes. In addition to this top-down thematic approach, the Adviser then uses a bottom-up analysis of individual bond issues that focuses on the use of proceeds, issuer fundamentals and valuation and on evaluating an issuer's risks, including those related to environmental, social and governance ("ESG") factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes focusing on individual issuers with favorable ESG attributes over the use of broad-based negative screens (e.g., disqualifying business activities) in assessing an issuer's exposure to ESG factors, the Fund will not invest in companies that derive significant revenue from involvement in alcohol, gambling, adult entertainment, private prisons, tobacco or weapons. The Fund also typically invests in ESG bond structures, including "Use of Proceeds" bonds, which are instruments the proceeds of which are specifically earmarked for environmental, social or sustainability projects.

The Fund may invest up to 20% of its net assets in securities rated below investment grade ("junk bonds"). The Fund may invest up to 30% of its net assets in securities denominated in currencies other than the US dollar. Foreign investments may include securities issued

(continued on next page)

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|:---|:---|
| **4 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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by emerging-market companies and governments. The Adviser expects under normal circumstances to hedge the majority of the Fund's foreign currency exposure through the use of currency-related derivatives, although it is not required to do so.

The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposure. The Fund may, for example, use interest rate futures contracts or swaps to manage the Fund's average duration and may, as noted above, use currency-related derivatives to hedge foreign currency exposure. The Adviser may use derivatives to effectively leverage the Fund by creating aggregate market exposure significantly in excess of the Fund's net assets. The Fund is "non-diversified."

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg US Corporate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg US Corporate Bond Index measures the investment-grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, bond or currency markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market.

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

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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

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|:---|:---|
| **6 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

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") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to factors such as specific corporate developments, interest-rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

**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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

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

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk 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. 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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**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 decline.

**Non-Diversification Risk:** The Fund may have more risk because it is "non-diversified," meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's NAV.

**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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

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|:---|:---|
| **8 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The Fund has been in operation only for a short period of time, and therefore has a very limited historical performance period. This limited performance period is unlikely to be representative of the performance the Fund will achieve over a longer period.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

5/10/2021<sup>1</sup> TO 10/31/2022

![LOGO](g422088g10k01.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Sustainable Thematic Credit Portfolio Class A shares (from 5/10/2021<sup>1</sup> to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 5/10/2021.

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| **10 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 4.59% |
| 1 Year | -21.48% | -24.83% |  |
| Since Inception<sup>2</sup> | -13.96% | -16.43% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | 5.04% |
| 1 Year | -21.29% | -21.29% |  |
| Since Inception<sup>2</sup> | -13.75% | -13.75% |  |

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**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.14% and 0.93% for Class A and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios, exclusive of expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense and extraordinary expenses, to 0.85% and 0.60% for Class A and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023. Any fees waived and expenses borne by the Adviser may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund's covered operating expenses to exceed the applicable expense limitations. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Inception date: 5/10/2021.

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|:---|:---|
| 3 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -24.18% |
| Since Inception<sup>1</sup> | -16.81% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -20.62% |
| Since Inception<sup>1</sup> | -13.98% |

---

1 Inception date: 5/10/2021.

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|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **12 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $1000 | $908.50 | $4.09 | 0.85% |
|  Hypothetical\*\* | $1000 | $1020.92 | $4.33 | 0.85% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $909.60 | $2.89 | 0.60% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022.18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | 0.60% |

---

\* Expenses are equal to the classes' annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 13** |

---

------

**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $177.1

------

![LOGO](g422088g10k02.jpg)

---

| | |
|:---|:---|
| 1 | The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details).  |

---

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO SUMMARY** (continued)

**October 31, 2022** (unaudited)

------

![LOGO](g422088g10k03.jpg)

---

| | |
|:---|:---|
| 1 | The Fund's country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.7% or less in the following: Chile, China, India, Peru, South Korea, Supranational and Sweden.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 15** |

---

------

**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 88.0%** |  |  |  |
|  **Industrial – 47.3%** | **Industrial – 47.3%** | **Industrial – 47.3%** | **Industrial – 47.3%** |
|  **Basic – 1.5%** | **Basic – 1.5%** | **Basic – 1.5%** | **Basic – 1.5%** |
|  Arkema SA <br>0.125%, 10/14/2026<sup>(a)</sup> | EUR | 200 | $171483 |
|  Ecolab, Inc. <br>2.75%, 08/18/2055 | U.S.$| 525 | 302792 |
|  Inversiones CMPC SA <br>3.85%, 01/13/2030<sup>(a)</sup> |  | 905 | 753582 |
|  Packaging Corp. of America <br>4.05%, 12/15/2049 |  | 300 | 215369 |
|  Sealed Air Corp. <br>1.573%, 10/15/2026<sup>(a)</sup> |  | 1485 | 1244579 |
|  |  |  | 2687805 |
|  **Capital Goods – 6.1%** | **Capital Goods – 6.1%** | **Capital Goods – 6.1%** | **Capital Goods – 6.1%** |
|  CNH Industrial Capital LLC <br>1.45%, 07/15/2026 |  | 1605 | 1372493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/2025 |  | 360 | 356221 |
|  Eaton Corp. <br>4.15%, 03/15/2033 |  | 380 | 337477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/23/2052 |  | 380 | 323297 |
|  Emerson Electric Co. <br>2.625%, 02/15/2023 |  | 780 | 774904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/2025 |  | 715 | 683377 |
|  John Deere Capital Corp. <br>4.85%, 10/11/2029 |  | 263 | 258549 |
|  Parker-Hannifin Corp. <br>4.20%, 11/21/2034 |  | 1305 | 1120898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/2044 |  | 325 | 256007 |
|  Republic Services, Inc. <br>1.75%, 02/15/2032 |  | 1275 | 946996 |
|  Siemens Financieringsmaatschappij NV <br>1.20%, 03/11/2026<sup>(a)</sup> |  | 960 | 838119 |
|  Trane Technologies Global Holding Co., Ltd. <br>5.75%, 06/15/2043 |  | 495 | 458845 |
|  Trane Technologies Luxembourg Finance SA <br>3.50%, 03/21/2026 |  | 405 | 377568 |
|  Waste Management, Inc. <br>1.50%, 03/15/2031 |  | 470 | 357170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/2041 |  | 710 | 499507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032 |  | 370 | 340532 |
|  Xylem, Inc./NY <br>1.95%, 01/30/2028 |  | 1725 | 1447642 |
|  |  |  | 10749602 |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 0.8%** | **Communications - Media – 0.8%** | **Communications - Media – 0.8%** | **Communications - Media – 0.8%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>4.40%, 04/01/2033 | U.S.$| 390 | $324710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/2055 |  | 630 | 568621 |
|  Thomson Reuters Corp. <br>5.50%, 08/15/2035 |  | 570 | 526424 |
|  |  |  | 1419755 |
|  **Communications - Telecommunications – 5.0%** |  |  |  |
|  AT&T, Inc. <br>4.30%, 12/15/2042 |  | 397 | 307879 |
|  British Telecommunications PLC <br>9.625%, 12/15/2030 |  | 760 | 868250 |
|  Corning, Inc. <br>4.70%, 03/15/2037 |  | 62 | 53573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/2048 |  | 820 | 712790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/2079 |  | 280 | 224876 |
|  Sprint Capital Corp. <br>8.75%, 03/15/2032 |  | 1070 | 1255301 |
|  T-Mobile USA, Inc. <br>2.70%, 03/15/2032 |  | 1765 | 1381110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/2060 |  | 445 | 285831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 285 | 261451 |
|  Telefonica Emisiones SA <br>4.895%, 03/06/2048 |  | 695 | 497891 |
|  TELUS Corp. <br>3.40%, 05/13/2032 |  | 390 | 320040 |
|  Verizon Communications, Inc. <br>2.355%, 03/15/2032 |  | 416 | 314992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/2041 |  | 1135 | 740610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/08/2029 |  | 835 | 758674 |
|  Vodafone Group PLC <br>4.25%, 09/17/2050 |  | 930 | 658658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/19/2059 |  | 265 | 207162 |
|  |  |  | 8849088 |
|  **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** | **Consumer Cyclical - Automotive – 1.9%** |
|  Aptiv PLC <br>4.40%, 10/01/2046 |  | 180 | 126567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/2049 |  | 215 | 169798 |
|  Aptiv PLC/Aptiv Corp. <br>4.15%, 05/01/2052 |  | 395 | 266750 |
|  General Motors Co. <br>5.60%, 10/15/2032 |  | 695 | 631019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/2049 |  | 395 | 333693 |
|  General Motors Financial Co., Inc. <br>2.70%, 06/10/2031 |  | 365 | 271668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/2028 |  | 435 | 383185 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 17** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/2025 | U.S.$| 360 | $| 357216 |
|  Lear Corp. <br>2.60%, 01/15/2032 |  | 1165 |  | 849542 |
|  |  |  |  | 3389438 |
|  **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** | **Consumer Cyclical - Other – 0.9%** |
|  DR Horton, Inc. <br>2.50%, 10/15/2024 |  | 1355 |  | 1277407 |
|  PulteGroup, Inc. <br>6.00%, 02/15/2035 |  | 410 |  | 363949 |
|  |  |  |  | 1641356 |
|  **Consumer Cyclical - Retailers – 1.6%** | **Consumer Cyclical - Retailers – 1.6%** | **Consumer Cyclical - Retailers – 1.6%** | **Consumer Cyclical - Retailers – 1.6%** | **Consumer Cyclical - Retailers – 1.6%** |
|  Home Depot, Inc. (The) <br>1.50%, 09/15/2028 |  | 1425 |  | 1176303 |
|  Lowe's Cos., Inc. <br>3.70%, 04/15/2046 |  | 665 |  | 464435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/2035 |  | 660 |  | 631221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/2062 |  | 645 |  | 577450 |
|  |  |  |  | 2849409 |
|  **Consumer Non-Cyclical – 14.2%** | **Consumer Non-Cyclical – 14.2%** | **Consumer Non-Cyclical – 14.2%** | **Consumer Non-Cyclical – 14.2%** | **Consumer Non-Cyclical – 14.2%** |
|  Abbott Laboratories <br>4.75%, 11/30/2036 |  | 1065 |  | 1018217 |
|  AbbVie, Inc. <br>4.45%, 05/14/2046 |  | 435 |  | 349362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/14/2048 |  | 1275 |  | 1091618 |
|  Amgen, Inc. <br>3.00%, 02/22/2029 |  | 552 |  | 483647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/2045 |  | 805 |  | 648043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2053 |  | 380 |  | 322298 |
|  AstraZeneca PLC <br>6.45%, 09/15/2037 |  | 445 |  | 479001 |
|  Baxter International, Inc. <br>3.50%, 08/15/2046 |  | 1405 |  | 947131 |
|  Becton Dickinson and Co. <br>2.823%, 05/20/2030 |  | 1130 |  | 941996 |
|  Biogen, Inc. <br>2.25%, 05/01/2030 |  | 1485 |  | 1167364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/2050 |  | 150 |  | 92934 |
|  Bristol-Myers Squibb Co. <br>3.70%, 03/15/2052 |  | 510 |  | 378614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/2062 |  | 495 |  | 362015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/2049 |  | 725 |  | 590406 |
|  Cigna Corp. <br>2.375%, 03/15/2031 |  | 410 |  | 325563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/2027 |  | 820 |  | 734763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/2038 |  | 600 |  | 528688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/2048 |  | 260 |  | 220391 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  CVS Health Corp. <br>4.78%, 03/25/2038 | U.S.$| 900 | $| 780379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/20/2035 |  | 1305 |  | 1169895 |
|  Danaher Corp. <br>2.60%, 10/01/2050 |  | 225 |  | 135054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 09/15/2045 |  | 610 |  | 503829 |
|  DH Europe Finance II Sarl <br>3.40%, 11/15/2049 |  | 450 |  | 317715 |
|  Fresenius Medical Care US Finance III, Inc. <br>3.00%, 12/01/2031<sup>(a)</sup> |  | 945 |  | 676935 |
|  Gilead Sciences, Inc. <br>2.50%, 09/01/2023 |  | 1545 |  | 1511271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/2045 |  | 320 |  | 264184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/2046 |  | 375 |  | 322092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/2044 |  | 410 |  | 353049 |
|  HCA, Inc. <br>3.50%, 07/15/2051 |  | 425 |  | 263633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/2047 |  | 735 |  | 615546 |
|  Kaiser Foundation Hospitals <br>Series 2021 <br>2.81%, 06/01/2041 |  | 200 |  | 134037 |
|  Medtronic, Inc. <br>4.375%, 03/15/2035 |  | 365 |  | 334472 |
|  Merck & Co., Inc. <br>1.90%, 12/10/2028 |  | 1800 |  | 1508930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/2061 |  | 225 |  | 136836 |
|  Pfizer, Inc. <br>1.75%, 08/18/2031 |  | 695 |  | 540838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 12/15/2046 |  | 775 |  | 654825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/2039 |  | 285 |  | 334159 |
|  Roche Holdings, Inc. <br>2.132%, 03/10/2025<sup>(a)</sup> |  | 1970 |  | 1851115 |
|  Takeda Pharmaceutical Co., Ltd. <br>3.175%, 07/09/2050 |  | 340 |  | 218753 |
|  Thermo Fisher Scientific, Inc. <br>2.80%, 10/15/2041 |  | 1275 |  | 878974 |
|  Wyeth LLC <br>5.95%, 04/01/2037 |  | 265 |  | 276296 |
|  Zoetis, Inc. <br>2.00%, 05/15/2030 |  | 755 |  | 595112 |
|  |  |  |  | 25059980 |
|  **Services – 3.6%** | **Services – 3.6%** | **Services – 3.6%** | **Services – 3.6%** | **Services – 3.6%** |
|  Global Payments, Inc. <br>3.20%, 08/15/2029 |  | 1970 |  | 1635891 |
|  Mastercard, Inc. <br>3.85%, 03/26/2050 |  | 2565 |  | 2016126 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 19** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Moody's Corp. <br>2.55%, 08/18/2060 | U.S.$| 1125 | $| 576572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2044 |  | 265 |  | 236512 |
|  PayPal Holdings, Inc. <br>3.25%, 06/01/2050 |  | 900 |  | 587785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/2062 |  | 295 |  | 253735 |
|  RELX Capital, Inc. <br>4.75%, 05/20/2032 |  | 60 |  | 55861 |
|  S&P Global, Inc. <br>2.30%, 08/15/2060 |  | 590 |  | 299738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/2032<sup>(a)</sup> |  | 863 |  | 710431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/2029<sup>(a)</sup> |  | 58 |  | 54125 |
|  |  |  |  | 6426776 |
|  **Technology – 11.5%** | **Technology – 11.5%** | **Technology – 11.5%** | **Technology – 11.5%** | **Technology – 11.5%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 190 |  | 147783 |
|  Autodesk, Inc. <br>2.40%, 12/15/2031 |  | 1570 |  | 1212020 |
|  Broadridge Financial Solutions, Inc. <br>2.60%, 05/01/2031 |  | 1460 |  | 1136331 |
|  CDW LLC/CDW Finance Corp. <br>4.125%, 05/01/2025 |  | 1545 |  | 1468896 |
|  Cisco Systems, Inc. <br>5.50%, 01/15/2040 |  | 1075 |  | 1055568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/2039 |  | 50 |  | 51104 |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029<sup>(a)</sup> |  | 390 |  | 348250 |
|  Fidelity National Information Services, Inc. <br>4.50%, 07/15/2025 |  | 470 |  | 457404 |
|  Fiserv, Inc. <br>4.40%, 07/01/2049 |  | 915 |  | 688315 |
|  HP, Inc. <br>5.50%, 01/15/2033 |  | 740 |  | 658808 |
|  Intel Corp. <br>3.10%, 02/15/2060 |  | 1580 |  | 897156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/2049 |  | 210 |  | 131719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/2062 |  | 765 |  | 623492 |
|  International Business Machines Corp. <br>3.43%, 02/09/2052 |  | 575 |  | 375644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/2042 |  | 865 |  | 668084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/2052 |  | 735 |  | 619826 |
|  Jabil, Inc. <br>4.25%, 05/15/2027 |  | 370 |  | 342864 |
|  KLA Corp. <br>4.95%, 07/15/2052 |  | 510 |  | 444927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/2049 |  | 900 |  | 789891 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Lam Research Corp. <br>2.875%, 06/15/2050 | U.S.$| 1220 | $| 761858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2060 |  | 480 |  | 289019 |
|  Micron Technology, Inc. <br>2.703%, 04/15/2032 |  | 1610 |  | 1179384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/2029 |  | 189 |  | 189088 |
|  Microsoft Corp. <br>2.675%, 06/01/2060 |  | 500 |  | 301952 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.15%, 05/01/2027 |  | 515 |  | 454101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/2041 |  | 705 |  | 455298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/2033 |  | 365 |  | 325952 |
|  QUALCOMM, Inc. <br>1.65%, 05/20/2032 |  | 295 |  | 221808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/2035 |  | 1465 |  | 1354355 |
|  Salesforce.com, Inc. <br>2.90%, 07/15/2051 |  | 642 |  | 413154 |
|  Skyworks Solutions, Inc. <br>3.00%, 06/01/2031 |  | 1785 |  | 1326990 |
|  Texas Instruments, Inc. <br>4.10%, 08/16/2052 |  | 272 |  | 223557 |
|  Western Digital Corp. <br>2.85%, 02/01/2029 |  | 131 |  | 101403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/2032 |  | 720 |  | 499344 |
|  Workday, Inc. <br>3.70%, 04/01/2029 |  | 56 |  | 49906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/2032 |  | 146 |  | 124881 |
|  |  |  |  | 20390132 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  Ashtead Capital, Inc. <br>5.50%, 08/11/2032<sup>(a)</sup> |  | 380 |  | 343507 |
|  |  |  |  | 83806848 |
|  **Financial Institutions – 33.1%** |  |  |  |  |
|  **Banking – 23.5%** | **Banking – 23.5%** | **Banking – 23.5%** | **Banking – 23.5%** | **Banking – 23.5%** |
|  ABN AMRO Bank NV <br>2.47%, 12/13/2029<sup>(a)</sup> |  | 1800 |  | 1399452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/18/2026<sup>(a)</sup> |  | 600 |  | 561711 |
|  AIB Group PLC <br>4.263%, 04/10/2025<sup>(a)</sup> |  | 570 |  | 543573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.583%, 10/14/2026<sup>(a)</sup> |  | 539 |  | 536246 |
|  American Express Co. <br>4.05%, 05/03/2029 |  | 287 |  | 260274 |
|  Banco Santander SA <br>2.749%, 12/03/2030 |  | 1000 |  | 691635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.175%, 03/24/2028 |  | 400 |  | 352343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/2027 |  | 400 |  | 361463 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 21** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.179%, 11/19/2025 | U.S.$| 200 | $190221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.294%, 08/18/2027 |  | 400 | 369959 |
|  Bank of America Corp. <br>2.456%, 10/22/2025 |  | 535 | 498901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.572%, 10/20/2032 |  | 325 | 245431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.884%, 10/22/2030 |  | 470 | 383221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.194%, 07/23/2030 |  | 190 | 158977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.384%, 04/02/2026 |  | 385 | 361550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 03/08/2037 |  | 985 | 790570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.078%, 04/23/2040 |  | 835 | 650451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.376%, 04/27/2028 |  | 375 | 348781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.827%, 07/22/2026 |  | 370 | 359716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series JJ <br>5.125%, 06/20/2024<sup>(b)</sup> |  | 425 | 399492 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> |  | 370 | 357986 |
|  Barclays PLC <br>7.385%, 11/02/2028 |  | 627 | 624314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/2029<sup>(b)</sup> |  | 385 | 346019 |
|  BNP Paribas SA <br>2.159%, 09/15/2029<sup>(a)</sup> |  | 1475 | 1138730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.871%, 04/19/2032<sup>(a)</sup> |  | 200 | 148444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/25/2031<sup>(a)(b)</sup> |  | 264 | 183339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 09/25/2171<sup>(a)(b)</sup> |  | 200 | 187560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 02/19/2171<sup>(a)(b)</sup> |  | 470 | 456126 |
|  BPCE SA <br>2.045%, 10/19/2027<sup>(a)</sup> |  | 480 | 399510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/11/2024<sup>(a)</sup> |  | 855 | 819707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 07/21/2024<sup>(a)</sup> |  | 375 | 361370 |
|  Capital One Financial Corp. <br>4.985%, 07/24/2026 |  | 375 | 361218 |
|  Citigroup, Inc. <br>2.904%, 11/03/2042 |  | 1005 | 635466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/2026 |  | 780 | 731092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y <br>4.15%, 11/15/2026<sup>(b)</sup> |  | 887 | 695389 |
|  Cooperatieve Rabobank UA <br>3.75%, 07/21/2026 |  | 1160 | 1054988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/10/2029<sup>(a)</sup> |  | 800 | 752911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/29/2170<sup>(a)(b)</sup> | EUR | 200 | 172207 |
|  Credit Agricole SA <br>0.125%, 12/09/2027 |  | 200 | 161141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.247%, 01/26/2027<sup>(a)</sup> | U.S.$| 1285 | 1082654 |
|  Deutsche Bank AG/New York NY <br>2.311%, 11/16/2027 |  | 877 | 697250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.742%, 01/07/2033 |  | 920 | 631576 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Goldman Sachs Group, Inc. (The) <br>1.948%, 10/21/2027 | U.S.$| 805 | $684069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.615%, 04/22/2032 |  | 410 | 313241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.691%, 06/05/2028 |  | 500 | 449348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.223%, 05/01/2029 |  | 350 | 316715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.411%, 04/23/2039 |  | 465 | 377335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.482%, 08/23/2028 |  | 380 | 353156 |
|  ING Groep NV <br>1.40%, 07/01/2026<sup>(a)</sup> |  | 950 | 832303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.727%, 04/01/2032 |  | 540 | 405037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/16/2025<sup>(b)</sup> |  | 680 | 619691 |
|  Intesa Sanpaolo SpA <br>3.875%, 01/12/2028<sup>(a)</sup> |  | 460 | 388658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XR <br>4.00%, 09/23/2029<sup>(a)</sup> |  | 1170 | 953763 |
|  Lloyds Banking Group PLC <br>3.574%, 11/07/2028 |  | 310 | 265225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/2026 |  | 630 | 581425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.716%, 08/11/2026 |  | 380 | 359186 |
|  Mitsubishi UFJ Financial Group, Inc. <br>0.848%, 07/19/2029<sup>(a)</sup> | EUR | 200 | 159109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/2027 | U.S.$| 461 | 388163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.354%, 09/13/2028 |  | 370 | 357006 |
|  Morgan Stanley <br>2.475%, 01/21/2028 |  | 907 | 784612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/2025 |  | 560 | 540946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.889%, 07/20/2033 |  | 555 | 506614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 10/18/2028 |  | 705 | 711380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I <br>0.864%, 10/21/2025 |  | 835 | 753506 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(a)</sup> |  | 1065 | 902747 |
|  Natwest Group PLC <br>2.359%, 05/22/2024 |  | 935 | 912154 |
|  Santander Holdings USA, Inc. <br>4.26%, 06/09/2025 |  | 290 | 277736 |
|  Santander UK Group Holdings PLC <br>2.469%, 01/11/2028 |  | 514 | 422996 |
|  Shinhan Bank Co., Ltd. <br>4.375%, 04/13/2032<sup>(a)</sup> |  | 385 | 323027 |
|  Societe Generale SA <br>2.797%, 01/19/2028<sup>(a)</sup> |  | 960 | 796367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.889%, 06/09/2032<sup>(a)</sup> |  | 1480 | 1060994 |
|  Standard Chartered PLC <br>1.214%, 03/23/2025<sup>(a)</sup> |  | 955 | 883026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.608%, 01/12/2028<sup>(a)</sup> |  | 920 | 757539 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Sumitomo Mitsui Financial Group, Inc. <br>2.472%, 01/14/2029 | U.S.$| 920 | $| 747046 |
|  Svenska Handelsbanken AB <br>4.75%, 03/01/2171<sup>(a)(b)</sup> |  | 1000 |  | 773167 |
|  Synchrony Bank <br>5.625%, 08/23/2027 |  | 570 |  | 537359 |
|  UniCredit SpA <br>1.982%, 06/03/2027<sup>(a)</sup> |  | 621 |  | 504992 |
|  US Bancorp <br>4.967%, 07/22/2033 |  | 281 |  | 255912 |
|  |  |  |  | 41718514 |
|  **Finance – 0.3%** | **Finance – 0.3%** | **Finance – 0.3%** | **Finance – 0.3%** | **Finance – 0.3%** |
|  Synchrony Financial <br>3.95%, 12/01/2027 |  | 295 |  | 253916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/13/2025 |  | 285 |  | 273810 |
|  |  |  |  | 527726 |
|  **Insurance – 4.1%** | **Insurance – 4.1%** | **Insurance – 4.1%** | **Insurance – 4.1%** | **Insurance – 4.1%** |
|  Allianz SE <br>3.20%, 04/30/2171<sup>(a)(b)</sup> |  | 1400 |  | 938941 |
|  Assicurazioni Generali SpA <br>2.124%, 10/01/2030<sup>(a)</sup> | EUR | 545 |  | 414107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.429%, 07/14/2031<sup>(a)</sup> |  | 470 |  | 353359 |
|  Centene Corp. <br>2.50%, 03/01/2031 | U.S.$| 1295 |  | 989722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 08/01/2031 |  | 708 |  | 541362 |
|  Humana, Inc. <br>2.15%, 02/03/2032 |  | 635 |  | 477776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/2025 |  | 660 |  | 646779 |
|  Prudential Financial, Inc. <br>5.20%, 03/15/2044 |  | 1150 |  | 1073127 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 1768 |  | 1709167 |
|  Zurich Finance Ireland Designated Activity Co. <br>3.00%, 04/19/2051<sup>(a)</sup> |  | 200 |  | 141801 |
|  |  |  |  | 7286141 |
|  **REITs – 5.2%** | **REITs – 5.2%** | **REITs – 5.2%** | **REITs – 5.2%** | **REITs – 5.2%** |
|  Alexandria Real Estate Equities, Inc. <br>2.00%, 05/18/2032 |  | 385 |  | 277963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/2034 |  | 1158 |  | 870077 |
|  American Homes 4 Rent LP <br>3.375%, 07/15/2051 |  | 845 |  | 496489 |
|  American Tower Corp. <br>2.95%, 01/15/2051 |  | 475 |  | 270571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/2049 |  | 510 |  | 334228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/2029 |  | 285 |  | 248756 |

---

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| | |
|:---|:---|
| **24 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Boston Properties LP <br>4.50%, 12/01/2028 | U.S.$| 1400 | $| 1262375 |
|  Digital Dutch Finco BV <br>1.00%, 01/15/2032<sup>(a)</sup> | EUR | 800 |  | 529488 |
|  Equinix, Inc. <br>3.90%, 04/15/2032 | U.S.$| 385 |  | 324493 |
|  Healthpeak Properties, Inc. <br>1.35%, 02/01/2027 |  | 677 |  | 569746 |
|  MPT Operating Partnership LP/MPT Finance Corp.<br>5.00%, 10/15/2027 |  | 1445 |  | 1235499 |
|  Omega Healthcare Investors, Inc. <br>3.25%, 04/15/2033 |  | 765 |  | 533480 |
|  Prologis LP <br>1.25%, 10/15/2030 |  | 1155 |  | 846864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/2050 |  | 240 |  | 151284 |
|  Ventas Realty LP <br>5.70%, 09/30/2043 |  | 290 |  | 249520 |
|  Welltower, Inc. <br>4.95%, 09/01/2048 |  | 765 |  | 607245 |
|  Weyerhaeuser Co. <br>3.375%, 03/09/2033 |  | 390 |  | 311242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/15/2032 |  | 22 |  | 23415 |
|  |  |  |  | 9142735 |
|  |  |  |  | 58675116 |
|  **Utility – 7.6%** | **Utility – 7.6%** | **Utility – 7.6%** | **Utility – 7.6%** | **Utility – 7.6%** |
|  **Electric – 7.3%** | **Electric – 7.3%** | **Electric – 7.3%** | **Electric – 7.3%** | **Electric – 7.3%** |
|  Avangrid, Inc. <br>3.20%, 04/15/2025 |  | 1515 |  | 1430154 |
|  Commonwealth Edison Co. <br>3.00%, 03/01/2050 |  | 205 |  | 130548 |
|  Consolidated Edison Co. of New York, Inc. <br>4.50%, 05/15/2058 |  | 855 |  | 650499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-A <br>5.30%, 03/01/2035 |  | 225 |  | 209591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.125%, 05/15/2049 |  | 155 |  | 116276 |
|  Consorcio Transmantaro SA <br>4.70%, 04/16/2034<sup>(a)</sup> |  | 890 |  | 772298 |
|  EDP Finance BV <br>1.71%, 01/24/2028<sup>(a)</sup> |  | 2720 |  | 2153869 |
|  Enel Finance International NV <br>2.25%, 07/12/2031<sup>(a)</sup> |  | 1270 |  | 866244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/2037<sup>(a)</sup> |  | 280 |  | 253657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/14/2032<sup>(a)</sup> |  | 200 |  | 201025 |
|  Engie SA <br>3.25%, 02/28/2171<sup>(a)(b)</sup> | EUR | 200 |  | 190779 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Florida Power & Light Co. <br>4.125%, 02/01/2042 | U.S.$| 85 | $| 69042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/2040 |  | 160 |  | 156224 |
|  Iberdrola International BV <br>Series NC9 <br>1.825%, 02/09/2171<sup>(a)(b)</sup> | EUR | 1100 |  | 790083 |
|  NextEra Energy Capital Holdings, Inc. <br>1.90%, 06/15/2028 | U.S.$| 897 |  | 741537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/2030 |  | 440 |  | 349351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/01/2077 |  | 325 |  | 255610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2032 |  | 540 |  | 513538 |
|  Niagara Mohawk Power Corp.<br>1.96%, 06/27/2030<sup>(a)</sup> |  | 1090 |  | 828473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.783%, 09/16/2052<sup>(a)</sup> |  | 370 |  | 335390 |
|  Public Service Electric and Gas Co. <br>3.10%, 03/15/2032 |  | 743 |  | 624787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/2046 |  | 615 |  | 458804 |
|  San Diego Gas & Electric Co. <br>Series WWW <br>2.95%, 08/15/2051 |  | 1275 |  | 802807 |
|  |  |  |  | 12900586 |
|  **Other Utility – 0.3%** | **Other Utility – 0.3%** | **Other Utility – 0.3%** | **Other Utility – 0.3%** | **Other Utility – 0.3%** |
|  American Water Capital Corp. <br>3.25%, 06/01/2051 |  | 735 |  | 485121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/2050 |  | 195 |  | 133132 |
|  |  |  |  | 618253 |
|  |  |  |  | 13518839 |
|  Total Corporates - Investment Grade <br>(cost $197,430,281) |  |  |  | 156000803 |
|  **CORPORATES - NON-INVESTMENT GRADE – 3.2%** |  |  |  |  |
|  **Industrial – 2.4%** | **Industrial – 2.4%** | **Industrial – 2.4%** | **Industrial – 2.4%** | **Industrial – 2.4%** |
|  **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** | **Capital Goods – 0.4%** |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(a)</sup> |  | 95 |  | 89469 |
|  GFL Environmental, Inc. <br>4.375%, 08/15/2029<sup>(a)</sup> |  | 251 |  | 212590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/15/2026<sup>(a)</sup> |  | 445 |  | 424404 |
|  |  |  |  | 726463 |
|  **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** | **Communications - Media – 0.4%** |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.75%, 02/01/2032<sup>(a)</sup> |  | 889 |  | 712686 |

---

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| | |
|:---|:---|
| **26 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical - Automotive – 0.9%** | **Consumer Cyclical - Automotive – 0.9%** | **Consumer Cyclical - Automotive – 0.9%** | **Consumer Cyclical - Automotive – 0.9%** |
|  Dana, Inc. <br>4.25%, 09/01/2030 | U.S.$| 935 | $747063 |
|  Ford Motor Co. <br>3.25%, 02/12/2032 |  | 871 | 654060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/2032 |  | 285 | 261127 |
|  |  |  | 1662250 |
|  **Consumer Non-Cyclical – 0.6%** | **Consumer Non-Cyclical – 0.6%** | **Consumer Non-Cyclical – 0.6%** | **Consumer Non-Cyclical – 0.6%** |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(a)</sup> |  | 985 | 591833 |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(a)</sup> |  | 455 | 411978 |
|  |  |  | 1003811 |
|  **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** | **Services – 0.1%** |
|  Block, Inc. <br>3.50%, 06/01/2031 |  | 200 | 161013 |
|  |  |  | 4266223 |
|  **Financial Institutions – 0.8%** | **Financial Institutions – 0.8%** | **Financial Institutions – 0.8%** | **Financial Institutions – 0.8%** |
|  **Banking – 0.8%** | **Banking – 0.8%** | **Banking – 0.8%** | **Banking – 0.8%** |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024<sup>(a)</sup> |  | 730 | 693228 |
|  Societe Generale SA <br>8.00%, 09/29/2025<sup>(a)(b)</sup> |  | 645 | 635911 |
|  |  |  | 1329139 |
|  Total Corporates - Non-Investment Grade <br>(cost $6,946,328) |  |  | 5595362 |
|  **EMERGING MARKETS - CORPORATE BONDS – 1.8%** |  |  |  |
|  **Industrial – 1.5%** | **Industrial – 1.5%** | **Industrial – 1.5%** | **Industrial – 1.5%** |
|  **Basic – 0.8%** | **Basic – 0.8%** | **Basic – 0.8%** | **Basic – 0.8%** |
|  Klabin Austria GmbH <br>3.20%, 01/12/2031<sup>(a)</sup> |  | 2040 | 1524900 |
|  **Energy – 0.3%** | **Energy – 0.3%** | **Energy – 0.3%** | **Energy – 0.3%** |
|  ReNew Power Pvt Ltd. <br>5.875%, 03/05/2027<sup>(a)</sup> |  | 530 | 473124 |
|  **Services – 0.4%** | **Services – 0.4%** | **Services – 0.4%** | **Services – 0.4%** |
|  MercadoLibre, Inc. <br>3.125%, 01/14/2031 |  | 990 | 710325 |
|  |  |  | 2708349 |
|  **Financial Institutions – 0.3%** | **Financial Institutions – 0.3%** | **Financial Institutions – 0.3%** | **Financial Institutions – 0.3%** |
|  **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** | **Banking – 0.3%** |
|  Itau Unibanco Holding SA/Cayman Island <br>3.875%, 04/15/2031<sup>(a)</sup> |  | 480 | 411084 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $4,006,412) |  |  | 3119433 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - TREASURIES – 1.6%** | **GOVERNMENTS - TREASURIES – 1.6%** | **GOVERNMENTS - TREASURIES – 1.6%** | **GOVERNMENTS - TREASURIES – 1.6%** |
|  **United States – 1.6%** | **United States – 1.6%** | **United States – 1.6%** | **United States – 1.6%** |
|  U.S. Treasury Notes <br>4.25%, 09/30/2024 <br>(cost $2,845,332) | U.S.$| 2837 | $2822704 |
|  **SUPRANATIONALS – 0.5%** |  |  |  |
|  International Bank for Reconstruction & Development <br>Zero Coupon, 03/31/2027 <br>(cost $925,699) |  | 970 | 854761 |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.0%** |  |  |  |
|  **United States – 0.0%** | **United States – 0.0%** | **United States – 0.0%** | **United States – 0.0%** |
|  Metropolitan Transportation Authority <br>Series 2020-C <br>5.175%, 11/15/2049 <br>(cost $78,923) |  | 65 | 54410 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 3.9%** | **SHORT-TERM INVESTMENTS – 3.9%** | **SHORT-TERM INVESTMENTS – 3.9%** | **SHORT-TERM INVESTMENTS – 3.9%** |
|  **Investment Companies – 3.9%** | **Investment Companies – 3.9%** | **Investment Companies – 3.9%** | **Investment Companies – 3.9%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>2.67%<sup>(c)(d)(e)</sup> <br>(cost $6,929,310) |  | 6929310 | 6929310 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **Time Deposits – 0.0%** | **Time Deposits – 0.0%** | **Time Deposits – 0.0%** | **Time Deposits – 0.0%** |
|  Citibank, London <br>0.31%, 11/01/2022 <br>(cost $44,611) | EUR | 45 | 44611 |
|  Total Short-Term Investments <br>(cost $6,973,921) |  |  | 6973921 |
|  **Total Investments – 99.0%**<br>(cost $219,206,896) |  |  | 175421394 |
|  Other assets less liabilities – 1.0% |  |  | 1722187 |
|  **Net Assets – 100.0%** |  |  | $**177143581** |

---

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| | |
|:---|:---|
| **28 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

**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** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  U.S. T-Note 2 Yr (CBT) Futures | 18 | December 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;3678891 | $(38641) |
|  U.S. T-Note 5 Yr (CBT) Futures | 84 | December 2022 | 8953875 | (338617) |
|  U.S. Ultra Bond (CBT) Futures | 26 | December 2022 | 3319063 | (538438) |
| **Sold Contracts** |  |  |  |  |
|  Euro-BOBL Futures | 7 | December 2022 | 827847 | 24835 |
|  Euro-Bund Futures | 10 | December 2022 | 1368133 | 59690 |
|  Euro-Schatz Futures | 10 | December 2022 | 1056785 | 13144 |
|  U.S. 10 Yr Ultra Futures | 33 | December 2022 | 3827484 | 255984 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(562043) |

---

**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 | EUR | 5938 | USD | 5747 | 12/08/2022 | $(137756) |
|  Citibank, NA | USD | 484 | EUR | 492 | 12/08/2022 | 3699 |
|  JPMorgan Chase Bank, NA | USD | 2268 | EUR | 2303 | 12/08/2022 | 14723 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(119334) |

---

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $39,380,065 or 22.2% of net assets.

