Ab Unconstrained Bond Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-07391

AB UNCONSTRAINED BOND FUND, INC.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2019

Date of reporting period: April 30, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

APR    ^04.30.19

SEMI-ANNUAL REPORT

AB UNCONSTRAINED BOND FUND

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund at (800) 221 5672.

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

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

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

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

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-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. The Fund’s Forms N-PORT may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330. 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^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

FROM THE PRESIDENT

Dear Shareholder,

We are pleased to provide this report for AB Unconstrained Bond Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

As always, AB strives to keep clients ahead of what’s next by:

⁺  Transforming uncommon insights into uncommon knowledge with a global research scope

⁺  Navigating markets with seasoned investment experience and sophisticated solutions

⁺  Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    1

SEMI-ANNUAL REPORT

June 10, 2019

This report provides management’s discussion of fund performance for AB Unconstrained Bond Fund for the semi-annual reporting period ended April 30, 2019.

The Fund’s investment objective is to generate current income consistent with preservation of capital.

NAV RETURNS AS OF APRIL 30, 2019(unaudited)

	6 Months		12 Months
AB UNCONSTRAINED BOND FUND
Class A Shares		-0.31%		-1.04%
Class B Shares1		-0.80%		-1.91%
Class C Shares		-0.81%		-1.81%
Advisor Class Shares2		-0.30%		-0.90%
Class R Shares2		-0.52%		-1.36%
Class K Shares2		-0.36%		-1.03%
Class I Shares2		-0.26%		-0.84%
Class Z Shares2		-0.28%		-0.85%
Primary Benchmark: ICE BofA ML3-Month UST-Bill Index		1.18%		2.18%
Bloomberg Barclays Global Aggregate Bond Index (USD hedged)		5.05%		5.39%

1 Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for more information.

2 Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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 with its primary benchmark, the Intercontinental Exchange Bank of America Merrill Lynch (“ICE BofA ML”)3-Month US Treasury Bill(“T-Bill”) Index, and the Bloomberg Barclays Global Aggregate Bond Index (USD hedged) for thesix- and12-month periods ended April 30, 2019.

During thesix-month period, all share classes of the Fund underperformed the primary benchmark, before sales charges. Country allocation (a result ofbottom-up security analysis combined with fundamental research) and yield-curve positioning detracted, relative to the benchmark, primarily due to positioning in the US and eurozone. Sector and security selection contributed, helped most by holdings in equities and high-yield corporates.

2    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

Positions within sovereign bonds in both emerging and developed markets took back some of these gains. Currency investments contributed, mainly in the Indonesian rupiah and Turkish lira.

During the12-month period, all share classes of the Fund underperformed the primary benchmark, before sales charges. Country allocation and yield-curve positioning detracted, largely within the US and eurozone, although the Fund’s holdings in Canada were positive. Sector and security selection contributed, helped most by selection in high-yield corporates and equities. Holdings in sovereign bonds offset some of these gains. Currency investments did not have a significant impact on returns, as gains from positioning in the Mexican peso and British pound were offset by losses from long positions in the Argentine peso and Brazilian real, which both lagged in the period.

During both periods, the Fund utilized derivatives in the form of interest rate swaps, futures and interest rate swaptions to manage and hedge duration risk and/or take active yield-curve positioning. The Fund also utilized currency forwards and currency options, both written and purchased, to hedge foreign currency exposure and to take active currency risk. Purchased and written equity options were used in an effort to add alpha (a measure of how the Fund is performing on a risk-adjusted basis versus its benchmark) through different strategies, including but not limited to, relative value, put spreads and call spreads. Credit default swaps, both single name and index, were used to manage and hedge investment-grade and high-yield credit risk taken through cash bonds. Total return swaps and variance swaps were used to take active risk and as hedging tools against other active equity-like risks in the Fund.

MARKET REVIEW AND INVESTMENT STRATEGY

Fixed-income markets generally performed well over thesix-month period ended April 30, 2019. Worries over a global trade war, geopolitical uncertainty and tighter monetary policy gave way torisk-on sentiment following a dovish pivot from the US Federal Reserve (the “Fed”), trade-talk progress and Chinese policy stimulus. Global high yield and investment-grade securities performed in line, outpacing the positive returns of developed-market treasuries. Emerging-market debt sectors rallied strongly, a function of positive idiosyncratic developments and a more favorable macro backdrop, particularly the more patient Fed.

The Fed increased interest rates quarterly in 2018 and began to formally reduce its balance sheet, as widely expected, before surprising markets with a dovish pivot in 2019. Markets around the globe reacted positively to the Fed’s tightening pause. Although the European Central Bank (“ECB”) formally ended its bond-buying program, the bank also turned more dovish in 2019, pointing to a continent-wide slowdown in economic growth. ECB officials announced a new series of targeted longer-term refinancing operations and pushed out any rate hikes until at least 2020. Central

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    3

banks in Canada and Australia grew more dovish as well, ruling out interest-rate hikes for the remainder of the year, while the Bank of Japan echoed the sentiment by adjusting forward guidance to indicate that interest rates would remain low until at least 2020.

The Fund’s Senior Investment Management Team (the “Team”) continues to seek to generate attractive total returns while preserving capital by investing across a broad range of global fixed-income sectors. The Team’s approach is an alternative to traditional “core” fixed income that is unconstrained in its investable universe, flexible to allow for dynamic asset allocation, but well-defined in its structure.

INVESTMENT POLICIES

The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities and derivatives related to fixed-income securities. The Fund employs a dynamic risk allocation, meaning that the Fund’s risk profile may vary significantly over time based upon market conditions. The Fund invests in a portfolio that includes fixed-income securities of US andnon-US companies and US andnon-US government securities and supranational entities, including lower-rated securities.

The Fund may invest in debt securities with a range of maturities from short- to long-term. The Fund expects that its average portfolio duration will vary normally from negative three years to positive seven years, depending upon the Adviser’s forecast of interest rates and assessment of market risks generally. Duration is a measure of a fixed-income security’s sensitivity to changes in interest rates. The value of a fixed-income security with positive duration will decline if interest rates increase. Conversely, the value of a fixed-income security with negative duration will increase as interest rates increase. The Fund will seek to achieve negative duration through the use of derivatives, such as futures and total return swaps.

The Fund typically maintains at least 50% of its net assets in investment-grade securities. The Fund may invest up to 50% of its net assets in below investment-grade securities, such as corporate high-yield fixed-income securities, sovereign debt obligations and fixed-income securities of issuers located in emerging markets.

The Fund may also invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, structured securities, variable, floating, and inverse floating-rate instruments and preferred stock, and may use other investment techniques. The Fund may make short sales of securities or currencies or maintain a short

(continued on next page)

4    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

position. The Fund may use borrowings or other leverage for investment purposes. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Fund may utilize, without limit, derivatives, such as options, futures contracts, forwards or swaps, including those on fixed-income and equity securities and foreign currencies.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    5

DISCLOSURES AND RISKS

Benchmark Disclosure

The ICE BofA ML^®3-Month UST-Bill Index and the Bloomberg Barclays Global Aggregate Bond Index (USD hedged) are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The ICE BofA ML3-Month UST-Bill Index measures the performance of Treasury securities maturing in 90 days. The Bloomberg Barclays Global Aggregate Bond Index represents the performance of the global investment-grade developed fixed-income markets, hedged to the US dollar. 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 or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events 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.

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 such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade or dispose of 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.

6    ^|    AB UNCONSTRAINED BOND FUND 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 if the Fund invests a significant portion of its assets in fixed-income securities with longer maturities.

Foreign(Non-US) Risk: Investments in securities ofnon-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 or dispose of 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 because these investments may be 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.

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.

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 bynon-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 may also be subject to counterparty risk to a greater degree than more traditional investments.

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

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    7

DISCLOSURES AND RISKS(continued)

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. Over recent years illiquid investments risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. 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.

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 recentmonth-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% maximumfront-end sales charge for Class A shares; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4) 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.

8    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2019(unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
CLASS A SHARES						2.43%
1 Year		-1.04%		-5.23%
5 Years		1.29%		0.41%
10 Years		4.06%		3.61%
CLASS B SHARES						1.78%
1 Year		-1.91%		-5.78%
5 Years		0.52%		0.52%
10 Years2		3.50%		3.50%
CLASS C SHARES						1.80%
1 Year		-1.81%		-2.78%
5 Years		0.52%		0.52%
10 Years		3.32%		3.32%
ADVISOR CLASS SHARES3						2.80%
1 Year		-0.90%		-0.90%
5 Years		1.52%		1.52%
10 Years		4.33%		4.33%
CLASS R SHARES3						2.09%
1 Year		-1.36%		-1.36%
5 Years		1.02%		1.02%
10 Years		3.83%		3.83%
CLASS K SHARES3						2.39%
1 Year		-1.03%		-1.03%
5 Years		1.29%		1.29%
10 Years		4.11%		4.11%
CLASS I SHARES3						2.84%
1 Year		-0.84%		-0.84%
5 Years		1.53%		1.53%
10 Years		4.36%		4.36%
CLASS Z SHARES3						2.85%
1 Year		-0.85%		-0.85%
Since Inception4		1.84%		1.84%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.08%, 1.85%, 1.83%, 0.83%, 1.52%, 1.21%, 0.77% and 0.79% for Class A, Class B, 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 limit the Fund’s annual operating expenses (exclusive of interest expense) to 0.90%, 1.65%, 1.65%, 0.65%, 1.15%, 0.90%, 0.65% and 0.65% for Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These

(footnotes continued on next page)

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    9

HISTORICAL PERFORMANCE(continued)

waivers/reimbursements may not be terminated before January 31, 2020 and may be extended by the Adviser for additionalone-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 the30-day period ended April 30, 2019.

2 Assumes conversion of Class B 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 certainfee-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: 11/4/2014.

10    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

HISTORICAL PERFORMANCE(continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDARQUARTER-END

MARCH 31, 2019(unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		-5.92%
5 Years		0.15%
10 Years		3.89%
CLASS B SHARES
1 Year		-6.33%
5 Years		0.26%
10 Years1		3.76%
CLASS C SHARES
1 Year		-3.45%
5 Years		0.28%
10 Years		3.60%
ADVISOR CLASS SHARES2
1 Year		-1.47%
5 Years		1.30%
10 Years		4.63%
CLASS R SHARES2
1 Year		-2.04%
5 Years		0.78%
10 Years		4.12%
CLASS K SHARES2
1 Year		-1.72%
5 Years		1.02%
10 Years		4.37%
CLASS I SHARES2
1 Year		-1.42%
5 Years		1.31%
10 Years		4.65%
CLASS Z SHARES2
1 Year		-1.55%
Since Inception3		1.54%

1 Assumes conversion of Class B shares into Class A shares after eight years.

2 Please note that these share classes are for investors purchasing shares through accounts established under certainfee-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.

3 Inception date: 11/4/2014.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    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 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.

12    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

EXPENSE EXAMPLE(continued)

	Beginning Account Value 11/1/2018		Ending Account Value 4/30/2019		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	996.90	$	4.46		0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51		0.90	%
Class B
Actual	$	1,000	$	992.00	$	8.15		1.65	%
Hypothetical**	$	1,000	$	1,016.61	$	8.25		1.65	%
Class C
Actual	$	1,000	$	991.90	$	8.15		1.65	%
Hypothetical**	$	1,000	$	1,016.61	$	8.25		1.65	%
Advisor Class
Actual	$	1,000	$	997.00	$	3.22		0.65	%
Hypothetical**	$	1,000	$	1,021.57	$	3.26		0.65	%
Class R
Actual	$	1,000	$	994.80	$	5.69		1.15	%
Hypothetical**	$	1,000	$	1,019.09	$	5.76		1.15	%
Class K
Actual	$	1,000	$	996.40	$	4.45		0.90	%
Hypothetical**	$	1,000	$	1,020.33	$	4.51		0.90	%
Class I
Actual	$	1,000	$	997.40	$	3.22		0.65	%
Hypothetical**	$	1,000	$	1,021.57	$	3.26		0.65	%
Class Z
Actual	$	1,000	$	997.20	$	3.22		0.65	%
Hypothetical**	$	1,000	$	1,021.57	$	3.26		0.65	%

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

** Assumes 5% annual return before expenses.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    13

PORTFOLIO SUMMARY

April 30, 2019(unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $215.5

1 All data are as of April 30, 2019. 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 0.5% or less in the following security types: Common Stocks, Emerging Markets–Treasuries, Local Governments–US Municipal Bonds, Options Purchased–Puts and Warrants.

14    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO SUMMARY(continued)

April 30, 2019(unaudited)

1 All data are as of April 30, 2019. 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 0.5% or less in the following countries or regions: Argentina, Brazil, Chile, Costa Rica, Denmark, Dominican Republic, Ecuador, Euro Zone, Gabon, Hungary, Ireland, Italy, Ivory Coast, Jamaica, Kuwait, Macau, Netherlands, Norway, Qatar, Senegal, Spain, Sweden, Turkey, Uruguay and Zambia.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    15

PORTFOLIO OF INVESTMENTS

April 30, 2019(unaudited)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS – TREASURIES – 24.2%
Belgium – 2.1%
Kingdom of Belgium Government Bond Series 87 0.90%, 6/22/29(a)	EUR		3,835	$	4,492,513
France – 0.3%
French Republic Government Bond OAT 0.75%, 5/25/28(a)			576		674,918
Indonesia – 1.3%
Indonesia Treasury Bond Series FR77 8.125%, 5/15/24	IDR		37,005,000		2,681,240
Malaysia – 1.2%
Malaysia Government Bond Series 0114 4.181%, 7/15/24	MYR		986		243,816
Series 0217 4.059%, 9/30/24			990		243,361
Series 0218 3.757%, 4/20/23			1,794		436,372
Series 0313 3.48%, 3/15/23			7,125		1,714,377
					2,637,926
United States – 19.2%
U.S. Treasury Notes 1.625%, 5/15/26(b)	U.S.$		12,185		11,571,942
2.875%, 10/31/20(b)			29,625		29,865,703
					41,437,645
Uruguay – 0.1%
Uruguay Government International Bond 8.50%, 3/15/28(a)	UYU		8,615		210,304
Total Governments – Treasuries (cost $52,634,103)					52,134,546
CORPORATES –NON-INVESTMENT GRADE – 22.6%
Industrial – 17.7%
Basic – 1.6%
AK Steel Corp. 7.625%, 10/01/21	U.S.$		29		28,977
CF Industries, Inc. 5.15%, 3/15/34			241		233,094
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/01/26			27		27,442

16    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Eldorado Gold Corp. 6.125%, 12/15/20(a)	U.S.$		64	$	63,680
Flex Acquisition Co., Inc. 6.875%, 1/15/25(a)			16		15,003
7.875%, 7/15/26(a)			72		67,575
FMG Resources (August 2006) Pty Ltd. 4.75%, 5/15/22(a)			129		130,407
5.125%,3/15/23-5/15/24(a)			200		203,147
Foresight Energy LLC/Foresight Energy Finance Corp. 11.50%, 4/01/23(a)			11		8,477
Freeport-McMoRan, Inc. 3.55%, 3/01/22			329		326,211
Grinding Media,Inc./Moly-Cop AltaSteel Ltd. 7.375%, 12/15/23(a)			177		173,031
Joseph T Ryerson & Son, Inc. 11.00%, 5/15/22(a)			289		306,469
Kraton Polymers LLC/Kraton Polymers Capital Corp. 5.25%, 5/15/26(a)	EUR		100		116,817
7.00%, 4/15/25(a)	U.S.$		49		50,763
Kronos International, Inc. 3.75%, 9/15/25(a)	EUR		129		142,387
Lecta SA 6.50%, 8/01/23(a)			104		104,656
Momentive Performance Materials, Inc. 3.88%, 10/24/21	U.S.$		487		539,841
8.875%, 10/15/20(c)(d)(e)(f)			487		– 0	–
Novelis Corp. 6.25%, 8/15/24(a)			50		52,139
OCI NV 5.00%, 4/15/23(a)	EUR		100		118,437
Peabody Energy Corp. 6.00%, 3/31/22(a)	U.S.$		133		135,009
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.125%, 7/15/23(a)			176		178,731
7.00%, 7/15/24(a)			66		68,209
Sealed Air Corp. 6.875%, 7/15/33(a)			159		173,092
United States Steel Corp. 6.25%, 3/15/26			65		58,282
6.875%, 8/15/25			65		61,187
WR Grace & Co.-Conn 5.125%, 10/01/21(a)			56		57,949
					3,441,012

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    17

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Capital Goods – 1.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 6.75%, 5/15/24(a)	EUR		280	$	330,857
Bombardier, Inc. 5.75%, 3/15/22(a)	U.S.$		283		286,891
6.00%, 10/15/22(a)			44		44,084
6.125%, 1/15/23(a)			11		11,037
7.50%, 3/15/25(a)			28		28,098
7.875%, 4/15/27(a)			60		60,426
BWAY Holding Co. 4.75%, 4/15/24(a)	EUR		175		201,457
5.50%, 4/15/24(a)	U.S.$		34		33,743
7.25%, 4/15/25(a)			35		34,104
Cleaver-Brooks, Inc. 7.875%, 3/01/23(a)			60		58,690
Colfax Corp. 6.00%, 2/15/24(a)			23		23,898
6.375%, 2/15/26(a)			23		24,380
Gates Global LLC/Gates Global Co. 6.00%, 7/15/22(a)			20		20,056
GFL Environmental, Inc. 5.375%, 3/01/23(a)			219		212,950
Griffon Corp. 5.25%, 3/01/22			139		138,700
JELD-WEN, Inc. 4.625%, 12/15/25(a)			13		12,440
4.875%, 12/15/27(a)			17		16,235
Mueller Water Products, Inc. 5.50%, 6/15/26(a)			36		36,676
RBS Global, Inc./Rexnord LLC 4.875%, 12/15/25(a)			62		62,026
SPX FLOW, Inc. 5.875%, 8/15/26(a)			105		107,833
Tervita Escrow Corp. 7.625%, 12/01/21(a)			171		172,893
TransDigm, Inc. 6.00%, 7/15/22			169		171,228
6.25%, 3/15/26(a)			368		383,239
6.375%, 6/15/26			47		47,078
6.50%, 5/15/25			58		58,403
Triumph Group, Inc. 7.75%, 8/15/25			191		191,000
					2,768,422

18    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Communications - Media – 2.3%
Altice Financing SA 6.625%, 2/15/23(a)	U.S.$		220	$	225,890
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 3/01/23(a)			218		218,892
5.00%, 2/01/28(a)			285		284,661
5.125%, 2/15/23			244		248,162
5.75%, 2/15/26(a)			24		25,079
5.875%,4/01/24-5/01/27(a)			226		235,730
CSC Holdings LLC 5.375%,7/15/23-2/01/28(a)			498		508,686
5.50%, 5/15/26(a)			237		243,681
10.875%, 10/15/25(a)			173		198,905
DISH DBS Corp. 5.875%, 7/15/22			520		507,980
6.75%, 6/01/21			173		178,674
iHeartCommunications, Inc. 9.00%, 12/15/19(c)(d)(g)			251		186,037
Liberty Interactive LLC 8.25%, 2/01/30			11		11,388
Meredith Corp. 6.875%, 2/01/26			151		157,199
Netflix, Inc. 4.375%, 11/15/26			7		6,929
5.875%, 11/15/28			115		121,304
Radiate Holdco LLC/Radiate Finance, Inc. 6.625%, 2/15/25(a)			128		125,819
6.875%, 2/15/23(a)			32		32,088
Sinclair Television Group, Inc. 5.625%, 8/01/24(a)			145		146,519
Sirius XM Radio, Inc. 3.875%, 8/01/22(a)			185		185,278
4.625%, 5/15/23(a)			48		48,395
5.375%, 4/15/25(a)			131		134,603
6.00%, 7/15/24(a)			85		87,921
TEGNA, Inc. 6.375%, 10/15/23			182		187,926
Virgin Media Receivables Financing Notes I DAC 5.50%, 9/15/24(a)	GBP		100		134,610
Virgin Media Secured Finance PLC 4.875%, 1/15/27(a)			166		218,964
Ziggo Bond Co. BV 5.875%, 1/15/25(a)	U.S.$		220		220,135
					4,881,455

