AB Multi-Manager Alternative Fund NPORT-P Monthly portfolio investment report

AB Multi-Manager Alternative Fund

Consolidated Portfolio of Investments

December 31, 2023 (unaudited)

Underlying Portfolios	Shares		Fair Value ($)		% Net Assets		Liquidity*
Multi-Strategy
Atlas Enhanced Fund, Ltd.		48,500	$	49,380,713		4.6		Quarterly
Elliott International Limited		48,815		104,141,650		9.6		Quarterly
Hudson Bay International Fund, Ltd.		54,803		59,251,932		5.5		Quarterly
LMR Multi-Strategy Fund Limited		206,673		50,371,786		4.7		Quarterly
Millennium International, Ltd.		34,595		39,690,138		3.7		Quarterly
Point72 Capital International, Ltd.		581,138		86,900,903		8.1		Quarterly
Schonfeld Strategic Partners Offshore Fund, Ltd.		3,738		4,968,019		0.4		Monthly
Total				394,705,141		36.6
Global Macro
Alphadyne International Fund, Ltd.		34,559		53,999,999		5.0		Quarterly
Brevan Howard Alpha Strategies Fund Limited		481,178		60,604,378		5.6		Quarterly
Capula Tactical Macro Fund Limited		255,246		29,029,288		2.7		Monthly
GreshamQuant - ACAR Fund, Ltd.		13,000		12,258,559		1.2		Quarterly
John Street Systematic Fund Limited		121,016		23,870,773		2.2		Monthly
LMR Alpha Rates Trading Fund Limited		230,000		23,303,117		2.2		Quarterly
The Tudor BVI Global Fund, Ltd.		17,814		16,203,572		1.5		Quarterly
Total				219,269,686		20.4
Long/Short Equity
Coatue Offshore Fund, Ltd.		29,581		2,868,748		0.3		Quarterly
Janchor Partners Pan-Asian Fund		174,396		24,879,625		2.3		Triennially
JAT Capital Offshore Fund, Ltd.		29,000		30,884,417		2.9		Quarterly
Nokota LC, LLC		1,138		193,305		0.0		At Fund’s Discretion
PFM Healthcare Offshore Fund, Ltd.		272		171,887		0.0		At Fund’s Discretion
TCIM Offshore Fund, Ltd.		101,661		25,953,048		2.4		Monthly
The Children’s Investment Fund		347		79,127,777		7.3		Biennial
Think Investments Offshore Ltd.		17,552		29,586,632		2.7		Semi-Annual
Two Creeks Capital Offshore Fund, Ltd.		20,000		19,971,274		1.9		Quarterly
Total				213,636,713		19.8
Credit/Distressed
Claren Road Credit Fund, Ltd.		43,894		44,419,256		4.1		Quarterly
Cross Ocean GSS Offshore Feeder LP		28,913		30,135,188		2.8		Quarterly
King Street Capital, Ltd.		15,142		1,760,531		0.2		At Fund’s Discretion
LMR CCSA Fund Limited		185,763		22,079,582		2.0		Quarterly
Readystate Offshore Fund, Ltd.		33,000		34,780,246		3.2		Quarterly
Theorem Prime+ Yield Fund Offshore LP		11,671		34,006,994		3.2		Quarterly
Total				167,181,797		15.5
Event Driven
Antara Capital Offshore Fund, Ltd.		37,848		28,492,059		2.6		Quarterly
Lion Point International, Ltd.		2,024		6,221,776		0.6		Semi-Annual
Luxor Capital Partners Offshore Liquidating SPV, Ltd.		2,317		2,247,146		0.2		At Fund’s Discretion
Senator Global Opportunity Offshore Fund II, Ltd.		2,548		3,132,900		0.3		Quarterly
Senator Global Opportunity Offshore Fund, Ltd.		29,000		30,277,169		2.8		Quarterly
Total				70,371,050		6.5
Total Underlying Portfolios (cost $865,279,867)				1,065,164,387		98.8

