AB Total Return Bond Portfolio

Portfolio of Investments

January 31, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 24.0%
Financial Institutions – 11.5%
Banking – 9.5%
AIB Group PLC 4.263%, 04/10/2025(a)	U.S.$	491	$	489,193
Ally Financial, Inc. 6.992%, 06/13/2029		270		279,231
Banco de Credito del Peru SA 3.125%, 07/01/2030(a)		635		602,361
Banco Santander SA 4.175%, 03/24/2028		400		385,108
9.625%, 05/21/2033(b)		200		214,986
Bank of America Corp. 2.972%, 02/04/2033		535		456,478
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)		215		217,230
Barclays PLC 6.224%, 05/09/2034		232		238,983
BPCE SA 6.508%, 01/18/2035(a)		443		448,134
CaixaBank SA 6.684%, 09/13/2027(a)		235		241,390
Capital One Financial Corp. 5.468%, 02/01/2029		118		118,158
6.377%, 06/08/2034		319		331,658
Citigroup, Inc. 2.561%, 05/01/2032		645		539,542
Series W 4.00%, 12/10/2025(b)		329		308,122
Credit Agricole SA 6.251%, 01/10/2035(a)		359		366,018
Deutsche Bank AG/New York NY 3.961%, 11/26/2025		265		260,638
7.146%, 07/13/2027		298		308,606
Discover Bank Series B 5.974%, 08/09/2028		250		243,185
Fifth Third Bancorp 5.631%, 01/29/2032		51		51,490
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032		459		387,295
Series P 8.505% (SOFR + 3.14%), 03/04/2024(b) (c)		43		43,034
Series V 4.125%, 11/10/2026(b)		268		243,545
HSBC Holdings PLC 4.583%, 06/19/2029		224		217,762
7.39%, 11/03/2028		315		338,313
8.113%, 11/03/2033		277		317,279
Intesa Sanpaolo SpA 7.20%, 11/28/2033(a)		219		233,528
JPMorgan Chase & Co. 2.963%, 01/25/2033		439		377,132

1

	Principal Amount (000)			U.S. $ Value
Lloyds Banking Group PLC 5.462%, 01/05/2028		U.S.$	361	$	363,115
7.50%, 09/27/2025(b)			381		372,458
7.953%, 11/15/2033			304		344,019
Morgan Stanley 0.406%, 10/29/2027		EUR	309		307,709
Series G 2.239%, 07/21/2032		U.S.$	287		234,620
Nationwide Building Society 2.972%, 02/16/2028(a)			398		370,259
NatWest Group PLC 4.269%, 03/22/2025			481		479,898
PNC Financial Services Group, Inc. (The) 5.068%, 01/24/2034			112		110,346
5.30%, 01/21/2028			39		39,342
6.875%, 10/20/2034			139		154,786
Series R 8.679% (SOFR + 3.30%), 03/01/2024(b) (c)			62		62,098
Santander Holdings USA, Inc. 6.174%, 01/09/2030			8		8,042
6.499%, 03/09/2029			241		248,577
6.565%, 06/12/2029			3		3,107
7.66%, 11/09/2031			9		9,779
Santander UK Group Holdings PLC 6.833%, 11/21/2026			607		619,899
Societe Generale SA 2.797%, 01/19/2028(a)			537		496,865
Standard Chartered PLC 3.971%, 03/30/2026(a)			268		262,487
6.00%, 07/26/2025(a) (b)			478		470,696
7.089% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (b) (c)			400		384,248
Swedbank AB Series NC5 5.625%, 09/17/2024(a) (b)			400		395,188
UBS Group AG 6.373%, 07/15/2026(a)			369		373,192
7.00%, 02/19/2025(a) (b)			312		311,407
UniCredit SpA 1.982%, 06/03/2027(a)			205		188,575
2.569%, 09/22/2026(a)			391		370,246
3.127%, 06/03/2032(a)			356		299,990
US Bancorp 5.384%, 01/23/2030			86		86,998
Series J 5.30%, 04/15/2027(b)			380		357,284
Wells Fargo & Co. 3.35%, 03/02/2033			399		350,222
5.574%, 07/25/2029			98		100,144
7.625%, 09/15/2028(b)			4		4,207
Series BB 3.90%, 03/15/2026(b)			273		255,733
					16,693,935

