Ab Bond Fund NPORT-P AB Bond Inflation Strategy (Jul 2024 report)

AB Bond Inflation Strategy

Portfolio of Investments

July 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 71.8%
United States – 71.8%
U.S. Treasury Inflation Index 0.125%, 07/15/2026 (TIPS)	U.S.$	100,931	$	96,798,660
0.125%, 07/15/2030 (TIPS)(a)		249,827		226,913,043
0.125%, 07/15/2031 (TIPS)		11,679		10,410,584
0.625%, 07/15/2032 (TIPS)		3,122		2,844,868
1.375%, 07/15/2033 (TIPS)		78,485		75,320,626
1.75%, 01/15/2034 (TIPS)		23,209		22,886,740
Total Inflation-Linked Securities (cost $438,994,739)				435,174,521
CORPORATES - INVESTMENT GRADE – 11.5%
Financial Institutions – 6.7%
Banking – 5.5%
Ally Financial, Inc. 6.992%, 06/13/2029		575		604,503
American Express Co. 5.098%, 02/16/2028		987		991,925
Banco Bilbao Vizcaya Argentaria SA 5.381%, 03/13/2029		200		203,830
7.883%, 11/15/2034		200		224,100
Banco de Credito del Peru SA 3.125%, 07/01/2030(b)		958		928,829
Banco Santander SA 6.35%, 03/14/2034		200		205,638
6.921%, 08/08/2033		800		856,456
9.625%, 05/21/2033(c)		800		913,104
Bank of America Corp. 2.687%, 04/22/2032		540		467,467
2.972%, 02/04/2033		1,019		882,709
Bank of Ireland Group PLC 5.601%, 03/20/2030(b)		301		305,545
Bank of New York Mellon Corp. (The) 5.606%, 07/21/2039		291		294,512
Barclays PLC 5.674%, 03/12/2028		329		333,290
BNP Paribas SA 4.625%, 02/25/2031(b) (c)		489		408,770
5.497%, 05/20/2030(b)		987		1,000,374
BPCE SA 6.508%, 01/18/2035(b)		1,013		1,041,718
CaixaBank SA 6.037%, 06/15/2035(b)		955		985,426
Capital One Financial Corp. 6.377%, 06/08/2034		949		994,296
Citigroup, Inc. 2.561%, 05/01/2032		1,226		1,045,435
Series AA 7.625%, 11/15/2028(c)		43		44,716
Series W 4.00%, 12/10/2025(c)		504		482,802
Series Y 4.15%, 11/15/2026(c)		480		446,285

1

	Principal Amount (000)			U.S. $ Value
Credit Agricole SA 6.251%, 01/10/2035(b)		U.S.$	677	$	700,045
Deutsche Bank AG/New York NY 3.961%, 11/26/2025			405		402,635
7.146%, 07/13/2027			233		240,719
Discover Bank Series B 5.974%, 08/09/2028			327		330,607
Goldman Sachs Group, Inc. (The) Series P 8.461% (CME Term SOFR 3 Month + 3.14%), 09/03/2024(c) (d)			244		244,349
Series V 4.125%, 11/10/2026(c)			775		724,555
HSBC Holdings PLC 7.399%, 11/13/2034			560		621,897
8.113%, 11/03/2033			1,177		1,359,294
Intesa Sanpaolo SpA 7.20%, 11/28/2033(b)			357		392,807
JPMorgan Chase & Co. 2.963%, 01/25/2033			1,484		1,292,416
Lloyds Banking Group PLC 7.50%, 09/27/2025(c)			1,010		1,013,888
Mizuho Financial Group, Inc. 5.376%, 05/26/2030			344		349,875
Morgan Stanley 0.406%, 10/29/2027		EUR	1,030		1,046,441
NatWest Group PLC 3.032%, 11/28/2035		U.S.$	270		233,574
8.125%, 11/10/2033(c)			317		327,940
PNC Financial Services Group, Inc. (The) Series R 8.648% (CME Term SOFR 3 Month + 3.30%), 09/01/2024(c) (d)			352		352,602
Santander Holdings USA, Inc. 6.174%, 01/09/2030			99		101,817
Societe Generale SA 5.519%, 01/19/2028(b)			812		813,210
Standard Chartered PLC 3.971%, 03/30/2026(b)			657		650,193
6.00%, 07/26/2025(b) (c)			1,267		1,258,030
7.027% (CME Term SOFR 3 Month + 1.51%), 01/30/2027(b) (c) (d)			400		378,936
Sumitomo Mitsui Financial Group, Inc. 5.316%, 07/09/2029			564		575,906
Svenska Handelsbanken AB 4.75%, 03/01/2031(b) (c)			1,400		1,223,964
UBS Group AG 4.194%, 04/01/2031(b)			614		584,307
6.373%, 07/15/2026(b)			1,025		1,034,092
9.25%, 11/13/2033(b) (c)			283		321,004
UniCredit SpA 1.982%, 06/03/2027(b)			204		192,215
2.569%, 09/22/2026(b)			1,071		1,035,464

