N-CSR 1 d370133dncsr.htm AB BOND FUNDS AB Bond Funds

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02383

 

 

AB BOND FUND, INC.

(Exact name of registrant as specified in charter)

 

 

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

 

 

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: October 31, 2022

Date of reporting period: October 31, 2022

 

 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


OCT    10.31.22

LOGO

 

ANNUAL REPORT

AB ALL MARKET REAL RETURN PORTFOLIO

 

LOGO

 


 

 

 
Investment Products Offered  

  Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


 

FROM THE PRESIDENT    LOGO

Dear Shareholder,

We’re pleased to provide this report for the AB All Market Real Return Portfolio (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

 

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Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

 

+   

Applying differentiated investment insights through a connected global research network

 

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Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

 

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

 

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ANNUAL REPORT

 

December 6, 2022

This report provides management’s discussion of fund performance for the AB All Market Real Return Portfolio for the annual reporting period ended October 31, 2022.

The Fund’s investment objective is to maximize real return over inflation.

NAV RETURNS AS OF OCTOBER 31, 2022 (unaudited)

 

     6 Months      12 Months  
AB ALL MARKET REAL RETURN PORTFOLIO      
Class 1 Shares1      -10.95%        -6.85%  
Class 2 Shares1      -10.85%        -6.63%  
Class A Shares      -11.00%        -7.01%  
Class C Shares      -11.33%        -7.71%  
Advisor Class Shares2      -10.83%        -6.64%  
Class R Shares2      -11.15%        -7.32%  
Class K Shares2      -11.05%        -7.08%  
Class I Shares2      -10.86%        -6.75%  
Class Z Shares2      -10.85%        -6.64%  
MSCI AC World Commodity Producers Index (net)      0.72%        16.97%  

 

1

Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser’s institutional clients or through other limited arrangements.

 

2

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared to its benchmark, the Morgan Stanley Capital International All Country (“MSCI AC”) World Commodity Producers Index (net), for the six- and 12-month periods ended October 31, 2022.

All share classes of the Fund underperformed the benchmark for both periods, before sales charges. For the 12-month period, the strategic allocation detracted overall, relative to the benchmark, as real estate investment trusts (“REITs”), inflation-sensitive equities and commodity futures underperformed commodity producers. Security selection within commodity equities detracted, while selection within inflation-sensitive equities and REITs contributed. The Fund’s tactical underweight to REITs contributed, while tactical overweights to commodity futures detracted.

 

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During the six-month period, the strategic allocation detracted overall, as REITs, inflation-sensitive equities and commodity futures all underperformed commodity producers. Security selection within commodity producers and inflation-sensitive equities contributed. The Fund’s modest overweights to commodity futures detracted, while tactical underweights to REITs and inflation-sensitive equities contributed.

The Fund utilized derivatives for hedging and investment purposes in the form of currency forwards and total return swaps, which added to absolute returns for both periods, while futures and inflation swaps added for the 12-month period and detracted for the six-month period; during the 12-month period, variance swaps added to returns.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks declined during the 12-month period ended October 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants, supply chain disruptions and rising inflation. But the global economic outlook deteriorated as increasingly hawkish central banks elevated investor concern that rapidly rising borrowing costs would slow economic growth significantly and tip global economies into recession. The US Federal Reserve (the “Fed”) raised interest rates five times during the period, including three consecutive 0.75% increases, setting a course followed by other key central banks. Equity markets began to rise at the end of the period, after some central banks raised rates by less than expected and several Fed governors suggested the possibility of a shift toward a less reactive course in order to review the impact of higher rates over a longer time horizon. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Inflation assets were mixed over the six- and 12-month periods ended October 31, 2022. REITs fell meaningfully over both periods as the asset class faced headwinds from rising interest rates. Natural resource equities posted positive performance over the 12-month period and were close to neutral toward the end of the period. For both periods, natural resource equities outperformed broader equity markets. Elsewhere, commodities rose over the 12-month period but fell over the six-month period. While the ongoing conflict between Russia and Ukraine was initially supportive of higher prices (especially in oil, gas and agriculture), concerns regarding the impact of restrictive monetary policy on future economic growth weighed on sentiment toward the end of the period. Finally, inflation swaps were slightly negative over the trailing six-month period but remained positive over the 12-month period.

 

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The Fund’s Senior Investment Management Team continues to look for sources of value via asset allocation shifts, active security selection, risk overlay strategies and currency management. The Fund uses a blend of quantitative and fundamental research in order to determine overall portfolio risk, allocate risk across major real asset classes and identify idiosyncratic opportunities.

INVESTMENT POLICIES

The Fund seeks to maximize real return. Real return is the rate of return after adjusting for inflation. The Fund pursues an aggressive investment strategy involving a variety of asset classes. The Fund invests primarily in instruments that the Adviser expects to outperform broad equity indices during periods of rising inflation. Under normal circumstances, the Fund expects to invest its assets principally in the following instruments that, in the judgment of the Adviser, are affected directly or indirectly by the level and change in rate of inflation: inflation-indexed fixed-income securities, such as Treasury inflation-protected securities (“TIPS”) and similar bonds issued by governments outside of the United States; commodities; commodity-related equity securities; real estate equity securities; inflation-sensitive equity securities, which the Fund defines as equity securities of companies that the Adviser believes have the ability to pass along increasing costs to consumers and maintain or grow margins in rising inflation environments, including equity securities of utilities and infrastructure-related companies (“inflation-sensitive equities”); securities and derivatives linked to the price of other assets (such as commodities, stock indices and real estate); and currencies. The Fund expects its investments in fixed-income securities to have a broad range of maturities and quality levels.

The Fund seeks inflation protection from investments around the globe, both in developed- and emerging-market countries. In selecting securities for purchase and sale, the Adviser utilizes its qualitative and quantitative resources to determine overall inflation sensitivity, asset allocation and security selection. The Adviser assesses the securities’ risks and inflation sensitivity as well as the securities’ impact on the overall risks and inflation sensitivity of the Fund. When its analysis indicates that changes are necessary, the Adviser intends to implement them through a combination of changes to underlying positions and the use of inflation swaps and other types of derivatives, such as interest rate swaps.

The Fund anticipates that its targeted investment mix, other than its investments in inflation-indexed fixed-income securities, will focus on commodity-related equity securities, commodities and commodity

 

(continued on next page)

 

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derivatives, real estate equity securities and inflation-sensitive equities to provide a balance between expected return and inflation protection. The Fund may vary its investment allocations among these asset classes, at times significantly. Its commodities investments will include significant exposure to energy commodities, but will also include agricultural products, and industrial and precious metals, such as gold. The Fund’s investments in real estate equity securities will include REITs and other real estate-related securities.

The Fund invests in both US and non-US dollar-denominated equity or fixed-income securities. The Fund may invest in currencies for hedging or investment purposes, both in the spot market and through long or short positions in currency-related derivatives. The Fund does not ordinarily expect to hedge its foreign currency exposure because it will be balanced by investments in US dollar-denominated securities, although it may hedge the exposure under certain circumstances.

The Fund may enter into derivatives, such as options, futures contracts, forwards, swaps or structured notes, to a significant extent, subject to the limits of applicable law. The Fund intends to use leverage for investment purposes through the use of cash made available by derivatives transactions to make other investments in accordance with its investment policies. In determining when and to what extent to employ leverage or enter into derivatives transactions, the Adviser considers factors such as the relative risks and returns expected of potential investments and the cost of such transactions. The Adviser considers the impact of derivatives in making its assessments of the Fund’s risks. The resulting exposures to markets, sectors, issuers or specific securities will be continuously monitored by the Adviser.

The Fund may seek to gain exposure to physical commodities traded in the commodities markets through use of a variety of derivative instruments, including investments in commodity index-linked notes. The Adviser expects that the Fund will seek to gain exposure to commodities and commodity-related instruments and derivatives primarily through investments in AllianceBernstein Cayman Inflation Strategy, Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the Subsidiary, unlike the Fund, may invest, without limitation, in commodities and commodity-related instruments. The Fund is subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests, to the extent of its investment in the Subsidiary. The Fund limits its investment in the

 

(continued on next page)

 

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Subsidiary to no more than 25% of its net assets. Investment in the Subsidiary is expected to provide the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

The Fund is “non-diversified”, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund.

 

 

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DISCLOSURES AND RISKS

 

Benchmark Disclosure

The MSCI AC World Commodity Producers Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI AC World Commodity Producers Index is a free float-adjusted, market capitalization index designed to track the performance of global listed commodity producers, including emerging markets. Commodities sectors include: energy, grains, industrial metals, petroleum, precious metals and softs. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s assets will fluctuate as the stock, commodity and bond markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Interest-Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

 

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DISCLOSURES AND RISKS (continued)

 

Commodity Risk: Investing in commodities and commodity-linked derivative instruments, either directly or through the Subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Leverage Risk: To the extent the Fund uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund’s investments.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund’s assets can decline as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally go down.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

 

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DISCLOSURES AND RISKS (continued)

 

Subsidiary Risk: By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and, unless otherwise noted in the Fund’s prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the Subsidiary will take actions contrary to the interests of the Fund or its shareholders.

Real Estate Risk: The Fund’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

Non-Diversification Risk: The Fund may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund’s NAV.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. For

 

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DISCLOSURES AND RISKS (continued)

 

Class 1 shares, go to www.bernstein.com and click on “Investments”, found in the footer, then “Mutual Fund Information—Mutual Fund Performance at a Glance.”

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com. For Class 1 shares, go to www.bernstein.com, click on “Investments”, found in the footer, then “Mutual Fund Information—Prospectuses, SAIs and Shareholder Reports.” Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

 

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HISTORICAL PERFORMANCE

 

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

10/31/2012 TO 10/31/2022

 

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB All Market Real Return Portfolio Class A shares (from 10/31/2012 to 10/31/2022) as compared to the performance of its benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

 

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HISTORICAL PERFORMANCE (continued)

 

AVERAGE ANNUAL RETURNS AS OF OCTOBER 31, 2022 (unaudited)

 

    NAV Returns     SEC Returns
(reflects applicable
sales charges)
 
CLASS 1 SHARES1    
1 Year     -6.85%       -6.85%  
5 Years     4.54%       4.54%  
10 Years     0.80%       0.80%  
CLASS 2 SHARES1    
1 Year     -6.63%       -6.63%  
5 Years     4.81%       4.81%  
10 Years     1.05%       1.05%  
CLASS A SHARES    
1 Year     -7.01%       -10.96%  
5 Years     4.34%       3.43%  
10 Years     0.64%       0.20%  
CLASS C SHARES    
1 Year     -7.71%       -8.57%  
5 Years     3.57%       3.57%  
10 Years2     -0.09%       -0.09%  
ADVISOR CLASS SHARES3    
1 Year     -6.64%       -6.64%  
5 Years     4.61%       4.61%  
10 Years     0.92%       0.92%  
CLASS R SHARES3    
1 Year     -7.32%       -7.32%  
5 Years     4.04%       4.04%  
10 Years     0.39%       0.39%  
CLASS K SHARES3    
1 Year     -7.08%       -7.08%  
5 Years     4.34%       4.34%  
10 Years     0.65%       0.65%  
CLASS I SHARES3    
1 Year     -6.75%       -6.75%  
5 Years     4.78%       4.78%  
10 Years     1.03%       1.03%  
CLASS Z SHARES3    
1 Year     -6.64%       -6.64%  
5 Years     4.81%       4.81%  
Since Inception4     1.57%       1.57%  

(footnotes continued on next page)

 

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HISTORICAL PERFORMANCE (continued)

 

The Fund’s prospectus fee table shows the Fund’s total annual operating expense ratios as 1.13%, 0.87%, 1.18%, 1.93%, 0.92%, 1.60%, 1.31%, 0.88% and 0.88% for Class 1, Class 2, Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund’s total annual operating expense ratio (excluding extraordinary expenses, interest expense, and acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest) to 1.55% for Class R shares. These waivers/reimbursements may not be terminated before January 31, 2023, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

 

1

Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser’s institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.

