AB Multi-Manager Alternative Fund NPORT-P AB Multi-Manager Alternative Fund (Jun 2020 report)

AB Multi-Manager Alternative Fund

Consolidated Portfolio of Investments

June 30, 2020 (unaudited)

Underlying Portfolios	Shares		Fair Value ($)		% Net Assets			Liquidity*
Global Macro
Alphadyne International Fund, Ltd.		62,221	$	86,750,295		9.1	%		Quarterly
Autonomy Global Macro Fund Limited		148,718		21,919,100		2.3			Monthly
Brevan Howard Alpha Strategies Fund Limited		30,000		29,382,000		3.1			Monthly
Brevan Howard AS Macro Fund Limited		280,000		32,799,200		3.4			Monthly
Graham Global Investment Fund II SPC, Ltd. - Quant Macro Segregated Portfolio		196,530		27,347,639		2.9			Weekly
Pharo Macro Fund, Ltd.		7,494		31,967,392		3.4			Quarterly
Rokos Global Macro Fund Limited		50,602		7,998,879		0.8			Monthly
The Tudor BVI Global Fund, Ltd.		5,303		57,656,774		6.1			Quarterly
Total				295,821,279		31.1
Long/Short Equity
Coatue Offshore Fund, Ltd.		115,630		34,246,471		3.6			Quarterly
Darsana Overseas Fund, Ltd.		13,033		21,756,356		2.3			Quarterly
Janchor Partners Pan-Asian Fund		252,641		31,905,433		3.4			Triennially
Nokota LC, LLC		1,317		459,436		0.1			At Fund’s Discretion
PFM Healthcare Offshore Fund, Ltd.		1,196		1,092,589		0.1			At Fund’s Discretion
Schonfeld Fundamental Equity Offshore Fund, Ltd.		39,203		44,623,215		4.7			Quarterly
The Children's Investment Fund		156,000		24,719,760		2.6			Triennially
Think Investments Offshore, Ltd.		19,979		37,303,283		3.9			Semi-Annual
Two Creeks Capital Offshore Fund, Ltd.		17,839		22,017,541		2.3			Quarterly
Total				218,124,084		23.0
Multi-Strategy
Elliott International Limited		41,502		64,280,187		6.8			Semi-Annual
LMR Fund Limited		206,673		35,146,294		3.7			Quarterly
Myriad Opportunities Offshore Fund Limited		895		894,845		0.1			Quarterly
Renaissance Institutional Diversified Global Equities Onshore Fund LP		45,443		38,584,540		4.1			Monthly
Schonfeld Strategic Partners Offshore Fund, Ltd.		37,700		41,333,900		4.3			Monthly
Total				180,239,766		19.0
Event Driven
Empyrean Capital Overseas Fund, Ltd.		34,984		36,926,217		3.9			Quarterly
Indaba Capital Partners (Cayman), LP		31,293		37,548,998		3.9			Quarterly
Lion Point International, Ltd.		27,397		30,099,153		3.2			Semi-Annual
Luxor Capital Partners Liquidating SPV, Ltd.		2,317		2,116,587		0.2			At Fund's Discretion
Senator Global Opportunity Offshore Fund II, Ltd.		17,831		22,833,738		2.4			Quarterly
Total				129,524,693		13.6
Credit/Distressed
Caius Capital International Fund		22,527		26,192,973		2.8			Quarterly
King Street Capital, Ltd.		32,206		3,211,226		0.3			Quarterly
Silver Point Capital Offshore Fund, Ltd.		966		14,621,794		1.5			Annual
Waterfall Eden Fund, Ltd.		15,951		20,826,346		2.2			Quarterly
Wingspan Overseas Fund, Ltd.		363		209,639		0.0			Fund in Liquidation
Total				65,061,978		6.8
Total Underlying Portfolios (cost $776,582,726)				888,771,800		93.5