2

	Principal Amount (000)		U.S. $ Value
Wells Fargo & Co. 3.35%, 03/02/2033	U.S.$	1,506	$	1,336,078
Series BB 3.90%, 03/15/2026(c)		418		398,889
				33,199,479
Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(c)		1,366		1,275,393
Finance – 0.1%
Aviation Capital Group LLC 4.125%, 08/01/2025(b)		7		6,897
4.875%, 10/01/2025(b)		246		244,030
5.50%, 12/15/2024(b)		425		423,797
				674,724
Insurance – 0.4%
Athene Global Funding 1.985%, 08/19/2028(b)		308		272,706
2.55%, 11/19/2030(b)		65		55,592
2.717%, 01/07/2029(b)		117		106,182
5.526%, 07/11/2031(b)		22		22,302
5.583%, 01/09/2029(b)		49		49,968
5.62%, 05/08/2026(b)		387		390,487
Principal Life Global Funding II 5.10%, 01/25/2029(b)		639		646,201
Swiss Re Subordinated Finance PLC 5.698%, 04/05/2035(b)		1,000		1,008,220
				2,551,658
REITs – 0.5%
American Tower Corp. 5.20%, 02/15/2029		432		437,806
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		949		815,020
4.00%, 01/15/2031		414		378,880
Trust Fibra Uno 5.25%, 01/30/2026(b)		943		926,498
				2,558,204
				40,259,458
Industrial – 4.1%
Basic – 0.2%
Freeport Indonesia PT 4.763%, 04/14/2027(b)		415		409,684
Glencore Funding LLC 5.338%, 04/04/2027(b)		312		314,945
6.50%, 10/06/2033(b)		543		580,397
				1,305,026

3

	Principal Amount (000)		U.S. $ Value
Capital Goods – 0.2%
Boeing Co. (The) 3.25%, 02/01/2028	U.S.$	123	$	114,706
3.625%, 02/01/2031		120		107,740
5.15%, 05/01/2030		108		106,347
6.298%, 05/01/2029(b)		242		250,247
6.528%, 05/01/2034(b)		320		335,910
Embraer Netherlands Finance BV 5.40%, 02/01/2027		590		588,159
				1,503,109
Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/2029		343		299,614
Prosus NV 3.061%, 07/13/2031(b)		240		198,900
3.257%, 01/19/2027(b)		593		556,678
3.68%, 01/21/2030(b)		205		183,219
4.027%, 08/03/2050(b)		775		527,969
Tencent Holdings Ltd. 3.24%, 06/03/2050(b)		655		442,911
				2,209,291
Consumer Cyclical - Automotive – 0.8%
Ford Motor Co. 3.25%, 02/12/2032		532		446,981
Ford Motor Credit Co., LLC 6.125%, 03/08/2034		511		511,654
General Motors Financial Co., Inc. 5.75%, 02/08/2031		999		1,022,646
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(b)		1,942		1,843,657
Hyundai Capital America 5.25%, 01/08/2027(b)		252		253,605
5.275%, 06/24/2027(b)		151		152,367
6.10%, 09/21/2028(b)		486		505,737
				4,736,647
Consumer Cyclical - Entertainment – 0.0%
Hasbro, Inc. 6.05%, 05/14/2034		231		235,976
Consumer Cyclical - Other – 0.0%
Las Vegas Sands Corp. 3.90%, 08/08/2029		26		24,148
Consumer Non-Cyclical – 0.8%
Cargill, Inc. 5.125%, 10/11/2032(b)		632		641,954
Cencosud SA 5.95%, 05/28/2031(b)		308		311,465