2

	Principal Amount (000)		U.S. $ Value
Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(b)	U.S.$	469	$	426,785
Finance – 0.9%
Aircastle Ltd. 4.125%, 05/01/2024		152		151,039
5.95%, 02/15/2029(a)		62		61,999
Aviation Capital Group LLC 1.95%, 01/30/2026(a)		449		419,128
1.95%, 09/20/2026(a)		133		121,445
3.50%, 11/01/2027(a)		136		126,758
4.125%, 08/01/2025(a)		5		4,870
4.875%, 10/01/2025(a)		153		150,347
5.50%, 12/15/2024(a)		294		292,992
6.375%, 07/15/2030(a)		166		172,175
				1,500,753
Insurance – 0.5%
MetLife Capital Trust IV 7.875%, 12/15/2037(a)		699		756,877
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)		200		192,984
				949,861
REITs – 0.4%
American Tower Corp. 2.10%, 06/15/2030		147		123,418
Crown Castle, Inc. 5.60%, 06/01/2029		100		101,808
5.80%, 03/01/2034		105		108,282
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032		310		261,036
4.00%, 01/15/2031		114		101,761
				696,305
				20,267,639
Industrial – 11.4%
Basic – 0.6%
Braskem Netherlands Finance BV 4.50%, 01/10/2028(a)		438		377,665
Freeport Indonesia PT 4.763%, 04/14/2027(a)		390		382,200
Glencore Funding LLC 5.40%, 05/08/2028(a)		223		227,257
6.50%, 10/06/2033(a)		94		102,477
				1,089,599
Capital Goods – 0.4%
Flowserve Corp. 2.80%, 01/15/2032		425		352,652

3

	Principal Amount (000)		U.S. $ Value
Regal Rexnord Corp. 6.05%, 02/15/2026(a)	U.S.$	401	$	404,982
				757,634
Communications - Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049		198		157,299
6.15%, 11/10/2026		158		161,383
Cox Communications, Inc. 5.45%, 09/15/2028(a)		436		445,187
Discovery Communications LLC 5.20%, 09/20/2047		178		153,877
5.30%, 05/15/2049		81		70,116
Interpublic Group of Cos., Inc. (The) 5.375%, 06/15/2033		140		141,894
Meta Platforms, Inc. 4.95%, 05/15/2033		193		197,437
Prosus NV 3.257%, 01/19/2027(a)		219		201,458
Tencent Holdings Ltd. 3.24%, 06/03/2050(a)		328		219,058
				1,747,709
Communications - Telecommunications – 0.4%
AT&T, Inc. 4.50%, 05/15/2035		109		102,876
5.40%, 02/15/2034		151		154,943
T-Mobile USA, Inc. 5.05%, 07/15/2033		177		177,221
5.15%, 04/15/2034		232		233,798
				668,838
Consumer Cyclical - Automotive – 1.2%
Ford Motor Co. 3.25%, 02/12/2032		467		386,755
6.10%, 08/19/2032		69		68,994
General Motors Financial Co., Inc. 4.30%, 04/06/2029		78		74,820
5.80%, 06/23/2028		242		248,343
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)		501		466,671
6.50%, 03/10/2028(a)		20		20,626
Hyundai Capital America 5.25%, 01/08/2027(a)		103		103,844
6.10%, 09/21/2028(a)		234		244,453
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)		522		501,767
				2,116,273
Consumer Cyclical - Other – 0.6%
Las Vegas Sands Corp. 3.90%, 08/08/2029		327		301,569

4

	Principal Amount (000)		U.S. $ Value
Marriott International, Inc./MD 4.90%, 04/15/2029	U.S.$	384	$	386,507
MDC Holdings, Inc. 6.00%, 01/15/2043		346		350,097
				1,038,173
Consumer Cyclical - Retailers – 0.1%
Tapestry, Inc. 7.05%, 11/27/2025		32		32,741
7.70%, 11/27/2030		54		57,376
				90,117
Consumer Non-Cyclical – 2.1%
Altria Group, Inc. 3.40%, 05/06/2030		750		682,493
BAT Capital Corp. 2.259%, 03/25/2028		864		775,397
6.421%, 08/02/2033		163		170,449
Bayer US Finance LLC 6.125%, 11/21/2026(a)		203		205,978
Cargill, Inc. 5.125%, 10/11/2032(a)		248		252,038
General Mills, Inc. 4.70%, 01/30/2027		123		123,173
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034(a)		228		240,136
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		520		354,593
Philip Morris International, Inc. 5.375%, 02/15/2033		469		478,910
Pilgrim’s Pride Corp. 6.875%, 05/15/2034		349		372,603
				3,655,770
Energy – 2.1%
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)		550		448,987
5.75%, 01/15/2031(a)		237		235,744
Ecopetrol SA 8.625%, 01/19/2029		271		286,244
EQT Corp. 5.75%, 02/01/2034		184		184,166
Marathon Oil Corp. 6.80%, 03/15/2032		650		705,958
Oleoducto Central SA 4.00%, 07/14/2027(a)		217		200,250
ONEOK, Inc. 6.05%, 09/01/2033		183		192,058
Ovintiv, Inc. 6.25%, 07/15/2033		92		95,795
6.50%, 02/01/2038		43		44,476
Suncor Energy, Inc. 6.80%, 05/15/2038		534		585,611

