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

AB Multi-Manager Alternative Fund

Consolidated Portfolio of Investments

December 31, 2020 (unaudited)

Underlying Portfolios	Shares		Fair Value ($)		% Net Assets			Liquidity*
Global Macro
Alphadyne International Fund, Ltd.		62,221	$	95,541,768		9.9	%		Quarterly
Autonomy Global Macro Fund Limited		86,879		15,940,208		1.6			Monthly
Brevan Howard Alpha Strategies Fund Limited		450,000		46,118,500		4.7			Monthly
Brevan Howard AS Macro Fund Limited		246,191		29,685,729		3.1			Monthly
Graham Global Investment Fund II SPC, Ltd. - Quant Macro Segregated Portfolio		196,530		29,454,926		3.0			Weekly
Pharo Macro Fund, Ltd.		7,720		36,759,744		3.8			Quarterly
The Tudor BVI Global Fund, Ltd.		6,303		63,849,191		6.6			Quarterly
				317,350,066		32.7
Long/Short Equity
Coatue Offshore Fund, Ltd.		101,112		40,649,561		4.2			Quarterly
Janchor Partners Pan-Asian Fund		252,641		35,639,932		3.7			Triennially
Nokota LC, LLC		1,317		249,014		0.0			At Fund’s Discretion
PFM Healthcare Offshore Fund, Ltd.		1,113		1,699,736		0.2			At Fund’s Discretion
Renaissance Institutional Diversified Global Equities Onshore Fund LP		33,420		24,024,739		2.5			Monthly
Schonfeld Fundamental Equity Offshore Fund, Ltd.		39,203		48,956,352		5.0			Quarterly
The Children’s Investment Fund		156,000		29,908,320		3.1			Triennially
Think Investments Offshore, Ltd.		20,265		51,107,532		5.3			Semi-Annual
Two Creeks Capital Offshore Fund, Ltd.		25,839		33,765,984		3.5			Quarterly
Total				266,001,170		27.5
Multi-Strategy
Elliott International Limited		47,602		74,091,084		7.6			Quarterly
Hudson Bay International Fund Ltd.		40,000		42,302,737		4.4			Quarterly
LMR Fund Limited		206,673		39,211,838		4.0			Quarterly
Myriad Opportunities Offshore Fund Limited		895		1,032,301		0.1			At Fund’s Discretion
Schonfeld Strategic Partners Offshore Fund, Ltd.		37,700		45,356,780		4.7			Monthly
Total				201,994,740		20.8
Event Driven
Empyrean Capital Overseas Fund, Ltd.		19,355		21,676,679		2.2			Quarterly
Indaba Capital Partners (Cayman), LP		31,293		46,405,009		4.8			Quarterly
Lion Point International, Ltd.		27,397		36,627,656		3.8			Semi-Annual
Luxor Capital Partners Offshore Liquidating SPV, Ltd.		2,317		2,088,948		0.2			At Fund’s Discretion
Senator Global Opportunity Offshore Fund II, Ltd.		22,834		28,982,418		3.0			Quarterly
Senator Global Opportunity Offshore Fund Ltd.		8,000		10,156,337		1.1			Quarterly
Total				145,937,047		15.1
Credit/Distressed
Caius Capital International Fund		11,264		14,205,937		1.5			Quarterly
King Street Capital, Ltd.		31,867		3,118,143		0.3			At Fund’s Discretion
Silver Point Capital Offshore Fund, Ltd.		454		7,887,244		0.8			Annual
Waterfall Eden Fund, Ltd.		10,634		15,225,157		1.6			Quarterly
Wingspan Overseas Fund, Ltd.		119		66,743		0.0			Fund in Liquidation
Total				40,503,224		4.2
Total Underlying Portfolios (cost $767,356,451)				971,786,247		100.3

1

Company	Shares		Fair Value ($)			% Net Assets
Short-Term Investments
Investment Companies
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.03%(a) (b) (c) (cost $26,899,000)		26,899,000	$	26,899,000			2.8	%
Total Investments (cost $794,255,451)(d)				998,685,247			103.1
Other assets less liabilities				(30,037,060	)		(3.1	)
Net Assets			$	968,648,187			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

2,515

04/15/2021

$

25,043

Barclays Commodity Strategy 1673 Index

0.30

%

Quarterly

USD

1,374

04/15/2021

(20,089

)

Goldman Sachs & Co.

BMC Stock Holdings, Inc.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,008

01/05/2023

693,466

Eaton Vance Corp.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,914

01/05/2023

387,122

Eidos Therapeutics Inc.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,101

01/05/2023

1,307,842

Fitbit, Inc.

1 Month LIBOR Plus 0.35

%

Maturity

USD

2,121

01/05/2023

102,457

Maxim Integrated Products.