 

2

Assumes conversion of Class C shares into Class A shares after eight years.

 

3

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

 

4

Inception date: 1/31/2014.

 

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HISTORICAL PERFORMANCE (continued)

 

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END SEPTEMBER 30, 2022 (unaudited)

 

     SEC Returns
(reflects applicable
sales charges)
 
CLASS 1 SHARES1   
1 Year      -7.41%  
5 Years      3.73%  
10 Years      0.19%  
CLASS 2 SHARES1   
1 Year      -7.09%  
5 Years      4.00%  
10 Years      0.45%  
CLASS A SHARES   
1 Year      -11.40%  
5 Years      2.66%  
10 Years      -0.39%  
CLASS C SHARES   
1 Year      -9.05%  
5 Years      2.76%  
10 Years2      -0.69%  
ADVISOR CLASS SHARES3   
1 Year      -7.19%  
5 Years      3.82%  
10 Years      0.32%  
CLASS R SHARES3   
1 Year      -7.85%  
5 Years      3.25%  
10 Years      -0.20%  
CLASS K SHARES3   
1 Year      -7.63%  
5 Years      3.54%  
10 Years      0.06%  
CLASS I SHARES3   
1 Year      -7.22%  
5 Years      3.98%  
10 Years      0.43%  
CLASS Z SHARES3   
1 Year      -7.21%  
5 Years      3.98%  
Since Inception4      0.99%  

(footnotes continued on next page)

 

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HISTORICAL PERFORMANCE (continued)

 

1

Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to the Adviser’s institutional clients or through other limited arrangements. These share classes do not carry front-end sales charges; therefore, their respective NAV and SEC returns are the same.

 

2

Assumes conversion of Class C shares into Class A shares after eight years.

 

3

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

 

4

Inception date: 1/31/2014.

 

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EXPENSE EXAMPLE

(unaudited)

 

As a shareholder of a mutual fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

16    |    AB ALL MARKET REAL RETURN PORTFOLIO

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EXPENSE EXAMPLE (continued)

 

 

    Beginning
Account
Value
May 1,
2022
    Ending
Account
Value
October 31,
2022
    Expenses
Paid
During
Period*
    Annualized
Expense
Ratio*
    Total
Expenses
Paid
During
Period+
    Total
Annualized
Expense
Ratio+
 
Class A            

Actual

  $ 1,000     $ 890.00     $ 5.67       1.19   $ 5.81       1.22

Hypothetical**

  $ 1,000     $ 1,019.21     $ 6.06       1.19   $ 6.21       1.22
Class C            

Actual

  $ 1,000     $ 886.70     $ 9.37       1.97   $ 9.46       1.99

Hypothetical**

  $ 1,000     $ 1,015.27     $   10.01       1.97   $   10.11       1.99
Advisor Class            

Actual

  $ 1,000     $ 891.70     $ 4.48       0.94   $ 4.58       0.96

Hypothetical**

  $ 1,000     $ 1,020.47     $ 4.79       0.94   $ 4.89       0.96
Class R            

Actual

  $ 1,000     $ 888.50     $ 7.28       1.52   $ 7.33       1.54

Hypothetical**

  $ 1,000     $ 1,017.49     $ 7.78       1.52   $ 7.83       1.54
Class K            

Actual

  $   1,000     $ 889.50     $ 6.00       1.26   $ 6.14       1.29

Hypothetical**

  $ 1,000     $   1,018.85     $ 6.41       1.26   $ 6.56       1.29
Class I            

Actual

  $ 1,000     $ 891.40     $ 4.10       0.86   $ 4.20       0.88

Hypothetical**

  $ 1,000     $ 1,020.87     $ 4.38       0.86   $ 4.48       0.88
Class 1            

Actual

  $ 1,000     $ 890.50     $ 5.15       1.08   $ 5.29       1.11

Hypothetical**

  $ 1,000     $ 1,019.76     $ 5.50       1.08   $ 5.65       1.11
Class 2            

Actual

  $ 1,000     $ 891.50     $ 3.96       0.83   $ 4.05       0.85

Hypothetical**

  $ 1,000     $ 1,021.02     $ 4.23       0.83   $ 4.33       0.85
Class Z            

Actual

  $ 1,000     $ 891.50     $ 3.96       0.83   $ 4.05       0.85

Hypothetical**

  $ 1,000     $ 1,021.02     $ 4.23       0.83   $ 4.33       0.85

 

*

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 

**

Assumes 5% annual return before expenses.

 

+

In connection with the Fund’s investments in affiliated/unaffiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Fund’s total expenses are equal to the classes’ annualized expense ratio plus the Fund’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    17


 

PORTFOLIO SUMMARY

October 31, 2022 (unaudited)

 

PORTFOLIO STATISTICS

Net Assets ($mil): $1,029.7

 

 

 

LOGO

 

 

 

LOGO

 

1

The portfolio breakdown is expressed as an approximate percentage of the Fund’s net assets inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

 

2

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

 

18    |    AB ALL MARKET REAL RETURN PORTFOLIO

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PORTFOLIO SUMMARY (continued)

October 31, 2022 (unaudited)

 

 

 

LOGO

TEN LARGEST HOLDINGS2

 

Company    U.S. $ Value      Percent of
Net Assets
 
Shell PLC    $ 21,133,068        2.1
Prologis, Inc.      17,578,351        1.7  
Exxon Mobil Corp.      17,102,304        1.7  
Equinix, Inc.      12,002,863        1.2  
ConocoPhillips      10,971,847        1.1  
Public Storage      10,804,080        1.0  
EOG Resources, Inc.      9,458,788        0.9  
Mitsui Fudosan Co., Ltd.      8,400,387        0.8  
TotalEnergies SE      8,366,193        0.8  
Chevron Corp.      7,614,624        0.7  
   $   123,432,505        12.0

 

1

The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) 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). “Other” country weightings represent 0.6% or less in the following: Austria, Belgium, Brazil, Denmark, Finland, India, Ireland, Israel, Luxembourg, Mexico, Netherlands, New Zealand, Philippines, Russia, South Africa, South Korea, Sweden, Switzerland, Thailand, United Arab Emirates, United Republic of Tanzania and Zambia.

 

2

Long-term investments.

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    19


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS

October 31, 2022

 

Company    Shares     U.S. $ Value  

 

 

COMMON STOCKS – 67.8%

 

Real Estate – 26.4%

 

Diversified Real Estate Activities – 1.7%

    

Ayala Land, Inc.

     2,554,100     $ 1,133,482  

City Developments Ltd.

     295,500       1,593,221  

Daito Trust Construction Co., Ltd.

     8,700       861,507  

Mitsui Fudosan Co., Ltd.

     438,700       8,400,387  

Nomura Real Estate Holdings, Inc.

     14,900       336,797  

Sun Hung Kai Properties Ltd.

     435,000       4,674,648  

Tokyu Fudosan Holdings Corp.

     233,300       1,183,665  
    

 

 

 
       18,183,707  
    

 

 

 

Diversified REITs – 1.6%

 

Alexander & Baldwin, Inc.

     99,800       1,944,104  

Armada Hoffler Properties, Inc.

     250,690       2,930,566  

Charter Hall Long Wale REIT

     606,580       1,691,336  

Essential Properties Realty Trust, Inc.

     153,440       3,302,029  

Growthpoint Properties Ltd.(a)

     2,072,622       1,461,202  

ICADE

     29,880       1,111,502  

Merlin Properties Socimi SA

     278,910       2,364,201  

United Urban Investment Corp.

     1,519       1,607,144  
    

 

 

 
       16,412,084  
    

 

 

 

Health Care REITs – 1.9%

    

Assura PLC

     2,490,200       1,595,505  

Cofinimmo SA

     13,570       1,125,434  

Medical Properties Trust, Inc.

     288,010       3,297,714  

Ventas, Inc.

     145,390       5,689,111  

Welltower, Inc.

     124,340       7,589,713  
    

 

 

 
       19,297,477  
    

 

 

 

Hotel & Resort REITs – 0.8%

    

Invincible Investment Corp.

     9,400       2,950,786  

Park Hotels & Resorts, Inc.

     234,690       3,069,745  

RLJ Lodging Trust

     159,880       1,945,740  
    

 

 

 
       7,966,271  
    

 

 

 

Industrial REITs – 4.3%

    

Americold Realty Trust, Inc.

     78,680       1,907,990  

CapitaLand Ascendas REIT

     825,200       1,526,777  

Centuria Industrial REIT

     913,830       1,775,892  

Dream Industrial Real Estate Investment Trust

     303,414       2,438,715  

GLP J-Reit(b)

     1,146       1,188,496  

Industrial & Infrastructure Fund Investment Corp.

     1,115       1,177,597  

Mapletree Logistics Trust(a)

     1,205,318       1,293,631  

Mitsui Fudosan Logistics Park, Inc.(b)

     479       1,589,253  

Plymouth Industrial REIT, Inc.

     70,946       1,308,244  

Prologis, Inc.

     158,721       17,578,351  

Rexford Industrial Realty, Inc.

     64,600       3,571,088  

 

20    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Segro PLC

     575,272     $ 5,177,447  

STAG Industrial, Inc.

     122,160       3,859,035  
    

 

 

 
       44,392,516  
    

 

 

 

Office REITs – 1.2%

    

Alexandria Real Estate Equities, Inc.

     7,540       1,095,562  

City Office REIT, Inc.

     231,540       2,458,955  

Cousins Properties, Inc.

     121,065       2,876,504  

Daiwa Office Investment Corp.

     602       2,844,007  

Derwent London PLC

     66,190       1,638,156  

Kenedix Office Investment Corp.(a)

     648       1,476,147  
    

 

 

 
       12,389,331  
    

 

 

 

Real Estate Development – 0.9%

    

China Overseas Land & Investment Ltd.