4

	Principal Amount (000)			U.S. $ Value
CVS Health Corp. 5.70%, 06/01/2034		U.S.$	666	$	679,627
General Mills, Inc. 4.70%, 01/30/2027			278		277,544
Imperial Brands Finance PLC 5.875%, 07/01/2034(b)			914		917,620
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL 6.75%, 03/15/2034(b)			583		626,713
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,190		865,225
Pilgrim’s Pride Corp. 6.875%, 05/15/2034			731		793,091
					5,113,239
Energy – 0.8%
Continental Resources, Inc./OK 2.875%, 04/01/2032(b)			1,803		1,497,536
5.75%, 01/15/2031(b)			796		799,654
Occidental Petroleum Corp. 5.20%, 08/01/2029			283		285,694
5.375%, 01/01/2032			297		300,472
Saudi Arabian Oil Co. 5.75%, 07/17/2054(b)			637		619,483
Var Energi ASA 7.50%, 01/15/2028(b)			867		923,190
8.00%, 11/15/2032(b)			680		777,736
					5,203,765
Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033			312		323,619
Services – 0.1%
Moody’s Corp. 5.00%, 08/05/2034			305		304,997
Technology – 0.6%
Broadcom, Inc. 5.05%, 07/12/2027			346		349,162
Honeywell International, Inc. 4.125%, 11/02/2034		EUR	1,853		2,100,165
TSMC Arizona Corp. 3.875%, 04/22/2027		U.S.$	1,009		988,820
					3,438,147
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(b)			201		184,261
5.875%, 07/05/2034(b)			253		251,216
					435,477

5

	Principal Amount (000)		U.S. $ Value
Transportation - Services – 0.0%
ENA Master Trust 4.00%, 05/19/2048(b)	U.S.$	303	$	216,078
				25,049,519
Utility – 0.7%
Electric – 0.7%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(b)		346		304,919
Alexander Funding Trust II 7.467%, 07/31/2028(b)		656		701,717
American Electric Power Co., Inc. 6.95%, 12/15/2054		565		573,238
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041		1,183		941,076
Electricite de France SA 9.125%, 03/15/2033(b) (c)		415		460,119
Engie Energia Chile SA 3.40%, 01/28/2030(b)		751		664,165
6.375%, 04/17/2034(b)		240		245,100
NextEra Energy Capital Holdings, Inc. 6.70%, 09/01/2054		101		102,781
Pacific Gas and Electric Co. 5.55%, 05/15/2029		151		154,136
Vistra Operations Co., LLC 6.95%, 10/15/2033(b)		272		296,148
				4,443,399
Total Corporates - Investment Grade (cost $69,604,735)				69,752,376
ASSET-BACKED SECURITIES – 5.9%
Other ABS - Fixed Rate – 3.1%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(b)		1,431		1,289,550
Affirm Asset Securitization Trust Series 2021-Z2, Class A 1.17%, 11/16/2026(b)		51		50,474
Series 2022-X1, Class A 1.75%, 02/15/2027(b)		31		30,633
Series 2024-X1, Class A 6.27%, 05/15/2029(b)		740		741,712
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(b)		502		501,865
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(b)		408		405,595

6

	Principal Amount (000)		U.S. $ Value
BHG Securitization Trust Series 2022-A, Class D 3.56%, 02/20/2035(b)	U.S.$	1,350	$	1,218,592
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(b)		450		415,385
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(b)		481		429,752
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(b)		197		193,081
Series 2023-1, Class A2 5.99%, 03/15/2032(b)		1,672		1,671,984
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051(b)		2,152		1,968,696
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(b)		421		379,848
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(b)		488		472,559
Series 2020-1A, Class A2 3.981%, 12/20/2050(b)		323		298,613
Marlette Funding Trust Series 2024-1A, Class A 5.95%, 07/17/2034(b)		493		493,457
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(b)		490		456,907
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(b)		1,623		1,455,222
Series 2023-1A, Class A2 7.308%, 01/30/2053(b)		1,936		1,971,070
Nelnet Student Loan Trust Series 2021-CA, Class B 2.53%, 04/20/2062(b)		758		633,572
Series 2021-DA, Class B 2.90%, 04/20/2062(b)		793		680,524
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(b)		443		444,493
Pagaya AI Debt Grantor Trust Series 2024-5, Class A 6.278%, 10/15/2031(b)		854		856,330
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031(b)		661		663,798
Series 2024-3, Class A 6.258%, 10/15/2031(b)		842		844,974
				18,568,686

