AB CarVal Credit Opportunities Fund

Portfolio of Investments

September 30, 2024 (unaudited)

	Principal Amount (000)			U.S. $ Value
ASSET BACKED – 45.8%
Bonds – 45.8%
Alternative Energy – 0.9%
Dividend Solar Loans LLC Series 2019-1 5.68%, 08/22/2039(a)		U.S.$	522	$	463,375
Mill City Solar Loan Ltd. Series 2019-1 5.92%, 03/20/2043(a) (b)			121		105,943
7.14%, 03/20/2043(a) (b)			117		82,943
Series 2019-2GS 2.00%, 07/20/2043(a) (b)			433		298,780
9.61%, 07/20/2043(a) (b) (c) (d) (e)			735		412,086
Series 2020-1 15.17%, 06/20/2047(a) (b) (c) (d) (e)			1,189		387,718
					1,750,845
Asset Backed Securities – 3.5%
Nightingale CRE Ltd. Series 2018-1 13.734% (SONIA + 8.87%), 11/30/2025(a) (d) (e) (f)		GBP	2,813		3,706,397
Retiro Mortgage Securities DAC 6.00% (EURIBOR 3 Month + 3.00%), 07/30/2075(a) (d) (e) (f)		EUR	2,070		1,904,101
Turbine Engines Securitization Ltd. Series 2013-1 5.125%, 12/13/2048(a) (d) (e)		U.S.$	1,036		942,470
6.375%, 12/13/2048(a) (d) (e)			185		151,816
					6,704,784
Collateralized Loan Obligations – 3.6%
ARES LXVII CLO Ltd. Series 2022-67A, Class E 14.065% (SOFR 3 Month + 8.78%), 01/25/2036(a) (f)			412		421,147
Avoca Static CLO I DAC Series 1X, Class E 10.565% (EURIBOR 3 Month + 6.88%), 10/15/2030(a) (f)		EUR	2,857		3,181,389
BlueMountain CLO XXVI Ltd. Series 2019-26A, Class ER 12.674% (SOFR 3 Month + 7.39%), 10/20/2034(a) (f)		U.S.$	417		413,147
Nassau Euro CLO I DAC Series 1X, Class C 6.181% (EURIBOR 3 Month + 2.70%), 12/15/2034(a) (f)		EUR	1,820		2,026,427
Palmer Square Loan Funding Ltd. Series 2022-4A, Class B 8.033% (SOFR 3 Month + 2.75%), 07/24/2031(a) (f)		U.S.$	690		693,209
					6,735,319

1

	Principal Amount (000)				U.S. $ Value
Commercial Loan Portfolios – 1.2%
Italy Hotels SRL Series 2022-1 0.00%, 12/31/2049(b) (d) (e)		EUR	0	**	$	111
6.775% (EURIBOR 3 Month + 3.25%), 11/25/2027(a) (b) (d) (e) (f)			1,003			1,100,910
10.275% (EURIBOR 3 Month + 6.75%), 11/25/2027(a) (b) (d) (e) (f)			1,102			1,203,060
London Office DAC Series 2021 0.00%, 10/22/2026(a) (d) (e)		GBP	0	**		134
10.627% (SONIA + 5.60%), 10/22/2026(a) (d) (e) (f)			624			40,275
						2,344,490
Commercial Mortgage-Backed Securities – 13.9%
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class C 7.044% (SOFR 1 Month + 1.95%), 06/15/2035(a) (f)		U.S.$	1,735			1,722,878
Series 2018-ATRM, Class E 8.794% (SOFR 1 Month + 3.70%), 06/15/2035(a) (f)			798			790,860
BCP Trust
Series 2021-330N, Class E 8.85% (SOFR 1 Month + 3.75%), 06/15/2038(a) (f)			283			177,433
Series 2021-330N, Class F 9.846% (SOFR 1 Month + 4.75%), 06/15/2038(a) (f)			203			104,378
BOCA Commercial Mortgage Trust Series 2024, Class E 9.534% (SOFR 1 Month + 4.44%), 08/15/2041(a) (f)			930			927,672
BX Commercial Mortgage Trust Series 2022-CSMO, Class D 9.434% (SOFR 1 Month + 4.34%), 06/15/2027(a) (f)			399			397,408
BX Trust Series 2021-ARIA, Class G 8.354% (SOFR 1 Month + 3.26%), 10/15/2036(a) (f)			2,012			1,968,641
Series 2022-GPA, Class D 9.158% (SOFR 1 Month + 4.06%), 08/15/2043(a) (f)			981			978,464
Series 2022-PSB, Class F 12.43% (SOFR 1 Month + 7.33%), 08/15/2039(a) (f)			582			588,046
BXSC Commercial Mortgage Trust Series 2022-WSS, Class F 10.426% (SOFR 1 Month + 5.33%), 03/15/2035(a) (f)			1,750			1,711,202
COMM Mortgage Trust Series 2020-CBM, Class C 3.402%, 02/10/2037(a)			1,858			1,818,646