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    19

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 2.0%
Altice France SA/France 7.375%, 5/01/26(a)	U.S.$		250	$	254,151
C&W Senior Financing DAC 6.875%, 9/15/27(a)			200		200,611
CBT-Mobile USA, Inc. 4.50%, 2/01/26(c)(d)(e)(h)			290		– 0	–
6.00%, 4/15/24(c)(d)(e)(h)			128		– 0	–
6.375%, 3/01/25(c)(d)(e)(h)			153		– 0	–
CenturyLink, Inc. Series S 6.45%, 6/15/21			55		57,430
Series T 5.80%, 3/15/22			361		371,444
Series Y 7.50%, 4/01/24			99		106,365
Cincinnati Bell, Inc. 7.00%, 7/15/24(a)			118		108,934
Consolidated Communications, Inc. 6.50%, 10/01/22			11		10,433
Embarq Corp. 7.995%, 6/01/36			179		176,438
Frontier Communications Corp. 7.125%, 1/15/23			175		109,152
7.625%, 4/15/24			265		146,308
8.75%, 4/15/22			134		93,268
GTT Communications, Inc. 7.875%, 12/31/24(a)			16		15,084
Intelsat Jackson Holdings SA 5.50%, 8/01/23			239		215,333
8.50%, 10/15/24(a)			135		132,871
9.50%, 9/30/22(a)			239		276,743
Level 3 Financing, Inc. 5.375%, 8/15/22			195		195,835
Level 3 Parent LLC 5.75%, 12/01/22			63		63,597
Sprint Capital Corp. 6.875%, 11/15/28			74		70,799
8.75%, 3/15/32			159		166,710
Sprint Communications, Inc. 6.00%, 11/15/22			133		133,804
7.00%, 3/01/20(a)			143		146,927
Sprint Corp. 7.625%, 3/01/26			103		103,022
7.875%, 9/15/23			252		262,538

20    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
T-Mobile USA, Inc. 4.50%, 2/01/26	U.S.$		290	$	291,763
6.00%, 4/15/24			128		133,708
6.375%, 3/01/25			153		159,119
Telecom Italia Capital SA 7.20%, 7/18/36			260		266,315
Zayo Group LLC/Zayo Capital, Inc. 6.00%, 4/01/23			141		143,820
					4,412,522
Consumer Cyclical - Automotive – 0.6%
Allison Transmission, Inc. 5.875%, 6/01/29(a)			62		63,892
American Axle & Manufacturing, Inc. 6.25%, 4/01/25			96		96,516
BCD Acquisition, Inc. 9.625%, 9/15/23(a)			126		133,792
Exide Technologies 7.00%, 4/30/25(c)(e)(i)(j)(k)			279		111,787
11.00%, 4/30/22(c)(i)(l)			122		96,472
Meritor, Inc. 6.25%, 2/15/24			94		96,839
Navistar International Corp. 6.625%, 11/01/25(a)			132		134,890
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 6.25%, 5/15/26(a)			35		36,578
8.50%, 5/15/27(a)			190		196,302
Tenneco, Inc. 5.00%, 7/15/26			150		122,291
Tesla, Inc. 5.30%, 8/15/25(a)			93		79,500
Titan International, Inc. 6.50%, 11/30/23			118		115,138
Truck Hero, Inc. 8.50%, 4/21/24(a)			79		79,592
					1,363,589
Consumer Cyclical - Entertainment – 0.1%
Constellation Merger Sub, Inc. 8.50%, 9/15/25(a)			10		9,451
Mattel, Inc. 6.75%, 12/31/25(a)			85		85,128
NCL Corp., Ltd. 4.75%, 12/15/21(a)			7		7,083
VOC Escrow Ltd. 5.00%, 2/15/28(a)			93		92,616
					194,278

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    21

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Other – 1.2%
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.75%, 8/01/25(a)(c)	U.S.$		38	$	35,567
Beazer Homes USA, Inc. 8.75%, 3/15/22			198		206,981
Eldorado Resorts, Inc. 6.00%, 4/01/25			100		103,405
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/25(a)			256		255,357
Hilton Domestic Operating Co., Inc. 5.125%, 5/01/26(a)			100		102,444
K. Hovnanian Enterprises, Inc. 5.00%, 11/01/21			13		12,012
10.00%, 7/15/22(a)			154		135,514
KB Home 7.00%, 12/15/21			95		102,031
Marriott Ownership Resorts, Inc./ILG LLC 6.50%, 9/15/26(a)			93		97,688
Mattamy Group Corp. 6.50%, 10/01/25(a)			89		90,889
MGM Resorts International 5.50%, 4/15/27			197		203,056
NCI Building Systems, Inc. 8.00%, 4/15/26(a)			84		78,333
PulteGroup, Inc. 5.00%, 1/15/27			129		131,271
6.00%, 2/15/35			9		8,927
7.875%, 6/15/32			148		172,482
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. 6.125%, 8/15/21(a)			5		5,070
Shea Homes LP/Shea Homes Funding Corp. 5.875%, 4/01/23(a)			414		413,927
Stars Group Holdings BV/Stars Group USCo-Borrower LLC 7.00%, 7/15/26(a)			66		69,183
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. 5.625%, 3/01/24(a)			95		96,651
Wyndham Hotels & Resorts, Inc. 5.375%, 4/15/26(a)			100		101,967
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 3/01/25(a)			270		272,933
					2,695,688

22    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Restaurants – 0.1%
Golden Nugget, Inc. 8.75%, 10/01/25(a)	U.S.$		25	$	26,129
IRB Holding Corp. 6.75%, 2/15/26(a)			192		190,569
					216,698
Consumer Cyclical - Retailers – 0.4%
Asbury Automotive Group, Inc. 6.00%, 12/15/24			167		173,143
FirstCash, Inc. 5.375%, 6/01/24(a)			16		16,361
Group 1 Automotive, Inc. 5.00%, 6/01/22			89		90,116
L Brands, Inc. 6.95%, 3/01/33			97		82,207
Penske Automotive Group, Inc. 3.75%, 8/15/20			65		65,214
PetSmart, Inc. 7.125%, 3/15/23(a)			67		59,523
Staples, Inc. 7.50%, 4/15/26(a)			210		210,201
10.75%, 4/15/27(a)			70		71,079
William Carter Co. (The) 5.625%, 3/15/27(a)			66		68,250
					836,094
ConsumerNon-Cyclical – 2.1%
Acadia Healthcare Co., Inc. 5.625%, 2/15/23			71		71,713
Air Medical Group Holdings, Inc. 6.375%, 5/15/23(a)			160		147,184
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC 6.625%, 6/15/24			204		210,206
Aveta, Inc. 10.50%, 3/01/21(c)(d)(e)(h)			1,062		– 0	–
Avon Products, Inc. 6.60%, 3/15/20			30		30,587
Bausch Health Americas, Inc. 8.50%, 1/31/27(a)			408		445,106
Bausch Health Cos., Inc. 6.125%, 4/15/25(a)			181		183,079
9.00%, 12/15/25(a)			23		25,472
Chobani LLC/Chobani Finance Corp., Inc. 7.50%, 4/15/25(a)			13		11,842
CHS/Community Health Systems, Inc. 5.125%, 8/01/21			77		76,233

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    23

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
6.25%, 3/31/23	U.S.$		281	$	273,583
8.125%, 6/30/24(a)			139		103,568
DaVita, Inc. 5.125%, 7/15/24			220		220,067
Diamond BC BV 5.625%, 8/15/25(a)	EUR		100		107,592
Eagle Holding Co. II LLC 7.625% (7.625% Cash or 8.375% PIK), 5/15/22(a)(k)	U.S.$		149		150,275
Envision Healthcare Corp. 8.75%, 10/15/26(a)			28		26,394
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)			70		70,010
Fresh Market, Inc. (The) 9.75%, 5/01/23(a)			13		9,975
Hadrian Merger Sub, Inc. 8.50%, 5/01/26(a)			243		230,085
HCA, Inc. 7.58%, 9/15/25			65		73,128
Immucor, Inc. 11.125%, 2/15/22(a)			30		30,600
Kinetic Concepts, Inc./KCI USA, Inc. 7.875%, 2/15/21(a)			119		121,737
Kronos Acquisition Holdings, Inc. 9.00%, 8/15/23(a)			8		7,151
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 5.50%, 4/15/25(a)			42		31,438
New Albertsons LP 7.45%, 8/01/29			92		86,092
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA 6.625%, 5/15/22(a)			189		184,888
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 5/01/23(a)			159		169,303
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/26(a)			177		185,219
Spectrum Brands, Inc.
5.75%, 7/15/25			138		141,457
6.625%, 11/15/22			13		13,311
Tenet Healthcare Corp. 4.50%, 4/01/21			178		180,419
6.25%, 2/01/27(a)			305		317,915
6.75%, 6/15/23			227		231,540
8.125%, 4/01/22			41		43,783

24    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Vizient, Inc. 6.25%, 5/15/27(a)	U.S.$		16	$	16,543
10.375%, 3/01/24(a)			148		159,628
West Street Merger Sub, Inc. 6.375%, 9/01/25(a)			108		104,752
					4,491,875
Energy – 3.1%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp. 7.875%, 12/15/24			103		38,768
American Midstream Partners LP/American Midstream Finance Corp. 9.50%, 12/15/21(a)			10		9,631
Berry Petroleum Co. LLC 7.00%, 2/15/26(a)			144		141,530
Bruin E&P Partners LLC 8.875%, 8/01/23(a)			150		142,327
California Resources Corp. 5.50%, 9/15/21			45		34,693
8.00%, 12/15/22(a)			3		2,284
Carrizo Oil & Gas, Inc. 6.25%, 4/15/23			178		173,198
8.25%, 7/15/25			19		19,349
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25			107		115,443
Cheniere Energy Partners LP 5.25%, 10/01/25			4		4,090
Chesapeake Energy Corp. 4.875%, 4/15/22			25		24,679
5.75%, 3/15/23			4		3,966
7.00%, 10/01/24			247		244,499
8.00%,1/15/25-6/15/27			189		187,353
Covey Park Energy LLC/Covey Park Finance Corp. 7.50%, 5/15/25(a)			166		154,613
Denbury Resources, Inc. 7.50%, 2/15/24(a)			87		80,382
9.00%, 5/15/21(a)			77		78,345
9.25%, 3/31/22(a)			96		97,479
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			154		99,536
5.70%, 10/15/39			91		64,117
Ensco Rowan PLC 4.50%, 10/01/24			53		42,373
5.20%, 3/15/25			168		135,706
7.75%, 2/01/26			9		7,808

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    25

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
EP Energy LLC/Everest Acquisition Finance, Inc. 7.75%, 9/01/22	U.S.$		127	$	28,199
8.00%, 2/15/25(a)			114		39,909
9.375%, 5/01/24(a)			96		34,787
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 6/15/24			103		101,978
6.00%, 5/15/23			35		35,437
6.25%, 5/15/26			69		68,305
6.50%, 10/01/25			8		8,037
6.75%, 8/01/22			92		93,543
Gulfport Energy Corp. 6.00%, 10/15/24			223		195,467
6.375%,5/15/25-1/15/26			120		104,441
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, 2/15/26(a)			234		239,728
HighPoint Operating Corp. 7.00%, 10/15/22			138		134,263
8.75%, 6/15/25			64		61,792
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 10/01/25(a)			221		222,802
Indigo Natural Resources LLC 6.875%, 2/15/26(a)			198		183,852
Laredo Petroleum, Inc. 6.25%, 3/15/23			13		12,011
Nabors Industries, Inc. 5.50%, 1/15/23			273		261,623
Nine Energy Service, Inc. 8.75%, 11/01/23(a)			77		79,470
Noble Holding International Ltd. 5.25%, 3/15/42			70		43,491
Parkland Fuel Corp. 6.00%, 4/01/26(a)			187		190,905
PDC Energy, Inc. 5.75%, 5/15/26			181		181,143
QEP Resources, Inc. 5.25%, 5/01/23			131		128,187
Range Resources Corp. 4.875%, 5/15/25			97		89,354
5.00%,8/15/22-3/15/23			200		197,550
5.875%, 7/01/22			6		6,083
Rowan Cos., Inc. 7.375%, 6/15/25			100		89,003
Sanchez Energy Corp. 7.25%, 2/15/23(a)			53		44,291
SandRidge Energy, Inc. 8.125%, 10/15/22(c)(d)(e)(h)			665		– 0	–

26    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
SemGroup Corp. 6.375%, 3/15/25	U.S.$		35	$	33,603
7.25%, 3/15/26			88		85,671
SM Energy Co. 6.125%, 11/15/22			54		54,601
6.625%, 1/15/27			121		114,869
SRC Energy, Inc. 6.25%, 12/01/25			49		46,557
Sunoco LP/Sunoco Finance Corp. 5.50%, 2/15/26			154		156,879
5.875%, 3/15/28			112		114,841
6.00%, 4/15/27(a)			4		4,151
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.875%, 4/15/26			67		70,644
6.50%, 7/15/27(a)			150		160,736
Transocean Poseidon Ltd. 6.875%, 2/01/27(a)			50		53,243
Transocean, Inc. 6.80%, 3/15/38			104		82,710
7.25%, 11/01/25(a)			20		19,801
9.00%, 7/15/23(a)			279		298,451
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp. 8.75%, 4/15/23(a)			144		112,282
Weatherford International LLC 9.875%, 3/01/25			91		63,976
Weatherford International Ltd. 5.875%, 7/01/21(j)			77		58,634
7.75%, 6/15/21			192		168,890
9.875%, 2/15/24			23		16,309
Whiting Petroleum Corp. 5.75%, 3/15/21			67		68,622
6.25%, 4/01/23			20		20,519
6.625%, 1/15/26			68		67,887
WPX Energy, Inc. 5.75%, 6/01/26			18		18,649
					6,670,345
Other Industrial – 0.4%
Algeco Global Finance PLC 8.00%, 2/15/23(a)			200		205,175
Belden, Inc. 3.875%, 3/15/28(a)	EUR		100		116,181
Global Partners LP/GLP Finance Corp. 6.25%, 7/15/22	U.S.$		294		297,190
KAR Auction Services, Inc. 5.125%, 6/01/25(a)			100		100,391

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    27

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Laureate Education, Inc. 8.25%, 5/01/25(a)	U.S.$		54	$	58,610
					777,547
Services – 0.6%
ACE Cash Express, Inc. 12.00%, 12/15/22(a)			8		7,493
Aptim Corp. 7.75%, 6/15/25(a)			53		39,740
APX Group, Inc. 7.875%, 12/01/22			362		362,677
8.75%, 12/01/20			58		57,171
Carriage Services, Inc. 6.625%, 6/01/26(a)			11		11,303
GEO Group, Inc. (The) 6.00%, 4/15/26			223		200,070
Monitronics International, Inc. 9.125%, 4/01/20(d)(f)(g)			33		1,320
Nielsen Finance LLC/Nielsen Finance Co. 5.00%, 4/15/22(a)			135		134,173
Prime Security Services Borrower LLC/Prime Finance, Inc. 9.25%, 5/15/23(a)			48		50,581
Refinitiv US Holdings, Inc. 6.25%, 5/15/26(a)			78		80,054
8.25%, 11/15/26(a)			58		58,859
Ritchie Bros Auctioneers, Inc. 5.375%, 1/15/25(a)			25		25,655
Sabre GLBL, Inc. 5.25%, 11/15/23(a)			36		36,773
Team Health Holdings, Inc. 6.375%, 2/01/25(a)			92		78,292
Verscend Escrow Corp. 9.75%, 8/15/26(a)			199		211,519
					1,355,680
Technology – 1.1%
ADT Security Corp. (The) 3.50%, 7/15/22			321		311,606
Amkor Technology, Inc. 6.625%, 9/15/27(a)			103		105,104
Ascend Learning LLC 6.875%, 8/01/25(a)			35		35,603
Banff Merger Sub, Inc. 9.75%, 9/01/26(a)			124		124,369
CDK Global, Inc. 5.875%, 6/15/26			100		105,652

28    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. 5.75%, 3/01/25(a)	U.S.$		13	$	12,893
CommScope, Inc. 5.50%,3/01/24-6/15/24(a)			173		176,883
6.00%, 3/01/26(a)			166		175,860
8.25%, 3/01/27(a)			112		121,240
Dell International LLC/EMC Corp. 5.875%, 6/15/21(a)			62		63,040
7.125%, 6/15/24(a)			174		184,036
Exela Intermediate LLC/Exela Finance, Inc. 10.00%, 7/15/23(a)			14		14,142
First Data Corp. 5.00%, 1/15/24(a)			31		31,773
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 SARL/Greeneden US Ho 10.00%, 11/30/24(a)			18		19,702
Harland Clarke Holdings Corp. 9.25%, 3/01/21(a)			45		45,601
Infor US, Inc. 6.50%, 5/15/22			175		178,084
IQVIA, Inc. 3.25%, 3/15/25(a)	EUR		213		243,475
Rackspace Hosting, Inc. 8.625%, 11/15/24(a)	U.S.$		32		29,799
Riverbed Technology, Inc. 8.875%, 3/01/23(a)			14		9,684
Solera LLC/Solera Finance, Inc. 10.50%, 3/01/24(a)			243		263,679
West Corp. 8.50%, 10/15/25(a)			37		32,652
					2,284,877
Transportation - Services – 0.8%
Avis Budget Finance PLC 4.75%, 1/30/26(a)	EUR		163		190,152
EC Finance PLC 2.375%, 11/15/22(a)			143		163,240
Europcar Mobility Group 4.00%, 4/30/26			150		169,099
Herc Rentals, Inc. 7.50%, 6/01/22(a)	U.S.$		62		64,604
Hertz Corp. (The) 5.50%, 10/15/24(a)			64		54,718
6.25%, 10/15/22			115		111,889
7.375%, 1/15/21			106		106,000
7.625%, 6/01/22(a)			133		137,388

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    29

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Loxam SAS 4.25%, 4/15/24(a)	EUR		100	$	117,741
United Rentals North America, Inc. 5.50%, 5/15/27	U.S.$		114		117,416
6.50%, 12/15/26			38		40,673
XPO Logistics, Inc. 6.75%, 8/15/24(a)			540		558,668
					1,831,588
					38,221,670
Financial Institutions – 4.4%
Banking – 2.8%
Allied Irish Banks PLC Series E 7.375%, 12/03/20(a)(m)	EUR		200		242,266
Ally Financial, Inc. 8.00%, 11/01/31	U.S.$		160		204,578
Banco Bilbao Vizcaya Argentaria SA 5.875%, 9/24/23(a)(m)	EUR		200		225,442
Banco Santander SA 6.75%, 4/25/22(a)(m)			200		245,621
Barclays PLC 8.00%, 6/15/24(m)	U.S.$		200		210,519
CIT Group, Inc. 5.25%, 3/07/25			9		9,572
Credit Suisse Group AG 6.25%, 12/18/24(a)(m)			208		212,465
Danske Bank A/S Series E 5.875%, 4/06/22(a)(m)	EUR		200		231,891
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(m)	U.S.$		97		92,348
Royal Bank of Scotland Group PLC Series U 4.921% (LIBOR 3 Month + 2.32%), 9/30/27(m)(n)			3,400		3,223,445
Societe Generale SA 6.75%, 4/07/21(a)(m)	EUR		100		119,782
Standard Chartered PLC 4.093% (LIBOR 3 Month + 1.51%), 1/30/27(a)(m)(n)	U.S.$		600		499,494
7.50%, 4/02/22(a)(m)			335		353,878
UniCredit SpA 9.25%, 6/03/22(a)(m)	EUR		200		251,238
					6,122,539

