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NPORT-EX 2 NPORT_64N1_15758277_0723.htm HTML

AB Bond Inflation Strategy

Portfolio of Investments

July 31, 2023 (unaudited)


	Principal Amount (000)			U.S. $ Value

INFLATION-LINKED SECURITIES – 72.5%
United States – 72.5%
U.S. Treasury Inflation Index 0.125%, 07/15/2024 (TIPS)		U.S.$	64,076	$	62,193,851
0.125%, 07/15/2026 (TIPS)			121,215		113,941,694
0.125%, 07/15/2030 (TIPS)^(a)			284,142		254,795,755
0.125%, 07/15/2031 (TIPS)			19,214		17,022,624
0.375%, 07/15/2027 (TIPS)			21,409		20,104,626
2.50%, 01/15/2029 (TIPS)^(a)			84,712		87,438,168


Total Inflation-Linked Securities (cost $564,676,107)					555,496,718


CORPORATES - INVESTMENT GRADE – 7.2%
Financial Institutions – 3.8%
Banking – 2.9%
AIB Group PLC 4.263%, 04/10/2025^(b)			746		733,064
Ally Financial, Inc. 6.992%, 06/13/2029			575		579,157
Banco de Credito del Peru S.A. 3.125%, 07/01/2030^(b)			958		886,782
Banco Santander SA 6.921%, 08/08/2033			400		400,000
Bank of Ireland Group PLC 6.253%, 09/16/2026^(b)			456		454,536
BNP Paribas SA 4.625%, 02/25/2031^(b) (c)			1,255		964,204
Capital One Financial Corp. 6.377%, 06/08/2034			1,080		1,089,990
Citigroup, Inc. 9.699% (SOFR + 4.33%), 10/30/2023^(c) (d)			103		103,334
Series W 4.00%, 12/10/2025^(c)			504		452,305
Series Y 4.15%, 11/15/2026^(c)			480		403,642
Credit Suisse Group AG 6.373%, 07/15/2026^(b)			1,025		1,026,619
Deutsche Bank AG/New York NY 2.129%, 11/24/2026			296		268,262
3.961%, 11/26/2025			405		390,153
6.119%, 07/14/2026			696		692,659
7.146%, 07/13/2027			233		237,625
Discover Bank 4.682%, 08/09/2028			327		297,433
Goldman Sachs Group, Inc. (The) Series V 4.125%, 11/10/2026^(c)			775		663,423
HSBC Holdings PLC 7.336%, 11/03/2026			420		434,158
8.113%, 11/03/2033			1,738		1,924,661
Lloyds Banking Group PLC 8.00%, 09/27/2029^(c)			1,011		944,122


	Principal Amount (000)			U.S. $ Value

Morgan Stanley 0.406%, 10/29/2027		EUR	1,030	$	1,001,876
NatWest Group PLC 4.269%, 03/22/2025		U.S.$	648		640,030
Santander Holdings USA, Inc. 2.49%, 01/06/2028			497		432,440
6.499%, 03/09/2029			458		459,924
6.565%, 06/12/2029			37		36,924
Standard Chartered PLC 3.971%, 03/30/2026^(b)			657		632,592
6.00%, 07/26/2025^(b) (c)			1,267		1,220,501
7.141% (LIBOR 3 Month + 1.51%), 01/30/2027^{(b) (c) (d)}			400		368,676
Svenska Handelsbanken AB 4.75%, 03/01/2031^(b) (c)			1,400		1,107,442
UBS Group AG 4.194%, 04/01/2031^(b)			614		555,142
UniCredit SpA 1.982%, 06/03/2027^(b)			204		180,271
2.569%, 09/22/2026^(b)			1,071		980,554
3.127%, 06/03/2032^(b)			368		293,992
US Bancorp Series J 5.30%, 04/15/2027^(c)			427		373,881
Wells Fargo & Co. 7.625%, 09/15/2028^(c)			493		506,967
Series BB 3.90%, 03/15/2026^(c)			418		374,971

					22,112,312


Brokerage – 0.2%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025^(c)			253		247,497
Series I 4.00%, 06/01/2026^(c)			1,366		1,221,873

					1,469,370


Finance – 0.5%
Aircastle Ltd. 4.125%, 05/01/2024			232		227,942
6.50%, 07/18/2028^(b)			558		558,731
Aviation Capital Group LLC 1.95%, 09/20/2026^(b)			346		303,625
4.125%, 08/01/2025^(b)			7		6,647
4.375%, 01/30/2024^(b)			194		191,290
4.875%, 10/01/2025^(b)			246		236,758
5.50%, 12/15/2024^(b)			425		417,609
6.375%, 07/15/2030^(b)			245		244,765
Synchrony Financial 2.875%, 10/28/2031			791		588,457
3.95%, 12/01/2027			429		382,917
4.50%, 07/23/2025			244		233,513


	Principal Amount (000)			U.S. $ Value

4.875%, 06/13/2025		U.S.$	414	$	400,197

					3,792,451


REITs – 0.2%
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			949		776,035
4.00%, 01/15/2031			414		357,928
Vornado Realty LP 3.40%, 06/01/2031			718		532,232

