AB Multi-Manager Alternative Fund NPORT-P AB Multi-Manager Alternative Fund (Jun 2023 report)

AB Multi-Manager Alternative Fund

Consolidated Portfolio of Investments

June 30, 2023 (unaudited)

Underlying Portfolios	Shares		Fair Value ($)		% Net Assets			Liquidity*
Multi-Strategy
Atlas Enhanced Fund, Ltd.		48,500	$	48,882,291		4.3	%	Quarterly
Elliott International Limited		48,815		99,697,392		8.8		Quarterly
Hudson Bay International Fund, Ltd.		54,803		57,853,043		5.1		Quarterly
LMR Multi-Strategy Fund Limited		206,673		49,401,789		4.4		Quarterly
Millennium International, Ltd.		34,595		37,204,068		3.3		Quarterly
Point72 Capital International, Ltd.		581,138		83,339,911		7.4		Quarterly
Schonfeld Strategic Partners Offshore Fund, Ltd.		39,700		54,980,290		4.9		Monthly
Total				431,358,784		38.2
Global Macro
Alphadyne International Fund, Ltd.		34,559		49,710,905		4.4		Quarterly
Brevan Howard Alpha Strategies Fund Limited		481,178		57,852,039		5.1		Quarterly
Brevan Howard AS Macro Fund Limited		179,206		23,601,432		2.1		Monthly
Capula Tactical Macro Fund Limited		255,246		27,138,821		2.4		Monthly
GreshamQuant - ACAR Fund, Ltd.		13,000		12,318,732		1.1		Quarterly
John Street Systematic Fund Limited		121,016		26,415,512		2.3		Monthly
The Tudor BVI Global Fund, Ltd.		347		76,561,094		6.8		Quarterly
Total				273,598,535		24.2
Long/Short Equity
Coatue Offshore Fund, Ltd.		77,148		26,304,430		2.3		Quarterly
Janchor Partners Pan-Asian Fund		174,396		24,573,510		2.2		Triennially
Nokota LC, LLC		1,166		235,747		0.0		At Fund’s Discretion
PFM Healthcare Offshore Fund, Ltd.		344		229,700		0.0		At Fund’s Discretion
Schonfeld Fundamental Equity Offshore Fund, Ltd.		24,927		33,884,006		3.0		Quarterly
The Children’s Investment Fund		107,641		25,313,601		2.3		Biennial
Think Investments Offshore, Ltd.		15,451		39,774,275		3.5		Semi-Annual
Two Creeks Capital Offshore Fund, Ltd.		20,060		33,968,024		3.0		Quarterly
Total				184,283,293		16.3
Credit/Distressed
Claren Road Credit Fund, Ltd. - (AB)		43,894		45,185,287		4.0		Quarterly
King Street Capital, Ltd.		15,780		1,826,789		0.2		At Fund’s Discretion
LMR CCSA Fund Limited		185,763		22,967,404		2.0		Quarterly
Theorem Prime+ Yield Fund Offshore LP		20,000		18,637,104		1.7		Quarterly
Total				88,616,584		7.9
Event Driven
Antara Capital Offshore Fund, Ltd.		37,848		31,495,164		2.8		Quarterly
Indaba Capital Partners (Cayman), LP		5,909		7,551,443		0.7		Quarterly
Lion Point International, Ltd.		2,024		3,922,661		0.3		Semi-Annual
Luxor Capital Partners Offshore Liquidating SPV, Ltd.		2,317		2,289,465		0.2		At Fund’s Discretion
Senator Global Opportunity Offshore Fund II, Ltd.		10,418		12,596,598		1.1		Quarterly
Senator Global Opportunity Offshore Fund, Ltd.		6,864		7,952,928		0.7		Quarterly
Total				65,808,259		5.8
Total Underlying Portfolios (cost $822,346,058)				1,043,665,455		92.4
Common Stocks
Merger Arbitrage
Activision Blizzard, Inc.(a)		23,937		2,017,889		0.2
Albertsons Companies, Inc. - Class A(a)		73,216		1,597,573		0.1
Amedisys, Inc.(a)		4,998		457,017		0.0

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Company	Shares		Fair Value ($)		% Net Assets
Arconic Corporation(a)		9,276	$	274,384		0.0	%
Black Knight, Inc.(a)		25,329		1,512,901		0.1
DICE Therapeutics, Inc.(a)		21,952		1,019,890		0.1
Diversey Holdings, Ltd.(a)		42,641		357,758		0.0
Focus Financial Partners, Inc. - Class A(a)		14,109		740,864		0.1
ForgeRock, Inc. - Class A(a)		38,542		791,653		0.1
Home Capital Group, Inc.(a)		30,727		1,001,051		0.1
Horizon Therapeutics Public, Ltd. Co.(a)		16,402		1,686,946		0.2
iRobot Corp.(a)		12,417		561,869		0.1
IVERIC Bio, Inc.(a)		39,726		1,562,821		0.1
Lakeland Bancorp., Inc.(a)		9,051		121,193		0.0
LSI Corp.(a)		9,079		1,207,144		0.1
National Instruments Corp.(a)		25,744		1,477,706		0.1
NuVasive, Inc.(a)		37,009		1,539,204		0.1
PNM Resources, Inc.(a)		42,304		1,907,910		0.2
Radius Global Infrastructure - Class A(a)		36,781		548,037		0.1
Seagen, Inc.(a)		8,173		1,572,976		0.1
Spirit Airlines, Inc.(a)		70,099		1,202,899		0.1
Tower Semiconductor, Ltd.(a)		13,665		512,711		0.1
Triton International, Ltd.(a)		10,508		874,896		0.1
Univar, Inc.(a)		10,266		367,933		0.0
Vmware, Inc. - Class A(a)		13,963		2,006,343		0.2
Total				26,921,568		2.4
Special Purpose Acquisition Company
Elliott Opportunity II Corp. - Class A(a)		535,800		5,550,888		0.5
Total Common Stocks (cost $31,844,294)				32,472,456		2.9
Warrants
Special Purpose Acquisition Company
Elliott Opportunity II Corp., expiring 03/02/2026(a) (cost $142,815)		133,950		40		0.0
Short-Term Investments
Investment Companies
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.02%(b) (c) (d) (cost $27,754,798)		27,754,798		27,754,798		2.4
Total Investments (cost $882,087,965)(e)			$	1,103,892,749		97.7	%
Other assets less liabilities				25,954,468		2.3
Net Assets			$	1,129,847,217		100.0	%