2

	Principal Amount (000)			U.S. $ Value
Series 2020-CBM, Class D 3.754%, 02/10/2037(a)		U.S.$	228	$	222,929
CSMC Trust Series 2017-CHOP, Class F 9.794% (PRIME + 1.29%), 07/15/2032(a) (f)			220		214,972
Extended Stay America Trust Series 2021-ESH, Class G 10.212% (SOFR 1 Month + 5.11%), 07/15/2038(a) (f)			357		357,326
GS Mortgage Securities Corp. II Series 2024-70P, Class E 9.263%, 03/10/2041(a)			1,839		1,946,150
GS Mortgage Securities Corp. Trust Series 2021-ARDN, Class G 10.211% (SOFR 1 Month + 5.11%), 11/15/2036(a) (f)			500		472,862
HIH Trust Series 2024-61P, Class F 10.387% (SOFR 1 Month + 5.44%), 10/15/2041(a) (d) (e) (f)			1,900		1,895,112
JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-HTL5, Class E 8.727% (SOFR 1 Month + 3.63%), 11/15/2038(a) (f)			1,608		1,576,413
Series 2021-HTL5, Class F 9.477% (SOFR 1 Month + 4.38%), 11/15/2038(a) (f)			591		577,227
LAQ Mortgage Trust Series 2023-LAQ, Class G 13.529% (SOFR 1 Month + 8.43%), 03/15/2036(a) (f)			358		365,586
MTN Commercial Mortgage Trust Series 2022-LPFL, Class F 10.385% (SOFR 1 Month + 5.29%), 03/15/2039(a) (f)			877		864,337
PGA Trust Series 2024-RSR2, Class E 8.985% (SOFR 1 Month + 3.89%), 06/15/2039(a) (f)			500		498,592
Series 2024-RSR2, Class F 9.783% (SOFR 1 Month + 4.69%), 06/15/2039(a) (f)			1,375		1,371,331
SHR Trust Series 2024-LXRY, Class E 9.55% (SOFR 1 Month + 4.45%), 10/15/2041(a) (d) (e) (f)			700		700,000
SMRT Commercial Mortgage Trust Series 2022-MINI, Class E 7.797% (SOFR 1 Month + 2.70%), 01/15/2039(a) (f)			1,780		1,687,671
Series 2022-MINI, Class F 8.447% (SOFR 1 Month + 3.35%), 01/15/2039(a) (f)			1,015		969,090

3

	Principal Amount (000)			U.S. $ Value
THPT Mortgage Trust Series 2023-THL, Class D 9.561%, 12/10/2034(a)		U.S.$	1,386	$	1,433,478
					26,338,704
Consumer Asset-Backed Securities – 6.6%
BBVA Consumer Auto FTA Series 2024-1 9.088% (EURIBOR 3 Month + 5.40%), 04/21/2037(a) (f)		EUR	480		534,262
FCT Eurotruck Lease 8.615% (EURIBOR 1 Month + 5.25%), 04/30/2049(d) (e) (f)			380		422,997
11.115% (EURIBOR 1 Month + 7.75%), 04/30/2049(d) (e) (f)			1,790		1,992,537
Foundation Finance Trust Series 2024-2 9.35%, 03/15/2050(a)		U.S.$	1,076		1,073,305
GreenSky Home Improvement Trust Series 2024-1 9.00%, 06/25/2059(a)			1,100		1,128,915
Newday Funding Master Issuer PLC Series 2022-2 11.959% (SONIA + 7.00%), 07/15/2030(a) (f)		GBP	800		1,094,604
PPC Zeus DAC 7.895%, 07/23/2029(a) (d) (e)		EUR	1,517		1,686,356
SC Germany SA Compartment Consumer Series 2022-1 8.936% (EURIBOR 1 Month + 5.50%), 10/14/2036(a) (f)			631		727,562
11.936% (EURIBOR 1 Month + 8.50%), 10/14/2036(a) (f)			561		653,686
Series 2024-1 8.236% (EURIBOR 1 Month + 4.80%), 01/14/2038(a) (f)			417		464,181
Securitisation of Catalogue Assets Ltd. 9.438% (SONIA + 4.25%), 01/01/2027(d) (e) (f)		GBP	567		758,051
12.158% (SONIA + 6.97%), 01/01/2027(d) (e) (f)			986		1,318,233
16.188% (SONIA + 11.00%), 01/01/2027(d) (e) (f)			540		721,953
					12,576,642
Residential Mortgage-Backed Securities – 16.1%
Clavel Residential 3 DAC Series 2023 7.186% (EURIBOR 3 Month + 3.50%), 01/28/2076(a) (f)		EUR	513		563,678
EFMT Series 2024-INV2 7.694%, 10/25/2069(a) (d) (e)		U.S.$	4,000		3,906,768

