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)

Stephen M. Woetzel

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, 2024

Date of reporting period: April 30, 2024

ITEM 1. REPORTS TO STOCKHOLDERS.

APR^04.30.24

SEMI-ANNUAL REPORT

AB ALL MARKET REAL RETURN PORTFOLIO

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

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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO^| 1

SEMI-ANNUAL REPORT

June 7, 2024

This report provides management’s discussion of fund performance for the AB All Market Real Return Portfolio for the semi-annual reporting period ended April 30, 2024.

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

NAV RETURNS AS OF April 30, 2024 (unaudited)

	6 Months		12 Months
AB ALL MARKET REAL RETURN PORTFOLIO
Class 1 Shares1		10.23%		4.82%
Class A Shares		10.01%		4.61%
Class C Shares		9.74%		3.86%
Advisor Class Shares2		10.29%		5.00%
Class R Shares3		9.98%		4.37%
Class K Shares3		10.17%		4.69%
Class I Shares2		10.38%		5.14%
Class Z Shares2		10.26%		5.04%
MSCI AC World Commodity Producers Index (net)		12.34%		9.34%

1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts.

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.

3 Effective May 20, 2024, Class R and Class K were liquidated.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Morgan Stanley Capital International All Country (“MSCI AC”) World Commodity Producers Index (net), for the six- and 12-month periods ended April 30, 2024.

All share classes of the Fund underperformed the benchmark MSCI AC World Commodity Producers for the six- and 12-month periods, before sales charges. During the six-month period, our overall strategic asset allocation detracted, relative to the benchmark, as commodity futures underperformed commodity producers notably, while the strategy’s strategic allocation to inflation-sensitive equities contributed. Security selection within real estate was additive, as was the Fund’s active currency positioning. With respect to tactical shifts, the Fund’s underweight allocation to real estate investment trusts (REITs) and overweight to inflation sensitive equities contributed.

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For the 12-month period, our strategic asset allocation to REITs and commodity futures detracted as both underperformed commodity producers. In contrast, our strategic allocation and positive security selection within inflation-sensitive equities contributed. The Fund’s tactical underweight to REITs contributed, while a tactical underweight to commodity producers detracted.

The Fund used derivatives for hedging and investments purposes in the form of futures and total return swaps. Currency forwards and total return swaps added for both periods, while futures added for the six-month period and detracted for the 12-month period. Inflation swaps detracted for the six-month period and added for the 12-month period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended April 30, 2024. During the first half of the period, central banks—led by the US Federal Reserve—reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that triggered bouts of stock market volatility. In October, headwinds from higher Treasury yields, conflict in the Middle East, and concern that strength in the economy and the labor market could warrant further tightening weighed on investor sentiment globally and briefly sent all major indices into correction territory. Global equity markets began to rally in November, as soft-landing expectations in the US gained momentum amid investor optimism that the Fed could begin to cut interest rates as early as the second half of the year. But firmer inflation readings for the first quarter of 2024 tempered rate-cut expectations as the Fed’s inflation fight stalled and hopes for an initial rate cut in June were replaced by a resurgence of hawkish higher-for-longer messaging. As the period closed, strong quarterly earnings bolstered by resilient consumer spending helped equity markets recapture some gains. Although emerging-market equity markets also rose during the period, China’s sluggish economic recovery, troubled real estate sector and lack of major fiscal stimulus dragged on emerging-market performance. Within large-cap markets, both growth- and value-oriented stocks rose, but growth significantly outperformed value, led by the technology sector and artificial intelligence enthusiasm. Large-cap stocks outperformed small-cap stocks by a wide margin, although both rose in absolute terms.

Inflation assets were generally positive, with the notable exception of commodities, over the six-month period but struggled during the 12-month period ended April 30, 2024. Commodities performance generally disappointed and meaningfully underperformed the commodity producers over both periods. Natural gas remained under significant pressure as US production continued to outpace demand and warmer winters in Europe led to a continued sell off. In the current high interest rate environment, REITs and infrastructure sectors posted negative returns over the 12-month

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period. However, REITs posted positive returns over the trailing six-month period as concerns regarding rising interest rates began to abate, particularly in the fourth quarter of 2023. Elsewhere, inflation swaps were modestly negative over the six-month period but were positive during the 12-month trailing period.

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

(continued on next page)

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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 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 real estate investment trusts 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 for 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 to seek 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

(continued on next page)

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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 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.

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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 market or markets in which the Fund invests 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. It includes the risk that a particular style of investing may be underperforming the market generally.

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 a greater risk of

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DISCLOSURES AND RISKS (continued)

rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

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.

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies are subject to market and selection risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

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.

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DISCLOSURES AND RISKS (continued)

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 than domestic securities. 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.

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.

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.

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DISCLOSURES AND RISKS (continued)

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 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

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)
CLASS 1 SHARES1
1 Year		4.82%		4.82%
5 Years		5.89%		5.89%
10 Years		1.14%		1.14%
CLASS A SHARES
1 Year		4.61%		0.16%
5 Years		5.70%		4.79%
10 Years		0.96%		0.52%
CLASS C SHARES
1 Year		3.86%		2.86%
5 Years		4.94%		4.94%
10 Years2		0.23%		0.23%
ADVISOR CLASS SHARES3
1 Year		5.00%		5.00%
5 Years		5.99%		5.99%
10 Years		1.24%		1.24%
CLASS R SHARES4
1 Year		4.37%		4.37%
5 Years		5.40%		5.40%
10 Years		0.70%		0.70%
CLASS K SHARES4
1 Year		4.69%		4.69%
5 Years		5.70%		5.70%
10 Years		0.97%		0.97%
CLASS I SHARES3
1 Year		5.14%		5.14%
5 Years		6.15%		6.15%
10 Years		1.38%		1.38%
CLASS Z SHARES3
1 Year		5.04%		5.04%
5 Years		6.13%		6.13%
10 Years		1.38%		1.38%

(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 1.18%, 1.27%, 2.03%, 1.02%, 1.67%, 1.36%, 0.93% and 0.94% for Class 1, 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 reduced 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 funds in which the Fund may invest) to 1.55% and 1.30% for Class R and Class K shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2025, and may be extended by the Adviser for additional 12-month 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. This share class does not carry front-end sales charges; therefore, its 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 Effective May 20, 2024, Class R and Class K were liquidated.

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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS 1 SHARES1
1 Year		7.51%
5 Years		6.36%
10 Years		1.64%
CLASS A SHARES
1 Year		2.75%
5 Years		5.26%
10 Years		1.03%
CLASS C SHARES
1 Year		5.62%
5 Years		5.43%
10 Years2		0.73%
ADVISOR CLASS SHARES3
1 Year		7.75%
5 Years		6.49%
10 Years		1.75%
CLASS R SHARES4
1 Year		7.20%
5 Years		5.89%
10 Years		1.21%
CLASS K SHARES4
1 Year		7.35%
5 Years		6.16%
10 Years		1.47%
CLASS I SHARES3
1 Year		7.82%
5 Years		6.61%
10 Years		1.88%
CLASS Z SHARES3
1 Year		7.83%
5 Years		6.64%
10 Years		1.89%

(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.

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 Effective May 20, 2024, Class R and Class K were liquidated.

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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.

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EXPENSE EXAMPLE (continued)

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,100.10	$	6.32		1.21	%	$	6.58		1.26	%
Hypothetical**	$	1,000	$	1,018.85	$	6.07		1.21	%	$	6.32		1.26	%
Class C
Actual	$	1,000	$	1,097.40	$	10.22		1.96	%	$	10.48		2.01	%
Hypothetical**	$	1,000	$	1,015.12	$	9.82		1.96	%	$	10.07		2.01	%
Advisor Class
Actual	$	1,000	$	1,102.90	$	5.02		0.96	%	$	5.28		1.01	%
Hypothetical**	$	1,000	$	1,020.09	$	4.82		0.96	%	$	5.07		1.01	%
Class R
Actual	$	1,000	$	1,099.80	$	7.88		1.51	%	$	8.14		1.56	%
Hypothetical**	$	1,000	$	1,017.35	$	7.57		1.51	%	$	7.82		1.56	%
Class K
Actual	$	1,000	$	1,101.70	$	6.58		1.26	%	$	6.85		1.31	%
Hypothetical**	$	1,000	$	1,018.60	$	6.32		1.26	%	$	6.57		1.31	%
Class I
Actual	$	1,000	$	1,103.80	$	4.39		0.84	%	$	4.66		0.89	%
Hypothetical**	$	1,000	$	1,020.69	$	4.22		0.84	%	$	4.47		0.89	%
Class 1
Actual	$	1,000	$	1,102.30	$	5.70		1.09	%	$	5.96		1.14	%
Hypothetical**	$	1,000	$	1,019.44	$	5.47		1.09	%	$	5.72		1.14	%
Class Z
Actual	$	1,000	$	1,102.60	$	4.44		0.85	%	$	4.70		0.90	%
Hypothetical**	$	1,000	$	1,020.64	$	4.27		0.85	%	$	4.52		0.90	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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 182/366 (to reflect the one-half year period).

16 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $720.6

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).

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 17

PORTFOLIO SUMMARY (continued)

April 30, 2024 (unaudited)

TEN LARGEST HOLDINGS²

Company	U.S. $ Value		Percent of Net Assets
Prologis, Inc.	$	15,160,650		3.0	%
Exxon Mobil Corp.		14,188,615		2.8
Shell PLC		13,171,466		2.6
Equinix, Inc.		11,007,983		2.2
Welltower, Inc.		9,158,314		1.8
Rio Tinto PLC		8,079,097		1.6
Simon Property Group, Inc.		7,489,125		1.5
TotalEnergies SE		6,931,512		1.4
Digital Realty Trust, Inc.		6,374,165		1.3
Equity Residential		6,306,692		1.2
	$	97,867,619		19.4	%

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 0.8% or less in the following: Austria, Belgium, Brazil, Chile, Denmark, Finland, Ireland, Luxembourg, Mexico, Netherlands, Norway, Russia, South Africa, South Korea, Switzerland and Taiwan.