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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

Amedisys, Inc.

SOFR plus 0.35

%

Maturity

USD

115

07/15/2025

$

112,729

Chinook Therapeutics, Inc.

SOFR plus 0.35

%

Maturity

USD

19

07/15/2025

$

17,174

Contra Resolute Forests, Inc.

SOFR plus 0.35

%

Maturity

USD

0

**

07/15/2025

0

Dechra Pharmaceuticals PLC

SONIA plus 0.35

%

Maturity

GBP

15

07/15/2025

19,504

Emis Group PLC

SONIA plus 0.35

%

Maturity

GBP

499

07/15/2025

(633,965

)

Franchise Group, Inc.

SOFR plus 0.35

%

Maturity

USD

2

07/15/2025

(2,092

)

Majorel Group Luxembourg SA

ESTR plus 0.35

%

Maturity

EUR

1

07/15/2025

(1,201

)

NeoGames SA

SOFR plus 0.35

%

Maturity

USD

11

07/15/2025

(12,513

)

Network International Holdings PLC

SONIA plus 0.35

%

Maturity

GBP

1

07/15/2025

1,163

Silicon Motion Technology

1 Month CIBOR plus 0.00

%

Maturity

USD

494

07/15/2025

493,966

SimCorp

1 Month CIBOR plus 0.00

%

Maturity

DKK

14

07/15/2025

2,065

Syneos Health, Inc.

SOFR plus 0.35

%

Maturity

USD

5

07/15/2025

4,435

Uni-Select, Inc.

1 Month CDOR plus 0.35

%

Maturity

CAD

8

07/15/2025

2,040

VectivBio Holding AG

SOFR plus 0.35

%

Maturity

USD

50

07/15/2025

45,266

JPMorgan Chase Bank, NA

ESC GCI Liberty, Inc.

SOFR plus 0.35

%

Maturity

USD

0

**

08/14/2023

(1

)

Morgan Stanley Capital Services LLC

Abiomed, Inc.

FedFundEffective plus 0.38

%

Maturity

USD

0

**

10/18/2023

(1

)

Christian Hansen Holding

1 Month CIBOR plus 0.00

%

Maturity

DKK

1,970

10/18/2023

(288,659

)

Lakeland Bancorp, Inc.

FedFundEffective plus 0.38

%

Maturity

USD

58

10/18/2023

(63,526

)

NuVasive, Inc.

FedFundEffective plus 0.38

%

Maturity

USD

1

10/18/2023

(463

)

Pay Total Return on Reference Obligation

Goldman Sachs International

Extra Space Storage, Inc.

SOFR minus 0.32

%

Maturity

USD

54

07/15/2025

62,062

Morgan Stanley Capital Services LLC

Broadcom, Inc.

FedFundEffective minus 0.29

%

Maturity

USD

416

10/18/2023

(408,205

)

Brookfield Infrastructure Partners LP

FedFundEffective plus 4.53

%

Maturity

USD

4

10/18/2023

(1,536

)

Globus Medical, Inc.

FedFundEffective minus 0.29

%

Maturity

USD

81

10/18/2023

(69,409

)

Intercontinental Exchange, Inc.

FedFundEffective minus 0.29

%

Maturity

USD

8

10/18/2023

(6,502

)

Maxlinear, Inc.

FedFundEffective minus 0.29

%

Maturity

USD

20

10/18/2023

(19,789

)

Novozymes A/S

1 Month CIBOR minus 0.40

%

Maturity

DKK

1,935

10/18/2023

282,494

Provident Financial Services

FedFundEffective minus 0.29

%

Maturity

USD

118

10/18/2023

126,641

$

(338,323)

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** 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 June 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $233,305,601 and gross unrealized depreciation of investments was $(11,839,140), resulting in net unrealized appreciation of $221,466,461.

* 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.

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.

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.

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

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

CDOR – Canadian Dealer Offered Rate

CIBOR – Copenhagen Interbank Offered Rate

ESTR – Euro Short Term Rate

FedFundEffective – Federal Funds Effective Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

4

AB Multi-Manager Alternative Fund

June 30, 2023 (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.

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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2023:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	32,472,456	$	—		$	—	$	32,472,456
Warants		40		—			—		40
Short-Term Investments		27,754,798		—			—		27,754,798
Investments valued at NAV									1,043,665,455
Total Investments in Securities		60,227,294		—			—		1,103,892,749
Other Financial Instruments(a):
Assets:
Total Return Swaps		—		1,169,539			—		1,169,539
Liabilities:
Total Return Swaps		—		(1,507,862	)		—		(1,507,862	)
Total	$	60,227,294	$	(338,323	)	$	—	$	1,103,554,426

^(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 three months ended June 30, 2023 is as follows:

Fund	Market Value 03/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 06/30/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,574	$	48,181	$	31,000	$	27,755	$	468

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