4

	Principal Amount (000)			U.S. $ Value
Mill City Mortgage Loan Trust Series 2018-4 0.00%, 04/25/2066(a) (b) (c) (d) (e) (g)		U.S.$	4,005	$	0
3.07%, 04/25/2066(a) (b) (d) (e)			571		313,538
3.25%, 04/25/2066(a) (b)			427		308,978
8.03%, 04/25/2066(a) (b) (c) (d) (e)			145		59,076
10.50%, 04/25/2066(a) (b) (d) (e) (g)			4,005		17,734
Series 2019-1 0.00%, 10/25/2069(a) (b) (d) (e) (g)			3,834		0
3.584%, 10/25/2069(a) (b) (d) (e)			858		478,941
12.48%, 10/25/2069(a) (b) (c) (d) (e) (g)			3,834		16,787
Series 2019-GS2 0.08%, 08/25/2059(a) (b) (d) (e) (g)			3,283		16,020
3.25%, 08/25/2059(a) (b) (d) (e)			340		248,935
3.25%, 08/25/2059(a) (b)			256		217,222
3.896%, 08/25/2059(a) (b) (d) (e)			652		391,835
13.04%, 08/25/2059(a) (b) (c) (d) (e) (g)			3,681		65,752
Series 2023-NQM1 6.149%, 10/25/2067(a) (b) (d) (e)			462		427,952
6.149%, 10/25/2067(a) (b)			126		124,339
New Residential Mortgage Loan Trust Series 2016-1 4.987%, 03/25/2056(a) (d) (e)			201		134,245
Series 2016-2 5.49%, 11/26/2035(a) (d) (e)			265		202,942
Series 2018-1 5.819%, 12/25/2057(a) (d) (e)			683		500,589
Series 2018-2 5.359%, 02/25/2058(a) (d) (e)			2,031		1,545,963
Series 2019-2 4.784%, 12/25/2057(a) (d) (e)			2,585		1,734,858
Series 2019-5 4.278%, 08/25/2059(a) (d) (e)			3,058		1,991,050
Series 2019-6 4.371%, 09/25/2059(a) (d) (e)			2,920		1,877,503
Series 2019-RPL2 4.006%, 02/25/2059(a) (d) (e)			2,618		1,456,922
PRP Advisors LLC Series 2023-RCF2 4.00%, 11/25/2053(a)			1,000		870,887
Shamrock Residential Series 2023-1 7.124% (EURIBOR 1 Month + 3.75%), 06/24/2071(a) (f)		EUR	487		538,595
8.874% (EURIBOR 1 Month + 5.50%), 06/24/2071(a) (d) (e) (f)			326		296,778
9.874% (EURIBOR 1 Month + 6.50%), 06/24/2071(a) (d) (e) (f)			165		128,124
10.874% (EURIBOR 1 Month + 7.50%), 06/24/2071(a) (d) (e) (f)			348		212,443
Shamrock Residential DAC Series 2022-1 6.774% (EURIBOR 1 Month + 2.40%), 01/24/2061(a) (d) (e) (f)			160		161,669

5

	Principal Amount (000)			U.S. $ Value
Series 2022-2 6.124% (EURIBOR 1 Month + 2.75%), 02/24/2071(a) (f)		EUR	679	$	759,977
7.124% (EURIBOR 1 Month + 3.75%), 02/24/2071(a) (f)			538		607,609
8.874% (EURIBOR 1 Month + 5.50%), 02/24/2071(a) (f)			643		740,711
9.874% (EURIBOR 1 Month + 6.50%), 02/24/2071(a) (f)			181		210,584
10.874% (EURIBOR 1 Month + 7.50%), 02/24/2071(a) (f)			570		670,185
Verus Securitization Trust Series 2023-6 7.815%, 09/25/2068(a) (d) (e)		U.S.$	1,890		1,881,573
Series 2023-INV2 8.122%, 08/25/2068(a) (d) (e)			3,139		3,147,601
Series 2024-6 7.922%, 07/25/2069(a) (d) (e)			1,402		1,389,383
Series 2024-7 7.855%, 09/25/2069(a) (d) (e)			2,264		2,219,667
					30,437,413
Total Asset Backed (cost $84,555,373)					86,888,197
CORPORATE SECURITIES – 35.0%
Bank Debt – 20.1%
Agriculture/Food – 0.3%
Bellsola SAU Series 2024 7.676% (EURIBOR 3 Month + 4.00%), 07/18/2031(f)		EUR	500		557,131
Asset Backed Securities – 0.5%
Lorca Holdco Ltd. Series 2024 03/25/2031(h)		U.S.$	997		998,322
Auto/Motor Carrier – 1.9%
Carnaby Inventory III LLC 07/06/2025(d) (e) (h)			2,400		2,382,720
First Brands Group LLC Series 2024 18.691% (SOFR 1 Month + 14.00%), 05/31/2025(d) (e) (f)			1,260		1,253,574
					3,636,294
Chemicals – 0.1%
Nouryon Finance BV Series 2024 6.914% (EURIBOR 1 Month + 3.50%), 04/03/2028(f)		EUR	98		108,854

6

	Principal Amount (000)			U.S. $ Value
Commercial Services – 1.0%
Avis Budget Car Rental LLC Series 2023 7.945% (SOFR 1 Month + 3.00%), 03/16/2029(f)		U.S.$	143	$	142,670
United Talent Agency LLC Series 2024 07/07/2028(h)			1,746		1,747,807
					1,890,477
Communications – 1.3%
Arches Buyer, Inc. Series 2021 8.195% (SOFR 1 Month + 3.25%), 12/06/2027(f)			992		950,078
Finco Utilitas BV 09/26/2030(h)		EUR	98		108,900
MH Sub I LLC Series 2023 9.095% (SOFR 1 Month + 4.25%), 05/03/2028(f)		U.S.$	97		96,407
Univision Communications, Inc. Series 2022 8.21% (SOFR 1 Month + 3.25%), 01/31/2029(f)			142		138,512
Vmed O2 U.K. Holdco 4 Ltd. Series 2023 10/15/2031(h)		EUR	1,143		1,265,077
					2,558,974
Consumer – 0.6%
Tory Burch LLC 8.21% (LIBOR 1 Month + 3.50%), 04/14/2028(f)		U.S.$	1,140		1,140,787
Financial Services – 3.5%
Advisor Group, Inc. Series 2024 08/17/2028(h)			1,889		1,866,703
AllSpring Buyer LLC 8.137% (SOFR 1 Month + 3.25%), 11/01/2028(f)			1,137		1,132,663
Apex Group Treasury LLC 8.963% (SOFR 1 Month + 3.75%), 07/27/2028(f)			130		129,766
Hyperion Refinance SARL Series 2024 04/18/2030(h)			1,000		1,000,180
8.345% (SOFR 1 Month + 3.50%), 02/15/2031(f)			130		129,797
Nexus Buyer LLC Series 2024 07/31/2031(h)			1,200		1,188,936