     743,500       1,420,768  

China Resources Land Ltd.

     678,000       2,121,315  

CK Asset Holdings Ltd.

     284,000       1,570,113  

Emaar Properties PJSC

     686,820       1,133,771  

Instone Real Estate Group SE(c)

     81,039       589,854  

Megaworld Corp.

     17,716,000       639,126  

Midea Real Estate Holding Ltd.(a)(c)

     2,151,600       1,503,466  
    

 

 

 
       8,978,413  
    

 

 

 

Real Estate Operating Companies – 1.6%

    

Azrieli Group Ltd.

     14,750       1,092,761  

CA Immobilien Anlagen AG

     58,719       1,854,600  

Central Pattana PCL

     411,500       743,316  

CTP NV(c)

     96,979       1,005,870  

Hongkong Land Holdings Ltd.

     441,000       1,697,799  

Hulic Co., Ltd.

     146,600       1,064,953  

Shurgard Self Storage SA

     27,430       1,194,328  

TAG Immobilien AG

     117,450       735,566  

Vonovia SE

     176,274       3,897,525  

Wihlborgs Fastigheter AB

     489,360       3,205,908  
    

 

 

 
       16,492,626  
    

 

 

 

Real Estate Services – 0.1%

    

Unibail-Rodamco-Westfield(b)

     20,600       974,738  
    

 

 

 

Residential REITs – 4.0%

    

American Homes 4 Rent – Class A

     141,480       4,518,871  

Equity LifeStyle Properties, Inc.

     44,010       2,814,880  

Equity Residential

     102,510       6,460,180  

Essex Property Trust, Inc.

     22,830       5,073,739  

Independence Realty Trust, Inc.

     240,000       4,022,400  

Kenedix Residential Next Investment Corp.

     538       788,746  

Killam Apartment Real Estate Investment Trust

     272,860       3,162,520  

Minto Apartment Real Estate Investment Trust(c)

     150,500       1,472,577  

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    21


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Sun Communities, Inc.

     46,857     $ 6,318,666  

UDR, Inc.

     119,730       4,760,465  

UNITE Group PLC (The)

     156,180       1,595,371  
    

 

 

 
       40,988,415  
    

 

 

 

Retail REITs – 3.7%

    

AEON REIT Investment Corp.

     1,654       1,780,738  

Brixmor Property Group, Inc.

     172,880       3,684,073  

CapitaLand Integrated Commercial Trust

     3,103,460       4,118,769  

Frasers Centrepoint Trust

     513,100       754,054  

Kite Realty Group Trust

     168,660       3,312,482  

Link REIT

     511,301       3,022,102  

Mercialys SA

     122,148       1,057,716  

NETSTREIT Corp.

     144,266       2,715,086  

Phillips Edison & Co., Inc.

     103,350       3,114,969  

Realty Income Corp.

     14,250       887,348  

Shopping Centres Australasia Property Group

     772,030       1,344,657  

Simon Property Group, Inc.

     34,378       3,746,514  

SITE Centers Corp.

     314,880       3,898,215  

Spirit Realty Capital, Inc.

     91,430       3,550,227  

Waypoint REIT Ltd.

     467,450       816,164  
    

 

 

 
       37,803,114  
    

 

 

 

Specialized REITs – 4.6%

    

American Tower Corp.

     13,394       2,775,103  

Crown Castle, Inc.

     12,458       1,660,153  

CubeSmart

     115,710       4,844,778  

Digital Realty Trust, Inc.

     9,160       918,290  

Equinix, Inc.

     21,190       12,002,863  

Iron Mountain, Inc.

     25,600       1,281,792  

National Storage Affiliates Trust

     45,180       1,927,379  

Public Storage

     34,880       10,804,080  

Safestore Holdings PLC

     224,530       2,326,216  

SBA Communications Corp.

     3,104       837,770  

VICI Properties, Inc.

     220,100       7,047,602  

Weyerhaeuser Co.

     45,585       1,409,944  
    

 

 

 
       47,835,970  
    

 

 

 
       271,714,662  
    

 

 

 

Energy – 11.2%

 

Coal & Consumable Fuels – 0.1%

    

Cameco Corp.

     26,821       636,194  
    

 

 

 

Integrated Oil & Gas – 6.5%

    

Cenovus Energy, Inc.(a)

     17,389       351,520  

Chevron Corp.

     42,093       7,614,624  

Equinor ASA

     142,609       5,195,776  

Exxon Mobil Corp.

     154,339       17,102,304  

Gazprom PJSC(d)

     818,956       – 0  – 

LUKOIL PJSC(d)

     20,541       – 0  – 

 

22    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Repsol SA(b)

     532,416     $ 7,243,235  

Shell PLC

     762,883       21,133,068  

Suncor Energy, Inc.

     6,237       214,530  

TotalEnergies SE

     153,358       8,366,193  
    

 

 

 
       67,221,250  
    

 

 

 

Oil & Gas Drilling – 0.2%

    

China Oilfield Services Ltd. – Class H

     1,648,000       1,855,185  
    

 

 

 

Oil & Gas Equipment & Services – 0.1%

    

Halliburton Co.

     26,015       947,466  
    

 

 

 

Oil & Gas Exploration & Production – 3.1%

    

ConocoPhillips

     87,016       10,971,847  

Coterra Energy, Inc.

     48,350       1,505,136  

EOG Resources, Inc.

     69,285       9,458,788  

Hess Corp.

     31,848       4,493,116  

Texas Pacific Land Corp.

     620       1,428,399  

Tourmaline Oil Corp.(a)

     13,858       780,813  

Williams Cos., Inc. (The)

     35,053       1,147,285  

Woodside Energy Group Ltd.

     91,483       2,114,945  
    

 

 

 
       31,900,329  
    

 

 

 

Oil & Gas Refining & Marketing – 0.3%

 

Marathon Petroleum Corp.

     13,509       1,534,893  

Neste Oyj

     11,223       491,887  

Valero Energy Corp.

     11,950       1,500,322  
    

 

 

 
       3,527,102  
    

 

 

 

Oil & Gas Storage & Transportation – 0.9%

    

Antero Midstream Corp.

     9,634       102,602  

Cheniere Energy, Inc.

     7,186       1,267,682  

Enbridge, Inc.(a)

     71,454       2,783,997  

EnLink Midstream LLC(b)

     7,164       85,108  

Gibson Energy, Inc.

     5,174       88,300  

Keyera Corp.(a)

     7,799       167,160  

Kinder Morgan, Inc.

     57,035       1,033,474  

Koninklijke Vopak NV

     2,307       47,137  

New Fortress Energy, Inc.

     1,373       75,611  

ONEOK, Inc.

     12,855       762,559  

Pembina Pipeline Corp.(a)

     19,593       646,892  

Targa Resources Corp.

     6,517       445,567  

TC Energy Corp.

     35,711       1,568,574  
    

 

 

 
       9,074,663  
    

 

 

 
       115,162,189  
    

 

 

 

Materials – 6.0%

 

Aluminum – 0.1%

 

Alcoa Corp.

     20,672       806,828  
    

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    23


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Commodity Chemicals – 0.5%

    

Beijing Haixin Energy Technology Co., Ltd. – Class A

     1,735,085     $ 952,315  

Corteva, Inc.

     41,683       2,723,567  

Ecopro Co., Ltd.

     8,277       821,674  

LG Chem Ltd.

     1,416       621,395  

W-Scope Corp.(a)(b)

     19,600       253,243  
    

 

 

 
       5,372,194  
    

 

 

 

Construction Materials – 0.2%

 

GCC SAB de CV

     258,717       1,614,092  
    

 

 

 

Copper – 0.2%

 

First Quantum Minerals Ltd.

     85,965       1,516,306  

OZ Minerals Ltd.(a)

     37,029       573,358  
    

 

 

 
       2,089,664  
    

 

 

 

Diversified Chemicals – 0.1%

 

Sumitomo Chemical Co., Ltd.

     316,200       1,064,727  
    

 

 

 

Diversified Metals & Mining – 1.6%

 

Allkem Ltd.(b)

     74,824       691,348  

Anglo American PLC

     132,981       3,983,339  

BHP Group Ltd.

     43,087       1,034,958  

CMOC Group Ltd. – Class H(a)

     1,368,000       440,430  

Ganfeng Lithium Group Co., Ltd – Class A

     50,480       546,534  

Glencore PLC

     726,435       4,164,702  

MMC Norilsk Nickel PJSC (ADR)(d)(e)

     66,074       – 0  – 

Rio Tinto PLC

     72,754       3,802,242  

Teck Resources Ltd. – Class B

     55,531       1,690,364  

Zhejiang Huayou Cobalt Co., Ltd. – Class A

     53,270       398,377  
    

 

 

 
       16,752,294  
    

 

 

 

Fertilizers & Agricultural Chemicals – 0.5%

    

CF Industries Holdings, Inc.

     38,154       4,054,244  

OCI NV

     35,167       1,345,063  
    

 

 

 
       5,399,307  
    

 

 

 

Forest Products – 0.0%

 

Interfor Corp.(b)

     28,218       501,248  
    

 

 

 

Gold – 0.8%

 

Agnico Eagle Mines Ltd.

     61,135       2,689,339  

Barrick Gold Corp.

     143,570       2,157,857  

Endeavour Mining PLC

     122,275       2,126,768  

Northern Star Resources Ltd.

     71,866       401,091  

Regis Resources Ltd.

     301,971       294,427  

St. Barbara Ltd.(b)

     412,784       134,387  
    

 

 

 
       7,803,869  
    

 

 

 

 

24    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Industrial Gases – 0.2%

 

 

Air Liquide SA

     4,613     $ 603,443  

Air Products and Chemicals, Inc.

     2,547       637,769  

Linde PLC

     2,065       614,028  
    

 

 

 
       1,855,240  
    

 

 

 

Paper Packaging – 0.1%

 

Sealed Air Corp.

     26,931       1,282,454  
    

 

 

 

Paper Products – 0.2%

 

Stora Enso Oyj – Class R

     94,140       1,227,473  

Suzano SA

     105,200       1,083,466  
    

 

 

 
       2,310,939  
    

 

 

 

Specialty Chemicals – 0.7%

 

Albemarle Corp.

     2,888       808,265  

Danimer Scientific, Inc.(a)(b)

     167,875       439,833  

Ecolab, Inc.

     3,149       494,613  

Evonik Industries AG

     49,372       909,517  

IMCD NV

     4,070       527,856  

Johnson Matthey PLC

     31,809       706,083  

Livent Corp.(a)(b)

     26,870       848,286  

Shanghai Putailai New Energy Technology Co., Ltd. – Class A

     60,520       414,260  

Sika AG (REG)

     2,054       463,127  

Umicore SA

     18,303       603,375  

Wacker Chemie AG

     5,147       599,241  
    

 

 

 
       6,814,456  
    

 

 

 

Steel – 0.8%

 

ArcelorMittal SA

     174,554       3,901,919  

Commercial Metals Co.