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

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

(d) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

(e) Affiliated investments.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 29** |

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------

**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value <br>Unaffiliated issuers (cost $212,277,586) | $168492084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $6,929,310) | 6929310 |
|  Cash collateral due from broker | 344041 |
|  Foreign currencies, at value (cost $127) | 126 |
|  Unaffiliated interest receivable | 1791758 |
|  Receivable for capital stock sold | 667560 |
|  Unrealized appreciation on forward currency exchange contracts | 18422 |
|  Affiliated dividends receivable | 17741 |
|  Total assets | 178261042 |
| **Liabilities** |  |
|  Due to Custodian | 26142 |
|  Payable for investment securities purchased | 627000 |
|  Unrealized depreciation on forward currency exchange contracts | 137756 |
|  Dividends payable | 73994 |
|  Audit and tax fee payable | 60814 |
|  Payable for variation margin on futures | 49931 |
|  Advisory fee payable | 30589 |
|  Administrative fee payable | 25227 |
|  Transfer Agent fee payable | 1500 |
|  Directors' fee payable | 136 |
|  Distribution fee payable | 12 |
|  Accrued expenses | 84360 |
|  Total liabilities | 1117461 |
|  Net Assets | $**177143581** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $22898 |
|  Additional paid-in capital | 227671041 |
|  Accumulated loss | (50550358) |
|  | $**177143581** |

---

**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** | $58069 | 7505 | $7.74 \* |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;177085512 | 22890739 | $&nbsp;&nbsp;&nbsp;&nbsp;7.74 |

---

\* The maximum offering price per share for Class A shares was $8.08, which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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------

**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest (net of foreign taxes withheld of $5,947) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306721 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 55537 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 3 | $5362261 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 830670 |  |
|  Transfer agency—Class A | 7 |  |
|  Transfer agency—Advisor Class | 20069 |  |
|  Distribution fee—Class A | 166 |  |
|  Custody and accounting | 119502 |  |
|  Administrative | 96179 |  |
|  Amortization of offering expenses | 67176 |  |
|  Audit and tax | 65933 |  |
|  Registration fees | 58154 |  |
|  Legal | 25801 |  |
|  Printing | 20756 |  |
|  Directors' fees | 18594 |  |
|  Miscellaneous | 8577 |  |
|  Total expenses | 1331584 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (227310) |  |
|  Net expenses |  | 1104274 |
|  Net investment income |  | 4257987 |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (4457094) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 1734103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (1753280) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (897580) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (42942493) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (393429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (610960) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 2407 |
|  Net loss on investment and foreign currency transactions |  | (49318326) |
|  **Net Decrease in Net Assets from Operations** |  | $**(45060339)** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 31** |

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------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31, 2022** | **May 10, 2021<sup>(a)</sup><br>to<br>October 31, 2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $4257987 | $902896 |
|  Net realized gain (loss) on investment and foreign currency transactions | (5373851) | 283101 |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency denominated assets and liabilities | (43944475) | (524180) |
|  Net increase (decrease) in net assets from operations | (45060339) | 661817 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1743) | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5232202) | (1005775) |
| **Capital Stock Transactions** |  |  |
|  Net increase | 58179131 | 169602879 |
|  Total increase | 7884847 | 169258734 |
| **Net Assets** |  |  |
|  Beginning of period | 169258734 | – 0 |
|  End of period | $**177143581** | $**169258734** |

---

(a) Commencement of operations.

See notes to financial statements.

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 Sustainable Thematic Credit Portfolio (the "Fund"), a non-diversified portfolio. The Fund commenced operations on May 10, 2021. The Fund has authorized the issuance of Class A, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class C, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares have not been issued as of October 31, 2022. 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%. Advisor Class shares are sold without an initial or contingent deferred sales charge and are not 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 Company'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 Company's portfolio investments, subject to the Board's oversight.

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 33** |

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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

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 35** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Corporates – Investment Grade | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;156000803 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;156000803 |
|  Corporates – Non-Investment Grade | – 0 | 5595362 | – 0 | 5595362 |
|  Emerging Markets – Corporate Bonds | – 0 | 3119433 | – 0 | 3119433 |
|  Governments – Treasuries | – 0 | 2822704 | – 0 | 2822704 |
|  Supranationals | – 0 | 854761 | – 0 | 854761 |
|  Local Governments – US Municipal Bonds | – 0 | 54410 | – 0 | 54410 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;6929310 | – 0 | – 0 | 6929310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | – 0 | 44611 | – 0 | 44611 |
|  Total Investments in Securities | 6929310 | 168492084 | – 0 | 175421394 |

---

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| | |
|:---|:---|
| **36 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Other Financial Instruments\*:** |  |  |  |  |
|  **Assets** |  |  |  |  |
|  Futures | $353653 | $– 0 | $– 0 | $353653 |
|  Forward Currency Exchange Contracts | – 0 | 18422 | – 0 | 18422 |
|  **Liabilities** |  |  |  |  |
|  Futures | &nbsp;&nbsp;&nbsp;&nbsp;(915696 | – 0 | – 0 | (915696) |
|  Forward Currency Exchange Contracts | – 0 | (137756) | – 0 | (137756) |
|  **Total** | $**6367267** | $**168372750** | $**– 0** | $**174740017** |

---

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

† 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 the 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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 37** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 tax year) 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 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 settled 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 portfolio 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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|:---|:---|
| **38 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**8. Offering Expenses** 

Offering expenses of $128,373 were deferred and amortized on a straight line basis over a one year period starting from May 10, 2021 (commencement 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 next $2.5 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 reimburse its fees and bear certain expenses to the extent necessary to limit total operating (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 .85% and .60% of the daily average net assets for Class A and Advisor Class, respectively. For the year ended October 31, 2022, such reimbursements/waivers amounted to $222,462. The Expense Caps may not be terminated by the Adviser before January 31, 2023. Any fees waived and expenses borne by the Adviser through May 10, 2022 are subject to repayment by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waiver that is subject to repayment amounted to $122,942 for the fiscal period ended October 31, 2021 and $222,462 for the year ended October 31, 2022. In any case, no repayment will be made that would cause the Fund's total annual operating expenses to exceed the Expense Caps' net fee percentages set forth above.

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 year ended October 31, 2022, the reimbursement for such services amounted to $96,179.

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 $18,000 for the year ended October 31, 2022.

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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 39** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

charges of $0 from the sale of Class A shares and received no contingent deferred sales charges imposed upon redemptions by shareholders of Class A shares, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $4,848.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22**<br>**(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;5565 | $&nbsp;&nbsp;&nbsp;&nbsp;73767 | $&nbsp;&nbsp;&nbsp;&nbsp;72403 | $&nbsp;&nbsp;&nbsp;&nbsp;6929 | $&nbsp;&nbsp;&nbsp;&nbsp;56 |

---

**NOTE C** 

**Distribution Services Agreement** 

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. 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. There are no distribution and servicing fees on the Advisor Class. 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. 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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| **40 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **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 year ended October 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96311998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44696149 |
|  U.S. government securities | 2845644 | – 0 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219525377 |
|  Gross unrealized appreciation | $766444 |
|  Gross unrealized depreciation | (44870427) |
|  Net unrealized depreciation | $(44103983) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 41** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 year ended October 31, 2022, the Fund held futures for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce

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|:---|:---|
| **42 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 tables below for additional details.

During the year ended October 31, 2022, 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/Payable for variation margin on futures | $353653 <br>\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on futures | $915696 <br>\* |
|  Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized appreciation on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>18422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized depreciation on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>137756 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372075 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053452 |

---

\* 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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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 43** |

---

------

**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 futures; Net change in unrealized appreciation (depreciation) on futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1753280) | $(610960) |
|  Foreign currency contracts | Net realized gain/(loss) on forward currency exchange contracts;<br> Net change in unrealized appreciation (depreciation) on forward currency exchange contracts | 1734103 | (393429) |
|  Total |  | $(19177) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1004389) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $1085880 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $8691268 |
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17193464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $9718764 |

---

(a) Positions were open for seven months during the reporting 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 October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  Citibank, NA | $3699 | $– 0 – $| – 0 – $| – 0 – $| 3699 |
|  JPMorgan Chase Bank, NA | 14723 | – 0 – | – 0 – | – 0 – | 14723 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18422 | $&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;18422 |

---

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|:---|:---|
| **44 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO 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 | $137756 | $– 0 – $| – 0 – $| – 0 – $| 137756 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137756 | $&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;137756 |

---

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

---

| | |
|:---|:---|
| ^ | 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).

**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** |
|  | Year Ended<br>October 31,<br>2022 | May 10, 2021\* to<br> October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | May 10, 2021\* to<br> October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | – 0 | 7329 | $– 0 | $74978 |
|  Shares issued in reinvestment of dividends and distributions | 165 | 11 | 1484 | 107 |
|  **Net increase** | **165** | **7340** | $**1484** | $**75085** |

---

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 45** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | May 10, 2021\* to<br> October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | May 10, 2021\* to<br> October 31,<br>2021 |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 8566886 | 19139077 | $79602059 | $194101830 |
|  Shares issued in reinvestment of dividends and distributions | 493814 | 78767 | 4382521 | 803778 |
|  Shares redeemed | (2886247) | (2501558) | (25806933) | (25377814) |
|  **Net increase** | **6174453** | **16716286** | $**58177647** | $**169527794** |

---

\* Commencement of operations.

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, bond or currency markets 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) and regional and global conflicts, that affect large portions of the market.

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

**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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

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|:---|:---|
| **46 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**Credit Risk**—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and 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") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to factors such as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

**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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

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

**Emerging-Market Risk**—Investments in emerging market countries may have more risk 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. 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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 47** |

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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 instrument, 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 decline.

**Non-Diversification Risk**— The Fund may have more risk because it is "non-diversified", meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's NAV.

**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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the

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|:---|:---|
| **48 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 49** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal year ended October 31, 2022 and the period ended October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154448 | $1005962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 79497 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233945 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005962 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529082 |
|  Accumulated capital and other losses | (6899687)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (44105759)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50476364)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $6,899,687.

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|:---|:---|
| **50 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

(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 and the tax treatment of callable bonds.

(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, 2022, the Fund had a net short-term capital loss carryforward of $4,067,604 and a net long-term capital loss carryforward of $2,832,083, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the tax treatment of organizational costs resulted in a net decrease in accumulated loss and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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 SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 51** |

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**FINANCIAL HIGHLIGHTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Class A** | **Class A** |
|  | **Year Ended**<br> **October 31,<br>2022** | **May 10,<br>2021<sup>(a)</sup> to<br>October 31,<br>2021** |
|  Net asset value, beginning of period | $10.12 | $10.00 |
|  **Income From Investment Operations** |  |  |
|  Net investment income<sup>(b)(c)</sup> | .18 | .07 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.32) | .13 |
|  Net increase (decrease) in net asset value from operations | (2.14) | .20 |
|  **Less: Dividends and Distributions** |  |  |
|  Dividends from net investment income | (.23) | (.08 |
|  Distributions from net realized gain on investment and foreign currency transactions | (.01) | – 0 |
|  Total dividends and distributions | (.24) | (.08 |
|  Net asset value, end of period | **$7.74** | **$10.12** |
|  **Total Return** |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (21.48)% | 2.00 |
|  **Ratios/Supplemental Data** |  |  |
|  Net assets, end of period (000's omitted) | $58 | $74 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .85% | .85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .97% | 1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 2.04% | 1.47 |
|  Portfolio turnover rate | 25% | 31 |

---

See footnote summary on page 53.

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| **52 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | |
|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** |
|  | **Year Ended<br>October 31,<br>2022** | **May 10,<br>2021<sup>(a)</sup> to<br>October 31,<br>2021** |
|  Net asset value, beginning of period | $10.12 | $10.00 |
|  **Income From Investment Operations** |  |  |
|  Net investment income<sup>(b)(c)</sup> | .21 | .08 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.33) | .13 |
|  Net increase (decrease) in net asset value from operations | (2.12) | .21 |
|  **Less: Dividends and Distributions** |  |  |
|  Dividends from net investment income | (.25) | (.09 |
|  Distributions from net realized gain on investment and foreign currency transactions | (.01) | – 0 |
|  Total dividends and distributions | (.26) | (.09 |
|  Net asset value, end of period | **$7.74** | **$10.12** |
|  **Total Return** |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (21.29)% | 2.12 |
|  **Ratios/Supplemental Data** |  |  |
|  Net assets, end of period (000's omitted) | $177086 | $169185 |
|  Ratio to average net assets of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .60% | .60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .72% | .93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup> | 2.31% | 1.69 |
|  Portfolio turnover rate | 25% | 31 |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

(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 charge or contingent deferred sales charge is 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 for a period of less than one year is not annualized.

(e) Annualized.

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 53** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB Sustainable Thematic Credit Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Sustainable Thematic Credit Portfolio (the "Fund"), (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year then ended and for the period from May 10, 2021 (commencement of operations) through October 31, 2021 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets and its financial highlights for the year then ended and for the period from May 10, 2021 (commencement of operations) through October 31, 2021, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g422088g91r55.jpg)

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

New York, New York

December 23, 2022

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 55** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 60.84% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $79,497 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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| **56 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**BOARD OF DIRECTORS** 

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

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**OFFICERS** 

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| | |
|:---|:---|
| **Gershon M. Distenfeld**<sup>(2)</sup>**,** <br> Vice President<br> **Tiffanie Wong**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

---

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

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Sustainable Thematic Credit Team. Mr. Distenfeld and Ms. Wong are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 57** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>#</sup><br>1345 Avenue of the Americas<br>New York, NY 10105<br>46<br>(2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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| **58 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup><br>*Chairman of the Board*<br>81<br>(1992) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semiconductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

---

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 59** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br>71<br>(2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup><br>78<br>(2005) | Private Investor since prior to 2017. Formerly, Chairman of the Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

---

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| **60 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup><br>74<br>(2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies since (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br>70<br>(2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

---

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 61** |

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------

**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br>67<br>(2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019), Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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| **62 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\* AND AGE<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY**<br> **HELD BY<br>DIRECTOR** |
| **DISINTERESTED DIRECTORS**<br> **(continued)** | **DISINTERESTED DIRECTORS**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup><br>70<br>(2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975- 1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

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

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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 63** |

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**MANAGEMENT OF THE FUND** (continued)

**Officers of the Fund** 

Certain information concerning the Fund's Officers is listed below.

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Gershon M. Distenfeld<br>47 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Co-Head of Fixed-Income. |
| Tiffanie Wong<br>37 | Vice President | Senior Vice President of the Adviser\*\*, with which she has been associated since prior to 2017. She is also Director – Fixed income Responsible Investing Portfolio Management; and Director – US Investment-Grade Credit. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

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

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

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

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| **64 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**Operation and Effectiveness of the Funds' Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors/Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Funds' LRMP is adequately designed, has been implemented as intended,

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 65** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the Program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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|:---|:---|
| **66 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT 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 Company's Advisory Agreement with the Adviser in respect of AB Sustainable Thematic Credit Portfolio (the "Fund") for an initial two-year period at a meeting held by video conference on February 2-3, 2021 (the "Meeting").

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

The directors considered their knowledge of the nature and quality of the services to be 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 AB Funds.

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 proposed 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 proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the directors considered relevant in the

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 67** |

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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 to be Provided** 

The directors considered the scope and quality of services to be provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the AB Funds. 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 will be subject to the directors' approval on a quarterly basis and, 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 to be 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 to be provided to the Fund under the Advisory Agreement.

**Costs of Services to be Provided and Profitability** 

Because the Fund had not yet commenced operations, the directors were unable to consider historical information about the profitability of the Fund. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Advisory Agreement. They also considered the costs to be borne by the Adviser in providing services to the Fund and that the Fund was unlikely to be profitable to the Adviser unless it achieves a material level of net assets.

**Fall-Out Benefits** 

The directors considered the other benefits to the Adviser and its affiliates from their proposed relationships with the Fund, including, but not limited to, benefits relating to 12b-1 fees and sales charges to be 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 to be paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's future 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.

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| **68 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**Investment Results** 

Since the Fund had not yet commenced operations, no performance or other historical information for the Fund was available. Based on the Adviser's written and oral presentations regarding the proposed management of the Fund and their general knowledge and confidence in the Adviser's expertise in managing mutual funds, the directors concluded that they were satisfied that the Adviser was capable of providing high quality Fund management services to the Fund.

**Advisory Fees and Other Expenses** 

The directors considered the proposed advisory fee rate payable by the Fund to the Adviser and information prepared by an independent service provider (the "15(c) service provider"), concerning advisory fee rates payable by other funds in the same category as the Fund, based on the Fund's projected net assets of $250 million. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund's proposed contractual effective advisory fee rate against a peer group median and noted that it was above the median. The directors recognized that the Adviser's total compensation from the Fund pursuant to the Advisory Agreement would be increased by amounts paid pursuant to the expense reimbursement provision in the Advisory Agreement, and that the impact of such expense reimbursement would depend on the size of the Fund and the extent to which the Adviser requests reimbursements pursuant to this provision. Taking into account the projected administrative expense reimbursement, the directors noted that the Adviser's total rate of compensation was also expected to be above the peer group median.

The directors also considered that the Adviser's fee schedule for an offshore fund utilizing investment strategies similar to those of the Fund provided for a higher fee rate than that proposed for the Fund.

In connection with their review of the Fund's proposed advisory fee, the directors also considered the projected total expense ratio of the Class A shares of the Fund in comparison to a group of similar funds ("peer group") and a larger group of similar funds ("peer universe") selected by the 15(c) service provider. The directors also considered the Adviser's proposed expense cap for the Fund for a one year period. 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 the projected expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund's projected expense ratio was acceptable.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 69** |

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**Economies of Scale** 

The directors noted that the proposed 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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| **70 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO <sup>\|</sup> 71** |

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**NOTES** 

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| **72 <sup>\|</sup> AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO** | **abfunds.com** |

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![LOGO](g422088g43p34.jpg)

AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

STC-0151-1022 ![LOGO](g422088g22c48.jpg)

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**OCT** <sup>10.31.22</sup>

![LOGO](g346657g43p34.jpg)

ANNUAL REPORT

## AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO
![LOGO](g346657covart_7682.jpg)

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

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

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

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

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

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

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

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g346657g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g346657g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 8, 2022** 

This report provides management's discussion of fund performance for the AB Tax-Aware Fixed Income Opportunities Portfolio for the annual reporting period ended October 31, 2022.

**The investment objective of the Fund is to seek to maximize after-tax return and income.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** |  |  |
| Class A Shares | -5.68% | -12.93% |
| Class C Shares | -6.04% | -13.59% |
| Advisor Class Shares<sup>1</sup> | -5.56% | -12.71% |
| Bloomberg Municipal Bond Index | -4.43% | -11.98% |

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| 1 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes of the Fund underperformed the benchmark, before sales charges. The Fund's overweight to municipal credit detracted, relative to the benchmark. Yield-curve positioning contributed, particularly an overweight to the long part of the yield curve.

For the 12-month period, security selection within the private-higher-education sector detracted. During the six-month period, security selection within special tax detracted.

The Fund utilized derivatives in the form of interest rate swaps for hedging purposes, which detracted from absolute returns for both periods. Credit default swaps were used for hedging and investment purposes, which added for both periods. Consumer Price Index ("CPI") swaps were utilized for hedging purposes, which had no material impact over both periods. Municipal market data rate locks were used for investment purposes, which added for both periods.

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| **2 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**MARKET REVIEW AND INVESTMENT STRATEGY** 

Yields continued their ascent higher toward the end of the reporting period ended October 31, 2022. During the 12-month period, the yield on a 10-Year AAA municipal bond rose to 3.39% from 1.22% and the yield on the 10-Year US Treasury rose to 4.06% from 1.58%. Demand for municipals continued to weaken during the six-month period, as investors have pulled approximately $104.8 billion year to date from municipal bond mutual funds and exchange-traded funds as of October 26, 2022. In addition to broader fixed-income market volatility, these municipal market outflows contributed to municipal underperformance versus US Treasuries, with 10-Year AAA Muni/Treasury after-tax spreads widening 73 basis points ("b.p.") during the 12-month period and 1 b.p. during the six-month period. Average BBB credit spreads widened during the 12-month and six-month periods by approximately 60 b.p. and 26 b.p., respectively.

The Fund's Senior Investment Management Team (the "Team") continues to seek investments in attractive after-tax returns such as municipal and taxable fixed-income and selective below investment-grade bonds. The Team seeks to manage interest-rate exposure by focusing on lower-rated municipal and corporate bonds.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of October 31, 2022, 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 were 2.52% and 0.00%, respectively.

**INVESTMENT POLICIES** 

The Fund pursues its objective by investing principally in a national portfolio of both municipal and taxable fixed-income securities. The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Fund also invests, under normal circumstances, at least 65% of its total assets in municipal securities that pay interest that is exempt from federal income tax. These

(continued on next page)

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 3** |

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securities may pay interest that is subject to the federal alternative minimum tax for certain taxpayers. The income earned and distributed to shareholders on non-municipal securities would not be exempt from federal income tax. The Fund may invest in fixed-income securities rated below investment grade (commonly known as "junk bonds"), although such securities are not expected to be the Fund's primary focus.

The Adviser selects securities for the Fund based on a variety of factors, including credit quality, maturity, diversification benefits, and the relative expected after-tax returns of taxable and municipal securities (considering federal tax rates and without regard to state and local income taxes). As the objective is to increase the after-tax return of the Fund, an investor in the Fund may incur a tax liability that will generally be greater than the same investor would have in a fund investing exclusively in municipal securities, and that will be higher if the investor is in a higher tax bracket. In addition, the tax implications of the Fund's trading activity, such as realizing taxable gains, are considered in making purchase and sale decisions for the Fund. The Fund may invest in fixed-income securities of any maturity from short- to long-term.

The Fund may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities.

The Fund may use derivatives, such as swaps, options, futures contracts and forwards, to achieve its investment strategies. For example, the Fund may enter into tender option bonds and credit default and interest rate swaps relating to municipal and taxable fixed-income securities or securities indices. Derivatives may provide more efficient and economical exposure to fixed-income securities markets than direct investments.

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| **4 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, 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, or 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. For example, the novel coronavirus (COVID-19) pandemic

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. 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.

Congress has previously considered making changes to the municipal securities provisions of the Internal Revenue Code that could change the US federal income tax treatment of certain types of municipal securities.

The Fund invests, from time to time, in the municipal securities of Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Like many US states and municipalities, Puerto Rico experienced a significant downturn during the 2007-2009 recession. Puerto Rico's downturn was particularly severe, and Puerto Rico continues to face a very challenging economic and fiscal environment, including as a result of the COVID-19 pandemic. 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 experience continued volatility.

**Tax Risk:** From time to time, the US government and the US 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 ("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.

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| **6 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**Interest-Rate Risk:** Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

**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. 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:** To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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.

**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

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

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.

These and other risks are more fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 3% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to their different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| **8 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

12/11/2013<sup>1</sup> TO 10/31/2022

![LOGO](g346657g08v08.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Tax-Aware Fixed Income Opportunities Portfolio Class A shares (from 12/11/2013<sup>1</sup> to 10/31/2022) as compared to the performance of its benchmark. The chart reflects the deduction of the maximum 3.00% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 12/11/2013.

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | NAV Returns | SEC Returns<sup></sup>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> | Taxable<br>Equivalent<br>Yields<sup>2</sup> |
| **CLASS A SHARES** |  |  | 3.69% | 5.68% |
| 1 Year | -12.93% | -15.56% |  |  |
| 5 Years | 0.73% | 0.12% |  |  |
| Since Inception<sup>3</sup> | 2.06% | 1.71% |  |  |
| **CLASS C SHARES** |  |  | 3.05% | 4.69% |
| 1 Year | -13.59% | -14.44% |  |  |
| 5 Years | -0.02% | -0.02% |  |  |
| Since Inception<sup>3,4</sup> | 1.31% | 1.31% |  |  |
| **ADVISOR CLASS SHARES**<sup>5</sup> |  |  | 4.07% | 6.26% |
| 1 Year | -12.71% | -12.71% |  |  |
| 5 Years | 0.98% | 0.98% |  |  |
| Since Inception<sup>3</sup> | 2.32% | 2.32% |  |  |

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**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.08%, 1.81% and 0.82% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios, exclusive of 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, brokerage commissions and other transaction costs, to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

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|:---|:---|
| 2 | Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.  |

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3 Inception date: 12/11/2013.

4 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 5 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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| **10 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br> (reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -14.73% |
| 5 Years | 0.38% |
| Since Inception<sup>1</sup> | 1.86% |
| **CLASS C SHARES** |  |
| 1 Year | -13.61% |
| 5 Years | 0.24% |
| Since Inception<sup>1,2</sup> | 1.46% |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |
| 1 Year | -11.86% |
| 5 Years | 1.22% |
| Since Inception<sup>1</sup> | 2.47% |

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1 Inception date: 12/11/2013.

2 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 3 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 11** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| **12 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  | | |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $943.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | 0.76% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.37 | $3.87 | 0.76% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $939.60 | $7.38 | 1.51% |
|  Hypothetical\*\* | $1000 | $1017.59 | $7.68 | 1.51% |
| **Advisor Class** | **Advisor Class** |  |  |  |
|  Actual | $1000 | $944.40 | $2.50 | 0.51% |
|  Hypothetical\*\* | $1000 | $1022.63 | $2.60 | 0.51% |

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\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 13** |

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $311.0

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![LOGO](g346657g01a09.jpg)

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![LOGO](g346657g01b09.jpg)

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| 1 | The Fund's quality rating and state breakdowns are expressed as a percentage of the Fund's total investments in municipal securities and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). 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 the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy 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.  |

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| 2 | "Other" represents less than 2.7% in 31 different states, American Samoa, District of Columbia and Guam.  |

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| **14 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 101.6%** | **MUNICIPAL OBLIGATIONS – 101.6%** | **MUNICIPAL OBLIGATIONS – 101.6%** |
|  **Long-Term Municipal Bonds – 88.7%** | **Long-Term Municipal Bonds – 88.7%** | **Long-Term Municipal Bonds – 88.7%** |
|  **Alabama – 2.8%** | **Alabama – 2.8%** | **Alabama – 2.8%** |
|  Black Belt Energy Gas District <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2021 <br>4.00%, 10/01/2052 | $1000 | $962604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-F <br>5.50%, 11/01/2053 | 2000 | 2020041 |
|  County of Jefferson AL Sewer Revenue <br>Series 2013-D <br>6.00%, 10/01/2042 | 110 | 117302 |
|  Infirmary Health System Special Care Facilities Financing Authority of Mobile <br>(Infirmary Health System Obligated Group) <br>Series 2021 <br>4.00%, 02/01/2037 | 1610 | 1435791 |
|  Southeast Energy Authority A Cooperative District<br>Series 2022-A<br>4.95% (SOFR + 2.42%), 01/01/2053<sup>(a)(b)</sup> | 2000 | 1988254 |
|  Southeast Energy Authority A Cooperative District<br>(Morgan Stanley) <br>Series 2022 <br>5.50%, 01/01/2053<sup>(a)</sup> | 1000 | 1010803 |
|  Sumter County Industrial Development Authority/AL <br>(Enviva, Inc.) <br>Series 2022 <br>6.00%, 07/15/2052 | 1185 | 1069904 |
|  |  | 8604699 |
|  **American Samoa – 0.1%** |  |  |
|  American Samoa Economic Development Authority <br>(Territory of American Samoa) <br>Series 2018 <br>7.125%, 09/01/2038<sup>(c)</sup> | 135 | 149564 |
|  **Arizona – 2.0%** |  |  |
|  Arizona Industrial Development Authority <br>(Arizona Industrial Development Authority) <br>Series 2019-2, Class A <br>3.625%, 05/20/2033 | 194 | 175255 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2050<sup>(c)</sup> | 1000 | 877257 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 15** |

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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>(Phoenix Children's Hospital Obligated Group) <br>Series 2021 <br>4.00%, 02/01/2040 | $1000 | $878664 |
|  Arizona Industrial Development Authority <br>(Pinecrest Academy of Nevada) <br>Series 2020-A <br>4.00%, 07/15/2050<sup>(c)</sup> | 100 | 71427 |
|  Chandler Industrial Development Authority <br>(Intel Corp.) <br>Series 2022 <br>5.00%, 09/01/2042 | 2000 | 2048665 |
|  City of Glendale AZ <br>(City of Glendale AZ COP) <br>Series 2021 <br>2.222%, 07/01/2030 | 1000 | 800320 |
|  City of Tempe AZ <br>(City of Tempe AZ COP) <br>Series 2021 <br>2.521%, 07/01/2036 | 1000 | 706929 |
|  Industrial Development Authority of the City of Phoenix (The) <br>(GreatHearts Arizona Obligated Group) <br>Series 2014 <br>5.00%, 07/01/2044 | 100 | 94409 |
|  Industrial Development Authority of the County of Pima (The) <br>(La Posada at Park Centre, Inc. Obligated Group) <br>Series 2022 <br>6.75%, 11/15/2042<sup>(c)</sup> | 250 | 249447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2057<sup>(c)</sup> | 250 | 246774 |
|  Maricopa County Industrial Development Authority <br>(Commercial Metals Co.) <br>Series 2022 <br>4.00%, 10/15/2047<sup>(c)</sup> | 150 | 110193 |
|  |  | 6259340 |
|  **Arkansas – 0.4%** |  |  |
|  Arkansas Development Finance Authority <br>(Baptist Memorial Health Care Obligated Group) <br>Series 2020 <br>5.00%, 09/01/2044 | 1000 | 909463 |

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| **16 <sup>\|</sup> 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** |
|  Arkansas Development Finance Authority <br>(United States Steel Corp.) <br>Series 2022 <br>5.45%, 09/01/2052<sup>(c)</sup> | $200 | $180201 |
|  |  | 1089664 |
|  **California – 8.2%** |  |  |
|  Alameda Corridor Transportation Authority <br>Series 2022-A<br>Zero Coupon, 10/01/2049 | 1000 | 444493 |
|  ARC70 II TRUST <br>Series 2021 <br>4.00%, 12/01/2059 | 300 | 237801 |
|  California Community Housing Agency <br>(California Community Housing Agency Aster Apartments) <br>Series 2021-A <br>4.00%, 02/01/2056<sup>(c)</sup> | 1000 | 746527 |
|  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>(c)</sup> | 250 | 186694 |
|  California Community Housing Agency <br>(California Community Housing Agency Fountains at Emerald Park) <br>Series 2021 <br>3.00%, 08/01/2056<sup>(c)</sup> | 500 | 299122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2046<sup>(c)</sup> | 500 | 346049 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(c)</sup> | 1000 | 603967 |
|  California Community Housing Agency <br>(California Community Housing Agency Twin Creek Apartments) <br>Series 2022<br>Zero Coupon, 08/01/2065<sup>(c)</sup> | 2500 | 110554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/2040<sup>(c)</sup> | 1000 | 832613 |
|  California Housing Finance Agency <br>Series 2019-2, Class A <br>4.00%, 03/20/2033 | 153 | 144546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class X <br>0.823%, 03/25/2035<sup>(d)</sup> | 1000 | 55615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A <br>3.25%, 08/20/2036 | 247 | 201808 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Infrastructure & Economic Development Bank <br>Series 2022 <br>0.85%, 01/01/2050 (Pre-refunded/ETM)<sup>(c)</sup> | $5000 | $4954820 |
|  California Municipal Finance Authority<br>(CHF-Riverside II LLC)<br>Series 2019 <br>5.00%, 05/15/2040 | 250 | 237934 |
|  California Pollution Control Financing Authority <br>(Poseidon Resources Channelside LP) <br>Series 2012 <br>5.00%, 11/21/2045<sup>(c)</sup> | 250 | 222991 |
|  California School Finance Authority <br>(Classical Academy Obligated Group) <br>Series 2022 <br>5.00%, 10/01/2052<sup>(c)</sup> | 1000 | 898146 |
|  California Statewide Communities Development Authority<br>(Enloe Medical Center Obligated Group)<br>AGM Series 2022-A <br>5.375%, 08/15/2057<sup>(a)</sup> | 1000 | 992267 |
|  California Statewide Communities Development Authority <br>(Loma Linda University Medical Center) <br>Series 2016-A <br>5.00%, 12/01/2041<sup>(c)</sup> | 1000 | 915333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2056<sup>(c)</sup> | 250 | 227028 |
|  City of Los Angeles Department of Airports <br>Series 2020-C <br>5.00%, 05/15/2039 | 1000 | 1003432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 05/15/2047 | 1000 | 832635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/2047 | 2000 | 2023336 |
|  CMFA Special Finance Agency <br>Series 2022-A <br>4.00%, 08/01/2058<sup>(c)</sup> | 400 | 286815 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Latitude33) <br>Series 2021-A <br>3.00%, 12/01/2056<sup>(c)</sup> | 200 | 116366 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Solana at Grand) <br>Series 2021-A <br>4.00%, 08/01/2056<sup>(c)</sup> | 250 | 186312 |