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Company	Shares		Fair Value ($)			% Net Assets
Common Stocks
Merger Arbitrage
Adevinta ASA(a)		3,820	$	42,279			0.0	%
Albertsons Companies, Inc.(a)		84,954		1,953,942			0.2
Alteryx, Inc.(a)		3,834		180,811			0.0
Amedisys, Inc.(a)		13,341		1,268,196			0.1
American National Bankshares, Inc.(a)		9,363		456,446			0.0
Bluegreen Vacations Holding Corp.(a)		6,200		465,744			0.0
Cambridge Bancorp(a)		3,670		254,698			0.0
Capri Holdings Ltd.(a)		31,905		1,602,907			0.1
Cerevel Therapeutics Holdings, Inc.(a)		45,247		1,918,473			0.2
Chico’s FAS, Inc.(a)		51,160		387,793			0.0
Chinook Therapeutics(a)		37,922		14,790			0.0
Eneti, Inc.(a) (b) (c)		5,002		56,861			0.0
Euronav NV(a)		47,277		831,602			0.1
Hawaiian Holdings, Inc.(a)		48,326		686,229			0.1
ImmunoGen, Inc.(a)		53,262		1,579,218			0.2
Intervest Offices & Warehouses NV(a)		6,983		159,675			0.0
iRobot Corp.(a)		11,960		462,852			0.0
Karuna Therapeutics, Inc.(a)		5,552		1,757,264			0.2
Lakeland Bancorp., Inc.(a)		36,659		542,187			0.1
Mirati Therapeutics, Inc.(a)		31,520		1,851,800			0.2
Olink Holding AB(a)		52,206		1,312,981			0.1
PGS ASA(a)		272,490		229,836			0.0
PNM Resources, Inc.(a)		42,304		1,759,846			0.2
RayzeBio, Inc.(a)		9,423		585,828			0.1
Smart Metering Systems PLC(a)		5,263		63,067			0.0
Sovos Brands, Inc.(a)		82,270		1,812,408			0.2
SP Plus Corp.(a)		16,703		856,029			0.1
Spirit Airlines, Inc.(a)		20,200		331,078			0.0
Spirit Realty Capital, Inc.(a)		24,281		1,060,837			0.1
Splunk, Inc.(a)		14,062		2,142,346			0.2
United States Steel Corp.(a)		23,431		1,139,918			0.1
Westrock Co.(a)		54,110		2,246,647			0.2
Total Common Stocks (cost $29,353,412)				30,014,588			2.8
	Principal Amount (000)
Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill
Zero Coupon, 03/26/2024	U.S.$	5,500		5,385,196			0.5
Zero Coupon, 05/30/2024		1,000		987,870			0.1
Total U.S. Treasury Bills (cost $6,339,625)				6,373,066			0.6
	Shares
Investment Companies
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.27%(d) (e) (f) (cost $112,294)		112,294		112,294			0.0
Total Short-Term Investments (cost $6,451,919)				6,485,360			0.6
Total Investments (cost $901,085,198)(g)			$	1,101,664,335			102.2
Other assets less liabilities				(23,421,997	)		(2.2	)
Net Assets			$	1,078,232,338			100.0	%

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FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		EUR	100		USD	109		1/10/2024		$	(1,586	)
State Street Bank & Trust Co.		USD	116		EUR	106		1/10/2024			1,622
State Street Bank & Trust Co.		GBP	491		USD	611		1/25/2024			(15,281	)
State Street Bank & Trust Co.		USD	329		GBP	259		1/25/2024			812
State Street Bank & Trust Co.		NOK	2,504		USD	230		2/16/2024			(17,485	)
										$	(31,918	)

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

Bank of America, NA

Olink Holding AB

OBFR plus 0.40%

Maturity

USD

4

5/20/2027

$

3,187

Goldman Sachs International

Adevinta ASA

SOFR plus 0.35%

Maturity

USD

147

7/15/2025

132,946

Dechra Pharmaceuticals PLC

SONIA plus 0.35%

Maturity

GBP

71

7/15/2025

90,868

NeoGames SA

SOFR plus 0.35%

Maturity

USD

44

7/15/2025

34,113

Network International Holdings PLC

SONIA plus 0.35%

Maturity

GBP

6

7/15/2025

7,991

Resolute Forest Products

SOFR plus 0.35%

Maturity

USD

0

*

7/15/2025

0

JPMorgan Chase Bank, N.A.