7

	Principal Amount (000)		U.S. $ Value
Autos - Fixed Rate – 2.6%
ACM Auto Trust Series 2024-1A, Class A 7.71%, 01/21/2031(b)	U.S.$	649	$	650,744
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028(b)		218		219,025
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(b)		1,294		1,304,197
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		135		127,486
Series 2021-N4, Class D 2.30%, 09/11/2028		454		439,142
Series 2021-P4, Class D 2.61%, 09/11/2028		1,206		1,106,492
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(b)		913		891,231
Series 2022-A, Class C 2.17%, 04/16/2029(b)		1,348		1,331,352
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(b)		113		110,829
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(b)		1,000		939,152
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(b)		1,660		1,612,383
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(b)		22		22,001
Series 2022-1A, Class A 5.21%, 06/15/2027(b)		632		631,155
Lendbuzz Securitization Trust Series 2023-2A, Class A2 7.09%, 10/16/2028(b)		848		860,343
Octane Receivables Trust Series 2021-2A, Class B 2.02%, 09/20/2028(b)		1,508		1,450,298
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(b)		818		814,763
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032(b)		607		610,766

8

	Principal Amount (000)		U.S. $ Value
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(b)	U.S.$	508	$	506,892
Series 2022-B, Class B 5.721%, 08/16/2032(b)		348		348,098
Santander Bank NA - SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(b)		108		107,488
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027(b)		517		518,724
Tricolor Auto Securitization Trust Series 2024-2A, Class A 6.36%, 12/15/2027(b)		606		608,275
United Auto Credit Securitization Trust Series 2024-1, Class A 6.17%, 08/10/2026(b)		188		188,382
Westlake Automobile Receivables Trust Series 2023-2A, Class A2A 5.87%, 07/15/2026(b)		550		549,543
				15,948,761
Credit Cards - Fixed Rate – 0.2%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027(b)		987		993,327
Total Asset-Backed Securities (cost $36,828,858)				35,510,774
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.7%
Risk Share Floating Rate – 5.5%
Bellemeade Re Ltd. Series 2021-3A, Class A2 6.347% (CME Term SOFR + 1.00%), 09/25/2031(b) (d)		1,699		1,699,422
Series 2022-1, Class M1B 7.497% (CME Term SOFR + 2.15%), 01/26/2032(b) (d)		1,255		1,263,363
Series 2022-2, Class M1A 9.347% (CME Term SOFR + 4.00%), 09/27/2032(b) (d)		2,594		2,652,128
Connecticut Avenue Securities Trust Series 2022-R01, Class 1M2 7.247% (CME Term SOFR + 1.90%), 12/25/2041(b) (d)		2,899		2,936,905
Series 2022-R03, Class 1M2 8.847% (CME Term SOFR + 3.50%), 03/25/2042(b) (d)		2,283		2,403,840
Series 2022-R04, Class 1M2 8.447% (CME Term SOFR + 3.10%), 03/25/2042(b) (d)		573		595,643
Series 2023-R02, Class 1M1 7.647% (CME Term SOFR + 2.30%), 01/25/2043(b) (d)		865		888,497

9

	Principal Amount (000)		U.S. $ Value
Eagle Re Ltd. Series 2021-2, Class M1B 7.397% (CME Term SOFR + 2.05%), 04/25/2034(b) (d)	U.S.$	239	$	239,651
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA2, Class M3 10.262% (CME Term SOFR + 4.91%), 05/25/2028(d)		62		64,090
Series 2021-DNA5, Class M2 6.997% (CME Term SOFR + 1.65%), 01/25/2034(b) (d)		304		306,071
Series 2021-DNA6, Class M2 6.847% (CME Term SOFR + 1.50%), 10/25/2041(b) (d)		2,561		2,575,833
Series 2021-HQA3, Class M1 6.197% (CME Term SOFR + 0.85%), 09/25/2041(b) (d)		770		767,567
Series 2021-HQA4, Class M2 7.697% (CME Term SOFR + 2.35%), 12/25/2041(b) (d)		1,765		1,786,290
Series 2022-DNA1, Class M1B 7.197% (CME Term SOFR + 1.85%), 01/25/2042(b) (d)		1,542		1,564,419
Series 2022-DNA2, Class M1B 7.747% (CME Term SOFR + 2.40%), 02/25/2042(b) (d)		2,468		2,535,676
Series 2022-DNA3, Class M1B 8.247% (CME Term SOFR + 2.90%), 04/25/2042(b) (d)		1,069		1,112,299
Series 2022-DNA4, Class M1B 8.697% (CME Term SOFR + 3.35%), 05/25/2042(b) (d)		2,051		2,155,523
Series 2022-DNA5, Class M1B 9.847% (CME Term SOFR + 4.50%), 06/25/2042(b) (d)		3,681		3,987,748
Series 2024-DNA1, Class M1 6.697% (CME Term SOFR + 1.35%), 02/25/2044(b) (d)		1,199		1,203,601
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 11.162% (CME Term SOFR + 5.81%), 04/25/2028(d)		295		309,538
Series 2021-R02, Class 2M2 7.347% (CME Term SOFR + 2.00%), 11/25/2041(b) (d)		1,221		1,228,959
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.212% (CME Term SOFR 1 Month + 3.86%), 05/30/2025(b) (d)		425		425,916
Series 2019-3R, Class A 9.164% (CME Term SOFR + 3.81%), 11/27/2031(b) (d)		36		36,376
Series 2020-1R, Class A 8.814% (CME Term SOFR + 3.46%), 02/25/2025(b) (d)		135		134,611
				32,873,966