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| **18 <sup>\|</sup> 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** |
|  CMFA Special Finance Agency VIII Elan Huntington Beach <br>Series 2021 <br>3.00%, 08/01/2056<sup>(c)</sup> | $1000 | $597346 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona) <br>Series 2021 <br>3.25%, 05/01/2057<sup>(c)</sup> | 250 | 157738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(c)</sup> | 350 | 220233 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(c)</sup> | 400 | 297944 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(c)</sup> | 200 | 137341 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(c)</sup> | 500 | 375102 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Jefferson Platinum Triangle Apartments) <br>Series 2021-A2 <br>3.125%, 08/01/2056<sup>(c)</sup> | 100 | 61578 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>3.25%, 07/01/2056<sup>(c)</sup> | 500 | 298135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2058<sup>(c)</sup> | 200 | 123765 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Park Crossing Apartments) <br>Series 2021 <br>3.25%, 12/01/2058<sup>(c)</sup> | 300 | 181476 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Pasadena Portfolio) <br>Series 2021 <br>3.00%, 12/01/2056<sup>(c)</sup> | 1000 | 594009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2056<sup>(c)</sup> | 400 | 256975 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 19** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Union South Bay) <br>Series 2021-A2 <br>4.00%, 07/01/2056<sup>(c)</sup> | $1000 | $696906 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Vineyard Gardens Apartments) <br>Series 2021 <br>3.25%, 10/01/2058<sup>(c)</sup> | 1000 | 606060 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Waterscape Apartments) <br>Series 2021-A <br>3.00%, 09/01/2056<sup>(c)</sup> | 500 | 294503 |
|  Golden State Tobacco Securitization Corp. <br>Series 2021 <br>3.85%, 06/01/2050 | 1000 | 852689 |
|  Hastings Campus Housing Finance Authority <br>Series 2020-A <br>5.00%, 07/01/2061<sup>(c)</sup> | 1000 | 762737 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1) <br>Series 2022 <br>5.75%, 09/01/2052 | 1000 | 883304 |
|  San Francisco Intl Airport <br>Series 2022-A <br>5.00%, 05/01/2052 | 1000 | 954906 |
|  Tobacco Securitization Authority of Northern California <br>(Sacramento County Tobacco Securitization Corp.) <br>Series 2021<br>Zero Coupon, 06/01/2060 | 200 | 24642 |
|  Tobacco Securitization Authority of Southern California <br>(San Diego County Tobacco Asset Securitization Corp.) <br>Series 2006<br>Zero Coupon, 06/01/2046 | 1000 | 156785 |
|  |  | 25641378 |
|  **Colorado – 2.0%** |  |  |
|  Aurora Highlands Community Authority Board <br>Series 2021-A <br>5.75%, 12/01/2051 | 500 | 418319 |

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| **20 <sup>\|</sup> 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** |
|  City & County of Denver CO <br>(United Airlines, Inc.) <br>Series 2017 <br>5.00%, 10/01/2032 | $615 | $591478 |
|  Colorado Educational & Cultural Facilities Authority <br>(James Irwin Educational Foundation Obligated Group) <br>Series 2022 <br>5.00%, 09/01/2062 | 1000 | 874181 |
|  Colorado Educational & Cultural Facilities Authority <br>(Lighthouse Building Corp.) <br>Series 2021 <br>4.00%, 10/01/2061 | 1000 | 689563 |
|  Colorado Health Facilities Authority <br>(Aberdeen Ridge, Inc. Obligated Group) <br>Series 2021-A <br>5.00%, 05/15/2049 | 100 | 76321 |
|  Colorado Health Facilities Authority <br>(Christian Living Neighborhoods Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2042 | 250 | 176459 |
|  Colorado Health Facilities Authority <br>(Frasier Meadows Manor, Inc. Obligated Group) <br>Series 2023-2 <br>4.00%, 05/15/2041<sup>(a)</sup> | 100 | 75971 |
|  Colorado Health Facilities Authority <br>(Parkview Medical Center, Inc. Obligated Group) <br>Series 2015-B <br>5.00%, 09/01/2030 | 200 | 202821 |
|  Copper Ridge Metropolitan District <br>Series 2019 <br>5.00%, 12/01/2039 | 500 | 434651 |
|  Douglas County Housing Partnership<br>(Bridgewater Castle Rock ALF LLC)<br>Series 2021 <br>5.375%, 01/01/2041<sup>(c)</sup> | 250 | 179407 |
|  E-470 Public Highway Authority <br>Series 2021-B<br>2.387% (SOFR + 0.35%), 09/01/2039<sup>(b)</sup> | 1000 | 984813 |
|  Four Corners Business Improvement District <br>Series 2022 <br>6.00%, 12/01/2052 | 500 | 420958 |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 21** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Johnstown Plaza Metropolitan District <br>Series 2022 <br>4.25%, 12/01/2046 | $500 | $378407 |
|  Pueblo Urban Renewal Authority <br>Series 2021-B<br>Zero Coupon, 12/01/2025<sup>(c)</sup> | 260 | 214530 |
|  Vauxmont Metropolitan District<br>AGM Series 2019 <br>5.00%, 12/15/2028 | 380 | 402910 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2020 <br>5.00%, 12/01/2050 | 100 | 100434 |
|  |  | 6221223 |
|  **Connecticut – 0.5%** |  |  |
|  City of New Haven CT <br>Series 2018-A <br>5.50%, 08/01/2038 | 615 | 644556 |
|  Connecticut State Health & Educational Facilities Authority <br>(Stamford Hospital Obligated Group (The)) <br>Series 2022 <br>4.00%, 07/01/2037 | 1000 | 874482 |
|  Town of Hamden CT <br>(Whitney Center, Inc. Obligated Group) <br>Series 2022-A <br>7.00%, 01/01/2053 | 100 | 98020 |
|  |  | 1617058 |
|  **Delaware – 0.4%** |  |  |
|  Delaware River & Bay Authority <br>Series 2022 <br>5.00%, 01/01/2032 | 1100 | 1210175 |
|  **District of Columbia – 0.6%** |  |  |
|  District of Columbia <br>(Friendship Public Charter School, Inc.) <br>Series 2016-A <br>5.00%, 06/01/2041 | 100 | 95311 |
|  District of Columbia Tobacco Settlement Financing Corp. <br>Series 2006<br>Zero Coupon, 06/15/2055 | 2500 | 175678 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue<br>AGM Series 2022 <br>4.00%, 10/01/2052 | 2000 | 1637353 |
|  |  | 1908342 |

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|:---|:---|
| **22 <sup>\|</sup> 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** |
|  **Florida – 5.7%** |  |  |
|  Align Affordable Housing Bond Fund LP<br>(SHI – Lake Worth LLC)<br>Series 2021 <br>3.25%, 12/01/2051<sup>(c)</sup> | $1000 | $832384 |
|  Bexley Community Development District <br>Series 2016 <br>4.875%, 05/01/2047 | 100 | 89213 |
|  Capital Trust Agency, Inc.<br>(Educational Growth Fund LLC)<br>Series 2021 <br>5.00%, 07/01/2056<sup>(c)</sup> | 1000 | 832365 |
|  City of Palmetto FL <br>(Renaissance Arts and Education, Inc.) <br>Series 2022 <br>5.375%, 06/01/2057 | 1000 | 896749 |
|  City of Tampa FL <br>(State of Florida Cigarette Tax Revenue) <br>Series 2020-A<br>Zero Coupon, 09/01/2053 | 1000 | 170852 |
|  County of Broward FL Airport System Revenue <br>Series 2019-A <br>4.00%, 10/01/2044 | 1000 | 827871 |
|  County of Lake FL <br>(Waterman Communities, Inc.) <br>Series 2020 <br>5.75%, 08/15/2055 | 200 | 162182 |
|  County of Miami-Dade FL <br>(County of Miami-Dade FL Non-Ad Valorem) <br>Series 2015-A <br>5.00%, 06/01/2028 | 780 | 806495 |
|  County of Miami-Dade FL Aviation Revenue <br>Series 2015-A <br>5.00%, 10/01/2031 | 265 | 266019 |
|  County of Osceola FL Transportation Revenue <br>Series 2020-A<br>Zero Coupon, 10/01/2036 | 230 | 101608 |
|  Florida Development Finance Corp. <br>(Assistance Unlimited, Inc,) <br>Series 2022 <br>6.00%, 08/15/2057<sup>(c)</sup> | 350 | 296990 |
|  Florida Development Finance Corp.<br>(Brightline Trains Florida LLC)<br>Series 2020 <br>7.375%, 01/01/2049<sup>(c)</sup> | 500 | 422084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>2.90%, 12/01/2056 (Pre-refunded/ETM) | 3000 | 2976129 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Florida Development Finance Corp. <br>(Cornerstone Charter Academy, Inc.) <br>Series 2022 <br>5.00%, 10/01/2042<sup>(c)</sup> | $1000 | $879355 |
|  Florida Development Finance Corp. <br>(Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) <br>Series 2021 <br>4.00%, 07/01/2051<sup>(c)</sup> | 100 | 70985 |
|  Florida Development Finance Corp. <br>(IDEA Florida, Inc.) <br>Series 2022 <br>5.25%, 06/15/2029<sup>(c)</sup> | 100 | 94743 |
|  Florida Development Finance Corp. <br>(Seaside School Consortium, Inc.) <br>Series 2022 <br>5.75%, 06/15/2047 | 1000 | 977148 |
|  Lee County Industrial Development Authority/FL <br>(Cypress Cove at Healthpark Florida Obligated Group) <br>Series 2022 <br>5.25%, 10/01/2052 | 500 | 417435 |
|  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>(c)</sup> | 1000 | 817395 |
|  North Broward Hospital District <br>Series 2017-B <br>5.00%, 01/01/2037 | 100 | 97455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 170 | 154366 |
|  Orange County Health Facilities Authority <br>(Presbyterian Retirement Communities, Inc. Obligated Group) <br>Series 2023 <br>4.00%, 08/01/2042<sup>(a)</sup> | 250 | 195410 |
|  Palm Beach County Educational Facilities Authority <br>(Palm Beach Atlantic University Obligated Group) <br>Series 2021 <br>4.00%, 10/01/2041 | 1000 | 836108 |
|  Palm Beach County Health Facilities Authority <br>(Federation CCRC Operations Corp. Obligated Group) <br>Series 2022 <br>4.25%, 06/01/2056 | 200 | 141955 |

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|:---|:---|
| **24 <sup>\|</sup> 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, Inc.) <br>Series 2022 <br>11.50%, 07/01/2027<sup>(c)</sup> | $100 | $95823 |
|  Palm Beach County Health Facilities Authority <br>(Jupiter Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 11/01/2052 | 2000 | 1817417 |
|  Pinellas County Industrial Development Authority <br>Series 2019 <br>5.00%, 07/01/2039 | 505 | 463180 |
|  Town of Davie FL <br>(Nova Southeastern University, Inc.) <br>Series 2018 <br>5.00%, 04/01/2048 | 530 | 533512 |
|  Village Community Development District No. 13 <br>Series 2019 <br>3.55%, 05/01/2039 | 610 | 454317 |
|  Village Community Development District No. 14 <br>Series 2022 <br>5.50%, 05/01/2053 | 1000 | 982584 |
|  |  | 17710129 |
|  **Georgia – 1.2%** |  |  |
|  Augusta Development Authority <br>(AU Health System Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2025 | 145 | 140778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 | 1065 | 974437 |
|  Main Street Natural Gas, Inc. <br>(Citadel LP) <br>Series 2022-C <br>4.00%, 08/01/2052<sup>(c)</sup> | 1000 | 923521 |
|  Municipal Electric Authority of Georgia <br>Series 2019 <br>5.00%, 01/01/2038 | 100 | 98644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.50%, 07/01/2063 | 1500 | 1447065 |
|  |  | 3584445 |
|  **Guam – 0.8%** |  |  |
|  Antonio B Won Pat International Airport Authority <br>Series 2021-A <br>4.46%, 10/01/2043 | 1000 | 750769 |
|  Guam Power Authority <br>Series 2022-A <br>5.00%, 10/01/2043 | 500 | 489727 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Territory of Guam <br>Series 2019 <br>5.00%, 11/15/2031 | $195 | $189427 |
|  Territory of Guam <br>(Territory of Guam Business Privilege Tax) <br>Series 2021-F <br>5.00%, 01/01/2029 | 1000 | 998903 |
|  |  | 2428826 |
|  **Illinois – 8.0%** |  |  |
|  Chicago Board of Education <br>Series 2012-A <br>5.00%, 12/01/2042 | 240 | 212404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 12/01/2029 | 100 | 98075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/2030 | 100 | 97626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>5.00%, 12/01/2033 | 100 | 95313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A <br>5.00%, 12/01/2033 | 1000 | 955516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B <br>4.00%, 12/01/2041 | 2000 | 1571799 |
|  Chicago O'Hare International Airport <br>5.50%, 01/01/2055 | 5000 | 4989028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C <br>5.00%, 01/01/2034 | 335 | 332306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B <br>5.00%, 01/01/2035 | 725 | 736431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 01/01/2053 | 1000 | 934492 |
|  Illinois Finance Authority <br>(Clark-Lindsey Village Obligated Group) <br>Series 2022-A <br>5.50%, 06/01/2057 | 1000 | 858097 |
|  Illinois Finance Authority <br>(Illinois Institute of Technology) <br>Series 2019 <br>4.00%, 09/01/2035 | 100 | 84041 |
|  Illinois Finance Authority <br>(Lake Forest College) <br>Series 2022-A <br>5.50%, 10/01/2047 | 1000 | 901536 |
|  Illinois Finance Authority <br>(Park Place of Elmhurst Obligated Group) <br>Series 2021 <br>5.125%, 05/15/2060 | 77 | 52415 |

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| | |
|:---|:---|
| **26 <sup>\|</sup> 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** |
|  Illinois Finance Authority <br>(Silver Cross Hospital Obligated Group) <br>Series 2015-C <br>5.00%, 08/15/2035 | $250 | $250133 |
|  Illinois Finance Authority <br>(University of Chicago (The)) <br>Series 2021-A <br>5.00%, 10/01/2037 | 2000 | 2119718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2038 | 1000 | 1057626 |
|  Illinois Housing Development Authority <br>Series 2022 <br>5.67%, 12/01/2025<sup>(c)</sup> | 1000 | 995961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.17%, 11/01/2038 | 100 | 98227 |
|  Illinois State Toll Highway Authority <br>Series 2021-A <br>4.00%, 01/01/2042 | 1000 | 861471 |
|  Metropolitan Pier & Exposition Authority <br>Series 2015-B <br>5.00%, 12/15/2045 | 600 | 555247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>5.00%, 06/15/2050 | 640 | 584967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/15/2042 | 1000 | 809051 |
|  State of Illinois <br>Series 2010 <br>7.35%, 07/01/2035 | 232 | 237709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013 <br>5.50%, 07/01/2025 | 270 | 271412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016 <br>5.00%, 02/01/2024 | 375 | 378158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D <br>5.00%, 11/01/2026 | 930 | 936352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A <br>5.00%, 10/01/2027 | 1000 | 1003844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B <br>5.00%, 11/01/2031 | 1000 | 994778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 03/01/2047 | 1000 | 966918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>5.50%, 10/01/2045 | 1000 | 973511 |
|  |  | 25014162 |
|  **Indiana – 1.4%** |  |  |
|  City of Valparaiso IN<br>(Green Oaks of Valparaiso LLC)<br>Series 2021 <br>5.375%, 12/01/2041<sup>(c)</sup> | 150 | 107878 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Indiana Finance Authority <br>Series 2013-A <br>5.00%, 07/01/2040 (Pre-refunded/ETM) | $100 | $100545 |
|  Indiana Finance Authority<br>(Brightmark Plastics Renewal Indiana LLC)<br>Series 2019 <br>7.00%, 03/01/2039<sup>(c)</sup> | 1150 | 837102 |
|  Indiana Finance Authority<br>(Fulcrum Centerpoint LLC)<br>Series 2021 <br>0.28%, 12/15/2045 | 1000 | 998906 |
|  Indiana Finance Authority <br>(Good Samaritan Hospital Obligated Group) <br>Series 2022 <br>5.00%, 04/01/2029 | 100 | 102508 |
|  Indiana Finance Authority <br>(Greencroft Goshen Obligated Group) <br>Series 2021 <br>4.00%, 11/15/2043 | 1000 | 747188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2 <br>4.00%, 11/15/2037<sup>(a)</sup> | 100 | 76374 |
|  Indiana Finance Authority <br>(Marquette Manor) <br>Series 2015-A <br>5.00%, 03/01/2030 | 190 | 190143 |
|  Indiana Finance Authority <br>(Ohio Valley Electric Corp.) <br>Series 2021-B <br>2.50%, 11/01/2030 | 165 | 134924 |
|  Indiana Finance Authority <br>(University of Evansville) <br>Series 2022 <br>5.25%, 09/01/2057 | 1000 | 844596 |
|  Indiana Housing & Community Development Authority<br>(Vita of Marion LLC)<br>Series 2021-B <br>4.00%, 04/01/2024 | 100 | 95739 |
|  |  | 4235903 |
|  **Iowa – 2.5%** |  |  |
|  Iowa Finance Authority <br>Series 2022-E<br>2.914% (SOFR + 0.80%), 01/01/2052<sup>(b)</sup> | 5000 | 4874035 |
|  Iowa Finance Authority<br>(Iowa Fertilizer Co. LLC)<br>Series 2022 <br>5.00%, 12/01/2050 | 2000 | 1776810 |

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| | |
|:---|:---|
| **28 <sup>\|</sup> 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** |
|  Iowa Finance Authority <br>(Lifespace Communities, Inc. Obligated Group)<br>Series 2018-A <br>5.00%, 05/15/2043 | $500 | $428243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/2048 | 325 | 270813 |
|  Iowa Finance Authority <br>(Wesley Retirement Services, Inc. Obligated Group) <br>Series 2021 <br>4.00%, 12/01/2031 | 125 | 110012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2041 | 170 | 131668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2046 | 115 | 84141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2051 | 205 | 144571 |
|  |  | 7820293 |
|  **Kentucky – 1.0%** |  |  |
|  City of Ashland KY <br>(Ashland Hospital Corp. Obligated Group) <br>Series 2019 <br>4.00%, 02/01/2034 | 385 | 339364 |
|  City of Henderson KY<br>(Pratt Paper LLC)<br>Series 2022 <br>3.70%, 01/01/2032<sup>(c)</sup> | 325 | 294449 |
|  Kentucky Economic Development Finance Authority <br>(Baptist Healthcare System Obligated Group) <br>Series 2017-B <br>5.00%, 08/15/2037 | 175 | 176868 |
|  Kentucky Economic Development Finance Authority <br>(Carmel Manor, Inc.) <br>Series 2022 <br>4.50%, 10/01/2027 | 1000 | 983535 |
|  Kentucky Economic Development Finance Authority <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2039 | 160 | 135274 |
|  Kentucky Economic Development Finance Authority <br>(Masonic Homes of Kentucky, Inc. Obligated Group) <br>Series 2012 <br>5.375%, 11/15/2042 | 65 | 52811 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 29** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group) <br>Series 2017-A <br>5.00%, 06/01/2037 | $425 | $419516 |
|  Kentucky Public Energy Authority <br>(BP PLC) <br>Series 2020-A <br>4.00%, 12/01/2050 | 600 | 584054 |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group) <br>Series 2016 <br>5.00%, 10/01/2033 | 225 | 228255 |
|  |  | 3214126 |
|  **Louisiana – 1.4%** |  |  |
|  City of New Orleans LA Water System Revenue <br>Series 2014 <br>5.00%, 12/01/2034 (Pre-refunded/ETM) | 100 | 103495 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth <br>(Woman's Hospital Foundation) <br>Series 2017 <br>5.00%, 10/01/2036 | 675 | 682072 |
|  Louisiana Public Facilities Authority <br>(Geo Prep Mid-City of Greater Baton Rouge) <br>Series 2022 <br>6.125%, 06/01/2052<sup>(c)</sup> | 1025 | 933638 |
|  Louisiana Public Facilities Authority <br>(Louisiana Pellets, Inc.) <br>Series 2014-A <br>7.50%, 07/01/2023<sup>(e)(f)</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 | 1269594 |
|  New Orleans Aviation Board <br>Series 2017-B <br>5.00%, 01/01/2043 | 215 | 205989 |
|  Parish of St. James LA <br>(NuStar Logistics LP) <br>Series 2020-2 <br>6.35%, 07/01/2040<sup>(c)</sup> | 100 | 105079 |
|  State of Louisiana Gasoline & Fuels Tax Revenue <br>Series 2022-A<br>2.628% (SOFR + 0.50%), 05/01/2043<sup>(b)</sup> | 995 | 959595 |
|  |  | 4259465 |

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|:---|:---|
| **30 <sup>\|</sup> 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** |
|  **Maine – 0.0%** |  |  |
|  Finance Authority of Maine <br>(Casella Waste Systems, Inc.) <br>Series 2017 <br>5.25%, 01/01/2025<sup>(c)</sup> | $100 | $99569 |
|  **Maryland – 3.2%** |  |  |
|  City of Baltimore MD <br>(East Baltimore Research Park Project) <br>Series 2017-A <br>5.00%, 09/01/2038 | 150 | 143039 |
|  Maryland Economic Development Corp. <br>(Air Cargo Obligated Group) <br>Series 2019 <br>4.00%, 07/01/2044 | 600 | 473848 |
|  Maryland Economic Development Corp. <br>(Bowie State University) <br>Series 2020 <br>5.00%, 07/01/2055 | 1000 | 878027 |
|  Maryland Economic Development Corp. <br>(Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) <br>Series 2022 <br>6.00%, 07/01/2058<sup>(a)</sup> | 1000 | 1011583 |
|  Maryland Economic Development Corp.<br>(Purple Line Transit Partners LLC)<br>Series 2022 <br>5.25%, 06/30/2047 | 1000 | 977344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/30/2052 | 1000 | 970087 |
|  Maryland Health & Higher Educational Facilities Authority <br>(Adventist Healthcare Obligated Group) <br>Series 2021 <br>5.00%, 01/01/2036 | 500 | 489723 |
|  Maryland Stadium Authority <br>(Baltimore City Public School Construction Financing Fund) <br>Series 2020 <br>5.00%, 05/01/2050 | 1500 | 1485398 |
|  State of Maryland Department of Transportation <br>Series 2022-2 <br>5.00%, 12/01/2023<sup>(a)</sup> | 3500 | 3566336 |
|  |  | 9995385 |
|  **Massachusetts – 1.9%** |  |  |
|  Boston Water & Sewer Commission <br>Series 2012-A <br>4.00%, 11/01/2025 (Pre-refunded/ETM) | 2950 | 2950000 |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 31** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Commonwealth of Massachusetts<br>AGC Series 2007-A<br>2.434% (LIBOR 3 Month + 0.57%), 05/01/2037<sup>(b)</sup> | $1300 | $1225124 |
|  Commonwealth of Massachusetts Transportation Fund Revenue <br>Series 2021 <br>5.00%, 06/01/2041 | 1000 | 1051758 |
|  Massachusetts Development Finance Agency <br>(Merrimack College) <br>Series 2014 <br>5.125%, 07/01/2044 | 620 | 616984 |
|  |  | 5843866 |
|  **Michigan – 0.8%** |  |  |
|  City of Detroit MI <br>Series 2014-B <br>4.00%, 04/01/2044 | 245 | 168938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018 <br>5.00%, 04/01/2038 | 75 | 72808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>3.644%, 04/01/2034 | 200 | 157640 |
|  City of Detroit MI Sewage Disposal System Revenue<br>(Great Lakes Water Authority Sewage Disposal System Revenue)<br>AGM Series 2006-D<br>3.108% (LIBOR 3 Month + 0.60%), 07/01/2032<sup>(b)</sup> | 1000 | 961400 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue) <br>Series 2020-A <br>3.267%, 06/01/2039 | 1000 | 788543 |
|  Michigan Tobacco Settlement Finance Authority<br>(Tobacco Settlement Financing Corp./MI)<br>Series 2008-C<br>Zero Coupon, 06/01/2058 | 7750 | 305691 |
|  |  | 2455020 |
|  **Minnesota – 0.1%** |  |  |
|  City of Wayzata MN <br>(Wayzata Bay Senior Housing, Inc.) <br>Series 2019 <br>5.00%, 08/01/2049 | 105 | 94302 |

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| | |
|:---|:---|
| **32 <sup>\|</sup> 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** |
|  Duluth Economic Development Authority <br>(Benedictine Health System Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2036 | $100 | $83670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 100 | 78861 |
|  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>(c)</sup> | 100 | 64191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2056<sup>(c)</sup> | 100 | 62007 |
|  |  | 383031 |
|  **Mississippi – 0.3%** |  |  |
|  Mississippi Development Bank <br>(Magnolia Regional Health Center) <br>Series 2021 <br>4.00%, 10/01/2035<sup>(c)</sup> | 1000 | 822344 |
|  Mississippi Hospital Equipment & Facilities Authority <br>(Baptist Memorial Health Care Obligated Group) <br>Series 2016-A <br>5.00%, 09/01/2036 | 250 | 244247 |
|  |  | 1066591 |
|  **Missouri – 0.1%** |  |  |
|  Kansas City Industrial Development Authority <br>Series 2019 <br>5.00%, 07/01/2040<sup>(c)</sup> | 185 | 149738 |
|  Lee's Summit Industrial Development Authority <br>(John Knox Village Obligated Group) <br>Series 2021-A <br>5.00%, 08/15/2056 | 300 | 235019 |
|  |  | 384757 |
|  **Nevada – 0.5%** |  |  |
|  City of Reno NV <br>(County of Washoe NV Sales Tax Revenue) <br>Series 2018-C<br>Zero Coupon, 07/01/2058<sup>(c)</sup> | 2000 | 203603 |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(c)</sup> | 525 | 454130 |
|  Clark County School District <br>Series 2021-A <br>4.00%, 06/15/2034 | 1000 | 980698 |
|  |  | 1638431 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 33** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **New Hampshire – 0.9%** |  |  |
|  National Finance Authority <br>(New Hampshire Business Finance Authority) <br>Series 2022-2, Class X <br>0.674%, 10/01/2036<sup>(d)</sup> | $1000 | $51704 |
|  New Hampshire Business Finance Authority <br>Series 2020-1, Class A <br>4.125%, 01/20/2034 | 207 | 190511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A <br>4.375%, 09/20/2036 | 1992 | 1797743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2 <br>0.334%, 09/20/2036 | 1000 | 23428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A <br>4.00%, 10/20/2036 | 999 | 864866 |
|  |  | 2928252 |
|  **New Jersey – 3.4%** |  |  |
|  Essex County Improvement Authority <br>(Friends of TEAM Academy Charter School Obligated Group) <br>Series 2021 <br>4.00%, 06/15/2051 | 1100 | 834434 |
|  New Jersey Economic Development Authority <br>(New Jersey Economic Development Authority State Lease) <br>Series 2019 <br>5.25%, 04/01/2026 | 1000 | 1040138 |
|  New Jersey Economic Development Authority <br>(United Airlines, Inc.) <br>Series 2012 <br>5.25%, 09/15/2029 | 210 | 206329 |
|  New Jersey Educational Facilities Authority <br>(Stevens Institute of Technology International, Inc.) <br>Series 2020-A <br>5.00%, 07/01/2045 | 100 | 95966 |
|  New Jersey Health Care Facilities Financing Authority <br>(Inspira Health Obligated Group) <br>Series 2017-A <br>5.00%, 07/01/2036 | 280 | 282290 |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Fed Hwy Grant) <br>Series 2016 <br>5.00%, 06/15/2029 | 550 | 565763 |

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|:---|:---|
| **34 <sup>\|</sup> 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 Trust Fund Authority State Lease) <br>Series 2018-A <br>5.00%, 12/15/2035 | $340 | $340232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 06/15/2033 | 1000 | 1025241 |
|  New Jersey Turnpike Authority <br>Series 2017-B <br>5.00%, 01/01/2032 | 540 | 569304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-D <br>5.00%, 01/01/2028 | 1350 | 1417426 |
|  South Jersey Transportation Authority<br>BAM Series 2022 <br>5.25%, 11/01/2052 | 1000 | 1014442 |
|  Tobacco Settlement Financing Corp./NJ <br>Series 2018-B <br>5.00%, 06/01/2046 | 3500 | 3213854 |
|  |  | 10605419 |
|  **New Mexico – 0.5%** |  |  |
|  New Mexico Hospital Equipment Loan Council <br>(Haverland Carter Lifestyle Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2049 | 1000 | 770659 |
|  Winrock Town Center Tax Increment Development District No. 1 <br>Series 2022 <br>3.75%, 05/01/2028<sup>(c)</sup> | 867 | 792383 |
|  |  | 1563042 |
|  **New York – 10.9%** |  |  |
|  Build NYC Resource Corp. <br>(Integration Charter Schools) <br>Series 2021 <br>5.00%, 06/01/2056<sup>(c)</sup> | 400 | 335512 |
|  Metropolitan Transportation Authority <br>Series 2020-A <br>5.00%, 11/15/2045 | 1000 | 1023936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C <br>5.00%, 11/15/2050 | 1000 | 902573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-E <br>4.00%, 11/15/2026 | 1155 | 1134818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-D<br>2.367% (SOFR + 0.33%), 11/01/2035<sup>(b)</sup> | 900 | 873533 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 35** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  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 | $445771 |
|  Monroe County Industrial Development Corp/NY <br>(Academy of Health Sciences Charter School) <br>Series 2022 <br>6.00%, 07/01/2057<sup>(c)</sup> | 1000 | 902356 |
|  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 | 915870 |
|  New York Counties Tobacco Trust V <br>Series 2005<br>Zero Coupon, 06/01/2050 | 350 | 39397 |
|  New York State Dormitory Authority <br>(Garnet Health Medical Center Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2034<sup>(c)</sup> | 200 | 192338 |
|  New York State Dormitory Authority <br>(State of New York Pers Income Tax) <br>Series 2014-A <br>5.00%, 02/15/2028 | 425 | 432959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>4.00%, 03/15/2042 | 2000 | 1766136 |
|  New York State Dormitory Authority <br>(Wagner College) <br>Series 2022 <br>5.00%, 07/01/2057 | 2000 | 1750191 |
|  New York State Thruway Authority <br>(State of New York Pers Income Tax) <br>Series 2022-A <br>5.00%, 03/15/2039 | 2000 | 2094387 |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2018 <br>4.00%, 01/01/2036 | 275 | 239925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>4.375%, 10/01/2045 | 2000 | 1656566 |
|  New York Transportation Development Corp. (Laguardia Gateway Partners LLC)<br>Series 2016-A <br>5.00%, 07/01/2041 | 150 | 140101 |

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|:---|:---|
| **36 <sup>\|</sup> 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** |
|  Triborough Bridge & Tunnel Authority <br>(Metropolitan Transportation Authority Payroll Mobility Tax Revenue) <br>Series 2021-A <br>2.917%, 05/15/2040 | $500 | $343751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/2046 | 1000 | 858668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>5.00%, 05/15/2030 | 2000 | 2201553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.00%, 08/15/2024 | 5000 | 5153324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-E <br>3.025%, 04/01/2026<sup>(a)</sup> | 10000 | 10000000 |
|  Ulster County Capital Resource Corp. <br>(Woodland Pond at New Paltz) <br>Series 2017 <br>5.00%, 09/15/2037 | 120 | 94099 |
|  Westchester County Local Development Corp. <br>(Purchase Senior Learning Community Obligated Group) <br>Series 2021 <br>2.875%, 07/01/2026<sup>(c)</sup> | 250 | 237653 |
|  Western Regional Off-Track Betting Corp. <br>Series 2021 <br>4.125%, 12/01/2041<sup>(c)</sup> | 100 | 71639 |
|  |  | 33807056 |
|  **North Carolina – 0.5%** |  |  |
|  Fayetteville State University <br>Series 2023 <br>5.00%, 04/01/2038<sup>(a)(c)</sup> | 1045 | 1031879 |
|  North Carolina Turnpike Authority <br>Series 2017 <br>5.00%, 01/01/2032 | 500 | 502192 |
|  |  | 1534071 |
|  **North Dakota – 0.0%** |  |  |
|  County of Grand Forks ND<br>(Red River Biorefinery LLC)<br>Series 2021 <br>6.625%, 12/15/2031<sup>(c)</sup> | 100 | 58767 |
|  **Ohio – 2.5%** |  |  |
|  American Municipal Power, Inc. <br>Series 2020 <br>4.00%, 02/15/2044 | 1000 | 829001 |
|  Buckeye Tobacco Settlement Financing Authority <br>Series 2020-B <br>5.00%, 06/01/2055 | 3995 | 3362329 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 37** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  City of Chillicothe OH <br>(Adena Health System Obligated Group) <br>Series 2017 <br>5.00%, 12/01/2047 | $175 | $166891 |
|  Cleveland-Cuyahoga County Port Authority <br>(Cleveland-Cuyahoga County Port Authority Flats East Bank TIF District) <br>Series 2021 <br>4.00%, 12/01/2055<sup>(c)</sup> | 500 | 363423 |
|  County of Cuyahoga OH <br>(MetroHealth System (The)) <br>Series 2017 <br>5.00%, 02/15/2042 | 205 | 196541 |
|  County of Cuyahoga/OH <br>(County of Cuyahoga OH Lease) <br>Series 2014 <br>5.00%, 12/01/2028 | 365 | 371044 |
|  County of Marion OH <br>(United Church Homes, Inc. Obligated Group) <br>Series 2019 <br>5.125%, 12/01/2049 | 100 | 83358 |
|  County of Montgomery OH <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(c)(e)(g)</sup> | 100 | 37600 |
|  County of Washington OH <br>(Marietta Area Health Care, Inc. Obligated Group) <br>Series 2022 <br>6.625%, 12/01/2042 | 1000 | 901902 |
|  Jefferson County Port Authority/OH <br>(JSW Steel USA Ohio, Inc.) <br>Series 2021 <br>3.50%, 12/01/2051<sup>(c)</sup> | 1000 | 646027 |
|  Ohio Air Quality Development Authority <br>(Ohio Valley Electric Corp.) <br>Series 2019 <br>3.25%, 09/01/2029 | 580 | 515902 |
|  Ohio Air Quality Development Authority <br>(Pratt Paper OH, Inc.) <br>Series 2017 <br>4.25%, 01/15/2038<sup>(c)</sup> | 185 | 161717 |
|  Port of Greater Cincinnati Development Authority <br>Series 2021 <br>4.375%, 06/15/2056 | 100 | 90524 |
|  |  | 7726259 |