2 Long-term investments.

18 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 69.9%
Equity Real Estate Investment Trusts (REITs) – 25.7%
Data Center REITs – 2.4%
Digital Realty Trust, Inc.		45,930	$	6,374,165
Equinix, Inc.		15,480		11,007,983
				17,382,148
Diversified REITs – 1.9%
Charter Hall Group		128,410		975,175
Covivio SA/France		11,280		561,475
Essential Properties Realty Trust, Inc.		131,550		3,465,027
KDX Realty Investment Corp.(a)		673		663,805
Land Securities Group PLC		280,270		2,265,158
LondonMetric Property PLC		663,550		1,619,667
Merlin Properties Socimi SA		180,980		2,035,871
Stockland		799,550		2,265,218
				13,851,396
Health Care REITs – 2.0%
Aedifica SA		9,460		604,471
Ventas, Inc.		102,440		4,536,043
Welltower, Inc.		96,120		9,158,314
				14,298,828
Hotel & Resort REITs – 1.1%
Hoshino Resorts REIT, Inc.(a)		128		448,070
Invincible Investment Corp.		1,691		757,637
Japan Hotel REIT Investment Corp.		3,538		1,859,210
Park Hotels & Resorts, Inc.		89,660		1,446,216
RLJ Lodging Trust		96,990		1,066,890
Ryman Hospitality Properties, Inc.		25,100		2,647,548
				8,225,571
Industrial REITs – 5.6%
CapitaLand Ascendas REIT		1,429,400		2,707,600
Centuria Industrial REIT(a)		1,169,890		2,388,756
Dream Industrial Real Estate Investment Trust		201,004		1,811,978
Goodman Group		176,150		3,558,164
Mapletree Industrial Trust		456,200		755,392
Mitsui Fudosan Logistics Park, Inc.		475		1,362,702
Nippon Prologis REIT, Inc.		942		1,628,185
Plymouth Industrial REIT, Inc.		75,936		1,585,544
Prologis, Inc.		148,561		15,160,650
Rexford Industrial Realty, Inc.		70,000		2,996,700
Segro PLC		263,090		2,767,213
STAG Industrial, Inc.		46,100		1,585,379
Tritax Big Box REIT PLC		1,062,190		2,006,302
				40,314,565

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 19

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Multi-Family Residential REITs – 2.7%
Apartment Income REIT Corp.		79,580	$	3,054,280
AvalonBay Communities, Inc.		26,730		5,067,206
Comforia Residential REIT, Inc.		600		1,298,845
Equity Residential		97,930		6,306,692
Killam Apartment Real Estate Investment Trust		195,730		2,444,048
UNITE Group PLC (The)		78,490		907,387
				19,078,458
Office REITs – 1.8%
Alexandria Real Estate Equities, Inc.		40,940		4,743,718
Boston Properties, Inc.		44,420		2,749,154
COPT Defense Properties		45,950		1,101,421
Daiwa Office Investment Corp.(a)		232		845,852
Dexus(a)		260,400		1,182,792
Japan Real Estate Investment Corp.		190		644,317
Nippon Building Fund, Inc.(a)		430		1,642,941
				12,910,195
Other Specialized REITs – 1.1%
Iron Mountain, Inc.		44,726		3,467,159
VICI Properties, Inc.		150,710		4,302,771
				7,769,930
Retail REITs – 4.5%
Acadia Realty Trust		200,640		3,467,059
Brixmor Property Group, Inc.		141,310		3,122,951
CapitaLand Integrated Commercial Trust		1,355,660		1,932,487
Crombie Real Estate Investment Trust		94,800		884,887
Frasers Centrepoint Trust		645,600		1,022,654
Japan Metropolitan Fund Invest		982		592,861
Klepierre SA		74,060		1,988,689
Link REIT		345,160		1,478,939
NETSTREIT Corp.(a)		149,706		2,522,546
Phillips Edison & Co., Inc.		36,880		1,205,976
Realty Income Corp.		78,620		4,209,315
Simon Property Group, Inc.		53,292		7,489,125
Vicinity Ltd.		1,874,760		2,295,773
				32,213,262
Self-Storage REITs – 1.4%
Extra Space Storage, Inc.		35,540		4,772,311
Public Storage		20,440		5,303,158
				10,075,469
Single-Family Residential REITs – 1.2%
American Homes 4 Rent – Class A		59,640		2,135,112
Equity LifeStyle Properties, Inc.		15,170		914,599
Invitation Homes, Inc.		88,540		3,028,068
Sun Communities, Inc.		25,497		2,838,326
				8,916,105
				185,035,927

20 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Energy – 10.4%
Coal & Consumable Fuels – 0.3%
Cameco Corp.		33,350	$	1,521,706
Paladin Energy Ltd.(b)		21,814		193,594
Uranium Energy Corp.(b)		59,667		402,752
				2,118,052
Integrated Oil & Gas – 6.7%
BP PLC		638,220		4,113,735
Chevron Corp.		30,544		4,925,831
Eni SpA		248,519		3,991,634
Exxon Mobil Corp.		119,968		14,188,615
Gazprom PJSC(b)(c)(d)		818,956		– 0	–
Imperial Oil Ltd.		16,193		1,113,331
LUKOIL PJSC(c)(d)(e)		20,541		– 0	–
Shell PLC		370,520		13,171,466
TotalEnergies SE		95,477		6,931,512
				48,436,124
Oil & Gas Equipment & Services – 0.7%
Saipem SpA(b)		793,315		1,820,443
TechnipFMC PLC		53,560		1,372,207
Vallourec SACA(b)		103,497		1,781,881
				4,974,531
Oil & Gas Exploration & Production – 2.2%
ConocoPhillips		48,647		6,111,036
Coterra Energy, Inc.		38,104		1,042,526
EOG Resources, Inc.		32,818		4,336,242
Hess Corp.		20,513		3,230,592
Woodside Energy Group Ltd.		73,430		1,315,646
				16,036,042
Oil & Gas Refining & Marketing – 0.5%
Ampol Ltd.		29,200		689,523
Cosan SA		65,900		184,022
HF Sinclair Corp.		15,631		847,982
Neste Oyj		2,163		49,033
Parkland Corp.		31,400		967,329
REX American Resources Corp.(b)		10,589		585,889
				3,323,778
				74,888,527
Materials – 7.5%
Aluminum – 0.2%
Norsk Hydro ASA		235,369		1,446,433
Commodity Chemicals – 0.5%
Corteva, Inc.		41,215		2,230,968
Enchem Co., Ltd.(b)		1,034		211,523
Guangzhou Tinci Materials Technology Co., Ltd. – Class A		126,200		364,543

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 21

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
LG Chem Ltd.		852	$	244,821
Mitsubishi Chemical Group Corp.		68,600		400,203
				3,452,058
Construction Materials – 0.2%
GCC SAB de CV		112,207		1,263,764
Copper – 0.6%
Antofagasta PLC		95,379		2,616,415
Capstone Mining Corp.(b)		261,447		1,809,894
				4,426,309
Diversified Chemicals – 0.1%
BASF SE		4,758		249,303
Sumitomo Chemical Co., Ltd.		352,400		752,889
				1,002,192
Diversified Metals & Mining – 2.5%
Anglo American PLC		76,644		2,504,531
CMOC Group Ltd. – Class H		348,000		326,497
Glencore PLC		645,899		3,758,202
MMC Norilsk Nickel PJSC (ADR)(b)(c)(d)		66,074		– 0	–
Rio Tinto PLC		119,406		8,079,097
Teck Resources Ltd. – Class B		63,005		3,099,216
				17,767,543
Fertilizers & Agricultural Chemicals – 0.4%
CF Industries Holdings, Inc.		18,430		1,455,417
FMC Corp.		9,150		539,941
Nutrien Ltd.		21,466		1,132,761
				3,128,119
Gold – 0.9%
Agnico Eagle Mines Ltd.		37,955		2,403,601
Barrick Gold Corp.		110,524		1,839,119
Endeavour Mining PLC		102,446		2,169,102
				6,411,822
Industrial Gases – 0.2%
Air Liquide SA		1,200		234,694
Air Products and Chemicals, Inc.		2,135		504,586
Linde PLC		1,120		493,875
				1,233,155
Specialty Chemicals – 0.7%
Albemarle Corp.(a)		3,455		415,671
CNGR Advanced Material Co., Ltd. – Class A		53,500		386,018
DSM-Firmenich AG		2,038		228,571
Ecolab, Inc.		2,491		563,340
Ganfeng Lithium Group Co., Ltd – Class A		71,380		346,061
Givaudan SA (REG)		67		286,543

22 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Johnson Matthey PLC		16,098	$	353,224
Novonesis (Novozymes) B		4,206		232,914
Shanghai Putailai New Energy Technology Co., Ltd. – Class A		98,319		250,078
Sherwin-Williams Co. (The)		3,987		1,194,545
Symrise AG		2,070		221,887
Umicore SA		11,413		252,801
Wacker Chemie AG		1,888		202,107
				4,933,760
Steel – 1.2%
APERAM SA		35,366		1,028,323
ArcelorMittal SA		106,673		2,664,995
BlueScope Steel Ltd.		35,633		520,078
Fortescue Ltd.		57,866		959,097
Radius Recycling, Inc.		25,550		445,081
Sims Ltd.(a)		44,846		343,712
Steel Dynamics, Inc.		8,282		1,077,654
Vale SA (Sponsored ADR)		135,771		1,652,333
				8,691,273
				53,756,428
Real Estate Management & Development – 4.7%
Diversified Real Estate Activities – 1.7%
Mitsubishi Estate Co., Ltd.		175,600		3,217,818
Mitsui Fudosan Co., Ltd.		562,600		5,725,615
Sumitomo Realty & Development Co., Ltd.		72,900		2,522,624
Sun Hung Kai Properties Ltd.		101,000		931,721
				12,397,778
Real Estate Development – 0.4%
Sino Land Co., Ltd.		2,932,000		3,134,891
Real Estate Operating Companies – 2.2%
CapitaLand Investment Ltd./Singapore(b)		389,700		753,622
Castellum AB(b)		125,180		1,487,383
Catena AB		28,410		1,243,357
CTP NV		80,699		1,368,953
Fastighets AB Balder – Class B(b)		184,140		1,160,691
LEG Immobilien SE(b)		18,170		1,542,421
PSP Swiss Property AG (REG)		15,640		1,933,438
Shurgard Self Storage Ltd.		25,900		1,061,413
Swire Properties Ltd.		775,400		1,603,656
TAG Immobilien AG(b)		111,500		1,585,270
Vonovia SE		67,214		1,942,218
				15,682,422
Real Estate Services – 0.4%
Stem, Inc.(a)(b)		280,101		515,386
Unibail-Rodamco-Westfield(b)		29,630		2,469,155
				2,984,541
				34,199,632

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 23

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Capital Goods – 4.1%
Aerospace & Defense – 0.3%
BAE Systems PLC		18,025	$	299,796
General Electric Co.		4,100		663,462
Huntington Ingalls Industries, Inc.		1,334		369,424
Rheinmetall AG		2,102		1,158,296
				2,490,978
Agricultural & Farm Machinery – 0.2%
AGCO Corp.		4,990		569,808
CNH Industrial NV(b)		23,764		268,730
Deere & Co.		1,247		488,088
				1,326,626
Building Products – 0.8%
A O Smith Corp.		6,893		571,016
Advanced Drainage Systems, Inc.		4,130		648,410
Builders FirstSource, Inc.(b)		5,838		1,067,303
Kingspan Group PLC		3,360		298,864
Lennox International, Inc.		2,963		1,373,114
Masco Corp.		15,520		1,062,344
Owens Corning		4,138		696,053
				5,717,104
Construction & Engineering – 0.2%
MasTec, Inc.(b)		6,685		592,893
Quanta Services, Inc.		2,134		551,767
				1,144,660
Construction Machinery & Heavy Transportation Equipment – 0.3%
Alstom SA		11,278		177,832
Cummins, Inc.		2,096		592,099
Daimler Truck Holding AG		3,740		168,660
Volvo AB – Class B		45,844		1,166,876
				2,105,467
Electrical Components & Equipment – 1.4%
ABB Ltd. (REG)		7,809		379,427
Acuity Brands, Inc.		4,402		1,093,017
Array Technologies, Inc.(b)		51,882		640,224
Contemporary Amperex Technology Co., Ltd. – Class A		11,660		326,114
Doosan Fuel Cell Co., Ltd.(b)		8,608		123,033
Ecopro BM Co., Ltd.(b)		1,061		180,354
Eve Energy Co., Ltd. – Class A		88,900		453,381
Fluence Energy, Inc.(a)(b)		32,316		576,518
FuelCell Energy, Inc.(a)(b)		499,718		463,638
GoodWe Technologies Co., Ltd. – Class A		26,967		344,842
Gotion High-tech Co., Ltd. – Class A(b)		129,900		335,283
GS Yuasa Corp.		22,400		422,631

