AB Multi-Manager Alternative Fund NPORT-P AB Multi-Manager Alternative Fund (Dec 2022 report)

AB Multi-Manager Alternative Fund

Consolidated Portfolio of Investments

December 31, 2022 (unaudited)

Underlying Portfolios	Shares		Fair Value ($)		% Net Assets			Liquidity*
Multi-Strategy
Elliott International Limited		48,511	$	96,827,828		9.3	%		Quarterly
Hudson Bay International Fund, Ltd.		54,803		56,533,944		5.5			Quarterly
LMR Multi-Strategy Fund Limited		206,673		48,942,852		4.7			Quarterly
Millennium International, Ltd.		14,004		15,247,732		1.5			Quarterly
Myriad Opportunities Offshore Fund Limited		32		0		0.0			At Fund’s Discretion
Point72 Capital International, Ltd.		500,000		54,820,067		5.3			Quarterly
Schonfeld Strategic Partners Offshore Fund, Ltd.		39,700		55,364,450		5.3			Monthly
Total				327,736,873		31.6
Global Macro
Alphadyne International Fund, Ltd.		36,754		50,248,192		4.8			Quarterly
Brevan Howard Alpha Strategies Fund Limited		483,136		59,184,754		5.7			Quarterly
Brevan Howard AS Macro Fund Limited		179,206		24,042,279		2.3			Monthly
Capula Tactical Macro Fund Limited		170,000		18,079,728		1.7			Monthly
GreshamQuant - ACAR Fund, Ltd.		13,000		12,074,522		1.2			Quarterly
John Street Systematic Fund Limited		129,970		29,031,847		2.8			Monthly
The Tudor BVI Global Fund, Ltd.		4,327		76,571,643		7.4			Quarterly
Total				269,232,965		25.9
Long/Short Equity
Coatue Offshore Fund, Ltd.		91,638		29,602,650		2.9			Quarterly
Janchor Partners Pan-Asian Fund		174,396		25,343,469		2.4			Triennially
Nokota LC, LLC		1,166		235,747		0.0			At Fund’s Discretion
PFM Healthcare Offshore Fund, Ltd.		344		230,624		0.0			At Fund’s Discretion
Schonfeld Fundamental Equity Offshore Fund, Ltd.		39,203		53,901,851		5.2			Quarterly
The Children’s Investment Fund		110,631		21,422,614		2.1			Biennial
Think Investments Offshore, Ltd.		15,451		37,489,544		3.6			Semi-Annual
Two Creeks Capital Offshore Fund, Ltd.		20,060		31,984,076		3.1			Quarterly
Total				200,210,575		19.3
Event Driven
Antara Capital Offshore Fund, Ltd		37,848		33,425,723		3.2			Quarterly
Indaba Capital Partners (Cayman), LP		17,727		21,604,442		2.1			Quarterly
Lion Point International, Ltd.		6,134		7,833,058		0.8			Semi-Annual
Luxor Capital Partners Offshore Liquidating SPV, Ltd.		2,317		2,358,420		0.2			At Fund’s Discretion
Senator Global Opportunity Offshore Fund II, Ltd.		13,890		15,620,810		1.5			Quarterly
Senator Global Opportunity Offshore Fund, Ltd.		11,278		12,364,772		1.2			Quarterly
Total				93,207,225		9.0
Credit/Distressed
Claren Road Credit Fund, Ltd.		43,000		44,855,772		4.3			Quarterly
King Street Capital, Ltd.		20,819		2,442,747		0.2			At Fund’s Discretion
LMR CCSA Fund Limited		185,763		21,801,647		2.1			Quarterly
Theorem Prime+ Yield Fund Offshore LP		20,000		19,166,409		1.9			Quarterly
Total				88,266,575		8.5
Total Underlying Portfolios (cost $764,172,068)				978,654,213		94.3

1

Company	Shares		Fair Value ($)		% Net Assets
Common Stocks
Special Purpose Acquisition Company
Elliott Opportunity II Corp. Class A(a) (cost $5,215,185)		535,800	$	5,400,864		0.5	%
Warrants
Special Purpose Acquisition Company
Elliott Opportunity II Corp., expiring 02/19/2023(a) (cost $142,815)		133,950		12,056		0.0
Short-Term Investments
Investment Companies
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.12%(b) (c) (d) (cost $50,574,336)		50,574,336		50,574,336		4.9
Total Investments (cost $820,104,404)(e)				1,034,641,469		99.7
Other assets less liabilities				2,683,894		0.3
Net Assets			$	1,037,325,363		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

Goldman Sachs International

1Life HealthCare, Inc.