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| | |
|:---|:---|
| **38 <sup>\|</sup> 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** |
|  **Oklahoma – 1.3%** |  |  |
|  Norman Regional Hospital Authority <br>(Norman Regional Hospital Authority Obligated Group) <br>Series 2019 <br>3.25%, 09/01/2039 | $505 | $342492 |
|  Oklahoma Development Finance Authority <br>(Oklahoma City University Obligated Group) <br>Series 2019 <br>5.00%, 08/01/2049 | 1180 | 1029726 |
|  Oklahoma Development Finance Authority <br>(OU Medicine Obligated Group) <br>Series 2018-B <br>5.25%, 08/15/2043 | 1000 | 838550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2052 | 1000 | 818238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.50%, 08/15/2044 | 1000 | 867302 |
|  |  | 3896308 |
|  **Oregon – 0.3%** |  |  |
|  Clackamas County Hospital Facility Authority <br>(Rose Villa, Inc. Obligated Group) <br>Series 2020-A <br>5.375%, 11/15/2055 | 1000 | 843090 |
|  **Other – 0.1%** |  |  |
|  Federal Home Loan Mortgage Corp. Multifamily VRD Certificates <br>2.65%, 06/15/2036<sup>(c)</sup> | 375 | 301625 |
|  **Pennsylvania – 4.0%** |  |  |
|  Allegheny County Airport Authority <br>Series 2021-A <br>4.00%, 01/01/2037 | 2000 | 1756587 |
|  Allentown Neighborhood Improvement Zone Development Authority <br>Series 2022 <br>5.25%, 05/01/2042<sup>(c)</sup> | 500 | 435507 |
|  Berks County Municipal Authority (The) <br>(Tower Health Obligated Group) <br>Series 2020-B <br>5.00%, 02/01/2040 | 1000 | 893624 |
|  Bucks County Industrial Development Authority <br>(Grand View Hospital/Sellersville PA Obligated Group) <br>Series 2021 <br>4.00%, 07/01/2051 | 1000 | 661163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2054 | 250 | 200553 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 39** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Chester County Industrial Development Authority <br>(Collegium Charter School) <br>Series 2022 <br>5.625%, 10/15/2042<sup>(c)</sup> | $250 | $230177 |
|  Lancaster County Hospital Authority/PA <br>(St Anne's Retirement Community Obligated Group) <br>Series 2020 <br>5.00%, 03/01/2040 | 1000 | 841630 |
|  Montgomery County Higher Education and Health Authority <br>(Thomas Jefferson University Obligated Group)<br>Series 2022 <br>5.00%, 05/01/2057 | 2000 | 1862426 |
|  Moon Industrial Development Authority <br>(Baptist Homes Society Obligated Group) <br>Series 2015 <br>6.125%, 07/01/2050 | 1000 | 814819 |
|  Moon Industrial Development Authority <br>(Baptist Homes Society) <br>Series 2015 <br>5.75%, 07/01/2035 | 100 | 87021 |
|  Pennsylvania Economic Development Financing Authority <br>(Covanta Holding Corp.) <br>Series 2019 <br>3.25%, 08/01/2039<sup>(c)</sup> | 510 | 359221 |
|  Pennsylvania Economic Development Financing Authority<br>(Iron Cumberland LLC)<br>Series 2022 <br>7.00%, 12/01/2029 | 1000 | 949733 |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 12/31/2038 | 100 | 95002 |
|  Pennsylvania Economic Development Financing Authority <br>(UPMC Obligated Group) <br>Series 2022-C<br>2.94% (MUNIPSA + 0.70%), 11/15/2047<sup>(b)</sup> | 1000 | 968621 |
|  Pennsylvania Turnpike Commission <br>Series 2017-B <br>5.00%, 06/01/2036 | 200 | 201633 |

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| | |
|:---|:---|
| **40 <sup>\|</sup> 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** |
|  Philadelphia Authority for Industrial Development<br>(MaST Community Charter School III)<br>Series 2021 <br>5.00%, 08/01/2054 | $100 | $88128 |
|  Philadelphia Authority for Industrial Development <br>(Philadelphia Performing Arts Charter School) <br>Series 2020 <br>5.00%, 06/15/2040<sup>(c)</sup> | 800 | 712865 |
|  School District of Philadelphia (The) <br>Series 2019-A <br>5.00%, 09/01/2044<sup>(h)</sup> | 1350 | 1351299 |
|  |  | 12510009 |
|  **Puerto Rico – 3.5%** |  |  |
|  Children's Trust Fund <br>Series 2008-A<br>Zero Coupon, 05/15/2057 | 2600 | 142247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-B<br>Zero Coupon, 05/15/2057 | 5000 | 214760 |
|  Commonwealth of Puerto Rico <br>Series 2021-A<br>Zero Coupon, 07/01/2024 | 41 | 37489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 | 779 | 395672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 | 2623 | 2219734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 | 111 | 90559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 | 95 | 75642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 | 129 | 98314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 | 134 | 97558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 | 69 | 68938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 | 242 | 242152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 | 286 | 288059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 | 284 | 285481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 | 270 | 271621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>5.06%, 11/01/2051 | 2695 | 1148744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C <br>0.01%, 11/01/2043 | 3135 | 1430344 |
|  GDB Debt Recovery Authority of Puerto Rico <br>Series 2018 <br>7.50%, 08/20/2040 | 118 | 101755 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>Series 2008-A <br>6.125%, 07/01/2024 | 60 | 60777 |
|  Puerto Rico Electric Power Authority <br>Series 2007-T <br>5.00%, 07/01/2032<sup>(e)(g)</sup> | 85 | 63750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(e)(g)</sup> | 245 | 183750 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 41** |

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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 2008-W <br>5.00%, 07/01/2028<sup>(e)(g)</sup> | $245 | $183750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-WW <br>5.375%, 07/01/2024<sup>(e)(g)</sup> | 125 | 93906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A <br>5.25%, 07/01/2029<sup>(e)(g)</sup> | 100 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2030<sup>(e)(g)</sup> | 15 | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C <br>5.00%, 07/01/2024<sup>(e)(g)</sup> | 25 | 18750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(e)(g)</sup> | 175 | 131250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-DDD <br>5.00%, 07/01/2021<sup>(g)(i)</sup> | 15 | 11213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X <br>5.25%, 07/01/2040<sup>(e)(g)</sup> | 340 | 255000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2036<sup>(e)(g)</sup> | 125 | 94687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-ZZ <br>5.25%, 07/01/2024<sup>(e)(g)</sup> | 40 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A <br>5.00%, 07/01/2029<sup>(e)(g)</sup> | 50 | 37500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2042<sup>(e)(g)</sup> | 10 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-V <br>5.25%, 07/01/2031 | 375 | 368908 |
|  Puerto Rico Highway & Transportation Authority AGC Series 2005-L <br>5.25%, 07/01/2041 | 125 | 120128 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC Series 2007-N <br>5.25%, 07/01/2036 | 110 | 106421 |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 | 350 | 362464 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue <br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 6 | 5509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2027 | 17 | 13238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2029 | 17 | 11792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 | 2111 | 457147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>4.329%, 07/01/2040 | 440 | 369030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 867 | 743442 |
|  |  | 11025231 |

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| | |
|:---|:---|
| **42 <sup>\|</sup> 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** |
|  **South Carolina – 0.6%** |  |  |
|  Columbia Housing Authority/SC <br>Series 2022 <br>4.80%, 11/01/2024 | $150 | $145115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.26%, 11/01/2032 | 100 | 93639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 11/01/2039 | 310 | 279670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.28%, 11/01/2039 | 100 | 89743 |
|  South Carolina Jobs-Economic Development Authority<br>(Last Step Recycling LLC)<br>Series 2021 <br>6.25%, 06/01/2040<sup>(c)</sup> | 100 | 72404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/2051<sup>(c)</sup> | 300 | 206341 |
|  South Carolina Jobs-Economic Development Authority<br>(PSG Patriot's Place Apartments LLC)<br>Series 2022<br>Zero Coupon, 06/01/2052 | 415 | 253327 |
|  South Carolina Public Service Authority <br>Series 2016-A <br>5.00%, 12/01/2036 | 265 | 264650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 12/01/2046 | 329 | 270723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/2049 | 220 | 178330 |
|  |  | 1853942 |
|  **Tennessee – 0.8%** |  |  |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.00%, 12/01/2035<sup>(c)</sup> | 370 | 339092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2042<sup>(c)</sup> | 1000 | 893495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-B<br>Zero Coupon, 12/01/2031<sup>(c)</sup> | 150 | 88713 |
|  Chattanooga Health Educational & Housing Facility Board <br>(CommonSpirit Health) <br>Series 2019-A <br>4.00%, 08/01/2037 | 30 | 26080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/2038 | 100 | 85470 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Trevecca Nazarene University) <br>Series 2021 <br>4.00%, 10/01/2051 | 250 | 180272 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 43** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(c)(e)(g)</sup> | $135 | $50760 |
|  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 | 216037 |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board <br>(South Nashville Central Business Improvement District) <br>Series 2021<br>Zero Coupon, 06/01/2043<sup>(c)</sup> | 1000 | 277881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/2051<sup>(c)</sup> | 100 | 72721 |
|  Wilson County Health & Educational Facilities Board <br>Series 2021 <br>4.00%, 12/01/2039 | 200 | 142796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/2024 | 200 | 186407 |
|  |  | 2559724 |
|  **Texas – 4.9%** |  |  |
|  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 | 200251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 10/01/2050<sup>(c)</sup> | 200 | 156763 |
|  Arlington Higher Education Finance Corp. <br>(BASIS Texas Charter Schools, Inc.) <br>Series 2021 <br>4.50%, 06/15/2056<sup>(c)</sup> | 500 | 471704 |
|  Austin Convention Enterprises, Inc. <br>Series 2017-A <br>5.00%, 01/01/2034 | 500 | 488493 |
|  Baytown Municipal Development District <br>(Baytown Municipal Development District Hotel Occupancy Tax) <br>Series 2021 <br>5.00%, 10/01/2050<sup>(c)</sup> | 400 | 307378 |

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| **44 <sup>\|</sup> 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** |
|  Brazoria County Industrial Development Corp.<br>(Aleon Renewable Metals LLC)<br>Series 2022 <br>10.00%, 06/01/2042<sup>(c)</sup> | $500 | $490154 |
|  Central Texas Regional Mobility Authority <br>Series 2013 <br>5.00%, 01/01/2042 (Pre-refunded/ETM) | 100 | 100277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B <br>5.00%, 01/01/2046 | 1000 | 954888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C <br>5.00%, 01/01/2027 | 1000 | 1025718 |
|  City of Houston TX <br>(City of Houston TX Hotel Occupancy Tax) <br>Series 2015 <br>5.00%, 09/01/2031 | 160 | 161693 |
|  City of San Antonio TX Electric & Gas Systems Revenue <br>Series 2021-A <br>5.00%, 02/01/2046 | 1000 | 1014695 |
|  Conroe Local Government Corp. <br>(Conroe Local Government Corp. Conroe Convention Center Hotel) <br>Series 2021 <br>4.00%, 10/01/2046 | 1000 | 849723 |
|  Dallas Area Rapid Transit <br>Series 2014-A <br>5.00%, 12/01/2025 (Pre-refunded/ETM) | 580 | 600273 |
|  Dallas County Flood Control District No. 1 <br>Series 2015 <br>5.00%, 04/01/2028<sup>(c)</sup> | 100 | 98024 |
|  Decatur Hospital Authority <br>Series 2021 <br>4.00%, 09/01/2044 | 1000 | 750563 |
|  Hidalgo County Regional Mobility Authority <br>Series 2022-A <br>4.00%, 12/01/2037 | 1600 | 1404017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>Zero Coupon, 12/01/2042 | 1400 | 422998 |
|  Love Field Airport Modernization Corp. <br>(Dallas Love Field) <br>Series 2015 <br>5.00%, 11/01/2032 | 500 | 501970 |
|  Mission Economic Development Corp.<br>(Natgasoline LLC)<br>Series 2018 <br>4.625%, 10/01/2031<sup>(c)</sup> | 450 | 423435 |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 45** |

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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 2020 <br>5.00%, 01/01/2055 | $100 | $77880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 01/01/2047 | 100 | 67622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2057 | 200 | 151167 |
|  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 | 900427 |
|  Port Beaumont Navigation District<br>(Jefferson Railport Terminal II LLC)<br>Series 2020 <br>4.00%, 01/01/2050<sup>(c)</sup> | 100 | 68203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>2.625%, 01/01/2031<sup>(c)</sup> | 300 | 229643 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Edgemere Retirement Senior Quality Lifestyles Corp.) <br>Series 2015-A <br>5.00%, 11/15/2025<sup>(e)(g)</sup> | 675 | 270000 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Stayton at Museum Way) <br>Series 2020-A <br>5.75%, 12/01/2054 | 456 | 326281 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Trinity Terrace Project) <br>Series 2014-A1 <br>5.00%, 10/01/2044 | 100 | 92451 |
|  Texas Private Activity Bond Surface Transportation Corp.<br>(NTE Mobility Partners Segments 3 LLC)<br>Series 2019 <br>5.00%, 06/30/2058 | 3000 | 2668542 |
|  |  | 15275233 |
|  **Utah – 0.7%** |  |  |
|  City of Salt Lake City UT Airport Revenue <br>Series 2018-A <br>5.00%, 07/01/2048<sup>(h)</sup> | 1000 | 951595 |

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| **46 <sup>\|</sup> 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** |
|  Military Installation Development Authority <br>Series 2021-A <br>4.00%, 06/01/2052 | $500 | $344561 |
|  Utah Infrastructure Agency <br>Series 2022 <br>5.00%, 10/15/2046 | 1000 | 888689 |
|  |  | 2184845 |
|  **Vermont – 0.2%** |  |  |
|  Vermont Economic Development Authority <br>(Casella Waste Systems, Inc.) <br>Series 2022 <br>5.00%, 06/01/2052<sup>(c)</sup> | 500 | 481947 |
|  **Virginia – 2.2%** |  |  |
|  Align Affordable Housing Bond Fund LP <br>(Park Landing LP) <br>Series 2022-2 <br>5.66%, 08/01/2052 | 221 | 188584 |
|  Halifax County Industrial Development Authority <br>(Virginia Electric and Power Co.) <br>Series 2022 <br>1.65%, 12/01/2041 | 2000 | 1928463 |
|  Henrico County Economic Development Authority<br>(Westminster-Canterbury Corp. Obligated Group) <br>Series 2022 <br>5.00%, 10/01/2047 | 1000 | 982200 |
|  Tobacco Settlement Financing Corp./VA <br>Series 2007-B1 <br>5.00%, 06/01/2047 | 165 | 143731 |
|  Virginia Small Business Financing Authority<br>(95 Express Lanes LLC)<br>Series 2022 <br>4.00%, 01/01/2048 | 1000 | 757977 |
|  Virginia Small Business Financing Authority<br>(Elizabeth River Crossings OpCo LLC)<br>Series 2022 <br>4.00%, 01/01/2034 | 2000 | 1805725 |
|  Virginia Small Business Financing Authority<br>(Total Fiber Recovery @ Chesapeake LLC)<br>Series 2022 <br>6.50%, 06/01/2029<sup>(c)</sup> | 530 | 497338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2042<sup>(c)</sup> | 615 | 550250 |
|  |  | 6854268 |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 47** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Washington – 2.2%** |  |  |
|  Pend Oreille County Public Utility District No. 1 Box Canyon <br>Series 2018 <br>5.00%, 01/01/2044 | $280 | $268956 |
|  Port of Seattle WA <br>Series 2015-C <br>5.00%, 04/01/2033 | 510 | 516730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>4.00%, 08/01/2040 | 1000 | 853778 |
|  Spokane County School District No. 81 Spokane <br>Series 2012 <br>3.00%, 12/01/2031 | 1000 | 893294 |
|  State of Washington <br>Series 2021-A <br>5.00%, 08/01/2044 | 2000 | 2091833 |
|  Washington State Convention Center Public Facilities District <br>(Washington State Convention Center Public Facilities District Hotel Occupancy Tax) <br>Series 2021 <br>4.00%, 07/01/2031 | 235 | 202764 |
|  Washington State Housing Finance Commission <br>Series 2021-1, Class A <br>3.50%, 12/20/2035 | 279 | 235921 |
|  Washington State Housing Finance Commission Series 2021-1, Class X <br>0.725%, 12/20/2035<sup>(d)</sup> | 981 | 49359 |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2013 <br>5.25%, 01/01/2043<sup>(c)</sup> | 1000 | 841763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A <br>5.00%, 01/01/2055<sup>(c)</sup> | 1000 | 742433 |
|  Washington State Housing Finance Commission <br>(Rockwood Retirement Communities) <br>Series 2014-A <br>7.375%, 01/01/2044<sup>(c)</sup> | 200 | 200293 |
|  |  | 6897124 |
|  **West Virginia – 0.2%** |  |  |
|  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>(c)</sup> | 250 | 184347 |

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|:---|:---|
| **48 <sup>\|</sup> 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** |
|  Tobacco Settlement Finance Authority/WV <br>Series 2020 <br>3.00%, 06/01/2035 | $393 | $361495 |
|  |  | 545842 |
|  **Wisconsin – 3.1%** |  |  |
|  St. Croix Chippewa Indians of Wisconsin <br>Series 2021 <br>5.00%, 09/30/2041<sup>(c)</sup> | 200 | 146818 |
|  UMA Education, Inc. <br>Series 2019 <br>5.00%, 10/01/2025<sup>(c)</sup> | 100 | 98930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2027<sup>(c)</sup> | 130 | 127064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(c)</sup> | 100 | 96385 |
|  Wisconsin Center District <br>(Wisconsin Center District Ded Tax) <br>Series 2022 <br>5.25%, 12/15/2061<sup>(c)</sup> | 200 | 179270 |
|  Wisconsin Health & Educational Facilities Authority <br>(Oakwood Lutheran Senior Ministries Obligated Group) <br>Series 2021 <br>4.00%, 01/01/2047 | 100 | 71641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/2057 | 1000 | 668515 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. Camillus Health System Obligated Group) <br>Series 2019 <br>5.00%, 11/01/2054 | 100 | 77173 |
|  Wisconsin Health & Educational Facilities Authority <br>(St. John's Communities, Inc. Obligated Group) <br>Series 2022 <br>4.00%, 09/15/2036 | 775 | 651809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2041 | 765 | 610512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/2045 | 650 | 493335 |
|  Wisconsin Housing & Economic Development Authority<br>(Roers Sun Prairie Apartments Owner LLC)<br>Series 2022 <br>4.625%, 03/15/2040<sup>(c)</sup> | 100 | 81449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A <br>3.875%, 12/01/2039<sup>(c)</sup> | 460 | 370613 |
|  Wisconsin Public Finance Authority <br>Series 2022 <br>6.00%, 02/01/2062<sup>(c)</sup> | 1000 | 859113 |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 49** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wisconsin Public Finance Authority <br>(21st Century Public Academy) <br>Series 2020 <br>3.75%, 06/01/2030<sup>(c)</sup> | $350 | $302581 |
|  Wisconsin Public Finance Authority <br>(Catholic Bishop of Chicago (The)) <br>Series 2021 <br>5.75%, 07/25/2041<sup>(c)</sup> | 1000 | 854842 |
|  Wisconsin Public Finance Authority<br>(Celanese US Holdings LLC)<br>Series 2016-C <br>4.30%, 11/01/2030 | 100 | 96325 |
|  Wisconsin Public Finance Authority<br>(Mary's Woods at Marylhurst, Inc.)<br>Series 2017-A <br>5.25%, 05/15/2042<sup>(c)</sup> | 130 | 112419 |
|  Wisconsin Public Finance Authority<br>(McLemore Resort Manager LLC)<br>Series 2021 <br>4.50%, 06/01/2056<sup>(c)</sup> | 295 | 197493 |
|  Wisconsin Public Finance Authority <br>(Queens University of Charlotte) <br>Series 2022 <br>5.25%, 03/01/2042 | 1000 | 935964 |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group) <br>Series 2021 <br>4.00%, 06/01/2056<sup>(c)</sup> | 500 | 298835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022 <br>4.00%, 06/01/2049<sup>(c)</sup> | 100 | 63422 |
|  Wisconsin Public Finance Authority <br>(Southeastern Regional Medical Center Obligated Group) <br>Series 2022 <br>4.00%, 02/01/2034 | 1300 | 1159797 |
|  Wisconsin Public Finance Authority <br>(Uwharrie Charter Academy) <br>Series 2022 <br>5.00%, 06/15/2062<sup>(c)</sup> | 500 | 394312 |
|  Wisconsin Public Finance Authority <br>(Washoe Barton Medical Clinic) <br>Series 2021 <br>4.00%, 12/01/2051 | 1000 | 725514 |
|  |  | 9674131 |
|  Total Long-Term Municipal Bonds<br>(cost $317,125,040) |  | 275961627 |

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| | |
|:---|:---|
| **50 <sup>\|</sup> 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** |
|  **Short-Term Municipal Notes – 12.9%** |  |  |
|  **California – 0.1%** |  |  |
|  California Infrastructure & Economic Development Bank <br>(Goodwill Industries of Orange County) <br>Series 2006 <br>2.15%, 03/01/2031<sup>(j)</sup> | $275 | $275000 |
|  **Colorado – 0.2%** |  |  |
|  Colorado Educational & Cultural Facilities Authority<br>(Mandel Jewish Community Center of Cleveland (The)) <br>1.64%, 09/01/2038<sup>(j)</sup> | 500 | 500000 |
|  **District of Columbia – 0.8%** |  |  |
|  District of Columbia <br>(Georgetown University (The)) <br>Series 2016 <br>2.23%, 04/01/2041<sup>(j)</sup> | 1390 | 1390000 |
|  District of Columbia<br>(MedStar Health Obligated Group) <br>1.64%, 08/15/2038<sup>(j)</sup> | 250 | 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A <br>2.21%, 08/15/2038<sup>(j)</sup> | 845 | 845000 |
|  |  | 2485000 |
|  **Florida – 1.0%** |  |  |
|  County of Palm Beach FL <br>(Raymond F Kravis Center for the Performing Arts, Inc. (The)) <br>Series 2002 <br>2.28%, 07/01/2032<sup>(j)</sup> | 2650 | 2650000 |
|  Orange County Health Facilities Authority <br>(Nemours Foundation/Florida) <br>Series 2017-C <br>2.20%, 01/01/2039<sup>(j)</sup> | 580 | 580000 |
|  |  | 3230000 |
|  **Georgia – 1.6%** |  |  |
|  Cobb County School District <br>Series 2022 <br>3.00%, 12/15/2022 | 5000 | 4999877 |
|  **Idaho – 0.5%** |  |  |
|  Idaho Health Facilities Authority<br>(St Luke's Health System Ltd. Obligated Group/ID)<br>Series 2018-C <br>1.64%, 03/01/2048<sup>(j)</sup> | 1675 | 1675000 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 51** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Illinois – 0.7%** |  |  |
|  Illinois Educational Facilities Authority <br>(Lincoln Park Society (The)) <br>Series 1999 <br>2.30%, 01/01/2029<sup>(j)</sup> | $300 | $300000 |
|  Illinois Finance Authority <br>(Illinois College) <br>Series 2005 <br>2.23%, 10/01/2030<sup>(j)</sup> | 1325 | 1325000 |
|  Illinois Finance Authority <br>(Latin School of Chicago (The)) <br>Series 2005-B <br>2.25%, 08/01/2035<sup>(j)</sup> | 385 | 385000 |
|  Village of Brookfield IL <br>(Chicago Zoological Society (The)) <br>Series 2008 <br>2.25%, 06/01/2038<sup>(j)</sup> | 275 | 275000 |
|  |  | 2285000 |
|  **Iowa – 0.2%** |  |  |
|  Iowa Finance Authority<br>(Iowa Health System Obligated Group) <br>1.60%, 07/01/2041<sup>(j)</sup> | 500 | 500000 |
|  **Kentucky – 0.1%** |  |  |
|  Louisville/Jefferson County Metropolitan Government <br>(Norton Healthcare Obligated Group) <br>Series 2016-A <br>2.23%, 10/01/2039<sup>(j)</sup> | 235 | 235000 |
|  **Louisiana – 1.3%** |  |  |
|  Louisiana Public Facilities Authority <br>(ANF Partners #1 LP) <br>Series 2006 <br>2.21%, 04/01/2036<sup>(j)</sup> | 300 | 300000 |
|  Louisiana Public Facilities Authority <br>(CHRISTUS Health Obligated Group) <br>Series 2009 <br>2.23%, 07/01/2047<sup>(j)</sup> | 2000 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/2047<sup>(j)</sup> | 1655 | 1655000 |
|  |  | 3955000 |
|  **Maryland – 0.1%** |  |  |
|  Maryland Health & Higher Educational Facilities Authority <br>Series 2014-A <br>2.23%, 04/01/2035<sup>(j)</sup> | 400 | 400000 |

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|:---|:---|
| **52 <sup>\|</sup> 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** |
|  **Massachusetts – 0.2%** |  |  |
|  Massachusetts Development Finance Agency <br>(Trustees of The College of The Holy Cross) <br>Series 2018 <br>1.64%, 09/01/2037<sup>(j)</sup> | $500 | $500000 |
|  **Minnesota – 0.1%** |  |  |
|  City of Minneapolis MN/St Paul Housing & Redevelopment Authority <br>(Allina Health Obligated Group) <br>Series 2009-B <br>1.62%, 11/15/2035<sup>(j)</sup> | 300 | 300000 |
|  **New Jersey – 1.1%** |  |  |
|  Essex County Improvement Authority <br>(Jewish Community Center of MetroWest, Inc.)<br>Series 2005 <br>2.25%, 07/01/2025<sup>(j)</sup> | 2165 | 2165000 |
|  New Jersey Health Care Facilities Financing Authority <br>(AHS Hospital Corp.) <br>Series 2008-C <br>2.23%, 07/01/2036<sup>(j)</sup> | 1000 | 1000000 |
|  New Jersey Health Care Facilities Financing Authority <br>(Virtua Health Obligated Group) <br>Series 2009-C <br>1.27%, 07/01/2043<sup>(j)</sup> | 325 | 325000 |
|  |  | 3490000 |
|  **New York – 1.4%** |  |  |
|  New York City Health and Hospitals Corp. <br>Series 2008-E <br>2.20%, 02/15/2026<sup>(j)</sup> | 1635 | 1635000 |
|  New York City Housing Development Corp.<br>(2 Gold LLC)<br>Series 2008-A <br>2.20%, 04/15/2036<sup>(j)</sup> | 900 | 900000 |
|  New York City Housing Development Corp.<br>(BCRE-90 West Street LLC)<br>Series 2006A <br>2.20%, 03/15/2036<sup>(j)</sup> | 355 | 355000 |
|  New York City Municipal Water Finance Authority <br>Series 2015-F <br>1.63%, 06/15/2035<sup>(j)</sup> | 1500 | 1500000 |
|  |  | 4390000 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 53** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Ohio – 0.5%** |  |  |
|  Columbus Regional Airport Authority <br>Series 2005 <br>2.23%, 07/01/2035<sup>(j)</sup> | $1465 | $1465000 |
|  **Oregon – 0.1%** |  |  |
|  Oregon State Facilities Authority<br>(PeaceHealth Obligated Group) <br>1.64%, 08/01/2034<sup>(j)</sup> | 350 | 350000 |
|  **Rhode Island – 0.5%** |  |  |
|  Rhode Island Health and Educational Building Corp. <br>(Roger Williams University) <br>Series 2012-B <br>2.25%, 11/15/2038<sup>(j)</sup> | 1675 | 1675000 |
|  **South Carolina – 0.1%** |  |  |
|  South Carolina Jobs-Economic Development Authority<br>(PSG Patriot's Place Apartments LLC)<br>Series 2022 <br>6.00%, 06/01/2023 | 235 | 232215 |
|  **Vermont – 0.2%** |  |  |
|  Washington State Housing Finance Commission <br>(Bitter Lake Village Associates 2 LP) <br>Series 2009 <br>2.22%, 12/15/2044<sup>(j)</sup> | 690 | 690000 |
|  **Virginia – 1.0%** |  |  |
|  Loudoun County Economic Development Authority <br>(Jack Kent Cooke Foundation) <br>Series 2004 <br>2.26%, 06/01/2034<sup>(j)</sup> | 2050 | 2050000 |
|  Roanoke Economic Development Authority <br>(Carilion Clinic Obligated Group) <br>Series 2020 <br>2.22%, 07/01/2052<sup>(j)</sup> | 1010 | 1010000 |
|  |  | 3060000 |
|  **Washington – 0.8%** |  |  |
|  Washington State Housing Finance Commission <br>(Panorama/United States) <br>Series 2008 <br>2.30%, 04/01/2043<sup>(j)</sup> | 2250 | 2250000 |

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|:---|:---|
| **54 <sup>\|</sup> 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** |
|  Washington State Housing Finance Commission <br>(West Valley Nursing Homes, Inc.) <br>Series 2000 <br>2.30%, 10/01/2031<sup>(j)</sup> | $250 | $250000 |
|  |  | 2500000 |
|  **Wisconsin – 0.3%** |  |  |
|  Wisconsin Health & Educational Facilities Authority <br>(Medical College of Wisconsin, Inc.) <br>Series 2008-B <br>1.64%, 12/01/2033<sup>(j)</sup> | 1000 | 1000000 |
|  Total Short-Term Municipal Notes<br>(cost $40,208,100) |  | 40192092 |
|  Total Municipal Obligations<br>(cost $357,333,140) |  | 316153719 |
|  **CORPORATES - NON-INVESTMENT GRADE – 1.2%** |  |  |
|  **Industrial – 1.2%** |  |  |
|  **Banks – 0.0%** |  |  |
|  UMB Financial Corp. <br>10.00%, 01/01/2049<sup>(k)(l)</sup> | 89 | 88333 |
|  **Communications - Media – 0.2%** |  |  |
|  CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.25%, 01/15/2034<sup>(c)</sup> | 309 | 226899 |
|  DISH DBS Corp. <br>5.25%, 12/01/2026<sup>(c)</sup> | 240 | 208385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(c)</sup> | 250 | 201772 |
|  |  | 637056 |
|  **Communications - Telecommunications – 0.0%** |  |  |
|  Intelsat Jackson Holdings SA <br>Zero Coupon, 08/01/2023<sup>(k)(l)</sup> | 275 | – 0 |
|  **Consumer Cyclical - Entertainment – 0.7%** |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(c)</sup> | 400 | 322748 |
|  Royal Caribbean Cruises Ltd. <br>8.25%, 01/15/2029<sup>(c)</sup> | 725 | 722702 |
|  Wild Rivers Water Park <br>8.50%, 11/01/2051 | 1225 | 1059625 |
|  |  | 2105075 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 55** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.1%** |  |  |
|  Medline Borrower LP <br>3.875%, 04/01/2029<sup>(c)</sup> | $350 | $285880 |
|  **Services – 0.0%** |  |  |
|  Trousdale Issuer LLC <br>Series A <br>6.50%, 04/01/2025<sup>(e)(g)(k)</sup> | 200 | 75200 |
|  **Transportation - Airlines – 0.1%** |  |  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(c)</sup> | 155 | 147721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(c)</sup> | 165 | 150150 |
|  United Airlines, Inc. <br>4.375%, 04/15/2026<sup>(c)</sup> | 150 | 137242 |
|  |  | 435113 |
|  **Utility – 0.1%** |  |  |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(c)(m)</sup> | 225 | 199960 |
|  Total Corporates - Non-Investment Grade<br>(cost $4,279,092) |  | 3826617 |
|  **CORPORATES - INVESTMENT GRADE – 1.0%** |  |  |
|  **Financial Institutions – 0.5%** |  |  |
|  **Banking – 0.2%** |  |  |
|  Bank of America Corp. <br>Series JJ <br>5.125%, 06/20/2024<sup>(m)</sup> | 100 | 93998 |
|  Bank of New York Mellon Corp. (The) <br>Series H <br>3.70%, 03/20/2026<sup>(m)</sup> | 100 | 87834 |
|  Comerica, Inc. <br>5.625%, 07/01/2025<sup>(m)</sup> | 100 | 96972 |
|  Fifth Third Bancorp <br>Series L <br>4.50%, 09/30/2025<sup>(m)</sup> | 100 | 92154 |
|  Huntington Bancshares, Inc./OH <br>Series F <br>5.625%, 07/15/2030<sup>(m)</sup> | 100 | 91005 |
|  JPMorgan Chase & Co. <br>Series Q <br>5.15%, 05/01/2023<sup>(m)</sup> | 50 | 48680 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(m)</sup> | 100 | 87921 |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Wells Fargo & Co. <br>Series BB <br>3.90%, 03/15/2026<sup>(m)</sup> | $100 | $84888 |
|  |  | 683452 |
|  **Finance – 0.2%** |  |  |
|  Air Lease Corp. <br>3.625%, 04/01/2027 | 600 | 528720 |
|  **Insurance – 0.1%** |  |  |
|  Centene Corp. <br>4.25%, 12/15/2027 | 232 | 214025 |
|  Prudential Financial, Inc. <br>5.625%, 06/15/2043 | 215 | 212441 |
|  |  | 426466 |
|  **Industrial – 0.5%** |  |  |
|  **Consumer Cyclical - Entertainment – 0.2%** |  |  |
|  YMCA of Greater New York <br>2.303%, 08/01/2026 | 1000 | 880230 |
|  **Consumer Cyclical - Other – 0.2%** |  |  |
|  Las Vegas Sands Corp. <br>3.20%, 08/08/2024 | 600 | 570588 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |
|  Newell Brands, Inc. <br>4.45%, 04/01/2026 | 173 | 160899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2025 | 18 | 17366 |
|  |  | 178265 |
|  |  | 1629083 |
|  Total Corporates - Investment Grade<br>(cost $3,723,948) |  | 3267721 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.2%** |  |  |
|  **Risk Share Floating Rate – 0.2%** |  |  |
|  Bellemeade Re Ltd. <br>Series 2019-3A, Class M1B<br>5.186% (LIBOR 1 Month + 1.60%), 07/25/2029<sup>(b)(c)</sup> | 52 | 52375 |
|  Federal National Mortgage Association Connecticut Avenue Securities <br>Series 2014-C01, Class M2<br>7.986% (LIBOR 1 Month + 4.40%), 01/25/2024<sup>(b)</sup> | 80 | 80935 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 57** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C03, Class 2M2<br>6.486% (LIBOR 1 Month + 2.90%), 07/25/2024<sup>(b)</sup> | $31 | $30801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C02, Class 1M2<br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(b)</sup> | 35 | 35037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 1M2<br>10.336% (LIBOR 1 Month + 6.75%), 08/25/2028<sup>(b)</sup> | 91 | 94867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1M2<br>9.586% (LIBOR 1 Month + 6.00%), 09/25/2028<sup>(b)</sup> | 108 | 111608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class 2M2<br>6.436% (LIBOR 1 Month + 2.85%), 11/25/2029<sup>(b)</sup> | 187 | 188711 |
|  Total Collateralized Mortgage Obligations<br>(cost $585,209) |  | 594334 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2%** |  |  |
|  **Agency CMBS – 0.0%** |  |  |
|  California Housing Finance Agency <br>Series 2021-3, Class X <br>0.764%, 08/20/2036<sup>(d)</sup> | 986 | 58850 |
|  **Non-Agency Floating Rate CMBS – 0.2%** |  |  |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2017-SCH, Class AF<br>4.413% (LIBOR 1 Month + 1.00%), 11/15/2033<sup>(b)(c)</sup> | 250 | 227602 |
|  DBWF Mortgage Trust <br>Series 2018-GLKS, Class A<br>4.51% (LIBOR 1 Month + 1.03%), 12/19/2030<sup>(b)(c)</sup> | 275 | 263807 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $595,683) |  | 550259 |
|  **ASSET-BACKED SECURITIES – 0.2%** |  |  |
|  **Autos - Fixed Rate – 0.1%** |  |  |
|  CPS Auto Receivables Trust <br>Series 2021-B, Class C <br>1.23%, 03/15/2027<sup>(c)</sup> | 250 | 240840 |