10

	Principal Amount (000)		U.S. $ Value
Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICs Series 3955, Class SD 1.148% (6.49% - CME Term SOFR), 11/15/2041(d) (e)	U.S.$	1,503	$	155,532
Series 4693, Class SL 0.698% (6.04% - CME Term SOFR), 06/15/2047(d) (e)		959		139,907
Series 4954, Class SL 0.588% (5.94% - CME Term SOFR), 02/25/2050(d) (e)		1,157		137,867
Series 4981, Class HS 0.638% (5.99% - CME Term SOFR), 06/25/2050(d) (e)		2,358		238,218
Federal National Mortgage Association REMICs Series 2014-78, Class SE 0.638% (5.99% - CME Term SOFR), 12/25/2044(d) (e)		670		80,203
Series 2016-77, Class DS 0.538% (5.89% - CME Term SOFR), 10/25/2046(d) (e)		740		87,304
Series 2017-62, Class AS 0.688% (6.04% - CME Term SOFR), 08/25/2047(d) (e)		795		101,850
Series 2017-97, Class LS 0.738% (6.09% - CME Term SOFR), 12/25/2047(d) (e)		1,135		163,487
Government National Mortgage Association Series 2017-122, Class SA 0.74% (6.09% - CME Term SOFR 1 Month), 08/20/2047(d) (e)		624		83,159
Series 2017-134, Class MS 0.74% (6.09% - CME Term SOFR 1 Month), 09/20/2047(d) (e)		710		97,598
				1,285,125
Non-Agency Floating Rate – 0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.564% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(b) (d)		124		123,742
Total Collateralized Mortgage Obligations (cost $32,983,813)				34,282,833

11

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.4%
Non-Agency Floating Rate CMBS – 0.7%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.376% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(b) (d)	U.S.$	1,755	$	1,751,154
BBCMS Mortgage Trust Series 2020-BID, Class A 7.584% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(b) (d)		1,383		1,376,085
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.275% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(b) (d)		185		180,938
Series 2019-IMC, Class E 7.525% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(b) (d)		895		873,794
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.347% (CME Term SOFR + 2.00%), 01/25/2051(b) (d)		92		91,894
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.908% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(b) (d)		391		365,589
				4,639,454
Non-Agency Fixed Rate CMBS – 0.7%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(b)		520		423,932
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.15%, 08/10/2044(b)		19		8,887
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(f)		548		530,109
Series 2021-1, Class A2 2.435%, 08/15/2026(f)		1,421		1,375,465
Series 2021-1, Class AS 2.638%, 08/15/2026(f)		40		37,855
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(f)		927		918,698
JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA 0.665%, 09/15/2047(g)		3,863		39
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		78		25,825