1 Month LIBOR Plus 0.35

%

Maturity

USD

4,029

01/05/2023

882,624

National General Holdings

1 Month LIBOR Plus 0.35

%

Maturity

USD

4,001

01/05/2023

21,217

Navistar International Corp.

1 Month LIBOR Plus 0.35

%

Maturity

USD

614

01/05/2023

5,248

Norbord, Inc.

1 Month CDOR Plus 0.35

%

Maturity

CAD

3,881

01/27/2022

165,318

RSA Insurance Group PLC

1 Month LIBOR Plus 0.35

%

Maturity

GBP

2,496

01/05/2023

9,826

Slack Technologies, Inc.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,068

01/05/2023

(55,399

)

Tele Columbus AG

1 Month EURIBOR Plus 0.35

%

Maturity

EUR

705

01/27/2022

(1,839

)

Tiffany & Co.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,450

01/05/2023

161,873

Varian Medical Systems, Inc.

1 Month LIBOR Plus 0.35

%

Maturity

USD

3,469

01/05/2023

32,248

2

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA
BMC Stock Holdings, Inc.		1 Month LIBOR Plus 0.40	%		Maturity		USD	1,591		08/12/2022	$	424,606
Concho Resources, Inc.		1 Month LIBOR Plus 0.40	%		Maturity		USD	3,744		08/12/2022		690,839
Fiat Chrysler Automobiles NV		1 Month EURIBOR Plus 0.40	%		Maturity		EUR	3,300		08/12/2022		1,967,647
Grandvision NV		1 Month EURIBOR Plus 0.40	%		Maturity		EUR	2,389		08/12/2022		(93,275	)
IHS Markit Ltd.		1 Month LIBOR Plus 0.40	%		Maturity		USD	3,690		08/12/2022		(27,693	)
Inphi Corp.		1 Month LIBOR Plus 0.40	%		Maturity		USD	3,935		08/12/2022		434,924
JMABC02E		0.40	%		Quarterly		USD	1,434		05/17/2021		(53,312	)
JMABRG34		0.60	%		Quarterly		USD	551		04/15/2021		(7,920	)
JPABSAA1(1)		0.14	%		Maturity		USD	28,044		01/29/2021		(49,305	)
Kazakhmys PLC		1 Month LIBOR Plus 0.40	%		Maturity		GBP	1,224		08/12/2022		84,444
Parsley Energy, Inc.		1 Month LIBOR Plus 0.40	%		Maturity		USD	1,295		08/12/2022		272,075
PNM Resources, Inc.		1 Month LIBOR Plus 0.40	%		Maturity		USD	3,710		08/12/2022		(84,368	)
TCF Financial Corp.		1 Month LIBOR Plus 0.40	%		Maturity		USD	2,864		08/12/2022		55,084
William Hill		1 Month LIBOR Plus 0.40	%		Maturity		GBP	2,712		08/12/2022		34,251
Morgan Stanley Capital Services, LLC
Acacia Communications, Inc.		1 Month LIBOR Plus 0.30	%		Maturity		USD	3,202		12/13/2021		281,270
Aerojet Rocketdyne Holdings		1 Month LIBOR Plus 0.30	%		Maturity		USD	2,479		12/13/2021		30,644
Alexion Pharmaceuticals, Inc.		1 Month LIBOR Plus 0.30	%		Maturity		USD	1,706		12/13/2021		(5,669	)
Calisen PLC		1 Month LIBOR Plus 0.50	%		Maturity		GBP	1,544		12/13/2021		2,535
Gocompare.com Group PLC		1 Month LIBOR Plus 0.50	%		Maturity		GBP	8		12/13/2021		129
Grubhub, Inc.		1 Month LIBOR Plus 0.30	%		Maturity		USD	3,775		12/13/2021		(39,121	)
Imimobile PLC		1 Month LIBOR Plus 0.50	%		Maturity		GBP	1,258		12/13/2021		10,244
Morgan Stanley Volume B3U Index		0.50	%		Quarterly		USD	2,956		05/17/2021		25,870
MSUSABBD		0.00	%		Quarterly		USD	14,517		05/17/2021		(13,090	)
MSUSABDM		0.00	%		Quarterly		USD	25,197		10/15/2021		(130,304	)
MSUSABEE		0.00	%		Quarterly		USD	4,101		05/17/2021		28,768
MSUSABEM(2)		0.00	%		Quarterly		USD	32,858		10/15/2021		(257,334	)
MSUSABEQ		0.00	%		Quarterly		USD	8,029		10/15/2021		79,286

3

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

MTS Systems Corp.

1 Month LIBOR Plus 0.30

%

Maturity

USD

618

12/13/2021

$

4,699

Progenics Pharmaceuticals

1 Month LIBOR

Maturity

USD

0

**

12/13/2021

0

Sportsman’s Warehouse Holdings, Inc.