---

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| | |
|:---|:---|
| **58 <sup>\|</sup> 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** |
|  **Other ABS - Fixed Rate – 0.1%** |  |  |
|  Affirm Asset Securitization Trust <br>Series 2021-Z1, Class A <br>1.07%, 08/15/2025<sup>(c)</sup> | $145 | $140849 |
|  Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051<sup>(c)</sup> | 197 | 157989 |
|  Total Asset-Backed Securities<br>(cost $592,309) |  | 539678 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 0.1%** |  |  |
|  **CLO - Floating Rate – 0.1%** |  |  |
|  THL Credit Wind River CLO Ltd. <br>Series 2014-2A, Class AR<br>5.219% (LIBOR 3 Month + 1.14%), 01/15/2031<sup>(b)(c)</sup><br>(cost $250,000) | 250 | 243164 |
|  | **Shares** |  |
|  **COMMON STOCKS – 0.0%** |  |  |
|  **Communication Services – 0.0%** |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |
|  Intelsat Jackson Holdings SA<sup>(g)(k)(l)</sup> | 538 | – 0 |
|  Intelsat SA/Luxembourg<sup>(g)</sup> | 2571 | 64275 |
|  Total Common Stocks<br>(cost $219,617) |  | 64275 |
|  **SHORT-TERM INVESTMENTS – 0.2%** |  |  |
|  **Investment Companies – 0.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>2.67%<sup>(n)(o)(p)</sup><br>(cost $563,535) | 563535 | 563535 |
|  **Total Investments – 104.7%**<br> (cost $368,142,533) |  | 325803302 |
|  Other assets less liabilities – (4.7)% |  | (14758324) |
|  **Net Assets – 100.0%** |  | $**311044978** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 59** |

---

------

**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>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **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 39, 5 Year Index, 12/20/2027\* | 1.00% | Quarterly | 0.90% | USD | 15000 | $83601 | $8345 | $75256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | 5.00 | Quarterly | 5.19 | USD | 5000 | (9103) | (188372) | 179269 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;74498 | $&nbsp;&nbsp;&nbsp;&nbsp;(180027) | $&nbsp;&nbsp;&nbsp;&nbsp;254525 |

---

\* 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 | 1180 | 01/15/2025 | 4.028% | CPI# | Maturity | $44883 | $– 0 | $44883 |
| USD | 4860 | 01/15/2026 | 3.765% | CPI# | Maturity | 186014 | – 0 | 186014 |
| USD | 3030 | 01/15/2027 | CPI# | 3.323% | Maturity | (162518) | – 0 | (162518) |
| USD | 2760 | 01/15/2027 | CPI# | 3.466% | Maturity | (124460) | (3161) | (121299) |
| USD | 1340 | 01/15/2027 | CPI# | 3.320% | Maturity | (72112) | – 0 | (72112) |
| USD | 1110 | 01/15/2028 | 1.230% | CPI# | Maturity | 205139 | – 0 | 205139 |
| USD | 650 | 01/15/2028 | 0.735% | CPI# | Maturity | 142530 | – 0 | 142530 |
| USD | 4600 | 01/15/2029 | CPI# | 3.390% | Maturity | (158837) | – 0 | (158837) |
| USD | 3720 | 01/15/2029 | CPI# | 3.331% | Maturity | (145811) | – 0 | (145811) |
| USD | 1680 | 01/15/2030 | 1.714% | CPI# | Maturity | 275186 | – 0 | 275186 |
| USD | 1680 | 01/15/2030 | 1.731% | CPI# | Maturity | 272665 | – 0 | 272665 |
| USD | 1600 | 01/15/2030 | 1.585% | CPI# | Maturity | 280186 | – 0 | 280186 |
| USD | 525 | 01/15/2030 | 1.572% | CPI# | Maturity | 92531 | – 0 | 92531 |
| USD | 525 | 01/15/2030 | 1.587% | CPI# | Maturity | 91845 | – 0 | 91845 |
| USD | 1650 | 01/15/2031 | 2.782% | CPI# | Maturity | 127979 | – 0 | 127979 |
| USD | 1380 | 01/15/2031 | 2.680% | CPI# | Maturity | 120134 | – 0 | 120134 |
| USD | 1100 | 01/15/2031 | 2.601% | CPI# | Maturity | 103781 | – 0 | 103781 |
| USD | 920 | 01/15/2031 | 2.989% | CPI# | Maturity | 53441 | – 0 | 53441 |
| USD | 1990 | 01/15/2032 | CPI# | 3.448% | Maturity | (10582) | – 0 | (10582) |
| USD | 1420 | 01/15/2032 | CPI# | 3.063% | Maturity | (65810) | – 0 | (65810) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1256184 | $&nbsp;&nbsp;&nbsp;&nbsp;(3161 | $&nbsp;&nbsp;&nbsp;&nbsp;1259345 |

---

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

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| | |
|:---|:---|
| **60 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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 | 10000 | 01/15/2027 | 1 Day<br>SOFR | 2.711% | Annual | $(485718) | $– 0 | $(485718) |
| USD | 7500 | 04/15/2032 | 2.528% | 1 Day<br>SOFR | Annual | 763745 | – 0 | 763745 |
| USD | 7000 | 04/15/2032 | 3.506% | 1 Day<br>SOFR | Annual | 187247 | – 0 | 187247 |
| USD | 5000 | 04/15/2032 | 2.881% | 1 Day<br>SOFR | Annual | 371286 | 787 | 370499 |
| USD | 5000 | 04/15/2032 | 3.065% | 1 Day<br>SOFR | Annual | 306886 | – 0 | 306886 |
| USD | 5000 | 04/15/2032 | 3.067% | 1 Day<br>SOFR | Annual | 306086 | – 0 | 306086 |
| USD | 4300 | 04/15/2032 | 2.850% | 1 Day<br>SOFR | Annual | 319453 | – 0 | 319453 |
| USD | 4000 | 04/15/2032 | 2.473% | 1 Day<br>SOFR | Annual | 417535 | – 0 | 417535 |
| USD | 2600 | 04/15/2032 | 1.280% | 1 Day<br>SOFR | Annual | 531095 | – 0 | 531095 |
| USD | 1600 | 04/15/2032 | 3.069% | 1 Day<br>SOFR | Annual | 93169 | – 0 | 93169 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;2810784 | $&nbsp;&nbsp;&nbsp;&nbsp;787 | $&nbsp;&nbsp;&nbsp;&nbsp;2809997 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. | Citigroup Global Markets, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.<br>BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 700 | $(158494) | $(85708) | $(72786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.<br>BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 361 | (81625) | (40180) | (41445) |
|  Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International | Credit Suisse International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.<br>BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 700 | (158494) | (87201) | (71293) |
|  JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC | JPMorgan Securities, LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.A Series 6, 05/11/2063\* | 2.00 | Monthly | 7.50 | USD | 1599 | (175225) | 24784 | (200009) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(573838) | $&nbsp;&nbsp;&nbsp;&nbsp;(188305) | $&nbsp;&nbsp;&nbsp;&nbsp;(385533) |

---

\* Termination date

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 61** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**INTEREST RATE 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)** |
|  Citibank, NA | USD | 2000 | 11/23/2022 | SIFMA\* | 1.510% | Maturity | $(395459) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $(395459) |
|  Citibank, NA | USD | 2000 | 01/09/2023 | SIFMA\* | 1.600% | Maturity | (394637) | – 0 | (394637) |
|  Citibank, NA | USD | 2000 | 04/07/2023 | SIFMA\* | 2.655% | Maturity | (209030) | – 0 | (209030) |
|  Citibank, NA | USD | 2220 | 10/09/2029 | 1.125% | SIFMA\* | Quarterly | 295094 | – 0 | 295094 |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 12/19/2022 | SIFMA\* | 1.450% | Maturity | (416470) | – 0 | (416470) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 02/13/2023 | SIFMA\* | 2.000% | Maturity | (326553) | – 0 | (326553) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 03/15/2023 | SIFMA\* | 2.400% | Maturity | (254076) | – 0 | (254076) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 03/23/2023 | SIFMA\* | 2.460% | Maturity | (244073) | – 0 | (244073) |
|  Morgan Stanley Capital Services LLC | USD | 2000 | 05/15/2023 | SIFMA\* | 3.400% | Maturity | (70910) | – 0 | (70910) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(2016114) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;(2016114) |

---

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

(a) When-Issued or delayed delivery security.

(b) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $51,998,721 or 16.7% of net assets.

(d) IO – Interest Only.

(e) Defaulted.

(f) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Louisiana Public Facilities Authority<br>(Louisiana Pellets, Inc.)<br>Series 2014-A<br>7.50%, 07/01/2023 | 07/01/2014 | $&nbsp;&nbsp;&nbsp;&nbsp;173772 | $&nbsp;&nbsp;&nbsp;&nbsp;3 | 0.00% |

---

(g) Non-income producing security.

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

(i) Defaulted matured security.

(j) 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

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| | |
|:---|:---|
| **62 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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.

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

(l) Fair valued by the Adviser.

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

(n) Affiliated investments.

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

(p) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

As of October 31, 2022, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 2.3% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGC – Assured Guaranty Corporation

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

ID – Improvement District

LIBOR – London Interbank Offered Rate

MUNIPSA – SIFMA Municipal Swap Index

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 63** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $367,578,998) | $325239767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $563,535) | 563535 |
|  Cash collateral due from broker | 5555486 |
|  Receivable for investment securities sold | 10190000 |
| Interest receivable | 3852487 |
| Receivable for capital stock sold | 3352463 |
| Unrealized appreciation on interest rate swaps | 295094 |
| Receivable for variation margin on centrally cleared swaps | 195505 |
| Affiliated dividends receivable | 26557 |
|  Total assets | 349270894 |
| **Liabilities** |  |
|  Due to custodian | 320 |
|  Payable for investment securities purchased | 23041368 |
|  Payable for floating rate notes issued<sup>(a)</sup> | 9600000 |
|  Unrealized depreciation on interest rate swaps | 2311208 |
|  Payable for capital stock redeemed | 2034456 |
|  Market value on credit default swaps (net premiums received $188,305) | 573838 |
|  Advisory fee payable | 46600 |
|  Administrative fee payable | 31643 |
|  Distribution fee payable | 10553 |
|  Directors' fees payable | 1813 |
|  Transfer Agent fee payable | 1597 |
|  Dividends payable | 609 |
|  Accrued expenses and other liabilities | 571911 |
|  Total liabilities | 38225916 |
|  Net Assets | $**311044978** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $31509 |
|  Additional paid-in capital | 353552549 |
|  Accumulated loss | (42539080) |
|  **Net Assets** | $**311044978** |

---

**Net Asset Value Per Share—21 billion shares of capital stock authorized, $.001 par value** 

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares**<br> **Outstanding** | **Net Asset<br>Value** |
| **A** | $29037579 | 2941490 | $9.87 \* |
| **C** | $5963822 | 604148 | $9.87 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;276043577 | 27963131 | $&nbsp;&nbsp;&nbsp;&nbsp;9.87 |

---

\* The maximum offering price per share for Class A shares was $10.18 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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| | |
|:---|:---|
| **64 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $7644274 |  |
|  Dividends—Affiliated issuers | 80547 |  |
|  Other income | 2550 | $7727371 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 1274893 |  |
|  Distribution fee—Class A | 73152 |  |
|  Distribution fee—Class C | 70795 |  |
|  Transfer agency—Class A | 11528 |  |
|  Transfer agency—Class C | 2712 |  |
|  Transfer agency—Advisor Class | 99910 |  |
|  Administrative | 98645 |  |
|  Custody and accounting | 102901 |  |
|  Registration fees | 63965 |  |
|  Audit and tax | 63352 |  |
|  Printing | 49173 |  |
|  Legal | 39107 |  |
|  Directors' fees | 21275 |  |
|  Miscellaneous | 14375 |  |
|  Total expenses before interest expense | 1985783 |  |
|  Interest expense | 40006 |  |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025789 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (432731) |  |
|  Net expenses |  | 1593058 |
|  Net investment income |  | 6134313 |
| **Realized and Unrealized Gain (Loss) on Investment Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | (4016257) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 2279766 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(a)</sup> |  | (46122883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 484445 |
|  Net loss on investment transactions |  | (47374929) |
|  Contributions from Affiliates (see Note B) |  | 23865 |
|  **Net Decrease in Net Assets from Operations** |  | $**(41216751)** |

---

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $419.

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 65** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $6134313 | $2474391 |
|  Net realized gain (loss) on investment transactions | (1736491) | 411178 |
|  Net change in unrealized appreciation (depreciation) of investments | (45638438) | 4031055 |
|  Contributions from Affiliates (see Note B) | 23865 | – 0 |
|  Net increase (decrease) in net assets from operations | (41216751) | 6916624 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (573228) | (406926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (79387) | (35666) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5641767) | (2042255) |
| **Capital Stock Transactions** |  |  |
|  Net increase | 161243946 | 117513762 |
|  Total increase | 113732813 | 121945539 |
| **Net Assets** |  |  |
|  Beginning of period | 197312165 | 75366626 |
|  End of period | $**311044978** | $**197312165** |

---

See notes to financial statements.

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|:---|:---|
| **66 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 have not been issued. 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Advisor Class shares are sold 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

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 67** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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.

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|:---|:---|
| **68 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 69** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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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|:---|:---|
| **70 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $275961627 | $– 0 |  | $275961627 |
|  Short-Term Municipal Notes | – 0 | 40192092 | – 0 |  | 40192092 |
|  Corporates—Non-Investment Grade | – 0 | 3663084 | 163533 | <sup>(a)</sup> | 3826617 |
|  Corporates—Investment Grade | – 0 | 3267721 | – 0 |  | 3267721 |
|  Collateralized Mortgage Obligations | – 0 | 594334 | – 0 |  | 594334 |
|  Commercial Mortgage-Backed Securities | – 0 | 550259 | – 0 |  | 550259 |
|  Asset-Backed Securities | – 0 | 539678 | – 0 |  | 539678 |
|  Collateralized Loan Obligations | – 0 | 243164 | – 0 |  | 243164 |
|  Common Stocks | – 0 | 64275 | 0 | <sup>(a)</sup> | 64275 |
|  Short-Term Investments | 563535 | – 0 | – 0 |  | 563535 |
|  **Liabilities:** |  |  |  |  |  |
|  Floating Rate Notes<sup>(b)</sup>  | (9600000) | – 0 | – 0 |  | (9600000) |
|  Total Investments in Securities | (9036465) | 325076234 | 163533 | <sup>(a)</sup> | 316203302 |
|  **Other Financial Instruments**<sup>(c)</sup>**:** |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | 83601 | – 0 |  | 83601 <sup>(d)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 1996314 | – 0 |  | 1996314 <sup>(d)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 3296502 | – 0 |  | 3296502 <sup>(d)</sup> |
|  Interest Rate Swaps | – 0 | 295094 | – 0 |  | 295094 |
|  **Liabilities:** |  |  |  |  |  |
|  Centrally Cleared Credit Default Swaps | – 0 | (9103) | – 0 |  | (9103)<sup>(d)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (740130) | – 0 |  | (740130)<sup>(d)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (485718) | – 0 |  | (485718)<sup>(d)</sup> |
|  Credit Default Swaps | – 0 | (573838) | – 0 |  | (573838) |
|  Interest Rate Swaps | – 0 | (2311208) | – 0 |  | (2311208) |
|  **Total** | $**(9036465** | $**326627748** | $**163533** |  | $**317754816** |

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

(b) The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.

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

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

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 71** |

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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

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| **72 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

**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.

**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 year ended October 31, 2022, such reimbursements/waivers amounted to $425,288. The Expense Caps may not be terminated before January 31, 2023.

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 year ended October 31, 2022, the reimbursement for such services amounted to $98,645.

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 $22,924 for the year ended October 31, 2022.

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 $39 from the sale of Class A shares and received $11,982 and $5,466 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $7,443.

A summary of the Fund's transactions in AB mutual funds for the year ended October 31, 2022 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |

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During the year ended October 31, 2022, the Adviser reimbursed the Fund $23,865 for trading losses incurred due to a pricing error.

**NOTE C** 

**Distribution Services Agreement** 

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act

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| **74 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to 0.30% 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 by the Fund in the amount of $28,821 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, 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 year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240251591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75836176 |
|  U.S. government securities | – 0 | 667422 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357706038 |
|  Gross unrealized appreciation | $6954764 |
|  Gross unrealized depreciation | (46955611) |
|  Net unrealized depreciation | $(40000847) |

---

**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.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. 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 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 (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with

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| **76 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 a 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).

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 77** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, 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 year ended October 31, 2022, 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 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 a 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

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| **78 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 79** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended October 31, 2022, 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/Payable for variation margin on centrally cleared swaps | $254525 \* |  |  |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 5292029<br> \*  | Receivable/Payable for variation margin on centrally cleared swaps | $1222687<br> \*  |
|  Interest rate contracts | Unrealized appreciation on interest rate swaps | 295094 | Unrealized depreciation on interest rate swaps | 2311208 |
|  Credit contracts |  |  | Market value on credit default swaps | 573838 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;5841648 |  | $&nbsp;&nbsp;&nbsp;&nbsp;4107733 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $1892738 | $(111111) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 387028 | 595556 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;2279766 | $&nbsp;&nbsp;&nbsp;&nbsp;484445 |

---

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|:---|:---|
| **80 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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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 year ended October 31, 2022:

---

| | |
|:---|:---|
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $13826154 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $48338462 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $35798462 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $4570898 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $6285714 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19970000 <sup>(b)</sup> |

---

(a) Positions were open for six months during the year.

(b) Positions were open for five months during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $295094 | $(295094) | $– 0 – $| – 0 – $| – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;295094 | $&nbsp;&nbsp;&nbsp;&nbsp;(295094) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &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** |
|  Citibank, NA/Citigroup Global Markets, Inc. | $1239245 | $(295094) | $(913000) | $– 0 – $| 31151 |
|  Credit Suisse International | 158494 | – 0 | (158494) | – 0 – | – 0 |
|  JPMorgan Securities, LLC | 175225 | – 0 | (175225) | – 0 – | – 0 |
|  Morgan Stanley Capital Services LLC | 1312082 | – 0 | (1278000) | – 0 – | 34082 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;2885046 | $&nbsp;&nbsp;&nbsp;&nbsp;(295094 | $&nbsp;&nbsp;&nbsp;&nbsp;(2524719) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;65233 |

---

\* 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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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 81** |

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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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 2345610 | 1412846 | $25300363 | $16395252 |
|  Shares issued in reinvestment of dividends | 35652 | 17413 | 377337 | 200359 |
|  Shares converted from Class C | 6335 | 33047 | 69463 | 379856 |
|  Shares redeemed | (1988011) | (442249) | (21571436) | (5086693) |
|  **Net increase** | **399586** | **1021057** | $**4175727** | $**11888774** |
| **Class C** |  |  |  |  |
|  Shares sold | 238746 | 597815 | $2533652 | $6955200 |
|  Shares issued in reinvestment of dividends | 6212 | 2391 | 65534 | 27536 |
|  Shares converted to Class A | (6338) | (33047) | (69463) | (379856) |
|  Shares redeemed | (321819) | (45530) | (3432310) | (523128) |
|  **Net increase (decrease)** | **(83199)** | **521629** | $**(902587)** | $**6079752** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 37244701 | 11306229 | $402826250 | $131083859 |
|  Shares issued in reinvestment of dividends | 294382 | 84583 | 3110820 | 975843 |
|  Shares redeemed | (23418191) | (2823940) | (247966264) | (32514466) |
|  **Net increase** | **14120892** | **8566872** | $**157970806** | $**99545236** |

---

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the bond market fluctuates. The value of its 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) 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

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|:---|:---|
| **82 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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, or 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. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. 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.

Congress has previously considered making changes to the municipal securities provisions of the Internal Revenue Code that could change the U.S. federal income tax treatment of certain types of municipal securities.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 83** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund invests, from time to time, in the municipal securities of Puerto Rico or other U.S. territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other U.S. issuers of municipal securities. Like many U.S. states and municipalities, Puerto Rico experienced a significant downturn during the 2007-2009 recession. Puerto Rico's downturn was particularly severe, and Puerto Rico continues to face a very challenging economic and fiscal environment, including as a result of the COVID-19 pandemic. 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 experience continued volatility.

**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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

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|:---|:---|
| **84 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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. 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 instrument, 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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 85** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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

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| **86 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $832185 | $467928 |
|  Total taxable distributions | 832185 | 467928 |
|  Tax-exempt distributions | 5462197 | 2016919 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484847 |

---

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $52120 |
|  Accumulated capital and other losses | (2589744)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (40000847)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42538471)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $2,589,744.

(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, and the tax deferral of losses on wash sales.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2022, the

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 87** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund had a net short-term capital loss carryforward of $2,589,744, which may be carried forward for an indefinite period.

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

**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 October 31, 2022, the amount of the Fund's Floating Rate Notes outstanding was $9,600,000 and the related interest rate was 2.27% to 2.39%. For the year ended October 31, 2022, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $1,621,918 and 1.72%, 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** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform

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| **88 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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

**NOTE K** 

**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 <sup>\|</sup> 89** |

---

------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.56 | $10.82 | $11.09 | $10.46 | $10.77 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .21 | .22 | .29 | .30 | .24 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.69) | .75 | (.23 | .65 | (.30 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.48) | .97 | .06 | .95 | (.06 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.21) | (.23 | (.33 | (.32 | (.25 |
|  Net asset value, end of period | **$9.87** | **$11.56** | **$10.82** | **$11.09** | **$10.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (12.93)% | 9.02 | .63 | 9.15 | (.55 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $29037 | $29381 | $16463 | $11932 | $5666 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .76% | .76 | .77 | .76 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .91% | 1.08 | 1.26 | 1.30 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.91% | 1.88 | 2.68 | 2.78 | 2.26 |
|  Portfolio turnover rate | 33% | 30 | 63 | 52 | 68 |

---

See footnote summary on page 93.

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|:---|:---|
| **90 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.56 | $10.83 | $11.09 | $10.46 | $10.77 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .12 | .11 | .20 | .22 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.68) | .77 | (.21 | .65 | (.30 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.56) | .88 | (.01 | .87 | (.14 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.13) | (.15 | (.25 | (.24 | (.17 |
|  Net asset value, end of period | **$9.87** | **$11.56** | **$10.83** | **$11.09** | **$10.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (13.59)% | 8.22 | (.03 | 8.33 | (1.29) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5964 | $7943 | $1794 | $1596 | $769 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | 1.51% | 1.51 | 1.52 | 1.51 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | 1.66% | 1.81 | 2.00 | 2.06 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.08% | .96 | 1.91 | 2.05 | 1.52 |
|  Portfolio turnover rate | 33% | 30 | 63 | 52 | 68 |

---

See footnote summary on page 93.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 91** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.56 | $10.83 | $11.09 | $10.46 | $10.77 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .24 | .24 | .31 | .33 | .27 |
|  Net realized and unrealized gain (loss) on investment transactions | (1.69) | .75 | (.21 | .64 | (.30 |
|  Contributions from Affiliates | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.45) | .99 | .10 | .97 | (.03 |
|  **Less: Dividends** |  |  |  |  |  |
|  Dividends from net investment income | (.24) | (.26 | (.36 | (.34 | (.28 |
|  Net asset value, end of period | **$9.87** | **$11.56** | **$10.83** | **$11.09** | **$10.46** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (12.71)% | 9.20 | .97 | 9.42 | (.30 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $276044 | $159988 | $57110 | $67119 | $57432 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup> | .51% | .51 | .52 | .51 | .50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup> | .66% | .82 | .99 | 1.05 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.23% | 2.05 | 2.87 | 3.04 | 2.52 |
|  Portfolio turnover rate | 33% | 30 | 63 | 52 | 68 |

---

See footnote summary on page 93.

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| **92 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

(a) Based on average shares outstanding.

(b) Net of 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 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75% | .75% | .75% | .75% | .75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .90% | 1.07% | 1.23% | 1.29% | 1.27% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.65% | 1.79% | 1.98% | 2.04% | 2.02% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .50% | .50% | .50% | .50% | .50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .65% | .80% | .96% | 1.04% | 1.02% |

---

---

| | |
|:---|:---|
| + | 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.  |

---

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 93** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB Tax-Aware Fixed Income Opportunities Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Tax-Aware Fixed Income Opportunities Portfolio (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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| **94 <sup>\| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO</sup>** | **abfunds.com** |

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------

**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g346657g91r55.jpg)

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

New York, New York

December 23, 2022

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 95** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 3.35% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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| **96 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Daryl Clements**<sup>(2)</sup>**,** Vice President<br> **Terrance T. Hults**<sup>(2)</sup>**,** Vice President<br> **Matthew J. Norton**<sup>(2)</sup>**,** Vice President<br> **Andrew D. Potter**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Secretary | **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

---

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

---

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

2 The day-to-day management of, and investment decisions for, the Fund are made by the Adviser's Tax-Aware Investment Team. Messrs. Clements, Hults, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Fund's portfolio.

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 97** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>#</sup><br>1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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| **98 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS** | **INDEPENDENT DIRECTORS** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup><br>*Chairman of the Board* <br>81 <br>(2013) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 99** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br>71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup><br>78<br> (2013) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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| **100 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup><br>74<br> (2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup> <br>70<br> (2020) <br>| Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 101** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br>67<br> (2016) <br>| Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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| **102 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE,**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S)**<br> **DURING PAST FIVE YEARS**<br> **AND INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **DIRECTOR** | **OTHER**<br> **PUBLIC COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD<br>BY DIRECTOR** |
| **INDEPENDENT DIRECTORS<br>(continued)** | **INDEPENDENT DIRECTORS<br>(continued)** |  |  |
| Garry L. Moody,<sup>##</sup><br>70<br> (2013) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

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

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

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 103** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION**<br>**DURING PAST 5 YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Daryl Clements<br>55 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Terrance T. Hults<br>56 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Matthew Norton<br>39 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer – Municipal Bonds. |
| Andrew D. Potter<br> 37 | Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br> 58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

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

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

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

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| **106 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES 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 Tax-Aware Fixed Income Opportunities Portfolio (formerly AB Tax-Aware Fixed Income Portfolio) (the "Fund") at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

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

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

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 107** |

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judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The 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. The Adviser had not requested any reimbursements from the Fund in the Fund's latest fiscal year. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant 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 noted that the Fund was not profitable to the Adviser in the periods reviewed.

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| **108 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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**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 Fund's unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended July 31, 2021 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.

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

The directors noted that the Fund may invest in shares of exchange-traded funds ("ETFs"), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued, and rules adopted, by the SEC. The directors also noted

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| **abfunds.com** | **AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO <sup>\|</sup> 109** |

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that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser's explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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. 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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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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**NOTES** 

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| **112 <sup>\|</sup> AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO** | **abfunds.com** |

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![LOGO](g346657g43p34.jpg)

AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TAFIO-0151-1022 ![LOGO](g346657g22c48.jpg)

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**OCT** <sup>10.31.22</sup>

![LOGO](g370133g43p34.jpg)

ANNUAL REPORT

## AB TOTAL RETURN BOND PORTFOLIO
![LOGO](g370133covart_7682.jpg)

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g370133g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Total Return Bond Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g370133g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**December 6, 2022** 

This report provides management's discussion of fund performance for the AB Total Return Bond Portfolio for the annual reporting period ended October 31, 2022.

**The Fund's investment objective is to maximize long-term total return without assuming what the Adviser considers undue risk.** 

**NAV RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB TOTAL RETURN BOND PORTFOLIO**<sup>1</sup> |  |  |
| Class A Shares | -8.19% | -17.57% |
| Class C Shares | -8.46% | -18.22% |
| Advisor Class Shares<sup>2</sup> | -8.08% | -17.44% |
| Class R Shares<sup>2</sup> | -8.22% | -17.78% |
| Class K Shares<sup>2</sup> | -8.09% | -17.56% |
| Class I Shares<sup>2</sup> | -8.07% | -17.44% |
| Class Z Shares<sup>2</sup> | -8.06% | -17.34% |
| Bloomberg US Aggregate Bond Index | -6.86% | -15.68% |

---

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| | |
|:---|:---|
| 1 | **Includes the impact of proceeds received and credited to the Fund resulting from class-action settlements, which enhanced the performance of all share classes of the Fund for the six- and 12-month periods ended October 31, 2022, by 0.00% and 0.01%, respectively.**  |

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| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended October 31, 2022.

During both periods, all share classes of the Fund underperformed the benchmark, before sales charges. In the 12-month period, yield-curve positioning was the largest detractor, relative to the benchmark, as losses from positioning on the two- to 10-year parts of the curve outweighed gains on the six-month and 20-year parts of the curve. Sector allocation also detracted, as losses from off-benchmark exposure to collateralized loan obligations were partially offset by gains from an underweight to US agency mortgages and an overweight to asset-backed securities. Country allocation hampered results, due to off-benchmark allocation to Japan and the UK that was partially offset by gains from allocation to the eurozone

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| | |
|:---|:---|
| **2 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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and Sweden. Currency decisions contributed, as gains in the Swedish krona, offshore Chinese renminbi, Australian dollar and Canadian dollar exceeded a loss in the Russian ruble. Security selection within commercial mortgage-backed securities ("CMBS") also contributed, partially offset by losses within investment-grade corporate bonds and asset-backed securities.

During the six-month period, sector allocation was the largest detractor, mostly from off-benchmark allocation to collateralized mortgage obligations, agency risk-sharing transactions and emerging-market corporate bonds, along with an overweight to CMBS, while an underweight to US agency mortgages contributed. Country allocation to Japan and the UK detracted more than a gain in the eurozone. Security selection also detracted, primarily from losses within investment-grade corporate bonds and asset-backed securities that were partially offset by gains within CMBS and high-yield corporate bonds. Yield-curve positioning contributed, from gains on the six-month and 10-year parts of the curve that outweighed losses from positioning on the two- and 30-year parts of the curve. Currency positioning in the offshore Chinese renminbi was a minor contributor to performance.

During both periods, the Fund utilized currency forwards to hedge currency risk and actively manage currency positions. Credit default swaps were utilized in the corporate and CMBS sectors for hedging and investment purposes. Total return swaps were utilized in the corporate sector for hedging and investment purposes. Treasury futures and interest rate swaps were utilized to manage duration, country exposure and yield-curve positioning. Consumer Price Index swaps were held to gain exposure to rising inflation expectations, which added to absolute returns.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets during the 12-month period ended October 31, 2022. Most major central banks aggressively tightened monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. Developed-market government bonds fell the most in the UK and eurozone, and by the least in Japan, Canada and Australia. In credit risk sectors, securitized assets generally outperformed corporate bonds. Investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds in the US outperformed US Treasuries, while eurozone high yield outperformed eurozone treasuries. Emerging-market sovereign bonds materially underperformed developed-market treasuries. Emerging-market investment-grade corporate bonds hedged to the US dollar outperformed US investment-grade corporates. Emerging-market local-currency bonds lagged as the US dollar advanced against all developed-market currencies and most emerging-market currencies. Brent crude oil

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 3** |

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prices ended higher, even as prices fell later in the period on global growth concerns and reduced demand.

**INVESTMENT POLICIES** 

The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Fund expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Fund may invest up to 25% of its net assets in below investment-grade bonds. The Fund may use leverage for investment purposes.

The Fund may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Adviser selects securities for purchase or sale based on its assessment of the securities' risk and return characteristics as well as the securities' impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund's other holdings.

The Fund may invest in mortgage-related and other asset-backed securities; loan participations and assignments; inflation-indexed securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Fund may invest, without limit, in derivatives, such as options, futures contracts, forwards or swaps.

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| | |
|:---|:---|
| **4 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The Bloomberg US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market.

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

**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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

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

**Emerging-Market Risk:** Investments in emerging-market countries may have more risk 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.

**Leverage Risk:** To the extent the Fund uses leveraging techniques, its net asset value ("NAV") may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

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| | |
|:---|:---|
| **6 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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.