					1,666,195

					29,040,328


Industrial – 3.1%
Basic – 0.1%
Freeport Indonesia PT 4.763%, 04/14/2027^(b)			415		401,463


Communications - Media – 0.2%
Cox Communications, Inc. 5.70%, 06/15/2033^(b)			281		282,307
Interpublic Group of Cos., Inc. (The) 5.375%, 06/15/2033			547		533,850
Prosus NV 3.257%, 01/19/2027^(b)			593		535,052
4.027%, 08/03/2050^(b)			487		311,096
Tencent Holdings Ltd. 3.24%, 06/03/2050^(b)			655		422,003

					2,084,308


Communications - Telecommunications – 0.0%
T-Mobile USA, Inc. 5.05%, 07/15/2033			240		234,727


Consumer Cyclical - Automotive – 0.5%
General Motors Financial Co., Inc. 5.80%, 06/23/2028			723		725,972
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027^(b)			1,942		1,769,997
Nissan Motor Co., Ltd. 4.345%, 09/17/2027^(b)			1,378		1,279,004

					3,774,973


Consumer Cyclical - Other – 0.1%
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025			92		92,525
MDC Holdings, Inc. 6.00%, 01/15/2043			731		654,179

					746,704


Consumer Non-Cyclical – 0.3%
BAT Capital Corp. 6.421%, 08/02/2033			268		268,000


	Principal Amount (000)			U.S. $ Value

Cargill, Inc. 5.125%, 10/11/2032^(b)		U.S.$	632	$	637,972
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,190		877,542
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023			384		382,015

					2,165,529


Energy – 0.7%
Continental Resources, Inc./OK 2.875%, 04/01/2032^(b)			1,496		1,161,898
5.75%, 01/15/2031^(b)			1,113		1,076,694
Ecopetrol SA 8.625%, 01/19/2029			1,134		1,166,035
Oleoducto Central SA 4.00%, 07/14/2027^(b)			229		203,576
ONEOK Partners LP 6.125%, 02/01/2041			105		103,185
Var Energi ASA 7.50%, 01/15/2028^(b)			867		901,741
8.00%, 11/15/2032^(b)			680		733,652

					5,346,781


Other Industrial – 0.0%
LKQ Corp. 6.25%, 06/15/2033^(b)			312		314,044


Technology – 1.0%
Honeywell International, Inc. 4.125%, 11/02/2034		EUR	1,853		2,038,699
Kyndryl Holdings, Inc. 2.05%, 10/15/2026		U.S.$	1,428		1,244,216
Lenovo Group Ltd. 5.831%, 01/27/2028^(b)			1,193		1,187,154
6.536%, 07/27/2032^(b)			1,139		1,159,616
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			711		719,248
SK Hynix, Inc. 2.375%, 01/19/2031^(b)			382		296,497
TSMC Arizona Corp. 3.875%, 04/22/2027			1,009		969,114

					7,614,544


Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036^(b)			214		194,454
5.875%, 07/05/2034^(b)			271		265,549

					460,003


Transportation - Services – 0.1%
ENA Master Trust 4.00%, 05/19/2048^(b)			303		223,735


	Principal Amount (000)			U.S. $ Value

ERAC USA Finance LLC 4.90%, 05/01/2033^(b)		U.S.$	635	$	625,062

					848,797

					23,991,873


Utility – 0.3%
Electric – 0.3%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030^(b)			355		306,898
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			1,183		851,003
Electricite de France SA 9.125%, 03/15/2033^(b) (c)			415		437,700
Engie Energia Chile SA 3.40%, 01/28/2030^(b)			751		624,975

					2,220,576


Total Corporates - Investment Grade (cost $59,166,089)					55,252,777


ASSET-BACKED SECURITIES – 5.9%
Autos - Fixed Rate – 3.1%
ACM Auto Trust Series 2023-1A, Class A 6.61%, 01/22/2030^(b)			1,047		1,045,751
American Credit Acceptance Receivables Trust Series 2022-3, Class A 4.12%, 02/13/2026^(b)			290		289,563
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028^(b)			1,294		1,273,055
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			244		226,692
Series 2021-N4, Class D 2.30%, 09/11/2028			916		859,682
Series 2021-P4, Class D 2.61%, 09/11/2028			1,206		1,011,478
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027^(b)			1,080		1,011,530
Series 2022-A, Class C 2.17%, 04/16/2029^(b)			1,765		1,671,625
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026^(b)			295		281,484
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033^(b)			1,000		876,786