5

	Principal Amount (000)			U.S. $ Value
Var Energi ASA 7.50%, 01/15/2028(a)		U.S.$	314	$	333,534
8.00%, 11/15/2032(a)			402		455,374
					3,768,197
Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033			145		151,264
Services – 0.2%
Booking Holdings, Inc. 4.50%, 11/15/2031		EUR	320		373,995
Technology – 2.0%
Apple, Inc. 4.10%, 08/08/2062		U.S.$	350		302,809
Broadcom, Inc. 4.926%, 05/15/2037(a)			547		527,013
Entegris, Inc. 4.75%, 04/15/2029(a)			395		377,711
Honeywell International, Inc. 4.125%, 11/02/2034		EUR	410		466,562
Infor, Inc. 1.75%, 07/15/2025(a)		U.S.$	279		264,258
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			869		796,047
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			277		284,407
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			298		272,280
Oracle Corp. 5.375%, 07/15/2040			90		88,870
TSMC Arizona Corp. 3.875%, 04/22/2027			241		235,626
					3,615,583
Transportation - Airlines – 0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			401		394,412
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 5.875%, 07/05/2034(a)			153		150,343
Transportation - Services – 0.3%
ENA Master Trust 4.00%, 05/19/2048(a)			457		320,563
ERAC USA Finance LLC 4.90%, 05/01/2033(a)			288		287,078
					607,641
					20,225,548

6

	Principal Amount (000)			U.S. $ Value
Utility – 1.1%
Electric – 1.1%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)		U.S.$	269	$	230,076
Alexander Funding Trust II 7.467%, 07/31/2028(a)			184		194,392
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			306		227,664
Electricite de France SA 9.125%, 03/15/2033(a) (b)			283		317,351
Engie Energia Chile SA 3.40%, 01/28/2030(a)			349		300,031
Niagara Mohawk Power Corp. 5.29%, 01/17/2034(a)			161		161,082
NRG Energy, Inc. 7.00%, 03/15/2033(a)			362		381,765
Vistra Operations Co., LLC 6.95%, 10/15/2033(a)			134		141,934
					1,954,295
Total Corporates - Investment Grade (cost $43,946,538)					42,447,482
GOVERNMENTS - TREASURIES – 21.3%
United States – 21.3%
U.S. Treasury Bonds 1.25%, 05/15/2050			2,376		1,234,829
3.125%, 08/15/2044(d)			1,549		1,290,360
3.25%, 05/15/2042			517		445,965
3.375%, 08/15/2042			992		871,363
3.625%, 05/15/2053			481		431,727
3.875%, 02/15/2043			3,078		2,892,546
3.875%, 05/15/2043			213		199,418
4.00%, 11/15/2042			2,061		1,973,573
4.125%, 08/15/2053			119		116,843
4.375%, 08/15/2043			286		287,832
4.75%, 11/15/2053			497		541,808
U.S. Treasury Notes 3.50%, 04/30/2028			580		570,870
3.50%, 02/15/2033			2,957		2,853,698
3.625%, 05/31/2028			4,314		4,264,973
3.75%, 12/31/2028			2,000		1,987,897
3.875%, 11/30/2027			916		913,311
3.875%, 12/31/2027			1,750		1,745,625
3.875%, 08/15/2033			2,281		2,264,564
4.00%, 02/29/2028			1,315		1,317,987
4.125%, 10/31/2027			1,364		1,371,886
4.375%, 08/31/2028			1,227		1,251,246
4.375%, 11/30/2028			1,783		1,821,344
4.50%, 11/15/2033			647		674,384
4.75%, 11/15/2043			638		673,559
4.875%, 10/31/2028			4,850		5,052,989
5.00%, 10/31/2025			697		704,336
Total Governments - Treasuries (cost $38,320,828)				$	37,754,933

7

	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS-THROUGHS – 19.3%
Agency Fixed Rate 30-Year – 18.4%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049		U.S.$	167	$	154,796
3.50%, 11/01/2049			219		202,585
Series 2022 2.00%, 03/01/2052			1,831		1,490,950
2.50%, 04/01/2052			2,130		1,811,949
3.00%, 03/01/2052			1,188		1,050,295
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			66		67,858
Series 2007 5.50%, 07/01/2035			10		10,395
Series 2016 4.00%, 02/01/2046			475		458,978
Series 2017 4.00%, 07/01/2044			316		304,734
Series 2018 4.50%, 03/01/2048			135		134,011
4.50%, 10/01/2048			297		293,620
4.50%, 11/01/2048			388		383,616
5.00%, 11/01/2048			150		151,069
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033			20		20,394
5.50%, 07/01/2033			43		44,322
Series 2004 5.50%, 04/01/2034			5		5,498
5.50%, 05/01/2034			13		13,349
5.50%, 11/01/2034			19		19,505
5.50%, 01/01/2035			182		187,303
Series 2005 5.50%, 02/01/2035			26		27,041
Series 2007 5.50%, 08/01/2037			133		136,286
Series 2010 4.00%, 12/01/2040			195		187,839
Series 2012 3.50%, 02/01/2042			122		114,838
3.50%, 11/01/2042			1,352		1,269,788
3.50%, 01/01/2043			227		212,493
Series 2013 3.50%, 04/01/2043			788		738,607
4.00%, 10/01/2043			467		448,976
Series 2016 3.50%, 01/01/2047			351		325,926
Series 2018 4.50%, 09/01/2048			648		639,418
Series 2019 3.50%, 08/01/2049			504		467,296
3.50%, 09/01/2049			224		207,587
3.50%, 11/01/2049			454		420,369