30    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Brokerage – 0.0%
Lehman Brothers Holdings, Inc. Zero Coupon5/25/10-1/12/12(c)(d)(h)	U.S.$		875	$	15,050
LPL Holdings, Inc. 5.75%, 9/15/25(a)			80		81,496
					96,546
Finance – 0.7%
ASP AMC Merger Sub, Inc. 8.00%, 5/15/25(a)			7		4,475
Compass Group Diversified Holdings LLC 8.00%, 5/01/26(a)			120		125,696
Curo Group Holdings Corp. 8.25%, 9/01/25(a)			114		99,844
Enova International, Inc. 8.50%,9/01/24-9/15/25(a)			55		53,232
goeasy Ltd. 7.875%, 11/01/22(a)			28		29,416
Lincoln Financing SARL 3.625%, 4/01/24(a)	EUR		154		177,324
Navient Corp. 5.875%, 3/25/21	U.S.$		5		5,175
6.50%, 6/15/22			60		63,190
6.625%, 7/26/21			622		653,729
7.25%, 9/25/23			65		70,354
SLM Corp. 5.125%, 4/05/22			31		30,559
Springleaf Finance Corp. 6.875%, 3/15/25			76		81,497
TMX Finance LLC/TitleMax Finance Corp. 11.125%, 4/01/23(a)			73		69,075
					1,463,566
Insurance – 0.3%
Acrisure LLC/Acrisure Finance, Inc. 7.00%, 11/15/25(a)			24		21,730
Genworth Holdings, Inc. 7.20%, 2/15/21			66		64,690
Polaris Intermediate Corp. 8.50% (8.50% Cash or 9.25% PIK), 12/01/22(a)(k)			485		484,238
WellCare Health Plans, Inc. 5.25%, 4/01/25			61		62,995
					633,653
Other Finance – 0.2%
Intrum AB 2.75%, 7/15/22(a)	EUR		100		111,319

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    31

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
NVA Holdings, Inc./United States 6.875%, 4/01/26(a)	U.S.$		168	$	170,520
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. 6.75%, 6/01/25(a)			34		34,759
Travelport Corporate Finance PLC 6.00%, 3/15/26(a)			59		64,050
					380,648
REITS – 0.4%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 5/15/26(a)			94		94,000
Forestar Group, Inc. 8.00%, 4/15/24(a)			106		109,058
Iron Mountain, Inc. 4.875%, 9/15/27(a)			170		164,897
5.25%, 3/15/28(a)			95		93,643
MGM Growth Properties Operating Partnership LP/MGP FinanceCo-Issuer, Inc. 5.625%, 5/01/24			130		136,706
5.75%, 2/01/27(a)			65		68,339
Realogy Group LLC/RealogyCo-Issuer Corp. 9.375%, 4/01/27(a)			188		195,280
					861,923
					9,558,875
Utility – 0.5%
Electric – 0.4%
Calpine Corp. 5.25%, 6/01/26(a)			34		34,084
5.375%, 1/15/23			11		11,070
5.50%, 2/01/24			164		163,224
5.75%, 1/15/25			185		183,125
Talen Energy Supply LLC 4.60%, 12/15/21			1		972
6.50%, 6/01/25			104		91,255
Vistra Energy Corp. 7.625%, 11/01/24			63		66,465
Vistra Operations Co. LLC 5.625%, 2/15/27(a)			270		277,484
					827,679

32    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Natural Gas – 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp. 7.50%, 11/01/23	U.S.$		215	$	223,743
					1,051,422
Total Corporates –Non-Investment Grade (cost $49,261,901)					48,831,967
CORPORATES – INVESTMENT GRADE – 12.1%
Financial Institutions – 6.1%
Banking – 4.8%
American Express Credit Corp. 2.375%, 5/26/20			1,500		1,494,860
Bank of America Corp. Series DD 6.30%, 3/10/26(m)			86		94,413
Series Z 6.50%, 10/23/24(m)			4		4,388
BNP Paribas SA 6.625%, 3/25/24(a)(m)			200		204,243
Credit Agricole SA 6.50%, 6/23/21(a)(m)	EUR		156		189,046
Credit Agricole SA/London 2.75%, 6/10/20(a)	U.S.$		1,000		1,000,195
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			693		682,808
HSBC Bank USA NA 4.875%, 8/24/20			1,500		1,539,358
Intesa Sanpaolo SpA 5.017%, 6/26/24(a)			200		192,984
Macquarie Group Ltd. 7.625%, 8/13/19(a)			115		116,531
Morgan Stanley Series G 5.50%, 7/24/20			175		180,498
National Australia Bank Ltd./New York Series G 2.625%, 1/14/21			1,750		1,746,222
National Westminster Bank PLC 1.84% (EURIBOR 3 Month + 2.15%), 7/05/19(m)(n)	EUR		200		221,002
Nordea Bank Abp 2.50%, 9/17/20(a)	U.S.$		1,000		996,120
Royal Bank of Canada Series G 2.50%, 1/19/21			1,500		1,498,000

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    33

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
UBS Group Funding Switzerland AG 7.00%, 2/19/25(a)(m)	U.S.$		200	$	214,814
					10,375,482
Insurance – 0.5%
ACE Capital Trust II 9.70%, 4/01/30			20		27,614
Aetna, Inc. 6.75%, 12/15/37			257		306,332
Berkshire Hathaway, Inc. 0.625%, 1/17/23	EUR		138		158,254
Cigna Holding Co. 5.125%, 6/15/20	U.S.$		90		92,175
Liberty Mutual Group, Inc. 7.80%, 3/15/37(a)			96		114,580
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			165		256,919
SCOR SE 3.00%, 6/08/46(a)	EUR		100		119,806
					1,075,680
REITS – 0.8%
American Tower Corp. 3.375%, 10/15/26	U.S.$		110		108,433
EPR Properties 5.25%, 7/15/23			97		102,284
GLP Capital LP/GLP Financing II, Inc. 5.25%, 6/01/25			100		105,388
5.75%, 6/01/28			56		60,368
HCP, Inc. 3.875%, 8/15/24			89		91,312
4.20%, 3/01/24			16		16,604
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27			14		14,038
5.25%, 8/01/26			86		87,730
5.50%, 5/01/24			63		64,681
National Retail Properties, Inc. 4.30%, 10/15/28			100		104,478
Omega Healthcare Investors, Inc. 4.375%, 8/01/23			84		85,852
Regency Centers LP 3.75%, 6/15/24			115		116,987
Sabra Health Care LP 5.125%, 8/15/26			105		104,635
Sabra Health Care LP/Sabra Capital Corp. 5.50%, 2/01/21			90		91,066

34    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Spirit Realty LP 4.45%, 9/15/26	U.S.$		107	$	106,183
Ventas Realty LP 3.25%, 10/15/26			83		80,710
4.125%, 1/15/26			28		28,788
Weyerhaeuser Co. 7.375%, 3/15/32			204		274,933
					1,644,470
					13,095,632
Industrial – 5.5%
Basic – 0.9%
ArcelorMittal 5.25%, 8/05/20			150		154,110
6.75%, 3/01/41			58		65,572
Equate Petrochemical BV 3.00%, 3/03/22(a)			653		647,286
Glencore Finance Canada Ltd. 4.95%, 11/15/21(a)			1,000		1,040,365
					1,907,333
Capital Goods – 0.2%
CNH Industrial Capital LLC 4.875%, 4/01/21			211		217,431
Republic Services, Inc. 5.25%, 11/15/21			200		211,837
					429,268
Communications - Media – 0.1%
CBS Corp. 3.375%, 2/15/28			109		104,476
Omnicom Group, Inc./Omnicom Capital, Inc. 3.60%, 4/15/26			106		105,836
Warner Media LLC 2.95%, 7/15/26			113		108,310
					318,622
Communications - Telecommunications – 0.0%
Qwest Corp. 6.75%, 12/01/21			67		71,386
Consumer Cyclical - Automotive – 0.7%
Daimler Finance North America LLC 2.45%, 5/18/20(a)			1,000		995,479
General Motors Financial Co., Inc. 2.20%, 4/01/24(a)	EUR		133		156,441
5.10%, 1/17/24	U.S.$		94		99,572

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    35

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
ZF North America Capital, Inc. 4.75%, 4/29/25(a)	U.S.$		175	$	176,520
					1,428,012
Consumer Cyclical - Entertainment – 0.0%
Silversea Cruise Finance Ltd. 7.25%, 2/01/25(a)			24		25,832
Consumer Cyclical - Other – 0.6%
Lennar Corp. 4.50%, 6/15/19			265		264,957
5.875%, 11/15/24			186		200,419
MDC Holdings, Inc. 6.00%, 1/15/43			235		208,488
Standard Industries, Inc./NJ 4.75%, 1/15/28(a)			80		76,691
5.375%, 11/15/24(a)			130		132,643
5.50%, 2/15/23(a)			180		183,440
Toll Brothers Finance Corp. 4.875%, 3/15/27			138		138,239
					1,204,877
Consumer Cyclical - Retailers – 0.1%
PVH Corp. 3.125%, 12/15/27(a)	EUR		110		130,795
ConsumerNon-Cyclical – 1.6%
Altria Group, Inc. 9.25%, 8/06/19	U.S.$		34		34,561
Gilead Sciences, Inc. 2.55%, 9/01/20			1,500		1,497,930
HCA, Inc. 4.75%, 5/01/23			5		5,223
5.875%, 3/15/22			655		700,682
6.50%, 2/15/20			230		236,081
Kraft Heinz Foods Co. 4.625%, 1/30/29			49		50,762
Reynolds American, Inc. 6.875%, 5/01/20			1,000		1,037,150
					3,562,389
Energy – 0.7%
Boardwalk Pipelines LP 4.45%, 7/15/27			57		56,111
Crescent Point Energy Corp. 5.13%, 4/14/21(e)(h)			750		770,246
Energy Transfer Operating LP 5.875%, 1/15/24			245		267,398

36    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
EQM Midstream Partners LP Series 10Y 5.50%, 7/15/28	U.S.$		53	$	54,262
EQT Corp. 8.125%, 6/01/19			35		35,139
Kinder Morgan, Inc./DE Series G 7.75%, 1/15/32			76		99,959
Marathon Oil Corp. 6.80%, 3/15/32			77		93,649
MPLX LP 4.125%, 3/01/27			56		56,600
ONEOK, Inc. 4.55%, 7/15/28			54		56,398
Phillips 66 Partners LP 3.75%, 3/01/28			58		57,260
Sabine Pass Liquefaction LLC 5.875%, 6/30/26			56		62,344
					1,609,366
Technology – 0.6%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.875%, 1/15/27			113		107,854
Dell International LLC/EMC Corp. 6.02%, 6/15/26(a)			49		53,136
Ingram Micro, Inc. 5.45%, 12/15/24			21		20,855
International Business Machines Corp. 0.375%, 1/31/23	EUR		295		334,166
0.875%, 1/31/25(c)			219		251,776
Motorola Solutions, Inc. 7.50%, 5/15/25	U.S.$		181		212,294
Seagate HDD Cayman 4.75%, 1/01/25			99		96,790
Western Digital Corp. 4.75%, 2/15/26			132		127,380
					1,204,251
Transportation - Services – 0.0%
Park Aerospace Holdings Ltd. 4.50%, 3/15/23(a)			36		36,419
5.25%, 8/15/22(a)			10		10,411
					46,830
					11,938,961
Utility – 0.5%
Electric – 0.1%
Exelon Corp. 5.15%, 12/01/20			180		185,412

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    37

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
TECO Finance, Inc. 5.15%, 3/15/20	U.S.$		55	$	56,048
					241,460
Natural Gas – 0.4%
GNL Quintero SA 4.634%, 7/31/29(a)			836		861,761
					1,103,221
Total Corporates – Investment Grade (cost $25,656,771)					26,137,814
COLLATERALIZED MORTGAGE OBLIGATIONS – 10.2%
Risk Share Floating Rate – 7.0%
Bellemeade Re Ltd. Series2018-2A, Class M1B 3.827% (LIBOR 1 Month + 1.35%), 8/25/28(a)(n)			305		304,601
Connecticut Avenue Securities Trust Series2019-R02, Class 1M2 4.777% (LIBOR 1 Month + 2.30%), 8/25/31(a)(n)			161		164,182
Eagle RE Ltd. Series2018-1, Class M1 4.177% (LIBOR 1 Month + 1.70%), 11/25/28(a)(n)			365		364,566
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 6.477% (LIBOR 1 Month + 4.00%), 8/25/24(n)			2,832		3,059,136
Series 2015-DNA1, Class B 11.677% (LIBOR 1 Month + 9.20%), 10/25/27(n)			496		661,244
Series2015-HQ1, Class B 13.227% (LIBOR 1 Month + 10.75%), 3/25/25(n)			1,146		1,551,020
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 2M2 7.477% (LIBOR 1 Month + 5.00%), 11/25/24(n)			874		972,409
Series2015-C01, Class 1M2 6.777% (LIBOR 1 Month + 4.30%), 2/25/25(n)			507		551,062
Series2015-C02, Class 1M2 6.477% (LIBOR 1 Month + 4.00%), 5/25/25(n)			616		663,771
Series2015-C03, Class 1M2 7.477% (LIBOR 1 Month + 5.00%), 7/25/25(n)			471		523,710

38    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Series2015-C03, Class 2M2 7.477% (LIBOR 1 Month + 5.00%), 7/25/25(n)	U.S.$		2,720	$	2,991,974
Series2015-C04, Class 1M2 8.177% (LIBOR 1 Month + 5.70%), 4/25/28(n)			777		884,719
Series2015-C04, Class 2M2 8.027% (LIBOR 1 Month + 5.55%), 4/25/28(n)			1,080		1,204,065
Series2016-C02, Class 1M2 8.477% (LIBOR 1 Month + 6.00%), 9/25/28(n)			734		834,327
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 4.484% (LIBOR 1 Month + 2.00%), 3/27/24(i)(n)			330		330,911
					15,061,697
Non-Agency Fixed Rate – 2.4%
Alternative Loan Trust Series 2005-86CB, Class A8 5.50%, 2/25/36			434		375,807
Series 2006-24CB, Class A1 6.00%, 8/01/36			666		559,251
Series 2006-32CB, Class A5 6.00%, 11/25/36			1,019		876,282
Series2006-J1, Class 1A11 5.50%, 2/25/36			410		367,772
BCAP LLC Trust Series 2009-RR10, Class 10A2 6.00%, 1/26/38(a)			2,075		1,552,510
Countrywide Home Loan Mortgage Pass-Through Trust Series2006-9, Class A2 6.00%, 5/25/36			581		470,597
GSR Mortgage Loan Trust Series2006-9F, Class 4A1 6.50%, 10/25/36			405		324,869
Morgan Stanley Mortgage Loan Trust Series2007-6XS, Class 2A5S 6.00%, 2/25/47			726		460,347
Residential Accredit Loans, Inc. Trust Series 2005-QA10, Class A31 4.813%, 9/25/35			238		207,151
					5,194,586
Agency Fixed Rate – 0.6%
Federal National Mortgage Association REMICs Series2016-26, Class IO 5.00%, 5/25/46(o)			2,255		439,768
Series2016-33, Class NI 5.00%, 7/25/34(o)			4,356		840,610
					1,280,378

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    39

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Non-Agency Floating Rate – 0.2%
DeutscheAlt-A Securities Mortgage Loan Trust Series2006-AR4, Class A2 2.667% (LIBOR 1 Month + 0.19%), 12/25/36(n)	U.S.$		470	$	260,178
GreenPoint Mortgage Funding Trust Series2006-AR2, Class 4A1 4.445% (12MTA + 2.00%), 3/25/36(n)			199		193,067
					453,245
Total Collateralized Mortgage Obligations (cost $21,243,437)					21,989,906
INFLATION-LINKED SECURITIES – 8.5%
United States – 8.5%
U.S. Treasury Inflation Index 0.375%, 1/15/27 (TIPS)(b) (cost $18,264,353)			18,517		18,320,893
		Shares
INVESTMENT COMPANIES – 1.5%
Funds and Investment Trusts – 1.5%
Financial Select Sector SPDR Fund(p) (cost $3,178,537)			116,987		3,277,976
		Principal Amount (000)
GOVERNMENTS – SOVEREIGN BONDS – 1.3%
Hungary – 0.3%
Hungary Government International Bond 6.375%, 3/29/21	U.S.$		510		541,753
Mexico – 0.6%
Mexico Government International Bond 4.15%, 3/28/27			1,245		1,261,807
Qatar – 0.4%
Qatar Government International Bond 3.875%, 4/23/23(a)			800		826,350
5.25%, 1/20/20(a)			100		101,600
					927,950
Total Governments – Sovereign Bonds (cost $2,658,187)					2,731,510

40    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
EMERGING MARKETS – SOVEREIGNS – 1.1%
Argentina – 0.1%
Argentine Republic Government International Bond 5.875%, 1/11/28	U.S.$		48	$	33,261
6.875%,1/26/27-1/11/48			190		134,264
Series NY 3.75%, 12/31/38			112		58,601
					226,126
Costa Rica – 0.3%
Costa Rica Government International Bond 4.37%, 5/22/19(i)			233		232,068
7.158%, 3/12/45(a)			360		350,100
					582,168
Ecuador – 0.1%
Ecuador Government International Bond 9.65%, 12/13/26(a)			275		292,810
Gabon – 0.2%
Gabon Government International Bond 6.95%, 6/16/25(a)			360		349,200
Ivory Coast – 0.3%
Ivory Coast Government International Bond 5.125%, 6/15/25(a)	EUR		144		165,100
6.375%, 3/03/28(a)	U.S.$		225		217,969
6.625%, 3/22/48(a)	EUR		310		327,257
					710,326
Senegal – 0.1%
Senegal Government International Bond 6.75%, 3/13/48(a)	U.S.$		235		216,526
Total Emerging Markets – Sovereigns (cost $2,303,220)					2,377,156
EMERGING MARKETS – CORPORATE BONDS – 0.9%
Industrial – 0.8%
Basic – 0.1%
First Quantum Minerals Ltd. 7.25%, 4/01/23(a)			200		197,753
Communications - Telecommunications – 0.1%
Digicel Group One Ltd. 8.25%, 12/30/22(a)			149		97,865