	Principal Amount (000)			U.S. $ Value

Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026^(b)		U.S.$	1,660	$	1,525,933
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026^(b)			450		439,443
Series 2022-1A, Class A 5.21%, 06/15/2027^(b)			1,351		1,336,500
Lendbuzz Securitization Trust Series 2023-2A, Class A2 7.09%, 10/16/2028^(b)			1,179		1,171,185
Octane Receivables Trust Series 2021-2A, Class B 2.02%, 09/20/2028^(b)			1,508		1,367,250
Prestige Auto Receivables Trust Series 2022-1A, Class A2 5.90%, 07/15/2025^(b)			903		901,119
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030^(b)			1,711		1,675,671
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032^(b)			1,375		1,352,958
Series 2022-B, Class B 5.721%, 08/16/2032^(b)			1,322		1,313,024
Santander Bank NA - SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031^(b)			447		434,516
United Auto Credit Securitization Trust Series 2022-2, Class A 4.39%, 04/10/2025^(b)			541		539,665
Series 2023-1, Class A 5.57%, 07/10/2025^(b)			951		949,173
Westlake Automobile Receivables Trust Series 2023-2A, Class A2A 5.87%, 07/15/2026^(b)			2,063		2,062,046

					23,616,129


Other ABS - Fixed Rate – 2.4%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051^(b)			1,446		1,191,855
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025^(b)			118		114,534
Series 2021-Z2, Class A 1.17%, 11/16/2026^(b)			213		205,167
Series 2022-X1, Class A 1.75%, 02/15/2027^(b)			366		357,642
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028^(b)			828		820,053


	Principal Amount (000)			U.S. $ Value

Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027^(b)		U.S.$	482	$	455,450
BHG Securitization Trust Series 2022-A, Class D 3.56%, 02/20/2035^(b)			1,350		1,061,192
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051^(b)			454		387,472
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055^(b)			603		512,801
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028^(b)			197		180,364
Series 2023-1, Class A2 5.99%, 03/15/2032^(b)			2,148		2,117,970
Diamond Issuer Series 2021-1A, Class A 2.305%, 11/20/2051^(b)			2,152		1,851,295
Domino’s Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051^(b)			763		645,275
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046^(b)			468		396,987
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048^(b)			494		443,942
Series 2020-1A, Class A2 3.981%, 12/20/2050^(b)			326		275,639
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039^(b)			722		637,981
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051^(b)			514		428,517
Series 2022-1A, Class A2 3.695%, 01/30/2052^(b)			1,640		1,344,755
Series 2023-1A, Class A2 7.308%, 01/30/2053^(b)			1,955		1,903,695
Nelnet Student Loan Trust Series 2021-CA, Class B 2.53%, 04/20/2062^(b)			758		598,997
Series 2021-DA, Class B 2.90%, 04/20/2062^(b)			793		645,425
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029^(b)			939		932,463


	Principal Amount (000)			U.S. $ Value

Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031^(b)		U.S.$	1,090	$	1,054,686

					18,564,157


Credit Cards - Fixed Rate – 0.4%
Brex Commercial Charge Card Master Trust Series 2022-1, Class A 4.63%, 07/15/2025^(b)			2,894		2,823,866


Total Asset-Backed Securities (cost $48,306,820)					45,004,152


COLLATERALIZED MORTGAGE OBLIGATIONS – 5.2%
Risk Share Floating Rate – 5.0%
Bellemeade Re Ltd. Series 2019-3A, Class M1C 7.363% (LIBOR 1 Month + 1.95%), 07/25/2029^(b) (d)			335		335,922
Series 2021-1A, Class M1C 8.019% (SOFR + 2.95%), 03/25/2031^{(b) (d)}			728		738,999
Series 2021-2A, Class M1B 6.569% (SOFR + 1.50%), 06/25/2031^{(b) (d)}			1,425		1,418,566
Series 2021-3A, Class A2 6.069% (SOFR + 1.00%), 09/25/2031^{(b) (d)}			1,699		1,672,468
Series 2022-1, Class M1B 7.219% (SOFR + 2.15%), 01/26/2032^{(b) (d)}			1,255		1,244,453
Series 2022-2, Class M1A 9.069% (SOFR + 4.00%), 09/27/2032^{(b) (d)}			2,594		2,650,842
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 7.584% (SOFR + 2.51%), 04/25/2031^{(b) (d)}			22		21,935
Series 2019-R02, Class 1M2 7.484% (SOFR + 2.41%), 08/25/2031^{(b) (d)}			1		1,131
Series 2019-R03, Class 1M2 7.334% (SOFR + 2.26%), 09/25/2031^{(b) (d)}			2		2,402
Series 2019-R07, Class 1M2 7.284% (SOFR + 2.21%), 10/25/2039^{(b) (d)}			35		35,092
Series 2020-R01, Class 1M2 7.234% (SOFR + 2.16%), 01/25/2040^{(b) (d)}			320		322,199