     20,956       953,498  

Steel Dynamics, Inc.

     15,744       1,480,723  

Vale SA (Sponsored ADR)

     138,199       1,788,295  
    

 

 

 
       8,124,435  
    

 

 

 
       61,791,747  
    

 

 

 

Capital Goods – 4.5%

 

Aerospace & Defense – 0.3%

 

BAE Systems PLC

     108,753       1,017,228  

Hexcel Corp.

     13,775       767,268  

Huntington Ingalls Industries, Inc.

     5,361       1,378,152  
    

 

 

 
       3,162,648  
    

 

 

 

Agricultural & Farm Machinery – 0.3%

 

Deere & Co.

     2,279       902,074  

Lindsay Corp.

     4,466       756,094  

Toro Co. (The)

     8,093       853,245  
    

 

 

 
       2,511,413  
    

 

 

 

Building Products – 0.6%

 

A O Smith Corp.

     12,800       701,184  

Carrier Global Corp.

     18,733       744,824  

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    25


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Cie de Saint-Gobain

     26,986     $ 1,103,213  

Kingspan Group PLC

     11,474       578,481  

Lennox International, Inc.

     2,335       545,386  

Nibe Industrier AB – Class B

     59,623       475,599  

Owens Corning

     14,873       1,273,277  

Zurn Elkay Water Solutions Corp.

     18,797       441,542  
    

 

 

 
       5,863,506  
    

 

 

 

Construction & Engineering – 0.2%

 

Ferrovial SA

     17,604       430,213  

MDU Resources Group, Inc.

     5,849       166,580  

Vinci SA

     18,979       1,746,769  
    

 

 

 
       2,343,562  
    

 

 

 

Construction & Farm Machinery & Heavy Trucks – 0.1%

    

Cummins, Inc.

     4,099       1,002,246  
    

 

 

 

Electrical Components & Equipment – 1.3%

    

Acuity Brands, Inc.

     7,334       1,346,302  

Advent Technologies Holdings, Inc.(a)(b)

     278,432       629,256  

Ballard Power Systems, Inc.(a)(b)

     80,904       458,457  

Beijing Easpring Material Technology Co., Ltd. – Class A

     53,500       434,679  

Blink Charging Co.(a)(b)

     19,644       290,731  

Camel Group Co., Ltd. – Class A

     546,200       639,253  

Contemporary Amperex Technology Co., Ltd. – Class A

     8,900       456,745  

EnerSys

     16,176       1,072,307  

First Solar, Inc.(b)

     7,443       1,083,478  

FuelCell Energy, Inc.(a)(b)

     146,061       455,710  

Gotion High-tech Co., Ltd. – Class A

     121,200       501,112  

Hubbell, Inc.

     3,554       844,004  

Legrand SA

     10,424       794,357  

nVent Electric PLC

     30,848       1,125,952  

Plug Power, Inc.(a)(b)

     23,424       374,316  

Prysmian SpA

     23,685       770,902  

Signify NV(c)

     39,231       1,086,901  

SunPower Corp.(a)(b)

     22,852       422,534  

Sunrun, Inc.(b)

     28,997       652,722  
    

 

 

 
       13,439,718  
    

 

 

 

Heavy Electrical Equipment – 0.5%

 

Bloom Energy Corp. – Class A(b)

     19,157       358,428  

CS Wind Corp.

     14,045       578,576  

ITM Power PLC(a)(b)

     213,956       202,118  

Ming Yang Smart Energy Group Ltd. – Class A

     188,696       645,860  

NARI Technology Co., Ltd. – Class A

     168,609       566,285  

NEL ASA(b)

     333,613       407,785  

 

26    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Nordex SE(b)

     52,303     $ 487,577  

Siemens Energy AG(b)

     75,800       883,647  

TPI Composites, Inc.(b)

     31,683       315,563  

Vestas Wind Systems A/S

     24,079       474,685  
    

 

 

 
       4,920,524  
    

 

 

 

Industrial Conglomerates – 0.1%

 

General Electric Co.

     13,929       1,083,815  
    

 

 

 

Industrial Machinery – 1.0%

 

Chart Industries, Inc.(b)

     3,225       718,788  

Energy Recovery, Inc.(b)

     25,889       666,124  

Evoqua Water Technologies Corp.(b)

     14,600       572,028  

Illinois Tool Works, Inc.

     7,222       1,542,114  

John Bean Technologies Corp.

     6,165       562,248  

McPhy Energy SA(b)

     32,420       367,775  

Mueller Industries, Inc.

     11,185       700,628  

NGK Insulators Ltd.

     66,500       775,793  

Pentair PLC

     17,361       745,655  

Snap-on, Inc.

     6,315       1,402,246  

SPX Technologies, Inc.(b)

     15,185       999,781  

Watts Water Technologies, Inc. – Class A

     5,198       760,779  

Xylem, Inc./NY

     7,142       731,555  
    

 

 

 
       10,545,514  
    

 

 

 

Trading Companies & Distributors – 0.1%

    

WW Grainger, Inc.

     2,433       1,421,724  
    

 

 

 
       46,294,670  
    

 

 

 

Utilities – 4.4%

 

Electric Utilities – 1.1%

 

Avangrid, Inc.(a)

     22,721       924,290  

Constellation Energy Corp.

     1       95  

Edison International

     10,973       658,819  

Elia Group SA/NV

     1,271       160,695  

Enel SpA

     505,112       2,256,511  

Eversource Energy

     9,966       760,206  

Exelon Corp.

     14,729       568,392  

Fortis, Inc./Canada

     16,892       659,016  

Hydro One Ltd.(c)

     11,198       280,782  

Iberdrola SA

     82,974       843,785  

NextEra Energy, Inc.

     4,547       352,393  

NRG Energy, Inc.

     31,429       1,395,448  

Orsted AS(c)

     5,787       477,461  

PG&E Corp.(b)

     46,315       691,483  

Red Electrica Corp. SA

     15,275       247,084  

SSE PLC

     34,755       621,102  

Terna – Rete Elettrica Nazionale

     49,652       329,275  
    

 

 

 
       11,226,837  
    

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    27


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Gas Utilities – 0.8%

 

 

AltaGas Ltd.

     17,530     $ 316,154  

APA Group

     323,138       2,175,490  

Atmos Energy Corp.

     4,024       428,757  

Beijing Enterprises Holdings Ltd.

     16,913       42,907  

Chesapeake Utilities Corp.

     510       63,434  

China Gas Holdings Ltd.

     105,593       93,712  

China Resources Gas Group Ltd.

     31,847       81,566  

Enagas SA

     8,783       142,582  

ENN Energy Holdings Ltd.

     26,732       265,771  

Hong Kong & China Gas Co., Ltd.

     381,933       294,382  

Italgas SpA

     17,156       88,392  

Kunlun Energy Co., Ltd.

     140,561       84,009  

Naturgy Energy Group SA(a)

     40,971       1,051,419  

New Jersey Resources Corp.

     2,768       123,564  

Northwest Natural Holding Co.

     1,001       48,138  

ONE Gas, Inc.

     1,557       120,636  

Snam SpA

     72,348       321,696  

Southwest Gas Holdings, Inc.

     1,773       129,553  

Spire, Inc.

     1,510       105,413  

Toho Gas Co., Ltd.

     3,491       65,044  

Tokyo Gas Co., Ltd.

     14,473       258,654  

Towngas Smart Energy Co., Ltd.

     39,098       13,694  

UGI Corp.

     38,767       1,369,638  
    

 

 

 
       7,684,605  
    

 

 

 

Independent Power and Renewable Electricity Producers – 0.7%

    

Atlantica Sustainable Infrastructure PLC

     22,761       630,707  

Azure Power Global Ltd.(a)(b)

     58,369       337,956  

Boralex, Inc. – Class A

     17,325       491,258  

Brookfield Renewable Corp. – Class A

     15,520       482,227  

China Longyuan Power Group Corp. Ltd. – Class H

     436,000       498,204  

EDP Renovaveis SA

     81,512       1,715,215  

Innergex Renewable Energy, Inc.

     52,473       577,748  

NextEra Energy Partners LP(a)

     9,801       725,960  

Ormat Technologies, Inc.(a)

     7,255       656,215  

Solaria Energia y Medio Ambiente SA(b)

     30,463       481,806  

TransAlta Renewables, Inc.(a)

     61,898       664,710  

Xinyi Energy Holdings Ltd.(a)

     1,580,000       402,437  
    

 

 

 
       7,664,443  
    

 

 

 

Independent Power Producers & Energy Traders – 0.5%

    

AES Corp. (The)

     28,600       748,176  

Clearway Energy, Inc. – Class A

     18,541       599,431  

Drax Group PLC

     104,811       625,891  

ERG SpA

     24,584       771,122  

 

28    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Guangxi Guiguan Electric Power Co., Ltd. – Class A

     778,700     $ 668,481  

Northland Power, Inc.

     21,941       638,412  

RWE AG

     22,706       874,070  
    

 

 

 
       4,925,583  
    

 

 

 

Multi-Utilities – 0.7%

 

ACEA SpA

     1,503       18,939  

Algonquin Power & Utilities Corp.

     56,518       625,604  

CenterPoint Energy, Inc.

     18,109       518,099  

Consolidated Edison, Inc.

     10,200       897,192  

DTE Energy Co.

     6,684       749,343  

E.ON SE

     67,344       563,938  

National Grid PLC

     136,793       1,490,376  

NiSource, Inc.

     11,678       300,008  

NorthWestern Corp.

     1,615       85,320  

Sempra Energy

     12,677       1,913,466  

United Utilities Group PLC

     24,063       259,307  

Unitil Corp.

     461       24,299  
    

 

 

 
       7,445,891  
    

 

 

 

Water Utilities – 0.6%

 

American States Water Co.

     7,480       676,641  

American Water Works Co., Inc.

     9,061       1,316,925  

Beijing Enterprises Water Group Ltd.

     3,070,538       645,114  

California Water Service Group

     14,893       924,260  

China Water Affairs Group Ltd.

     30,530       21,623  

Cia de Saneamento Basico do Estado de Sao Paulo (ADR)

     12,060       139,414  

Essential Utilities, Inc.

     6,860       303,349  

Middlesex Water Co.

     3,851       344,549  

Pennon Group PLC

     9,208       88,486  

Severn Trent PLC

     8,939       256,547  

SJW Group

     16,297       1,151,872  
    

 

 

 
       5,868,780  
    

 

 

 
       44,816,139  
    

 

 

 

Pharmaceuticals & Biotechnology – 1.9%

    

Biotechnology – 0.3%

 

AbbVie, Inc.