24 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Legrand SA		3,890	$	399,762
Nexans SA		3,956		421,301
NEXTracker, Inc. – Class A(b)		12,775		546,642
Ningbo Ronbay New Energy Technology Co., Ltd. – Class A		84,260		354,021
Plug Power, Inc.(a)(b)		138,661		320,307
Prysmian SpA		13,347		724,186
Schneider Electric SE		1,381		314,887
Signify NV(a)(f)		10,354		282,369
SK IE Technology Co., Ltd.(b)(f)		3,320		140,519
Sungrow Power Supply Co., Ltd. – Class A		27,000		383,429
SunPower Corp.(a)(b)		187,440		386,126
Sunrun, Inc.(b)		41,767		429,782
				10,041,793
Heavy Electrical Equipment – 0.4%
Bloom Energy Corp. – Class A(a)(b)		46,013		512,125
BWX Technologies, Inc.		6,916		662,345
Goldwind Science & Technology Co., Ltd. – Class A		186,900		196,216
NARI Technology Co., Ltd. – Class A		85,570		276,751
NEL ASA(b)		180,589		83,442
Nordex SE(b)		18,157		255,580
Siemens Energy AG(b)		6,433		132,092
Titan Wind Energy Suzhou Co., Ltd. – Class A(b)		354,400		507,385
Vestas Wind Systems A/S(b)		9,686		259,571
				2,885,507
Industrial Conglomerates – 0.2%
DCC PLC		11,441		781,313
Hitachi Ltd.		2,500		230,652
Siemens AG (REG)		1,772		331,955
				1,343,920
Industrial Machinery & Supplies & Components – 0.2%
Chart Industries, Inc.(b)		3,683		530,573
Energy Recovery, Inc.(b)		33,364		497,123
NGK Insulators Ltd.		22,900		311,950
Xylem, Inc./NY		3,801		496,791
				1,836,437
Trading Companies & Distributors – 0.1%
WW Grainger, Inc.		901		830,136
				29,722,628
Semiconductors & Semiconductor Equipment – 2.0%
Semiconductor Materials & Equipment – 0.7%
Applied Materials, Inc.		2,992		594,361
ASML Holding NV		1,133		986,857
BE Semiconductor Industries NV(a)		5,239		695,079

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 25

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Enphase Energy, Inc.(b)		4,448	$	483,764
GCL Technology Holdings Ltd.		1,671,000		247,497
KLA Corp.		1,969		1,357,212
SolarEdge Technologies, Inc.(b)		6,801		398,879
Xinyi Solar Holdings Ltd.		758,000		521,554
				5,285,203
Semiconductors – 1.3%
Broadcom, Inc.		228		296,462
First Solar, Inc.(b)		2,613		460,672
JA Solar Technology Co., Ltd. – Class A(b)		287,780		564,344
LONGi Green Energy Technology Co., Ltd. – Class A		215,132		538,678
Maxeon Solar Technologies Ltd.(a)(b)		86,349		168,381
NVIDIA Corp.		5,826		5,033,780
QUALCOMM, Inc.		5,527		916,653
Shanghai Aiko Solar Energy Co., Ltd. – Class A		276,800		456,226
Universal Display Corp.		3,524		556,722
Wolfspeed, Inc.(a)(b)		15,515		419,370
				9,411,288
				14,696,491
Software & Services – 1.9%
Application Software – 0.7%
Autodesk, Inc.(b)		5,012		1,066,804
Cadence Design Systems, Inc.(b)		4,312		1,188,517
Constellation Software, Inc./Canada		421		1,083,893
DocuSign, Inc.(b)		5,362		303,489
Dropbox, Inc. – Class A(b)		16,881		390,964
Manhattan Associates, Inc.(b)		4,779		984,761
				5,018,428
Systems Software – 1.2%
Microsoft Corp.		14,138		5,504,348
Oracle Corp.		13,015		1,480,456
ServiceNow, Inc.(b)		1,948		1,350,607
Trend Micro, Inc./Japan		1,700		83,773
				8,419,184
				13,437,612
Pharmaceuticals & Biotechnology – 1.6%
Biotechnology – 0.6%
AbbVie, Inc.		6,484		1,054,558
Amgen, Inc.		2,781		761,827
Incyte Corp.(b)		9,548		496,973
Neurocrine Biosciences, Inc.(b)		3,924		539,707
United Therapeutics Corp.(b)		2,203		516,229
Vertex Pharmaceuticals, Inc.(b)		1,774		696,845
				4,066,139

26 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 0.1%
Waters Corp.(b)		3,532	$	1,091,529
Pharmaceuticals – 0.9%
Eli Lilly & Co.		3,117		2,434,689
GSK PLC		10,452		216,847
Merck & Co., Inc.		13,554		1,751,448
Novo Nordisk A/S – Class B		15,228		1,952,872
				6,355,856
				11,513,524
Financial Services – 1.3%
Asset Management & Custody Banks – 0.3%
Ameriprise Financial, Inc.		2,846		1,171,954
Ares Management Corp. – Class A		8,771		1,167,333
				2,339,287
Consumer Finance – 0.1%
Synchrony Financial		8,837		388,651
Diversified Capital Markets – 0.2%
UBS Group AG (REG)		43,213		1,134,915
Diversified Financial Services – 0.2%
Apollo Global Management, Inc.		10,863		1,177,332
Corebridge Financial, Inc.		10,406		276,383
				1,453,715
Investment Banking & Brokerage – 0.2%
Goldman Sachs Group, Inc. (The)		3,319		1,416,250
Multi-Sector Holdings – 0.0%
Eurazeo SE(b)		2,713		244,381
Transaction & Payment Processing Services – 0.3%
Adyen NV(a)(b)		432		517,536
Mastercard, Inc. – Class A		4,148		1,871,578
				2,389,114
				9,366,313
Technology Hardware & Equipment – 1.3%
Communications Equipment – 0.1%
Motorola Solutions, Inc.		3,132		1,062,217
Electronic Components – 0.1%
Samsung SDI Co., Ltd.		868		268,619
Shoals Technologies Group, Inc. – Class A(b)		48,333		408,414
				677,033

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 27

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Electronic Equipment & Instruments – 0.1%
Itron, Inc.(b)		6,692	$	616,467
Technology Distributors – 0.1%
CDW Corp./DE		2,008		485,655
Technology Hardware, Storage & Peripherals – 0.9%
Apple, Inc.		30,456		5,187,571
NetApp, Inc.		11,659		1,191,666
				6,379,237
				9,220,609
Utilities – 1.3%
Electric Utilities – 0.5%
Elia Group SA/NV(a)		1,367		131,617
Enel SpA		44,630		293,328
Iberdrola SA(a)		16,850		206,608
Origin Energy Ltd.		147,299		929,665
Orsted AS(b)		2,559		140,638
Redeia Corp. SA		27,153		453,281
SSE PLC		7,492		155,732
Terna – Rete Elettrica Nazionale(a)		71,441		572,379
Verbund AG		5,494		419,693
				3,302,941
Independent Power Producers & Energy Traders – 0.2%
ERG SpA(a)		4,321		116,363
Vistra Corp.		17,370		1,317,341
				1,433,704
Multi-Utilities – 0.1%
E.ON SE		33,592		444,824
National Grid PLC		16,493		216,341
				661,165
Renewable Electricity – 0.5%
Altus Power, Inc.(b)		108,811		399,336
Boralex, Inc. – Class A		21,406		429,628
Brookfield Renewable Corp. – Class A		20,896		485,420
China Longyuan Power Group Corp., Ltd. – Class H		296,000		207,358
Corp. ACCIONA Energias Renovables SA(a)		5,687		115,488
EDP Renovaveis SA(a)		21,560		295,160
Neoen SA(f)		4,979		152,383
NextEra Energy Partners LP		20,231		573,751
Ormat Technologies, Inc.		6,143		392,108
RENOVA, Inc.(b)		18,700		175,713
Solaria Energia y Medio Ambiente SA(a)(b)		14,476		147,295
Sunnova Energy International, Inc.(a)(b)		83,414		351,173
				3,724,813
				9,122,623

28 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Media & Entertainment – 1.0%
Advertising – 0.1%
Omnicom Group, Inc.		11,403	$	1,058,655
Broadcasting – 0.1%
Fox Corp. – Class B		25,922		743,443
Interactive Home Entertainment – 0.1%
Sea Ltd. (ADR)(b)		15,846		1,001,309
Interactive Media & Services – 0.6%
Alphabet, Inc. – Class A(b)		4,863		791,599
Alphabet, Inc. – Class C(b)		10,101		1,663,029
Meta Platforms, Inc. – Class A		4,272		1,837,686
				4,292,314
Movies & Entertainment – 0.1%
Live Nation Entertainment, Inc.(b)		5,397		479,847
				7,575,568
Insurance – 1.0%
Life & Health Insurance – 0.8%
Globe Life, Inc.		16,964		1,292,148
iA Financial Corp., Inc.		8,932		541,506
Japan Post Holdings Co., Ltd.		120,200		1,154,316
Japan Post Insurance Co., Ltd.		60,100		1,128,322
Manulife Financial Corp.		20,256		472,466
Poste Italiane SpA		88,957		1,130,031
Sun Life Financial, Inc.		4,165		212,660
				5,931,449
Property & Casualty Insurance – 0.1%
Erie Indemnity Co. – Class A		2,119		810,856
Hartford Financial Services Group, Inc. (The)		1,858		180,022
				990,878
Reinsurance – 0.1%
Everest Group Ltd.		1,604		587,722
				7,510,049
Consumer Discretionary Distribution & Retail – 0.9%
Apparel Retail – 0.2%
Industria de Diseno Textil SA(a)		24,927		1,134,950
Broadline Retail – 0.3%
Amazon.com, Inc.(b)		12,274		2,147,950
Next PLC		2,069		232,055
				2,380,005
Broadline Retail – 0.2%
MercadoLibre, Inc.(b)		738		1,076,520

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 29

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Home Improvement Retail – 0.2%
Home Depot, Inc. (The)		5,076	$	1,696,501
Homefurnishing Retail – 0.0%
Williams-Sonoma, Inc.		461		132,205
				6,420,181
Health Care Equipment & Services – 0.9%
Health Care Distributors – 0.3%
Cardinal Health, Inc.		8,813		908,092
Cencora, Inc.		5,043		1,205,529
				2,113,621
Health Care Equipment – 0.4%
Demant A/S(b)		16,580		791,727
IDEXX Laboratories, Inc.(b)		2,210		1,089,000
Sonova Holding AG (REG)		3,451		953,967
				2,834,694
Health Care Services – 0.0%
ABIOMED, Inc. (CVR)(b)(c)(d)		1,321		1,348
Managed Health Care – 0.2%
Centene Corp.(b)		2,936		214,504
Molina Healthcare, Inc.(b)		2,852		975,669
				1,190,173
				6,139,836
Commercial & Professional Services – 0.8%
Commercial Printing – 0.1%
TOPPAN Holdings, Inc.		38,700		918,116
Diversified Support Services – 0.1%
Cintas Corp.		1,246		820,292
Environmental & Facilities Services – 0.3%
Casella Waste Systems, Inc. – Class A(b)		3,991		360,786
Clean Harbors, Inc.(b)		3,049		577,633
Rollins, Inc.		24,655		1,098,627
				2,037,046
Human Resource & Employment Services – 0.1%
Robert Half, Inc.		14,100		974,874
Research & Consulting Services – 0.2%
Verisk Analytics, Inc.		4,960		1,081,082
				5,831,410