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    41

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Digicel Group Two Ltd. 8.25%, 9/30/22(a)	U.S.$		163	$	63,911
					161,776
Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.50%, 10/01/27(a)			211		206,893
ConsumerNon-Cyclical – 0.3%
BRF SA 3.95%, 5/22/23(a)			250		238,750
Minerva Luxembourg SA 6.50%, 9/20/26(a)			200		196,428
Turkiye Sise ve Cam Fabrikalari AS 6.95%, 3/14/26(a)			225		215,437
Virgolino de Oliveira Finance SA 10.50%, 1/28/18(c)(d)(i)(q)			804		26,800
					677,415
Energy – 0.2%
Petrobras Global Finance BV 5.999%, 1/27/28			515		527,001
					1,770,838
Financial Institutions – 0.1%
Banking – 0.1%
Yapi ve Kredi Bankasi AS 8.25%, 10/15/24(a)			225		215,127
Total Emerging Markets – Corporate Bonds (cost $2,456,666)					1,985,965
ASSET-BACKED SECURITIES – 0.8%
Other ABS - Fixed Rate – 0.6%
DB Master Finance LLC Series2017-1A, Class A2I 3.629%, 11/20/47(a)(c)			71		71,342
SoFi Consumer Loan Program Trust Series2018-1, Class R1 Zero Coupon, 2/25/27(c)(i)			15		1,085,976
Wendy’s Funding LLC Series2018-1A, Class A2I 3.573%, 3/15/48(a)(c)			83		82,256
					1,239,574
Autos - Fixed Rate – 0.2%
DT Auto Owner Trust Series2018-1A, Class A 2.59%, 5/17/21(a)			28		27,739

42    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Flagship Credit Auto Trust Series2016-2, Class D 8.56%, 11/15/23(a)	U.S.$		350	$	370,624
					398,363
Total Asset-Backed Securities (cost $2,039,932)					1,637,937
BANK LOANS – 0.7%
Industrial – 0.7%
Basic – 0.0%
Starfruit Finco B.V. (Starfruit US Holdco LLC) (fka AkzoNobel) 5.729% (LIBOR 1 Month + 3.25%), 10/01/25(r)			18		17,424
Capital Goods – 0.0%
Honeywell Technologies SÃ rl (fka Garrett Motion Inc.) 5.110% (LIBOR 3 Month + 2.50%), 9/27/25(c)(r)			15		15,358
Consumer Cyclical - Automotive – 0.1%
Panther BF Aggregator 2 L P 3/18/26(c)(s)			100		100,313
Consumer Cyclical - Other – 0.0%
Stars Group Holdings B.V. 6.101% (LIBOR 3 Month + 3.50%), 7/10/25(r)			19		19,467
Consumer Cyclical - Retailers – 0.1%
Specialty Building Products Holdings, LLC 8.233% (LIBOR 1 Month + 5.75%), 10/01/25(c)(r)			78		76,580
ConsumerNon-Cyclical – 0.2%
athenahealth, Inc. 7.197% (LIBOR 3 Month + 4.50%), 2/11/26(r)			155		155,210
BI-LO, LLC 10.590% (LIBOR 3 Month + 8.00%), 5/31/24(r)			67		64,584
10.610% (LIBOR 3 Month + 8.00%), 5/31/24(r)			64		62,067
10.740% (LIBOR 3 Month + 8.00%), 5/31/24(r)			67		65,067
Envision Healthcare Corporation 6.233% (LIBOR 1 Month + 3.75%), 10/10/25(r)			50		48,146

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    43

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
Owens & Minor, Inc. 7.002% (LIBOR 1 Month + 4.50%), 4/30/25(r)	U.S.$		33	$	25,796
Regionalcare Hospital Partners Holdings, Inc. 6.987% (LIBOR 1 Month + 4.50%), 11/16/25(r)			67		67,107
					487,977
Energy – 0.2%
California Resources Corporation 12.854% (LIBOR 1 Month + 10.38%), 12/31/21(r)			262		269,250
Triton Solar US Acquisition Co. 8.483% (LIBOR 1 Month + 6.00%), 10/29/24(c)(r)			156		145,288
					414,538
Other Industrial – 0.0%
American Tire Distributors, Inc. 10.129% (LIBOR 3 Month + 7.50%), 9/02/24(c)(h)(r)			36		34,074
Services – 0.0%
Refinitiv US Holdings Inc. (fka Financial & Risk US Holdings, Inc.) 6.233% (LIBOR 1 Month + 3.75%), 10/01/25(r)			22		22,191
Team Health Holdings, Inc. 5.233% (LIBOR 1 Month + 2.75%), 2/06/24(c)(r)			40		37,450
					59,641
Technology – 0.1%
Boxer Parent Company Inc. (fka BMC Software, Inc.) 6.851% (LIBOR 3 Month + 4.25%), 10/02/25(r)(s)			140		138,832
					1,364,204
Financial Institutions – 0.0%
Finance – 0.0%
Ellie Mae, Inc. 4/17/26(s)			57		57,383
Total Bank Loans (cost $1,414,353)					1,421,587

44    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
Non-Agency Floating Rate CMBS – 0.3%
BHMS Series 2018-ATLS, Class A 3.723% (LIBOR 1 Month + 1.25%), 7/15/35(a)(n)	U.S.$		600	$	599,617
CLNS Trust Series 2017-IKPR, Class F 6.984% (LIBOR 1 Month + 4.50%), 6/11/32(a)(c)(n)			203		204,018
					803,635
Non-Agency Fixed Rate CMBS – 0.3%
DBUBS Mortgage Trust Series 2011-LC2A, Class E 5.714%, 7/10/44(a)(c)			600		598,039
Total Commercial Mortgage-Backed Securities (cost $1,349,452)					1,401,674
		Notional Amount
OPTIONS PURCHASED – CALLS – 0.5%
Swaptions – 0.5%
IRS Swaption Expiration: Jun 2019; Contracts: 47,370,000; Exercise Rate: 2.51%; Counterparty: Goldman Sachs International(d)	USD		47,370,000		472,133
IRS Swaption Expiration: Jun 2019; Contracts: 47,850,000; Exercise Rate: 2.58%; Counterparty: Barclays Bank PLC(d)	USD		47,850,000		609,665
Total Options Purchased – Calls (premiums paid $682,000)					1,081,798
		Shares
COMMON STOCKS – 0.5%
Energy – 0.4%
Oil, Gas & Consumable Fuels – 0.4%
Golden Energy Offshore Services AS(d)(h)			757,891		562,217
Paragon Offshore Ltd. – Class A(c)(d)(h)			3,303		2,477
Paragon Offshore Ltd. – Class B(c)(d)(h)			4,955		168,470
Peabody Energy Corp.			806		23,189
					756,353

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    45

PORTFOLIO OF INVESTMENTS(continued)

Company		Shares		U.S. $ Value
Consumer Discretionary – 0.1%
Auto Components – 0.0%
ATD New Holdings, Inc.(c)(d)(h)			1,311	$	41,952
Exide Technologies(c)(d)(e)(f)			2,970		– 0	–
					41,952
Diversified Consumer Services – 0.0%
Laureate Education, Inc. – Class A(d)			1,778		27,986
Hotels, Restaurants & Leisure – 0.1%
eDreams ODIGEO SA(d)			23,841		83,429
					153,367
Information Technology – 0.0%
Software – 0.0%
Avaya Holdings Corp.(d)			5,422		103,452
Health Care – 0.0%
Pharmaceuticals – 0.0%
Horizon Pharma PLC(d)			1,344		34,312
Materials – 0.0%
Paper & Forest Products – 0.0%
Resolute Forest Products, Inc.			48		380
Total Common Stocks (cost $1,585,184)					1,047,864
		Principal Amount (000)
EMERGING MARKETS – TREASURIES – 0.3%
Dominican Republic – 0.3%
Dominican Republic International Bond 15.95%, 6/04/21(a) (cost $716,477)	DOP		27,000		600,977
		Notional Amount
OPTIONS PURCHASED – PUTS – 0.3%
Swaptions – 0.3%
IRS Swaption Expiration: Apr 2020; Contracts: 300,000,000; Exercise Rate: (0.07)%; Counterparty: Morgan Stanley Capital Services LLC(d)	EUR		300,000,000		532,278

46    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

		Notional Amount			U.S. $ Value
Options on Forward Contracts – 0.0%
EUR/USD Expiration: Jun 2019; Contracts: 11,509,000; Exercise Price: USD 1.12; Counterparty: Natwest Markets PLC(d)	EUR		11,509,000		$	52,124
Total Options Purchased – Puts (premiums paid $645,152)						584,402
		Principal Amount (000)
LOCAL GOVERNMENTS – US MUNICIPAL BONDS – 0.1%
United States – 0.1%
Alameda Corridor Transportation Authority Series 1999C 6.60%, 10/01/29 (cost $110,199)	U.S.$		100			121,285
		Shares
WARRANTS – 0.0%
Avaya Holdings Corp., expiring 12/15/22(d)			4,331			15,158
SandRidge Energy, Inc.,A-CW22, expiring 10/04/22(d)			1,292			39
SandRidge Energy, Inc.,B-CW22, expiring 10/04/22(d)			544			71
Total Warrants (cost $692)						15,268
SHORT-TERM INVESTMENTS – 10.9%
Investment Companies – 7.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.37%(p)(t)(u) (cost $15,235,376)			15,235,376			15,235,376
		Principal Amount (000)
U.S. Treasury Bills – 3.7%
U.S. Treasury Bill Zero Coupon,5/23/19-6/13/19 (cost $7,968,348)	U.S.$		7,988			7,968,492
Time Deposits – 0.1%
BBH Grand Cayman 0.37%, 5/01/19	GBP		7			8,711
0.84%, 5/01/19	CAD		0	**		15

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    47

PORTFOLIO OF INVESTMENTS(continued)

		Principal Amount (000)		U.S. $ Value
0.89%, 5/02/19	SGD		2	$	1,705
1.10%, 5/01/19	NZD		19		12,586
BNP Paribas, Paris (0.58)%, 5/02/19	EUR		52		58,104
JPMorgan Chase, New York 1.80%, 5/01/19	U.S.$		222		221,566
Total Time Deposits (cost $302,817)					302,687
Total Short-Term Investments (cost $23,506,541)					23,506,555
Total Investments – 97.1% (cost $209,707,157)					209,207,080
Other assets less liabilities – 2.9%					6,302,835
Net Assets – 100.0%				$	215,509,915

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
3 Yr Australian Bond Futures		144		June 2019	$	11,565,101	$	93,140
Euro STOXX 50 Index Futures		194		June 2019		7,522,239		56,713
Nikkei 225 (CME) Futures		73		June 2019		8,166,875		306,600
U.S.T-Note 2 Yr (CBT) Futures		2,368		June 2019		504,402,499		1,458,473
U.S. Ultra Bond (CBT) Futures		34		June 2019		5,585,563		18,751
Sold Contracts
10 Yr Australian Bond Futures		65		June 2019		6,336,229		(116,385	)
10 Yr Canadian Bond Futures		30		June 2019		3,094,275		(40,009	)
Euro Buxl 30 Yr Bond Futures		170		June 2019		35,987,431		(826,575	)
Euro-BOBL Futures		9		June 2019		1,341,849		(9,590	)
Euro-BONO Futures		48		June 2019		8,176,733		(220,384	)
Euro-Bund Futures		195		June 2019		36,155,278		(501,164	)
Fed Fund 30 day Futures		2,160		July 2019		878,740,294		(585,047	)
Long Gilt Futures		59		June 2019		9,795,491		(4,264	)
S&P 500E-Mini Futures		70		June 2019		10,319,750		(514,027	)
U.S. 10 Yr Ultra Futures		61		June 2019		8,038,656		(112,945	)
U.S.T-Note 5 Yr (CBT) Futures		1,211		June 2019		140,040,797		(1,273,891	)
U.S.T-Note 10 Yr (CBT) Futures		30		June 2019		3,710,156		(53,867	)
							$	(2,324,471	)

48    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.	IDR	8,310,137	USD	585		5/09/19	$	206
Bank of America, NA	USD	790	EUR	698		7/10/19		(2,460	)
Barclays Bank PLC	TWD	68,044	USD	2,207		6/10/19		4,253
Barclays Bank PLC	INR	38,969	USD	550		7/16/19		(3,072	)
BNP Paribas SA	CAD	1,165	USD	870		5/09/19		(9	)
BNP Paribas SA	USD	1,059	CAD	1,412		5/09/19		(5,353	)
BNP Paribas SA	MXN	21,597	USD	1,121		6/13/19		(10,384	)
BNP Paribas SA	EUR	482	NOK	4,636		7/10/19		(5,041	)
BNP Paribas SA	EUR	962	USD	1,092		7/10/19		6,454
BNP Paribas SA	USD	572	PLN	2,170		7/11/19		(2,904	)
Brown Brothers Harriman & Co.	CAD	634	USD	474		5/09/19		805
Brown Brothers Harriman & Co.	USD	479	CAD	640		5/09/19		(918	)
Brown Brothers Harriman & Co.	MXN	573	USD	29		6/13/19		(515	)
Brown Brothers Harriman & Co.	USD	485	GBP	371		6/14/19		(411	)
Brown Brothers Harriman & Co.	NOK	4,853	USD	572		6/27/19		7,776
Brown Brothers Harriman & Co.	NOK	4,636	USD	538		6/27/19		(207	)
Brown Brothers Harriman & Co.	USD	7	SEK	65		6/27/19		(162	)
Brown Brothers Harriman & Co.	USD	2,211	ZAR	31,165		6/28/19		(47,749	)
Brown Brothers Harriman & Co.	EUR	1,279	USD	1,452		7/10/19		8,211
Brown Brothers Harriman & Co.	USD	959	EUR	853		7/10/19		3,339
Brown Brothers Harriman & Co.	PLN	2,174	USD	569		7/11/19		(750	)
Citibank, NA	USD	2,563	IDR	36,964,099		5/09/19		37,145
Citibank, NA	KRW	1,876,279	USD	1,652		5/16/19		39,931
Citibank, NA	USD	1,995	CNH	13,399		6/12/19		(5,828	)
Citibank, NA	AUD	2,286	USD	1,641		6/24/19		27,052
Citibank, NA	EUR	13,741	USD	15,599		7/10/19		92,627
Citibank, NA	USD	602	INR	42,516		7/16/19		2,092
Citibank, NA	USD	1,088	INR	76,347		7/16/19		(3,879	)
Credit Suisse International	EUR	96	TRY	604		5/03/19		(6,480	)
Credit Suisse International	TRY	182	EUR	29		5/03/19		1,983
Credit Suisse International	EUR	101	ZAR	1,589		6/04/19		(2,930	)
Credit Suisse International	MXN	10,783	USD	552		6/13/19		(12,981	)
Credit Suisse International	USD	2,601	MXN	49,375		6/13/19		(14,153	)
Credit Suisse International	NZD	323	AUD	308		7/29/19		1,695
Deutsche Bank AG	AUD	308	NZD	323		7/29/19		(1,705	)
Goldman Sachs Bank USA	TRY	422	EUR	67		5/03/19		4,524
Goldman Sachs Bank USA	USD	398	ZAR	5,741		6/28/19		561
Goldman Sachs Bank USA	BRL	58,170	USD	13,802		7/11/19		(948,069	)

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    49

PORTFOLIO OF INVESTMENTS(continued)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA	INR	113,643	USD	1,619		7/16/19	$	4,843
HSBC Bank USA	BRL	9,842	USD	2,478		5/03/19		(32,062	)
HSBC Bank USA	USD	2,495	BRL	9,842		5/03/19		15,168
HSBC Bank USA	USD	759	ARS	34,437		5/13/19		5,311
HSBC Bank USA	USD	1,933	MXN	36,833		6/13/19		(3,445	)
JPMorgan Chase Bank, NA	ZAR	1,589	EUR	101		6/04/19		2,931
JPMorgan Chase Bank, NA	USD	1,237	GBP	944		6/14/19		(2,949	)
JPMorgan Chase Bank, NA	EUR	2,877	USD	3,247		6/20/19		5,539
JPMorgan Chase Bank, NA	USD	1,228	ZAR	17,710		6/28/19		1,301
JPMorgan Chase Bank, NA	ZAR	23,240	USD	1,617		6/28/19		3,897
JPMorgan Chase Bank, NA	PLN	4,143	USD	1,079		7/11/19		(7,476	)
Morgan Stanley Capital Services LLC	JPY	120,728	USD	1,093		6/27/19		4,171
Morgan Stanley Capital Services LLC	USD	1,665	JPY	183,862		6/27/19		(6,353	)
Morgan Stanley Capital Services LLC	EUR	4,034	USD	4,582		7/10/19		29,574
Morgan Stanley Capital Services LLC	EUR	2,451	USD	2,750		7/10/19		(15,524	)
Morgan Stanley Capital Services LLC	USD	15,370	BRL	58,170		7/11/19		(619,360	)
Royal Bank of Scotland PLC	BRL	9,867	USD	2,501		5/03/19		(15,206	)
Royal Bank of Scotland PLC	USD	2,544	BRL	9,867		5/03/19		(28,326	)
Royal Bank of Scotland PLC	GBP	1,103	USD	1,442		6/14/19		38
Royal Bank of Scotland PLC	USD	3,247	EUR	2,877		6/20/19		(5,535	)
Royal Bank of Scotland PLC	ILS	8,082	USD	2,278		7/16/19		20,606
Standard Chartered Bank	USD	1,676	KRW	1,872,201		5/16/19		(67,927	)
Standard Chartered Bank	USD	1,554	INR	109,839		7/16/19		5,542
UBS AG	KRW	1,238,618	USD	1,090		5/16/19		26,260
							$	(1,516,288	)

CURRENCY OPTIONS WRITTEN (see Note D)

Description/ Counterparty	Exercise Price		Expiration Month		Contracts		Notional Amount (000)		Premiums Received		U.S. $ Value
Call
NZD vs. AUD/ Deutsche Bank AG(v)	NZD	1.010		07/2019		1,576,600	NZD	1,576	$	5,183	$	(907	)
Put
NZD vs. CAD/ JPMorgan Chase Bank, NA(v)	NZD	0.860		07/2019		1,640,000	NZD	1,640		7,432		(3,180	)
SGD vs. CHF/ UBS AG(v)	SGD	1.550		06/2019		1,007,500	SGD	1,008		3,046		(34	)
TRY vs. EUR/ Goldman Sachs Bank USA(v)	TRY	6.830		05/2019		3,280,608	TRY	3,281		6,133		(1,396	)
ZAR vs. EUR/ JPMorgan Chase Bank, NA(v)	ZAR	16.650		05/2019		8,158,500	ZAR	8,159		8,215		(3,354	)
									$	30,009	$	(8,871	)

50    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		Counter- Party		Strike Rate			Expiration Date		Notional Amount (000)		Premiums Received		Market Value
Call
OTC – 1 Year Interest Rate Swap(v)		3 Month LIBOR		Barclays Bank PLC		2.84	%		6/28/19	USD	10,750	$	290,000	$	(359,397	)
OTC – 1 Year Interest Rate Swap(v)		3 Month LIBOR		Goldman Sachs International		2.79			6/28/19	USD	10,570		284,000		(268,048	)
OTC – 1 Year Interest Rate Swap(v)		6 Month EURIBOR		JPMorgan Chase Bank, NA		0.51			5/28/19	USD	830		3,755		(3,206	)
OTC – 1 Year Interest Rate Swap(v)		6 Month EURIBOR		Morgan Stanley Capital Services LLC		1.09			5/24/19	USD	320		4,320		(3,108	)
Put
OTC – 1 Year Interest Rate Swap(v)		6 Month LIBOR		Bank of America, NA		1.50			5/28/19	USD	290		5,072		(5,139	)
OTC – 1 Year Interest Rate Swap(v)		6 Month EURIBOR		Morgan Stanley Capital Services LLC		1.09			5/24/19	USD	320		4,319		(4,719	)
OTC – 1 Year Interest Rate Swap(v)		6 Month EURIBOR		Morgan Stanley Capital Services LLC		(0.17	)		7/17/19	USD	300,000		169,538		(175,481	)
												$	761,004	$	(819,098	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Assured Guaranty Municipal Corp., 6/20/24*		(1.00	)%		Quarterly		0.55	%	USD	22,000	$	(506,902	)	$	(343,614	)	$	(163,288	)
Brazilian Government International Bond, 4.250% 1/07/25, 6/20/24*		(1.00	)		Quarterly		1.72		USD	25,000		816,073			748,437			67,636
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	1,297		(116,350	)		(108,485	)		(7,865	)