1

Company	Shares		Fair Value ($)		% Net Assets
Short-Term Investments
Investment Companies
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.13% (a) (b) (c) (cost $28,799,000)		28,799,000	$	28,799,000		3.0	%
Total Investments
(cost $805,381,726) (d)				917,570,800		96.5
Other assets less liabilities				33,070,138		3.5
Net Assets			$	950,640,938		100.0	%

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency			Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Barclays Bank PLC
Barclays Commodity Hedging Insights 2		0.02	%		Quarterly	USD		2,451		04/15/2021	$	48,300
Barclays Commodity Strategy 1673 Index		0.30	%		Quarterly	USD		1,403		04/15/2021		(39,182	)
Goldman Sachs & Co.
Advanced Disposal Services		1 Month LIBOR Plus 0.35	%		Maturity	USD		3,372		01/05/2021		(340,687	)
Fitbit Inc.		1 Month LIBOR Plus 0.35	%		Maturity	USD		2,107		01/05/2021		(218,176	)
Iberiabank Corp.		1 Month LIBOR Plus 0.35	%		Maturity	USD		3,244		01/05/2021		(7,453	)
Portola Pharmaceuticals, Inc.		1 Month LIBOR Plus 0.35	%		Maturity	USD		2,153		01/05/2021		19,924
TD Ameritrade Holding Corp.		1 Month LIBOR Plus 0.35	%		Maturity	USD		2,970		01/05/2021		11,917
Tiffany & Co.		1 Month LIBOR Plus 0.35	%		Maturity	USD		3,201		01/05/2021		(246,454	)
Wright Medical Group NV		1 Month LIBOR Plus 0.35	%		Maturity	USD		3,582		01/05/2021		42,431
JPMorgan Chase Bank, NA
Delphi Technologies PLC		1 Month LIBOR Plus 0.40	%		Maturity	USD		3,061		08/14/2020		966,577
E*Trade Group, Inc.		1 Month LIBOR Plus 0.40	%		Maturity	USD		3,539		08/14/2020		414,678
Faurecia		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		430		08/14/2020		(5,163	)
Fiat Chrysler Automobiles NV		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		2,722		08/14/2020		142,246
Grandvision NV		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		2,375		08/14/2020		(102,036	)

2

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency			Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Ingenico Group		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		2,100		08/14/2020	$	333,200
JMABC02E		0.40	%		Quarterly	USD		1,482		05/17/2021		(46,614	)
JMABRG34		0.60	%		Quarterly	USD		589		04/15/2021		(98,924	)
JPABSAA1(1)		0.14	%		Maturity	USD		28,481		06/30/2020		(3,970	)
Legg Mason, Inc.		1 Month LIBOR Plus 0.40	%		Maturity	USD		3,332		08/14/2020		45,396
Qiagen NV		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		2,260		08/14/2020		110,067
Rib Software SE		1 Month EURIBOR Plus 0.40	%		Maturity	EUR		1,718		08/14/2020		69,117
Taubman Centers, Inc.		1 Month LIBOR Plus 0.40	%		Maturity	USD		1,146		08/14/2020		(355,427	)
Transat A.T., Inc.		1 Month CDOR Plus 0.40	%		Maturity	CAD		729		08/14/2020		(755,521	)
Morgan Stanley Capital Services, LLC
Acacia Communications, Inc.		1 Month LIBOR Plus 0.30	%		Maturity	USD		3,580		12/11/2020		48,677
Caesars Entertainment Corp.		1 Month LIBOR Plus 0.30	%		Maturity	USD		3,424		12/11/2020		276,326
Meet Group, Inc./The		1 Month LIBOR Plus 0.30	%		Maturity	USD		1,056		12/11/2020		35,550
Morgan Stanley Volume B3U Index		0.50	%		Quarterly	USD		2,840		05/17/2021		112,387
MSUSABBD		0.00	%		Quarterly	USD		14,550		05/17/2021		7,272
MSUSABDM(2)		0.00	%		Quarterly	USD		25,266		10/15/2020		(7,665	)
MSUSABEE		0.00	%		Quarterly	USD		4,066		05/17/2021		26,742
MSUSABEM(3)		0.00	%		Quarterly	USD		32,990		10/15/2020		340,967
MSUSABEQ		0.00	%		Quarterly	USD		8,024		10/15/2020		7,208
Netent AB		1 Month STIBOR Plus 0.45	%		Maturity	SEK		10,973		12/11/2020		(33,715	)
Osram Light AG		1 Month EURIBOR Plus 0.50	%		Maturity	EUR		897		12/11/2020		34,799
Willis Towers Watson PLC		1 Month LIBOR Plus 0.30	%		Maturity	USD		3,644		12/11/2020		549,140
Pay Total Return on Reference Obligation
Goldman Sachs & Co.
First Horizon National Corp.		1 Month LIBOR Minus 0.30	%		Maturity	USD		3,253		01/05/2021		631,753
Schwab (Charles) Corp.		1 Month LIBOR Minus 0.30	%		Maturity	USD		2,985		01/05/2021		751,284
JPMorgan Chase Bank, NA
Borg Warner		1 Month LIBOR Minus 0.31	%		Maturity	USD		3,275		08/14/2020		(570,313	)
Morgan Stanley		1 Month LIBOR Minus 0.30	%		Maturity	USD		3,586		08/14/2020		(199,383	)