8

	Principal Amount (000)			U.S. $ Value
Series 2021 2.00%, 07/01/2051		U.S.$	1,898	$	1,537,057
2.50%, 01/01/2052			607		516,262
Series 2022 2.50%, 03/01/2052			1,335		1,130,773
2.50%, 04/01/2052			1,356		1,153,044
2.50%, 05/01/2052			1,795		1,525,833
3.00%, 02/01/2052			1,559		1,378,078
3.00%, 03/01/2052			2,014		1,780,922
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			66		60,511
3.00%, 05/20/2046			160		145,985
Series 2023 5.50%, 04/20/2053			1,102		1,111,073
Series 2024 4.00%, 02/20/2054, TBA			523		497,724
4.50%, 02/20/2054, TBA			2,035		1,985,239
5.00%, 02/20/2054, TBA			2,900		2,885,081
5.50%, 02/20/2054, TBA			396		398,778
6.00%, 02/20/2054, TBA			364		369,624
Uniform Mortgage-Backed Security Series 2024 2.00%, 02/13/2054, TBA			1,444		1,166,252
4.00%, 02/13/2054, TBA			649		611,780
5.50%, 02/13/2054, TBA			1,913		1,920,099
6.00%, 02/13/2054, TBA			383		388,962
					32,564,768
Agency Fixed Rate 15-Year – 0.9%
Federal National Mortgage Association Series 2016 2.50%, 08/01/2031			86		81,643
2.50%, 11/01/2031			379		357,249
2.50%, 12/01/2031			500		472,266
2.50%, 01/01/2032			122		114,757
Series 2017 2.50%, 02/01/2032			553		522,267
					1,548,182
Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 6.25% (RFUCCT1Y + 2.00%), 01/01/2037(c)			8		7,720
Total Mortgage Pass-Throughs (cost $36,337,302)					34,120,670
ASSET-BACKED SECURITIES – 9.3%
Other ABS - Fixed Rate – 4.7%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)			730		641,161
ACHV ABS Trust Series 2023-3PL, Class A 6.60%, 08/19/2030(a)			98		98,379
Series 2023-4CP, Class B 7.24%, 11/25/2030(a)			437		441,781

9

	Principal Amount (000)			U.S. $ Value
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(a)		U.S.$	22	$	22,067
Series 2021-Z2, Class A 1.17%, 11/16/2026(a)			37		35,694
Series 2022-X1, Class A 1.75%, 02/15/2027(a)			30		29,828
Atalaya Equipment Leasing Trust Series 2021-1A, Class C 2.69%, 06/15/2028(a)			600		565,984
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(a)			137		123,884
College Ave Student Loans LLC Series 2021-C, Class C 3.06%, 07/26/2055(a)			213		186,730
Conn’s Receivables Funding LLC Series 2024-A, Class A 7.05%, 01/16/2029(a)			190		190,384
Dext ABS LLC Series 2021-1, Class C 2.29%, 09/15/2028(a)			519		479,725
Series 2021-1, Class D 2.81%, 03/15/2029(a)			260		232,291
Series 2023-1, Class A2 5.99%, 03/15/2032(a)			467		464,608
Series 2023-2, Class A1 5.743%, 11/15/2024(a)			75		75,113
Diamond Issuer Series 2021-1A, Class B 2.701%, 11/20/2051(a)			566		481,710
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)			234		206,148
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032(a)			206		212,471
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)			323		304,938
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)			970		864,594
MVW LLC Series 2021-2A, Class C 2.23%, 05/20/2039(a)			454		415,556
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(a)			360		316,503
Series 2023-1A, Class A2 7.308%, 01/30/2053(a)			391		399,385

10

	Principal Amount (000)		U.S. $ Value
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)	U.S.$	220	$	182,107
Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031(a)		405		406,926
SEB Funding LLC Series 2021-1A, Class A2 4.969%, 01/30/2052(a)		690		645,332
Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031(a)		251		247,838
				8,271,137
Autos - Fixed Rate – 4.3%
ACM Auto Trust Series 2024-1A, Class A 7.71%, 01/21/2031(a)		224		224,700
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)		475		479,181
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028		68		63,399
Series 2021-N4, Class D 2.30%, 09/11/2028		228		220,205
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(a)		470		452,703
Enterprise Fleet Financing LLC Series 2023-2, Class A2 5.56%, 04/22/2030(a)		477		478,518
FHF Issuer Trust Series 2023-2A, Class A1 6.007%, 11/15/2024(a)		47		47,050
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(a)		80		77,018
Series 2023-1A, Class A2 6.57%, 06/15/2028(a)		180		179,886
Flagship Credit Auto Trust Series 2019-3, Class E 3.84%, 12/15/2026(a)		960		931,646
Series 2020-1, Class E 3.52%, 06/15/2027(a)		1,000		944,493
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)		542		495,682
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(a)		450		429,902