	Principal Amount (000)			U.S. $ Value

Series 2020-R02, Class 2M2 7.184% (SOFR + 2.11%), 01/25/2040^{(b) (d)}		U.S.$	159	$	159,455
Series 2022-R01, Class 1M2 6.969% (SOFR + 1.90%), 12/25/2041^{(b) (d)}			2,899		2,853,661
Series 2022-R02, Class 2M1 6.269% (SOFR + 1.20%), 01/25/2042^{(b) (d)}			1,456		1,454,580
Series 2022-R03, Class 1M2 8.569% (SOFR + 3.50%), 03/25/2042^{(b) (d)}			2,283		2,360,423
Series 2022-R04, Class 1M2 8.169% (SOFR + 3.10%), 03/25/2042^{(b) (d)}			573		583,487
Series 2023-R02, Class 1M1 7.369% (SOFR + 2.30%), 01/25/2043^{(b) (d)}			1,025		1,040,155
Eagle Re Ltd. Series 2021-2, Class M1B 7.119% (SOFR + 2.05%), 04/25/2034^(b) (d)			675		677,365
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA2, Class M3 9.984% (SOFR + 4.91%), 05/25/2028^(d)			82		85,689
Series 2019-DNA4, Class M2 7.134% (SOFR + 2.06%), 10/25/2049^{(b) (d)}			29		29,080
Series 2020-DNA1, Class M2 6.884% (SOFR + 1.81%), 01/25/2050^{(b) (d)}			134		133,547
Series 2020-DNA5, Class M2 7.869% (SOFR + 2.80%), 10/25/2050^{(b) (d)}			301		305,781
Series 2021-DNA5, Class M2 6.719% (SOFR + 1.65%), 01/25/2034^{(b) (d)}			417		417,580
Series 2021-DNA6, Class M2 6.569% (SOFR + 1.50%), 10/25/2041^{(b) (d)}			2,561		2,518,145
Series 2021-HQA3, Class M1 5.919% (SOFR + 0.85%), 09/25/2041^{(b) (d)}			966		954,452
Series 2021-HQA4, Class M2 7.419% (SOFR + 2.35%), 12/25/2041^{(b) (d)}			1,765		1,731,383
Series 2022-DNA1, Class M1B 6.919% (SOFR + 1.85%), 01/25/2042^{(b) (d)}			1,542		1,511,352


	Principal Amount (000)			U.S. $ Value

Series 2022-DNA2, Class M1B 7.469% (SOFR + 2.40%), 02/25/2042^{(b) (d)}		U.S.$	2,468	$	2,474,056
Series 2022-DNA3, Class M1B 7.969% (SOFR + 2.90%), 04/25/2042^{(b) (d)}			1,069		1,087,107
Series 2022-DNA4, Class M1B 8.419% (SOFR + 3.35%), 05/25/2042^{(b) (d)}			2,051		2,109,830
Series 2022-DNA5, Class M1B 9.569% (SOFR + 4.50%), 06/25/2042^{(b) (d)}			3,681		3,929,079
Series 2022-DNA6, Class M1A 7.219% (SOFR + 2.15%), 09/25/2042^{(b) (d)}			967		972,210
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 10.884% (SOFR + 5.81%), 04/25/2028^(d)			348		370,447
Series 2021-R02, Class 2M2 7.069% (SOFR + 2.00%), 11/25/2041^{(b) (d)}			1,221		1,199,503
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.18% (SOFR + 3.86%), 05/30/2025^{(b) (d)}			476		475,468
Series 2019-3R, Class A 8.884% (SOFR + 3.81%), 11/27/2031^{(b) (d)}			42		41,051
Series 2020-1R, Class A 8.534% (SOFR + 3.46%), 02/27/2023^{(d) (e)}			154		149,605
Triangle Re Ltd. Series 2021-3, Class M1A 6.969% (SOFR + 1.90%), 02/25/2034^(b) (d)			519		519,705

					38,588,205


Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICs Series 3955, Class SD 1.418% (6.49% - SOFR), 11/15/2041^{(d) (f)}			1,743		141,622
Series 4693, Class SL 0.968% (6.04% - SOFR), 06/15/2047^(d) (f)			1,072		104,545
Series 4954, Class SL 0.867% (5.94% - SOFR), 02/25/2050^(d) (f)			1,324		130,310


	Principal Amount (000)			U.S. $ Value

Series 4981, Class HS 0.917% (5.99% - SOFR), 06/25/2050^(d) (f)		U.S.$	2,646	$	268,845
Federal National Mortgage Association REMICs Series 2014-78, Class SE 0.917% (5.99% - SOFR), 12/25/2044^{(d) (f)}			768		70,820
Series 2016-77, Class DS 0.817% (5.89% - SOFR), 10/25/2046^{(d) (f)}			845		77,160
Series 2017-62, Class AS 0.967% (6.04% - SOFR), 08/25/2047^{(d) (f)}			899		95,905
Series 2017-97, Class LS 1.017% (6.09% - SOFR), 12/25/2047^{(d) (f)}			1,296		140,315
Government National Mortgage Association Series 2017-122, Class SA 0.831% (6.09% - SOFR), 08/20/2047^{(d) (f)}			699		74,402
Series 2017-134, Class MS 0.831% (6.09% - SOFR), 09/20/2047^{(d) (f)}			792		86,839

					1,190,763


Non-Agency Floating Rate – 0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.513% (SOFR + 2.21%), 04/25/2047^(b) (d)			132		129,642


Total Collateralized Mortgage Obligations (cost $39,533,685)					39,908,610


COLLATERALIZED LOAN OBLIGATIONS – 2.9%
CLO - Floating Rate – 2.9%
AGL CLO 10 Ltd. Series 2021-10A, Class A 6.70% (SOFR + 1.39%), 04/15/2034^(b) (d)			250		248,003
AGL CLO 12 Ltd. Series 2021-12A, Class D 8.438% (SOFR + 3.11%), 07/20/2034^(b) (d)			948		914,943
AGL CLO 16 Ltd. Series 2021-16A, Class D 8.688% (SOFR + 3.36%), 01/20/2035^(b) (d)			650		628,713
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class DR 8.745% (SOFR + 3.41%), 01/20/2032^{(b) (d)}			415		402,164