     6,902       1,010,453  

Amgen, Inc.

     1,716       463,921  

Moderna, Inc.(b)

     4,536       681,897  

Neurocrine Biosciences, Inc.(b)

     5,444       626,713  

Regeneron Pharmaceuticals, Inc.(b)

     1,116       835,605  
    

 

 

 
       3,618,589  
    

 

 

 

Life Sciences Tools & Services – 0.5%

    

Danaher Corp.

     3,046       766,587  

Eurofins Scientific SE

     12,537       802,553  

Mettler-Toledo International, Inc.(b)

     1,117       1,412,927  

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    29


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Sartorius Stedim Biotech

     489     $ 155,179  

Waters Corp.(b)

     5,979       1,788,737  
    

 

 

 
       4,925,983  
    

 

 

 

Pharmaceuticals – 1.1%

 

Bayer AG (REG)

     22,622       1,189,488  

Elanco Animal Health, Inc.(b)

     62,566       825,245  

Eli Lilly & Co.

     6,176       2,236,268  

Johnson & Johnson

     300       52,191  

Novo Nordisk A/S – Class B

     17,095       1,858,761  

Pfizer, Inc.

     40,807       1,899,566  

Roche Holding AG (Roche)

     1,269       515,074  

Roche Holding AG (Genusschein)

     4,707       1,561,774  

Takeda Pharmaceutical Co., Ltd.

     16,700       441,030  

Zoetis, Inc.

     3,810       574,472  
    

 

 

 
       11,153,869  
    

 

 

 
       19,698,441  
    

 

 

 

Software & Services – 1.9%

 

Application Software – 0.5%

 

Autodesk, Inc.(b)

     3,735       800,411  

Cadence Design Systems, Inc.(b)

     9,649       1,460,762  

Dropbox, Inc. – Class A(b)

     63,208       1,374,774  

Fair Isaac Corp.(b)

     1,541       737,892  

Roper Technologies, Inc.

     2,559       1,060,808  
    

 

 

 
       5,434,647  
    

 

 

 

Data Processing & Outsourced Services – 0.4%

    

Mastercard, Inc. – Class A

     6,728       2,207,995  

Visa, Inc. – Class A

     6,229       1,290,400  
    

 

 

 
       3,498,395  
    

 

 

 

Internet Services & Infrastructure – 0.1%

    

VeriSign, Inc.(b)

     6,730       1,349,096  
    

 

 

 

IT Consulting & Other Services – 0.1%

    

Gartner, Inc.(b)

     4,620       1,394,870  

Kyndryl Holdings, Inc.(b)

     606       5,860  
    

 

 

 
       1,400,730  
    

 

 

 

Systems Software – 0.8%

    

Fortinet, Inc.(b)

     22,356       1,277,869  

Microsoft Corp.

     21,408       4,969,439  

Palo Alto Networks, Inc.(b)

     3,978       682,585  

ServiceNow, Inc.(b)

     2,069       870,511  
    

 

 

 
       7,800,404  
    

 

 

 
       19,483,272  
    

 

 

 

 

30    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Food Beverage & Tobacco – 1.6%

    

Agricultural Products – 0.3%

    

Archer-Daniels-Midland Co.

     11,204     $ 1,086,564  

Bunge Ltd.

     13,976       1,379,431  

Darling Ingredients, Inc.(b)

     11,976       939,877  
    

 

 

 
       3,405,872  
    

 

 

 

Brewers – 0.1%

    

Carlsberg AS – Class B

     6,255       736,498  

Kirin Holdings Co., Ltd.

     31,600       464,518  
    

 

 

 
       1,201,016  
    

 

 

 

Packaged Foods & Meats – 1.0%

    

Danone SA

     15,513       770,988  

Hershey Co. (The)

     6,030       1,439,783  

Hormel Foods Corp.

     15,728       730,566  

JBS SA

     158,600       766,365  

Maple Leaf Foods, Inc.

     49,198       729,113  

Marfrig Global Foods SA

     389,700       807,238  

Mowi ASA

     56,453       842,605  

Nestle SA (REG)

     20,051       2,182,728  

Pilgrim’s Pride Corp.(b)

     34,010       783,931  

Sao Martinho SA

     118,800       620,276  

Tyson Foods, Inc. – Class A

     11,981       818,901  
    

 

 

 
       10,492,494  
    

 

 

 

Tobacco – 0.2%

 

Imperial Brands PLC

     64,211       1,564,120  
    

 

 

 
       16,663,502  
    

 

 

 

Technology Hardware & Equipment – 1.0%

    

Electronic Components – 0.1%

    

Samsung SDI Co., Ltd.

     1,355       699,065  

TDK Corp.

     1,600       49,981  
    

 

 

 
       749,046  
    

 

 

 

Electronic Equipment & Instruments – 0.2%

    

Itron, Inc.(b)

     14,699       718,634  

Landis+Gyr Group AG(b)

     14,851       855,818  
    

 

 

 
       1,574,452  
    

 

 

 

Technology Distributors – 0.0%

    

CDW Corp./DE

     2,581       446,023  
    

 

 

 

Technology Hardware, Storage & Peripherals – 0.7%

    

Apple, Inc.

     49,183       7,541,721  
    

 

 

 
       10,311,242  
    

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    31


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Commercial & Professional Services – 0.9%

    

Diversified Support Services – 0.2%

    

Brambles Ltd.

     112,577     $ 842,834  

Copart, Inc.(b)

     8,585       987,447  
    

 

 

 
       1,830,281  
    

 

 

 

Environmental & Facilities Services – 0.5%

    

Aker Carbon Capture ASA(b)

     209,829       236,125  

Casella Waste Systems, Inc. – Class A(b)

     8,032       657,098  

Clean Harbors, Inc.(b)

     9,646       1,181,249  

Republic Services, Inc.

     6,397       848,370  

Rollins, Inc.

     32,642       1,373,575  

Tetra Tech, Inc.

     4,976       703,009  

Waste Management, Inc.

     4,201       665,313  
    

 

 

 
       5,664,739  
    

 

 

 

Research & Consulting Services – 0.2%

    

Booz Allen Hamilton Holding Corp.

     12,001       1,306,309  

Nihon M&A Center Holdings, Inc.

     28,200       318,203  

Thomson Reuters Corp.

     4,286       455,829  
    

 

 

 
       2,080,341  
    

 

 

 
       9,575,361  
    

 

 

 

Transportation – 0.9%

    

Air Freight & Logistics – 0.1%

    

CH Robinson Worldwide, Inc.

     3,539       345,831  

Expeditors International of Washington, Inc.

     3,436       336,213  

Kuehne & Nagel International AG (REG)

     1,634       347,823  
    

 

 

 
       1,029,867  
    

 

 

 

Airport Services – 0.2%

    

Aena SME SA(b)(c)

     2,594       304,876  

Aeroports de Paris(b)

     978       132,256  

Auckland International Airport Ltd.(b)

     42,616       190,511  

Beijing Capital International Airport Co., Ltd. – Class H(b)

     59,027       31,965  

Flughafen Zurich AG (REG)(b)

     672       104,251  

Fraport AG Frankfurt Airport Services Worldwide(b)

     1,305       50,277  

Grupo Aeroportuario del Centro Norte SAB de CV (ADR)

     1,201       76,588  

Grupo Aeroportuario del Pacifico SAB de CV (ADR)

     1,281       198,632  

Grupo Aeroportuario del Sureste SAB de CV (ADR)

     665       155,224  

Japan Airport Terminal Co., Ltd.(a)(b)

     3,287       140,687  
    

 

 

 
       1,385,267  
    

 

 

 

 

32    |    AB ALL MARKET REAL RETURN PORTFOLIO

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CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Highways & Railtracks – 0.5%

    

Atlantia SpA

     17,776     $ 396,538  

Atlas Arteria Ltd.

     43,029       181,143  

Getlink SE

     14,168       224,201  

Jiangsu Expressway Co., Ltd. – Class H

     43,124       30,417  

Shenzhen Expressway Corp. Ltd. – Class H

     21,630       15,528  

Transurban Group(a)

     498,103       4,225,381  

Yuexiu Transport Infrastructure Ltd.

     33,065       12,942  
    

 

 

 
       5,086,150  
    

 

 

 

Marine – 0.0%

    

SITC International Holdings Co., Ltd.

     101,000       165,418  
    

 

 

 

Marine Ports & Services – 0.0%

    

China Merchants Port Holdings Co., Ltd.

     47,253       55,399  

COSCO SHIPPING Ports Ltd.

     59,696       29,439  

Hamburger Hafen und Logistik AG

     793       9,288  

Hutchison Port Holdings Trust

     178,300       29,121  

Westshore Terminals Investment Corp.(a)

     1,294       23,147  
    

 

 

 
       146,394  
    

 

 

 

Road & Rail – 0.1%

    

Aurizon Holdings Ltd.

     513,638       1,190,288  
    

 

 

 
       9,003,384  
    

 

 

 

Semiconductors & Semiconductor Equipment – 0.9%

    

Semiconductor Equipment – 0.5%

    

Applied Materials, Inc.

     11,454       1,011,274  

ASML Holding NV

     3,124       1,465,427  

Enphase Energy, Inc.(b)

     4,343       1,333,301  

KLA Corp.

     1,092       345,563  

SolarEdge Technologies, Inc.(b)

     1,804       414,974  

Xinyi Solar Holdings Ltd.

     444,000       440,802  
    

 

 

 
       5,011,341  
    

 

 

 

Semiconductors – 0.4%

    

Canadian Solar, Inc.(b)

     19,902       674,678  

LONGi Green Energy Technology Co., Ltd. – Class A(b)

     82,732       546,376  

NVIDIA Corp.

     5,619       758,396  

QUALCOMM, Inc.

     11,049       1,300,025  

Wolfspeed, Inc.(a)(b)

     6,685       526,444  
    

 

 

 
       3,805,919  
    

 

 

 
       8,817,260  
    

 

 

 

Health Care Equipment & Services – 0.9%

    

Health Care Distributors – 0.3%

    

AmerisourceBergen Corp.

     8,981       1,411,993  

McKesson Corp.

     3,871       1,507,251  
    

 

 

 
       2,919,244  
    

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    33


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Health Care Equipment – 0.1%

    

ABIOMED, Inc.(b)

     1,321     $ 332,998  

Hologic, Inc.(b)

     5,168       350,390  

Inmode Ltd.(b)

     6,523       223,869  
    

 

 

 
       907,257  
    

 

 

 

Health Care Supplies – 0.1%

    

Coloplast A/S – Class B

     10,204       1,137,441  
    

 

 

 

Health Care Technology – 0.1%

    

Veeva Systems, Inc. – Class A(b)

     2,774       465,866  
    

 

 

 

Managed Health Care – 0.3%

    

Centene Corp.(b)

     17,500       1,489,775  

Humana, Inc.