7

	Principal Amount (000)			U.S. $ Value
USI, Inc. Series 2024 7.354% (SOFR 3 Month + 2.75%), 09/14/2030(f)		U.S.$	143	$	142,264
VFH Parent LLC Series 2024 06/21/2031(h)			1,000		1,000,000
					6,590,309
Health Care – 3.1%
AthenaHealth Group, Inc. Series 2022 8.095% (SOFR 1 Month + 3.25%), 02/15/2029(f)			995		987,658
Ensemble RCM LLC Series 2024 8.252% (SOFR 1 Month + 3.00%), 08/01/2029(f)			1,793		1,794,439
Heartland Dental LLC Series 2024 9.345% (SOFR 1 Month + 4.50%), 04/28/2028(f)			1,493		1,464,829
Hunter Holdco 3 Ltd. 08/19/2028(h)			98		97,092
Medline Borrower LP Series 2024 7.595% (SOFR 1 Month + 2.75%), 10/23/2028(f)			995		994,901
Organon & Co. Series 2024 7.465% (SOFR 1 Month + 2.50%), 05/19/2031(f)			143		142,249
Parexel International Corp. Series 2024 7.845% (SOFR 1 Month + 3.00%), 11/15/2028(f)			125		124,728
Phoenix Guarantor, Inc. Series 2024 8.095% (SOFR 1 Month + 3.25%), 02/21/2031(f)			143		142,307
Star Parent, Inc. 8.354% (SOFR 3 Month + 3.75%), 09/27/2030(f)			143		138,692
					5,886,895
Industrials – 0.2%
Alliance Laundry Systems LLC 10/08/2027(h)			2		1,910
Inspired FinCo Holdings Ltd. Series 2023 7.378% (EURIBOR 1 Month + 4.00%), 12/31/2028(f)		EUR	130		145,456
MX Holdings U.S., Inc. Series 2023 10/30/2028(h)		U.S.$	143		142,996

8

	Principal Amount (000)			U.S. $ Value
Propulsion BC Finco SARL 8.354% (SOFR 3 Month + 3.75%), 09/14/2029(f)		U.S.$	110	$	110,246
					400,608
Insurance – 0.6%
Asurion LLC Series 2023 9.195% (SOFR 1 Month + 4.25%), 08/19/2028(f)			1,137		1,119,271
Leisure/Entertainment – 3.3%
Banijay Entertainment SAS 03/01/2025(h)			1,127		1,127,955
Caesars Entertainment, Inc. 02/06/2030(h)			957		956,171
Hoya Midco LLC Series 2022 02/03/2029(h)			143		144,107
Kingpin Intermediate Holdings LLC Series 2023 8.345% (SOFR 1 Month + 3.50%), 02/08/2028(f)			130		129,236
Scientific Games Holdings LP Series 2024 8.318% (SOFR 3 Month + 3.00%), 04/04/2029(f)			1,000		993,410
Spectacle Gary Holdings LLC Series 2021 9.195% (SOFR 3 Month + 4.25%), 12/11/2028(f)			2,887		2,861,498
					6,212,377
Packaging & Containers – 1.5%
Kouti BV Series 2021 08/31/2028(h)		EUR	1,000		1,111,914
Radar Bidco SARL Series 2024 04/04/2031(h)		U.S.$	1,750		1,747,270
					2,859,184
Retailing – 1.1%
EG Group Ltd. Series 2021 10.378% (EURIBOR 3 Month + 7.00%), 04/30/2027(f)		EUR	1,733		1,847,006
Hanesbrands, Inc. Series 2023 8.595% (SOFR 1 Month + 3.75%), 03/08/2030(f)		U.S.$	130		129,452