	Principal Amount (000)			U.S. $ Value

Series 2021-1A, Class A 6.788% (SOFR + 1.46%), 07/20/2034^{(b) (d)}		U.S.$	1,111	$	1,103,221
Ballyrock CLO 15 Ltd. Series 2021-1A, Class C 8.67% (SOFR + 3.36%), 04/15/2034^(b) (d)			1,000		978,466
Ballyrock CLO 16 Ltd. Series 2021-16A, Class C 8.488% (SOFR + 3.16%), 07/20/2034^(b) (d)			660		634,877
Crown Point CLO 11 Ltd. Series 2021-11A, Class D 9.17% (SOFR + 3.86%), 01/17/2034^(b) (d)			400		394,650
Dryden 78 CLO Ltd. Series 2020-78A, Class C 7.52% (SOFR + 2.21%), 04/17/2033^{(b) (d)}			880		847,530
Series 2020-78A, Class D 8.57% (SOFR + 3.26%), 04/17/2033^{(b) (d)}			460		442,636
Dryden 98 CLO Ltd. Series 2022-98A, Class D 8.426% (SOFR + 3.10%), 04/20/2035^(b) (d)			500		460,256
Elevation CLO Ltd. Series 2020-11A, Class C 7.77% (LIBOR 3 Month + 2.20%), 04/15/2033^(b) (d)			780		740,523
Elmwood CLO IX Ltd. Series 2021-2A, Class D 8.538% (SOFR + 3.21%), 07/20/2034^(b) (d)			1,065		1,034,515
Flatiron CLO 21 Ltd. Series 2021-1A, Class D 8.482% (LIBOR 3 Month + 2.90%), 07/19/2034^(b) (d)			1,120		1,085,053
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.658% (SOFR + 1.33%), 04/20/2034^(b) (d)			1,077		1,068,648
Magnetite XXVI Ltd. Series 2020-26A, Class A1R 6.733% (SOFR + 1.38%), 07/25/2034^(b) (d)			2,348		2,334,886
Neuberger Berman Loan Advisers CLO 42 Ltd. Series 2021-42A, Class D 8.37% (SOFR + 3.06%), 07/16/2035^(b) (d)			1,295		1,240,428


	Principal Amount (000)			U.S. $ Value

Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 6.70% (SOFR + 1.39%), 07/17/2035^(b) (d)		U.S.$	1,354	$	1,347,494
New Mountain CLO 3 Ltd. Series CLO-3A, Class A 6.768% (SOFR + 1.44%), 10/20/2034^(b) (d)			500		497,259
OCP CLO Ltd. Series 2020-18A, Class AR 6.678% (SOFR + 1.35%), 07/20/2032^(b) (d)			1,424		1,416,118
Pikes Peak CLO 8 Series 2021-8A, Class A 6.758% (SOFR + 1.43%), 07/20/2034^(b) (d)			1,450		1,442,390
Rad CLO 7 Ltd. Series 2020-7A, Class C 7.57% (SOFR + 2.26%), 04/17/2033^(b) (d)			400		391,280
Rad CLO 14 Ltd. Series 2021-14A, Class A 6.74% (SOFR + 1.43%), 01/15/2035^(b) (d)			291		289,147
Regatta XX Funding Ltd. Series 2021-2A, Class D 8.67% (SOFR + 3.36%), 10/15/2034^(b) (d)			1,425		1,389,716
Regatta XXIV Funding Ltd. Series 2021-5A, Class D 8.688% (SOFR + 3.36%), 01/20/2035^(b) (d)			500		485,069
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 6.828% (SOFR + 1.50%), 01/20/2034^(b) (d)			381		379,846
Voya CLO Ltd. Series 2019-1A, Class DR 8.42% (SOFR + 3.11%), 04/15/2031^(b) (d)			340		317,094


Total Collateralized Loan Obligations (cost $22,999,311)					22,514,925


CORPORATES - NON-INVESTMENT GRADE – 1.3%
Industrial – 1.2%
Capital Goods – 0.1%
TK Elevator Midco GmbH 4.375%, 07/15/2027^(b)		EUR	401		401,532


Communications - Media – 0.5%
Altice Financing SA 3.00%, 01/15/2028^(b)			642		523,275


	Principal Amount (000)			U.S. $ Value

CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030^(b)		U.S.$	104	$	87,980
4.50%, 06/01/2033^(b)			368		291,456
4.75%, 02/01/2032^(b)			2,261		1,872,899
DISH DBS Corp. 5.75%, 12/01/2028^(b)			1,067		823,255
VZ Vendor Financing II BV 2.875%, 01/15/2029^(b)		EUR	561		495,787

					4,094,652


Communications - Telecommunications – 0.1%
Altice France SA/France 3.375%, 01/15/2028^(b)			307		236,246
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(b)			642		661,945