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Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency			Current Notional (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Peugot SA		1 Month EURIBOR Minus 0.20	%		Maturity	EUR		2,530		08/14/2020	$	(228,874	)
Worldline SA		1 Month EURIBOR Minus 0.20	%		Maturity	EUR		1,791		08/14/2020		(308,962	)
Morgan Stanley Capital Services, LLC
Aon PLC		1 Month LIBOR Minus 0.30	%		Maturity	USD		3,848		12/11/2020		(539,243	)
Eldorado Resorts, Inc.		1 Month LIBOR Minus 0.58	%		Maturity	USD		1,016		12/11/2020		(86,072	)
Evolution Gaming Group		1 Month STIBOR Minus 0.40	%		Maturity	USD		11,183		12/11/2020		28,081
											$	860,205

(a) Affiliated investments.

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

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

(d) As of June 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $139,189,066 and gross unrealized depreciation of investments was $(26,139,787), resulting in net unrealized appreciation of $113,049,279.

* The investment strategies and liquidity of the Underlying Portfolios in which the Fund invests are as follows:

Global Macro Underlying Portfolios aim to identify and exploit imbalances in global economics and asset classes, typically utilizing macroeconomic and technical market factors rather than “bottom-up” individual security analysis. The Underlying Portfolios within this strategy are subject to 3 – 90 day redemption notice periods. The majority of the Underlying Portfolios are no longer subject to initial lockups. Certain Underlying Portfolios have lock up periods of up to one year.

Long/Short Equity Underlying Portfolios seek to buy securities with the expectation that they will increase in value (called “going long”) and sell securities short in the expectation that they will decrease in value (“going short”). Underlying Portfolios within this strategy are generally subject to 45 – 120 day redemption notice periods. The majority of the Underlying Portfolios are no longer subject to initial lockups. Certain Underlying Portfolios have lock up periods of up to three years.

Multi-Strategy Underlying Portfolios invest across multiple strategies, including long/short equity, event driven, global macro, credit/distressed and emerging markets, in which the investment process is predicated on movements in underlying economic variables and the impact these variables have on equity, fixed income, currency, commodity and other financial instrument markets. Underlying Portfolios within this strategy are generally subject to 45 – 90 day redemption notice periods. Certain Underlying Portfolios may have lock up periods of two years.

Event Driven Underlying Portfolios seek to take advantage of information inefficiencies resulting from a particular corporate event, such as a takeover, liquidation, bankruptcy, tender offer, buyback, spin (off, exchange offer, merger or other type of corporate reorganization. Underlying Portfolios within this strategy are generally subject to 60 – 90 day redemption notice periods. The majority of the Underlying Portfolios are no longer subject to initial lockups. Certain Underlying Portfolios have lock up periods of up to one year.