SOFR Plus 0.35

%

Maturity

USD

51

07/15/2025

$

(89,311

)

Activision Blizzard, Inc.

SOFR Plus 0.35

%

Maturity

USD

259

07/15/2025

(386,065

)

EMIS Group PLC

SONIA Plus 0.35

%

Maturity

GBP

23

07/15/2025

27,963

Meridian Bioscience, Inc.

SOFR Plus 0.35

%

Maturity

USD

123

07/15/2025

86,997

Resolute Forest Products

SOFR Plus 0.35

%

Maturity

USD

56

07/15/2025

45,020

Shaw Communications, Inc.

1 Month CDOR Plus 0.35

%

Maturity

CAD

823

07/15/2025

544,791

Umpqua Holdings Corp.

SOFR Plus 0.35

%

Maturity

USD

162

07/15/2025

(237,804

)

JPMorgan Chase Bank, NA

Aveva Group PLC

SONIA Plus 0.35

%

Maturity

GBP

8

08/14/2023

9,118

Black Knight, Inc.

OBFR Plus 0.40

%

Maturity

USD

231

08/14/2023

(319,710

)

Christian Hansen Holding

1 Month CIBOR Minus 0.45

%

Maturity

DKK

81

10/18/2023

(10,783

)

Contourglobal PLC

SONIA Plus 0.35

%

Maturity

GBP

0

**

08/14/2023

333

Euronav NV

OBFR Plus 0.40

%

Maturity

USD

146

08/14/2023

(150,633

)

Evo Payments, Inc.

OBFR Plus 0.40

%

Maturity

USD

8

08/14/2023

(607

)

2

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation (Depreciation)

First Horizon Corp.

OBFR Plus 0.40

%

Maturity

USD

170

08/14/2023

$

42,428

Home Capital Group, Inc.

1 Month CDOR Plus 0.40

%

Maturity

CAD

5

08/14/2023

(3,369

)

Homeserve PLC

SONIA Plus 0.35

%

Maturity

GBP

54

08/14/2023

64,963

Imago Biosciences, Inc.

OBFR Plus 0.40

%

Maturity

USD

2

08/14/2023

1,157

LHC Group, Inc.

OBFR Plus 0.40

%

Maturity

USD

108

08/14/2023

(246,149

)

PNM Resources, Inc.

OBFR Plus 0.40

%

Maturity

USD

19

08/14/2023

(115,019

)

Poshmark, Inc.

OBFR Plus 0.40

%

Maturity

USD

2

08/14/2023

799

Silicon Motion Technology

OBFR Plus 0.40

%

Maturity

USD

456

08/14/2023

(509,212

)

South Jersey Industries, Inc.

OBFR Plus 0.40

%

Maturity

USD

87

08/14/2023

36,138

Summit Industrial Income REIT

1 Month CDOR Plus 0.40

%

Maturity

CAD

15

08/14/2023

2,360

VMware, Inc.

OBFR Plus 0.40

%

Maturity

USD

4

08/14/2023

(103,475

)

Yamana Gold, Inc.

OBFR Plus 0.40

%

Maturity

USD

222

08/14/2023

153,370

Morgan Stanley Capital Services LLC

Abiomed, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

0

**

10/18/2023

(1

)

Albertsons Companies, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

5

10/18/2023

(13,414

)

Altra Industrial Motion Corp.

FedFundEffective Plus 0.38

%

Maturity

USD

96

10/18/2023

84,281

Atlas Air Worldwide Holdings

FedFundEffective Plus 0.38

%

Maturity

USD

27

10/18/2023

3,024

Atlas Corp.

FedFundEffective Plus 0.38

%

Maturity

USD

0

**

10/18/2023

(265

)

Aveo Pharmaceuticals, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

23

10/18/2023

6,565

Coupa Software, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

9

10/18/2023

6,000

Forgerock, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

18

10/18/2023

4,397

Horizon Pharma PLC

FedFundEffective Plus 0.38

%

Maturity

USD

49

10/18/2023

42,002

IAA, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

94

10/18/2023

79,473

iRobot Corp.