11

	Principal Amount (000)		U.S. $ Value
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)	U.S.$	537	$	539,511
Series 2023-2A, Class A2 7.09%, 10/16/2028(a)		231		232,686
Lobel Automobile Receivables Trust Series 2023-2, Class A 7.59%, 04/16/2029(a)		473		476,197
Octane Receivables Trust Series 2021-2A, Class C 2.53%, 05/21/2029(a)		541		504,851
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(a)		179		177,737
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028		228		230,171
USCLN Series 2023-1, Class B 6.789%, 08/25/2032(a)		372		374,486
				7,560,022
Credit Cards - Fixed Rate – 0.3%
Brex Commercial Charge Card Master Trust Series 2022-1, Class A 4.63%, 07/15/2025(a)		565		561,991
Total Asset-Backed Securities (cost $17,228,783)				16,393,150
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.5%
Risk Share Floating Rate – 4.3%
Bellemeade Re Ltd. Series 2022-1, Class M1C 9.045% (SOFR + 3.70%), 01/26/2032(a) (c)		672		681,922
Series 2023-1, Class M1A 7.545% (SOFR + 2.20%), 10/25/2033(a) (c)		254		254,615
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2 7.859% (SOFR + 2.51%), 04/25/2031(a) (c)		2		2,429
Series 2019-R01, Class 2M2 7.909% (SOFR + 2.56%), 07/25/2031(a) (c)		25		25,507
Series 2020-R01, Class 1B1 8.709% (SOFR + 3.36%), 01/25/2040(a) (c)		500		513,750
Series 2022-R01, Class 1B1 8.495% (SOFR + 3.15%), 12/25/2041(a) (c)		625		640,460

12

	Principal Amount (000)		U.S. $ Value
Series 2022-R02, Class 2M1 6.545% (SOFR + 1.20%), 01/25/2042(a) (c)	U.S.$	287	$	287,121
Series 2023-R02, Class 1M1 7.645% (SOFR + 2.30%), 01/25/2043(a) (c)		199		203,702
Series 2023-R07, Class 2M1 7.294% (SOFR + 1.95%), 09/25/2043(a) (c)		402		406,426
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA2, Class M3 10.259% (SOFR + 4.91%), 05/25/2028(c)		129		133,701
Series 2019-FTR3, Class B2 10.252% (SOFR + 4.91%), 09/25/2047(a) (c)		700		730,927
Series 2021-HQA4, Class M2 7.695% (SOFR + 2.35%), 12/25/2041(a) (c)		513		514,430
Series 2022-DNA2, Class M2 9.095% (SOFR + 3.75%), 02/25/2042(a) (c)		605		629,494
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C02, Class 1B 17.709% (SOFR + 12.36%), 09/25/2028(c)		149		174,893
Series 2016-C03, Class 1B 17.209% (SOFR + 11.86%), 10/25/2028(c)		99		115,852
Series 2016-C06, Class 1B 14.709% (SOFR + 9.36%), 04/25/2029(c)		376		425,212
Series 2016-C07, Class 2B 14.959% (SOFR + 9.61%), 05/25/2029(c)		378		426,036
Series 2017-C04, Class 2M2 8.309% (SOFR + 2.96%), 11/25/2029(c)		173		178,355
Series 2021-R02, Class 2B1 8.645% (SOFR + 3.30%), 11/25/2041(a) (c)		441		453,936
Home Re Ltd. Series 2023-1, Class M1A 7.495% (SOFR + 2.15%), 10/25/2033(a) (c)		259		259,832
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.709% (SOFR + 4.36%), 11/25/2024(a) (c)		17		17,810

13

	Principal Amount (000)		U.S. $ Value
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.201% (SOFR + 3.86%), 05/30/2025(a) (c)	U.S.$	223	$	222,950
Series 2019-3R, Class A 9.159% (SOFR + 3.81%), 11/27/2031(a) (c)		86		86,231
Series 2020-1R, Class A 8.809% (SOFR + 3.46%), 02/25/2025(a) (c)		144		143,554
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.709% (SOFR + 5.36%), 11/25/2025(a) (c)		106		108,855
Series 2015-WF1, Class 2M2 10.959% (SOFR + 5.61%), 11/25/2025(a) (c)		24		25,086
				7,663,086
Agency Floating Rate – 0.4%
Federal Home Loan Mortgage Corp. REMICs Series 4719, Class JS 0.69% (6.04% - SOFR), 09/15/2047(c) (e)		540		63,944
Series 4981, Class HS 0.641% (5.99% - SOFR), 06/25/2050(c) (e)		1,624		154,117
Federal National Mortgage Association REMICs Series 2015-90, Class SL 0.691% (6.04% - SOFR), 12/25/2045(c) (e)		729		87,923
Series 2016-77, Class DS 0.541% (5.89% - SOFR), 10/25/2046(c) (e)		593		65,659
Series 2017-26, Class TS 0.491% (5.84% - SOFR), 04/25/2047(c) (e)		747		92,907
Series 2017-62, Class AS 0.691% (6.04% - SOFR), 08/25/2047(c) (e)		641		77,100
Series 2017-97, Class LS 0.741% (6.09% - SOFR), 12/25/2047(c) (e)		751		101,463
Government National Mortgage Association Series 2017-65, Class ST 0.699% (6.04% - SOFR), 04/20/2047(c) (e)		716		83,348
				726,461
Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-24CB, Class A 16 5.75%, 08/25/2036		180		97,736