     357       199,235  

Molina Healthcare, Inc.(b)

     3,875       1,390,582  

UnitedHealth Group, Inc.

     404       224,281  
    

 

 

 
       3,303,873  
    

 

 

 
       8,733,681  
    

 

 

 

Insurance – 0.8%

    

Insurance Brokers – 0.2%

    

Aon PLC – Class A

     5,352       1,506,535  

Willis Towers Watson PLC

     4,115       897,934  
    

 

 

 
       2,404,469  
    

 

 

 

Life & Health Insurance – 0.3%

    

Japan Post Holdings Co., Ltd.

     66,500       447,184  

Japan Post Insurance Co., Ltd.

     87,200       1,290,835  

Medibank Pvt Ltd.

     570,753       1,027,736  

NN Group NV

     5,413       229,200  
    

 

 

 
       2,994,955  
    

 

 

 

Multi-line Insurance – 0.1%

    

Aviva PLC

     102,679       492,513  

Sampo Oyj – Class A

     8,524       389,783  
    

 

 

 
       882,296  
    

 

 

 

Property & Casualty Insurance – 0.2%

    

Arch Capital Group Ltd.(b)

     25,001       1,437,557  

Fidelity National Financial, Inc.

     25,616       1,008,758  
    

 

 

 
       2,446,315  
    

 

 

 
       8,728,035  
    

 

 

 

Banks – 0.7%

    

Diversified Banks – 0.6%

    

Banco Bilbao Vizcaya Argentaria SA

     38,744       199,872  

Barclays PLC

     197,141       334,992  

BNP Paribas SA

     6,659       312,266  

Commerzbank AG(b)

     13,541       108,188  

JPMorgan Chase & Co.

     10,970       1,380,904  

National Bank of Canada

     12,998       885,011  

 

34    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Natwest Group PLC

     112,343     $ 302,573  

Oversea-Chinese Banking Corp., Ltd.

     68,000       583,718  

Skandinaviska Enskilda Banken AB – Class A

     37,694       397,423  

Societe Generale SA

     57,128       1,310,346  

Standard Chartered PLC

     99,680       595,562  
    

 

 

 
       6,410,855  
    

 

 

 

Regional Banks – 0.1%

    

Resona Holdings, Inc.

     277,600       1,046,261  
    

 

 

 
       7,457,116  
    

 

 

 

Media & Entertainment – 0.5%

    

Advertising – 0.0%

    

Dentsu Group, Inc.

     11,300       351,468  
    

 

 

 

Cable & Satellite – 0.0%

    

SES SA

     13,532       95,982  
    

 

 

 

Interactive Home Entertainment – 0.1%

    

Electronic Arts, Inc.

     11,548       1,454,586  
    

 

 

 

Interactive Media & Services – 0.4%

    

Alphabet, Inc. – Class A(b)

     17,717       1,674,434  

Alphabet, Inc. – Class C(b)

     16,366       1,549,205  

Meta Platforms, Inc. – Class A(b)

     4,506       419,779  
    

 

 

 
       3,643,418  
    

 

 

 
       5,545,454  
    

 

 

 

Retailing – 0.5%

    

Automotive Retail – 0.1%

    

AutoZone, Inc.(b)

     236       597,760  
    

 

 

 

Department Stores – 0.0%

    

Next PLC

     8,724       492,728  
    

 

 

 

General Merchandise Stores – 0.0%

    

Dollarama, Inc.(a)

     3,669       218,010  
    

 

 

 

Internet & Direct Marketing Retail – 0.3%

    

Amazon.com, Inc.(b)

     27,284       2,794,973  
    

 

 

 

Specialty Retail – 0.1%

 

Ulta Beauty, Inc.(b)

     3,296       1,382,243  
    

 

 

 
       5,485,714  
    

 

 

 

Telecommunication Services – 0.5%

    

Integrated Telecommunication Services – 0.5%

    

Cellnex Telecom SA(c)

     56,647       1,854,070  

China Tower Corp. Ltd. – Class H(c)

     1,646,763       148,991  

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    35


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Elisa Oyj

     3,015     $ 145,704  

Eutelsat Communications SA

     5,857       58,793  

Helios Towers PLC(b)

     15,533       22,318  

Infrastrutture Wireless Italiane SpA(c)

     169,617       1,497,067  

RAI Way SpA(c)

     3,359       16,091  

Spark New Zealand Ltd.

     348,074       1,036,133  

Telstra Group Ltd.(a)

     79,859       200,241  

Vantage Towers AG

     3,212       90,336  
    

 

 

 
       5,069,744  
    

 

 

 

Wireless Telecommunication Services – 0.0%

    

SoftBank Corp.

     11,600       114,427  
    

 

 

 
       5,184,171  
    

 

 

 

Diversified Financials – 0.5%

    

Asset Management & Custody Banks – 0.3%

    

Ameriprise Financial, Inc.

     4,678       1,446,063  

Brookfield Infrastructure Corp. – Class A

     3,431       147,945  

Carlyle Group, Inc. (The)

     28,498       805,924  

Hicl Infrastructure PLC

     71,691       133,967  
    

 

 

 
       2,533,899  
    

 

 

 

Investment Banking & Brokerage – 0.1%

    

Goldman Sachs Group, Inc. (The)

     3,583       1,234,379  
    

 

 

 

Mortgage REITs – 0.1%

    

Annaly Capital Management, Inc.

     46,964       871,182  

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

     13,439       365,272  
    

 

 

 
       1,236,454  
    

 

 

 
       5,004,732  
    

 

 

 

Consumer Durables & Apparel – 0.4%

    

Apparel, Accessories & Luxury Goods – 0.1%

    

Pandora A/S

     8,720       458,702  
    

 

 

 

Consumer Electronics – 0.1%

    

Panasonic Holdings Corp.(a)

     110,500       787,049  
    

 

 

 

Homebuilding – 0.2%

    

Desarrolladora Homex SAB de CV(b)

     1,590       2  

Installed Building Products, Inc.

     5,065       435,590  

Open House Group Co., Ltd.(a)

     9,100       323,682  

PulteGroup, Inc.

     42,130       1,684,779  

Urbi Desarrollos Urbanos SAB de CV(b)

     9       3  
    

 

 

 
       2,444,056  
    

 

 

 
       3,689,807  
    

 

 

 

 

36    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Consumer Services – 0.3%

    

Casinos & Gaming – 0.0%

    

La Francaise des Jeux SAEM(c)

     2,851     $ 92,910  
    

 

 

 

Hotels, Resorts & Cruise Lines – 0.1%

    

Booking Holdings, Inc.(b)

     175       327,159  

Marriott International, Inc./MD – Class A

     2,015       322,622  
    

 

 

 
       649,781  
    

 

 

 

Restaurants – 0.1%

    

Chipotle Mexican Grill, Inc.(b)

     158       236,736  

Domino’s Pizza, Inc.

     3,759       1,248,890  

Sodexo SA

     2,624       232,440  

Yum! Brands, Inc.

     2,053       242,767  
    

 

 

 
       1,960,833  
    

 

 

 

Specialized Consumer Services – 0.1%

    

WW International, Inc.(b)

     153,085       691,944  
    

 

 

 
       3,395,468  
    

 

 

 

Automobiles & Components – 0.3%

    

Auto Parts & Equipment – 0.1%

    

Aisin Corp.

     35,300       906,142  
    

 

 

 

Automobile Manufacturers – 0.2%

    

Nissan Motor Co., Ltd.

     145,700       464,390  

Tesla, Inc.(b)

     7,636       1,737,495  
    

 

 

 
       2,201,885  
    

 

 

 
       3,108,027  
    

 

 

 

Food & Staples Retailing – 0.3%

    

Food Distributors – 0.1%

    

Sysco Corp.

     12,936       1,119,740  
    

 

 

 

Food Retail – 0.1%

    

Alimentation Couche-Tard, Inc.

     16,303       729,976  

George Weston Ltd.

     1,089       119,863  

Kroger Co. (The)

     8,836       417,855  
    

 

 

 
       1,267,694  
    

 

 

 

Hypermarkets & Super Centers – 0.1%

    

Costco Wholesale Corp.

     1,151       577,226  
    

 

 

 
       2,964,660  
    

 

 

 

Information Technology – 0.2%

    

Technology Hardware, Storage & Peripherals – 0.2%

    

NetApp, Inc.

     11,621       804,987  

Ricoh Co., Ltd.

     104,400       765,021  
    

 

 

 
       1,570,008  
    

 

 

 

Household & Personal Products – 0.1%

    

Household Products – 0.1%

    

Colgate-Palmolive Co.

     20,102       1,484,332  
    

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    37


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company    Shares     U.S. $ Value  

 

 

Industrials – 0.1%

 

 

Machinery – 0.1%

    

AGCO Corp.

     10,094     $ 1,253,372  

CNH Industrial NV

     16,410       212,297  
    

 

 

 
       1,465,669  
    

 

 

 

Residential – 0.1%

 

Homebuilding – 0.1%

    

Ez Tec Empreendimentos e Participacoes SA

     285,700       1,152,092  
    

 

 

 

Total Common Stocks
(cost $738,921,855)

       698,300,835  
    

 

 

 
    

INVESTMENT COMPANIES – 1.1%

 

Funds and Investment Trusts – 1.1%(f)

    

3i Infrastructure PLC

     22,021       79,330  

JPMorgan Alerian MLP Index ETN(a)

     179,740       4,117,843  

VanEck Agribusiness ETF

     45,479       4,040,809  

VanEck Gold Miners ETF/USA(a)

     103,210       2,493,554  
    

 

 

 

Total Investment Companies
(cost $9,273,833)

       10,731,536  
    

 

 

 
    

SHORT-TERM INVESTMENTS – 27.6%

 

Investment Companies – 27.6%

 

AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%(g)(h)(i)
(cost $284,519,965)

     284,519,965       284,519,965  
    

 

 

 

Total Investments Before Security Lending Collateral for Securities Loaned – 96.5%
(cost $1,032,715,653)

       993,552,336  
    

 

 

 
    

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.6%

    

Investment Companies – 0.6%

 

AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.67%(g)(h)(i)
(cost $5,935,657)

     5,935,657       5,935,657  
    

 

 

 

Total Investments – 97.1%
(cost $1,038,651,310)

       999,487,993  

Other assets less liabilities – 2.9%

       30,192,139  
    

 

 

 

Net Assets – 100.0%

     $ 1,029,680,132  
    

 

 

 

 

38    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

FUTURES (see Note D)

 

Description   Number of
Contracts
    Expiration
Month
    Current
Notional
   

Value and
Unrealized

Appreciation
(Depreciation)

 

Purchased Contracts

 