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    51

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)%		Quarterly		2.93	%	USD	1,945	$	(174,481	)	$	(165,021	)	$	(9,460	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	899		(80,670	)		(76,296	)		(4,374	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	1,803		(161,776	)		(152,553	)		(9,223	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	834		(74,840	)		(70,573	)		(4,267	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	599		(53,780	)		(50,145	)		(3,635	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	475		(42,641	)		(14,961	)		(27,680	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	3,212		(288,133	)		(144,559	)		(143,574	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	2,593		(232,613	)		(219,637	)		(12,976	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	1,199		(107,561	)		(101,561	)		(6,000	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	1,499		(134,451	)		(115,612	)		(18,839	)

52    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	) %		Quarterly		2.93	%	USD	439	$	(39,421	)	$	(25,712	)	$	(13,709	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	2,699		(242,098	)		(212,299	)		(29,799	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	1,153		(103,470	)		(67,910	)		(35,560	)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.93		USD	2,988		(268,031	)		(176,200	)		(91,831	)
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		(5.00	)		Quarterly		3.26		USD	7,600		(621,049	)		(561,665	)		(59,384	)
CDX-NAIG Series 23, 5 Year Index, 12/20/19*		(1.00	)		Quarterly		0.35		USD	37,500		(199,100	)		(91,177	)		(107,923	)
CDX-NAIG Series 31, 5 Year Index, 12/20/23*		(1.00	)		Quarterly		0.51		USD	22,180		(502,017	)		(105,378	)		(396,639	)
CDX-NAIG Series 32, 5 Year Index, 6/20/24*		(1.00	)		Quarterly		0.58		USD	22,180		(473,990	)		(379,339	)		(94,651	)
Chile Government International Bond, 3.875% 8/05/20, 6/20/24*		(1.00	)		Quarterly		0.39		USD	80,010		(2,470,797	)		(1,877,683	)		(593,114	)

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    53

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Australia Series 31, 5 Year Index, 6/20/24*		(1.00	) %		Quarterly		0.66	%	USD	75,000	$	(1,295,421	)	$	(827,786	)	$	(467,635	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	39		(4,886	)		(4,637	)		(249	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	14		(1,710	)		(1,488	)		(222	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	71		(8,795	)		(7,974	)		(821	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	14		(1,710	)		(1,424	)		(286	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	70		(8,673	)		(7,804	)		(869	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	29		(3,542	)		(2,955	)		(587	)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		(5.00	)		Quarterly		2.55		EUR	730		(90,394	)		(72,757	)		(17,637	)

54    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		(1.00	) %		Quarterly		0.58	%	EUR	42,950	$	(1,082,683	)	$	(945,438	)	$	(137,245	)
iTraxx Senior Financials Series 23, 5 Year Index, 6/20/20*		(1.00	)		Quarterly		0.08		EUR	10,160		(133,561	)		(41,605	)		(91,956	)
Korea International Bond, 2.750% 1/19/27, 6/20/24*		(1.00	)		Quarterly		0.32		USD	84,590		(2,889,394	)		(2,767,496	)		(121,898	)
People’s Republic of China, 7.500% 10/28/27, 6/20/24*		(1.00	)		Quarterly		0.41		USD	62,560		(1,848,930	)		(1,469,201	)		(379,729	)
Sale Contracts
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	8,439		757,101			349,536			407,565
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	1,671		149,941			55,889			94,052
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	1,504		134,973			51,900			83,073
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	965		86,588			33,609			52,979
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	767		68,835			26,574			42,261

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    55

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00	%		Quarterly		2.93	%	USD	334	$	29,936	$	11,963	$	17,973
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	335		30,023		12,092		17,931
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	7,517		674,363		607,130		67,233
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	1,146		102,774		41,796		60,978
CDX-NAHY Series 31, 5 Year Index, 12/20/23*		5.00			Quarterly		2.93		USD	835		74,927		30,570		44,357
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	927		75,752		71,147		4,605
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	618		50,501		46,690		3,811
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	1,337		109,256		101,010		8,246
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	2,005		163,843		153,884		9,959
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	860		70,277		65,769		4,508

56    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00	%		Quarterly		3.26	%	USD	1,859	$	151,912	$	142,167	$	9,745
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	16,016		1,308,780		1,094,610		214,170
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	3,080		251,688		178,126		73,562
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	2,782		227,337		195,991		31,346
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	1,545		126,253		106,496		19,757
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	1,236		101,002		94,661		6,341
CDX-NAHY Series 32, 5 Year Index, 6/20/24*		5.00			Quarterly		3.26		USD	2,673		218,430		204,717		13,713
CDX-NAIG Series 31, 5 Year Index, 12/20/23*		1.00			Quarterly		0.51		USD	22,180		502,016		416,655		85,361
CDX-NAIG Series 32, 5 Year Index, 6/20/24*		1.00			Quarterly		0.58		USD	75,000		1,602,758		1,296,431		306,327

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    57

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00	%		Quarterly		2.55	%	EUR	93	$	11,482	$	8,903	$	2,579
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	94		11,605		9,184		2,421
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	93		11,482		9,208		2,274
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	93		11,482		9,323		2,159
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	93		11,482		9,381		2,101
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	46		5,741		4,913		828
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	46		5,741		5,019		722

58    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00	%		Quarterly		2.55	%	EUR	95	$	11,727	$	10,190	$	1,537
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	105		12,948		11,512		1,436
iTraxx Europe Crossover Series 30, 5 Year Index, 12/20/23*		5.00			Quarterly		2.55		EUR	210		26,019		24,099		1,920
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00			Quarterly		2.49		EUR	29		4,013		3,354		659
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00			Quarterly		2.49		EUR	71		9,825		8,933		892
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00			Quarterly		2.49		EUR	14		1,937		1,615		322
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00			Quarterly		2.49		EUR	72		9,963		9,154		809

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    59

PORTFOLIO OF INVESTMENTS(continued)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00	%		Quarterly		2.49	%	EUR	14	$	1,937		$	1,688		$	249
iTraxx Europe Crossover Series 31, 5 Year Index, 6/20/24*		5.00			Quarterly		2.49		EUR	40		5,536			5,288			248
											$	(6,225,611	)	$	(4,941,331	)	$	(1,284,280	)

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
USD	395,850		3/20/20	3 Month LIBOR	2.590%	Quarterly/Semi-Annual	$	80,320		$	—	$	80,320
USD	163,600		7/25/20	3 Month LIBOR	2.839%	Quarterly/Semi-Annual		1,865,531			—		1,865,531
GBP	51,280		11/09/20	6 Month LIBOR	1.220%	Semi-Annual/ Semi-Annual		274,248			—		274,248
GBP	21,120		3/01/21	6 Month LIBOR	1.113%	Semi-Annual/ Semi-Annual		36,686			—		36,686
USD	45,080		4/05/21	2.451%	3 Month LIBOR	Semi-Annual/ Quarterly		(44,802	)		—		(44,802	)
USD	115,130		4/15/21	2.451%	3 Month LIBOR	Semi-Annual/ Quarterly		(107,760	)		—		(107,760	)
USD	164,170		3/20/23	2.783%	3 Month LIBOR	Semi-Annual/ Quarterly		(2,878,880	)		—		(2,878,880	)
USD	68,240		7/25/23	2.954%	3 Month LIBOR	Semi-Annual/ Quarterly		(2,270,063	)		—		(2,270,063	)
GBP	20,940		11/09/23	1.460%	6 Month LIBOR	Semi-Annual/ Semi-Annual		(398,049	)		—		(398,049	)
GBP	810		2/29/24	6 Month LIBOR	1.251%	Semi-Annual/ Semi-Annual		3,196			7,879		(4,683	)
GBP	810		2/29/24	1.251%	6 Month LIBOR	Semi-Annual/ Semi-Annual		(3,196	)		8,796		(11,992	)
MXN	117,100		9/11/26	4 Week TIIE	6.290%	Monthly/Monthly		(600,015	)		—		(600,015	)
EUR	19,200		10/30/27	6 Month EURIBOR	0.901%	Semi-Annual/ Annual		1,066,744			—		1,066,744
USD	31,380		3/20/28	3 Month LIBOR	2.898%	Quarterly/ Semi-Annual		1,075,679			—		1,075,679

60    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
EUR	28,550		6/05/28	6 Month EURIBOR	0.933%	Semi-Annual/ Annual	$	1,766,368		$	—	$	1,766,368
GBP	930		12/17/28	6 Month LIBOR	1.479%	Semi-Annual/ Semi-Annual		16,278			—		16,278
GBP	930		12/17/28	1.600%	6 Month LIBOR	Semi-Annual/ Semi-Annual		(30,331	)		—		(30,331	)
GBP	4,430		3/01/29	1.501%	6 Month LIBOR	Semi-Annual/ Semi-Annual		(82,937	)		—		(82,937	)
CAD	8,010		12/05/46	2.310%	3 Month CDOR	Semi-Annual/ Semi-Annual		212,421			—		212,421
EUR	16,540		9/01/47	6 Month EURIBOR	1.468%	Semi-Annual/ Annual		1,921,415			—		1,921,415
EUR	10,980		6/08/48	6 Month EURIBOR	1.545%	Semi-Annual/ Annual		1,601,773			—		1,601,773
							$	3,504,626		$	16,675	$	3,487,951

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Credit Suisse International
BellSouth LLC, 6.550%, 6/15/34, 9/20/19*		(1.00	)%		Quarterly		0.19	%		USD  7,520	$	(32,722	)	$	(14,436	)	$	(18,286	)
Deutsche Bank AG
iTraxx Australia Series 25, 5 Year Index, 6/20/21*		(1.00	)		Quarterly		0.16		USD	55,920		(1,048,031	)		417,245			(1,465,276	)
iTraxx Japan Series 24, 5 Year Index, 12/20/20*		(1.00	)		Quarterly		0.12		JPY	3,720,370		(526,639	)		(87,403	)		(439,236	)
Goldman Sachs International
iTraxx Japan Series 31, 5 Year Index, 6/20/24*		(1.00	)		Quarterly		0.55		JPY	3,280,190		(713,575	)		(601,078	)		(112,497	)
United Mexican States, 4.150%, 3/28/27, 12/20/19*		(1.00	)		Quarterly		0.29		USD	32,970		(189,071	)		(25,107	)		(163,964	)
Sale Contracts
Bank of America, NA
Genworth Holdings, Inc., 4.800%, 2/15/24, 6/20/20*		5.00			Quarterly		4.29		USD	300		4,080			3,026			1,054

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    61

PORTFOLIO OF INVESTMENTS(continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
iTraxx Australia Series 25, 5 Year Index, 6/20/21*		1.00	%		Quarterly		0.16	%	USD	25,820	$	483,908		$	(11,784	)	$	495,692
Barclays Bank PLC
Assured Guaranty Municipal Corp., 6.110%, 6/29/15, 6/20/20*		5.00			Quarterly		0.13		USD	300		18,364			5,405			12,959
iTraxx Japan Series 24, 5 Year Index, 12/20/20*		1.00			Quarterly		0.12		JPY	3,720,370		528,494			256,553			271,941
United Mexican States, 4.150%, 3/28/27, 12/20/19*		1.00			Quarterly		0.29		USD	18,350		105,230			(12,212	)		117,442
United Mexican States, 4.150%, 3/28/27, 12/20/19*		1.00			Quarterly		0.29		USD	14,620		83,028			(14,231	)		97,259
Citibank, NA iTraxx Australia Series 25, 5 Year Index, 6/20/21*		1.00			Quarterly		0.16		USD	30,100		564,122			(63,908	)		628,030
Nabors Industries, Inc., 5.500%, 1/15/23, 6/20/20*		1.00			Quarterly		1.05		USD	300		173			(8,213	)		8,386
Safeway Inc., 7.250%, 2/01/31, 6/20/20*		1.00			Quarterly		0.63		USD	300		1,605			(5,988	)		7,593
Staples, Inc., 8.500%, 9/15/25, 6/20/20*		1.00			Quarterly		0.74		USD	300		1,235			(2,920	)		4,155
Weatherford International Ltd., 4.500%, 4/15/22, 6/20/20*		1.00			Quarterly		27.59		USD	300		(66,747	)		(6,361	)		(60,386	)

62    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2019			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Credit Suisse International
AT&T Inc., 3.375%, 11/15/31, 9/20/19*		1.00	%		Quarterly		0.16	%	USD	7,520	$	33,497		$	16,757		$	16,740
Avon Products, Inc., 5.000%, 3/15/23, 6/20/20*		1.00			Quarterly		0.66		USD	300		1,520			(12,687	)		14,207
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.88		USD	8,810		(956,472	)		134,551			(1,091,023	)
Freeport-McMoran, Inc., 3.550%, 3/01/22, 6/20/20*		1.00			Quarterly		0.24		USD	300		2,929			(5,199	)		8,128
Teck Resources Ltd., 3.750%, 2/01/23, 6/20/20*		1.00			Quarterly		0.18		USD	300		3,140			(5,528	)		8,668
Transocean Inc., 3.800%, 10/15/22, 6/20/20*		1.00			Quarterly		0.94		USD	300		558			(15,486	)		16,044
											$	(1,701,374	)	$	(59,004	)	$	(1,642,370	)

* Termination date

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency		Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Citibank, NA
Euro Stoxx 50 Index		—			Maturity	EUR	3,160		12/18/20	$	632,772
JPMorgan Chase Bank, NA
Euro Stoxx 50 Index		—			Maturity	EUR	3,211		12/18/20		575,553
Pay Total Return on Reference Obligation
Barclays Bank PLC
Portugal Republik 2.123% 10/2028		(0.70	)%		Maturity	EUR	16,538		6/27/19		(304,581	)
Goldman Sachs International
Bundesrepublik Deutschland 2.500% 8/2046		(0.65	)%		Maturity	EUR	20,605		6/04/19		(805,773	)
										$	97,971

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    63

PORTFOLIO OF INVESTMENTS(continued)

VARIANCE SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Volatility Strike Rate			Payment Frequency		Notional Amount (000)		Market Value			Upfront Premiums (Paid) Received		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Deutsche Bank AG AUD/JPY 5/07/20*		12.22	%		Maturity	AUD	32	$	(21,588	)	$	—	$	(21,588	)

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2019, the aggregate market value of these securities amounted to $48,953,003 or 22.7% of net assets.

(b) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

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

(d) Non-income producing security.

(e) Fair valued by the Adviser.

(f) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost			Market Value			Percentage of Net Assets
Exide Technologies		5/23/17	$	– 0	–	$	– 0	–		0.00	%
Momentive Performance Materials, Inc. 8.875%, 10/15/20		9/06/16		– 0	–		– 0	–		0.00	%
Monitronics International, Inc. 9.125%, 04/01/20		4/01/18		28,357			1,320			0.00	%

(g) Defaulted.

(h) Illiquid security.

(i) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.86% of net assets as of April 30, 2019, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Costa Rica Government International Bond 4.37%, 5/22/19		1/09/18	$	232,917	$	232,068		0.11	%
Exide Technologies 7.00%, 4/30/25		11/10/16		198,095		111,787		0.05	%
Exide Technologies 11.00%, 4/30/22		5/24/17		114,599		96,472		0.04	%
PMT Credit Risk Transfer Trust Series2019-1R, Class A 4.484%, 3/27/24		3/21/19		330,464		330,911		0.15	%
SoFi Consumer Loan Program Trust Series2018-1, Class R1 Zero Coupon, 2/25/27		2/01/18		1,500,021		1,085,976		0.50	%
Virgolino de Oliveira Finance SA 10.50%, 1/28/18		1/23/14		477,436		26,800		0.01	%

(j) Convertible security.

(k) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2019.

64    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

PORTFOLIO OF INVESTMENTS(continued)

(l) Pays 11% cash or up to 7% PIK and remaining in cash.

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

(n) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at April 30, 2019.

(o) IO – Interest Only.

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

(q) Defaulted matured security.

(r) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at April 30, 2019.

(s) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(t) The rate shown represents the7-day yield as of period end.

(u) Affiliated investments.

(v) One contract relates to 1 share.

Currency Abbreviations:   ARS – Argentine Peso AUD – Australian Dollar BRL – Brazilian Real CAD – Canadian Dollar CHF – Swiss Franc CNH – Chinese Yuan Renminbi (Offshore) DOP – Dominican Peso EUR – Euro GBP – Great British Pound IDR – Indonesian Rupiah ILS – Israeli Shekel INR – Indian Rupee JPY – Japanese Yen KRW – South Korean Won MXN – Mexican Peso MYR – Malaysian Ringgit NOK – Norwegian Krone NZD – New Zealand Dollar PLN – Polish Zloty SEK – Swedish Krona SGD – Singapore Dollar TRY – Turkish Lira TWD – New Taiwan Dollar USD – United States Dollar UYU – Uruguayan Peso ZAR – South African Rand

Glossary:

12MTA – 12 Month Treasury Average

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

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

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

EURIBOR – Euro Interbank Offered Rate

IRS – Interest Rate Swaption

LIBOR – London Interbank Offered Rates

OAT – Obligations Assimilables du Trésor

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SPDR – Standard & Poor’s Depository Receipt

TIIE – Banco de México Equilibrium Interbank Interest Rate

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    65

STATEMENT OF ASSETS & LIABILITIES

April 30, 2019(unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $194,471,781)	$	193,971,704
Affiliated issuers (cost $15,235,376)		15,235,376
Cash		284
Cash collateral due from broker		14,212,449
Foreign currencies, at value (cost $392,639)		391,682
Market value of credit default swaps (net premiums paid $123,585)		1,831,883
Unaffiliated interest receivable		1,528,221
Unrealized appreciation on total return swaps		1,208,325
Receivable for investment securities sold		1,010,101
Receivable for newly entered credit default swaps		666,110
Unrealized appreciation on forward currency exchange contracts		363,835
Receivable for terminated total return swaps		331,488
Receivable for variation margin on centrally cleared swaps		261,580
Receivable for capital stock sold		218,261
Receivable for variation margin on futures		154,380
Affiliated dividends receivable		10,178
Total assets		231,395,857
Liabilities
Swaptions written, at value (premiums received $761,004)		819,098
Options written, at value (premiums received $30,009)		8,871
Payable for investment securities purchased		4,446,678
Market value of credit default swaps (net premiums received $182,589)		3,533,257
Cash collateral received from broker		2,752,000
Unrealized depreciation on forward currency exchange contracts		1,880,123
Unrealized depreciation on total return swaps		1,110,354
Payable for newly entered credit default swaps		625,035
Payable for capital stock redeemed		339,143
Dividends payable		49,800
Advisory fee payable		40,895
Administrative fee payable		27,514
Unrealized depreciation on variance swaps		21,588
Distribution fee payable		9,557
Transfer Agent fee payable		6,564
Directors’ fee payable		2,415
Payable for variation margin on centrally cleared swaps		2,368
Payable for terminated total return swaps		109
Accrued expenses and other liabilities		210,573
Total liabilities		15,885,942
Net Assets	$	215,509,915
Composition of Net Assets
Capital stock, at par	$	25,953
Additionalpaid-in capital		232,942,482
Accumulated loss		(17,458,520	)
	$	215,509,915

See notes to financial statements.