9

	Principal Amount (000)			U.S. $ Value
Peer Holding III BV Series 2023 7.095% (EURIBOR 3 Month + 3.75%), 09/21/2028(f)		EUR	143	$	159,977
					2,136,435
Technology – 1.0%
AppLovin Corp. Series 2024 10/25/2028(h)		U.S.$	995		994,294
7.345% (SOFR 1 Month + 2.50%), 08/16/2030(f)			97		97,215
E2open LLC Series 2020 8.46% (SOFR 1 Month + 3.50%), 02/04/2028(f)			130		130,010
Flexera Software LLC Series 2024 8.461% (SOFR 3 Month + 3.50%), 03/03/2028(f)			97		97,320
Fortress Intermediate 3, Inc. 06/27/2031(h)			130		130,109
Hireright Holdings Corp. Series 2024 8.845% (SOFR 3 Month + 4.00%), 09/27/2030(f)			142		141,331
Marcel BidCo LLC Series 2024 10/07/2030(h)			98		98,315
Peraton Corp. 8.695% (SOFR 1 Month + 3.75%), 02/01/2028(f)			129		124,258
Virtusa Corp. Series 2024 8.095% (SOFR 1 Month + 3.25%), 02/15/2029(f)			130		129,620
					1,942,472
Transportation (Non Auto) – 0.1%
Savage Enterprises LLC Series 2021 7.845% (SOFR 1 Month + 3.00%), 09/15/2028(f)			143		143,837
					38,182,227
Bonds – 14.6%
Agriculture/Food – 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 6.50%, 02/15/2028(a)			375		382,099
Auto/Motor Carrier – 0.2%
Clarios Global LP/Clarios U.S. Finance Co. 6.75%, 05/15/2028(a)			375		385,719

10

	Principal Amount (000)			U.S. $ Value
Building/Construction Products – 0.3%
Country Garden Holdings Co. Ltd. 3.125%, 10/22/2023(a) (i) (j)		U.S.$	792	$	58,382
5.125%, 01/17/2024(a) (i) (j)			2,458		181,462
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			375		371,921
					611,765
Chemicals – 0.2%
INEOS Finance PLC 7.50%, 04/15/2029(a)			375		392,182
Communications – 0.4%
Jazz Securities DAC 4.375%, 01/15/2029(a)			375		362,914
Telenet Finance Luxembourg Notes SARL 5.50%, 03/01/2028(a)			400		394,200
					757,114
Consumer – 1.0%
Garda World Security Corp. 7.75%, 02/15/2028(a)			375		388,332
Stonegate Pub Co. Financing PLC 10.173% (EURIBOR 3 Month + 6.63%), 07/31/2029(a) (f)		EUR	605		685,808
10.75%, 07/31/2029(a)		GBP	511		705,015
					1,779,155
Energy – 1.1%
Calpine Corp. 5.25%, 06/01/2026(a)		U.S.$	375		373,594
Chesapeake Energy Corp. 6.75%, 04/15/2029(a)			375		381,594
Hess Midstream Operations LP 5.625%, 02/15/2026(a)			375		375,082
KCA Deutag U.K. Finance PLC 9.875%, 12/01/2025(a)			597		598,965
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 7.375%, 02/15/2029(a)			375		379,443
					2,108,678
Financial Services – 0.6%
AG Issuer LLC 6.25%, 03/01/2028(a)			375		365,156
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028(a)			375		379,969
AmWINS Group, Inc. 6.375%, 02/15/2029(a)			375		383,314
					1,128,439

11

	Principal Amount (000)			U.S. $ Value
General Manufacturing – 0.4%
Clydesdale Acquisition Holdings, Inc. 6.625%, 04/15/2029(a)		U.S.$	375	$	378,409
TK Elevator U.S. Newco, Inc. 5.25%, 07/15/2027(a)			375		370,497
					748,906
Health Care – 2.1%
IQVIA, Inc. 6.50%, 05/15/2030(a)			375		390,570
Medline Borrower LP/Medline Co-Issuer, Inc. 6.25%, 04/01/2029(a)			375		386,673
Perrigo Finance Unlimited Co. 4.375%, 03/15/2026			375		374,741
Select Medical Corp. 6.25%, 08/15/2026(a)			2,392		2,404,223
Tenet Healthcare Corp. 6.75%, 05/15/2031			375		391,271
					3,947,478
Industrials – 0.6%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.125%, 10/15/2026(a)			375		376,601
GFL Environmental, Inc. 6.75%, 01/15/2031(a)			375		392,798
TransDigm, Inc. 6.75%, 08/15/2028(a)			375		386,250
					1,155,649
Leisure/Entertainment – 1.4%
Banijay Entertainment SAS 8.125%, 05/01/2029(a)			375		388,477
Caesars Entertainment, Inc. 7.00%, 02/15/2030(a)			375		391,139
Carnival Corp. 7.625%, 03/01/2026(a)			375		378,787
Light & Wonder International, Inc. 7.50%, 09/01/2031(a)			375		393,094
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. 6.625%, 03/01/2030(a)			375		370,559
TEGNA, Inc. 4.75%, 03/15/2026(a)			375		370,446
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			375		370,313
					2,662,815
Miscellaneous Industries – 4.5%
AccorInvest Group SA 6.375%, 10/15/2029(a)		EUR	116		133,614
APCOA Group GmbH 6.00%, 04/15/2031(a)			310		343,443