12

	Principal Amount (000)		U.S. $ Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class XA 1.025%, 10/15/2048(g)	U.S.$	8,882	$	55,932
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.331%, 12/15/2059		330		293,458
Series 2016-NXS6, Class C 4.391%, 11/15/2049		525		482,133
				4,152,333
Total Commercial Mortgage-Backed Securities (cost $9,200,039)				8,791,787
MORTGAGE PASS-THROUGHS – 0.9%
Agency Fixed Rate 30-Year – 0.9%
Federal National Mortgage Association Series 2022 3.00%, 02/01/2052 (cost $6,111,406)		5,952		5,253,113
COLLATERALIZED LOAN OBLIGATIONS – 0.8%
CLO - Floating Rate – 0.8%
AGL CLO 16 Ltd. Series 2021-16A, Class D 8.644% (CME Term SOFR 3 Month + 3.36%), 01/20/2035(b) (d)		650		651,261
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class DR 8.694% (CME Term SOFR 3 Month + 3.41%), 01/20/2032(b) (d)		415		416,277
Crown Point CLO 11 Ltd. Series 2021-11A, Class D 9.147% (CME Term SOFR 3 Month + 3.86%), 01/17/2034(b) (d)		400		400,746
Dryden 98 CLO Ltd. Series 2022-98A, Class D 8.382% (CME Term SOFR 3 Month + 3.10%), 04/20/2035(b) (d)		500		486,570
New Mountain CLO 3 Ltd. Series CLO-3A, Class A 6.724% (CME Term SOFR 3 Month + 1.44%), 10/20/2034(b) (d)		500		500,558
Pikes Peak CLO 8 Series 2021-8A, Class A 6.714% (CME Term SOFR 3 Month + 1.43%), 07/20/2034(b) (d)		1,450		1,450,866
Rad CLO 14 Ltd. Series 2021-14A, Class A 6.733% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(b) (d)		291		291,669
Regatta XXIV Funding Ltd. Series 2021-5A, Class D 8.644% (CME Term SOFR 3 Month + 3.36%), 01/20/2035(b) (d)		500		502,290

13

	Principal Amount (000)			U.S. $ Value
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 6.784% (CME Term SOFR 3 Month + 1.50%), 01/20/2034(b) (d)		U.S.$	381	$	382,052
Total Collateralized Loan Obligations (cost $5,071,949)					5,082,289
CORPORATES - NON-INVESTMENT GRADE – 0.8%
Industrial – 0.7%
Communications - Media – 0.2%
DISH DBS Corp. 5.75%, 12/01/2028(b)			1,067		784,608
VZ Vendor Financing II BV 2.875%, 01/15/2029(b)		EUR	561		543,125
					1,327,733
Communications - Telecommunications – 0.1%
Altice France SA 3.375%, 01/15/2028(b)			307		235,031
Consumer Cyclical - Other – 0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(b)		U.S.$	383		386,470
6.125%, 04/01/2032(b)			220		222,358
					608,828
Consumer Non-Cyclical – 0.1%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(b)		EUR	550		566,452
Services – 0.2%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(b)			642		680,103
Block, Inc. 6.50%, 05/15/2032(b)		U.S.$	494		502,635
					1,182,738
					3,920,782
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(b) (c)			751		754,995
Total Corporates - Non-Investment Grade (cost $5,226,050)					4,675,777
EMERGING MARKETS - CORPORATE BONDS – 0.6%
Industrial – 0.5%
Basic – 0.0%
Volcan Cia Minera SAA 4.375%, 02/11/2026(b)			125		102,344

14

	Principal Amount (000)		U.S. $ Value
Communications - Media – 0.2%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(b)	U.S.$	1,062	$	956,464
Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(b)		483		455,831
Consumer Non-Cyclical – 0.0%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(f) (h) (i) (j) (k)		655		65
Energy – 0.2%
Ecopetrol SA 8.625%, 01/19/2029		1,134		1,203,174
Oleoducto Central SA 4.00%, 07/14/2027(b)		229		213,328
				1,416,502
				2,931,206
Utility – 0.1%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(b)		89		88,745
Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029(b)		374		369,325
				458,070
Total Emerging Markets - Corporate Bonds (cost $3,787,609)				3,389,276
QUASI-SOVEREIGNS – 0.4%
Quasi-Sovereign Bonds – 0.4%
Hungary – 0.2%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(b)		1,197		1,206,351
Mexico – 0.2%
Comision Federal de Electricidad 4.688%, 05/15/2029(b)		1,016		961,390
Total Quasi-Sovereigns (cost $2,209,580)				2,167,741
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%
United States – 0.2%
University of California Series 2021-B 3.071%, 05/15/2051 (cost $1,451,503)		1,465		1,036,672

15

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS - SOVEREIGNS – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(b) (cost $922,000)	U.S.$	922	$	844,497
GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Colombia – 0.0%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $247,409)		248		199,020
	Shares
COMMON STOCKS – 0.0%
Financials – 0.0%
Insurance – 0.0%
Mt Logan Re Ltd. Special Investment, Series 2, December 2021 - Class U-1(h) (i) (k)		226		0
Mt Logan Re Ltd. Special Investment, Series 2, December 2022 - Class U-1(h) (i) (k)		330		178,093
Total Common Stocks (cost $493,491)				178,093
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.20%(l) (m) (n) (cost $4,572,248)		4,572,248		4,572,248
Total Investments – 100.8% (cost $617,705,429)(o)				610,911,017
Other assets less liabilities – (0.8)%				(4,827,110	)
Net Assets – 100.0%			$	606,083,907