66    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

STATEMENT OF ASSETS & LIABILITIES(continued)

Net Asset Value Per Share—27 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	18,162,722		2,183,796	$	8.32	*
B	$	97,092		11,654	$	8.33
C	$	6,388,117		767,831	$	8.32
Advisor	$	177,739,101		21,406,041	$	8.30
R	$	833,614		99,706	$	8.36
K	$	297,479		35,555	$	8.37
I	$	56,461		6,807	$	8.29
Z	$	11,935,329		1,441,617	$	8.28

* The maximum offering price per share for Class A shares was $8.69, which reflects a sales charge of 4.25%

See notes to financial statements.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    67

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2019(unaudited)

Investment Income
Interest (net of foreign taxes withheld of $1,757)	$	4,604,302
Dividends
Unaffiliated issuers		85,654
Affiliated issuers		80,210		$	4,770,166
Expenses
Advisory fee (see Note B)		566,002
Transfer agency—Class A		7,310
Transfer agency—Class B		45
Transfer agency—Class C		2,631
Transfer agency—Advisor Class		65,588
Transfer agency—Class R		1,066
Transfer agency—Class K		285
Transfer agency—Class I		64
Transfer agency—Class Z		1,260
Distribution fee—Class A		25,628
Distribution fee—Class B		502
Distribution fee—Class C		36,185
Distribution fee—Class R		2,050
Distribution fee—Class K		357
Custodian		94,039
Audit and tax		66,777
Registration fees		63,847
Administrative		47,281
Printing		25,877
Legal		20,338
Directors’ fees		12,119
Miscellaneous		47,117
Total expenses		1,086,368
Less: expenses waived and reimbursed by the Adviser (see Note B)		(287,477	)
Net expenses					798,891
Net investment income					3,971,275

See notes to financial statements.

68    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

STATEMENT OF OPERATIONS(continued)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions	$	(3,598,871	)(a)
Forward currency exchange contracts		791,632
Futures		(968,458	)
Options written		604,967
Swaps		(4,705,655	)
Swaptions written		1,203,001
Foreign currency transactions		(2,320,974	)
Net change in unrealized appreciation/depreciation on:
Investments		5,369,641	(b)
Forward currency exchange contracts		(147,371	)
Futures		(4,870,028	)
Options written		56,717
Swaps		3,250,858
Swaptions written		133,638
Foreign currency denominated assets and liabilities		(5,823	)
Net loss on investment and foreign currency transactions		(5,206,726	)
Net Decrease in Net Assets from Operations	$	(1,235,451	)

(a) Includes foreign capital gains taxes of $1,090.

(b) Net of increase in accrued foreign capital gains of $95.

See notes to financial statements.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    69

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,971,275		$	8,967,981
Net realized loss on investment and foreign currency transactions		(8,994,358	)		(7,070,880	)
Net change in unrealized appreciation/depreciation on investments and foreign currency denominated assets and liabilities		3,787,632			(4,350,900	)
Contributions from Affiliates (see Note B)		– 0	–		304
Net decrease in net assets from operations		(1,235,451	)		(2,453,495	)
Distributions to Shareholders
Class A		(249,934	)		(521,975	)
Class B		(861	)		(1,182	)
Class C		(60,371	)		(112,252	)
Advisor Class		(2,504,002	)		(3,998,853	)
Class R		(8,355	)		(14,449	)
Class K		(3,392	)		(4,322	)
Class I		(733	)		(670,193	)
Class Z		(178,038	)		(284,923	)
Return of capital
Class A		– 0	–		(37,147	)
Class B		– 0	–		(84	)
Class C		– 0	–		(7,989	)
Advisor Class		– 0	–		(284,580	)
Class R		– 0	–		(1,028	)
Class K		– 0	–		(308	)
Class I		– 0	–		(47,695	)
Class Z		– 0	–		(20,277	)
Capital Stock Transactions
Net decrease		(43,954,553	)		(34,571,341	)
Total decrease		(48,195,690	)		(43,032,093	)
Net Assets
Beginning of period		263,705,605			306,737,698
End of period	$	215,509,915		$	263,705,605

See notes to financial statements.

70    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2019(unaudited)

NOTE A

Significant Accounting Policies

AB Unconstrained Bond Fund, Inc. (the “Fund”) was incorporated in the State of Maryland on October 25, 1995 and is registered under the Investment Company Act of 1940 as a diversified,open-end management investment company. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Class T shares have been authorized but currently are not offered. Class A shares are sold with afront-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 B shares are currently sold with a contingent deferred sales charge which declines from 4% to 0% depending on the period of time the shares are held. Effective January 31, 2009, sales of Class B shares of the Fund to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AB mutual fund, (ii) for purposes of dividend reinvestment, (iii) through the Fund’s Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares will automatically convert to Class A shares ten 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 and the same terms and conditions, 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.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    71

NOTES TO FINANCIAL STATEMENTS(continued)

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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 asked prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (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. Such 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.

72    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

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 innon-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    73

NOTES TO FINANCIAL STATEMENTS(continued)

The fair value of debt instruments, such as bonds, andover-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. In addition,non-agency rated investments are 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 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

74    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

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

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of April 30, 2019:

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Governments – Treasuries	$	– 0	–	$	52,134,546		$	– 0	–	$	52,134,546
Corporates –Non-Investment Grade		– 0	–		48,387,054			444,913	#		48,831,967
Corporates – Investment Grade		– 0	–		25,886,038			251,776			26,137,814
Collateralized Mortgage Obligations		– 0	–		21,989,906			– 0	–		21,989,906
Inflation-Linked Securities		– 0	–		18,320,893			– 0	–		18,320,893
Investment Companies		3,277,976			– 0	–		– 0	–		3,277,976
Governments – Sovereign Bonds		– 0	–		2,731,510			– 0	–		2,731,510
Emerging Markets – Sovereigns		– 0	–		2,377,156			– 0	–		2,377,156

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    75

NOTES TO FINANCIAL STATEMENTS(continued)

Investments in Securities

Level 1

Level 2

Level 3

Total

Emerging Markets – Corporate Bonds

$

– 0

–

$

1,959,165

$

26,800

$

1,985,965

Asset-Backed Securities

– 0

–

398,363

1,239,574

1,637,937

Bank Loans

– 0

–

1,012,524

409,063

#

1,421,587

Commercial Mortgage – Backed Securities

– 0

–

599,617

802,057

1,401,674

Options Purchased – Calls

– 0

–

1,081,798

– 0

–

1,081,798

Common Stocks

272,748

562,217

212,899

#

1,047,864

Emerging Markets – Treasuries

– 0

–

600,977

– 0

–

600,977

Options Purchased – Puts

– 0

–

584,402

– 0

–

584,402

Local Governments – US Municipal Bonds

– 0

–

121,285

– 0

–

121,285

Warrants

15,268

– 0

–

– 0

–

15,268

Short-Term Investments:

Investment Companies

15,235,376

– 0

–

– 0

–

15,235,376

U.S. Treasury Bills

– 0

–

7,968,492

– 0

–

7,968,492

Time Deposits

– 0

–

302,687

– 0

–

302,687

Total Investments in Securities

18,801,368

187,018,630

3,387,082

209,207,080

Other Financial Instruments*:

Assets

Futures

1,876,964

56,713

– 0

–

1,933,677

†

Forward Currency Exchange Contracts

– 0

–

363,835

– 0

–

363,835

Centrally Cleared Credit Default Swaps

– 0

–

8,038,259

– 0

–

8,038,259

†

Centrally Cleared Interest Rate Swaps

– 0

–

9,920,659

– 0

–

9,920,659

†

Credit Default Swaps

– 0

–

1,831,883

– 0

–

1,831,883

Total Return Swaps

– 0

–

1,208,325

– 0

–

1,208,325

Liabilities

Futures

(4,258,148

)

– 0

–

– 0

–

(4,258,148

)†

Forward Currency Exchange Contracts

– 0

–

(1,880,123

)

– 0

–

(1,880,123

)

Currency Options Written

– 0

–

(8,871

)

– 0

–

(8,871

)

Interest Rate Swaptions Written

– 0

–

(819,098

)

– 0

–

(819,098

)

Centrally Cleared Credit Default Swaps

– 0

–

(14,263,870

)

– 0

–

(14,263,870

)†

Centrally Cleared Interest Rate Swaps

– 0

–

(6,416,033

)

– 0

–

(6,416,033

)†

Credit Default Swaps

– 0

–

(3,533,257

)

– 0

–

(3,533,257

)

Total Return Swaps

– 0

–

(1,110,354

)

– 0

–

(1,110,354

)

Variance Swaps

– 0

–

(21,588

)

– 0

–

(21,588

)

Total

$

16,420,184

$

180,385,110

$

3,387,082

$

200,192,376

# 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, options written and swaptions written which are valued at market value.

76    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

† 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.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Corporates - Non-Investment Grade#			Corporates - Investment Grade			Emerging Markets - Corporate Bonds			Asset- Backed Securities
Balance as of 10/31/18	$	291,716		$	– 0	–	$	49,007		$	1,649,280
Accrued discounts/ (premiums)		9,331			60			– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(85,256	)		4,574			(22,207	)		(408,926	)
Purchases		48,812			247,142			– 0	–		– 0	–
Sales/Paydowns		– 0	–		– 0	–		– 0	–		(780	)
Transfers into Level 3		180,310			– 0	–		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–		– 0	–		– 0	–
Balance as of 4/30/19	$	444,913		$	251,776		$	26,800		$	1,239,574
Net change in unrealized appreciation/depreciation from investments held as of 4/30/19**	$	(85,256	)	$	4,574		$	(22,207	)	$	(408,926	)
	Bank Loans#			Commercial Mortgage- Backed Securities			Common Stocks#			Total
Balance as of 10/31/18	$	238,252		$	758,415		$	189,811		$	3,176,481
Accrued discounts/ (premiums)		1,812			1,184			– 0	–		12,387
Realized gain (loss)		1,581			– 0	–		– 0	–		1,581
Change in unrealized appreciation/depreciation		(2,234	)		42,458			(125,887	)		(597,478	)
Purchases		137,356			– 0	–		148,975			582,285
Sales/Paydowns		(2,683	)		– 0	–		– 0	–		(3,463	)
Transfers into Level 3		109,861			– 0	–		– 0	–		290,171
Transfers out of Level 3		(74,882	)		– 0	–		– 0	–		(74,882	)
Balance as of 4/30/19	$	409,063		$	802,057		$	212,899		$	3,387,082	+
Net change in unrealized appreciation/depreciation from investments held as of 4/30/19**	$	(2,234	)	$	42,458		$	(125,887	)	$	(597,478	)

# The Fund held securities with zero market value that were sold/expired/written off during the reporting period.

** The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying statement of operations.

+ There were de minimis transfers under 1% of net assets during the reporting period.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    77

NOTES TO FINANCIAL STATEMENTS(continued)

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at April 30, 2019. Securities priced by (i) third party vendors or (ii) by brokers are excluded from the following table:

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at 4/30/19		Valuation Technique	Unobservable Input	Input
Corporates –Non-Investment Grade	$	111,787	Market Approach	EBITDA* Projection	$117.0mm / N/A
				EBITDA* Multiples	5.1X-7.1X / 6.1X

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in EBITDA Projections and EBITDA Multiples in isolation would be expected to result in a significantly higher (lower) fair value measurement.

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 and depreciation on 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

78    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

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 (or dividend expense) is recorded on theex-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 securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a prorate 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. Realized and unrealized gains and losses are allocated among the various share classes based on their respective net assets.

7. Dividends and Distributions

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

8. Repurchase Agreements

It is the Fund’s policy that its custodian or designatedsub-custodian take control of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities is sufficient to cover the value of the repurchase agreements. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to seller of the security, realization of collateral by the Fund may be delayed or limited. As of April 30, 2019, the Fund did not hold repurchase agreements.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    79

NOTES TO FINANCIAL STATEMENTS(continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to reimburse its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis to .90%, 1.65%, 1.65%, .65%, 1.15%, .90%, .65% and .65% of the daily average net assets for Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. For the six months ended April 30, 2019, such reimbursements/waivers amounted to $283,866. This fee waiver and/or expense reimbursement agreement extends through January 31, 2020 and then may be extended by the Adviser for additionalone-year terms.

During 2017, AXA S.A. (“AXA”), a French holding company for the AXA Group, a worldwide leader in life, property and casualty and health insurance and asset management, announced its intention to pursue the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (“AXA Equitable”), the holding company for a diversified financial services organization, through an initial public offering (“IPO”). AXA Equitable is the holding company for a diverse group of financial services companies, including an approximately 65.2% economic interest in the Adviser and a 100% interest in AllianceBernstein Corporation, the general partner of the Adviser. In March 2018, AXA announced its intention to sell its entire interest in AXA Equitable over time, subject to market conditions and other factors (the “Plan”). During the second quarter of 2018, AXA Equitable completed the IPO. Additional secondary offerings of AXA Equitable shares were completed in the Fourth Quarter of 2018 and the First and Second Quarters of 2019, and AXA Equitable also repurchased shares from AXA in connection with each of these secondary offerings pursuant to agreements with AXA. Following the IPO and subsequent transactions, including secondary offerings and share repurchases, AXA owns approximately 40.1% of the outstanding shares of common stock of AXA Equitable. Contemporaneously with the IPO, AXA sold $862.5 million aggregate principal amount of its 7.25% mandatorily exchangeable notes (the “MxB Notes”) due May 15, 2021 and exchangeable into up to 43,125,000 shares of common stock (or approximately 7% of the outstanding shares of common stock of AXA Equitable). AXA retains ownership (including voting rights) of such shares of common stock until the MxB Notes are exchanged, which may be on a date that is earlier than the maturity date at AXA’s option upon the occurrence of certain events.

80    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

It is anticipated that one or more of the transactions contemplated by the Plan may ultimately result in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and therefore may be deemed an “assignment” causing a termination of each Fund’s current investment advisory agreement. In order to ensure that the existing investment advisory services could continue uninterrupted, at meetings held in late July through early August 2018, the Boards of Directors/ Trustees (each a “Board” and collectively, the “Boards”) approved new investment advisory agreements with the Adviser, in connection with the Plan. The Boards also agreed to call and hold a joint meeting of shareholders on October 11, 2018, for shareholders of each Fund to (1) approve the new investment advisory agreement with the Adviser that would be effective after the first Change of Control Event and (2) approve any future advisory agreement approved by the Board and that has terms not materially different from the current agreement, in the event there are subsequent Change of Control Events arising from completion of the Plan that terminate the advisory agreement after the first Change of Control Event. Approval of a future advisory agreement means that shareholders may not have another opportunity to vote on a new agreement with the Adviser even upon a change of control, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of AXA Equitable.

At the November 14, 2018 adjourned shareholder meeting, shareholders approved the new and future investment advisory agreements.

For the year ended October 31, 2018 the Adviser reimbursed the Fund $304 for an overdraft incurred due to a trade entry error.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2019, the reimbursement for such services amounted to $47,281.

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 $24,502 for the six months ended April 30, 2019.

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 retainedfront-end sales

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    81

NOTES TO FINANCIAL STATEMENTS(continued)

charges of $316 from the sale of Class A shares and received $0, $0 and $116 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the six months ended April 30, 2019.

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. Effective August 1, 2018, 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, 2020. 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 six months ended April 30, 2019, such waiver amounted to $3,611.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2019 is as follows:

Fund	Market Value 10/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,220	$	142,600	$	134,585	$	15,235	$	80

Brokerage commissions paid on investment transactions for the six months ended April 30, 2019 amounted to $47,636, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co., LLC or Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule12b-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 B and 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. Effective January 29, 2016, payments under the Agreement in respect of Class A shares are limited to an annual rate of .25% of Class A shares’ average daily net assets. There are no

82    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

distribution and servicing fees on Advisor Class, Class I 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 amounts of $7,800,625, $1,773,532, $46,411 and $13,402 for Class B, 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 six months ended April 30, 2019 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	28,325,147	$	43,701,181
U.S. government securities		31,595,676		24,725,488

The cost of investments for federal income tax purposes was substantially the same as cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding foreign currency contracts and futures contracts) are as follows:

Gross unrealized appreciation	$	21,541,747
Gross unrealized depreciation		(25,281,855	)
Net unrealized depreciation	$	(3,740,108	)

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.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    83

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:

• 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 sales commitments denominated in foreign currencies and fornon-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

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

During the six months ended April 30, 2019, the Fund held forward currency exchange contracts for hedging andnon-hedging purposes.

• 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 fornon-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 a future, 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

84    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

unrealized gains or losses. Risks may arise from the potential inability of a counter party 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 a future can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2019, the Fund held futures for hedging andnon-hedging purposes.

• 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 andover-the-counter markets. Among other things, the Fund may use options transactions fornon-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.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    85

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 option written. 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 options written. 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 option written 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 swaps, 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 six months ended April 30, 2019, the Fund held purchased options for hedging andnon-hedging purposes.

During the six months ended April 30, 2019, the Fund held written options for hedging andnon-hedging purposes.

86    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

During the six months ended April 30, 2019, the Fund held purchased swaptions for hedging andnon-hedging purposes.

During the six months ended April 30, 2019, the Fund held written swaptions for hedging andnon-hedging purposes.

• 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 fornon-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 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 OTC 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

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    87

NOTES TO FINANCIAL STATEMENTS(continued)

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 aphased-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 thannon-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

88    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

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 six months ended April 30, 2019, the Fund held interest rate swaps for hedging andnon-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 reference obligation with the same counterparty. As of six months ended April 30, 2019, the Fund had Buy Contracts outstanding with respect to the same referenced obligation and counterparty as certain Sale Contracts which may partially offset the Maximum Payout Amount in the amount of $41,853,585.

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 counterpart. If the Fund is a seller of protection and a credit event occurs, the value of the

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    89

NOTES TO FINANCIAL STATEMENTS(continued)

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 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 market’s assessment of the likelihood of default by the issuer on the referenced obligation. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced entity’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 entity or obligation.

During the six months ended April 30, 2019, the Fund held credit default swaps for hedging andnon-hedging purposes.

Total Return Swaps:

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

During the six months ended April 30, 2019, the Fund held total return swaps for hedging andnon-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.

90    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

During the six months ended April 30, 2019, the Fund held variance swaps for hedging andnon-hedging purposes.

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

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

During the six months ended April 30, 2019, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on centrally cleared swaps	$	9,917,463	*	Receivable/Payable for variation margin on centrally cleared swaps	$	6,429,512	*
Interest rate contracts	Receivable/Payable for variation margin on futures		1,570,364	*	Receivable/Payable for variation margin on futures		3,744,121	*
Interest rate contracts	Investments in securities, at value		1,614,076
Interest rate contracts					Swaptions written, at value		819,098

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    91

NOTES TO FINANCIAL STATEMENTS(continued)

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts					Unrealized depreciation on total return swaps	$	1,110,354
Foreign currency contracts					Unrealized depreciation on variance swaps		21,588
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	363,835		Unrealized depreciation on forward currency exchange contracts		1,880,123
Foreign currency contracts	Investments in securities, at value		52,124
Foreign currency contracts					Options written, at value		8,871
Credit contracts	Market value of credit default swaps		1,831,883		Market value of credit default swaps		3,533,257
Credit contracts	Receivable/Payable for variation margin on centrally cleared swaps		1,768,645	*	Receivable/Payable for variation on centrally cleared swaps		3,052,925	*
Equity contracts	Unrealized appreciation on total return swaps		1,208,325
Equity contracts	Receivable/Payable for variation margin on futures		363,313	*	Receivable/Payable for variation margin on futures		514,027	*
Total		$	18,690,028			$	21,113,876

* 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.