14

	Principal Amount (000)		U.S. $ Value
Series 2006-J1, Class 1A13 5.50%, 02/25/2036	U.S.$	76	$	52,379
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036		46		19,982
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 4.369%, 07/25/2036		347		270,908
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2002-3, Class B3 6.50%, 03/25/2032		452		88,434
				529,439
Non-Agency Floating Rate – 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 5.83% (SOFR + 0.49%), 12/25/2036(c)		418		129,971
HomeBanc Mortgage Trust Series 2005-1, Class A1 5.95% (SOFR + 0.61%), 03/25/2035(c)		65		52,241
Impac Secured Assets Corp. Series 2005-2, Class A2D 6.31% (SOFR + 0.97%), 03/25/2036(c)		122		97,753
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.55% (SOFR + 2.21%), 04/25/2047(a) (c)		82		83,688
Residential Accredit Loans, Inc. Trust Series 2007-QS4, Class 2A4 5.79% (SOFR + 0.45%), 03/25/2037(c)		491		102,007
				465,660
Agency Fixed Rate – 0.2%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.552%, 05/28/2035		51		48,758
Federal National Mortgage Association REMICs Series 2016-31, Class IO 5.00%, 06/25/2046(f)		2,232		334,171
				382,929
Total Collateralized Mortgage Obligations (cost $10,493,302)				9,767,575
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.3%
Non-Agency Fixed Rate CMBS – 3.4%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)		960		700,391

15

	Principal Amount (000)		U.S. $ Value
Commercial Mortgage Trust Series 2014-LC17, Class B 4.49%, 10/10/2047	U.S.$	800	$	777,694
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.298%, 08/10/2044(a)		252		90,788
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(g)		276		265,689
Series 2021-1, Class A2 2.435%, 08/15/2026(g)		719		693,886
Series 2021-1, Class AS 2.638%, 08/15/2026(g)		25		23,528
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(g)		710		693,010
JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class C 4.513%, 11/15/2047		890		705,764
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class D 5.129%, 05/15/2045		472		450,741
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		77		29,339
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		113		112,289
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.748%, 10/15/2049(f)		7,224		228,736
Series 2016-LC25, Class C 4.477%, 12/15/2059		545		492,733
Series 2016-NXS6, Class C 4.536%, 11/15/2049		600		542,437
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class B 3.714%, 03/15/2045		148		135,553
				5,942,578
Non-Agency Floating Rate CMBS – 1.9%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.381% (SOFR + 1.05%), 11/15/2033(a) (c)		1,330		1,187,342
BBCMS Mortgage Trust Series 2020-BID, Class A 7.589% (SOFR + 2.25%), 10/15/2037(a) (c)		692		688,540

16

	Principal Amount (000)		U.S. $ Value
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.279% (SOFR + 1.95%), 04/15/2034(a) (c)	U.S.$	142	$	140,356
Series 2019-IMC, Class E 7.529% (SOFR + 2.20%), 04/15/2034(a) (c)		566		559,268
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.345% (SOFR + 2.00%), 01/25/2051(a) (c)		64		62,101
Morgan Stanley Capital I Trust Series 2019-BPR, Class C 8.995% (SOFR + 3.64%), 05/15/2036(a) (c)		520		500,750
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.913% (SOFR + 1.58%), 07/15/2036(a) (c)		322		295,360
				3,433,717
Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-39, Class IO 0.127%, 07/16/2046(f)		155		2
Total Commercial Mortgage-Backed Securities (cost $10,512,305)				9,376,297
INFLATION-LINKED SECURITIES – 2.8%
United States – 2.8%
U.S. Treasury Inflation Index 0.25%, 07/15/2029 (TIPS) (cost $4,705,531)		5,258		4,887,489
COLLATERALIZED LOAN OBLIGATIONS – 2.1%
CLO - Floating Rate – 2.1%
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class D 8.629% (SOFR + 3.31%), 07/20/2034(a) (c)		709		677,016
Elevation CLO Ltd. Series 2020-11A, Class D1 9.426% (SOFR + 4.11%), 04/15/2033(a) (c)		1,000		995,814
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.649% (SOFR + 1.33%), 04/20/2034(a) (c)		581		581,586
Peace Park CLO Ltd. Series 2021-1A, Class D 8.529% (SOFR + 3.21%), 10/20/2034(a) (c)		300		300,009