FUTURES

Description	Number of Contracts			Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		9			September 2024	$	1,040,203	$	31,488
U.S. T-Note 2 Yr (CBT) Futures		728			September 2024		149,507,313		1,151,551
U.S. T-Note 5 Yr (CBT) Futures		356			September 2024		38,409,063		629,777
Sold Contracts
U.S. 10 Yr Ultra Futures		159			September 2024		18,376,922		(446,026	)
U.S. Ultra Bond (CBT) Futures		26			September 2024		3,327,188		(147,266	)
								$	1,219,524

16

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty

Contracts to Deliver (000)

In Exchange For (000)

Settlement Date

Unrealized Appreciation (Depreciation)

Goldman Sachs Bank USA

EUR

4,707

USD

5,067

08/08/2024

$

(28,414

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		(5.00	)%		Quarterly	3.31%		USD	4,390	$	(323,207	)	$	(277,913	)	$	(45,294	)
iTraxx Australia Series 41, 5 Year Index, 06/20/2029*		(1.00	)		Quarterly	0.65		USD	32,150		(534,592	)		(489,483	)		(45,109	)
Sale Contracts
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00			Quarterly	0.52		USD	32,150		719,911			661,389			58,522
										$	(137,888	)	$	(106,007	)	$	(31,881	)

* Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	64,600	02/26/2025	1.589%	CPI#	Maturity	$	8,971,486		$	—	$	8,971,486
USD	38,550	02/28/2025	1.527%	CPI#	Maturity		5,474,221			—		5,474,221
USD	27,630	04/15/2026	2.583%	CPI#	Maturity		(146,384	)		—		(146,384	)
USD	61,010	05/13/2027	3.263%	CPI#	Maturity		(339,147	)		—		(339,147	)
USD	29,760	07/08/2027	2.770%	CPI#	Maturity		301,894			—		301,894
USD	29,760	07/08/2027	2.778%	CPI#	Maturity		290,789			—		290,789
						$	14,552,859		$	—	$	14,552,859

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	1,160	06/09/2025	2.000%	1 Day SOFR	Annual	$	32,885		$	26,916	$	5,969
USD	2,106	08/04/2025	1.970%	1 Day SOFR	Annual		127,312			56,937		70,375
USD	5,400	10/04/2026	1.170%	1 Day SOFR	Annual		516,651			346,196		170,455

17

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund		Payments received by the Fund	Payment Frequency Paid/ Received		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	1,080	11/08/2026		1.451%	1 Day SOFR		Annual	$	92,305	$	64,959	$	27,346
USD	1,080	11/09/2026		1.470%	1 Day SOFR		Annual		91,616		64,989		26,627
USD	7,030	04/04/2027		2.235%	1 Day SOFR		Annual		381,888		347,212		34,676
USD	20,920	06/05/2027		0.345%	1 Day SOFR		Annual		2,178,575		2,090,072		88,503
USD	715	07/12/2027		2.000%	1 Day SOFR		Annual		39,393		41,346		(1,953	)
USD	5,395	06/04/2029		1.985%	1 Day SOFR		Annual		440,861		444,521		(3,660	)
USD	3,170	09/27/2029		1.300%	1 Day SOFR		Annual		464,873		370,465		94,408
USD	40,300	05/21/2031		1.394%	1 Day SOFR		Annual		5,796,723		5,515,392		281,331
USD	1,490	11/10/2035		2.410%	1 Day SOFR		Annual		207,221		161,909		45,312
USD	595	03/06/2042		3.500%	1 Day SOFR		Annual		21,595		—		21,595
								$	10,391,898	$	9,530,914	$	860,984

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00%		USD	4	$	(516	)	$	(576	)	$	60
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	12		(1,547	)		(1,599	)		52
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4		(516	)		(461	)		(55	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	12		(1,547	)		(1,457	)		(90	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	6		(746	)		(526	)		(220	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	19		(2,465	)		(2,240	)		(225	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	11		(1,433	)		(1,198	)		(235	)