GCI Liberty, Inc.

SOFR plus 0.35%

Maturity

USD

0

*

8/12/2024

0

Morgan Stanley Capital Services LLC

ABIOMED, Inc.

FedFundEffective plus 0.38%

Maturity

USD

9

10/20/2025

8,552

American Equity Investment Life Holding Co.

FedFundEffective plus 0.38%

Maturity

USD

81

10/20/2025

64,435

Chr. Hansen A/S

1 Month CIBOR

Maturity

DKK

819

10/20/2025

125,804

Lakeland Bancorp, Inc.

FedFundEffective plus 0.38%

Maturity

USD

26

10/20/2025

(36,120

)

Pay Total Return on Reference Obligation

Bank of America, NA

Atlantic Union Bankshares Corp.

OBFR minus 1.25%

Maturity

USD

90

5/20/2027

(87,306

)

Eastern Bankshares, Inc.

OBFR minus 0.29%

Maturity

USD

23

5/20/2027

(21,210

)

Goldman Sachs International

Smurfit Kappa Group PLC

SOFR minus 0.45%

Maturity

USD

268

7/15/2025

(256,151

)

JPMorgan Chase Bank, N.A.

Provident Financial Services, Inc.

OBFR minus 0.29%

Maturity

USD

14

8/12/2024

32,439

TGS ASA

1 Month NIBOR minus 1.00%

Maturity

NOK

121

8/12/2024

12,790

Morgan Stanley Capital Services LLC

Brookfield Asset Management Ltd.

FedFundEffective plus 5.03%

Maturity

USD

37

10/20/2025

(33,773

)

Novozymes A/S

1 Month CIBOR minus 0.40%

Maturity

DKK

652

10/20/2025

(104,731

)

Realty Income Corp.

FedFundEffective minus 0.35%

Maturity

USD

28

10/20/2025

(27,249

)

$

(53,415

)

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* Notional amount less than 500.

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Affiliated investments.

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

(f) 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.

(g) As of December 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $214,763,310 and gross unrealized depreciation of investments was $(14,269,506) resulting in net unrealized appreciation of $200,493,804.

* 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 18 months.

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:

DKK – Danish Krona

EUR – Euro

GBP – Great British Pound

NOK – Norwegian Krone

USD – United States Dollar

Glossary:

CIBOR – Copenhagen Interbank Offered Rate

FedFundEffective – Federal Funds Effective Rate

NIBOR – Norwegian Interbank Offered Rate

OBFR – Overnight Bank Funding Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

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AB Multi-Manager Alternative Fund

December 31, 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 December 31, 2023:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks	$	—	$	29,957,727		$	56,861	$	30,014,588
Short-Term Investments:
U.S. Treasury Bills		—		6,373,066			—		6,373,066
Investment Companies		112,294		—			—		112,294
Investments valued at NAV		—		—			—		1,065,164,387
Total Investments in Securities		112,294		36,330,793			56,861		1,101,664,335
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts		—		2,434			—		2,434
Total Return Swaps		—		513,125			—		513,125
Liabilities:
Forward Currency Exchange Contracts		—		(34,352	)		—		(34,352	)
Total Return Swaps		—		(566,540	)		—		(566,540	)
Total	$	112,294	$	36,245,460		$	56,861	$	1,101,579,002

^(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, 2023 is as follows:

Fund	Market Value 03/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,574	$	195,218	$	205,680	$	112	$	1,296

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