17

	Principal Amount (000)		U.S. $ Value
Pikes Peak CLO 8 Series 2021-8A, Class A 6.749% (SOFR + 1.43%), 07/20/2034(a) (c)	U.S.$	675	$	675,168
Rockford Tower CLO Ltd. Series 2021-2A, Class A1 6.739% (SOFR + 1.42%), 07/20/2034(a) (c)		504		504,063
Total Collateralized Loan Obligations (cost $3,769,589)				3,733,656
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.0%
United States – 1.0%
State of California Series 2010 7.625%, 03/01/2040		970		1,219,766
University of California Series 2021-B 3.071%, 05/15/2051		730		521,240
Total Local Governments - US Municipal Bonds (cost $2,055,033)				1,741,006
EMERGING MARKETS - CORPORATE BONDS – 1.0%
Industrial – 0.9%
Basic – 0.2%
Stillwater Mining Co. 4.00%, 11/16/2026(a)		446		393,873
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		76		43,320
				437,193
Capital Goods – 0.3%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		540		534,600
Communications - Media – 0.2%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)		417		351,844
Consumer Cyclical - Other – 0.2%
Wynn Macau Ltd. 5.625%, 08/26/2028(a)		330		305,415
Consumer Non-Cyclical – 0.0%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(g) (h) (i) (j) (k)		660		66
				1,629,118
Utility – 0.1%
Electric – 0.1%
Terraform Global Operating LP 6.125%, 03/01/2026(a)		60		59,305

18

	Principal Amount (000)			U.S. $ Value
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(a) (l) (m)		U.S.$	221	$	9,948
7.125%, 12/26/2046(a) (l) (m)			287		16,005
					25,953
Total Emerging Markets - Corporate Bonds (cost $2,581,297)					1,714,376
CORPORATES - NON-INVESTMENT GRADE – 0.8%
Industrial – 0.7%
Basic – 0.2%
Sealed Air Corp. 4.00%, 12/01/2027(a)			379		354,540
Capital Goods – 0.0%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			477		143
Communications - Media – 0.2%
DISH DBS Corp. 5.75%, 12/01/2028(a)			322		216,889
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)		EUR	181		170,587
					387,476
Communications - Telecommunications – 0.1%
Altice France SA/France 3.375%, 01/15/2028(a)			181		151,386
Consumer Non-Cyclical – 0.1%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)			100		100,584
Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(a)			181		187,315
					1,181,444
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(a) (b)		U.S.$	218		212,443
Total Corporates - Non-Investment Grade (cost $1,909,958)					1,393,887
QUASI-SOVEREIGNS – 0.4%
Quasi-Sovereign Bonds – 0.4%
Hungary – 0.2%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(a)			387		391,354

19

	Principal Amount (000)		U.S. $ Value
Mexico – 0.2%
Comision Federal de Electricidad 4.688%, 05/15/2029(a)	U.S.$	295	$	277,115
Total Quasi-Sovereigns (cost $679,440)				668,469
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Colombia – 0.2%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $374,047)		375		299,250
EMERGING MARKETS - SOVEREIGNS – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(a) (cost $217,000)		217		193,672
	Shares
COMMON STOCKS – 0.1%
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. Special Investment, Series 1, December 2021 - Class U-1(h) (j) (k)		72		20,593
Mt Logan Re Ltd. Special Investment, Series 2, December 2021 - Class U-1(h) (j) (k)		78		22,429
Mt Logan Re Ltd. Special Investment, Series 1, December 2022 - Class U-1(h) (j) (k)		104		48,845
Mt Logan Re Ltd. Special Investment, Series 2, December 2022 - Class U-1(h) (j) (k)		114		53,204
Total Common Stocks (cost $326,594)				145,071
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 10.4%
U.S. Treasury Bills – 10.2%
U.S. Treasury Bill Zero Coupon, 02/15/2024	U.S.$	4,008		3,999,917
Zero Coupon, 02/28/2024		5,011		4,990,082
Zero Coupon, 03/12/2024		972		966,502
Zero Coupon, 04/30/2024		1,213		1,197,732
Zero Coupon, 05/23/2024		5,968		5,871,713
Zero Coupon, 06/20/2024		1,112		1,090,030
Total U.S. Treasury Bills (cost $18,115,025)				18,115,976

20

	Shares		U.S. $ Value
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.24%(n) (o) (p) (cost $383,622)		383,622	$	383,622
Total Short-Term Investments (cost $18,498,647)				18,499,598
Total Investments – 103.6% (cost $191,956,194)(q)				183,136,581
Other assets less liabilities – (3.6)%				(6,325,641	)
Net Assets – 100.0%			$	176,810,940