					898,191


Consumer Cyclical - Automotive – 0.1%
Ford Motor Credit Co. LLC 7.35%, 11/04/2027		U.S.$	501		514,812


Consumer Cyclical - Entertainment – 0.1%
Carnival Corp. 4.00%, 08/01/2028^(b)			1,235		1,096,964


Consumer Non-Cyclical – 0.1%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028^(b)		EUR	550		533,368


Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027^(b)			642		622,748


Technology – 0.1%
Seagate HDD Cayman 8.25%, 12/15/2029^(b)		U.S.$	881		922,751

					9,085,018


Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026^(b) (c)			751		676,688


Total Corporates - Non-Investment Grade (cost $11,363,329)					9,761,706


COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2%
Non-Agency Floating Rate CMBS – 0.7%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.269% (SOFR + 1.05%), 11/15/2033^(b) (d)			1,755		1,550,210


	Principal Amount (000)			U.S. $ Value

BBCMS Mortgage Trust Series 2020-BID, Class A 7.477% (SOFR + 2.25%), 10/15/2037^(b) (d)		U.S.$	1,383	$	1,313,620
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.237% (SOFR + 2.01%), 04/15/2034^{(b) (d)}			185		181,733
Series 2019-IMC, Class E 7.487% (SOFR + 2.26%), 04/15/2034^{(b) (d)}			895		873,835
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.069% (SOFR + 2.00%), 01/25/2051^(b) (d)			110		105,383
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.801% (SOFR + 1.58%), 07/15/2036^(b) (d)			391		359,565

					4,384,346


Non-Agency Fixed Rate CMBS – 0.5%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037^(b)			520		423,601
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.152%, 08/10/2044^(b)			19		5,475
Series 2014-GC18, Class D 5.056%, 01/10/2047^(b)			158		42,452
GSF Series 2021-1, Class A1 1.433%, 08/15/2026^(e) (g)			573		538,591
Series 2021-1, Class A2 2.435%, 08/15/2026^(e) (g)			1,421		1,342,569
Series 2021-1, Class AS 2.638%, 08/15/2026^(e) (g)			40		38,697
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035^(e)			1,070		1,022,898
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047			314		285,131
Series 2014-C22, Class XA 0.794%, 09/15/2047^(h)			17,353		80,229
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			78		28,470


	Principal Amount (000)			U.S. $ Value

Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class XA 1.029%, 10/15/2048^(h)		U.S.$	9,174	$	133,586
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.337%, 12/15/2059			330		279,744
Series 2016-NXS6, Class C 4.388%, 11/15/2049			525		427,580

					4,649,023


Total Commercial Mortgage-Backed Securities (cost $10,000,425)					9,033,369


MORTGAGE PASS-THROUGHS – 1.1%
Agency Fixed Rate 30-Year – 1.1%
Federal National Mortgage Association Series 2022 2.50%, 03/01/2052			3,619		3,062,819
3.00%, 02/01/2052			6,399		5,639,012


Total Mortgage Pass-Throughs (cost $10,024,567)					8,701,831


EMERGING MARKETS - CORPORATE BONDS – 0.4%
Industrial – 0.4%
Basic – 0.0%
Volcan Cia Minera SAA 4.375%, 02/11/2026^(b)			125		89,414


Capital Goods – 0.1%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			590		578,312
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058^(b)			270		1,082

					579,394


Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030^(b)			427		356,874


Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028^(b)			483		429,870


Consumer Non-Cyclical – 0.1%
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029^(b)			592		558,552
Natura Cosmeticos SA 4.125%, 05/03/2028^(b)			583		511,145
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018^{(e) (g) (i) (j) (k)}			655		65

					1,069,762

					2,525,314

Principal
Amount
(000)

U.S. $ Value

Utility – 0.0%

Electric – 0.0%

Terraform Global Operating LP
6.125%, 03/01/2026^(b)

U.S.$

87,043

Financial Institutions – 0.0%

Other Finance – 0.0%

OEC Finance Ltd.
5.25%, 12/27/2033^{(b) (l) (m)}

266

10,646

Total Emerging Markets - Corporate Bonds
(cost $3,742,244)

2,623,003

QUASI-SOVEREIGNS – 0.3%

Quasi-Sovereign Bonds – 0.3%

Hungary – 0.2%

Magyar Export-Import Bank Zrt
6.125%, 12/04/2027^(b)

1,197

1,197,024

Mexico – 0.1%

Comision Federal de Electricidad
4.688%, 05/15/2029^(b)

1,016

924,164

Total Quasi-Sovereigns
(cost $2,208,718)

2,121,188

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.1%

United States – 0.1%

University of California
Series 2021-B
3.071%, 05/15/2051
(cost $1,451,184)

1,465

1,004,260

EMERGING MARKETS - SOVEREIGNS – 0.1%

Dominican Republic – 0.1%

Dominican Republic International Bond
4.875%, 09/23/2032^(b)
(cost $922,000)