30 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Consumer Services – 0.7%
Hotels, Resorts & Cruise Lines – 0.7%
Airbnb, Inc. – Class A(b)		7,727	$	1,225,271
Booking Holdings, Inc.		379		1,308,319
Expedia Group, Inc.(b)		7,505		1,010,398
Hyatt Hotels Corp. – Class A		9,430		1,403,090
				4,947,078
Banks – 0.6%
Diversified Banks – 0.6%
Banco Bilbao Vizcaya Argentaria SA		111,495		1,205,704
First Citizens BancShares, Inc./NC – Class A		707		1,192,539
Skandinaviska Enskilda Banken AB – Class A		78,192		1,024,035
UniCredit SpA		28,817		1,057,710
				4,479,988
Consumer Durables & Apparel – 0.6%
Apparel, Accessories & Luxury Goods – 0.2%
Pandora A/S		7,354		1,119,278
Consumer Electronics – 0.0%
Panasonic Holdings Corp.		31,100		271,455
Footwear – 0.2%
Deckers Outdoor Corp.(b)		1,315		1,076,288
Homebuilding – 0.2%
Desarrolladora Homex SAB de CV(b)		1,590		1
PulteGroup, Inc.		15,520		1,729,238
Urbi Desarrollos Urbanos SAB de CV(b)		9		5
				1,729,244
				4,196,265
Automobiles & Components – 0.4%
Automobile Manufacturers – 0.4%
BYD Co., Ltd. – Class H		17,000		466,014
Li Auto, Inc. – Class A(b)		26,000		340,649
Lucid Group, Inc.(a)(b)		139,150		354,832
Nissan Motor Co., Ltd.		288,100		1,054,360
Rivian Automotive, Inc. – Class A(a)(b)		28,603		254,567
Tesla, Inc.(b)		2,377		435,657
				2,906,079
Food Beverage & Tobacco – 0.4%
Agricultural Products & Services – 0.1%
Darling Ingredients, Inc.(b)		9,414		398,871
Brewers – 0.1%
Carlsberg AS – Class B		8,098		1,089,285

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 31

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
Packaged Foods & Meats – 0.2%
Beyond Meat, Inc.(a)(b)		81,342	$	551,499
Kerry Group PLC – Class A		1,507		129,690
Mowi ASA		39,411		691,935
				1,373,124
				2,861,280
Consumer Staples Distribution & Retail – 0.3%
Consumer Staples Merchandise Retail – 0.0%
Costco Wholesale Corp.		439		317,353
Food Distributors – 0.2%
Sysco Corp.		15,457		1,148,764
Food Retail – 0.1%
J Sainsbury PLC		90,314		296,246
Kroger Co. (The)		7,306		404,606
				700,852
				2,166,969
Household & Personal Products – 0.2%
Household Products – 0.2%
Kimberly-Clark Corp.		9,314		1,271,640
Transportation – 0.2%
Airport Services – 0.2%
Aena SME SA(a)		6,172		1,124,783
Rail Transportation – 0.0%
MTR Corp., Ltd.		34,500		113,382
				1,238,165
Telecommunication Services – 0.1%
Wireless Telecommunication Services – 0.1%
SoftBank Corp.		77,200		931,162
				931,162
Total Common Stocks (cost $460,950,041)				503,435,984
INVESTMENT COMPANIES – 0.7%
Funds and Investment Trusts – 0.7%(g)
iShares Global Energy ETF(a)		86,600		3,735,058
iShares MSCI Global Metals & Mining Producers ETF(a)		31,330		1,336,851
Total Investment Companies (cost $5,117,342)				5,071,909

32 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Company	Shares		U.S. $ Value
WARRANTS – 0.0%
Software & Services – 0.0%
Application Software – 0.0%
Constellation Software, Inc., expiring 03/31/2040(a)(b)(c)(d) (cost $0)		421	$	– 0	–
SHORT-TERM INVESTMENTS – 27.1%
Investment Companies – 27.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(g)(h)(i) (cost $195,362,276)		195,362,276		195,362,276
Total Investments Before Security Lending Collateral for Securities Loaned – 97.7% (cost $661,429,659)				703,870,169
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.5%
Investment Companies – 1.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(g)(h)(i) (cost $10,897,258)		10,897,258		10,897,258
Total Investments – 99.2% (cost $672,326,917)				714,767,427
Other assets less liabilities – 0.8%				5,806,668
Net Assets – 100.0%			$	720,574,095

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Brent Crude Futures		188		July 2024	$	15,963,080	$	(22,913	)
Coffee Robusta Futures		60		July 2024		2,412,600		113,949
Coffee ‘C’ Futures		73		July 2024		5,930,794		16,953
Copper Futures		183		July 2024		20,882,588		638,403
Copper Futures		67		September 2024		7,674,850		204,064
Corn Futures		383		December 2024		8,990,925		54,407
Cotton No.2 Futures		94		July 2024		3,686,210		(331,488	)
Euro STOXX 50 Index Futures		56		June 2024		2,926,605		(35,435	)
FTSE 100 Index Futures		11		June 2024		1,121,390		1,517
Gasoline RBOB Futures		49		August 2024		5,223,204		14,521
Gold 100 OZ Futures		154		June 2024		35,464,660		1,885,954

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 33

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
KC HRW Wheat Futures		94		December 2024	$	3,143,125	$	378,347
Lean Hogs Futures		134		August 2024		5,542,240		(126,021	)
Live Cattle Futures		81		October 2024		5,736,420		66,867
LME Lead Futures		27		May 2024		1,477,852		86,592
LME Nickel Futures		28		May 2024		3,209,136		243,848
LME Primary Aluminum Futures		164		May 2024		10,519,329		1,355,514
LME Zinc Futures		66		May 2024		4,825,953		733,146
Low SU Gasoil Futures		77		September 2024		6,009,850		(52,441	)
MSCI Emerging Markets Futures		113		June 2024		5,887,300		(19,992	)
Natural Gas Futures		393		August 2024		9,659,940		(53,745	)
NY Harbor ULSD Futures		42		August 2024		4,508,960		(51,657	)
S&P 500 E-Mini Futures		61		June 2024		15,454,350		(218,803	)
S&P/TSX 60 Index Futures		5		June 2024		948,317		(11,472	)
Silver Futures		75		July 2024		9,995,250		(746,442	)
Soybean Futures		175		November 2024		10,145,625		(174,585	)
Soybean Meal Futures		174		December 2024		6,177,000		288,604
Soybean Oil Futures		208		December 2024		5,498,688		(626,783	)
SPI 200 Futures		4		June 2024		497,834		(3,052	)
Sugar 11 (World) Futures		264		June 2024		5,739,149		(84,153	)
TOPIX Index Futures		2		June 2024		348,350		8,488
Wheat (CBT) Futures		144		December 2024		4,671,000		331,412
WTI Crude Futures		192		August 2024		15,342,720		(56,427	)
Sold Contracts
Bloomberg Commodity Index Futures		2,852		June 2024		28,996,284		(421,617	)
							$	3,385,560

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	BRL	48,746	USD	9,479		05/03/2024	$	91,780
Bank of America, NA	USD	9,416	BRL	48,746		05/03/2024		(28,435	)
Bank of America, NA	CHF	11,655	USD	13,339		05/08/2024		653,102
Bank of America, NA	USD	1,214	CHF	1,063		05/08/2024		(57,374	)
Bank of America, NA	CLP	1,500,316	USD	1,550		05/16/2024		(12,080	)
Bank of America, NA	COP	5,322,794	USD	1,346		05/16/2024		(7,584	)
Bank of America, NA	JPY	411,219	USD	2,713		05/16/2024		100,549
Bank of America, NA	PEN	17,842	USD	4,837		05/16/2024		98,438
Bank of America, NA	USD	2,982	JPY	468,272		05/16/2024		(6,294	)
Bank of America, NA	USD	2,003	PEN	7,381		05/16/2024		(42,582	)
Bank of America, NA	TWD	74,390	USD	2,301		05/24/2024		22,011
Bank of America, NA	USD	4,355	TWD	136,603		05/24/2024		(170,177	)
Bank of America, NA	BRL	40,257	USD	7,753		06/04/2024		21,885
Bank of America, NA	EUR	3,899	USD	4,253		06/12/2024		85,217
Bank of America, NA	USD	18,805	EUR	17,212		06/12/2024		(406,703	)

34 ^| 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)
Bank of America, NA	CAD	13,058	USD	9,651		06/13/2024	$	159,468
Bank of America, NA	USD	924	CAD	1,247		06/13/2024		(17,338	)
Bank of America, NA	INR	160,734	USD	1,931		06/14/2024		8,704
Bank of America, NA	USD	3,867	INR	321,205		06/14/2024		(25,152	)
Bank of America, NA	IDR	28,001,294	USD	1,718		07/19/2024		194
Bank of America, NA	IDR	58,815,496	USD	3,605		07/19/2024		(3,795	)
Bank of America, NA	NOK	178,770	USD	16,281		07/19/2024		156,441
Bank of America, NA	USD	11,232	SEK	122,093		07/19/2024		(114,038	)
Barclays Bank PLC	BRL	5,996	USD	1,159		05/03/2024		4,644
Barclays Bank PLC	USD	1,142	BRL	5,996		05/03/2024		12,866
Barclays Bank PLC	CHF	1,108	USD	1,219		05/08/2024		12,804
Barclays Bank PLC	USD	2,410	CHF	2,123		05/08/2024		(98,885	)
Barclays Bank PLC	COP	1,559,913	USD	395		05/16/2024		(2,116	)
Barclays Bank PLC	USD	558	JPY	87,378		05/16/2024		(3,227	)
Barclays Bank PLC	USD	1,290	PEN	4,785		05/16/2024		(19,265	)
Barclays Bank PLC	NZD	29,444	USD	17,948		05/23/2024		598,261
Barclays Bank PLC	USD	2,431	CNH	17,606		05/23/2024		(2,488	)
Barclays Bank PLC	TWD	251,211	USD	7,749		05/24/2024		52,758
Barclays Bank PLC	USD	9,487	TWD	296,621		05/24/2024		(400,435	)
Barclays Bank PLC	EUR	1,356	USD	1,446		06/12/2024		(3,544	)
Barclays Bank PLC	USD	16,109	GBP	12,955		06/20/2024		83,387
Barclays Bank PLC	USD	990	AUD	1,536		06/27/2024		6,224
Barclays Bank PLC	CZK	31,060	USD	1,310		07/11/2024		(8,810	)
Barclays Bank PLC	USD	7,286	IDR	116,616,976		07/19/2024		(130,694	)
Barclays Bank PLC	USD	8,896	PHP	506,385		07/25/2024		(143,791	)
Barclays Bank PLC	MYR	33,450	USD	7,158		08/21/2024		136,984
Barclays Bank PLC	MYR	15,988	USD	3,355		08/21/2024		(983	)
Barclays Bank PLC	USD	9,655	MYR	45,796		08/21/2024		(43,596	)
BNP Paribas SA	EUR	639	USD	696		06/12/2024		13,428
Citibank, NA	USD	1,007	NZD	1,652		05/23/2024		(33,214	)
Citibank, NA	USD	15,172	CAD	20,412		06/13/2024		(334,299	)
Citibank, NA	USD	653	NOK	7,183		07/19/2024		(5,011	)
Deutsche Bank AG	BRL	4,373	USD	859		05/03/2024		16,841
Deutsche Bank AG	USD	846	BRL	4,373		05/03/2024		(3,387	)
Deutsche Bank AG	USD	3,353	CHF	2,963		05/08/2024		(127,524	)
Deutsche Bank AG	USD	854	JPY	124,170		05/16/2024		(65,155	)
Deutsche Bank AG	USD	2,670	PEN	10,002		05/16/2024		(14,070	)
Deutsche Bank AG	NZD	11,263	USD	6,706		05/23/2024		69,363
Deutsche Bank AG	USD	11,482	NZD	18,709		05/23/2024		(457,376	)
Deutsche Bank AG	USD	2,465	TWD	78,949		05/24/2024		(46,232	)
Deutsche Bank AG	EUR	7,421	USD	8,128		06/12/2024		195,256
Deutsche Bank AG	EUR	17,382	USD	18,535		06/12/2024		(45,359	)
Deutsche Bank AG	USD	16,459	EUR	15,277		06/12/2024		(128,957	)
Deutsche Bank AG	INR	242,382	USD	2,902		06/14/2024		2,944
Deutsche Bank AG	USD	5,454	INR	452,387		06/14/2024		(43,533	)
Deutsche Bank AG	USD	2,166	GBP	1,737		06/20/2024		5,456
Deutsche Bank AG	HUF	320,666	USD	870		07/11/2024		(1,213	)
Deutsche Bank AG	USD	600	HUF	223,417		07/11/2024		7,272
Deutsche Bank AG	USD	966	PLN	3,926		07/11/2024		1,534
Goldman Sachs Bank USA	COP	9,647,052	USD	2,442		05/16/2024		(11,924	)
Goldman Sachs Bank USA	USD	572	CLP	546,449		05/16/2024		(2,908	)