Credit/Distressed Underlying Portfolios invest in a variety of fixed income and other securities, including bonds (corporate and government), bank debt, asset-backed financial instruments, mortgage-backed securities and mezzanine and distressed securities, as well as securities of distressed companies and high yield securities. Underlying Portfolios within this strategy are generally subject to 60 – 90 day redemption notice periods. The majority of the Underlying Portfolios are no longer subject to initial lockups. Certain Underlying Portfolios may have lock up periods of one year.

The Fund may also make direct investments in securities (other than securities of Underlying Portfolios), options, futures, options on futures, swap contracts, or other derivative or financial instruments.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

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CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

CDOR – Canadian Dealer Offered Rate

EAFE – Europe, Australia, and Far East

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rates

MSCI – Morgan Stanley Capital International

STIBOR – Stockholm Interbank Offered Rate

(1) The following table represents the 50 largest (long/(short)) equity basket holdings underlying the total return swap in JPABSAA1 as of June 30, 2020.

Security Description	Shares			Current Notional				Percent of Basket’s Value
S&P 500 Total Return		(2,370	)		$	(14,757,693	)		(51.8	)%
MSCI Daily TR Gross EAFE		(1,050	)			(7,805,568	)		(27.4	)%
JPMorgan Cash Index		(16,850	)			(5,127,754	)		(18.0	)%
Microsoft Corp.		6,453				1,182,585			4.2	%
MSCI Daily TR Gross Canada		(117	)			(797,650	)		(2.8	)%
Roche Holding AG		2,126				746,596			2.6	%
Apple, Inc.		2,277				723,799			2.5	%
Walmart, Inc.		5,237				649,709			2.3	%
RELX PLC		26,848				626,912			2.2	%
Oracle Corp.		11,182				601,266			2.1	%
Koninklijke Ahold Delhaize NV		20,911				535,725			1.9	%
Procter & Gamble Co. (The)		4,376				507,229			1.8	%
Automatic Data Processing, Inc.		3,463				507,229			1.8	%
Citrix Systems, Inc.		3,424				507,229			1.8	%
Dollar General Corp.		2,634				504,380			1.8	%
Novo Nordisk A/S		7,542				495,831			1.7	%
UnitedHealth Group, Inc.		1,617				492,981			1.7	%
AutoZone, Inc.		425				487,282			1.7	%
Merck & Co., Inc.		5,931				478,733			1.7	%
Enel Spa		61,398				475,884			1.7	%
Oracle Corp./Japan		4,057				473,034			1.7	%
Home Depot, Inc. (The)		1,812				450,237			1.6	%
American Electric Power Co., Inc.		5,047				430,290			1.5	%
Constellation Software, Inc. (The)		374				430,290			1.5	%
L3Harris Technologies, Inc.		2,100				418,892			1.5	%
Amazon.com, Inc.		163				398,944			1.4	%

5

Security Description	Shares		Current Notional			Percent of Basket’s Value
Wolters Kluwer NV		4,920		$	396,095		1.4	%
Swedish Match AB		5,443			381,847		1.3	%
Auto Trader Group PLC		550			378,997		1.3	%
Check Point Software Technology		3,404			373,298		1.3	%
Alphabet, Inc.		259			370,448		1.3	%
Philip Morris International, Inc.		5,050			370,448		1.3	%
Fidelity National Information		2,648			367,599		1.3	%
Texas Instruments, Inc.		3,096			367,599		1.3	%
Salmar ASA		7,860			356,200		1.3	%
McDonald’s Corp.		1,912			356,200		1.3	%
Aristocrat Leisure, Ltd.		19,954			353,351		1.2	%
Vonovia SE		6,027			350,501		1.2	%
GlaxoSmithKline PLC		163			336,253		1.2	%
Nice, Ltd.		334,173			333,403		1.2	%
Partners Group Holding AG		398			333,403		1.2	%
Booz Allen Hamilton Holding Co.		4,144			330,554		1.2	%
S&P Global, Inc.		1,008			327,704		1.2	%
Nippon Telegraph & Telephone Co.		51			319,155		1.1	%
Astellas Pharma, Inc.		17,824			316,306		1.1	%
Nestle SA		2,886			316,306		1.1	%
Johnson & Johnson		2,069			307,757		1.1	%
Anthem, Inc.		1,027			302,058		1.1	%
PepsiCo, Inc.		2,274			299,208		1.1	%
Ameren Corp.		4,004			299,208		1.1	%
Other Long		582,471			8,118,517		28.5	%