Bloomberg Commodity Index Futures

    1,295       December 2022     $ 14,678,825     $ (368,251

Brent Crude Futures

    228       March 2023       19,842,840       510,808  

Coffee Robusta Futures

    108       January 2023       2,001,240       (209,192

Coffee ‘C’ Futures

    84       March 2023       5,482,575       (605,327

Copper Futures

    140       December 2022       11,812,500       (847,736

Corn Futures

    552       March 2023       19,230,300       (221,449

Cotton No.2 Futures

    101       March 2023       3,617,820       (534,691

Gasoline RBOB Futures

    81       February 2023       8,315,168       199,151  

Gold 100 OZ Futures

    207       December 2022       33,962,490       (1,731,052

KC HRW Wheat Futures

    120       March 2023       5,845,500       (39,977

Lean Hogs Futures

    225       April 2023       8,424,000       638,350  

Live Cattle Futures

    119       April 2023       7,571,970       197,686  

LME Nickel Futures

    53       November 2022       6,906,006       150,241  

LME Nickel Futures

    53       January 2023       6,930,969       82,212  

LME Primary Aluminum Futures

    217       November 2022       12,043,500       (303,732

LME Primary Aluminum Futures

    217       January 2023       12,054,350       (38,318

LME Zinc Futures

    111       November 2022       7,563,263       (1,224,137

LME Zinc Futures

    115       January 2023       7,771,125       (469,525

Low SU Gasoil Futures

    140       March 2023       13,023,500       (215,776

Natural Gas Futures

    427       December 2022       28,211,890       (5,967,486

NY Harbor ULSD Futures

    79       February 2023       10,828,957       (117,329

Platinum Futures

    41       January 2023       1,906,705       23,434  

Silver Futures

    83       December 2022       7,934,385       (186,144

Soybean Futures

    258       March 2023       18,414,750       187,814  

Soybean Meal Futures

    264       March 2023       10,805,520       215,180  

Soybean Oil Futures

    300       March 2023       12,263,400       847,877  

Sugar 11 (World) Futures

    379       April 2023       7,169,467       (418,019

Wheat (CBT) Futures

    207       March 2023       9,307,238       (104,716

WTI Crude Futures

    297       February 2023       24,615,360       428,104  

Sold Contracts

 

Euro STOXX 50 Index Futures

    68       December 2022       2,431,331       (157,212

FTSE 100 Index Futures

    10       December 2022       815,088       (25,073

LME Nickel Futures

    53       November 2022       6,906,006       (86,805

LME Primary Aluminum Futures

    217       November 2022       12,043,500       (33,923

LME Zinc Futures

    111       November 2022       7,563,263       469,493  

MSCI Emerging Markets Futures

    174       December 2022       7,426,320       1,113,341  

S&P 500 E-Mini Futures

    57       December 2022           11,066,550       (640,171

S&P/TSX 60 Index Futures

    4       December 2022       691,511       (33,215

SPI 200 Futures

    5       December 2022       548,180       (10,162

TOPIX Index Futures

    8       December 2022       1,036,215       (26,127
       

 

 

 
  $     (9,551,854
       

 

 

 

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    39


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

 

Counterparty   Contracts to
Deliver
(000)
    In Exchange
For
(000)
    Settlement
Date
   

Unrealized

Appreciation
(Depreciation)

 

Bank of America, NA

    USD       2,315       GBP       1,960       11/17/2022     $ (66,193

Bank of America, NA

    NZD       1,071       USD       631       11/18/2022       7,864  

Bank of America, NA

    USD       1,027       MXN       21,145       11/18/2022       37,782  

Bank of America, NA

    USD       1,883       PEN       7,351       11/22/2022       (41,932

Bank of America, NA

    SEK       13,210       USD       1,171       12/01/2022       (27,969

Bank of America, NA

    USD       2,714       SEK       29,410       12/01/2022       (45,375

Bank of America, NA

    JPY       109,211       USD       770       12/02/2022       32,803  

Bank of America, NA

    USD       582       JPY       84,304       12/02/2022       (13,025

Bank of America, NA

    CHF       1,580       USD       1,622       12/07/2022       37,934  

Bank of America, NA

    EUR       9,782       USD       9,449       12/08/2022       (244,130

Bank of America, NA

    KRW       5,619,214       USD       3,932       01/30/2023       (15,283

Barclays Bank PLC

    USD       4,620       AUD       7,403       11/16/2022       117,643  

Barclays Bank PLC

    USD       1,101       AUD       1,698       11/16/2022       (14,422

Barclays Bank PLC

    USD       9,415       JPY       1,397,402       11/16/2022       (2,469

Barclays Bank PLC

    USD       2,250       NOK       23,980       11/16/2022       58,085  

Barclays Bank PLC

    USD       1,845       SEK       20,079       11/16/2022       (25,179

Barclays Bank PLC

    PEN       12,513       USD       3,179       11/22/2022       44,784  

Barclays Bank PLC

    USD       1,515       PEN       6,071       11/22/2022       5,958  

Barclays Bank PLC

    USD       6,307       CZK       158,064       11/30/2022       60,518  

Barclays Bank PLC

    USD       1,278       HUF       544,013       11/30/2022       24,869  

Barclays Bank PLC

    USD       1,042       SGD       1,460       12/07/2022       (10,909

Barclays Bank PLC

    MYR       136,020       USD       30,475       12/15/2022       1,696,465  

Barclays Bank PLC

    USD       27,089       MYR       120,810       12/15/2022         (1,528,164

Barclays Bank PLC

    ZAR       132,806       USD       7,306       12/15/2022       100,149  

Barclays Bank PLC

    TWD       35,921       USD       1,115       12/21/2022       418  

Barclays Bank PLC

    USD       3,528       CNH       25,323       02/16/2023       (53,362

BNP Paribas SA

    GBP       1,257       USD       1,428       11/17/2022       (14,567

BNP Paribas SA

    USD       1,019       NZD       1,652       11/18/2022       (58,230

BNP Paribas SA

    USD       980       NOK       10,095       12/01/2022       (8,313

BNP Paribas SA

    CHF       688       USD       705       12/07/2022       15,561  

BNP Paribas SA

    IDR         25,860,133       USD       1,654       01/26/2023       5,266  

BNP Paribas SA

    USD       16,019       IDR         249,834,791       01/26/2023       (90,167

Brown Brothers Harriman & Co.

    SEK       8,974       USD       797       12/01/2022       (17,174

Brown Brothers Harriman & Co.

    USD       3,341       EUR       3,414       12/08/2022       41,924  

Citibank, NA

    AUD       1,566       USD       994       01/19/2023       (10,745

Citibank, NA

    USD       6,067       PHP       362,023       01/26/2023       120,908  

Credit Suisse International

    USD       3,901       COP       17,346,841       11/22/2022       (400,499

Credit Suisse International

    HUF       2,844,489       USD       6,845       11/30/2022       34,185  

Credit Suisse International

    PLN       8,980       USD       1,884       11/30/2022       9,259  

Deutsche Bank AG

    BRL       17,460       USD       3,297       11/03/2022       (83,289

Deutsche Bank AG

    USD       3,321       BRL       17,460       11/03/2022       58,831  

Deutsche Bank AG

    THB       817,142       USD       23,152       11/10/2022       1,670,315  

Deutsche Bank AG

    CHF       9,493       USD       9,555       11/16/2022       60,375  

Deutsche Bank AG

    CHF       1,957       USD       1,955       11/16/2022       (1,818

Deutsche Bank AG

    EUR       2,690       USD       2,625       11/16/2022       (35,872

Deutsche Bank AG

    USD       6,951       AUD       11,048       11/16/2022       118,330  

Deutsche Bank AG

    USD       6,921       CAD       9,395       11/16/2022       (24,134

Deutsche Bank AG

    USD       4,359       EUR       4,337       11/16/2022       (68,360

 

40    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty   Contracts to
Deliver
(000)
    In Exchange
For
(000)
    Settlement
Date
   

Unrealized

Appreciation
(Depreciation)

 

Deutsche Bank AG

    USD       1,914       JPY       283,060       11/16/2022     $ (7,049

Deutsche Bank AG

    USD       12,655       NZD       22,490       11/16/2022       423,865  

Deutsche Bank AG

    MXN       58,739       USD       2,917       11/18/2022       (39,864

Deutsche Bank AG

    USD       6,216       MXN       124,572       11/18/2022       54,753  

Deutsche Bank AG

    COP         15,590,304       USD       3,135       11/22/2022       (10,868

Deutsche Bank AG

    CZK       446,748       USD       17,863       11/30/2022         (132,989

Deutsche Bank AG

    USD       13,370       HUF         5,462,406       11/30/2022       (290,466

Deutsche Bank AG

    DKK       23,781       USD       3,185       12/01/2022       21,500  

Deutsche Bank AG

    ZAR       29,824       USD       1,636       12/15/2022       18,136  

Deutsche Bank AG

    INR       394,961       USD       4,763       12/21/2022       19,885  

Deutsche Bank AG

    USD       2,027       CAD       2,741       01/19/2023       (12,492

Deutsche Bank AG

    CNH       116,714       USD       16,308       02/16/2023       291,942  

Goldman Sachs Bank USA

    BRL       30,521       USD       5,806       11/03/2022       (102,841

Goldman Sachs Bank USA

    USD       5,631       BRL       30,521       11/03/2022       277,286  

Goldman Sachs Bank USA

    NOK       93,871       USD       9,140       11/16/2022       106,478  

Goldman Sachs Bank USA

    NZD       14,774       USD       8,596       11/16/2022       4,254  

Goldman Sachs Bank USA

    USD       4,731       CAD       6,492       11/16/2022       33,894  

Goldman Sachs Bank USA

    USD       1,269       NOK       13,368       11/16/2022       17,089  

Goldman Sachs Bank USA

    USD       2,684       NZD       4,819       11/16/2022       118,750  

Goldman Sachs Bank USA

    USD       5,431       MXN       111,793       11/18/2022       196,637  

Goldman Sachs Bank USA

    CLP       3,947,706       USD       4,041       11/22/2022       (130,531

Goldman Sachs Bank USA

    PEN       7,384       USD       1,849       11/22/2022       (511

Goldman Sachs Bank USA

    USD       2,308       CLP       2,157,233       11/22/2022       (28,719

Goldman Sachs Bank USA

    USD       2,959       HUF       1,205,746       11/30/2022       (71,917

Goldman Sachs Bank USA

    USD       916       JPY       131,472       12/02/2022       (28,535

Goldman Sachs Bank USA

    MYR       9,623       USD       2,164       12/15/2022       127,674  

Goldman Sachs Bank USA

    USD       17,774       INR       1,446,302       12/21/2022       (405,068

Goldman Sachs Bank USA

    USD       5,326       PHP       315,800       01/26/2023       71,107  

Goldman Sachs Bank USA

    CNH       29,789       USD       4,092       02/16/2023       4,045  

HSBC Bank USA

    USD       8,896       PLN       42,764       11/30/2022       33,908  

JPMorgan Chase Bank, NA

    BRL       12,935       USD       2,444       11/03/2022       (60,450

JPMorgan Chase Bank, NA

    USD       2,461       BRL       12,935       11/03/2022       43,585  

JPMorgan Chase Bank, NA

    EUR       12,952       USD       12,770       11/16/2022       (42,778

JPMorgan Chase Bank, NA

    GBP       11,000       USD       12,484       11/16/2022       (134,903

JPMorgan Chase Bank, NA

    SEK       107,078       USD       9,624       11/16/2022       (82,562

JPMorgan Chase Bank, NA

    CLP       3,926,733       USD       4,181       11/22/2022       31,699  

JPMorgan Chase Bank, NA

    PEN       7,854       USD       2,008       11/22/2022       40,942  

JPMorgan Chase Bank, NA

    USD       839       CLP       745,890       11/22/2022       (50,626

JPMorgan Chase Bank, NA

    PLN       29,622       USD       6,230       11/30/2022       44,483  

JPMorgan Chase Bank, NA

    USD       1,271       CZK       31,495       11/30/2022       (2,185

JPMorgan Chase Bank, NA

    USD       1,406       HUF       587,407       11/30/2022       943  

JPMorgan Chase Bank, NA

    USD       4,595       PLN       22,370       11/30/2022       76,119  

JPMorgan Chase Bank, NA

    TWD       147,713       USD       4,623       12/21/2022       41,031  

Morgan Stanley Capital Services, Inc.