FedFundEffective Plus 0.38

%

Maturity

USD

366

10/18/2023

(400,889

)

KnowBe4, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

2

10/18/2023

929

Maxar Technologies, Inc.

FedFundEffective Plus 0.38

%

Maturity

USD

0

**

10/18/2023

45

Micro Focus International PLC

SONIA Plus 0.54

%

Maturity

GBP

28

10/18/2023

33,419

3

Counterparty & Referenced Obligation	Rate Paid/ Received			Payment Frequency		Current Notional (000)				Maturity Date		Unrealized Appreciation (Depreciation)
Moneygram International, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	26			10/18/2023	$	(13,381	)
Progenics Pharmaceuticals CVR		FedFundEffective Plus 0.08	%		Maturity		USD	267			10/18/2023		267,438
Sierra Wireless, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	62			10/18/2023		(90,099	)
Signify Health, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	25			10/18/2023		(63,635	)
Spirit Airlines, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	729			10/18/2023		(804,228	)
Store Capital Corp.		FedFundEffective Plus 0.38	%		Maturity		USD	15			10/18/2023		3,978
Tegna, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	27			10/18/2023		26,077
Tower Semiconductor, Ltd.		FedFundEffective Plus 0.38	%		Maturity		USD	252			10/18/2023		(356,977	)
Vivint Smart Home, Inc.		FedFundEffective Plus 0.38	%		Maturity		USD	0	**		10/18/2023		14
Pay Total Return on Reference Obligation
Goldman Sachs International
Columbia Banking System, Inc.		SOFR Minus 0.32	%		Maturity		USD	576			07/15/2025		675,085
Tower Semiconductor, Ltd.		OBFR Minus 0.35	%		Maturity		USD	4			07/15/2025		(356,977	)
JPMorgan Chase Bank, NA
Broadcom, Inc.		OBFR Minus 0.28	%		Maturity		USD	24			08/14/2023		32,417
Frontline, Ltd.		OBFR Minus 1.82	%		Maturity		USD	155			08/14/2023		157,349
Intercontinental Exchange, Inc.		OBFR Minus 0.28	%		Maturity		USD	19			08/14/2023		(975	)
Maxlinear, Inc.		OBFR Minus 0.30	%		Maturity		USD	80			08/14/2023		90,824
Novozymes A/S		1 Month CIBOR Minus 0.45	%		Maturity		DKK	38			10/18/2023		4,541
Morgan Stanley Capital Services LLC
Agnico Eagle Mines, Ltd.		FedFundEffective Plus 3.53	%		Maturity		USD	127			10/18/2023		(116,147	)
Pan American Silver Corp.		FedFundEffective Plus 3.53	%		Maturity		USD	227			10/18/2023		(213,062	)
Ritchie Bros. Auctioneers		FedFundEffective Plus 3.53	%		Maturity		USD	190			10/18/2023		(171,785	)
												$	(2,240,677	)

** Notional amount less than 500.

(a) Non-income producing security.

(b) Affiliated investments.

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

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

(e) As of December 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $224,603,826 and gross unrealized depreciation of investments was $(12,307,438), resulting in net unrealized appreciation of $212,296,388.

4

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

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.

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 30 - 90 day redemption notice periods. 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 (“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.

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 30-90 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.

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:

CAD – Canadian Dollar

DKK – Danish Krona

GBP – Great British Pound

USD – United States Dollar

Glossary:

CDOR – Canadian Dealer Offered Rate

CIBOR – Copenhagen Interbank Offered Rate

FedFundEffective – Federal Funds Effective Rate

OBFR – Overnight Bank Funding Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

5

AB Multi-Manager Alternative Fund

December 31, 2022 (unaudited)

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.

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.

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.

6

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

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	5,400,864	$	—		$	—	$	5,400,864
Warants		12,056		—			—		12,056
Short-Term Investments		50,574,336		—			—		50,574,336
Investments valued at NAV									978,654,213
Total Investments in Securities		55,987,256		—			—		1,034,641,469
Other Financial Instruments(a):
Assets:
Total Return Swaps		—		2,533,295			—		2,533,295
Liabilities:
Total Return Swaps		—		(4,773,972	)		—		(4,773,972	)
Total	$	55,987,256	$	(2,240,677	)	$	—	$	1,032,400,792

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2022 is as follows:

Fund	Market Value 03/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	110,999	$	73,775	$	134,200	$	50,574	$	1,067

7