922

798,092

Shares

COMMON STOCKS – 0.1%

Financials – 0.1%

Insurance – 0.1%

Mt Logan Re Ltd. (Special Investment)^{(g) (i) (k)}
(cost $493,491)

556

401,052

Principal
Amount
(000)

GOVERNMENTS - SOVEREIGN BONDS – 0.0%

Colombia – 0.0%

Colombia Government International Bond
3.125%, 04/15/2031
(cost $247,331)

U.S.$

248

193,564


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 2.7%
Investment Companies – 2.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.19%^{(n) (o) (p)} (cost $20,465,783)		20,465,783	$	20,465,783


Total Investments – 101.0% (cost $795,601,084)^(q)				773,281,030
Other assets less liabilities – (1.0)%				(7,438,813	)


Net Assets – 100.0%			$	765,842,217

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		510		September 2023		$	59,662,031		$	(962,974	)
U.S. T-Note 2 Yr (CBT) Futures		591		September 2023			119,991,469			(1,641,795	)
U.S. T-Note 5 Yr (CBT) Futures		447		September 2023			47,748,680			(757,773	)
Sold Contracts
10 Yr Japan Bond (OSE) Futures		26		September 2023			26,828,805			200,003
U.S. Ultra Bond (CBT) Futures		22		September 2023			2,908,812			33,451

									$	(3,129,088	)

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		EUR	5,893		USD	6,499		10/12/2023	$	(3,292	)
State Street Bank & Trust Co.		JPY	1,314		USD	10		08/25/2023		235

									$	(3,057	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 40, 5 Year Index, 06/20/2028*		(5.00	)%		Quarterly		4.09%		USD	4,391	$	(179,961	)	$	(9,033	)	$	(170,928	)
iTraxx Australia Series 39, 5 Year Index, 06/20/2028*		(1.00	)		Quarterly		0.72		USD	32,147		(432,445	)		(328,251	)		(104,194	)
Sale Contracts
CDX-NAIG Series 40, 5 Year Index, 06/20/2028*		1.00			Quarterly		0.63		USD	32,147		553,533			432,965			120,568

											$	(58,873	)	$	95,681		$	(154,554	)

*	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	3,000	01/15/2024	1.599%	CPI#	Maturity	$	395,916		$	—	$	395,916
USD	20,700	07/15/2024	3.440%	CPI#	Maturity		166			—		166
USD	64,600	02/26/2025	1.589%	CPI#	Maturity		8,173,671			—		8,173,671
USD	38,550	02/28/2025	1.527%	CPI#	Maturity		4,993,507			—		4,993,507
USD	61,010	05/13/2027	3.263%	CPI#	Maturity		(313,599	)		—		(313,599	)
USD	29,760	07/08/2027	2.770%	CPI#	Maturity		302,308			—		302,308
USD	29,760	07/08/2027	2.778%	CPI#	Maturity		291,708			—		291,708

						$	13,843,677		$	—	$	13,843,677

#	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	$	63,826	$	58,491	$	5,335
USD	2,106	08/04/2025		1.970%		1 Day SOFR		Annual		138,014		113,565		24,449
USD	5,400	10/04/2026		1.170%		1 Day SOFR		Annual		582,738		505,778		76,960
USD	1,080	11/08/2026		1.451%		1 Day SOFR		Annual		108,087		93,638		14,449
USD	1,080	11/09/2026		1.470%		1 Day SOFR		Annual		107,392		93,647		13,745
USD	7,030	04/04/2027		2.235%		1 Day SOFR		Annual		529,739		477,416		52,323
USD	20,920	06/05/2027		0.345%		1 Day SOFR		Annual		2,961,225		2,827,034		134,191
USD	715	07/12/2027		2.000%		1 Day SOFR		Annual		56,311		55,423		888
USD	5,395	06/04/2029		1.985%		1 Day SOFR		Annual		557,340		536,543		20,797
USD	3,170	09/27/2029		1.300%		1 Day SOFR		Annual		486,185		442,472		43,713
USD	40,300	05/21/2031		1.394%		1 Day SOFR		Annual		6,683,868		6,328,047		355,821
USD	1,490	11/10/2035		2.410%		1 Day SOFR		Annual		198,887		176,299		22,588
USD	595	03/06/2042		3.500%		1 Day SOFR		Annual		12,096		—		12,096

									$	12,485,708	$	11,708,353	$	777,355

CREDIT DEFAULT SWAPS


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2023		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		7.50%		USD	5	$	(1,050	)	$	(747	)	$	(303	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	5		(1,050	)		(597	)		(453	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	7		(1,517	)		(681	)		(836	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	15		(3,151	)		(2,074	)		(1,077	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	15		(3,150	)		(1,889	)		(1,261	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	14		(2,918	)		(1,554	)		(1,364	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	21		(4,317	)		(2,419	)		(1,898	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	24		(5,017	)		(2,904	)		(2,113	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	24		(5,018	)		(2,812	)		(2,206	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	28		(5,834	)		(2,826	)		(3,008	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	34		(7,001	)		(3,923	)		(3,078	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at July 31, 2023	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	52	$	(10,736	)	$	(5,868	)	$	(4,868	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	49		(10,152	)		(5,133	)		(5,019	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	3		(584	)		(322	)		(262	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	69		(14,237	)		(7,664	)		(6,573	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	73		(15,170	)		(5,433	)		(9,737	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	95		(19,721	)		(7,213	)		(12,508	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	17		(3,500	)		(1,812	)		(1,688	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	73		(15,170	)		(8,443	)		(6,727	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	84		(17,504	)		(9,741	)		(7,763	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	122		(25,322	)		(12,792	)		(12,530	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	123		(25,439	)		(12,846	)		(12,593	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	402		(83,319	)		(21,122	)		(62,197	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	8		(1,750	)		(1,174	)		(576	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	8		(1,751	)		(693	)		(1,058	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	17		(3,501	)		(1,527	)		(1,974	)


Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at July 31, 2023		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	17	$	(3,501	)	$	(1,411	)	$	(2,090	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	33		(6,885	)		(3,283	)		(3,602	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	93		(19,371	)		(9,115	)		(10,256	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	100		(20,771	)		(7,927	)		(12,844	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	107		(22,288	)		(6,941	)		(15,347	)

											$	(360,695	)	$	(152,886	)	$	(207,809	)

*	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, 2023, the aggregate market value of these securities amounted to $149,315,944 or 19.5% 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, 2023.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.41% of net assets as of July 31, 2023, 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

554,727

538,591

0.07%

GSF
Series 2021-1, Class A2
2.435%, 08/15/2026

02/25/2021

1,450,093

1,342,569

0.18%

GSF
Series 2021-1, Class AS
2.638%, 08/15/2026

02/25/2021

40,686

38,697

0.01%

HFX Funding Issuer
Series 2017-1A, Class A3
3.647%, 03/15/2035

11/19/2020

1,135,906

1,022,898

0.13%

PMT Credit Risk Transfer Trust
Series 2020-1R, Class A
8.534%, 02/27/2023

02/11/2000

154,096

149,605

0.02%

Virgolino de Oliveira Finance SA
10.50%, 01/28/2018

01/24/2014

363,153

0.00%

(f)

Inverse interest only security.

(g)

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

(h)

IO - Interest Only.

(i)

Non-income producing security.

(j)

Defaulted matured security.

(k)

Fair valued by the Adviser.

(l)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at July 31, 2023.

(m)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at July 31, 2023.

(n)

Affiliated investments.

(o)

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.

(p)

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

(q)

As of July 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,747,576 and gross unrealized depreciation of investments was $(27,941,106), resulting in net unrealized depreciation of $(11,193,530).

Currency Abbreviations:

EUR – Euro

JPY – Japanese Yen

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

CPI – Consumer Price Index

LIBOR – London Interbank Offered Rate

OSE – Osaka Securities Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TIPS – Treasury Inflation Protected Security

AB Bond Inflation Strategy

July 31, 2023 (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.

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, 2023:


Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Inflation-Linked Securities	$	—		$	555,496,718		$	—	$	555,496,718
Corporates - Investment Grade		668,000			54,584,777			—		55,252,777
Asset-Backed Securities		—			45,004,152			—		45,004,152
Collateralized Mortgage Obligations		—			39,908,610			—		39,908,610
Collateralized Loan Obligations		—			22,514,925			—		22,514,925
Corporates - Non-Investment Grade		—			9,761,706			—		9,761,706
Commercial Mortgage-Backed Securities		—			7,113,512			1,919,857		9,033,369
Mortgage Pass-Throughs		—			8,701,831			—		8,701,831
Emerging Markets - Corporate Bonds		—			2,622,938			65		2,623,003
Quasi-Sovereigns		—			2,121,188			—		2,121,188
Local Governments - US Municipal Bonds		—			1,004,260			—		1,004,260
Emerging Markets - Sovereigns		—			798,092			—		798,092
Common Stocks		—			—			401,052		401,052
Governments - Sovereign Bonds		—			193,564			—		193,564
Short-Term Investments		20,465,783			—			—		20,465,783

Total Investments in Securities		21,133,783			749,826,273			2,320,974		773,281,030
Other Financial Instruments^(a):
Assets:
Futures		233,454			—			—		233,454
Forward Currency Exchange Contracts		—			235			—		235
Centrally Cleared Credit Default Swaps		—			553,533			—		553,533
Centrally Cleared Inflation (CPI) Swaps		—			14,157,276			—		14,157,276
Centrally Cleared Interest Rate Swaps		—			12,485,708			—		12,485,708
Liabilities:
Futures		(3,362,542	)		—			—		(3,362,542	)
Forward Currency Exchange Contracts		—			(3,292	)		—		(3,292	)
Centrally Cleared Credit Default Swaps		—			(612,406	)		—		(612,406	)
Centrally Cleared Inflation (CPI) Swaps		—			(313,599	)		—		(313,599	)
Credit Default Swaps		—			(360,695	)		—		(360,695	)

Total	$	18,004,695		$	775,733,033		$	2,320,974	$	796,058,702

^(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 July 31, 2023 is as follows:


Fund	Market Value 10/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 07/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	43,764	$	523,257	$	546,555	$	20,466	$	485