**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 decline.

**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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.** 

**On July 12, 2019, the Fund implemented its current investment policies (the change eliminated the guidelines for the average duration and maturity of the Fund and addressed certain related** 

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**matters) and also changed its name from AB Intermediate Bond Portfolio to AB Total Return Bond Portfolio. Accordingly, the performance shown for periods prior to July 12, 2019, is based on the Fund's prior investment strategies and may not be representative of the Fund's performance under its current investment policies.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| | |
|:---|:---|
| **8 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

10/31/2012 TO 10/31/2022

![LOGO](g370133g04p12.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Total Return Bond Portfolio Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022** (unaudited)

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| | | | |
|:---|:---|:---|:---|
|  | NAV<br>Returns | SEC Returns<br>(reflects applicable<br>sales charges) | SEC<br>Yields<sup>1</sup> |
| **CLASS A SHARES** |  |  | 4.12% |
| 1 Year | -17.57% | -21.08% |  |
| 5 Years | -1.12% | -1.97% |  |
| 10 Years | 0.67% | 0.23% |  |
| **CLASS C SHARES** |  |  | 3.54% |
| 1 Year | -18.22% | -19.02% |  |
| 5 Years | -1.84% | -1.84% |  |
| 10 Years<sup>2</sup> | -0.07% | -0.07% |  |
| **ADVISOR CLASS SHARES**<sup>3</sup> |  |  | 4.57% |
| 1 Year | -17.44% | -17.44% |  |
| 5 Years | -0.87% | -0.87% |  |
| 10 Years | 0.92% | 0.92% |  |
| **CLASS R SHARES**<sup>3</sup> |  |  | 3.85% |
| 1 Year | -17.78% | -17.78% |  |
| 5 Years | -1.35% | -1.35% |  |
| 10 Years | 0.43% | 0.43% |  |
| **CLASS K SHARES**<sup>3</sup> |  |  | 4.17% |
| 1 Year | -17.56% | -17.56% |  |
| 5 Years | -1.10% | -1.10% |  |
| 10 Years | 0.68% | 0.68% |  |
| **CLASS I SHARES**<sup>3</sup> |  |  | 4.51% |
| 1 Year | -17.44% | -17.44% |  |
| 5 Years | -0.88% | -0.88% |  |
| 10 Years | 0.92% | 0.92% |  |
| **CLASS Z SHARES**<sup>3</sup> |  |  | 4.60% |
| 1 Year | -17.34% | -17.34% |  |
| 5 Years | -0.87% | -0.87% |  |
| Since Inception<sup>4</sup> | 0.81% | 0.81% |  |

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**The Fund's prospectus fee table shows the Fund's total annual operating expense ratios as 0.99%, 1.74%, 0.74%, 1.37%, 1.06%, 0.68% and 0.64% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund's total annual operating expense ratios, exclusive of interest expense, to 0.77%, 1.52%, 0.52%, 1.02%, 0.77%, 0.52% and 0.52% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

(footnotes continued on next page)

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|:---|:---|
| **10 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended October 31, 2022.

2 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 3 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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4 Inception date: 4/25/2014.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -19.64% |
| 5 Years | -1.57% |
| 10 Years | 0.47% |
| **CLASS C SHARES** |  |
| 1 Year | -17.48% |
| 5 Years | -1.46% |
| 10 Years<sup>1</sup> | 0.17% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -15.87% |
| 5 Years | -0.49% |
| 10 Years | 1.17% |
| **CLASS R SHARES**<sup>2</sup> |  |
| 1 Year | -16.22% |
| 5 Years | -0.97% |
| 10 Years | 0.67% |
| **CLASS K SHARES**<sup>2</sup> |  |
| 1 Year | -16.07% |
| 5 Years | -0.72% |
| 10 Years | 0.92% |
| **CLASS I SHARES**<sup>2</sup> |  |
| 1 Year | -15.94% |
| 5 Years | -0.50% |
| 10 Years | 1.17% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| 1 Year | -15.85% |
| 5 Years | -0.47% |
| Since Inception<sup>3</sup> | 1.04% |

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1 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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3 Inception date: 4/25/2014.

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| | |
|:---|:---|
| **12 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 13** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>May 1, 2022** | **Ending<br>Account Value<br>October 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $918.10 | $3.72 | 0.77% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.32 | $&nbsp;&nbsp;&nbsp;&nbsp;3.92 | 0.77% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $915.40 | $7.34 | 1.52% |
|  Hypothetical\*\* | $1000 | $1017.54 | $7.73 | 1.52% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $919.20 | $2.52 | 0.52% |
|  Hypothetical\*\* | $1000 | $1022.58 | $2.65 | 0.52% |
| **Class R** |  |  |  |  |
|  Actual | $1000 | $917.80 | $4.93 | 1.02% |
|  Hypothetical\*\* | $1000 | $1020.06 | $5.19 | 1.02% |
| **Class K** |  |  |  |  |
|  Actual | $1000 | $919.10 | $3.72 | 0.77% |
|  Hypothetical\*\* | $1000 | $1021.32 | $3.92 | 0.77% |
| **Class I** |  |  |  |  |
|  Actual | $1000 | $919.30 | $2.52 | 0.52% |
|  Hypothetical\*\* | $1000 | $1022.58 | $2.65 | 0.52% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $919.40 | $2.52 | 0.52% |
|  Hypothetical\*\* | $1000 | $1022.58 | $2.65 | 0.52% |

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\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

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|:---|:---|
| **14 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**October 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $201.7

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TOP TEN SECTORS (including derivatives)<sup>1</sup>

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| | |
|:---|:---|
| Governments–Treasuries<sup>2</sup> | 30.2 |
| Corporates–Investment Grade | 24.8 |
| Mortgage Pass-Throughs | 20.1 |
| Commercial Mortgage-Backed Securities<sup>3</sup> | 13.5 |
| Collateralized Mortgage Obligations | 10.5 |
| Asset-Backed Securities | 7.6 |
| Collateralized Loan Obligations | 4.4 |
| Emerging Markets–Corporate Bonds | 1.2 |
| Local Governments–US Municipal Bonds | 0.9 |
| Common Stocks | 0.5 |

---

SECTOR BREAKDOWN (excluding derivatives)<sup>4</sup>

---

| | |
|:---|:---|
| Corporates–Investment Grade | 23.4% |
| Mortgage Pass-Throughs | 18.8 |
| Governments–Treasuries | 16.3 |
| Collateralized Mortgage Obligations | 12.6 |
| Commercial Mortgage-Backed Securities | 9.2 |
| Asset-Backed Securities | 7.1 |
| Collateralized Loan Obligations | 3.7 |
| Corporates–Non-Investment Grade | 3.3 |
| Emerging Markets–Corporate Bonds | 1.1 |
| Local Governments–US Municipal Bonds | 0.8 |
| Common Stocks | 0.4 |
| Emerging Markets–Sovereigns | 0.4 |
| Quasi-Sovereigns | 0.3 |
| Governments–Sovereign Bonds | 0.1 |
| Short-Term Investments | 2.5 |
|  | 100.0% |

---

---

| | |
|:---|:---|
| 1 | The Fund's sectors include derivative exposure and are expressed as approximate percentages of the Fund's total net assets, based on the Adviser's internal classification. The percentages will vary over time.  |

---

2 Includes Treasury Futures.

3 Includes Credit Default Swaps.

---

| | |
|:---|:---|
| 4 | The Fund's sector breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details).  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 15** |

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------

**PORTFOLIO OF INVESTMENTS** 

**October 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **CORPORATES - INVESTMENT GRADE – 24.9%** |  |  |  |
|  **Industrial – 13.8%** |  |  |  |
|  **Basic – 0.6%** |  |  |  |
|  Anglo American Capital PLC <br>3.875%, 03/16/2029<sup>(a)</sup> | U.S.$| 238 | $201750 |
|  Celanese US Holdings LLC <br>5.90%, 07/05/2024 |  | 455 | 447137 |
|  Freeport Indonesia PT <br>4.763%, 04/14/2027<sup>(a)</sup> |  | 390 | 349537 |
|  Suzano Austria GmbH <br>3.75%, 01/15/2031 |  | 145 | 115366 |
|  |  |  | 1113790 |
|  **Capital Goods – 0.4%** |  |  |  |
|  CNH Industrial Capital LLC <br>3.95%, 05/23/2025 |  | 375 | 359333 |
|  Flowserve Corp. <br>2.80%, 01/15/2032 |  | 425 | 304708 |
|  Parker-Hannifin Corp. <br>3.25%, 06/14/2029 |  | 255 | 221531 |
|  |  |  | 885572 |
|  **Communications - Media – 1.7%** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital <br>5.125%, 07/01/2049 |  | 198 | 146166 |
|  Discovery Communications LLC<br>5.20%, 09/20/2047 |  | 178 | 126526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/2049 |  | 81 | 58398 |
|  Fox Corp.<br>4.709%, 01/25/2029 |  | 240 | 223418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.576%, 01/25/2049 |  | 407 | 339784 |
|  Interpublic Group of Cos., Inc. (The) <br>4.65%, 10/01/2028 |  | 178 | 164438 |
|  Netflix, Inc. <br>5.875%, 11/15/2028 |  | 766 | 760914 |
|  Prosus NV<br>3.257%, 01/19/2027<sup>(a)</sup> |  | 219 | 180675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/21/2030<sup>(a)</sup> |  | 545 | 399144 |
|  Tencent Holdings Ltd. <br>3.24%, 06/03/2050<sup>(a)</sup> |  | 328 | 170417 |
|  Weibo Corp. <br>3.375%, 07/08/2030 |  | 1312 | 902246 |
|  |  |  | 3472126 |
|  **Consumer Cyclical - Automotive – 0.7%** |  |  |  |
|  General Motors Financial Co., Inc. <br>4.30%, 04/06/2029 |  | 78 | 68529 |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Harley-Davidson Financial Services, Inc. <br>3.05%, 02/14/2027<sup>(a)</sup> | U.S.$| 501 | $| 427518 |
|  Nissan Motor Co., Ltd. <br>4.345%, 09/17/2027<sup>(a)</sup> |  | 1120 |  | 944350 |
|  |  |  |  | 1440397 |
|  **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** | **Consumer Cyclical - Other – 0.4%** |
|  Las Vegas Sands Corp. <br>3.90%, 08/08/2029 |  | 797 |  | 642980 |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 346 |  | 263333 |
|  |  |  |  | 906313 |
|  **Consumer Cyclical - Retailers – 0.9%** | **Consumer Cyclical - Retailers – 0.9%** | **Consumer Cyclical - Retailers – 0.9%** | **Consumer Cyclical - Retailers – 0.9%** | **Consumer Cyclical - Retailers – 0.9%** |
|  Advance Auto Parts, Inc. <br>3.90%, 04/15/2030 |  | 811 |  | 687103 |
|  Lowe's Cos., Inc. <br>5.80%, 09/15/2062 |  | 336 |  | 300811 |
|  Ross Stores, Inc. <br>4.70%, 04/15/2027 |  | 893 |  | 854601 |
|  |  |  |  | 1842515 |
|  **Consumer Non-Cyclical – 1.2%** | **Consumer Non-Cyclical – 1.2%** | **Consumer Non-Cyclical – 1.2%** | **Consumer Non-Cyclical – 1.2%** | **Consumer Non-Cyclical – 1.2%** |
|  Altria Group, Inc. <br>3.40%, 05/06/2030 |  | 750 |  | 609375 |
|  BAT Capital Corp.<br>2.259%, 03/25/2028 |  | 1125 |  | 890258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.906%, 04/02/2030 |  | 196 |  | 171329 |
|  Cargill, Inc. <br>5.125%, 10/11/2032<sup>(a)</sup> |  | 248 |  | 242006 |
|  CVS Health Corp. <br>4.30%, 03/25/2028 |  | 28 |  | 26288 |
|  Ochsner LSU Health System of North Louisiana<br>Series 2021 <br>2.51%, 05/15/2031 |  | 520 |  | 388913 |
|  |  |  |  | 2328169 |
|  **Energy – 2.8%** | **Energy – 2.8%** | **Energy – 2.8%** | **Energy – 2.8%** | **Energy – 2.8%** |
|  BP Capital Markets America, Inc. <br>2.939%, 06/04/2051 |  | 1201 |  | 741726 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032<sup>(a)</sup> |  | 454 |  | 331997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(a)</sup> |  | 335 |  | 304813 |
|  Devon Energy Corp. <br>5.60%, 07/15/2041 |  | 457 |  | 417401 |
|  Diamondback Energy, Inc. <br>6.25%, 03/15/2033 |  | 220 |  | 220986 |
|  Enbridge Energy Partners LP <br>7.375%, 10/15/2045 |  | 634 |  | 670753 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 17** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Energy Transfer LP <br>6.25%, 04/15/2049 | U.S.$| 156 | $| 136168 |
|  EQT Corp. <br>5.70%, 04/01/2028 |  | 137 |  | 133334 |
|  Marathon Oil Corp. <br>6.80%, 03/15/2032 |  | 650 |  | 662213 |
|  Marathon Petroleum Corp.<br>5.125%, 12/15/2026 |  | 255 |  | 250685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2041 |  | 161 |  | 157036 |
|  Oleoducto Central SA <br>4.00%, 07/14/2027<sup>(a)</sup> |  | 429 |  | 349045 |
|  ONEOK Partners LP <br>6.125%, 02/01/2041 |  | 48 |  | 42416 |
|  ONEOK, Inc.<br>4.35%, 03/15/2029 |  | 425 |  | 377957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/2031 |  | 217 |  | 214331 |
|  Suncor Energy, Inc. <br>6.80%, 05/15/2038 |  | 534 |  | 534438 |
|  Tengizchevroil Finance Co. International Ltd. <br>3.25%, 08/15/2030<sup>(a)</sup> |  | 237 |  | 151561 |
|  |  |  |  | 5696860 |
|  **Other Industrial – 0.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa SAB de CV <br>5.25%, 03/25/2024<sup>(a)</sup> |  | 530 |  | 524634 |
|  **Services – 0.7%** |  |  |  |  |
|  Booking Holdings, Inc. <br>4.625%, 04/13/2030 |  | 925 |  | 872321 |
|  Expedia Group, Inc. <br>6.25%, 05/01/2025<sup>(a)</sup> |  | 33 |  | 32981 |
|  Global Payments, Inc.<br>3.20%, 08/15/2029 |  | 290 |  | 240816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/2032 |  | 288 |  | 266198 |
|  S&P Global, Inc. <br>4.75%, 08/01/2028<sup>(a)</sup> |  | 32 |  | 31023 |
|  |  |  |  | 1443339 |
|  **Technology – 3.5%** | **Technology – 3.5%** | **Technology – 3.5%** | **Technology – 3.5%** | **Technology – 3.5%** |
|  Apple, Inc. <br>4.10%, 08/08/2062 |  | 350 |  | 272233 |
|  Broadcom, Inc.<br>3.137%, 11/15/2035<sup>(a)</sup> |  | 124 |  | 86008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.187%, 11/15/2036<sup>(a)</sup> |  | 411 |  | 280429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/2029<sup>(a)</sup> |  | 53 |  | 46513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/2030 |  | 240 |  | 206472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/2032<sup>(a)</sup> |  | 187 |  | 156878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.926%, 05/15/2037<sup>(a)</sup> |  | 547 |  | 450837 |

---

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| | |
|:---|:---|
| **18 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Entegris Escrow Corp. <br>4.75%, 04/15/2029<sup>(a)</sup> | U.S.$| 395 | $| 352715 |
|  Fiserv, Inc. <br>3.50%, 07/01/2029 |  | 869 |  | 755100 |
|  Honeywell International, Inc. <br>4.125%, 11/02/2034 | EUR | 410 |  | 399866 |
|  HP, Inc. <br>5.50%, 01/15/2033 | U.S.$| 592 |  | 527046 |
|  Infor, Inc. <br>1.75%, 07/15/2025<sup>(a)</sup> |  | 279 |  | 250163 |
|  Intel Corp. <br>5.05%, 08/05/2062 |  | 467 |  | 380614 |
|  International Business Machines Corp. <br>4.90%, 07/27/2052 |  | 457 |  | 385388 |
|  KLA Corp. <br>4.10%, 03/15/2029 |  | 123 |  | 115726 |
|  Kyndryl Holdings, Inc. <br>2.05%, 10/15/2026 |  | 869 |  | 681366 |
|  Micron Technology, Inc. <br>6.75%, 11/01/2029 |  | 562 |  | 562264 |
|  NXP BV/NXP Funding LLC <br>5.55%, 12/01/2028 |  | 277 |  | 265637 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. <br>3.40%, 05/01/2030 |  | 298 |  | 247122 |
|  Oracle Corp. <br>5.375%, 07/15/2040 |  | 90 |  | 75145 |
|  SK Hynix, Inc. <br>2.375%, 01/19/2031<sup>(a)</sup> |  | 280 |  | 197103 |
|  TSMC Arizona Corp. <br>3.875%, 04/22/2027 |  | 241 |  | 225386 |
|  Workday, Inc. <br>3.70%, 04/01/2029 |  | 77 |  | 68621 |
|  |  |  |  | 6988632 |
|  **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** | **Transportation - Airlines – 0.3%** |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.<br>4.50%, 10/20/2025<sup>(a)</sup> |  | 345 |  | 336050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/20/2028<sup>(a)</sup> |  | 401 |  | 372806 |
|  |  |  |  | 708856 |
|  **Transportation - Railroads – 0.1%** | **Transportation - Railroads – 0.1%** | **Transportation - Railroads – 0.1%** | **Transportation - Railroads – 0.1%** | **Transportation - Railroads – 0.1%** |
|  Lima Metro Line 2 Finance Ltd. <br>5.875%, 07/05/2034<sup>(a)</sup> |  | 166 |  | 153582 |
|  **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** | **Transportation - Services – 0.2%** |
|  ENA Master Trust <br>4.00%, 05/19/2048<sup>(a)</sup> |  | 457 |  | 309903 |
|  |  |  |  | 27814688 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 19** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Financial Institutions – 10.5%** |  |  |  |
|  **Banking – 7.4%** |  |  |  |
|  AIB Group PLC <br>7.583%, 10/14/2026<sup>(a)</sup> | U.S.$| 845 | $840158 |
|  Banco de Credito del Peru S.A. <br>3.125%, 07/01/2030<sup>(a)</sup> |  | 635 | 556768 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 400 | 352292 |
|  Bank of America Corp. <br>4.376%, 04/27/2028 |  | 503 | 467830 |
|  Bank of Ireland Group PLC <br>6.253%, 09/16/2026<sup>(a)</sup> |  | 215 | 207774 |
|  Barclays PLC <br>7.385%, 11/02/2028 |  | 384 | 382103 |
|  BNP Paribas SA <br>4.625%, 02/25/2031<sup>(a)</sup> |  | 463 | 320563 |
|  Citigroup, Inc.<br>4.075%, 04/23/2029 |  | 494 | 445035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023<sup>(b)</sup> |  | 177 | 175731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W<br>4.00%, 12/10/2025<sup>(b)</sup> |  | 329 | 277350 |
|  Credit Suisse Group AG<br>3.091%, 05/14/2032<sup>(a)</sup> |  | 319 | 218898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.194%, 04/01/2031<sup>(a)</sup> |  | 396 | 306429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.373%, 07/15/2026<sup>(a)</sup> |  | 369 | 344177 |
|  Danske Bank A/S <br>4.298%, 04/01/2028<sup>(a)</sup> |  | 360 | 317617 |
|  Deutsche Bank AG/New York NY<br>3.961%, 11/26/2025 |  | 265 | 244110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.119%, 07/14/2026 |  | 294 | 281052 |
|  Discover Bank <br>4.682%, 08/09/2028 |  | 250 | 239988 |
|  Federation des Caisses Desjardins du Quebec <br>4.55%, 08/23/2027<sup>(a)</sup> |  | 464 | 433835 |
|  Fifth Third Bancorp <br>Series L <br>4.50%, 09/30/2025<sup>(b)</sup> |  | 205 | 188916 |
|  Goldman Sachs Group, Inc. (The) <br>Series V <br>4.125%, 11/10/2026<sup>(b)</sup> |  | 268 | 208761 |
|  HSBC Holdings PLC <br>4.292%, 09/12/2026 |  | 240 | 221388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.583%, 06/19/2029 |  | 224 | 195001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.762%, 03/29/2033 |  | 323 | 256753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.336%, 11/03/2026 |  | 323 | 323636 |
|  JPMorgan Chase & Co. <br>2.58%, 04/22/2032 |  | 892 | 686055 |

---

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| | |
|:---|:---|
| **20 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Mizuho Financial Group, Inc. <br>5.414%, 09/13/2028 | U.S.$| 444 | $428833 |
|  Morgan Stanley<br>0.406%, 10/29/2027 | EUR | 309 | 260669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.772%, 01/24/2029 | U.S.$| 515 | 459437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/2028 |  | 358 | 331365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.296%, 10/18/2028 |  | 144 | 145303 |
|  Nationwide Building Society <br>2.972%, 02/16/2028<sup>(a)</sup> |  | 398 | 337146 |
|  Societe Generale SA <br>2.797%, 01/19/2028<sup>(a)</sup> |  | 778 | 644495 |
|  Standard Chartered PLC<br>3.971%, 03/30/2026<sup>(a)</sup> |  | 268 | 246474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.925% (LIBOR 3 Month + 1.51%), 01/30/2027<sup>(a)(b)(c)</sup> |  | 400 | 294744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/26/2025<sup>(a)(b)</sup> |  | 478 | 435998 |
|  Swedbank AB <br>Series NC5 <br>5.625%, 09/17/2024<sup>(a)(b)</sup> |  | 400 | 376376 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(b)</sup> |  | 692 | 608413 |
|  UBS Group AG <br>7.00%, 02/19/2025<sup>(a)(b)</sup> |  | 312 | 302185 |
|  UniCredit SpA<br>1.982%, 06/03/2027<sup>(a)</sup> |  | 205 | 166673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.569%, 09/22/2026<sup>(a)</sup> |  | 391 | 335509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.127%, 06/03/2032<sup>(a)</sup> |  | 356 | 251461 |
|  US Bancorp <br>Series J <br>5.30%, 04/15/2027<sup>(b)</sup> |  | 380 | 317969 |
|  Wells Fargo & Co.<br>3.584%, 05/22/2028 |  | 191 | 172005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB<br>3.90%, 03/15/2026<sup>(b)</sup> |  | 273 | 231744 |
|  |  |  | 14839019 |
|  **Brokerage – 0.4%** |  |  |  |
|  Charles Schwab Corp. (The)<br>Series G<br>5.375%, 06/01/2025<sup>(b)</sup> |  | 412 | 402401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I<br>4.00%, 06/01/2026<sup>(b)</sup> |  | 469 | 382535 |
|  |  |  | 784936 |
|  **Finance – 1.6%** |  |  |  |
|  Air Lease Corp.<br>2.875%, 01/15/2026 |  | 72 | 64023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 04/01/2027 |  | 34 | 29961 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 21** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(a)</sup> | U.S.$| 835 | $627711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 152 | 144920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 53 | 46749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(a)</sup> |  | 384 | 359317 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(a)</sup> |  | 449 | 373716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/20/2026<sup>(a)</sup> |  | 133 | 107005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(a)</sup> |  | 136 | 110799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(a)</sup> |  | 5 | 4536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/30/2024<sup>(a)</sup> |  | 135 | 130179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(a)</sup> |  | 153 | 140350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(a)</sup> |  | 381 | 365886 |
|  CDBL Funding 1 <br>3.50%, 10/24/2027<sup>(a)</sup> |  | 580 | 522568 |
|  Synchrony Financial <br>2.875%, 10/28/2031 |  | 420 | 296957 |
|  |  |  | 3324677 |
|  **Insurance – 0.7%** |  |  |  |
|  Guardian Life Insurance Co. of America (The) <br>4.85%, 01/24/2077<sup>(a)</sup> |  | 294 | 223687 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037<sup>(a)</sup> |  | 699 | 727771 |
|  Swiss Re Finance Luxembourg SA <br>5.00%, 04/02/2049<sup>(a)</sup> |  | 400 | 348604 |
|  Voya Financial, Inc. <br>5.65%, 05/15/2053 |  | 180 | 174010 |
|  |  |  | 1474072 |
|  **REITs – 0.4%** |  |  |  |
|  GLP Capital LP/GLP Financing II, Inc. <br>3.25%, 01/15/2032 |  | 397 | 294236 |
|  Vornado Realty LP <br>3.40%, 06/01/2031 |  | 709 | 523540 |
|  |  |  | 817776 |
|  |  |  | 21240480 |
|  **Utility – 0.6%** |  |  |  |
|  **Electric – 0.6%** |  |  |  |
|  AES Panama Generation Holdings SRL <br>4.375%, 05/31/2030<sup>(a)</sup> |  | 274 | 215398 |
|  Chile Electricity Pec SpA <br>Zero Coupon, 01/25/2028<sup>(a)</sup> |  | 679 | 471184 |
|  Duke Energy Carolinas NC Storm Funding LLC <br>Series A-2 <br>2.617%, 07/01/2041 |  | 306 | 221305 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Engie Energia Chile SA <br>3.40%, 01/28/2030<sup>(a)</sup> | U.S.$| 349 | $254770 |
|  |  |  | 1162657 |
|  Total Corporates - Investment Grade <br>(cost $60,728,927) |  |  | 50217825 |
|  **MORTGAGE PASS-THROUGHS – 20.1%** |  |  |  |
|  **Agency Fixed Rate 30-Year – 19.2%** |  |  |  |
|  Federal Home Loan Mortgage Corp.<br>Series 2019<br>3.50%, 10/01/2049 |  | 190 | 170971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 253 | 226972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 715 | 642938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.00%, 03/01/2052 |  | 1980 | 1565021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 2308 | 1900603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 1302 | 1111350 |
|  Federal Home Loan Mortgage Corp. Gold<br>Series 2005<br>5.50%, 01/01/2035 |  | 78 | 78914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 07/01/2035 |  | 14 | 13673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>4.00%, 02/01/2046 |  | 533 | 501273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>4.00%, 07/01/2044 |  | 353 | 331922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 03/01/2048 |  | 140 | 133405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/2048 |  | 343 | 327628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/2048 |  | 449 | 429219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2048 |  | 166 | 163330 |
|  Federal National Mortgage Association<br>Series 2003<br>5.50%, 04/01/2033 |  | 25 | 25144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2033 |  | 55 | 55100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004<br>5.50%, 04/01/2034 |  | 7 | 6644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/2034 |  | 16 | 16258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/2034 |  | 23 | 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/2035 |  | 220 | 222361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005<br>5.50%, 02/01/2035 |  | 32 | 32636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007<br>5.50%, 08/01/2037 |  | 162 | 163940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010<br>4.00%, 12/01/2040 |  | 225 | 211607 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012<br>3.50%, 02/01/2042 | U.S.$| 146 | $132834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2042 |  | 1536 | 1393542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/2043 |  | 259 | 234697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013<br>3.50%, 04/01/2043 |  | 883 | 801239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/2043 |  | 533 | 497943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>3.50%, 01/01/2047 |  | 397 | 356180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>4.50%, 09/01/2048 |  | 786 | 750566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019<br>3.50%, 08/01/2049 |  | 605 | 542976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/2049 |  | 271 | 243742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2049 |  | 507 | 454462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020<br>3.50%, 01/01/2050 |  | 625 | 561242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>2.00%, 07/01/2051 |  | 2021 | 1595956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2052 |  | 665 | 548696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>2.50%, 03/01/2052 |  | 1456 | 1196865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/2052 |  | 1502 | 1236538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/2052 |  | 1926 | 1585199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/2052 |  | 1700 | 1451521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2052 |  | 2165 | 1847801 |
|  Government National Mortgage Association<br>Series 2016<br>3.00%, 04/20/2046 |  | 76 | 67171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/2046 |  | 184 | 162922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 11/21/2052, TBA |  | 994 | 915772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/2052, TBA |  | 2289 | 2168326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022<br>3.00%, 11/01/2052, TBA |  | 418 | 362920 |
|  Uniform Mortgage-Backed Security<br>Series 2022<br>2.00%, 11/01/2052, TBA |  | 4891 | 3852271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2052, TBA |  | 5906 | 4835430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/2052, TBA |  | 1585 | 1345982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/2052, TBA |  | 1253 | 1139205 |
|  |  |  | 38636390 |
|  **Agency Fixed Rate 15-Year – 0.9%** |  |  |  |
|  Federal National Mortgage Association<br>Series 2016<br>2.50%, 08/01/2031 |  | 105 | 96564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/2031 |  | 476 | 439036 |

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|:---|:---|
| **24 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/2031 | U.S.$| 621 | $572967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/2032 |  | 155 | 143197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017<br>2.50%, 02/01/2032 |  | 660 | 607604 |
|  |  |  | 1859368 |
|  **Agency ARMs – 0.0%** |  |  |  |
|  Federal Home Loan Mortgage Corp. <br>Series 2006 <br>2.25% (LIBOR 12 Month + 2.00%), 01/01/2037<sup>(c)</sup> |  | 8 | 8294 |
|  Total Mortgage Pass-Throughs <br>(cost $44,201,072) |  |  | 40504052 |
|  **GOVERNMENTS - TREASURIES – 17.3%** |  |  |  |
|  **United States – 17.3%** |  |  |  |
|  U.S. Treasury Bonds<br>2.375%, 02/15/2042 |  | 734 | 533756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/15/2044<sup>(d)</sup> |  | 3034 | 2446011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 |  | 1116 | 940308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 08/15/2042 |  | 992 | 853068 |
|  U.S. Treasury Notes<br>2.625%, 02/28/2023 |  | 13938 | 13861777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 |  | 2523 | 2358310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 |  | 1895 | 1693835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/2024<sup>(d)</sup> |  | 4291 | 4178751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2027 |  | 1965 | 1869344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/2024 |  | 3526 | 3444266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 09/30/2027 |  | 2822 | 2804946 |
|  Total Governments - Treasuries <br>(cost $36,526,068) |  |  | 34984372 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 13.8%** |  |  |  |
|  **Risk Share Floating Rate – 11.8%** |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2019-1A, Class M1B<br>5.336% (LIBOR 1 Month + 1.75%), 03/25/2029<sup>(a)(c)</sup> |  | 114 | 113898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class M2<br>6.686% (LIBOR 1 Month + 3.10%), 04/25/2029<sup>(a)(c)</sup> |  | 325 | 313492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1B<br>5.186% (LIBOR 1 Month + 1.60%), 07/25/2029<sup>(a)(c)</sup> |  | 75 | 74766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C<br>5.536% (LIBOR 1 Month + 1.95%), 07/25/2029<sup>(a)(c)</sup> |  | 263 | 259911 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 25** |

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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 2019-4A, Class M2<br>6.436% (LIBOR 1 Month + 2.85%), 10/25/2029<sup>(a)(c)</sup> | U.S.$| 540 | $513392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class M1C<br>5.947% (SOFR + 2.95%), 03/25/2031<sup>(a)(c)</sup> |  | 398 | 385141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class M1C<br>6.697% (SOFR + 3.70%), 01/26/2032<sup>(a)(c)</sup> |  | 672 | 590251 |
|  Connecticut Avenue Securities Trust<br>Series 2018-R07, Class 1M2<br>5.986% (LIBOR 1 Month + 2.40%), 04/25/2031<sup>(a)(c)</sup> |  | 28 | 27657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R01, Class 2M2<br>6.036% (LIBOR 1 Month + 2.45%), 07/25/2031<sup>(a)(c)</sup> |  | 86 | 86150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R02, Class 1M2<br>5.886% (LIBOR 1 Month + 2.30%), 08/25/2031<sup>(a)(c)</sup> |  | 15 | 15347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-R06, Class 2M2<br>5.686% (LIBOR 1 Month + 2.10%), 09/25/2039<sup>(a)(c)</sup> |  | 17 | 16995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-R01, Class 1B1<br>6.836% (LIBOR 1 Month + 3.25%), 01/25/2040<sup>(a)(c)</sup> |  | 500 | 429714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 1M2<br>7.236% (LIBOR 1 Month + 3.65%), 02/25/2040<sup>(a)(c)</sup> |  | 1000 | 970470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SBT1, Class 2M2<br>7.236% (LIBOR 1 Month + 3.65%), 02/25/2040<sup>(a)(c)</sup> |  | 300 | 298335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R03, Class 1M2<br>4.647% (SOFR + 1.65%), 12/25/2041<sup>(a)(c)</sup> |  | 250 | 227592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1B1<br>6.147% (SOFR + 3.15%), 12/25/2041<sup>(a)(c)</sup> |  | 625 | 555386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-R02, Class 2M1<br>4.197% (SOFR + 1.20%), 01/25/2042<sup>(a)(c)</sup> |  | 485 | 470609 |
|  Eagle Re Ltd. <br>Series 2018-1, Class M2 <br>6.586% (LIBOR 1 Month + 3.00%), 11/25/2028<sup>(a)(c)</sup> |  | 325 | 322429 |
|  Eagle RE Ltd. <br>Series 2019-1, Class M2 <br>6.886% (LIBOR 1 Month + 3.30%), 04/25/2029<sup>(a)(c)</sup> |  | 325 | 308843 |
|  Eagle Re Ltd. <br>Series 2021-2, Class M1B <br>5.047% (SOFR + 2.05%), 04/25/2034<sup>(a)(c)</sup> |  | 254 | 247066 |

---

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| | |
|:---|:---|
| **26 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes <br>Series 2022-DNA1, Class M2 <br>5.497% (SOFR + 2.50%), 01/25/2042<sup>(a)(c)</sup> | U.S.$| 806 | $702382 |
|  Federal Home Loan Mortgage Corp. Structured<br>Agency Credit Risk Debt Notes<br>Series 2015-HQA2, Class M3 8.386% (LIBOR 1 Month + 4.80%), 05/25/2028<sup>(c)</sup> |  | 181 | 184899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA3, Class M3<br>7.436% (LIBOR 1 Month + 3.85%), 03/25/2029<sup>(c)</sup> |  | 706 | 716302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-DNA2, Class B1<br>8.736% (LIBOR 1 Month + 5.15%), 10/25/2029<sup>(c)</sup> |  | 750 | 786672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HQA2, Class B1<br>8.336% (LIBOR 1 Month + 4.75%), 12/25/2029<sup>(c)</sup> |  | 800 | 798392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-HQA3, Class B1<br>8.036% (LIBOR 1 Month + 4.45%), 04/25/2030<sup>(c)</sup> |  | 750 | 739399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA1, Class B2<br>14.336% (LIBOR 1 Month + 10.75%), 01/25/2049<sup>(a)(c)</sup> |  | 750 | 809724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA3, Class B1<br>6.836% (LIBOR 1 Month + 3.25%), 07/25/2049<sup>(a)(c)</sup> |  | 600 | 571116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR2, Class B1<br>6.586% (LIBOR 1 Month + 3.00%), 11/25/2048<sup>(a)(c)</sup> |  | 750 | 654559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FTR3, Class B2<br>7.884% (LIBOR 1 Month + 4.80%), 09/25/2047<sup>(c)(e)</sup> |  | 700 | 550979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA5, Class M2<br>5.797% (SOFR + 2.80%), 10/25/2050<sup>(a)(c)</sup> |  | 259 | 259307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA3, Class B1<br>6.497% (SOFR + 3.50%), 10/25/2033<sup>(a)(c)</sup> |  | 651 | 556561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA6, Class M2<br>4.497% (SOFR + 1.50%), 10/25/2041<sup>(a)(c)</sup> |  | 828 | 759917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>4.797% (SOFR + 1.80%), 11/25/2041<sup>(a)(c)</sup> |  | 806 | 739237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2<br>5.347% (SOFR + 2.35%), 12/25/2041<sup>(a)(c)</sup> |  | 513 | 431040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M2<br>6.747% (SOFR + 3.75%), 02/25/2042<sup>(a)(c)</sup> |  | 605 | 552977 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C02, Class 1M2<br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(c)</sup> |  | 101 | 102386 |