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 35

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA	USD	10,896	ZAR	209,488		06/14/2024	$	196,369
Goldman Sachs Bank USA	USD	1,580	PHP	89,143		07/25/2024		(38,998	)
Goldman Sachs Bank USA	MYR	4,308	USD	908		08/21/2024		4,157
HSBC Bank USA	USD	711	ILS	2,563		05/16/2024		(26,090	)
HSBC Bank USA	AUD	24,698	USD	15,859		06/27/2024		(167,331	)
JPMorgan Chase Bank, NA	USD	1,892	CHF	1,654		05/08/2024		(91,494	)
JPMorgan Chase Bank, NA	COP	3,746,869	USD	950		05/16/2024		(2,890	)
JPMorgan Chase Bank, NA	USD	883	PEN	3,259		05/16/2024		(17,286	)
JPMorgan Chase Bank, NA	CNH	8,331	USD	1,163		05/23/2024		13,890
JPMorgan Chase Bank, NA	CNH	146,611	USD	20,188		05/23/2024		(39,058	)
JPMorgan Chase Bank, NA	MXN	10,157	USD	600		05/23/2024		8,792
JPMorgan Chase Bank, NA	USD	7,411	CNH	53,721		05/23/2024		585
JPMorgan Chase Bank, NA	USD	4,993	CNH	36,186		05/23/2024		(1,094	)
JPMorgan Chase Bank, NA	USD	11,184	MXN	189,391		05/23/2024		(163,946	)
JPMorgan Chase Bank, NA	USD	655	NZD	1,113		05/23/2024		925
JPMorgan Chase Bank, NA	USD	8,678	TWD	276,940		05/24/2024		(194,010	)
JPMorgan Chase Bank, NA	EUR	981	USD	1,064		06/12/2024		15,071
JPMorgan Chase Bank, NA	EUR	858	USD	914		06/12/2024		(3,585	)
JPMorgan Chase Bank, NA	USD	9,219	EUR	8,644		06/12/2024		20,936
JPMorgan Chase Bank, NA	CAD	8,514	USD	6,202		06/13/2024		12,947
JPMorgan Chase Bank, NA	USD	6,598	INR	549,667		06/14/2024		(23,388	)
JPMorgan Chase Bank, NA	ZAR	38,938	USD	2,070		06/14/2024		8,571
JPMorgan Chase Bank, NA	ZAR	39,206	USD	2,035		06/14/2024		(40,841	)
JPMorgan Chase Bank, NA	AUD	1,194	USD	778		06/27/2024		2,928
JPMorgan Chase Bank, NA	USD	2,143	CZK	50,950		07/11/2024		19,673
JPMorgan Chase Bank, NA	USD	3,963	KRW	5,447,261		07/18/2024		(17,438	)
JPMorgan Chase Bank, NA	DKK	24,799	USD	3,578		07/19/2024		14,760
JPMorgan Chase Bank, NA	IDR	15,309,564	USD	941		07/19/2024		2,013
JPMorgan Chase Bank, NA	SEK	52,198	USD	4,774		07/19/2024		21,050
JPMorgan Chase Bank, NA	PHP	108,089	USD	1,868		07/25/2024		(247	)
Morgan Stanley Capital Services, Inc.	BRL	68,151	USD	13,515		05/03/2024		390,499
Morgan Stanley Capital Services, Inc.	USD	2,898	BRL	15,119		05/03/2024		13,340
Morgan Stanley Capital Services, Inc.	USD	10,263	BRL	53,032		05/03/2024		(50,153	)
Morgan Stanley Capital Services, Inc.	CHF	2,368	USD	2,695		05/08/2024		117,524
Morgan Stanley Capital Services, Inc.	USD	8,810	CHF	7,777		05/08/2024		(344,413	)
Morgan Stanley Capital Services, Inc.	CLP	9,817,379	USD	10,203		05/16/2024		(21,117	)
Morgan Stanley Capital Services, Inc.	COP	2,022,635	USD	519		05/16/2024		5,006
Morgan Stanley Capital Services, Inc.	JPY	1,773,581	USD	11,998		05/16/2024		728,993
Morgan Stanley Capital Services, Inc.	USD	1,207	CLP	1,146,888		05/16/2024		(12,763	)
Morgan Stanley Capital Services, Inc.	USD	1,219	COP	4,662,887		05/16/2024		(32,663	)

36 ^| 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)
Morgan Stanley Capital Services, Inc.	USD	2,956	JPY	433,925		05/16/2024	$	(198,464	)
Morgan Stanley Capital Services, Inc.	USD	2,650	PEN	9,875		05/16/2024		(27,041	)
Morgan Stanley Capital Services, Inc.	CNH	135,381	USD	18,867		05/23/2024		189,856
Morgan Stanley Capital Services, Inc.	NZD	3,918	USD	2,314		05/23/2024		4,938
Morgan Stanley Capital Services, Inc.	USD	12,119	NZD	20,233		05/23/2024		(196,862	)
Morgan Stanley Capital Services, Inc.	BRL	16,405	USD	3,193		06/04/2024		41,907
Morgan Stanley Capital Services, Inc.	EUR	4,612	USD	4,999		06/12/2024		69,275
Morgan Stanley Capital Services, Inc.	EUR	15,886	USD	16,931		06/12/2024		(50,575	)
Morgan Stanley Capital Services, Inc.	USD	3,748	EUR	3,447		06/12/2024		(63,764	)
Morgan Stanley Capital Services, Inc.	CAD	7,582	USD	5,534		06/13/2024		22,284
Morgan Stanley Capital Services, Inc.	USD	9,793	CAD	13,463		06/13/2024		(6,515	)
Morgan Stanley Capital Services, Inc.	USD	1,014	INR	84,469		06/14/2024		(3,730	)
Morgan Stanley Capital Services, Inc.	HUF	4,462,304	USD	11,993		07/11/2024		(133,097	)
Morgan Stanley Capital Services, Inc.	USD	656	PLN	2,647		07/11/2024		(3,610	)
Morgan Stanley Capital Services, Inc.	KRW	1,803,730	USD	1,316		07/18/2024		9,458
Morgan Stanley Capital Services, Inc.	USD	3,088	KRW	4,202,695		07/18/2024		(43,851	)
Morgan Stanley Capital Services, Inc.	MYR	21,493	USD	4,572		08/21/2024		60,850
Morgan Stanley Capital Services, Inc.	MYR	10,592	USD	2,221		08/21/2024		(2,147	)
State Street Bank & Trust Co.	CHF	449	USD	496		05/08/2024		7,324
State Street Bank & Trust Co.	THB	470,216	USD	13,028		05/08/2024		335,093
State Street Bank & Trust Co.	THB	97,072	USD	2,616		05/08/2024		(4,126	)
State Street Bank & Trust Co.	USD	359	CHF	315		05/08/2024		(15,931	)
State Street Bank & Trust Co.	USD	10,152	THB	374,336		05/08/2024		(47,399	)
State Street Bank & Trust Co.	USD	2,178	JPY	330,951		05/16/2024		(75,506	)
State Street Bank & Trust Co.	USD	175	SGD	232		05/17/2024		(4,489	)
State Street Bank & Trust Co.	NZD	484	USD	295		05/23/2024		10,207
State Street Bank & Trust Co.	USD	9,409	CNH	68,246		05/23/2024		6,531
State Street Bank & Trust Co.	USD	415	NZD	694		05/23/2024		(5,685	)
State Street Bank & Trust Co.	EUR	933	USD	1,002		06/12/2024		4,965
State Street Bank & Trust Co.	USD	866	EUR	811		06/12/2024		511
State Street Bank & Trust Co.	USD	1,042	EUR	965		06/12/2024		(10,856	)
State Street Bank & Trust Co.	CAD	115	USD	85		06/13/2024		1,772
State Street Bank & Trust Co.	AUD	1,298	USD	833		06/27/2024		(8,759	)

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 37

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	HUF	135,683	USD	366		07/11/2024	$	(2,552	)
State Street Bank & Trust Co.	USD	370	CZK	8,719		07/11/2024		(327	)
State Street Bank & Trust Co.	USD	809	HKD	6,310		07/18/2024		(653	)
State Street Bank & Trust Co.	SEK	10,133	USD	932		07/19/2024		9,534
State Street Bank & Trust Co.	USD	212	NOK	2,329		07/19/2024		(2,304	)
State Street Bank & Trust Co.	USD	454	SEK	4,943		07/19/2024		(4,234	)
UBS AG	CHF	656	USD	746		05/08/2024		32,184
							$	(248,301	)

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)

Goldman Sachs International

USD

110,190

04/25/2030

1.900

%

CPI

#

Maturity

$

3,115,358

$

– 0

–

$

3,115,358

Goldman Sachs International

USD

46,980

03/16/2031

2.289

%

CPI

#

Maturity

618,121

– 0

–

618,121

$

3,733,479

$

– 0

–

$

3,733,479

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

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation (Depreciation)
Receive Total Return on Reference Obligation
Bank of America, NA
MLABGLIN(1)	SOFR plus 0.47%	Quarterly		USD	36,766		04/15/2025	$	627,397
Citibank, NA
Bloomberg Commodity Index	0.00%	Maturity		USD	8,661		06/17/2024		242,219
Bloomberg Commodity Index	0.00%	Quarterly		USD	6,522		06/17/2024		169,746
Merrill Lynch International
Bloomberg Commodity Index	0.00%	Maturity		USD	23,455		06/17/2024		655,921
Pay Total Return on Reference Obligation
Bank of America, NA
FTSE EPRA/NAREIT Developed Real Estate Index	EFFR plus 0.40%	Quarterly		USD	13,646		09/16/2024		504,429
Goldman Sachs International
FTSE EPRA/NAREIT Developed Real Estate Index	OBFR plus 0.47%	Quarterly		USD	5,695		05/15/2025		(2,848	)

38 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Counterparty & Referenced Obligation	Rate Paid/ Received	Payment Frequency	Current Notional (000)			Maturity Date		Unrealized Appreciation (Depreciation)
UBS AG
FTSE EPRA/NAREIT Developed Real Estate Index	OBFR plus 0.48%	Quarterly		USD	25,124		09/16/2024	$	930,919
FTSE EPRA/NAREIT Developed Real Estate Index	OBFR plus 0.42%	Quarterly		USD	3,397		02/18/2025		140,492
FTSE EPRA/NAREIT Developed Real Estate Index	OBFR plus 0.54%	Quarterly		USD	14,524		04/15/2025		669,955
								$	3,938,230

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

(b) Non-income producing security.