12

	Principal Amount (000)			U.S. $ Value
Bank of Ireland Group PLC 6.375% (EUAMDB 5 Year + 4.03%), 03/10/2030(a) (f) (k)		EUR	278	$	310,870
Bubbles Bidco SpA 6.50%, 09/30/2031(a)			363		403,893
Coronado Finance Pty. Ltd. 9.25%, 10/01/2029(a)		U.S.$	535		549,712
Dynamo Newco II GmbH 6.25%, 10/15/2031(a)		EUR	788		881,092
Fortress Transportation & Infrastructure Investors LLC 5.875%, 04/15/2033(a)		U.S.$	540		537,300
IGT Lottery Holdings BV 4.25%, 03/15/2030(a)		EUR	270		302,710
ING Groep NV 7.25% (SOFR 5 Year + 4.09%), 11/16/2034(a) (f) (k)		U.S.$	139		143,339
KBC Group NV 6.25% (EUAMDB 5 Year + 3.99%), 09/17/2031(a) (f) (k)		EUR	600		669,694
LABL, Inc. 8.625%, 10/01/2031(a)		U.S.$	272		270,419
Matador Resources Co. 6.25%, 04/15/2033(a)			532		522,876
Perrigo Finance Unlimited Co. 5.375%, 09/30/2032		EUR	89		100,565
Post Holdings, Inc. 6.25%, 10/15/2034(a)		U.S.$	272		273,326
Sable International Finance Ltd. 7.125%, 10/15/2032(a)			272		272,945
Starwood Property Trust, Inc. 6.00%, 04/15/2030(a)			538		538,000
Terex Corp. 6.25%, 10/15/2032(a)			270		270,000
UniCredit SpA 6.50% (EUAMDB 5 Year + 4.21%), 12/03/2031(a) (f) (k)		EUR	361		408,198
Univision Communications, Inc. 8.50%, 07/31/2031(a)		U.S.$	540		541,112
Venture Global LNG, Inc. 9.00% (H15T 5 Year + 5.44%), 09/30/2029(a) (f) (k)			537		544,719
Wayfair LLC 7.25%, 10/31/2029(a)			267		273,675
Windstream Escrow LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031(a)			269		273,751
					8,565,253
Retailing – 1.2%
Bellis Acquisition Co. PLC 8.125%, 05/14/2030(a)		GBP	1,750		2,309,994

13

	Principal Amount (000)			U.S. $ Value
Technology – 0.2%
Match Group Holdings II LLC 5.625%, 02/15/2029(a)		U.S.$	375	$	374,239
Transportation (Non Auto) – 0.2%
Fortress Transportation & Infrastructure Investors LLC 7.00%, 06/15/2032(a)			375		392,484
					27,701,969
	Shares
Equity Investments – 0.3%
Alternative Energy – 0.3%
Intersect Power LLC(d) (e) (i)			96		496,348
Total Corporate Securities (cost $66,882,917)					66,380,544
SPECIAL OPPORTUNITIES – 9.8%
Equity Investments – 9.8%
Aviation – 9.8%
Aergo Capital Ltd.(b) (d) (e) (i) (cost $18,665,513)			18,666		18,599,388
LOAN PORTFOLIOS – 7.4%
Equity Investments – 6.0%
Alternative Energy – 0.3%
Coral Reef SPV SARL(d) (e) (i)			576		641,501
Commercial Real Estate Loans – 1.9%
CVI Thompson Holdings LLC(b) (d) (e) (i)			3,561		3,561,119
Consumer Loan Portfolios – 3.7%
CVI CB Holdings IV LLC(d) (e) (i)			2,863		2,934,415
CVI MF Acquisition Trust II(d) (e) (i)			423		422,761
CVI OCT Acquisition Trust(b) (d) (e) (i)			403		403,180
Kielder Funding, Ltd.(d) (e) (i)			2,448		3,272,521
					7,032,877
Residential Loan Portfolios – 0.1%
Kutxabank SA(b) (d) (e) (i)			350		289,308
					11,524,805
	Principal Amount (000)
Debt Investments – 1.4%
Alternative Energy – 1.4%
GoldenPeaks Capital 15.326% (EURIBOR 3 Month + 12.00%), 05/02/2029(d) (e) (f)		EUR	2,440		2,663,287
Total Loan Portfolios (cost $14,051,681)					14,188,092

14

		U.S. $ Value
Total Investments – 98.0% (cost $184,155,484)(l)		$	186,056,221
Other assets less liabilities – 2.0%			3,702,282
Net Assets – 100.0%		$	189,758,503

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
HSBC Bank USA		GBP	12,346		USD	15,846		12/18/2024		$ (657,887	)
HSBC Bank USA		USD	670		GBP	513		12/18/2024		16,035
HSBC Bank USA		USD	311		GBP	233		12/28/2024		278
HSBC Bank USA		EUR	32,352		USD	36,050		03/19/2025		(197,435	)
HSBC Bank USA		USD	211		EUR	190		03/19/2025		1,517
HSBC Bank USA		USD	855		EUR	763		03/19/2025		(111	)
										$ (837,603	)

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	12,800	08/05/2027		1 Day SOFR		3.496%		Annual	$	131,366	$	4,654	$	126,712
USD	15,700	08/05/2027		1 Day SOFR		3.496%		Annual		161,239		5,354		155,885
USD	11,439	09/03/2027		1 Day SOFR		3.799%		Annual		40,987		—		40,987
USD	45,758	09/03/2027		1 Day SOFR		3.799%		Annual		163,950		—		163,950
									$	497,542	$	10,008	$	487,534

15

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at September 30, 2024	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
Barclay Bank PLC
Republic of Poland Government Bond, 06/20/2029*		(1.00	)%	Annual	7.50%		USD	705	$	(11,139	)	$	(7,628	)	$	(3,511	)
Republic of Poland Government Bond, 06/20/2029*		(1.00	)	Annual	7.50		USD	1,551		(24,506	)		(17,484	)		(7,022	)
									$	(35,645	)	$	(25,112	)	$	(10,533	)

* Termination date

** Principal Amount less than 500.

(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 September 30, 2024, the aggregate market value of these securities amounted to $108,509,707 or 57.2% of net assets.