1 Month LIBOR Plus 0.30

%

Maturity

USD

372

12/13/2021

2,072

TCF Financial Corp.

1 Month LIBOR Plus 0.30

%

Maturity

USD

66

12/13/2021

588

Tikkurila OY

1 Month EURIBOR Plus 0.50

%

Maturity

EUR

762

12/13/2021

10,668

Willis Towers Watson PLC

1 Month LIBOR Plus 0.30

%

Maturity

USD

3,898

12/13/2021

783,644

Xilinx, Inc.

1 Month LIBOR Plus 0.30

%

Maturity

USD

3,974

12/13/2021

483,062

Pay Total Return on Reference Obligation

Goldman Sachs & Co.

Analog Devices, Inc.

1 Month Minus 0.29

%

Maturity

USD

4,230

01/05/2023

(888,975

)

BridgeBio Pharma, Inc.

1 Month Minus 0.36

%

Maturity

USD

3,100

01/05/2023

(1,264,627

)

Builders Firstsource, Inc.

1 Month Minus 0.29

%

Maturity

USD

3,002

01/05/2023

(665,508

)

Morgan Stanley

1 Month Minus 0.29

%

Maturity

USD

2,303

01/05/2023

(615,801

)

Salesforce.com, Inc.

1 Month Minus 0.29

%

Maturity

USD

1,254

01/05/2023

12,057

West Fraser Timber Co. Ltd.

1 Month CDOR Minus 0.30

%

Maturity

CAD

3,898

01/27/2022

(175,108

)

JPMorgan Chase Bank, NA

Builders Firstsource, Inc.

1 Month LIBOR Minus 0.30

%

Maturity

USD

1,588

08/12/2022

(414,416

)

ConocoPhillips

1 Month LIBOR Minus 0.30

%

Maturity

USD

3,747

08/12/2022

(579,748

)

Huntington Bancshares

1 Month LIBOR Minus 0.30

%

Maturity

USD

2,934

08/12/2022

(59,033

)

Marvell Technology Group Ltd.

1 Month LIBOR Minus 0.30

%

Maturity

USD

2,708

08/12/2022

(459,585

)

Peugeot SA

1 Month EURIBOR Minus 0.30

%

Maturity

EUR

2,890

08/12/2022

(1,279,918

)

Pioneer Natural Resources Co.

1 Month LIBOR Minus 0.30

%

Maturity

USD

1,300

08/12/2022

(272,910

)

4

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation/ (Depreciation)
S&P Global, Inc.		1 Month LIBOR Minus 0.30	%		Maturity		USD	3,832		08/12/2022	$	(6,537	)
Morgan Stanley Capital Services, LLC
Advanced Micro Devices		1 Month LIBOR Minus 0.29	%		Maturity		USD	4,430		12/13/2021		(612,072	)
AON PLC		1 Month LIBOR Minus 1.10	%		Maturity		USD	4,221		12/13/2021		(904,723	)
Astrazeneca PLC		1 Month LIBOR Minus 0.21	%		Maturity		USD	1,159		12/13/2021		8,520
Future PLC		1 Month LIBOR Minus 0.30	%		Maturity		GBP	5		12/13/2021		263
Huntington Bancshares		1 Month LIBOR Minus 0.29	%		Maturity		USD	68		12/13/2021		(961	)
Takeaway.com Holding BV		1 Month EURIBOR Minus 0.35	%		Maturity		EUR	3,151		12/13/2021		150,964
											$	634,797

** Notional amount less than 500.

(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 December 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $227,690,455 and gross unrealized depreciation of investments was $(22,625,862), resulting in net unrealized appreciation of $205,064,593.

* 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.

5

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:

BRL – Brazilian Real

CAD – Canadian Dollar

CLP – Chilean Peso

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

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

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

(1) The following table represents the 50 largest (long/(short)) equity basket holdings underlying the total return swap with JPABSAA1 as of December 31, 2020.

Security Description	Shares			Current Notional				Percent of Basket’s Value
S&P 500 Total Return		(1,960	)		$	(15,206,207	)		(54.2)%
MSCI Daily TR Gross EAFE		(848	)			(7,935,888	)		(28.3)%
JPMorgan Cash Index		(13,834	)			(4,213,968	)		(15.0)%
Microsoft Corp.		5,336				1,186,761			4.2%
MSCI Daily TR Gross Canada		(95	)			(813,116	)		(2.9)%
Apple, Inc.		5,787				767,868			2.7%
Roche Holding AG		1,767				617,587			2.2%
Oracle Corp.		9,277				600,130			2.1%
Procter & Gamble Co./The		4,077				567,241			2.0%
Amazon.com, Inc.		172				558,758			2.0%
Walmart, Inc.		3,755				541,283			1.9%
UnitedHealth Group, Inc.		1,520				532,869			1.9%
Alphabet, Inc.		297				520,163			1.9%
AutoZone, Inc.		420				497,611			1.8%
Texas Instruments, Inc.		3,013				494,586			1.8%
Home Depot, Inc./The		1,846				490,259			1.7%
Facebook, Inc.		1,735				473,802			1.7%
Koninklijke Ahold Delhaize NV		16,326				461,640			1.6%
Enel SpA		44,296				448,543			1.6%
L3Harris Technologies, Inc.		2,306				435,841			1.6%