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 27** |

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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 2015-C03, Class 1M2<br>8.586% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(c)</sup> | U.S.$| 102 | $103148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 1M2<br>9.286% (LIBOR 1 Month + 5.70%), 04/25/2028<sup>(c)</sup> |  | 288 | 303160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C02, Class 1B<br>15.836% (LIBOR 1 Month + 12.25%), 09/25/2028<sup>(c)</sup> |  | 149 | 164021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C03, Class 1B<br>15.336% (LIBOR 1 Month + 11.75%), 10/25/2028<sup>(c)</sup> |  | 99 | 108104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C06, Class 1B<br>12.836% (LIBOR 1 Month + 9.25%), 04/25/2029<sup>(c)</sup> |  | 377 | 377560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class 2B<br>13.086% (LIBOR 1 Month + 9.50%), 05/25/2029<sup>(c)</sup> |  | 378 | 375716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class 1B1<br>9.336% (LIBOR 1 Month + 5.75%), 07/25/2029<sup>(c)</sup> |  | 750 | 799202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C02, Class 2B1<br>9.086% (LIBOR 1 Month + 5.50%), 09/25/2029<sup>(c)</sup> |  | 750 | 798233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C04, Class 2M2<br>6.436% (LIBOR 1 Month + 2.85%), 11/25/2029<sup>(c)</sup> |  | 213 | 215670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 2B1<br>8.036% (LIBOR 1 Month + 4.45%), 02/25/2030<sup>(c)</sup> |  | 750 | 751500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class 1B1<br>7.586% (LIBOR 1 Month + 4.00%), 05/25/2030<sup>(c)</sup> |  | 305 | 308240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C07, Class 2B1<br>8.036% (LIBOR 1 Month + 4.45%), 05/25/2030<sup>(c)</sup> |  | 750 | 758299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B1<br>6.297% (SOFR + 3.30%), 11/25/2041<sup>(a)(c)</sup> |  | 441 | 388566 |
|  JPMorgan Madison Avenue Securities Trust <br>Series 2014-CH1, Class M2 <br>7.836% (LIBOR 1 Month + 4.25%), 11/25/2024<sup>(c)(e)</sup> |  | 20 | 19105 |
|  PMT Credit Risk Transfer Trust<br>Series 2019-2R, Class A<br>6.346% (LIBOR 1 Month + 2.75%), 05/27/2023<sup>(a)(c)</sup> |  | 258 | 246213 |

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|:---|:---|
| **28 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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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 2020-1R, Class A<br>5.946% (LIBOR 1 Month + 2.35%), 02/27/2023<sup>(c)(e)</sup> | U.S.$| 172 | $161866 |
|  Radnor Re Ltd.<br>Series 2019-1, Class M1B<br>5.536% (LIBOR 1 Month + 1.95%), 02/25/2029<sup>(a)(c)</sup> |  | 635 | 621536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class M1B<br>5.336% (LIBOR 1 Month + 1.75%), 06/25/2029<sup>(a)(c)</sup> |  | 62 | 61557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1A<br>4.536% (LIBOR 1 Month + 0.95%), 01/25/2030<sup>(a)(c)</sup> |  | 340 | 339518 |
|  Triangle Re Ltd. <br>Series 2021-3, Class M1B <br>5.897% (SOFR + 2.90%), 02/25/2034<sup>(a)(c)</sup> |  | 530 | 506340 |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2<br>8.836% (LIBOR 1 Month + 5.25%), 11/25/2025<sup>(c)(e)</sup> |  | 121 | 111812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-WF1, Class 2M2<br>9.086% (LIBOR 1 Month + 5.50%), 11/25/2025<sup>(c)(e)</sup> |  | 29 | 26917 |
|  |  |  | 23689576 |
|  **Agency Fixed Rate – 0.7%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs <br>Series 5015, Class BI <br>4.00%, 09/25/2050<sup>(f)</sup> |  | 1335 | 255012 |
|  Federal National Mortgage Association Grantor Trust <br>Series 2004-T5, Class AB4 <br>3.624%, 05/28/2035 |  | 58 | 51977 |
|  Federal National Mortgage Association REMICs<br>Series 2016-31, Class IO<br>5.00%, 06/25/2046<sup>(f)</sup> |  | 2700 | 546049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-89, Class KI<br>4.00%, 12/25/2050<sup>(f)</sup> |  | 2891 | 549598 |
|  |  |  | 1402636 |
|  **Non-Agency Fixed Rate – 0.6%** |  |  |  |
|  Alternative Loan Trust<br>Series 2006-24CB, Class A16<br>5.75%, 08/25/2036 |  | 189 | 106082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-28CB, Class A14<br>6.25%, 10/25/2036 |  | 144 | 79124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-J1, Class 1A13<br>5.50%, 02/25/2036 |  | 84 | 59956 |

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 29** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CHL Mortgage Pass-Through Trust <br>Series 2006-13, Class 1A19 <br>6.25%, 09/25/2036 | U.S.$| 46 | $19227 |
|  HFX Funding Issuer <br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035<sup>(e)</sup> |  | 710 | 645600 |
|  JPMorgan Alternative Loan Trust <br>Series 2006-A3, Class 2A1 <br>3.694%, 07/25/2036 |  | 364 | 287433 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates <br>Series 2002-3, Class B3 <br>6.50%, 03/25/2032 |  | 452 | 71981 |
|  |  |  | 1269403 |
|  **Agency Floating Rate – 0.4%** |  |  |  |
|  Federal Home Loan Mortgage Corp. REMICs<br>Series 4719, Class JS<br>2.738% (6.15% – LIBOR 1 Month), 09/15/2047<sup>(c)(g)</sup> |  | 622 | 59437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4981, Class HS<br>2.514% (6.10% – LIBOR 1 Month), 06/25/2050<sup>(c)(g)</sup> |  | 1907 | 178107 |
|  Federal National Mortgage Association REMICs<br>Series 2011-131, Class ST<br>2.954% (6.54% – LIBOR 1 Month), 12/25/2041<sup>(c)(g)</sup> |  | 444 | 54985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-90, Class SL<br>2.564% (6.15% – LIBOR 1 Month), 12/25/2045<sup>(c)(g)</sup> |  | 891 | 82745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-77, Class DS<br>2.414% (6.00% – LIBOR 1 Month), 10/25/2046<sup>(c)(g)</sup> |  | 684 | 61032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-26, Class TS<br>2.364% (5.95% – LIBOR 1 Month), 04/25/2047<sup>(c)(g)</sup> |  | 874 | 84639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-62, Class AS<br>2.564% (6.15% – LIBOR 1 Month), 08/25/2047<sup>(c)(g)</sup> |  | 754 | 76798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-81, Class SA<br>2.614% (6.20% – LIBOR 1 Month), 10/25/2047<sup>(c)(g)</sup> |  | 910 | 102316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-97, Class LS<br>2.614% (6.20% – LIBOR 1 Month), 12/25/2047<sup>(c)(g)</sup> |  | 890 | 89533 |
|  Government National Mortgage Association <br>Series 2017-65, Class ST <br>2.661% (6.15% – LIBOR 1 Month), 04/20/2047<sup>(c)(g)</sup> |  | 827 | 94525 |
|  |  |  | 884117 |

---

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|:---|:---|
| **30 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Non-Agency Floating Rate – 0.3%** |  |  |  |
|  Deutsche Alt-A Securities Mortgage Loan Trust<br>Series 2006-AR4, Class A2 <br>3.966% (LIBOR 1 Month + 0.38%), 12/25/2036<sup>(c)</sup> | U.S.$| 444 | $160364 |
|  HomeBanc Mortgage Trust <br>Series 2005-1, Class A1 <br>4.086% (LIBOR 1 Month + 0.50%), 03/25/2035<sup>(c)</sup> |  | 79 | 65539 |
|  Impac Secured Assets Corp. <br>Series 2005-2, Class A2D <br>4.446% (LIBOR 1 Month + 0.86%), 03/25/2036<sup>(c)</sup> |  | 144 | 118374 |
|  JPMorgan Chase Bank, NA <br>Series 2019-CL1, Class M3 <br>5.686% (LIBOR 1 Month + 2.10%), 04/25/2047<sup>(a)(c)</sup> |  | 92 | 84185 |
|  Residential Accredit Loans, Inc. Trust <br>Series 2007-QS4, Class 2A4 <br>3.926% (LIBOR 1 Month + 0.34%), 03/25/2037<sup>(c)</sup> |  | 501 | 89765 |
|  |  |  | 518227 |
|  Total Collateralized Mortgage Obligations <br>(cost $30,970,662) |  |  | 27763959 |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 9.4%** |  |  |  |
|  **Non-Agency Fixed Rate CMBS – 6.2%** |  |  |  |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2013-WBRK, Class D <br>3.534%, 03/10/2037<sup>(a)</sup> |  | 960 | 809518 |
|  Banc of America Commercial Mortgage Trust <br>Series 2015-UBS7, Class AS <br>3.989%, 09/15/2048 |  | 860 | 798669 |
|  CFCRE Commercial Mortgage Trust <br>Series 2016-C4, Class AM <br>3.691%, 05/10/2058 |  | 375 | 343173 |
|  Citigroup Commercial Mortgage Trust<br>Series 2013-GC11, Class B<br>3.732%, 04/10/2046 |  | 500 | 492505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC17, Class D<br>5.101%, 11/10/2046<sup>(a)</sup> |  | 565 | 500030 |
|  COMM Mortgage Trust <br>Series 2013-LC6, Class B <br>3.739%, 01/10/2046 |  | 1580 | 1572908 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 31** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Commercial Mortgage Trust<br>Series 2013-SFS, Class A1<br>1.873%, 04/12/2035<sup>(a)</sup> | U.S.$| 39 | $38154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC17, Class B<br>4.49%, 10/10/2047 |  | 800 | 758318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS6, Class AM<br>4.048%, 12/10/2047 |  | 375 | 356150 |
|  GS Mortgage Securities Trust<br>Series 2011-GC5, Class D<br>5.155%, 08/10/2044<sup>(a)</sup> |  | 252 | 106539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-G1, Class A2<br>3.557%, 04/10/2031<sup>(a)</sup> |  | 406 | 402381 |
|  GSF<br>Series 2021-1, Class A1<br>1.433%, 08/15/2026<sup>(e)(h)</sup> |  | 277 | 257077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A2<br>2.435%, 08/15/2026<sup>(e)(h)</sup> |  | 719 | 677725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class AS<br>2.638%, 08/15/2026<sup>(e)(h)</sup> |  | 25 | 23060 |
|  JPMBB Commercial Mortgage Securities Trust <br>Series 2014-C24, Class C <br>4.384%, 11/15/2047 |  | 890 | 753507 |
|  JPMorgan Chase Commercial Mortgage Securities Trust<br>Series 2012-C6, Class D<br>4.964%, 05/15/2045 |  | 690 | 662345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-C6, Class E<br>4.964%, 05/15/2045<sup>(a)</sup> |  | 389 | 297329 |
|  LB-UBS Commercial Mortgage Trust <br>Series 2006-C6, Class AJ <br>5.452%, 09/15/2039 |  | 77 | 33684 |
|  LSTAR Commercial Mortgage Trust <br>Series 2016-4, Class A2 <br>2.579%, 03/10/2049<sup>(a)</sup> |  | 177 | 176019 |
|  UBS-Barclays Commercial Mortgage Trust <br>Series 2012-C4, Class C <br>4.236%, 12/10/2045<sup>(a)</sup> |  | 820 | 814540 |
|  Wells Fargo Commercial Mortgage Trust<br>Series 2016-LC24, Class XA<br>1.605%, 10/15/2049<sup>(f)</sup> |  | 7592 | 358393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class C<br>4.339%, 12/15/2059 |  | 545 | 465366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-NXS6, Class C<br>4.385%, 11/15/2049 |  | 600 | 524784 |
|  WF-RBS Commercial Mortgage Trust<br>Series 2013-C11, Class B<br>3.714%, 03/15/2045 |  | 480 | 470942 |

---

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|:---|:---|
| **32 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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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 2013-C11, Class XA<br>1.074%, 03/15/2045<sup>(a)(f)</sup> | U.S.$| 1567 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class AS<br>3.931%, 11/15/2047 |  | 945 | 895638 |
|  |  |  | 12588770 |
|  **Non-Agency Floating Rate CMBS – 3.2%** |  |  |  |
|  AREIT Trust <br>Series 2022-CRE6, Class A <br>4.144% (SOFR + 1.25%), 01/16/2037<sup>(a)(c)</sup> |  | 1003 | 957658 |
|  Ashford Hospitality Trust <br>Series 2018-KEYS, Class A <br>4.413% (LIBOR 1 Month + 1.00%), 06/15/2035<sup>(a)(c)</sup> |  | 526 | 501075 |
|  BAMLL Commercial Mortgage Securities Trust <br>Series 2017-SCH, Class AF <br>4.413% (LIBOR 1 Month + 1.00%), 11/15/2033<sup>(a)(c)</sup> |  | 1330 | 1210841 |
|  BBCMS Mortgage Trust <br>Series 2020-BID, Class A <br>5.552% (LIBOR 1 Month + 2.14%), 10/15/2037<sup>(a)(c)</sup> |  | 692 | 677527 |
|  BFLD Trust <br>Series 2021-FPM, Class A <br>5.013% (LIBOR 1 Month + 1.60%), 06/15/2038<sup>(a)(c)</sup> |  | 1060 | 1017932 |
|  BX Commercial Mortgage Trust<br>Series 2019-IMC, Class D<br>5.312% (LIBOR 1 Month + 1.90%), 04/15/2034<sup>(a)(c)</sup> |  | 142 | 131980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-IMC, Class E<br>5.562% (LIBOR 1 Month + 2.15%), 04/15/2034<sup>(a)(c)</sup> |  | 566 | 525467 |
|  CLNY Trust <br>Series 2019-IKPR, Class D <br>5.437% (LIBOR 1 Month + 2.02%), 11/15/2038<sup>(a)(c)</sup> |  | 540 | 492676 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk <br>Series 2021-MN1, Class M1 <br>4.997% (SOFR + 2.00%), 01/25/2051<sup>(a)(c)</sup> |  | 75 | 70304 |
|  Morgan Stanley Capital I Trust <br>Series 2019-BPR, Class C <br>6.712% (LIBOR 1 Month + 3.30%), 05/15/2036<sup>(a)(c)</sup> |  | 520 | 492675 |
|  Natixis Commercial Mortgage Securities Trust <br>Series 2019-MILE, Class A <br>4.912% (LIBOR 1 Month + 1.50%), 07/15/2036<sup>(a)(c)</sup> |  | 379 | 372178 |
|  |  |  | 6450313 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 33** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Agency CMBS – 0.0%** |  |  |  |
|  Government National Mortgage Association <br>Series 2006-39, Class IO <br>0.00%, 07/16/2046<sup>(f)</sup> | U.S.$| 419 | $4 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $20,558,946) |  |  | 19039087 |
|  **ASSET-BACKED SECURITIES – 7.6%** |  |  |  |
|  **Other ABS - Fixed Rate – 3.6%** |  |  |  |
|  AB Issuer LLC <br>Series 2021-1, Class A2 <br>3.734%, 07/30/2051<sup>(a)</sup> |  | 739 | 600826 |
|  Affirm Asset Securitization Trust<br>Series 2021-Z1, Class A<br>1.07%, 08/15/2025<sup>(a)</sup> |  | 141 | 136623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-Z2, Class A<br>1.17%, 11/16/2026<sup>(a)</sup> |  | 135 | 130104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-X1, Class A<br>1.75%, 02/15/2027<sup>(a)</sup> |  | 347 | 336840 |
|  Atalaya Equipment Leasing Trust <br>Series 2021-1A, Class C <br>2.69%, 06/15/2028<sup>(a)</sup> |  | 600 | 555907 |
|  Cajun Global LLC <br>Series 2021-1, Class A2 <br>3.931%, 11/20/2051<sup>(a)</sup> |  | 139 | 115923 |
|  College Ave Student Loans LLC <br>Series 2021-C, Class C <br>3.06%, 07/26/2055<sup>(a)</sup> |  | 213 | 176938 |
|  Conn's Receivables Funding LLC <br>Series 2021-A, Class A <br>1.05%, 05/15/2026<sup>(a)</sup> |  | 99 | 98973 |
|  Dext ABS LLC<br>Series 2021-1, Class C<br>2.29%, 09/15/2028<sup>(a)</sup> |  | 519 | 454493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class D<br>2.81%, 03/15/2029<sup>(a)</sup> |  | 260 | 222658 |
|  Diamond Issuer <br>Series 2021-1A, Class B <br>2.701%, 11/20/2051<sup>(a)</sup> |  | 566 | 471467 |
|  Domino's Pizza Master Issuer LLC <br>Series 2021-1A, Class A2I <br>2.662%, 04/25/2051<sup>(a)</sup> |  | 410 | 328618 |
|  GCI Funding I LLC <br>Series 2021-1, Class A <br>2.38%, 06/18/2046<sup>(a)</sup> |  | 264 | 221612 |
|  Hardee's Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048<sup>(a)</sup> |  | 327 | 295148 |

---

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class A2<br>3.981%, 12/20/2050<sup>(a)</sup> | U.S.$| 983 | $823985 |
|  MVW LLC <br>Series 2021-2A, Class C <br>2.23%, 05/20/2039<sup>(a)</sup> |  | 731 | 640175 |
|  Neighborly Issuer <br>Series 2022-1A, Class A2 <br>3.695%, 01/30/2052<sup>(a)</sup> |  | 364 | 290422 |
|  Neighborly Issuer LLC <br>Series 2021-1A, Class A2 <br>3.584%, 04/30/2051<sup>(a)</sup> |  | 299 | 244490 |
|  Nelnet Student Loan Trust <br>Series 2021-BA, Class B <br>2.68%, 04/20/2062<sup>(a)</sup> |  | 220 | 170861 |
|  SEB Funding LLC <br>Series 2021-1A, Class A2 <br>4.969%, 01/30/2052<sup>(a)</sup> |  | 690 | 577285 |
|  Upstart Securitization Trust<br>Series 2020-3, Class A<br>1.702%, 11/20/2030<sup>(a)</sup> |  | 1 | 807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class B<br>1.66%, 07/20/2031<sup>(a)</sup> |  | 480 | 444300 |
|  |  |  | 7338455 |
|  **Autos - Fixed Rate – 3.5%** |  |  |  |
|  ACM Auto Trust <br>Series 2022-1A, Class A <br>3.23%, 04/20/2029<sup>(a)</sup> |  | 281 | 279912 |
|  Avis Budget Rental Car Funding AESOP LLC<br>Series 2017-2A, Class D<br>4.56%, 03/20/2024<sup>(a)</sup> |  | 402 | 399487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A<br>3.70%, 09/20/2024<sup>(a)</sup> |  | 920 | 906123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A<br>4.00%, 03/20/2025<sup>(a)</sup> |  | 755 | 739120 |
|  Carvana Auto Receivables Trust<br>Series 2021-N3, Class C<br>1.02%, 06/12/2028 |  | 313 | 302287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-N4, Class D<br>2.30%, 09/11/2028 |  | 266 | 238796 |
|  CPS Auto Receivables Trust <br>Series 2021-C, Class D <br>1.69%, 06/15/2027<sup>(a)</sup> |  | 470 | 425865 |
|  FHF Trust <br>Series 2021-2A, Class A <br>0.83%, 12/15/2026<sup>(a)</sup> |  | 192 | 181492 |
|  Flagship Credit Auto Trust<br>Series 2019-3, Class E<br>3.84%, 12/15/2026<sup>(a)</sup> |  | 960 | 885380 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 35** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class E<br>3.52%, 06/15/2027<sup>(a)</sup> | U.S.$| 1000 | $887294 |
|  Ford Credit Auto Owner Trust <br>Series 2021-1, Class D <br>2.31%, 10/17/2033<sup>(a)</sup> |  | 542 | 464964 |
|  Hertz Vehicle Financing III LLC <br>Series 2022-1A, Class C <br>2.63%, 06/25/2026<sup>(a)</sup> |  | 450 | 393981 |
|  Octane Receivables Trust <br>Series 2021-2A, Class C <br>2.53%, 05/21/2029<sup>(a)</sup> |  | 541 | 470989 |
|  Santander Bank Auto Credit-Linked Notes <br>Series 2022-A, Class B <br>5.281%, 05/15/2032<sup>(a)</sup> |  | 442 | 426488 |
|  |  |  | 7002178 |
|  **Credit Cards - Fixed Rate – 0.5%** |  |  |  |
|  Brex Commercial Charge Card Master Trust<br>Series 2021-1, Class A<br>2.09%, 07/15/2024<sup>(a)</sup> |  | 397 | 390248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A<br>4.63%, 07/15/2025<sup>(a)</sup> |  | 565 | 544239 |
|  |  |  | 934487 |
|  Total Asset-Backed Securities <br>(cost $17,050,316) |  |  | 15275120 |
|  **COLLATERALIZED LOAN OBLIGATIONS – 3.9%** |  |  |  |
|  **CLO - Floating Rate – 3.9%** |  |  |  |
|  AGL CLO 12 Ltd. <br>Series 2021-12A, Class D <br>7.093% (LIBOR 3 Month + 2.85%), 07/20/2034<sup>(a)(c)</sup> |  | 500 | 418623 |
|  Balboa Bay Loan Funding Ltd. <br>Series 2021-1A, Class D <br>7.293% (LIBOR 3 Month + 3.05%), 07/20/2034<sup>(a)(c)</sup> |  | 709 | 593668 |
|  Ballyrock CLO 16 Ltd. <br>Series 2021-16A, Class C <br>7.143% (LIBOR 3 Month + 2.90%), 07/20/2034<sup>(a)(c)</sup> |  | 400 | 334968 |
|  Elevation CLO Ltd. <br>Series 2020-11A, Class D1 <br>7.929% (LIBOR 3 Month + 3.85%), 04/15/2033<sup>(a)(c)</sup> |  | 1000 | 876538 |
|  Elmwood CLO IX Ltd. <br>Series 2021-2A, Class D <br>7.193% (LIBOR 3 Month + 2.95%), 07/20/2034<sup>(a)(c)</sup> |  | 700 | 600102 |

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| | |
|:---|:---|
| **36 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Flatiron CLO 21 Ltd. <br>Series 2021-1A, Class D <br>7.127% (LIBOR 3 Month + 2.90%), 07/19/2034<sup>(a)(c)</sup> | U.S.$| 700 | $625237 |
|  Goldentree Loan Management US CLO 7 Ltd. <br>Series 2020-7A, Class AR <br>5.313% (LIBOR 3 Month + 1.07%), 04/20/2034<sup>(a)(c)</sup> |  | 581 | 554705 |
|  OCP CLO Ltd. <br>Series 2020-18A, Class AR <br>5.333% (LIBOR 3 Month + 1.09%), 07/20/2032<sup>(a)(c)</sup> |  | 761 | 735433 |
|  Peace Park CLO Ltd. <br>Series 2021-1A, Class D <br>7.193% (LIBOR 3 Month + 2.95%), 10/20/2034<sup>(a)(c)</sup> |  | 300 | 255504 |
|  Pikes Peak CLO 8 <br>Series 2021-8A, Class A <br>5.413% (LIBOR 3 Month + 1.17%), 07/20/2034<sup>(a)(c)</sup> |  | 675 | 647539 |
|  Regatta XX Funding Ltd. <br>Series 2021-2A, Class A <br>5.239% (LIBOR 3 Month + 1.16%), 10/15/2034<sup>(a)(c)</sup> |  | 1019 | 973461 |
|  Rockford Tower CLO Ltd.<br>Series 2021-1A, Class D<br>7.243% (LIBOR 3 Month + 3.00%), 07/20/2034<sup>(a)(c)</sup> |  | 711 | 629189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1<br>5.403% (LIBOR 3 Month + 1.16%), 07/20/2034<sup>(a)(c)</sup> |  | 504 | 481676 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>6.929% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(a)(c)</sup> |  | 210 | 179535 |
|  Total Collateralized Loan Obligations <br>(cost $8,769,686) |  |  | 7906178 |
|  **CORPORATES - NON-INVESTMENT GRADE – 3.5%** |  |  |  |
|  **Industrial – 2.4%** |  |  |  |
|  **Basic – 0.3%** |  |  |  |
|  INEOS Quattro Finance 2 PLC <br>2.50%, 01/15/2026<sup>(a)</sup> | EUR | 313 | 258284 |
|  Sealed Air Corp. <br>4.00%, 12/01/2027<sup>(a)</sup> | U.S.$| 379 | 339747 |
|  |  |  | 598031 |

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 37** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.1%** |  |  |  |
|  TK Elevator Midco GmbH <br>4.375%, 07/15/2027<sup>(a)</sup> | EUR | 181 | $151366 |
|  **Communications - Media – 0.6%** |  |  |  |
|  Altice Financing SA <br>3.00%, 01/15/2028<sup>(a)</sup> |  | 181 | 136618 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.50%, 08/15/2030<sup>(a)</sup> | U.S.$| 136 | 110530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/2033<sup>(a)</sup> |  | 483 | 367896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(a)</sup> |  | 146 | 117044 |
|  DISH DBS Corp. <br>5.75%, 12/01/2028<sup>(a)</sup> |  | 322 | 259883 |
|  Summer BC Holdco B SARL <br>5.75%, 10/31/2026<sup>(a)</sup> | EUR | 181 | 154437 |
|  VZ Vendor Financing II BV <br>2.875%, 01/15/2029<sup>(a)</sup> |  | 181 | 131892 |
|  |  |  | 1278300 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Altice France SA/France <br>3.375%, 01/15/2028<sup>(a)</sup> |  | 181 | 137285 |
|  Lorca Telecom Bondco SA <br>4.00%, 09/18/2027<sup>(a)</sup> |  | 181 | 157441 |
|  |  |  | 294726 |
|  **Consumer Cyclical - Automotive – 0.3%** |  |  |  |
|  Adient Global Holdings Ltd. <br>3.50%, 08/15/2024<sup>(a)</sup> |  | 181 | 169332 |
|  Clarios Global LP/Clarios US Finance Co. <br>4.375%, 05/15/2026<sup>(a)</sup> |  | 130 | 119690 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 | U.S.$| 232 | 212568 |
|  ZF Finance GmbH <br>3.75%, 09/21/2028<sup>(a)</sup> | EUR | 200 | 162579 |
|  |  |  | 664169 |
|  **Consumer Cyclical - Entertainment – 0.5%** |  |  |  |
|  Carnival Corp. <br>4.00%, 08/01/2028<sup>(a)</sup> | U.S.$| 712 | 574491 |
|  Royal Caribbean Cruises Ltd. <br>11.50%, 06/01/2025<sup>(a)</sup> |  | 391 | 420955 |
|  |  |  | 995446 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  NH Hotel Group SA <br>4.00%, 07/02/2026<sup>(a)</sup> | EUR | 181 | 157060 |

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| | |
|:---|:---|
| **38 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Non-Cyclical – 0.2%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.50%, 03/15/2029<sup>(a)</sup> | U.S.$| 373 | $308609 |
|  IQVIA, Inc. <br>2.25%, 03/15/2029<sup>(a)</sup> | EUR | 100 | 80086 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV <br>2.875%, 04/30/2028<sup>(a)</sup> |  | 100 | 83320 |
|  |  |  | 472015 |
|  **Services – 0.1%** |  |  |  |
|  APCOA Parking Holdings GmbH <br>4.625%, 01/15/2027<sup>(a)</sup> |  | 181 | 144179 |
|  **Transportation - Airlines – 0.0%** |  |  |  |
|  Deutsche Lufthansa AG <br>3.00%, 05/29/2026<sup>(a)</sup> |  | 100 | 87013 |
|  |  |  | 4842305 |
|  **Financial Institutions – 1.0%** |  |  |  |
|  **Banking – 1.0%** |  |  |  |
|  Credit Suisse Group AG <br>7.50%, 07/17/2023<sup>(a)(b)</sup> | U.S.$| 815 | 722204 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025<sup>(b)</sup> |  | 1087 | 1053412 |
|  Intesa Sanpaolo SpA <br>5.017%, 06/26/2024<sup>(a)</sup> |  | 288 | 274968 |
|  |  |  | 2050584 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Vistra Corp. <br>7.00%, 12/15/2026<sup>(a)(b)</sup> |  | 218 | 193739 |
|  Total Corporates - Non-Investment Grade <br>(cost $8,521,894) |  |  | 7086628 |
|  **EMERGING MARKETS - CORPORATE BONDS – 1.2%** |  |  |  |
|  **Industrial – 1.2%** |  |  |  |
|  **Basic – 0.4%** |  |  |  |
|  Stillwater Mining Co. <br>4.00%, 11/16/2026<sup>(a)</sup> |  | 446 | 365107 |
|  Vedanta Resources Finance II PLC <br>13.875%, 01/21/2024<sup>(a)</sup> |  | 377 | 314512 |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026<sup>(a)</sup> |  | 76 | 63270 |
|  |  |  | 742889 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.3%** |  |  |  |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 | U.S.$| 540 | $492514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(a)</sup> |  | 219 | 206150 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058<sup>(a)</sup> |  | 477 | 1193 |
|  |  |  | 699857 |
|  **Communications - Media – 0.2%** |  |  |  |
|  Globo Comunicacao e Participacoes SA <br>4.875%, 01/22/2030<sup>(a)</sup> |  | 417 | 322708 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Wynn Macau Ltd. <br>5.625%, 08/26/2028<sup>(a)</sup> |  | 330 | 194700 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Natura Cosmeticos SA <br>4.125%, 05/03/2028<sup>(a)</sup> |  | 283 | 219466 |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018<sup>(e)(h)(i)(j)(k)</sup> |  | 660 | 66 |
|  |  |  | 219532 |
|  **Services – 0.1%** |  |  |  |
|  MercadoLibre, Inc. <br>2.375%, 01/14/2026 |  | 200 | 172913 |
|  |  |  | 2352599 |
|  **Utility – 0.0%** |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Terraform Global Operating LP <br>6.125%, 03/01/2026<sup>(e)</sup> |  | 60 | 55220 |
|  **Financial Institutions – 0.0%** |  |  |  |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd.<br>5.25%, 12/27/2033<sup>(a)(l)</sup> |  | 198 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 12/26/2046<sup>(a)(l)</sup> |  | 248 | 6596 |
|  |  |  | 10733 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $3,863,968) |  |  | 2418552 |
|  **LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.9%** |  |  |  |
|  **United States – 0.9%** |  |  |  |
|  State of California<br>Series 2010<br>7.625%, 03/01/2040 |  | 970 | 1159153 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Tobacco Settlement Finance Authority/WV<br>Series 2020<br>3.00%, 06/01/2035 | U.S.$| 193 | $177363 |
|  University of California<br>Series 2021-B<br>3.071%, 05/15/2051 |  | 730 | 441510 |
|  Total Local Governments - US Municipal Bonds<br>(cost $2,266,873) |  |  | 1778026 |
|  |  | **Shares** |  |
|  **COMMON STOCKS – 0.5%** |  |  |  |
|  **Financials – 0.5%** |  |  |  |
|  **Insurance – 0.5%** |  |  |  |
|  Mt. Logan Re Ltd. (Preference Shares)<sup>(h)(j)(k)</sup>  |  | 944 | 823035 |
|  Mt. Logan Re Ltd. (Special Investment)<sup>(h)(j)(k)</sup> |  | 150 | 125397 |
|  Total Common Stocks <br>(cost $945,040) |  |  | 948432 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **EMERGING MARKETS - SOVEREIGNS – 0.4%** |  |  |  |
|  **Dominican Republic – 0.3%** |  |  |  |
|  Dominican Republic International Bond <br>4.875%, 09/23/2032<sup>(a)</sup> | U.S.$| 763 | 585269 |
|  **Egypt – 0.1%** |  |  |  |
|  Egypt Government International Bond <br>5.875%, 02/16/2031<sup>(a)</sup> |  | 412 | 250496 |
|  Total Emerging Markets - Sovereigns <br>(cost $1,163,517) |  |  | 835765 |
|  **QUASI-SOVEREIGNS – 0.3%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.3%** |  |  |  |
|  **Mexico – 0.3%** |  |  |  |
|  Comision Federal de Electricidad<br>3.348%, 02/09/2031<sup>(a)</sup> |  | 653 | 480281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.688%, 05/15/2029<sup>(a)</sup> |  | 295 | 248593 |
|  Total Quasi-Sovereigns <br>(cost $947,945) |  |  | 728874 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 41** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS - SOVEREIGN BONDS – 0.1%** |  |  |  |
|  **Colombia – 0.1%** |  |  |  |
|  Colombia Government International Bond <br>3.125%, 04/15/2031 <br>(cost $373,902) | U.S.$| 375 | $257180 |
|  **SHORT-TERM INVESTMENTS – 2.7%** |  |  |  |
|  **Governments - Treasuries – 1.6%** |  |  |  |
|  **Japan – 1.6%** |  |  |  |
|  Japan Treasury Discount Bill <br>Series 1105 <br>Zero Coupon, 12/05/2022 <br>(cost $3,279,084) | JPY | 471650 | 3172405 |
|  **U.S. Treasury Bills – 0.8%** |  |  |  |
|  U.S. Treasury Bills <br>Zero Coupon, 10/05/2023 <br>(cost $1,624,500) | U.S.$| 1695 | 1624500 |
|  |  | **Shares** |  |
|  **Investment Companies – 0.3%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%<sup>(m)(n)(o)</sup> <br>(cost $531,878) |  | 531878 | 531878 |
|  Total Short-Term Investments <br>(cost $5,435,462) |  |  | 5328783 |
|  **Total Investments – 106.6%** <br> (cost $242,324,278) |  |  | 215072833 |
|  Other assets less liabilities – (6.6)% |  |  | (13378466) |
|  **Net Assets – 100.0%** |  |  | $**201694367** |

---

**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. 10 Yr Ultra Futures | 72 | December 2022 | $8350875 | $(310084) |
|  U.S. T-Note 2 Yr (CBT) Futures | 43 | December 2022 | 8788461 | (64787) |
|  U.S. Ultra Bond (CBT) Futures | 135 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17233594 | (3052504) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Japan Bond (OSE) Futures | 7 | December 2022 | 7003531 | (3259) |
|  U.S. T-Note 5 Yr (CBT) Futures | 14 | December 2022 | 1492313 | 10591 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3420043) |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;2138 | USD | &nbsp;&nbsp;&nbsp;&nbsp;2065 | 12/08/2022 | $(53361) |
|  State Street Bank & Trust Co. | EUR | 235 | USD | 228 | 11/09/2022 | (4062) |
|  State Street Bank & Trust Co. | JPY | 471896 | USD | &nbsp;&nbsp;&nbsp;&nbsp;3291 | 12/02/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107295 |
|  State Street Bank & Trust Co. | EUR | 227 | USD | 225 | 12/08/2022 | 170 |
|  State Street Bank & Trust Co. | USD | 262 | EUR | 262 | 12/08/2022 | (2224) |
|  |  |  |  |  |  | $47818 |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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** |
|  CDX-NAHY Series 39, 5 Year Index, 12/20/2027\* | (5.00)% | Quarterly | 5.19% | USD | &nbsp;&nbsp;&nbsp;&nbsp;7540 | $&nbsp;&nbsp;&nbsp;&nbsp;13733 | $&nbsp;&nbsp;&nbsp;&nbsp;165312 | $&nbsp;&nbsp;&nbsp;&nbsp;(151579) |

---

\* Termination date

**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 | 2000 | 12/13/2029 | 1.764% | 3 Month<br>LIBOR | Semi-Annual/<br>Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;285118 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;285118 |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 4 | $(792) | $(526) | $(266) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 4 | (793) | (421) | (372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 8 | (1743) | (976) | (767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 9 | (2061) | (1025) | (1036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 10 | (2219) | (931) | (1288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 18 | (3962) | (2167) | (1795) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 1317 | (298257) | (50293) | (247964) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 43** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty &<br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>October 31,<br>2022** | **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)** |
|  Deutsche Bank AG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 3 | $(634) | $(299) | $(335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 36 | (8241) | (3984) | (4257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 32 | (7291) | (1726) | (5565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 127 | (28687) | (13528) | (15159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 225 | (51035) | (26523) | (24512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 522 | (118079) | (34131) | (83948) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 18 | (4121) | (1523) | (2598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 36 | (8241) | (3357) | (4884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 36 | (8242) | (3103) | (5139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 73 | (16483) | (7339) | (9144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 182 | (41208) | (23130) | (18078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 249 | (56424) | (24793) | (31631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 218 | (49292) | (17567) | (31725) |
|  JPMorgan Securities, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 21 | (4755) | (1913) | (2842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 22 | (5072) | (2041) | (3031) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(717632) | $&nbsp;&nbsp;&nbsp;&nbsp;(221296) | $&nbsp;&nbsp;&nbsp;&nbsp;(496336) |

---

\* Termination date

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty &<br>Referenced Obligation** | **Rate<br>Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  JPMorgan Chase Bank, NA iBoxx $ Liquid High Yield Index | 1 Day<br>SOFR | Maturity | USD | 13067 | 12/20/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77182 |

---

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are
considered restricted, but liquid and may be resold in transactions exempt from registration. At October 31, 2022, the aggregate market value of these securities amounted to $75,385,558 or 37.4% of net assets.