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

(d) Fair valued by the Adviser.

(e) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
LUKOIL PJSC		01/07/2021 – 08/19/2022	$	1,631,127	$	– 0 –		0.00	%

(f) 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 April 30, 2024, the aggregate market value of these securities amounted to $575,271 or 0.1% of net assets.

(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. Additionally, shareholder reports for AB funds can be obtained by calling 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	JPY – Japanese Yen
BRL – Brazilian Real	KRW – South Korean Won
CAD – Canadian Dollar	MXN – Mexican Peso
CHF – Swiss Franc	MYR – Malaysian Ringgit
CLP – Chilean Peso	NOK – Norwegian Krone
CNH – Chinese Yuan Renminbi (Offshore)	NZD – New Zealand Dollar
COP – Colombian Peso	PEN – Peruvian Sol
CZK – Czech Koruna	PHP – Philippine Peso
DKK – Danish Krone	PLN – Polish Zloty
EUR – Euro	SEK – Swedish Krona
GBP – Great British Pound	SGD – Singapore Dollar
HKD – Hong Kong Dollar	THB – Thailand Baht
HUF – Hungarian Forint	TWD – New Taiwan Dollar
IDR – Indonesian Rupiah	USD – United States Dollar
ILS – Israeli Shekel	ZAR – South African Rand
INR – Indian Rupee

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 39

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CVR – Contingent Value Right

EPRA – European Public Real Estate Association

ETF – Exchange Traded Fund

EFFR – Federal Funds Effective Rate

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

SOFR – Secured Overnight Financing Rate

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

(1) The following table represents the 50 largest equity basket holdings underlying the total return swap in MLABGLIN as of April 30, 2024.

Security Description	Shares		Current Notional		Percent of Basket’s Value
Enbridge, Inc.		68,996		USD 2,458,331		6.7	%
Vinci SA		17,497		2,062,630		5.6	%
American Tower Corp.		11,960		2,051,780		5.6	%
National Grid PLC		1,249		1,638,831		4.5	%
TC Energy Corp.		36,719		1,318,178		3.6	%
Williams Cos., Inc. (The)		28,561		1,095,584		3.0	%
Energy Transfer LP		68,111		1,071,383		2.9	%
ONEOK, Inc.		13,506		1,068,626		2.9	%
Sempra		14,271		1,022,213		2.8	%
Crown Castle, Inc.		10,814		1,014,127		2.8	%
Enterprise Products Partners LP		35,439		995,128		2.7	%
Transurban Group		107,441		874,873		2.4	%
Cheniere Energy, Inc.		5,469		863,168		2.4	%
Exelon Corp.		22,558		847,737		2.3	%
Kinder Morgan, Inc.		44,913		821,008		2.2	%
PG&E Corp.		47,688		815,941		2.2	%
Consolidated Edison, Inc.		7,524		710,221		1.9	%
Cellnex Telecom SA		19,086		633,656		1.7	%
Pembina Pipeline Corp.		17,927		632,064		1.7	%
Ferrovial SE		17,316		625,822		1.7	%
Fortis, Inc. (Canada)		15,853		623,797		1.7	%
Edison International		8,699		618,127		1.7	%
Targa Resources Corp.		5,227		596,246		1.6	%
SBA Communications Corp.		2,867		533,521		1.4	%
American Water Works Co., Inc.		4,351		532,234		1.4	%
Eversource Energy		7,742		469,326		1.3	%

40 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED PORTFOLIO OF INVESTMENTS (continued)

 

Security Description	Shares		Current Notional		Percent of Basket’s Value
Aena SME SA		2,517		USD 461,763		1.3	%
Atmos Energy Corp.		3,450		406,778		1.1	%
CenterPoint Energy, Inc.		13,940		406,205		1.1	%
Terna—Rete Elettrica Naziona		47,491		382,066		1.0	%
MPLX LP		8,115		339,198		0.9	%
Snam SpA		70,269		323,229		0.9	%
Tokyo Gas Co., Ltd.		13,572		305,215		0.8	%
Hydro One Ltd.		10,614		297,891		0.8	%
United Utilities Group PLC		224		292,856		0.8	%
Severn Trent PLC		91		281,194		0.8	%
Hong Kong & China Gas Co., Ltd.		345,308		263,577		0.7	%
NiSource, Inc.		9,312		259,430		0.7	%
APA Group		43,141		233,074		0.6	%
Redeia Corporacion SA		13,439		224,890		0.6	%
Brookfield Infrastructure Partners LP		8,020		215,491		0.6	%
Auckland International Airport Ltd.		46,278		214,974		0.6	%
Grupo Aeroportuario del Pacifico SAB de CV		1,154		209,887		0.6	%
Essential Utilities, Inc.		5,706		208,730		0.6	%
Keyera Corp.		7,601		195,422		0.5	%
Grupo Aeroportuario del Sureste		558		192,183		0.5	%
Plains All American Pipeline LP		11,036		190,156		0.5	%
ENN Energy Holdings Ltd.		21,773		188,326		0.5	%
Cia de Saneamento Basico do Estado de Sao Paulo		11,789		184,257		0.5	%
China Tower Corp Ltd.		1,525,473		179,440		0.5	%
Other Long		841,687		4,354,170		11.8	%

See notes to consolidated financial statements.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 41

CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $466,067,383)	$	508,507,893	(a)
Affiliated issuers (cost $206,259,534—including investment of cash collateral for securities loaned of $10,897,258)		206,259,534
Cash		366
Cash collateral due from broker		15,487,424
Foreign currencies, at value (cost $2,116,492)		2,074,283
Receivable for investment securities sold and foreign currency transactions		6,193,221
Unrealized appreciation on forward currency exchange contracts		5,022,529
Unrealized appreciation on total return swaps		3,941,078
Unrealized appreciation on inflation swaps		3,733,479
Unaffiliated dividends receivable		1,070,263
Affiliated dividends receivable		687,049
Receivable for capital stock sold		365,775
Receivable due from Adviser		23,740
Total assets		753,366,634
Liabilities
Payable for collateral received on securities loaned		10,897,258
Cash collateral due to broker		6,820,000
Payable for capital stock redeemed		5,289,126
Unrealized depreciation on forward currency exchange contracts		5,270,830
Payable for variation margin on futures		3,146,938
Advisory fee payable		454,632
Distribution fee payable		120,124
Administrative fee payable		28,561
Transfer Agent fee payable		12,943
Unrealized depreciation on total return swaps		2,848
Directors’ fees payable		1,422
Accrued expenses		747,857
Total liabilities		32,792,539
Net Assets	$	720,574,095
Composition of Net Assets
Capital stock, at par	$	83,237
Additional paid-in capital		907,173,348
Accumulated loss		(186,682,490	)
Net Assets	$	720,574,095

(a) Includes securities on loan with a value of $16,507,462 (see Note E).

See notes to consolidated financial statements.

42 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

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	$	3,178,801		358,268	$	8.87	*
C	$	202,694		22,330	$	9.08
Advisor	$	17,379,462		1,968,128	$	8.83
R	$	69,632		7,822	$	8.90
K	$	528,344		60,487	$	8.73
I	$	2,296,614		263,819	$	8.71
1	$	569,683,378		65,966,293	$	8.64
Z	$	127,235,170		14,589,793	$	8.72

* The maximum offering price per share for Class A shares was $9.26 which reflects a sales charge of 4.25%.

See notes to consolidated financial statements.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 43

CONSOLIDATED STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $430,143)	$	8,181,798
Affiliated issuers		5,305,268
Interest (net of foreign taxes withheld of $5)		192,058
Securities lending income		270,326		$	13,949,450
Expenses
Advisory fee (see Note B)		2,878,789
Distribution fee—Class A		4,398
Distribution fee—Class C		1,294
Distribution fee—Class R		177
Distribution fee—Class K		794
Distribution fee—Class 1		728,927
Transfer agency—Class A		2,431
Transfer agency—Class C		185
Transfer agency—Advisor Class		13,952
Transfer agency—Class R		93
Transfer agency—Class K		640
Transfer agency—Class I		871
Transfer agency—Class 1		56,222
Transfer agency—Class Z		20,659
Custody and accounting		161,894
Registration fees		75,187
Audit and tax		58,455
Administrative		48,563
Legal		23,676
Printing		22,077
Directors’ fees		13,489
Miscellaneous		32,853
Total expenses		4,145,626
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(155,281	)
Net expenses					3,990,345
Net investment income					9,959,105

See notes to consolidated financial statements.

44 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

CONSOLIDATED STATEMENT OF OPERATIONS (continued)

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions	$	5,538,058
Forward currency exchange contracts		2,301,482
Futures		(2,485,451	)
Swaps		653,635
Foreign currency transactions		(15,904	)
Net change in unrealized appreciation (depreciation) of:
Investments		54,654,378
Forward currency exchange contracts		(326,144	)
Futures		3,885,348
Swaps		1,552,998
Foreign currency denominated assets and liabilities		(6,156	)
Net gain on investment and foreign currency transactions		65,752,244
Contributions from Affiliates (see Note B)		1,183
Net Increase in Net Assets from Operations	$	75,712,532

See notes to consolidated financial statements.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 45

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	9,959,105		$	23,404,947
Net realized gain (loss) on investment and foreign currency transactions		5,991,820			(55,790,532	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		59,760,424			30,606,005
Contributions from Affiliates (see Note B)		1,183			– 0	–
Net increase (decrease) in net assets from operations		75,712,532			(1,779,580	)
Distributions to Shareholders
Class A		(107,810	)		(527,694	)
Class C		(7,769	)		(41,047	)
Advisor Class		(891,686	)		(2,418,667	)
Class R		(2,408	)		(4,679	)
Class K		(25,534	)		(80,877	)
Class I		(348,776	)		(2,013,871	)
Class 1		(22,465,107	)		(50,008,810	)
Class 2		– 0	–		(737	)
Class Z		(7,372,835	)		(26,372,386	)
Capital Stock Transactions
Net decrease		(106,155,377	)		(164,192,919	)
Total decrease		(61,664,770	)		(247,441,267	)
Net Assets
Beginning of period		782,238,865			1,029,680,132
End of period	$	720,574,095		$	782,238,865

See notes to consolidated financial statements.