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		42		March 2024		$	4,908,750		$	152,393
U.S. Long Bond (CBT) Futures		5		March 2024			611,719			30,430
U.S. T-Note 5 Yr (CBT) Futures		243		March 2024			26,338,922			424,525
U.S. Ultra Bond (CBT) Futures		109		March 2024			14,084,844			731,625
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		20		March 2024			4,113,125			(20,135	)
									$	1,318,838

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
NatWest Markets PLC		EUR	2,337		USD	2,571		03/14/2024	$	41,018
State Street Bank & Trust Co.		USD	772		EUR	708		03/14/2024		(5,543	)
									$	35,475

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 41, 5 Year Index, 12/20/2028*		(5.00	)%	Quarterly	3.61%		USD	8,399	$	(515,363)	$	(75,313)	$	(440,050)

21

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2024		Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
iTraxx Australia Series 40, 5 Year Index, 12/20/2028*		(1.00	)%		Quarterly		0.68%		USD	7,590	$	(114,133	)	$	(56,986	)	$	(57,147	)
Sale Contracts
CDX-NAIG Series 41, 5 Year Index, 12/20/2028*		1.00			Quarterly		0.56		USD	7,590		154,637			96,362			58,275
											$	(474,859	)	$	(35,937	)	$	(438,922	)

* Termination date

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	2,000	12/13/2029	1.537%	1 Day SOFR	Annual	$	227,573	$	174,573	$	53,000

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at January 31, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	12	$	(1,514	)	$	(974	)	$	(540	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	24		(3,026	)		(1,983	)		(1,043	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	24		(3,026	)		(2,146	)		(880	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	48		(6,053	)		(4,692	)		(1,361	)
									$	(13,619	)	$	(9,795	)	$	(3,824	)

* Termination date

(a) 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 January 31, 2024, the aggregate market value of these securities amounted to $52,616,956 or 29.8% of net assets.

22

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

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

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

(e) Inverse interest only security.

(f) IO - Interest Only.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.94% of net assets as of January 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	$	265,584	$	265,689		0.15	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026	02/25/2021 - 09/06/2022		731,206		693,886		0.39	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026	02/25/2021 - 04/01/2021		25,359		23,528		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035	11/19/2020		752,152		693,010		0.39	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	01/24/2014 - 01/27/2014		365,927		66		0.00	%

(h) Non-income producing security.

(i) Defaulted matured security.

(j) Fair valued by the Adviser.

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

(l) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at January 31, 2024.

(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 January 31, 2024.

(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 January 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,778,948 and gross unrealized depreciation of investments was $(10,633,994), resulting in net unrealized depreciation of $(7,855,046).

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

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

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

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REMICs – Real Estate Mortgage Investment Conduits

RFUCCT1Y – Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

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AB Total Return Bond Portfolio

January 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 January 31, 2024:

Investments in Securities:	Level 1			Level 2		Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	42,447,482	$	—	$	42,447,482
Governments - Treasuries		—			37,754,933		—		37,754,933
Mortgage Pass-Throughs		—			34,120,670		—		34,120,670
Asset-Backed Securities		—			16,393,150		—		16,393,150
Collateralized Mortgage Obligations		—			9,767,575		—		9,767,575
Commercial Mortgage-Backed Securities		—			9,376,297		—		9,376,297
Inflation-Linked Securities		—			4,887,489		—		4,887,489
Collateralized Loan Obligations		—			3,733,656		—		3,733,656
Local Governments - US Municipal Bonds		—			1,741,006		—		1,741,006
Emerging Markets - Corporate Bonds		—			1,714,310		66		1,714,376
Corporates - Non-Investment Grade		—			1,393,887		—		1,393,887
Quasi-Sovereigns		—			668,469		—		668,469
Governments - Sovereign Bonds		—			299,250		—		299,250
Emerging Markets - Sovereigns		—			193,672		—		193,672
Common Stocks		—			—		145,071		145,071
Short-Term Investments:
U.S. Treasury Bills		—			18,115,976		—		18,115,976
Investment Companies		383,622			—		—		383,622
Total Investments in Securities		383,622			182,607,822		145,137		183,136,581
Other Financial Instruments(a):
Assets:
Futures		1,338,973			—		—		1,338,973
Forward Currency Exchange Contracts		—			41,018		—		41,018
Centrally Cleared Credit Default Swaps		—			154,637		—		154,637
Centrally Cleared Interest Rate Swaps		—			227,573		—		227,573
Liabilities:
Futures		(20,135	)		—		—		(20,135	)

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Investments in Securities:	Level 1		Level 2			Level 3		Total
Forward Currency Exchange Contracts		—		(5,543	)		—		(5,543	)
Centrally Cleared Credit Default Swaps		—		(629,496	)		—		(629,496	)
Credit Default Swaps		—		(13,619	)		—		(13,619	)
Total	$	1,702,460	$	182,382,392		$	145,137	$	184,229,989

^(a)  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 three months ended January 31, 2024 is as follows:

Fund	Market Value 10/31/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 01/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	281	$	26,924	$	26,821	$	384	$	15

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