(b) Affiliated investments.

(c) The subordinated notes represented are considered equity positions in the securitized vehicle. The securitized equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to senior debt holders and other expenses. The current estimated yield that is disclosed, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.

(d) Fair valued by the Adviser.

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

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2024.

(g) IO - Interest Only.

(h) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the Secured Overnight Financing Rate (“SOFR”) plus a premium which was determined at the time of purchase.

(i) Non-income producing security.

(j) Defaulted matured security.

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

(l) As of September 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,835,532 and gross unrealized depreciation of investments was $(3,457,794) resulting in net unrealized appreciation of $2,377,738.

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

16

Glossary:

CLO – Collateralized Loan Obligations

EUAMDB – ICE Swap Rate

EURIBOR – Euro Interbank Offered Rate

H15T – U.S. Treasury Yield Curve Constant Maturity Rate

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

COUNTRY BREAKDOWN¹

September 30, 2024 (unaudited)

64.2	%	United States
16.2	%	United Kingdom
13.2	%	Ireland
1.6	%	Italy
1.4	%	Poland
1.3	%	France
0.9	%	Greece
0.8	%	Spain
0.2	%	Germany
0.1	%	China
0.1	%	Belgium
100.0	%	Total Investments

¹  The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

17

AB CarVal Credit Opportunities Fund

September 30, 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 Fund’s investments in corporate securities and derivatives are primarily valued using Level 2 inputs which generally consist of vendor pricing and multiple broker quotes based on the yield, maturity, credit quality and bids or trading activity in the security or similar securities, thereby demonstrating consensus pricing. Corporate securities valued using Level 1 inputs generally represent an immaterial portion of the investment portfolio; however, they would be valued using the readily available market prices. Inputs from Level 3 are also utilized for corporate securities and derivatives, depending on the information available and characteristics of the asset type. Investments in asset backed, loan portfolios, and special opportunities are valued with Level 3 inputs primarily using a discounted cash flow analysis. This analysis takes into consideration risk adjusted rates of return as applied to the cash inflows and outflows anticipated in connection with managing and/or disposing each specific investment. This analysis may include factors such as income streams, local market activity, timing, collateral, payment history, comparative sales values, and other similar factors that have or will influence the exit of the investment. However, certain structured credit and special opportunities investments may be valued using a market approach depending on the availability of broker quotes or other information. Further, certain asset backed investments may be valued using Level 2 inputs depending on the information available. All forward foreign currency contracts held at June 30, 2024 were valued using Level 2 inputs which include forward rates.

The Fund may use Special Purpose Vehicles (“SPVs”) or other similar vehicles to facilitate its investments in various strategies. The Fund will provide funding to the SPVs in a form of a loan receivable and/or an equity contribution. The SPVs, in turn purchase and own the underlying investment assets. In these instances, the Fund’s loan receivable and/or equity contributions represent the instrument that is fair valued.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

18

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2024:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Asset Backed	$	—	$	42,719,232		$	44,168,965	$	86,888,197
Corporate Securities		—		62,247,902			4,132,642		66,380,544
Special Opportunities		—		—			18,599,388		18,599,388
Loan Portfolios		—		—			14,188,092		14,188,092
Total Investments in Securities		—		104,967,134			81,089,087		186,056,221
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts		—		17,830			—		17,830
Centrally Cleared Interest Rate Swaps		—		497,542			—		497,542
Liabilities:
Forward Currency Exchange Contracts		—		(855,433	)		—		(855,433	)
Credit Default Swaps		—		(35,645	)		—		(35,645	)
Total	$	—	$	104,591,428		$	81,089,087	$	185,680,515

^(a)  Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards, swaps, options and warrants, which are valued at market value.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Asset-Backed			Corporate Securities			Special Opportunities
Balance as of 06/30/2024	$	32,941,831		$	4,122,659		$	14,813,252
Accrued discounts/(premiums)		30,727			—			—
Realized gain (loss)		12,614			—			—
Change in unrealized appreciation/depreciation		1,290,960			9,983			(188,052	)
Purchases		10,117,463			1,882,786			6,628,464
Sales/Paydowns		(392,327	)		—			(2,654,276	)
Transfers into Level 3		167,697			—			—
Transfers out of Level 3		—			(1,882,786	)		—
Balance as of 09/30/2024	$	44,168,965		$	4,132,642		$	18,599,388
Net change in unrealized appreciation/depreciation from investments held as of 09/30/2024	$	1,289,759		$	9,983		$	(188,052	)
	Loan Portfolio			Total
Balance as of 06/30/2024	$	2,634,908		$	54,512,650
Accrued discounts/(premiums)		—			30,727
Realized gain (loss)		1,740			14,354
Change in unrealized appreciation/depreciation		298,190			1,411,081
Purchases		13,319,109			31,947,822
Sales/Paydowns		(2,065,855	)		(5,112,458	)
Transfers into Level 3		—			167,697
Transfers out of Level 3		—			(1,882,786	)
Balance as of 09/30/2024	$	14,188,092		$	81,089,087
Net change in unrealized appreciation/depreciation from investments held as of 09/30/2024	$	298,190		$	1,409,880