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

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at October 31, 2022.

(d) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 1.26% of net assets as of October 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid<br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2019-FTR3, Class B2 <br>7.884%, 09/25/2047 | 01/07/2020 | $731514 | $550979 | 0.27% |
|  GSF<br>Series 2021-1, Class A1 <br>1.433%, 08/15/2026 | 02/25/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257077 | 0.13% |
|  GSF<br>Series 2021-1, Class A2 <br>2.435%, 08/15/2026 | 02/25/2021 | 737027 | 677725 | 0.34% |
|  GSF<br>Series 2021-1, Class AS <br>2.638%, 08/15/2026 | 02/25/2021 | 25531 | 23060 | 0.01% |
|  HFX Funding Issuer<br>Series 2017-1A, Class A3 <br>3.647%, 03/15/2035 | 11/19/2020 | 756057 | 645600 | 0.32% |
|  JPMorgan Madison Avenue Securities Trust<br>Series 2014-CH1, Class M2 7.836%, 11/25/2024 | 11/06/2015 | 19844 | 19105 | 0.01% |
|  PMT Credit Risk Transfer Trust<br>Series 2020-1R, Class A <br>5.946%, 02/27/2023 | 11/16/2015 | 171746 | 161866 | 0.08% |
|  Terraform Global Operating LP<br>6.125%, 03/01/2026 | 02/08/2018 | 60000 | 55220 | 0.03% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018 | 01/24/2014 | 365927 | 66 | 0.00% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 1M2 <br>8.836%, 11/25/2025 | 09/28/2015 | 123861 | 111812 | 0.06% |
|  Wells Fargo Credit Risk Transfer Securities Trust<br>Series 2015-WF1, Class 2M2 <br>9.086%, 11/25/2025 | 09/28/2015 | 28753 | 26917 | 0.01% |

---

(f) IO – Interest Only.

(g) Inverse interest only security.

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

(i) Defaulted matured security.

(j) Non-income producing security.

(k) Fair valued by the Adviser.

(l) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at October 31, 2022.

(m) Affiliated investments.

(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, or call AB at (800) 227-4618.

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

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 45** |

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**PORTFOLIO OF INVESTMENTS** (continued)

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

TBA – To Be Announced

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

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|:---|:---|
| **46 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**October 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $241,792,400) | $214540955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $531,878) | 531878 |
|  Cash | 96049 |
| Cash collateral due from broker | 2501854 |
| Foreign currencies, at value (cost $1,430) | 1429 |
|  Receivable for investment securities sold | 5098397 |
|  Unaffiliated interest and dividends receivable | 1376275 |
|  Unrealized appreciation on forward currency exchange contracts | 107465 |
|  Unrealized appreciation on total return swaps | 77182 |
|  Receivable for capital stock sold | 64646 |
|  Receivable for variation margin on centrally cleared swaps | 59221 |
|  Affiliated dividends receivable | 2385 |
|  Total assets | 224457736 |
| **Liabilities** |  |
|  Payable for investment securities purchased and foreign currency transactions | 20982375 |
|  Market value on credit default swaps (net premiums received $221,296) | 717632 |
|  Payable for variation margin on futures | 299798 |
|  Payable for capital stock redeemed | 205047 |
|  Dividends payable | 99921 |
|  Unrealized depreciation on forward currency exchange contracts | 59647 |
|  Distribution fee payable | 32743 |
|  Administrative fee payable | 31456 |
|  Foreign capital gains tax payable | 25257 |
|  Transfer Agent fee payable | 21352 |
|  Advisory fee payable | 15633 |
|  Directors' fees payable | 1714 |
|  Accrued expenses | 270794 |
|  Total liabilities | 22763369 |
|  Net Assets | $**201694367** |
| **Composition of Net Assets** |  |
|  Capital stock, at par | $22347 |
|  Additional paid-in capital | 255821214 |
|  Accumulated loss | (54149194) |
|  **Net Assets** | $**201694367** |

---

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 47** |

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

**Net Asset Value Per Share—27 billion shares of capital stock authorized, $.001 par value** 

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;148009341 | 16400757 | $&nbsp;&nbsp;&nbsp;&nbsp;9.02 \* |
| **C** | $2932210 | 325706 | $9.00 |
| **Advisor** | $45094853 | 4994464 | $9.03 |
| **R** | $379253 | 42040 | $9.02 |
| **K** | $2286512 | 253181 | $9.03 |
| **I** | $758054 | 83895 | $9.04 |
| **Z** | $2234144 | 247061 | $9.04 |

---

\* The maximum offering price per share for Class A shares was $9.42 which reflects a sales charge of 4.25%. 

See notes to financial statements.

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|:---|:---|
| **48 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**STATEMENT OF OPERATIONS** 

**Year Ended October 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470785 |  |
|  Dividends—Affiliated issuers | 23110 |  |
|  Other income | 692 | $8494587 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 1177405 |  |
|  Distribution fee—Class A | 440324 |  |
|  Distribution fee—Class C | 42088 |  |
|  Distribution fee—Class R | 2622 |  |
|  Distribution fee—Class K | 7911 |  |
|  Transfer agency—Class A | 234077 |  |
|  Transfer agency—Class C | 5808 |  |
|  Transfer agency—Advisor Class | 97893 |  |
|  Transfer agency—Class R | 1364 |  |
|  Transfer agency—Class K | 6329 |  |
|  Transfer agency—Class I | 1035 |  |
|  Transfer agency—Class Z | 871 |  |
|  Custody and accounting | 125291 |  |
|  Audit and tax | 110557 |  |
|  Registration fees | 109197 |  |
|  Administrative | 94772 |  |
|  Printing | 64228 |  |
|  Legal | 36330 |  |
|  Directors' fees | 21019 |  |
|  Miscellaneous | 24967 |  |
|  Total expenses | 2604088 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (747132) |  |
|  Net expenses |  | 1856956 |
|  Net investment income |  | 6637631 |
| **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> |  | (13228794) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 257303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (12782906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 111479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 435473 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | (30661430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 536254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (2986620) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 2506101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (7511) |
|  Net loss on investment and foreign currency transactions |  | (55820651) |
|  **Net Decrease in Net Assets from Operations** |  | $**(49183020)** |

---

(a) Net of foreign realized capital gains taxes of $7,842.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $4,925.

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 49** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>October 31,<br>2022** | **Year Ended<br>October 31,<br>2021** |
| **Increase (Decrease) in Net Assets from<br>Operations** |  |  |
|  Net investment income | $6637631 | $8338453 |
|  Net realized gain (loss) on investment and foreign currency transactions | (25207445) | 679101 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | (30613206) | (4297312) |
|  Net increase (decrease) in net assets from operations | (49183020) | 4720242 |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4807761) | (8026732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (82043) | (258221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2147910) | (4899949) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (13004) | (46797) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (86491) | (237994) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (36415) | (92889) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (83929) | (208684) |
| **Capital Stock Transactions** | **Capital Stock Transactions** | **Capital Stock Transactions** |
|  Net decrease | (65036414) | (41446404) |
|  Total decrease | (121476987) | (50497428) |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 323171354 | 373668782 |
|  End of period | $**201694367** | $**323171354** |

---

See notes to financial statements.

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| | |
|:---|:---|
| **50 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

AB Bond Fund, Inc. (the "Company") is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of 10 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 Total Return Bond Portfolio (the "Fund") (formerly AB Intermediate Bond Portfolio), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I, Class T and Class Z shares. Class B 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 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All nine 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

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 51** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

(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 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.

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|:---|:---|
| **52 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the 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

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 53** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

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|:---|:---|
| **54 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of October 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Corporates—Investment Grade | $– 0 | $50217825 | $– 0 | $50217825 |
|  Mortgage Pass-Throughs | – 0 | 40504052 | – 0 | 40504052 |
|  Governments—Treasuries | – 0 | 34984372 | – 0 | 34984372 |
|  Collateralized Mortgage Obligations | – 0 | 27763959 | – 0 | 27763959 |
|  Commercial Mortgage-Backed Securities | – 0 | 18081225 | 957862 | 19039087 |
|  Asset-Backed Securities | – 0 | 15275120 | – 0 | 15275120 |
|  Collateralized Loan Obligations | – 0 | 7906178 | – 0 | 7906178 |
|  Corporates—Non-Investment Grade | – 0 | 7086628 | – 0 | 7086628 |
|  Emerging Markets—Corporate Bonds | – 0 | 2418486 | 66 | 2418552 |
|  Local Governments—US Municipal Bonds | – 0 | 1778026 | – 0 | 1778026 |
|  Common Stocks | – 0 | – 0 | 948432 | 948432 |
|  Emerging Markets—Sovereigns | – 0 | 835765 | – 0 | 835765 |
|  Quasi-Sovereigns | – 0 | 728874 | – 0 | 728874 |
|  Governments—Sovereign Bonds | – 0 | 257180 | – 0 | 257180 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments—Treasuries | – 0 | 3172405 | – 0 | 3172405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | – 0 | 1624500 | – 0 | 1624500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 531878 | – 0 | – 0 | 531878 |
|  Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;531878 | &nbsp;&nbsp;&nbsp;&nbsp;212634595 | &nbsp;&nbsp;&nbsp;&nbsp;1906360 | &nbsp;&nbsp;&nbsp;&nbsp;215072833 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 10591 | – 0 | – 0 | 10591 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 107465 | – 0 | 107465 |
|  Centrally Cleared Credit Default Swaps | – 0 | 13733 | – 0 | 13733 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 285118 | – 0 | 285118 <sup>(b)</sup> |
|  Total Return Swaps | – 0 | 77182 | – 0 | 77182 |
|  **Liabilities:** |  |  |  |  |
|  Futures | (3430634) | – 0 | – 0 | (3430634)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (59647) | – 0 | (59647) |
|  Credit Default Swaps | – 0 | (717632) | – 0 | (717632) |
|  **Total** | $**(2888165** | $**212340814** | $**1906360** | $**211359009** |

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| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 55** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

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

**3. 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.

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| **56 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 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.

**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 next $2.5 billion up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 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 (which excludes 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%, 1.02%, .77%,

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| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 57** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

.52%, and ..52% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K, Class I, and Class Z shares, respectively. This waiver extends through January 31, 2023 and then may be extended by the Adviser for additional one year terms. For the year ended October 31, 2022, such reimbursements/waivers amounted to $744,489.

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 year ended October 31, 2022, the reimbursement for such services amounted to $94,772.

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 $135,577 for the year ended October 31, 2022.

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 $2,015 from the sale of Class A shares and received $390 and $176 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended October 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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 has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended October 31, 2022, such waiver amounted to $2,643.

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>10/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>10/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |

---

**NOTE C** 

**Distribution Services Agreement** 

The Fund has adopted a Distribution Services Agreement (the "Agreement") pursuant to Rule 12b-1 under the Investment Company Act of 1940. 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 and .25% of the Fund's average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class, Class I 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 $1,212,198, $149,361 and $69,059 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, 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 year ended October 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47565811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106055603 |
|  U.S. government securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324592347 | 323192024 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 59** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242597699 |
|  Gross unrealized appreciation | $4913896 |
|  Gross unrealized depreciation | (31804342) |
|  Net unrealized depreciation | $(26890446) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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

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| | |
|:---|:---|
| **60 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended October 31, 2022, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions." A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 61** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the

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| | |
|:---|:---|
| **62 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 a 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 year ended October 31, 2022, 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 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

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 63** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, 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 a 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

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended October 31, 2022, the Fund held credit default 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 year ended October 31, 2022, 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

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 65** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended October 31, 2022, 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/Payable for variation margin on futures | $10591<br> \*  | Receivable/Payable for variation margin on futures | $3430634<br> \*  |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | 151579 \* |
|  Interest rate contracts | Receivable/Payable for variation margin on centrally cleared swaps | 285118<br> \*  |  |  |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 107465 | Unrealized depreciation on forward currency exchange contracts | 59647 |
|  Credit contracts |  |  | Market value on credit default swaps | 717632 |
|  Credit contracts | Unrealized appreciation on total return swaps | 77182 |  |  |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480356 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359492 |

---

\* 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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| | |
|:---|:---|
| **66 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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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 | $(12782906) | $(2986620) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 257303 | 536254 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (174552) | 587252 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 286031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918849 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12414124) | $55735 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended October 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $80419871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10542469 <sup>(a)</sup> |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $6132074 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $16017337 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $6535961 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $8680000 <sup>(c)</sup> |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228000 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $7181432 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $3661240 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2790480 <sup>(e)</sup> |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $14750769 |

---

(a) Positions were open for five months during the year.

(b) Positions were open for ten months during the year.

(c) Positions were open for four months during the year.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 67** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

(d) Positions were open for nine months during the year.

(e) Positions were open for two months during the year.

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of October 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  JPMorgan Chase Bank, NA | $77182 | $(9827) | $– 0 – $| – 0 – $| 67355 |
|  State Street Bank & Trust Co. | 107465 | (6286) | – 0 – | – 0 – | 101179 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16113) | $&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;168534 |

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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 | $53361 | $– 0 | $– 0 | $– 0 | $53361 |
|  Citigroup Global Markets, Inc. | 11570 | – 0 | – 0 | (10614) | 956 |
|  Credit Suisse International | 298257 | – 0 | (298257) | – 0 | – 0 |
|  Deutsche Bank AG | 213967 | – 0 | (160000) | (53967) | – 0 |
|  Goldman Sachs International | 184011 | – 0 | – 0 | (175164) | 8847 |
|  JPMorgan Securities, LLC | 9827 | (9827) | – 0 | – 0 | – 0 |
|  State Street Bank & Trust Co. | 6286 | (6286) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(239745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63164 |

---

\* 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

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| | |
|:---|:---|
| **68 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 year ended October 31, 2022, the Fund earned drop income of $256,251 which is included in interest income in the accompanying statement of operations.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 69** |

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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** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class A** |  |  |  |  |
|  Shares sold | 929521 | 739035 | $9353366 | $8403048 |
|  Shares issued in reinvestment of dividends and distributions | 364650 | 554374 | 3695818 | 6322222 |
|  Shares converted from Class C | 49952 | 217654 | 508929 | 2459656 |
|  Shares redeemed | (3002913) | (2926511) | (30472715) | (33270087) |
|  **Net decrease** | **(1658790)** | **(1415448)** | $**(16914602)** | $**(16085161)** |
| **Class C** |  |  |  |  |
|  Shares sold | 40910 | 60727 | $437289 | $693436 |
|  Shares issued in reinvestment of dividends and distributions | 5570 | 17026 | 56773 | 194209 |
|  Shares converted to Class A | (50067) | (218074) | (508929) | (2459656) |
|  Shares redeemed | (176908) | (234007) | (1851176) | (2658869) |
|  **Net decrease** | **(180495)** | **(374328)** | $**(1866043)** | $**(4230880)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 1499468 | 3650665 | $15464781 | $41660646 |
|  Shares issued in reinvestment of dividends and distributions | 127534 | 193069 | 1299268 | 2202877 |
|  Shares redeemed | (5768375) | (5296425) | (58783641) | (59900768) |
|  **Net decrease** | **(4141373)** | **(1452691)** | $**(42019592)** | $**(16037245)** |
| **Class R** |  |  |  |  |
|  Shares sold | 11636 | 66576 | $117057 | $762932 |
|  Shares issued in reinvestment of dividends and distributions | 1252 | 4045 | 12771 | 46179 |
|  Shares redeemed | (37202) | (160662) | (390075) | (1835776) |
|  **Net decrease** | **(24314)** | **(90041)** | $**(260247)** | $**(1026665)** |

---

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| | |
|:---|:---|
| **70 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 | Year Ended<br>October 31,<br>2022 | Year Ended<br>October 31,<br>2021 |
| **Class K** |  |  |  |  |
|  Shares sold | 37277 | 107358 | $396322 | $1232269 |
|  Shares issued in reinvestment of dividends and distributions | 8318 | 20756 | 85557 | 236904 |
|  Shares redeemed | (301853) | (188986) | (3321684) | (2142508) |
|  **Net decrease** | **(256258)** | **(60872)** | $**(2839805)** | $**(673335)** |
| **Class I** |  |  |  |  |
|  Shares sold | 66379 | 32838 | $713418 | $375668 |
|  Shares issued in reinvestment of dividends and distributions | 3525 | 7551 | 36042 | 86280 |
|  Shares redeemed | (147406) | (116547) | (1550300) | (1333364) |
|  **Net decrease** | **(77502)** | **(76158)** | $**(800840)** | $**(871416)** |
| **Class Z** |  |  |  |  |
|  Shares sold | 115633 | 293258 | $1259347 | $3349932 |
|  Shares issued in reinvestment of dividends and distributions | 8088 | 18055 | 82522 | 206201 |
|  Shares redeemed | (159928) | (532260) | (1677154) | (6077835) |
|  **Net decrease** | **(36207)** | **(220947)** | $**(335285)** | $**(2521702)** |

---

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market.

**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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 71** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

government fiscal policy initiatives and resulting market reaction to those initiatives.

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

**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 corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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

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

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

**Emerging Market Risk**—Investments in emerging market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

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| | |
|:---|:---|
| **72 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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 instrument, 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.

**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.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 73** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing

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| | |
|:---|:---|
| **74 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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 year ended October 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended October 31, 2022 and October 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6753143 | $7517670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 504410 | 6253596 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7257553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13771266 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 75** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of October 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $962859 |
|  Accumulated capital and other losses | (27748267)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | (26897218)<sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $(53682626)<sup>(c)</sup> |

---

(a) As of October 31, 2022, the Fund had a net capital loss carryforward of $27,748,267.

---

| | |
|:---|:---|
| (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 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, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2022, the Fund had a net short-term capital loss carryforward of $14,599,025 and a net long-term capital loss carryforward of $13,149,242, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

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

**NOTE 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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| | |
|:---|:---|
| **76 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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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** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.25 | $11.53 | $11.35 | $10.65 | $11.11 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .26 | .25 | .29 | .33 | .25 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.21) | (.11 | .22 | .74 | (.44 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.95) | .14 | .51 | 1.07 | (.19 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.28 | (.33 | (.37 | (.27 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.28 | (.42 | (.33 | (.37 | (.27 |
|  Net asset value, end of period | **$9.02** | **$11.25** | **$11.53** | **$11.35** | **$10.65** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.57) | 1.22 | 4.60 | 10.23 | (1.75) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $148009 | $203168 | $224484 | $221033 | $216950 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .77 | .77 | .77 | .77 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.06 | .99 | .99 | 1.04 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.51 | 2.23 | 2.58 | 2.98 | 2.29 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 77** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.23 | $11.50 | $11.32 | $10.63 | $11.08 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .17 | .17 | .21 | .25 | .17 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.19) | (.11 | .22 | .73 | (.43 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.02) | .06 | .43 | .98 | (.26 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.19 | (.25 | (.29 | (.19 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.21 | (.33 | (.25 | (.29 | (.19 |
|  Net asset value, end of period | **$9.00** | **$11.23** | **$11.50** | **$11.32** | **$10.63** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (18.22) | .55 | 3.83 | 9.33 | (2.40) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $2932 | $5682 | $10128 | $10564 | $11334 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.81 | 1.74 | 1.75 | 1.79 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.69 | 1.51 | 1.84 | 2.24 | 1.54 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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| | |
|:---|:---|
| **78 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.26 | $11.53 | $11.35 | $10.65 | $11.11 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .28 | .28 | .32 | .35 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.20) | (.10 | .22 | .75 | (.44 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.92) | .18 | .54 | 1.10 | (.16 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.29 | (.31 | (.36 | (.40 | (.30 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.31 | (.45 | (.36 | (.40 | (.30 |
|  Net asset value, end of period | **$9.03** | **$11.26** | **$11.53** | **$11.35** | **$10.65** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.44) | 1.56 | 4.86 | 10.50 | (1.50) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $45095 | $102827 | $122108 | $104850 | $76406 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .52 | .52 | .52 | .52 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .80 | .74 | .74 | .79 | .76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.66 | 2.47 | 2.82 | 3.21 | 2.55 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 79** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.25 | $11.52 | $11.34 | $10.65 | $11.10 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .23 | .23 | .26 | .30 | .23 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.20) | (.11 | .22 | .74 | (.44 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.97) | .12 | .48 | 1.04 | (.21 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.24 | (.25 | (.30 | (.35 | (.24 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.26 | (.39 | (.30 | (.35 | (.24 |
|  Net asset value, end of period | **$9.02** | **$11.25** | **$11.52** | **$11.34** | **$10.65** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.78) | 1.04 | 4.33 | 9.86 | (1.90) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $379 | $746 | $1802 | $3298 | $2814 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.02 | 1.02 | 1.02 | 1.02 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.43 | 1.37 | 1.37 | 1.42 | 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.21 | 1.99 | 2.34 | 2.73 | 2.07 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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|:---|:---|
| **80 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.26 | $11.54 | $11.36 | $10.66 | $11.11 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .25 | .25 | .29 | .33 | .25 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.20) | (.11 | .22 | .74 | (.43 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.95) | .14 | .51 | 1.07 | (.18 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.28 | (.33 | (.37 | (.27 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.28 | (.42 | (.33 | (.37 | (.27 |
|  Net asset value, end of period | **$9.03** | **$11.26** | **$11.54** | **$11.36** | **$10.66** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.56) | 1.22 | 4.59 | 10.22 | (1.66) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $2287 | $5736 | $6580 | $7444 | $7863 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .77 | .77 | .77 | .77 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.12 | 1.06 | 1.07 | 1.10 | 1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.41 | 2.24 | 2.59 | 2.98 | 2.32 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 81** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.27 | $11.55 | $11.36 | $10.66 | $11.12 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .28 | .28 | .32 | .36 | .28 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.20) | (.11 | .23 | .74 | (.44 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.92) | .17 | .55 | 1.10 | (.16 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.29 | (.31 | (.36 | (.40 | (.30 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.31 | (.45 | (.36 | (.40 | (.30 |
|  Net asset value, end of period | **$9.04** | **$11.27** | **$11.55** | **$11.36** | **$10.66** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.44) | 1.46 | 4.93 | 10.50 | (1.50) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $758 | $1819 | $2743 | $4107 | $2894 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .52 | .52 | .52 | .52 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .75 | .68 | .70 | .75 | .72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.67 | 2.48 | 2.85 | 3.22 | 2.57 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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| **82 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $11.27 | $11.55 | $11.37 | $10.67 | $11.13 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .28 | .29 | .32 | .36 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.20) | (.12 | .22 | .74 | (.43 |
|  Contributions from Affiliates | – 0 | – 0 | – 0 | .00 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.92) | .17 | .54 | 1.10 | (.16 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.29 | (.31 | (.36 | (.40 | (.30 |
|  Distributions from net realized gain on investment transactions | (.02 | (.14 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.31 | (.45 | (.36 | (.40 | (.30 |
|  Net asset value, end of period | **$9.04** | **$11.27** | **$11.55** | **$11.37** | **$10.67** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (17.34) | 1.46 | 4.84 | 10.48 | (1.49) |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $2234 | $3193 | $5824 | $8059 | $7274 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .52 | .52 | .52 | .52 | .52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .70 | .64 | .64 | .68 | .64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.70 | 2.51 | 2.82 | 3.22 | 2.48 |
|  Portfolio turnover rate<sup>\*\*</sup> | 141 | 128 | 83 | 74 | 195 |

---

See footnote summary on page 84.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 83** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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.

\*\* The Fund accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

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| **84 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

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

**AB Total Return Bond Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Total Return Bond Portfolio (the "Fund") (one of the portfolios constituting AB Bond Fund, Inc. (the "Company")), including the portfolio of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting AB Bond Fund, Inc.) at October 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g370133g91r55.jpg)

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

New York, New York

December 28, 2022

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| **86 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended October 31, 2022. For foreign shareholders, 87.64% of ordinary income dividends paid may be considered to be qualifying to be taxed as interest-related dividends.

The Fund designates $504,410 of dividends paid as long-term capital gains dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 87** |

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**BOARD OF DIRECTORS** 

---

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

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Michael Canter**<sup>(2)</sup>, Vice President<br> **Janaki Rao**<sup>(2)</sup>, Vice President<br> **Emilie D. Wrapp,** Secretary<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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

---

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

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's U.S. Investment Grade: Core Fixed Income Team. Messrs. Canter and Rao are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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|:---|:---|
| **88 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** 

**Board of Directors Information** 

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

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **INTERESTED DIRECTOR** | **INTERESTED DIRECTOR** |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

---

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 89** |

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**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** | **DISINTERESTED DIRECTORS** |
| Marshall C. Turner, Jr.,<sup>#</sup><sup>#</sup><br> *Chairman of the Board*<br> 81<br> (2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of the AB Funds since February 2014. | 75 |  |

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| **90 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>#</sup><sup>#</sup><br> 78<br> (2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 91** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |
| Nancy P. Jacklin,<sup>#</sup><sup>#</sup><br> 74<br> (2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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| **92 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |
| Carol C. McMullen,<sup>#</sup><sup>#</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016 and Managing Director of The Crossland Group (consulting) from 2012 to 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 93** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\* AND AGE**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL<br>OCCUPATION(S)**<br> **DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY DIRECTOR** |
| **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** | **DISINTERESTED DIRECTORS<br>(continued)** |
| Garry L. Moody,<sup>#</sup><sup>#</sup><br> 70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee and as Chairman of the Audit Committees of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department-Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Directors.

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

# Mr. Erzan is an "interested person" of the Fund as defined in the "40 Act", due to his position as a Senior Vice President of the Adviser.

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

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|:---|:---|
| **94 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

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

---

| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **PRINCIPAL POSITION(S)<br>HELD WITH FUND** | **PRINCIPAL OCCUPATION<br>DURING PAST 5 YEARS** |
| Onur Erzan<br> 46 | President and Chief Executive Officer | See biography above. |
| Michael Canter<br>53 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director and Chief Investment Officer - Securitized Assets. |
| Janaki Rao<br>52 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Director of US Multi-Sector Fixed-Income Portfolios. |
| Emilie D. Wrapp<br>67 | Secretary | Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br> 58 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

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

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

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

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 95** |

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**Operation And Effectiveness Of The Fund's Liquidity Risk Management Program:** 

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

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

Another requirement of the Liquidity Rule is for the Fund's Board of Directors (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

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

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

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

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

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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| **96 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| | |
|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 97** |

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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 Total Return Bond Portfolio (formerly AB Intermediate Bond Portfolio) (the "Fund") at a meeting held by video conference on November 2-4, 2021 (the "Meeting").

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

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

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| **98 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

**Nature, Extent and Quality of Services Provided** 

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

**Costs of Services Provided and Profitability** 

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2019 and 2020 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the requests 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

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 99** |

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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 profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

**Investment Results** 

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2021 and (in the case of comparisons with the broad-based securities market index) for the period from inception. 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. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser's total rate of compensation was close to 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

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| **100 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Analyst and 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 directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

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|:---|:---|
| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 101** |

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**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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| **102 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

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

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| **abfunds.com** | **AB TOTAL RETURN BOND PORTFOLIO <sup>\|</sup> 103** |

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**NOTES** 

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| **104 <sup>\|</sup> AB TOTAL RETURN BOND PORTFOLIO** | **abfunds.com** |

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![LOGO](g370133g43p34.jpg)

AB TOTAL RETURN BOND PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TRB-0151-1022 ![LOGO](g370133g22c48.jpg)

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**ITEM 2. CODE OF ETHICS.** 

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

The registrant's Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund's last two fiscal years for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues and quarterly press release review (for those Funds which issue press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Audit Fees** | **Audit-Related**<br>**Fees** | **Tax Fees** |
|  AB Total Return Bond Portfolio | 2021 | $84906 | $— | $17169 |
|  | 2022 | $89151 | $— | $18082 |
|  AB Bond Inflation Strategy | 2021 | $96097 | $— | $25664 |
|  | 2022 | $100902 | $— | $19649 |
|  AB Municipal Bond Inflation Strategy | 2021 | $69532 | $— | $16235 |
|  | 2022 | $73009 | $— | $16920 |
|  AB All Market Real Return | 2021 | $87794 | $— | $62754 |
|  | 2022 | $92184 | $— | $43438 |
|  AB Short Duration Income | 2021 | $41281 | $— | $30840 |
|  | 2022 | $43345 | $— | $18858 |
|  AB Tax Aware Fixed Income | 2021 | $36060 | $— | $24797 |
|  | 2022 | $37863 | $— | $21391 |
|  AB Income | 2021 | $121160 | $— | $39544 |
|  | 2022 | $127218 | $— | $28500 |
|  AB Sustainable Thematic Credit | 2021 | $33750 | $— | $11900 |
|  | 2022 | $47250 | $— | $15998 |
|  AB High Yield | 2021 | $111951 | $3000 | $22569 |
|  | 2022 | $117549 | $— | $23009 |

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(d) Not applicable.

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(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund's Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

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| | | | |
|:---|:---|:---|:---|
|  | | All Fees for<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates | Total Amount of<br>Foregoing Column Pre-<br>approved by the Audit<br>Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees) |
|  AB Total Return Bond Portfolio | 2021 | $1078309 | $17169 |
|  |  |  | $— |
|  |  |  | $(17169) |
|  | 2022 | $1950540 | $18082 |
|  |  |  | $— |
|  |  |  | $(18082) |
|  AB Bond Inflation Strategy | 2021 | $1086804 | $25664 |
|  |  |  | $— |
|  |  |  | $(25664) |
|  | 2022 | $1952107 | $19649 |
|  |  |  | $— |
|  |  |  | $(19649) |
|  AB Municipal Bond Inflation Strategy | 2021 | $1077375 | $16235 |
|  |  |  | $— |
|  |  |  | $(16235) |
|  | 2022 | $1949378 | $16920 |
|  |  |  | $— |
|  |  |  | $(16920) |
|  AB All Market Real Return | 2021 | $1123894 | $62754 |
|  |  |  | $— |
|  |  |  | $(62754) |
|  | 2022 | $1975896 | $43438 |
|  |  |  | $— |
|  |  |  | $(43438) |
|  AB Short Duration Income | 2021 | $1091980 | $30840 |
|  |  |  | $— |
|  |  |  | $(30840) |
|  | 2022 | $1951316 | $18858 |
|  |  |  | $— |
|  |  |  | $(18858) |
|  AB Tax Aware Fixed Income | 2021 | $1085937 | $24797 |
|  |  |  | $— |
|  |  |  | $(24797) |
|  | 2022 | $1953849 | $21391 |
|  |  |  | $— |
|  |  |  | $(21391) |
|  AB Income | 2021 | $1100684 | $39544 |
|  |  |  | $— |
|  |  |  | $(39544) |
|  | 2022 | $1960958 | $28500 |
|  |  |  | $— |
|  |  |  | $(28500) |
|  AB Sustainable Thematic Credit | 2021 | $1073040 | $11900 |
|  |  |  | $— |
|  |  |  | $(11900) |
|  | 2022 | $1948456 | $15998 |
|  |  |  | $— |
|  |  |  | $(15998) |
|  AB High Yield | 2021 | $1086709 | $25569 |
|  |  |  | $(3000) |
|  |  |  | $(22569) |
|  | 2022 | $1955467 | $23009 |
|  |  |  | $— |
|  |  |  | $(23009) |

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(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable to the registrant.

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**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

---

| | |
|:---|:---|
| **ITEM** | **11. CONTROLS AND PROCEDURES**.  |

---

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 13. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 12 (a) (1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d370133dex99codeeth.htm) |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d370133dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d370133dex99cert.htm#a) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d370133dex99906cert.htm) |

---

------

**SIGNATURES** 

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

(Registrant): AB Bond Fund, Inc.

---

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

---

Date: December 30, 2022

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

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| Date: December 30, 2022 | Date: December 30, 2022 |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |
| Date: December 30, 2022 | Date: December 30, 2022 |

---

## Ex-99.Code

Exhibit 12(a) (1)

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

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

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

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

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

• compliance with applicable laws and governmental rules and regulations;

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

• accountability for adherence to the Code.

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

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

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

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

------

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

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

Each Covered Officer must:

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

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

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

------

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

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

• the receipt of any non-nominal gifts;

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

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

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

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

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

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

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

------

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**VI.** **Amendments** 

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

**VII.** **Confidentiality** 

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

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

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

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

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Exhibit A

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

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

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

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

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

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

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

Date: December 30, 2022

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

---

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

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

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

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

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

Date: December 30, 2022

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

---

## Exhibit 99.906

**EXHIBIT 12(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Bond Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 30, 2022

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

---

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.