6

Security Description	Shares		Current Notional			Percent of Basket’s Value
Citrix Systems, Inc.		3,323		$	432,321		1.5	%
Constellation Software, Inc./Canada		333			432,304		1.5	%
Automatic Data Processing, Inc.		2,440			429,985		1.5	%
Paychex, Inc.		4,431			412,879		1.5	%
Aristocrat Leisure, Ltd.		16,222			388,050		1.4	%
Deckers Outdoor Corp.		1,348			386,531		1.4	%
Nippon Telegraph & Telephone Co.		15,001			384,372		1.4	%
Salmar ASA		6,464			380,185		1.4	%
Auto Trader Group PLC		461			375,511		1.3	%
Check Point Software Technology		2,807			373,033		1.3	%
RELX PLC		15,207			372,686		1.3	%
Swedish Match AB		4,509			350,139		1.2	%
Partners Group Holding AG		296			348,090		1.2	%
Ameren Corp.		4,400			343,455		1.2	%
Taiwan Semiconductor Manufacturing Co., Ltd.		3,112			339,306		1.2	%
Anthem, Inc.		1,045			335,541		1.2	%
Merck & Co., Inc.		4,034			330,010		1.2	%
Booz Allen Hamilton Holding Co.		3,605			314,295		1.1	%
Visa, Inc.		1,428			312,241		1.1	%
Novo Nordisk A/S		4,439			311,307		1.1	%
CME Group, Inc.		1,695			308,617		1.1	%
Comcast Corp.		5,773			302,501		1.1	%
Capgemini SE		1,920			297,813		1.1	%
Oracle Corp./Japan		2,262			294,733		1.1	%
Royal Dutch Shell PLC		171			293,742		1.0	%
Electronic Arts, Inc.		2,035			292,267		1.0	%
Wolters Kluwer NV		3,448			291,373		1.0	%
Sampo Oyj		6,627			280,319		1.0	%
Dollar General Corp.		1,315			276,574		1.0	%
Mastercard, Inc.		761			271,730		1.0	%
Other Long		296,671			8,673,792		30.9	%

(2) The following table represents the (long/(short)) basket holdings underlying the total return swap with MSUSABEM as of December 31, 2020.

Security Description	Current Notional				Percent of Basket’s Value
CNY/USD 01/29/2021		$	3,482,978			10.6%
CLP/USD 01/29/2021			(2,684,522	)		(8.2)%
PEN/USD 01/29/2021			(2,638,520	)		(8.0)%
INR/USD 01/29/2021			2,079,929			6.3%
COP/USD 01/29/2021			(2,040,499	)		(6.2)%
CZK/USD 01/29/2021			(1,899,209	)		(5.8)%
THB/USD 01/29/2021			1,843,350			5.6%
RUB/USD 01/29/2021			1,498,338			4.6%
TWD/USD 01/29/2021			(1,485,194	)		(4.5)%
PHP/USD 01/29/2021			1,150,040			3.5%
HUF/USD 01/29/2021			(975,891	)		(3.0)%
MXN/USD 01/29/2021			768,884			2.3%
TRY/USD 01/29/2021			703,167			2.1%
PLN/USD 01/29/2021			(653,880	)		(2.0)%
MYR/USD 01/29/2021			335,154			1.0%
KRW/USD 01/29/2021			289,153			0.9%
BRL/USD 01/29/2021			170,863			0.5%
IDR/USD 01/29/2021			(92,003	)		(0.3)%
ZAR/USD 01/29/2021			(3,286	)		0.0%

7

AB Multi-Manager Alternative Fund

December 31, 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)

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

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to the issuance of the report are not reflected herein.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2020:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Short-Term Investments:
Investment Companies	$	26,899,000	$	—		$	—	$	26,899,000
Investments valued at NAV									971,786,247
Total Investments in Securities		26,899,000		—			—		998,685,247
Other Financial Instruments(a):
Assets:
Total Return Swaps		—		9,673,437			—		9,673,437
Liabilities:
Total Return Swaps		—		(9,038,640	)		—		(9,038,640	)
Total	$	26,899,000	$	634,797		$	—	$	999,320,044

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2020 is as follows:

Fund	Market Value 03/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	34,000	$	159,300	$	166,401	$	26,899	$	0

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