18

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	5.00%		USD	16	$	(2,121	)	$	(1,866	)	$	(255	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	19		(2,464	)		(2,168	)		(296	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	27		(3,439	)		(3,026	)		(413	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	22		(2,865	)		(2,179	)		(686	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	41		(5,273	)		(4,525	)		(748	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	39		(4,987	)		(3,959	)		(1,028	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	2		(286	)		(248	)		(38	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	54		(6,992	)		(5,910	)		(1,082	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	58		(7,451	)		(4,190	)		(3,261	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	75		(9,686	)		(5,563	)		(4,123	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	13		(1,720	)		(1,398	)		(322	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	58		(7,451	)		(6,511	)		(940	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	67		(8,597	)		(7,512	)		(1,085	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	5.00		USD	97		(12,437	)		(9,865	)		(2,572	)

19

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00%		USD	97	$	(12,494	)	$	(9,907	)	$	(2,587	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	318		(40,922	)		(16,289	)		(24,633	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	7		(859	)		(905	)		46
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	7		(859	)		(534	)		(325	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	13		(1,720	)		(1,178	)		(542	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	13		(1,719	)		(1,088	)		(631	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	26		(3,382	)		(2,532	)		(850	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	74		(9,514	)		(7,029	)		(2,485	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	79		(10,201	)		(6,113	)		(4,088	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	85		(10,947	)		(5,353	)		(5,594	)
											$	(177,156	)	$	(117,905	)	$	(59,251	)

* Termination date

(a) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2024, the aggregate market value of these securities amounted to $120,893,457 or 19.9% of net assets.

(c) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2024.

(e) Inverse interest only security.

20

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.48% of net assets as of July 31, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026	02/25/2021 - 08/03/2023	$	529,900	$	530,109	0.09%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026	02/25/2021 - 09/06/2022		1,440,675		1,375,465	0.23%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026	02/25/2021 - 04/01/2021		40,462		37,855	0.01%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035	11/19/2020		979,847		918,698	0.15%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	01/24/2014 - 01/27/2014		363,153		65	0.00%

(g) IO - Interest Only.

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

(i) Non-income producing security.

(j) Defaulted matured security.

(k) Fair valued by the Adviser.

(l) Affiliated investments.

(m) 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.

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

(o) As of July 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $22,506,542 and gross unrealized depreciation of investments was $(12,787,133), resulting in net unrealized appreciation of $9,719,409.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TIPS – Treasury Inflation Protected Security

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AB Bond Inflation Strategy

July 31, 2024 (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. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are 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.

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Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2024:

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Inflation-Linked Securities	$	—		$	435,174,521		$	—		$	435,174,521
Corporates - Investment Grade		—			69,752,376			—			69,752,376
Asset-Backed Securities		—			35,510,774			—			35,510,774
Collateralized Mortgage Obligations		—			34,282,833			—			34,282,833
Commercial Mortgage-Backed Securities		—			8,791,787			—			8,791,787
Mortgage Pass-Throughs		—			5,253,113			—			5,253,113
Collateralized Loan Obligations		—			5,082,289			—			5,082,289
Corporates - Non-Investment Grade		—			4,675,777			—			4,675,777
Emerging Markets - Corporate Bonds		—			3,389,211			65			3,389,276
Quasi-Sovereigns		—			2,167,741			—			2,167,741
Local Governments - US Municipal Bonds		—			1,036,672			—			1,036,672
Emerging Markets - Sovereigns		—			844,497			—			844,497
Governments - Sovereign Bonds		—			199,020			—			199,020
Common Stocks		—			—			178,093	(a)		178,093
Short-Term Investments		4,572,248			—			—			4,572,248
Total Investments in Securities		4,572,248			606,160,611			178,158	(a)		610,911,017
Other Financial Instruments(b):
Assets:
Futures		1,812,816			—			—			1,812,816
Centrally Cleared Credit Default Swaps		—			719,911			—			719,911
Centrally Cleared Inflation (CPI) Swaps		—			15,038,390			—			15,038,390
Centrally Cleared Interest Rate Swaps		—			10,391,898			—			10,391,898
Liabilities:
Futures		(593,292	)		—			—			(593,292	)
Forward Currency Exchange Contracts		—			(28,414	)		—			(28,414	)
Centrally Cleared Credit Default Swaps		—			(857,799	)		—			(857,799	)
Centrally Cleared Inflation (CPI) Swaps		—			(485,531	)		—			(485,531	)
Credit Default Swaps		—			(177,156	)		—			(177,156	)
Total	$	5,791,772		$	630,761,910		$	178,158	(a)	$	636,731,840

^(a)  The Fund held securities with zero market value at period end.

^(b)  Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments 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 July 31, 2024 is as follows:

Fund	Market Value 10/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 07/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	197,941	$	193,369	$	4,572	$	332

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