(2) The following table represents the (long/(short)) basket holdings underlying the total return swap in MSUSABDM as of June 30, 2020.

Security Description	Current Notional				Percent of Basket’s Value
CHF/USD 07/31/2020		$	(2,660,520)			(10.5	)%
CAD/USD 07/31/2020			2,218,363			8.8	%
NOK/USD 07/31/2020			(2,182,991	)		(8.6	)%
SEK/USD 07/31/2020			1,447,747			5.7	%
EUR/USD 07/31/2020			1,442,694			5.7	%
AUD/USD 07/31/2020			(1,078,862	)		(4.3	)%
NZD/USD 07/31/2020			1,071,283			4.2	%
GBP/USD 07/31/2020			(613,966	)		(2.4	)%
JPY/USD 07/31/2020			234,975			0.9	%

(3) The following table represents the (long/(short)) basket holdings underlying the total return swap in MSUSABEM as of June 30, 2020.

Security Description	Current Notional				Percent of Basket’s Value
CLP/USD 07/31/2020		$	(2,236,733)			(6.8	)%
IDR/USD 07/30/2020			2,009,101			6.1	%
INR/USD 07/31/2020			1,943,121			5.9	%
CZK/USD 07/31/2020			(1,286,617	)		(3.9	)%
PEN/USD 07/31/2020			(1,134,862	)		(3.4	)%
MXN/USD 07/31/2020			1,016,097			3.1	%
RUB/USD 07/31/2020			976,509			3.0	%
TWD/USD 07/31/2020			(705,990	)		(2.1	)%
PHP/USD 07/30/2020			643,308			2.0	%
THB/USD 07/31/2020			(511,348	)		(1.6	)%
BRL/USD 07/31/2020			(498,152	)		(1.5	)%
KRW/USD 07/31/2020			(412,377	)		(1.3	)%

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Security Description	Current Notional				Percent of Basket’s Value
COP/USD 07/31/2020		$	303,510			0.9	%
ZAR/USD 07/31/2020			(65,980	)		(0.2	)%
CNY/USD 07/31/2020			(52,784	)		(0.2	)%
HUF/USD 07/31/2020			(3,299	)		0.0	%
PLN/USD 07/31/2020			(3,299	)		0.0	%

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AB Multi-Manager Alternative Fund

June 30, 2020 (unaudited)

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). 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)

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, by pricing vendors, 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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2020:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Short-Term Investments:
Investment Companies	$	28,799,000	$	—		$	—	$	28,799,000
Investments valued at NAV*									888,771,800
Total Investments in Securities		28,799,000		—			—		917,570,800
Other Financial Instruments(a):
Assets:
Total Return Swaps		—		5,054,039			—		5,054,039
Liabilities:
Total Return Swaps		—		(4,193,834	)		—		(4,193,834	)
Total	$	28,799,000	$	860,205		$	—	$	918,431,005

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

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* In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removed the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU was effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods, with application of the amendments noted above retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented herein. Accordingly, the total investments of the Underlying Portfolios with a fair value of $888,771,800 have not been categorized in the fair value hierarchy.

A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2020 is as follows:

Fund	Market Value 03/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 06/30/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	34,000	$	61,800	$	67,001	$	28,799	$	0

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