46 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB All Market Real Return Portfolio (the “Fund”), a diversified portfolio. As part of the Fund’s investment strategy, the Fund seeks to gain exposure to commodities and commodities-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 Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of April 30, 2024, consolidated net assets of the Fund were $720,574,095, of which $104,130,282, or 14%, represented the Fund’s ownership of all issued shares and voting rights of the Subsidiary. This report presents the consolidated financial statements of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class 1, Class 2, Class Z, and Class T shares. Class B and Class T shares have not been issued. Effective December 1, 2023, Class 2 shares of the Fund were liquidated. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. At a meeting held on October 31-November 2, 2023, the Fund’s Board of Directors (the “Board”) approved the discontinuance of the offering of Class K and Class R shares of the Fund to new investors and the liquidation of the assets corresponding to such classes. Effective May 20, 2024, Class R and Class K were liquidated. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R, Class K, Class 1, and Class Z

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I, and Class 2 shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, the Adviser serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities:	Level 1		Level 2			Level 3			Total
Assets:
Common Stocks:
Equity Real Estate Investment Trusts (REITs)	$	139,600,504	$	45,435,423		$	– 0	–	$	185,035,927
Energy		40,830,060		34,058,467			0	(a)		74,888,527
Materials		22,474,990		31,281,438			0	(a)		53,756,428
Real Estate Management & Development		515,386		33,684,246			– 0	–		34,199,632
Capital Goods		17,231,128		12,491,500			– 0	–		29,722,628
Semiconductors & Semiconductor Equipment		10,686,256		4,010,235			– 0	–		14,696,491
Software & Services		13,353,839		83,773			– 0	–		13,437,612
Pharmaceuticals & Biotechnology		9,343,805		2,169,719			– 0	–		11,513,524
Financial Services		7,469,481		1,896,832			– 0	–		9,366,313
Technology Hardware & Equipment		8,951,990		268,619			– 0	–		9,220,609
Utilities		3,948,757		5,173,866			– 0	–		9,122,623
Media & Entertainment		7,575,568		– 0	–		– 0	–		7,575,568
Insurance		4,097,380		3,412,669			– 0	–		7,510,049
Consumer Discretionary Distribution & Retail		5,053,176		1,367,005			– 0	–		6,420,181
Health Care Equipment & Services		4,392,794		1,745,694			1,348			6,139,836
Commercial & Professional Services		4,913,294		918,116			– 0	–		5,831,410
Consumer Services		4,947,078		– 0	–		– 0	–		4,947,078
Banks		1,192,539		3,287,449			– 0	–		4,479,988
Consumer Durables & Apparel		2,805,532		1,390,733			– 0	–		4,196,265
Automobiles & Components		1,045,056		1,861,023			– 0	–		2,906,079

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Investments in Securities:

Level 1

Level 2

Level 3

Total

Food Beverage & Tobacco

$

950,370

$

1,910,910

$

– 0

–

$

2,861,280

Consumer Staples Distribution & Retail

1,870,723

296,246

– 0

–

2,166,969

Household & Personal Products

1,271,640

– 0

–

– 0

–

1,271,640

Transportation

– 0

–

1,238,165

– 0

–

1,238,165

Telecommunication Services

– 0

–

931,162

– 0

–

931,162

Investment Companies

5,071,909

– 0

–

– 0

–

5,071,909

Warrants

– 0

–

– 0

–

0

(a)

– 0

–

Short-Term Investments

195,362,276

– 0

–

– 0

–

195,362,276

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

10,897,258

– 0

–

– 0

–

10,897,258

Total Investments in Securities

525,852,789

188,913,290

1,348

(a)

714,767,427

Other Financial Instruments(b):

Assets:

Futures

6,422,586

– 0

–

– 0

–

6,422,586

(c)

Forward Currency Exchange Contracts

– 0

–

5,022,529

– 0

–

5,022,529

Inflation (CPI) Swaps

– 0

–

3,733,479

– 0

–

3,733,479

Total Return Swaps

– 0

–

3,941,078

– 0

–

3,941,078

Liabilities:

Futures

(3,037,026

)

– 0

–

– 0

–

(3,037,026

)(c)

Forward Currency Exchange Contracts

– 0

–

(5,270,830

)

– 0

–

(5,270,830

)

Total Return Swaps

– 0

–

(2,848

)

– 0

–

(2,848

)

Total

$

529,238,349

$

196,336,698

$

1,348

(a)

$

725,576,395

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

(b) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(c) Only variation margin receivable (payable) at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

If, during a taxable year, the Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for federal income tax purposes. Note that the loss from the Subsidiary’s contemplated activities also cannot be carried forward to reduce future Subsidiary’s income in subsequent years. However, if the Subsidiary’s taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as income for federal income tax purposes.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s consolidated financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .75% of the Fund’s average daily net assets. The Adviser agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (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) on an annual basis (the “Expense Caps”) to 1.30%, 2.05%, 1.05%, 1.55%, 1.30%, 1.05%, 1.30% and 1.05% of daily average net assets for Class A, Class C, Advisor Class, Class R, Class K, Class I, Class 1 and Class Z shares, respectively. This fee waiver and/or

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

expense reimbursement agreement will remain in effect until January 31, 2025. For the six months ended April 30, 2024, such reimbursement amounted to $67.

The Subsidiary has entered into a separate agreement with the Adviser for the management of the Subsidiary’s portfolio. The Adviser receives no compensation from the Subsidiary for its services under the agreement.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $48,563.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $54,821 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $102 from the sale of Class A shares and received $1 and $0 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $151,582.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	278,916	$	192,048	$	275,601	$	195,363	$	5,305
Government Money Market Portfolio*		8,078		59,146		56,327		10,897		47
Total							$	206,260	$	5,352

* Investments of cash collateral for securities lending transactions (see Note E).

During the six months ended April 30, 2024, the Adviser reimbursed the Fund $1,183 for trading losses incurred due to a trade entry error.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”) at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares, .25% of the Fund’s average daily net assets attributable to Class K shares and .25% of the Fund’s average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $156,097, $17,184, $19,727 and $1,942,387 for Class C, Class R, Class K and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding
U.S. government securities)	$	254,781,181		$	287,848,469
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	84,998,303
Gross unrealized depreciation		(31,748,825	)
Net unrealized appreciation	$	53,249,478

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the consolidated statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions” or in order to take a “long” or “short” position with respect to an underlying referenced asset described below under “Total Return Swaps”. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the consolidated statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the consolidated statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the consolidated statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the consolidated statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the consolidated statement of operations.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended April 30, 2024, the Fund held inflation (CPI) swaps for hedging and non-hedging purposes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Total Return Swaps:

The Fund may enter into total return swaps in order to take a “long” or “short” position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended April 30, 2024, the Fund held total return swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Consolidated Statement of Assets and Liabilities Location	Fair Value			Consolidated Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Receivable for variation margin on futures	$	10,005	*	Payable for variation margin on futures	$	288,754	*
Commodity contracts	Receivable for variation margin on futures		6,412,581	*	Payable for variation margin on futures		2,748,272	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		5,022,529		Unrealized depreciation on forward currency exchange contracts		5,270,830
Interest rate contracts	Unrealized appreciation on inflation swaps		3,733,479
Commodity contracts	Unrealized appreciation on total return swaps		1,067,886
Equity contracts	Unrealized appreciation on total return swaps		2,873,192		Unrealized depreciation on total return swaps		2,848
Total		$	19,119,672			$	8,310,704

* Only variation margin receivable/payable at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Consolidated Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	1,724,086		$	(2,392	)
Commodity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(4,209,537	)		3,887,740

62 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Consolidated Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	2,301,482		$	(326,144	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		109,000			(790,640	)
Commodity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(1,378,641	)		1,796,328
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		1,923,276			547,310
Total		$	469,666		$	5,112,202

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	236,206,848
Average notional amount of sale contracts	$	24,820,330
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	333,890,505
Average principal amount of sale contracts	$	346,511,520
Inflation Swaps:
Average notional amount	$	161,918,571
Total Return Swaps:
Average notional amount	$	116,532,128

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the consolidated statement of assets and liabilities.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 63

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

AB All Market Real Return Portfolio

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	2,529,615	$	(891,552	)	$	– 0	–	$	(1,225,578	)	$	412,485
Barclays Bank PLC		907,928		(857,834	)		– 0	–		– 0	–		50,094
BNP Paribas SA		13,428		– 0	–		– 0	–		– 0	–		13,428
Deutsche Bank AG		298,666		(298,666	)		– 0	–		– 0	–		– 0	–
Goldman Sachs Bank USA/Goldman Sachs International		3,934,005		(56,678	)		(3,690,000	)		– 0	–		187,327
JPMorgan Chase Bank, NA		142,141		(142,141	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Capital Services, Inc.		1,653,930		(1,190,765	)		(200,000	)		– 0	–		263,165
State Street Bank & Trust Co.		369,406		(182,821	)		– 0	–		– 0	–		186,585
UBS AG		1,773,550		– 0	–		(1,360,000	)		– 0	–		413,550
Total	$	11,622,669	$	(3,620,457	)	$	(5,250,000	)	$	(1,225,578	)	$	1,526,634	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	891,552	$	(891,552	)	$	– 0	–	$	– 0	–	$	– 0	–
Barclays Bank PLC		857,834		(857,834	)		– 0	–		– 0	–		– 0	–
Citibank, NA		372,524		– 0	–		– 0	–		– 0	–		372,524
Deutsche Bank AG		861,904		(298,666	)		– 0	–		– 0	–		563,238
Goldman Sachs Bank USA/Goldman Sachs International		56,678		(56,678	)		– 0	–		– 0	–		– 0	–
HSBC Bank USA		193,421		– 0	–		– 0	–		– 0	–		193,421
JPMorgan Chase Bank, NA		557,333		(142,141	)		– 0	–		– 0	–		415,192
Morgan Stanley Capital Services, Inc.		1,190,765		(1,190,765	)		– 0	–		– 0	–		– 0	–
State Street Bank & Trust Co.		182,821		(182,821	)		– 0	–		– 0	–		– 0	–
Total	$	5,164,832	$	(3,620,457	)	$	– 0	–	$	– 0	–	$	1,544,375	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

AllianceBernstein Cayman Inflation Strategy, Ltd.

Counterparty

Derivative Assets Subject to a MA

Derivatives Available for Offset

Cash Collateral Received*

Security Collateral Received*

Net Amount of Derivative Assets

Citibank, NA

$

411,965

$

– 0

–

$

(411,965

)

$

– 0

–

$

– 0

–

Merrill Lynch International

655,921

– 0

–

(655,921

)

– 0

–

– 0

–

State Street Bank & Trust Co.

6,531

– 0

–

– 0

–

– 0

–

6,531

Total

$

1,074,417

$

– 0

–

$

(1,067,886

)

$

– 0

–

$

6,531

^

Counterparty

Derivative Liabilities Subject to a MA

Derivatives Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivative Liabilities

Deutsche Bank AG

$

70,902

$

– 0

–

$

– 0

–

$

– 0

–

$

70,902

JPMorgan Chase Bank, NA

37,944

– 0

–

– 0

–

– 0

–

37,944

Total

$

108,846

$

– 0

–

$

– 0

–

$

– 0

–

$

108,846

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the six months ended April 30, 2024 is as follows:

								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	16,507,462	$	10,897,258	$	6,735,282	$	222,938	$	47,388	$	3,632

* As of April 30, 2024.