92    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps	$	(1,988,333	)	$	3,963,323
Interest rate contracts	Net realized gain/(loss) on futures; Net change in unrealized appreciation/ depreciation on futures		(2,150,643	)		(3,240,197	)
Interest rate contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		(1,514,786	)		184,876
Interest rate contracts	Net realized gain/(loss) on swaptions written; Net change in unrealized appreciation/depreciation on swaptions written		1,185,990			133,638
Foreign currency contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		– 0	–		(16,817	)
Foreign currency contracts	Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation/ depreciation on forward currency exchange contracts		791,632			(147,371	)
Foreign currency contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		270,358			– 0	–

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    93

NOTES TO FINANCIAL STATEMENTS(continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments	$	(273,844	)	$	(40,882	)
Foreign currency contracts	Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written		204,146			(21,541	)
Credit contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		1,674			– 0	–
Credit contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		(2,987,680	)		(948,863	)
Credit Contracts	Net realized gain/(loss) on swaptions written; Net change in unrealized appreciation/depreciation on swaptions written		17,011			– 0	–
Equity contracts	Net realized gain/(loss) on swaps; Net change in unrealized appreciation/ depreciation on swaps		– 0	–		253,215
Equity contracts	Net realized gain/(loss) on futures; Net change in unrealized appreciation/ depreciation on futures		1,182,185			(1,629,831	)
Equity contracts	Net realized gain/(loss) on investment transactions; Net change in unrealized appreciation/depreciation on investments		(57,747	)		(191,741	)

94    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain/(loss) on options written; Net change in unrealized appreciation/depreciation on options written	$	400,821		$	78,258
Total		$	(4,919,216	)	$	(1,623,933	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2019:

Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts.	$	431,755,457
Average notional amount of sale contracts	$	284,949,578
Centrally Cleared Interest Rate Swaps:
Average notional amount.	$	1,102,893,159
Credit Default Swaps:
Average notional amount of buy contracts.	$	361,044,402
Average notional amount of sale contracts	$	143,475,440
Forward Currency Exchange Contracts:
Average principal amount of buy contracts.	$	62,847,165
Average principal amount of sale contracts	$	78,081,073
Futures:
Average notional amount of buy contracts.	$	418,134,509
Average notional amount of sale contracts	$	838,109,090
Interest Rate Swaps:
Average notional amount	$	1,600,000	(a)
Total Return Swaps:
Average notional amount	$	49,418,731
Variance Swaps:
Average notional amount	$	83,054
Options Written:
Average notional amount	$	9,321,745
Purchased Options:
Average notional amount.	$	11,401,315
Purchased Swaptions:
Average notional amount	$	203,171,362
Swaptions Written:
Average notional amount	$	209,299,142

(a) Positions were open for less than one month during the period.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    95

NOTES TO FINANCIAL STATEMENTS(continued)

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2019. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Australia & New Zealand Bank Group Ltd.	$	206	$	– 0	–	$	– 0	–	$	– 0	–	$	206
Bank of America, NA		487,988		(7,599	)		(450,000	)		– 0	–		30,389
Barclays Bank PLC		1,349,034		(667,050	)		(650,000	)		– 0	–		31,984
BNP Paribas SA		6,454		(6,454	)		– 0	–		– 0	–		– 0	–
Brown Brothers Harriman & Co.		20,131		(20,131	)		– 0	–		– 0	–		– 0	–
Citibank, NA		1,398,754		(76,454	)		(1,110,000	)		– 0	–		212,300
Credit Suisse International		45,322		(45,322	)		– 0	–		– 0	–		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		482,061		(482,061	)		– 0	–		– 0	–		– 0	–
HSBC Bank USA		20,479		(20,479	)		– 0	–		– 0	–		– 0	–
JPMorgan Chase Bank, NA		589,221		(20,165	)		(542,000	)		– 0	–		27,056
Morgan Stanley Capital Services LLC		566,023		(566,023	)		– 0	–		– 0	–		– 0	–
Royal Bank of Scotland PLC/ Natwest Markets PLC		72,768		(49,067	)		– 0	–		– 0	–		23,701
Standard Chartered Bank		5,542		(5,542	)		– 0	–		– 0	–		– 0	–
UBS AG		26,260		(34	)		– 0	–		– 0	–		26,226
Total	$	5,070,243	$	(1,966,381	)	$	(2,752,000	)	$	– 0	–	$	351,862	^

96    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	7,599	$	(7,599	)	$	– 0	–	$	– 0	–	$	– 0	–
Barclays Bank PLC		667,050		(667,050	)		– 0	–		– 0	–		– 0	–
BNP Paribas SA		23,691		(6,454	)		– 0	–		– 0	–		17,237
Brown Brothers Harriman & Co.		50,712		(20,131	)		– 0	–		– 0	–		30,581
Citibank, NA		76,454		(76,454	)		– 0	–		– 0	–		– 0	–
Credit Suisse International		1,025,738		(45,322	)		– 0	–		(980,416	)		– 0	–
Deutsche Bank AG		1,598,870		– 0	–		– 0	–		(1,598,870	)		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		2,925,932		(482,061	)		– 0	–		(2,304,099	)		139,772
HSBC Bank USA		35,507		(20,479	)		– 0	–		– 0	–		15,028
JPMorgan Chase Bank, NA		20,165		(20,165	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Capital Services LLC		824,545		(566,023	)		– 0	–		(258,522	)		– 0	–
Royal Bank of Scotland PLC/ Natwest Markets PLC		49,067		(49,067	)		– 0	–		– 0	–		– 0	–
Standard Chartered Bank		67,927		(5,542	)		– 0	–		– 0	–		62,385
UBS AG		34		(34	)		– 0	–		– 0	–		– 0	–
Total	$	7,373,291	$	(1,966,381	)	$	– 0	–	$	(5,141,907	)	$	265,003	^

* 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 innon-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. Loan Participations and Assignments

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers, either in the form of participations at the

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    97

NOTES TO FINANCIAL STATEMENTS(continued)

time the loan is originated (“Participations”) or by buying an interest in the loan in the secondary market from a financial institution or institutional investor (“Assignments”). A loan is often administered by a bank or other financial institution (the “Lender”) that acts as agent for all holders. The agent administers the terms of the loan as specified in the loan agreement. When investing in Participations, the Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. In addition, when investing in Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the Lender and only upon receipt of payments by the Lender from the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the Lender. When the Fund purchases Assignments from Lenders, it will typically acquire direct rights against the borrower on the loan. These loans may include participations in “bridge loans”, which are loans taken out by borrowers for a short period (typically less than six months) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high-yield bonds issued for the purpose of acquisitions. The Fund may also participate in unfunded loan commitments, which are contractual obligations for investing in future Participations, and may receive a commitment fee based on the amount of the commitment. Under these arrangements, the Fund may receive a fixed rate commitment fee and, if and to the extent the borrower borrows under the facility, the Fund may receive an additional funding fee.

Unfunded loan commitments and funded loans are marked to market daily.

As of April 30, 2019, the Fund had no unfunded loan commitments outstanding.

As of six months ended April 30, 2019, the Fund had no bridge loan commitments outstanding.

During the six months ended April 30, 2019, the Fund received no commitment fees or additional funding fees.

98    ^|    AB UNCONSTRAINED BOND FUND 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						Amount
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31, 2018
Class A
Shares sold		74,967			761,128		$	623,070		$	6,551,664
Shares issued in reinvestment of dividends		22,105			49,313			183,720			421,839
Shares converted from Class B		727			2,111			6,078			18,227
Shares converted from Class C		20,018			53,730			165,854			460,981
Shares redeemed		(707,101	)		(2,253,720	)		(5,861,852	)		(19,260,412	)
Net decrease		(589,284	)		(1,387,438	)	$	(4,883,130	)	$	(11,807,701	)
Class B
Shares sold		44			472		$	371		$	4,047
Shares issued in reinvestment of dividends		103			140			858			1,200
Shares converted to Class A		(726	)		(2,108	)		(6,078	)		(18,226	)
Shares redeemed		(1,310	)		(2,337	)		(10,928	)		(20,181	)
Net decrease		(1,889	)		(3,833	)	$	(15,777	)	$	(33,160	)
Class C
Shares sold		218			61,492		$	1,819		$	529,860
Shares issued in reinvestment of dividends		5,564			10,734			46,231			91,851
Shares converted to Class A		(20,018	)		(53,699	)		(165,854	)		(460,981	)
Shares redeemed		(301,562	)		(535,902	)		(2,517,627	)		(4,576,566	)
Net decrease		(315,798	)		(517,375	)	$	(2,635,431	)	$	(4,415,836	)

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    99

NOTES TO FINANCIAL STATEMENTS(continued)

	Shares						Amount
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31, 2018			Six Months Ended April 30, 2019 (unaudited)				Year Ended October 31, 2018
Advisor Class
Shares sold		2,739,998			10,962,843		$	22,784,029			$	93,753,202
Shares issued in reinvestment of dividends		228,191			384,284			1,892,302				3,277,680
Shares redeemed		(6,306,846	)		(9,170,594	)		(52,393,236	)			(78,324,544	)
Net increase (decrease)		(3,338,657	)		2,176,533		$	(27,716,905	)		$	18,706,338
Class R
Shares sold		16,159			37,319		$	135,630			$	321,289
Shares issued in reinvestment of dividends		1,001			1,794			8,354				15,395
Shares redeemed		(27,778	)		(86,967	)		(234,729	)			(747,865	)
Net decrease		(10,618	)		(47,854	)	$	(90,745	)		$	(411,181	)
Class K
Shares sold		1,722			6,347		$	14,361			$	54,926
Shares issued in reinvestment of dividends		406			538			3,392				4,622
Shares redeemed		(68	)		(1,765	)		(570	)	��		(15,252	)
Net increase		2,060			5,120		$	17,183			$	44,296
Class I
Shares sold		927			129,583		$	7,666			$	1,123,301
Shares issued in reinvestment of dividends		89			84,075			733				717,888
Shares redeemed		(900,978	)		(4,839,492	)		(7,577,116	)			(40,924,019	)
Net decrease		(899,962	)		(4,625,834	)	$	(7,568,717	)		$	(39,082,830	)
Class Z
Shares sold		114,271			1,266,177		$	947,557			$	10,815,060
Shares issued in reinvestment of dividends		21,530			35,867			178,037				305,199
Shares redeemed		(266,377	)		(1,028,128	)		(2,186,625	)			(8,691,526	)
Net increase (decrease)		(130,576	)		273,916		$	(1,061,031	)		$	2,428,733

100    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

NOTE F

Risks Involved in Investing in the Fund

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.

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 such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade or dispose of 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.

Foreign(Non-U.S.) Risk—Investments in securities ofnon-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 or dispose of due to adverse market, economic, political, regulatory or other factors.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    101

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 because these investments may be 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.

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.

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 bynon-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—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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

102    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

may include low trading volumes, large positions and heavy redemptions of Fund shares. Over recent years illiquid risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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.

NOTE G

Joint Credit Facility

A number ofopen-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2019.

NOTE H

Distributions to Shareholders

The tax character of distributions paid for the year ending October 31, 2019 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2018 and October 31, 2017 were as follows:

	2018		2017
Distributions paid from:
Ordinary income	$	5,608,150	$	9,608,752
Total taxable distributions paid		5,608,150		9,608,752
Return of capital		399,107		398,666
Total distributions paid	$	6,007,257	$	10,007,418

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    103

NOTES TO FINANCIAL STATEMENTS(continued)

As of October 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(3,674,945	)(a)
Unrealized appreciation/(depreciation)		(8,869,967	)(b)
Total accumulated earnings/(deficit)	$	(12,544,912	)(c)

(a) As of October 31, 2018, the Fund had a net capital loss carryforward of $3,489,876. The Fund also had $1,053,051 of capital loss carryforwards expire during the fiscal year. As of October 31, 2018, the cumulative deferred loss on straddles was $185,069.

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

(c) The differences between book-basis andtax-basis components of accumulated earnings/(deficit) are attributable primarily to dividends payable, the tax treatment of defaulted securities, and the tax treatment of swaps.

For tax purposes, net capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

As of October 31, 2018, the Fund had a net capital loss carryforward of $3,489,876 which will expire as follows:

Short-Term Amount	Long-Term Amount	Expiration
$1,313,588	n/a	2019
– 0 –	$2,176,288	No expiration

NOTE I

Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

104    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS(continued)

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU2018-13 (“ASU”) apply to all entities that are required, under existing U.S. GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has evaluated the impact of amendments and elected to early adopt the ASU. The adoption of this ASU did not have a material impact on the disclosure and presentation of the financial statements of the Fund.

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 UNCONSTRAINED BOND FUND    ^|    105

FINANCIAL HIGHLIGHTS

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

	Class A
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.45			$  8.69			$  8.62			$  8.47			$  8.67			$  8.68
Income From Investment Operations
Net investment income(a)(b)		.13			.20			.22			.24			.22			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.16	)		(.29	)		.14			.06			(.19	)		(.06	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.03	)		(.09	)		.36			.31			.04			.10
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.14	)		(.28	)		(.16	)		(.24	)		(.11	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.10	)		(.15	)		(.29	)		(.16	)		(.24	)		(.11	)
Net asset value, end of period		$  8.32			$  8.45			$  8.69			$  8.62			$  8.47			$  8.67
Total Return
Total investment return based on net asset value(d)†*		(0.31	)%		(1.01	)%		4.24	%^		3.74	%^		0.49	%		1.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,163			$23,445			$36,136			$41,061			$50,031			$62,396
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		.90	%(g)		.89	%		.92	%		.91	%		.90	%		.90	%
Expenses, before waivers/reimbursements(e)(f)+		1.15	%(g)		1.07	%		1.08	%		1.07	%		1.06	%		1.06	%
Net investment income(b)		3.26	%(g)		2.35	%		2.57	%		2.80	%		2.51	%		1.81	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

106    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

FINANCIAL HIGHLIGHTS(continued)

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

	Class B
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.47			$  8.70			$  8.62			$  8.48			$  8.68			$  8.68
Income From Investment Operations
Net investment income(a)(b)		.11			.16			.16			.15			.15			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.18	)		(.30	)		.14			.08			(.18	)		(.05	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.07	)		(.14	)		.30			.24			(.02	)		.05
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.08	)		(.21	)		(.10	)		(.18	)		(.05	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.07	)		(.09	)		(.22	)		(.10	)		(.18	)		(.05	)
Net asset value, end of period		$  8.33			$  8.47			$  8.70			$  8.62			$  8.48			$  8.68
Total Return
Total investment return based on net asset value(d)†*		(0.80	)%		(1.65	)%		3.52	%		2.85	%		(0.23	)%		0.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$97			$115			$151			$232			$442			$828
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		1.65	%(g)		1.64	%		1.66	%		1.65	%		1.60	%		1.60	%
Expenses, before waivers/reimbursements(e)(f)+		1.92	%(g)		1.84	%		1.86	%		1.81	%		1.76	%		1.77	%
Net investment income(b)		2.55	%(g)		1.87	%		1.82	%		1.82	%		1.71	%		1.11	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    107

FINANCIAL HIGHLIGHTS(continued)

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

	Class C
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.46			$  8.69			$  8.62			$  8.47			$  8.67			$  8.68
Income From Investment Operations
Net investment income(a)(b)		.10			.14			.16			.18			.17			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		(.28	)		.13			.06			(.19	)		(.06	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.07	)		(.14	)		.29			.25			(.01	)		.04
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.08	)		(.21	)		(.10	)		(.19	)		(.05	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.07	)		(.09	)		(.22	)		(.10	)		(.19	)		(.05	)
Net asset value, end of period		$  8.32			$  8.46			$  8.69			$  8.62			$  8.47			$  8.67
Total Return
Total investment return based on net asset value(d)†*		(0.81	)%		(1.64	)%		3.43	%^		2.98	%		(0.19	)%		0.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,388			$9,164			$13,908			$21,247			$26,119			$20,681
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		1.65	%(g)		1.64	%		1.66	%		1.65	%		1.60	%		1.60	%
Expenses, before waivers/reimbursements(e)(f)+		1.91	%(g)		1.82	%		1.83	%		1.81	%		1.77	%		1.77	%
Net investment income(b)		2.50	%(g)		1.68	%		1.85	%		2.08	%		1.95	%		1.14	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

108    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

FINANCIAL HIGHLIGHTS(continued)

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

	Advisor Class
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.44			$  8.67			$  8.61			$  8.46			$  8.66			$  8.67
Income From Investment Operations
Net investment income(a)(b)		.15			.27			.24			.25			.25			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.18	)		(.33	)		.13			.07			(.19	)		(.07	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.03	)		(.06	)		.37			.33			.07			.12
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.16	)		(.30	)		(.18	)		(.27	)		(.13	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.11	)		(.17	)		(.31	)		(.18	)		(.27	)		(.13	)
Net asset value, end of period		$  8.30			$  8.44			$  8.67			$  8.61			$  8.46			$  8.66
Total Return
Total investment return based on net asset value(d)†*		(0.30	)%		(0.64	)%		4.39	%^		4.02	%^		0.80	%		1.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$177,739			$208,884			$195,764			$162,255			$220,195			$248,510
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		.65	%(g)		.64	%		.67	%		.65	%		.60	%		.60	%
Expenses, before waivers/reimbursements(e)(f)+		.90	%(g)		.82	%		.83	%		.81	%		.76	%		.77	%
Net investment income(b)		3.58	%(g)		3.20	%		2.79	%		3.02	%		2.89	%		2.14	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    109

FINANCIAL HIGHLIGHTS(continued)

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

	Class R
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.49			$  8.71			$  8.62			$  8.46			$  8.65			$  8.65
Income From Investment Operations
Net investment income(a)(b)		.13			.19			.20			.21			.21			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		(.29	)		.14			.07			(.20	)		(.06	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.04	)		(.10	)		.34			.29			.02			.08
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.11	)		(.24	)		(.13	)		(.21	)		(.08	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.09	)		(.12	)		(.25	)		(.13	)		(.21	)		(.08	)
Net asset value, end of period		$  8.36			$  8.49			$  8.71			$  8.62			$  8.46			$  8.65
Total Return
Total investment return based on net asset value(d)†*		(0.52	)%		(1.21	)%		4.02	%		3.43	%^		0.35	%		0.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$834			$937			$1,378			$911			$1,126			$801
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		1.15	%(g)		1.14	%		1.16	%		1.15	%		1.10	%		1.10	%
Expenses, before waivers/reimbursements(e)(f)+		1.59	%(g)		1.51	%		1.52	%		1.48	%		1.46	%		1.46	%
Net investment income(b)		3.03	%(g)		2.26	%		2.33	%		2.53	%		2.48	%		1.66	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

110    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

FINANCIAL HIGHLIGHTS(continued)

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

	Class K
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.50			$  8.72			$  8.64			$  8.49			$  8.68			$  8.68
Income From Investment Operations
Net investment income(a)(b)		.14			.24			.22			.25			.22			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		(.32	)		.14			.04			(.18	)		(.05	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.03	)		(.08	)		.36			.30			.05			.11
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.13	)		(.27	)		(.15	)		(.24	)		(.11	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.10	)		(.14	)		(.28	)		(.15	)		(.24	)		(.11	)
Net asset value, end of period		$  8.37			$  8.50			$  8.72			$  8.64			$  8.49			$  8.68
Total Return
Total investment return based on net asset value(d)†*		(0.36	)%		(0.89	)%		4.23	%		3.63	%		0.55	%		1.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$297			$285			$248			$221			$181			$245
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		.90	%(g)		.89	%		.92	%		.90	%		.85	%		.85	%
Expenses, before waivers/reimbursements(e)(f)+		1.28	%(g)		1.20	%		1.20	%		1.17	%		1.12	%		1.14	%
Net investment income(b)		3.31	%(g)		2.80	%		2.54	%		2.94	%		2.55	%		1.87	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    111

FINANCIAL HIGHLIGHTS(continued)

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

	Class I
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$  8.43			$  8.66			$  8.60			$  8.45			$  8.65			$  8.66
Income From Investment Operations
Net investment income(a)(b)		.03			.20			.25			.27			.25			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.06	)		(.25	)		.12			.06			(.19	)		(.06	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01			– 0	–
Net increase (decrease) in net asset value from operations		(.03	)		(.05	)		.37			.34			.07			.12
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.17	)		(.30	)		(.19	)		(.27	)		(.13	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.11	)		(.18	)		(.31	)		(.19	)		(.27	)		(.13	)
Net asset value, end of period		$  8.29			$  8.43			$  8.66			$  8.60			$  8.45			$  8.65
Total Return
Total investment return based on net asset value(d)†*		(0.26	)%		(0.59	)%^		4.44	%^		4.07	%^		0.78	%		1.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$56			$7,640			$47,915			$45,629			$44,242			$39,782
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		.65	%(g)		.64	%		.67	%		.65	%		.60	%		.60	%
Expenses, before waivers/reimbursements(e)(f)+		.79	%(g)		.76	%		.80	%		.77	%		.78	%		.74	%
Net investment income(b)		.82	%(g)		2.32	%		2.84	%		3.17	%		2.93	%		2.10	%
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%		161	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%		.00	%

See footnote summary on pages 114-115.