    GBP       2,182       USD       2,596       11/17/2022       92,190  

Morgan Stanley Capital Services, Inc.

    USD       1,529       GBP       1,393       11/17/2022       69,862  

Morgan Stanley Capital Services, Inc.

    MXN       21,145       USD       1,053       11/18/2022       (11,664

Morgan Stanley Capital Services, Inc.

    USD       7,639       COP         34,041,724       11/22/2022       (770,056

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    41


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty   Contracts to
Deliver
(000)
    In Exchange
For
(000)
    Settlement
Date
   

Unrealized

Appreciation
(Depreciation)

 

Morgan Stanley Capital Services, Inc.

    SEK       8,582       USD       783       12/01/2022     $ 3,947  

Morgan Stanley Capital Services, Inc.

    JPY       264,817       USD       1,839       12/02/2022       52,447  

Morgan Stanley Capital Services, Inc.

    JPY         168,886       USD       1,132       12/02/2022       (7,259

Morgan Stanley Capital Services, Inc.

    USD       653       EUR       669       12/08/2022       10,408  

Morgan Stanley Capital Services, Inc.

    USD       916       EUR       924       12/08/2022       (771

Morgan Stanley Capital Services, Inc.

    MYR       22,046       USD       4,653       12/15/2022       (10,942

Morgan Stanley Capital Services, Inc.

    USD       9,814       MYR       43,531       12/15/2022       (604,161

Morgan Stanley Capital Services, Inc.

    TWD       61,686       USD       1,937       12/21/2022       23,866  

Natwest Markets PLC

    GBP       983       USD       1,153       11/17/2022       25,325  

Natwest Markets PLC

    USD       2,013       JPY         287,824       12/02/2022       (70,532

Natwest Markets PLC

    USD       735       CNH       5,261       02/16/2023       (13,386

Societe Generale

    USD       858       SEK       9,419       12/01/2022       (3,449

Standard Chartered Bank

    TWD       61,686       USD       1,938       12/21/2022       24,779  

State Street Bank & Trust Co.

    THB       149,191       USD       4,074       11/10/2022       151,605  

State Street Bank & Trust Co.

    USD       11,713       THB       419,310       11/10/2022         (689,985

State Street Bank & Trust Co.

    GBP       789       USD       898       11/17/2022       (7,073

State Street Bank & Trust Co.

    USD       123       GBP       109       11/17/2022       1,997  

State Street Bank & Trust Co.

    NZD       593       USD       354       11/18/2022       9,416  

State Street Bank & Trust Co.

    NOK       10,198       USD       994       12/01/2022       12,158  

State Street Bank & Trust Co.

    SEK       1,810       USD       165       12/01/2022       368  

State Street Bank & Trust Co.

    USD       860       SEK       9,430       12/01/2022       (3,826

State Street Bank & Trust Co.

    JPY       48,349       USD       335       12/02/2022       8,632  

State Street Bank & Trust Co.

    CHF       1,524       USD       1,598       12/07/2022       69,710  

State Street Bank & Trust Co.

    SGD       1,460       USD       1,028       12/07/2022       (4,003

State Street Bank & Trust Co.

    USD       362       EUR       366       12/08/2022       406  

State Street Bank & Trust Co.

    USD       805       HKD       6,310       01/12/2023       (990

UBS AG

    USD       610       JPY       87,664       12/02/2022       (18,500

UBS AG

    USD       4,064       CHF       3,973       12/07/2022       (80,370
           

 

 

 
  $ 183,446  
           

 

 

 

INFLATION (CPI) SWAPS (see Note D)

 

      Rate Type        

Swap
Counterparty

  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)

 
Citibank, NA   USD   30,950       03/18/2031       2.378%       CPI#       Maturity     $ 353,391     $   – 0  –    $ 353,391  
Goldman Sachs International   USD   53,750       04/26/2027       2.175%       CPI#       Maturity       3,139,466       – 0  –      3,139,466  
Goldman Sachs International   USD   110,190       04/25/2030       1.900%       CPI#       Maturity       3,537,697       – 0  –      3,537,697  
Goldman Sachs International   USD   58,060       03/16/2031       2.289%       CPI#       Maturity       873,507       – 0  –      873,507  
           

 

 

   

 

 

   

 

 

 
            $  7,904,061     $  – 0  –    $  7,904,061  
           

 

 

   

 

 

   

 

 

 

 

#

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

 

42    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

TOTAL RETURN SWAPS (see Note D)

 

Counterparty &
Referenced Obligation
  Rate Paid/
Received
  Payment
Frequency
  Current
Notional
(000)
    Maturity
Date
    Unrealized
Appreciation
(Depreciation)
 

Pay Total Return on Reference Obligation

 

UBS AG

           

FTSE EPRA/NAREIT Developed Real Estate Index

  OBFR Plus 0.37%   Quarterly     USD       2,297       1/17/23     $ 179,284  

FTSE EPRA/NAREIT Developed Real Estate Index

  OBFR Plus 0.43%   Quarterly     USD       1,518       1/17/23       118,607  

FTSE EPRA/NAREIT Developed Real Estate Index

  OBFR Plus 0.32%   Quarterly     USD       43,809       9/15/23       3,238,850  
           

 

 

 
            $     3,536,741  
           

 

 

 

 

(a)

Represents entire or partial securities out on loan. See Note E for securities lending information.

 

(b)

Non-income producing security.

 

(c)

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 October 31, 2022, the aggregate market value of these securities amounted to $10,330,916 or 1.0% of net assets.

 

(d)

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

 

(e)

Fair valued by the Adviser.

 

(f)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

 

(g)

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.

 

(h)

Affiliated investments.

 

(i)

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

Currency Abbreviations:

 

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

 

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    43


 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CPI – Consumer Price Index

EPRA – European Public Real Estate Association

ETF – Exchange Traded Fund

ETN – Exchange Traded Note

FTSE – Financial Times Stock Exchange

KC HRW – Kansas City Hard Red Winter

LME – London Metal Exchange

MSCI – Morgan Stanley Capital International

NAREIT – National Association of Real Estate Investment Trusts

OBFR – Overnight Bank Funding Rate

PJSC – Public Joint Stock Company

RBOB – Reformulated Gasoline Blend-Stock for Oxygen Blending (Unleaded Gas)

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

See notes to consolidated financial statements..

 

44    |    AB ALL MARKET REAL RETURN PORTFOLIO

  abfunds.com


 

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES

October 31, 2022

 

Assets

 

Investments in securities, at value

 

Unaffiliated issuers (cost $748,195,688)

   $ 709,032,371 (a) 

Affiliated issuers (cost $290,455,622—including investment of cash collateral for securities loaned of $5,935,657)

     290,455,622  

Cash collateral due from broker

     29,496,542  

Foreign currencies, at value (cost $3,031,450)

     3,012,535  

Receivable for investment securities sold

     13,443,196  

Unrealized appreciation on inflation swaps

     7,904,061  

Unrealized appreciation on forward currency exchange contracts

     7,017,347  

Unrealized appreciation on total return swaps

     3,536,741  

Receivable for variation margin on futures

     3,267,250  

Unaffiliated dividends receivable

     1,034,188  

Affiliated dividends receivable

     501,587  

Receivable for capital stock sold

     429,844  
  

 

 

 

Total assets

     1,069,131,284  
  

 

 

 
Liabilities

 

Payable for investment securities purchased and foreign currency transactions

     14,392,879  

Cash collateral due to broker

     10,718,000  

Unrealized depreciation on forward currency exchange contracts

     6,833,901  

Payable for collateral received on securities loaned

     5,935,657  

Advisory fee payable

     569,597  

Payable for capital stock redeemed

     382,754  

Distribution fee payable

     126,341  

Administrative fee payable

     31,456  

Transfer Agent fee payable

     16,962  

Foreign capital gains tax payable

     13,123  

Directors’ fees payable

     2,904  

Accrued expenses

     427,578  
  

 

 

 

Total liabilities

     39,451,152  
  

 

 

 

Net Assets

   $ 1,029,680,132  
  

 

 

 
Composition of Net Assets

 

Capital stock, at par

   $ 114,598  

Additional paid-in capital

     1,201,795,027  

Accumulated loss

     (172,229,493
  

 

 

 

Net Assets

   $     1,029,680,132  
  

 

 

 

 

(a)

Includes securities on loan with a value of $19,553,104 (see Note E).

See notes to consolidated financial statements.

 

abfunds.com  

AB ALL MARKET REAL RETURN PORTFOLIO    |    45


 

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES (continued)

 

Net Asset Value Per Share—33 billion shares of capital stock authorized, $.001 par value

 

Class   Net Assets        Shares
Outstanding
       Net Asset
Value
 

 

 
A   $ 6,689,786          731,737        $ 9.14

 

 
C   $ 574,031          61,644        $ 9.31  

 

 
Advisor   $ 31,703,149          3,470,439        $ 9.14  

 

 
R   $ 69,952          7,635        $ 9.16  

 

 
K   $ 1,059,401          117,440        $ 9.02  

 

 
I   $ 27,259,597          3,018,366        $ 9.03  

 

 
1   $ 638,228,592          71,328,163        $ 8.95  

 

 
2   $ 9,199          1,000        $ 9.20  

 

 
Z   $   324,086,425          35,861,280        $   9.04  

 

 

 

*

The maximum offering price per share for Class A shares was $9.55 which reflects a sales charge of 4.25%.

See notes to consolidated financial statements.

 

46    |    AB ALL MARKET REAL RETURN PORTFOLIO