19

The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2024.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 09/30/24		Valuation Technique	Unobservable Input	Input Range/Weighted Average***
Asset Backed	$	5,918,454	Broker Quotes and/or 3rd Party Pricing Services**	N/A	N/A
	$	11,629,765	Discounted Cash Flow	Discount Rate	4.25-24.81% / 8.74%
	$	24,025,634	Market Comparables	Market Spread*	210-838bps / 450bps
	$	2,595,112	Market Comparables	Recent Transaction	N/A
	$	44,168,965
Corporate Securities	$	3,636,294	Market Comparables	Discount Rate	18.60%
	$	496,348	Discounted Cash Flow	Discount Rate	14.00-20.00% / 18.68%
	$	4,132,642
Special Opportunities	$	18,599,388	Discounted Cash Flow	Discount Rate	10.01-28.47% / 14.47%
Loan Portfolios	$	11,524,805	Discounted Cash Flow	Discount Rate	12.50-18.50% / 14.66%
	$	2,663,287	Discounted Cash Flow	Discount Rate	15.43%
	$	14,188,092

* The Market Spreads are compared to related U.S. Treasuries and used to calculate the fair value.

** The valuation is based on non-binding broker quotes or market comparables where quantitative inputs are not observable. Broker quotes or market comparables have been reviewed and substantiated by the Adviser and may be adjusted for timing or other market events, if necessary.

*** Represents the range of discount rates or spreads that are utilized as an input by the Adviser for purposes of generating a fair value. Weighted average excludes investments that have been marked to zero fair market value, when applicable.

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in Discount Rate, Recent Transaction, and Market Spread in isolation would be expected to result in a significantly higher (lower) fair value measurement.

20

A summary of the Fund’s transactions in affiliated entities by the Adviser for the three months ended September 30, 2024 is as follows.

Issuer	Market Value 06/30/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 09/30/2024 (000)		Income (000)
Aergo Capital Ltd.	$	14,813	$	0	$	0	$	0		$	(1,192	)	$	13,621	$	0
Italy Hotels SRL, Series 2022-1, 11/25/2027, 6.775%		1,072		0		0		0			29			1,101		20
Italy Hotels SRL, Series 2022-1, 11/25/2027, 10.275%		1,170		0		0		0			33			1,203		33
Italy Hotels SRL, Series 2022-1, 12/31/2049, 0.000%		0		0		0		0			0			0		0
Kutxabank SA		306		0		0		0			(17	)		289		0
Mill City Mortgage Loan Trust, Series 2018-4, 04/25/2066, 10.50%		17		0		0		0			1			18		0
Mill City Mortgage Loan Trust, Series 2018-4, 04/25/2066, 8.03%		54		0		0		0			5			59		0
Mill City Mortgage Loan Trust, Series 2018-4, 04/25/2066, 3.070%		298		0		0		0			16			314		4
Mill City Mortgage Loan Trust, Series 2018-4, 04/25/2066, 3.250%		292		0		0		0			17			309		3
Mill City Mortgage Loan Trust, Series 2019-1, 10/25/2069, 12.48%		17		0		0		0			0			17		0
Mill City Mortgage Loan Trust, Series 2019-1, 10/25/2069, 3.584%		459		0		0		0			20			479		8
Mill City Mortgage Loan Trust, Series 2019-GS2, 08/25/2059, 13.04%		70		0		0		(1	)		(3	)		66		0
Mill City Mortgage Loan Trust, Series 2019-GS2, 08/25/2059, 0.080%		16		0		0		0			0			16		1
Mill City Mortgage Loan Trust, Series 2019-GS2, 08/25/2059, 3.250%		276		0		79		11			9			217		2
Mill City Mortgage Loan Trust, Series 2019-GS2, 08/25/2059, 3.250%		213		0		0		0			36			249		3
Mill City Mortgage Loan Trust, Series 2019-GS2, 08/25/2059, 3.896%		374		0		0		0			17			391		6

21

Issuer	Market Value 06/30/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 09/30/2024 (000)		Income (000)
Mill City Mortgage Loan Trust, Series 2023-NQM1, 10/25/2067, 6.149%	$	174	$	0	$	53	$	1		$	2		$	124	$	2
Mill City Mortgage Loan Trust, Series 2023-NQM1, 10/25/2067, 6.149%		405		0		0		0			23			428		7
Mill City Solar Loan Ltd., Series 2019-1, 03/20/2043, 0.000%		239		0		241		(1	)		3			0		0
Mill City Solar Loan Ltd., Series 2019-1, 03/20/2043, 5.920%		107		0		0		0			(1	)		106		2
Mill City Solar Loan Ltd., Series 2019-1, 03/20/2043, 7.140%		84		0		0		0			(1	)		83		2
Mill City Solar Loan Ltd., Series 2019-2GS, 07/20/2043, 0.000%		428		0		0		0			(16	)		412		0
Mill City Solar Loan Ltd., Series 2019-2GS, 07/20/2043, 2.000%		296		0		0		0			3			299		2
Mill City Solar Loan Ltd., Series 2020-1, 06/20/2047, 0.000%		406		0		0		0			(18	)		388		0
Total	$	21,586	$	0	$	373	$	10			$ (1,034	)	$	20,189	$	95

22