112    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

FINANCIAL HIGHLIGHTS(continued)

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

	Class Z
	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,									November 5, 2014(h) to October  31, 2015
				2018			2017			2016
Net asset value, beginning of period		$  8.42			$  8.66			$  8.59			$  8.45			$  8.65
Income From Investment Operations
Net investment income(a)(b)		.15			.26			.25			.28			.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		(.32	)		.13			.04			(.25	)
Contributions from Affiliates		– 0	–		.00	(c)		.00	(c)		.01			.01
Net increase (decrease) in net asset value from operations		(.02	)		(.06	)		.38			.33			.07
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.17	)		(.30	)		(.19	)		(.27	)
Return of capital		– 0	–		(.01	)		(.01	)		– 0	–		– 0	–
Total dividends and distributions		(.12	)		(.18	)		(.31	)		(.19	)		(.27	)
Net asset value, end of period		$  8.28			$  8.42			$  8.66			$  8.59			$  8.45
Total Return
Total investment return based on net asset value(d)†*		(0.28	)%		(0.70	)%		4.57	%		3.94	%		0.85	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11,935			$13,237			$11,238			$9,587			$2,031
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)+		.65	%(g)		.64	%		.67	%		.65	%		.60	%(g)
Expenses, before waivers/reimbursements(e)(f)+		.86	%(g)		.78	%		.80	%		.78	%		.80	%(g)
Net investment income(b)		3.65	%(g)		3.10	%		2.86	%		3.31	%		3.68	%(g)
Portfolio turnover rate		33	%		67	%		66	%		137	%		149	%
+  Expense ratios exclude the estimated acquired fund fees of affiliated/unaffiliated underlying
portfolios		.00	%(g)		.01	%		.02	%		.01	%		.00	%

See footnote summary on pages 114-115.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    113

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 $0.005.

(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 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) In connection with the Fund’s investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate share of the fees and expenses (i.e. operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses, and for the six months ended April 30, 2019, and the years ended October 31, 2018, October 31, 2017 and October 31, 2016, such waiver amounted to less than 0.005% (annualized), 0.01%, 0.02% and 0.01%, respectively.

(f) The expense ratios presented below excludenon-operating expense:

	Six Months Ended April 30, 2019 (unaudited)			Year Ended October 31,
				2018			2017			2016			2015			2014
Class A
Net of waivers/reimbursements		.90	%(g)		.89	%		.88	%		.89	%		.90	%		.90	%
Before waivers/reimbursements		1.15	%(g)		1.07	%		1.04	%		1.05	%		1.06	%		1.06	%
Class B
Net of waivers/reimbursements		1.65	%(g)		1.64	%		1.63	%		1.63	%		1.60	%		1.60	%
Before waivers/reimbursements		1.92	%(g)		1.84	%		1.83	%		1.78	%		1.76	%		1.77	%
Class C
Net of waivers/reimbursements		1.65	%(g)		1.64	%		1.63	%		1.63	%		1.60	%		1.60	%
Before waivers/reimbursements		1.91	%(g)		1.82	%		1.80	%		1.79	%		1.77	%		1.77	%
Advisor Class
Net of waivers/reimbursements		.65	%(g)		.64	%		.63	%		.63	%		.60	%		.60	%
Before waivers/reimbursements		.90	%(g)		.82	%		.79	%		.78	%		.76	%		.77	%
Class R
Net of waivers/reimbursements		1.15	%(g)		1.14	%		1.13	%		1.13	%		1.10	%		1.10	%
Before waivers/reimbursements		1.59	%(g)		1.51	%		1.49	%		1.46	%		1.46	%		1.46	%
Class K
Net of waivers/reimbursements		.90	%(g)		.89	%		.88	%		.88	%		.85	%		.85	%
Before waivers/reimbursements		1.28	%(g)		1.20	%		1.16	%		1.15	%		1.12	%		1.14	%
Class I
Net of waivers/reimbursements		.65	%(g)		.64	%		.63	%		.63	%		.60	%		.60	%
Before waivers/reimbursements		.79	%(g)		.76	%		.76	%		.75	%		.78	%		.74	%

	Six Months Ended April 30, 2019 (unaudited)												November 4, 2014(h) to October 31, 2015
				2018			2017			2016
Class Z
Net of waivers/reimbursements		.65	%(g)		.64	%		.63	%		.63	%		.60	%(g)
Before waivers/reimbursements		.86	%(g)		.78	%		.76	%		.76	%		.80	%(g)

114    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

FINANCIAL HIGHLIGHTS(continued)

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

(g) Annualized.

(h) Commencement of distribution.

^ 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 performance of each share class for the years ended October 31, 2017 and October 31, 2016, by 0.05% and 0.01%, respectively.

† Includes the impact of reimbursements from the Adviser which enhanced the Fund’s performance for the years ended October 31, 2016 and October 31, 2015 by 0.08% and 0.08%, respectively.

See notes to financial statements.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    115

RESULTS OF STOCKHOLDER MEETING

(unaudited)

A Special Meeting of Stockholders of the AB Unconstrained Bond Fund, Inc. (the “Company”) was held on October 11, 2018 and adjourned until November 14, 2018. A description of the proposals and number of shares voted at the Meeting are as follows (the proposal number shown below corresponds to the proposal number in the Fund’s proxy statement):

1. To approve and vote upon the election of Directors for the Company, each such Director to serve for a term of indefinite duration and until his or her successor is duly elected and qualifies.

Director:	Voted For:		Authority Withheld:
Michael J. Downey		22,922,508		163,090
William H. Foulk, Jr.*		22,927,921		157,678
Nancy P. Jacklin		22,898,102		187,496
Robert M. Keith		22,927,921		157,678
Carol C. McMullen		22,898,112		187,487
Gary L. Moody		22,927,921		157,678
Marshall C. Turner, Jr.		22,922,508		163,090
Earl D. Weiner		22,927,921		157,678

2. To vote upon the approval of new advisory agreements for the Company with AllianceBernstein L.P.

Voted For:		Voted Against:		Abstain:		Broker Non-Votes:
	17,891,906		61,659		438,154		4,693,880

* Mr. Foulk retired December 31, 2018.

116    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾,Chairman Michael J. Downey⁽¹⁾ Nancy P. Jacklin⁽¹⁾ Robert M. Keith,President and Chief Executive Officer Carol C. McMullen⁽¹⁾ Garry L. Moody⁽¹⁾ Earl D. Weiner⁽¹⁾

OFFICERS

Scott A. DiMaggio⁽²⁾,Vice President Gershon M. Distenfeld⁽²⁾,Vice President Douglas J. Peebles⁽²⁾,Vice President Dimitri Silva⁽²⁾,Vice President John Taylor⁽²⁾, Vice President Emilie D. Wrapp,Secretary Michael B. Reyes,Senior Analyst Joseph J. Mantineo,Treasurer and Chief Financial Officer Stephen M. Woetzel,Controller Vincent S. Noto,Chief Compliance Officer

Principal Underwriter AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105   Custodian and Accounting Agent Brown Brothers Harriman & Co. 50 Post Office Square Boston, MA 02110   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800)221-5672   Independent Registered Public Accounting Firm Ernst & Young LLP 5 Times Square New York, NY 10036

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 Global Fixed Income Investment Team and the Global Credit Investment Team. Messrs. DiMaggio, Distenfeld, Peebles, Silva and Taylor are the investment professionals with the most significant responsibility for theday-to-day management of the Fund’s portfolio.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    117

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreements and Interim Advisory Agreement in the Context of Potential Assignments

As described in more detail in the Proxy Statement for the AB Funds dated August 20, 2018, the Boards of the AB Funds, at a meeting held onJuly 31-August 2, 2018, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Unconstrained Bond Fund, Inc. (the “Fund”), in connection with the planned disposition by AXA S.A. of its remaining shares of AXA Equitable Holdings, Inc. (the indirect holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser) in one or more transactions and the related potential for one or more “assignments” (within the meaning of section 2(a)(4) of the Investment Company Act) of the advisory agreements for the AB Funds, including the Fund’s Advisory Agreement, resulting in the automatic termination of such advisory agreements.

At the same meeting, the AB Boards also considered and approved interim advisory agreements with the Adviser (the “Interim Advisory Agreements”) for the AB Funds, including the Fund, to be effective only in the event that stockholder approval of a Proposed Agreement had not been obtained as of the date of one or more transactions resulting in an “assignment” of the Adviser’s advisory agreements, resulting in the automatic termination of such advisory agreements.

The shareholders of the Fund subsequently approved the Proposed Agreements at an annual meeting of shareholders called for the purpose of electing Directors and voting on the Proposed Agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held onJuly 31-August 2, 2018 is set forth below.

At a meeting of the AB Boards held on July31-August 2, 2018, the Adviser presented its recommendation that the Boards consider and approve the Proposed Agreements. Section 15(c) of the 1940 Act provides that, after an initial period, a Fund’s Current Agreement and currentsub-advisory agreement, as applicable, will remain in effect only if the Board, including a majority of the Independent Directors, annually reviews and approves them. Each of the Current Agreements had been approved by a Board within theone-year period prior to approval of its related Proposed Agreement, except that the Current Agreements for certain FlexFee funds were approved in February 2017. In connection with their approval of the Proposed Agreements, the Boards considered their conclusions in connection with their most recent approvals of the Current Agreements, in particular in cases where the last approval of a Current Agreement was relatively recent, including the Boards’ general satisfaction with the nature and quality of services being provided and, as applicable, in the case of

118    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

certain Funds, actions taken or to be taken in an effort to improve investment performance or reduce expense ratios. The Directors also reviewed updated information provided by the Adviser in respect of each Fund. Also in connection with their approval of the Proposed Agreements, the Boards considered a representation made to them at that time by the Adviser that there were no additional developments not already disclosed to the Boards since their most recent approvals of the Current Agreements that would be a material consideration to the Boards in connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

The Directors considered their knowledge of the nature and quality of the services provided by the Adviser to each Fund gained from their experience as directors or trustees of 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 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 each Fund.

The Directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the Directors evaluated, among other things, the reasonableness of the management fees of the Funds they oversee. The Directors did not identify any particular information that wasall-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 Funds, and the overall arrangements between the Funds and the Adviser, as provided in the Proposed Agreements, including the management fees, were fair and reasonable in light of the services performed under the Current Agreements and to be performed under the Proposed Agreements, expenses incurred and to be 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 to be provided by the Adviser under the Proposed Agreements, including the quality of the

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    119

investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. They also considered the information that had been provided to them by the Adviser concerning the anticipated implementation of the Plan and the Adviser’s representation that it did not anticipate that such implementation would affect the management or structure of the Adviser, have a material adverse effect on the Adviser, or adversely affect the quality of the services provided to the Funds by the Adviser and its affiliates. The Directors noted that the Adviser from time to time reviews each 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 each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds 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 did not request any reimbursements from certain Funds in the Fund’s latest fiscal year reviewed. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors of each Fund concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Funds under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability

The Directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2016 and 2017, as applicable, that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. 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 a Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund, as applicable. The Directors recognized that it is difficult to make comparisons of the profitability of the Proposed Agreements with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is

120    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

affected by numerous factors. The Directors focused on the profitability of the Adviser’s relationship with each Fund before taxes and distribution expenses, as applicable. The Directors noted that certain Funds were not profitable to the Adviser in one or more periods reviewed. The Directors concluded that the Adviser’s level of profitability from its relationship with the other Funds was not unreasonable. The Directors were unable to consider historical information about the profitability of certain Funds that had recently commenced operations and for which historical profitability information was not available. The Adviser agreed to provide the Directors with profitability information in connection with future proposed continuances of the Proposed Agreements.

Fall-Out Benefits

The Directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds, including, but not limited to, as applicable, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients) in the case of certain Funds;12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the shares of most of the Funds; brokerage commissions paid by certain Funds to brokers affiliated with the Adviser; and transfer agency fees paid by most of the Funds to a wholly owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be somewhat lower, and that a 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 Funds.

Investment Results

In addition to the information reviewed by the Directors in connection with the Board meeting at which the Proposed Agreements were approved, the Directors receive detailed performance information for the Funds at each regular Board meeting during the year.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ underperformance in certain periods. The Directors also reviewed updated performance information and, in some cases, discussed with the Adviser the reasons for changes in performance or continued underperformance. On the basis of this review, the Directors concluded that each Fund’s investment performance was acceptable.

Management Fees and Other Expenses

The Directors considered the management fee rate payable by each Fund to the Adviser and information prepared by an independent service provider (the ‘‘15(c) provider’’) concerning management fee rates payable by

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    121

other funds in the same category as the Fund. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.

The Directors also considered the Adviser’s fee schedule for other clients pursuing a similar investment style to each Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Funds’ Senior Analyst and noted the differences between a 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 anysub-advised funds pursuing a similar investment strategy as the Fund, on the other, as applicable. 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 also informed the Directors that, in the case of certain Funds, there were no institutional products managed by the Adviser that have a substantially similar investment style. The Directors also discussed these matters with their independent fee consultant.

The Adviser reviewed with the Directors the significantly greater scope of the services it provides to each Fund relative to institutional, offshore fund andsub-advised fund clients, as applicable. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore orsub-advisory accounts, each Fund, as applicable, (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows (in the case ofopen-end Funds); (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,

122    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

offshore fund andsub-advised fund clients as compared to the Funds, 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 many of the Funds may invest 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 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 each Fund’s management fee would be for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

With respect to each Fund’s management fee, the Directors considered the total expense ratio of the Fund in comparison to a peer group and peer universe selected by the 15(c) service provider. The Directors also considered the Adviser’s expense caps for certain Funds. 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 a Fund by others.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ expense ratios in certain periods. The Directors also reviewed updated expense ratio information and, in some cases, discussed with the Adviser the reasons for the expense ratios of certain Funds. On the basis of this review, the Directors concluded that each Fund’s expense ratio was acceptable.

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale

The Directors noted that the management fee schedules for certain Funds do 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 Funds, and 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 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

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    123

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 each 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 asset levels of the Funds without breakpoints and their profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warrant doing so.

The Directors did not consider the extent to which fee levels in the Advisory Agreement for the ACS Funds reflect economies of scale because that Advisory Agreement does not provide for any compensation to be paid to the Adviser by the ACS Funds and the expense ratio of each of those Funds is zero.

Interim Advisory Agreements

In approving the Interim Advisory Agreements, the Boards, with the assistance of independent counsel, considered similar factors to those considered in approving the Proposed Agreements. The Interim Advisory Agreements approved by the Boards are identical to the Proposed Agreements, as well as the Current Agreements, in all material respects except for their proposed effective and termination dates and provisions intended to comply with the requirements of the relevant SEC rule, such as provisions requiring escrow of advisory fees. Under the Interim Advisory Agreements, the Adviser would continue to manage a Fund pursuant to an Interim Advisory Agreement until a new advisory agreement was approved by stockholders or until the end of the150-day period, whichever would occur earlier. All fees earned by the Adviser under an Interim Advisory Agreement would be held in escrow pending shareholder approval of the Proposed Agreement. Upon approval of a new advisory agreement by stockholders, the escrowed management fees would be paid to the Adviser, and the Interim Advisory Agreement would terminate.

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

The disinterested directors (the “directors”) of AB Unconstrained Bond Fund, Inc. (the “Fund”) unanimously approved the continuance of the Fund’s Advisory Agreement with the Adviser at a meeting held onNovember 6-8, 2018 (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

124    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

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 materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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

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

Nature, Extent and Quality of Services Provided

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

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    125

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 retained by the Fund’s former Senior Officer/Independent Compliance Officer. 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 2016 and 2017 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. 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.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to12b-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.

126    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the 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 the1-,3-,5- and10-year periods ended July 31, 2018 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 took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other clients pursuing a similar investment style to 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 anysub-advised funds pursuing a similar investment strategy as 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 discussed these matters with their 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 andsub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore orsub-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;

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    127

(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 andsub-advised fund clients as compared to the Fund, 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 Investment Company Act of 1940 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 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 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 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

128    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

certain of its views on economies of scale. The directors also discussed economies of scale with their independent fee consultant. 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.

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    129

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

AB FAMILY OF FUNDS

US EQUITY

US CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

US GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

INTERNATIONAL/ GLOBAL CORE

FlexFee^™ International Strategic Core Portfolio

Global Core Equity Portfolio

International Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL GROWTH

Concentrated International Growth Portfolio

FlexFee^™ Emerging Markets Growth Portfolio

INTERNATIONAL/ GLOBAL EQUITY(continued)

Sustainable International Thematic Fund

INTERNATIONAL/ GLOBAL 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 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

FlexFee^™ High Yield Portfolio

FlexFee^™ International Bond Portfolio

Global Bond Fund

High Income Fund

Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

TARGET-DATE

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

Multi-Manager Select 2060 Fund

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

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

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

130    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

NOTES

abfunds.com AB UNCONSTRAINED BOND FUND    ^|    131

NOTES

132    ^|    AB UNCONSTRAINED BOND FUND abfunds.com

AB UNCONSTRAINED BOND FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

UB-0152-0419                

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this FormN-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 Rule30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this FormN-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of theSarbanes-Oxley Act of 2002

SIGNATURES

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

(Registrant): AB Unconstrained Bond Fund, Inc.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President

Date: June 26, 2019

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/ Robert M. Keith
	Robert M. Keith
	President

Date: June 26, 2019

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

Date: June 26, 2019