NOTE F

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		7,032			163,872		$	61,244		$	1,439,758
Shares issued in reinvestment of dividends		11,479			56,810			97,344			497,656
Shares converted from Class C		6,924			112			59,797			981
Shares redeemed		(337,921	)		(281,777	)		(2,947,053	)		(2,471,495	)
Net decrease		(312,486	)		(60,983	)	$	(2,728,668	)	$	(533,100	)
Class C
Shares sold		44			71		$	390		$	635
Shares issued in reinvestment of dividends		694			4,357			6,047			39,080
Shares converted to Class A		(6,746	)		(109	)		(59,797	)		(981	)
Shares redeemed		(8,693	)		(28,932	)		(77,670	)		(257,538	)
Net decrease		(14,701	)		(24,613	)	$	(131,030	)	$	(218,804	)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Advisor Class
Shares sold		211,650			789,004		$	1,831,904		$	6,886,700
Shares issued in reinvestment of dividends		90,701			189,885			764,605			1,657,704
Shares redeemed		(975,823	)		(1,807,728	)		(8,437,450	)		(15,808,818	)
Net decrease		(673,472	)		(828,839	)	$	(5,840,941	)	$	(7,264,414	)
Class R
Shares sold		349			1,112		$	3,053		$	9,974
Shares issued in reinvestment of dividends		283			530			2,408			4,679
Shares redeemed		(1,027	)		(1,060	)		(8,781	)		(9,826	)
Net increase (decrease)		(395	)		582		$	(3,320	)	$	4,827
Class K
Shares sold		5,821			35,430		$	49,801		$	306,173
Shares issued in reinvestment of dividends		3,058			9,361			25,533			80,877
Shares redeemed		(32,496	)		(78,127	)		(280,937	)		(667,661	)
Net decrease		(23,617	)		(33,336	)	$	(205,603	)	$	(280,611	)
Class I
Shares sold		42,871			207,260		$	366,472		$	1,784,589
Shares issued in reinvestment of dividends		41,920			233,628			348,776			2,013,871
Shares redeemed		(871,597	)		(2,408,629	)		(7,547,800	)		(20,798,036	)
Net decrease		(786,806	)		(1,967,741	)	$	(6,832,552	)	$	(16,999,576	)
Class 1
Shares sold		5,468,850			10,846,957		$	45,913,186		$	92,918,321
Shares issued in reinvestment of dividends		2,043,896			3,020,775			16,862,141			25,827,622
Shares redeemed		(11,431,662	)		(15,310,686	)		(96,920,022	)		(131,756,480	)
Net decrease		(3,918,916	)		(1,442,954	)	$	(34,144,695	)	$	(13,010,537	)
Class 2
Shares redeemed		(1,000	)		– 0	–	$	(8,911	)	$	– 0	–
Net increase (decrease)		(1,000	)		– 0	–	$	(8,911	)	$	– 0	–

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class Z
Shares sold		99			9,474		$	848		$	83,311
Shares issued in reinvestment of dividends		885,094			3,055,896			7,372,835			26,372,382
Shares redeemed		(7,585,200	)		(17,636,850	)		(63,633,340	)		(152,346,397	)
Net decrease		(6,700,007	)		(14,571,480	)	$	(56,259,657)		$	(125,890,704	)

At April 30, 2024, certain AB mutual funds owned approximately 10% of the Fund’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Fund’s performance.

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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. It includes the risk that a particular style of investing may be underperforming the market generally.

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 a greater risk of rising interest rates than would normally be the case due to the recent end

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

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.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies are subject to market and selection risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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 than domestic securities. 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-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

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 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.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the consolidated statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	81,468,768	$	120,834,691
Total distributions paid	$	81,468,768	$	120,834,691

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	27,849,084
Accumulated capital and other losses		(50,322,025	)(a)
Unrealized appreciation (depreciation)		(368,272,197	)(b)
Total accumulated earnings (deficit)	$	(390,745,138	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $50,322,025.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of earnings from the Subsidiary, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to the accrual of foreign capital gains tax.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $37,807,735 and a net long-term capital loss carryforward of $12,514,290, which may be carried forward for an indefinite period.

NOTE J

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the consolidated financial statements through the date the consolidated financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s consolidated financial statements through this date.

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CONSOLIDATED FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.34			$ 9.14			$ 10.81			$ 7.65			$ 8.66			$ 8.53
Income From Investment Operations
Net investment income(a)(b)		.11			.20			.14			.27			.09			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.71			(.29	)		(.86	)		3.14			(.96	)		.13
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.82			(.09	)		(.72	)		3.41			(.87	)		.25
Less: Dividends
Dividends from net investment income		(.29	)		(.71	)		(.95	)		(.25	)		(.14	)		(.12	)
Net asset value, end of period		$ 8.87			$ 8.34			$ 9.14			$ 10.81			$ 7.65			$ 8.66
Total Return
Total investment return based on net asset value(d)*		10.01	%		(1.37	)%		(7.01	)%		45.48	%+		(10.11	)%		2.97	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$3,179			$5,592			$6,690			$5,306			$6,926			$10,634
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.21	%^		1.18	%		1.16	%		1.29	%		1.29	%		1.30	%
Expenses, before waivers/reimbursements(e)(f)‡		1.25	%^		1.21	%		1.18	%		1.39	%		1.40	%		1.32	%
Net investment income(b)		2.46	%^		2.29	%		1.46	%		2.86	%		1.10	%		1.42	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.48			$ 9.31			$ 10.86			$ 7.66			$ 8.63			$ 8.49
Income From Investment Operations
Net investment income (loss)(a)(b)		.07			.14			.07			(.49	)		.03			.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.75			(.30	)		(.89	)		3.86			(.95	)		.11
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.82			(.16	)		(.82	)		3.37			(.92	)		.17
Less: Dividends
Dividends from net investment income		(.22	)		(.67	)		(.73	)		(.17	)		(.05	)		(.03	)
Net asset value, end of period		$ 9.08			$ 8.48			$ 9.31			$ 10.86			$ 7.66			$ 8.63
Total Return
Total investment return based on net asset value(d)*		9.74	%		(2.15	)%		(7.71	)%		44.41	%		(10.74	)%+		2.05	%+
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$203			$314			$574			$199			$508			$754
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.96	%^		1.93	%		1.94	%		2.04	%		2.04	%		2.05	%
Expenses, before waivers/reimbursements(e)(f)‡		2.00	%^		1.97	%		1.96	%		2.19	%		2.15	%		2.07	%
Net investment income (loss)(b)		1.68	%^		1.54	%		.72	%		(5.20	)%		.34	%		.66	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.33			$ 9.14			$ 10.79			$ 7.63			$ 8.63			$ 8.51
Income From Investment Operations
Net investment income(a)(b)		.12			.22			.17			.16			.11			.14
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.72			(.30	)		(.87	)		3.27			(.95	)		.12
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.84			(.08	)		(.70	)		3.43			(.84	)		.26
Less: Dividends
Dividends from net investment income		(.34	)		(.73	)		(.95	)		(.27	)		(.16	)		(.14	)
Net asset value, end of period		$ 8.83			$ 8.33			$ 9.14			$ 10.79			$ 7.63			$ 8.63
Total Return
Total investment return based on net asset value(d)*		10.29	%		(1.25	)%		(6.64	)%		45.82	%+		(9.79	)%		3.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,379			$22,010			$31,703			$18,096			$11,761			$18,611
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.96	%^		.93	%		.91	%		1.04	%		1.04	%		1.05	%
Expenses, before waivers/reimbursements(e)(f)‡		1.00	%^		.96	%		.93	%		1.17	%		1.14	%		1.07	%
Net investment income(b)		2.68	%^		2.53	%		1.75	%		1.60	%		1.33	%		1.66	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class R
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.37			$ 9.16			$ 10.83			$ 7.53			$ 8.53			$ 8.40
Income From Investment Operations
Net investment income (loss)(a)(b)		.09			.17			.11			(.02	)		.07			.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.73			(.30	)		(.88	)		3.41			(.95	)		.11
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.82			(.13	)		(.77	)		3.39			(.88	)		.21
Less: Dividends
Dividends from net investment income		(.29	)		(.66	)		(.90	)		(.09	)		(.12	)		(.08	)
Net asset value, end of period		$ 8.90			$ 8.37			$ 9.16			$ 10.83			$ 7.53			$ 8.53
Total Return
Total investment return based on net asset value(d)*		9.98	%		(1.77	)%		(7.32	)%		45.23	%+		(10.32	)%		2.62	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$70			$69			$70			$67			$54			$271
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.51	%^		1.52	%		1.53	%		1.54	%		1.54	%		1.55	%
Expenses, before waivers/reimbursements(e)(f)‡		1.63	%^		1.61	%		1.59	%		1.57	%		1.60	%		1.57	%
Net investment income (loss)(b)		2.11	%^		1.96	%		1.06	%		(.19	)%		.92	%		1.16	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class K
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.22			$ 9.02			$ 10.68			$ 7.55			$ 8.55			$ 8.42
Income From Investment Operations
Net investment income (loss)(a)(b)		.10			.19			.13			(.02	)		.08			.12
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.71			(.29	)		(.85	)		3.39			(.94	)		.13
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.81			(.10	)		(.72	)		3.37			(.86	)		.25
Less: Dividends
Dividends from net investment income		(.30	)		(.70	)		(.94	)		(.24	)		(.14	)		(.12	)
Net asset value, end of period		$ 8.73			$ 8.22			$ 9.02			$ 10.68			$ 7.55			$ 8.55
Total Return
Total investment return based on net asset value(d)*		10.17	%		(1.52	)%		(7.08	)%		45.60	%+		(10.10	)%		3.03	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$528			$691			$1,059			$1,157			$1,453			$2,069
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.26	%^		1.27	%		1.26	%		1.26	%		1.28	%		1.27	%
Expenses, before waivers/reimbursements(e)(f)‡		1.31	%^		1.30	%		1.28	%		1.28	%		1.29	%		1.28	%
Net investment income (loss)(b)		2.41	%^		2.22	%		1.33	%		(.18	)%		1.08	%		1.44	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class I
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.23			$ 9.03			$ 10.70			$ 7.58			$ 8.58			$ 8.46
Income From Investment Operations
Net investment income(a)(b)		.12			.23			.17			.09			.12			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.71			(.30	)		(.86	)		3.32			(.94	)		.13
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.83			(.07	)		(.69	)		3.41			(.82	)		.28
Less: Dividends
Dividends from net investment income		(.35	)		(.73	)		(.98	)		(.29	)		(.18	)		(.16	)
Net asset value, end of period		$ 8.71			$ 8.23			$ 9.03			$ 10.70			$ 7.58			$ 8.58
Total Return
Total investment return based on net asset value(d)*		10.38	%		(1.09	)%		(6.75	)%		46.03	%+		(9.76	)%		3.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,297			$8,646			$27,260			$27,013			$21,817			$23,541
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.84	%^		.84	%		.86	%		.84	%		.86	%		.85	%
Expenses, before waivers/reimbursements(e)(f)‡		.89	%^		.87	%		.88	%		.85	%		.87	%		.86	%
Net investment income(b)		2.79	%^		2.61	%		1.74	%		.88	%		1.49	%		1.79	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class 1
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.15			$ 8.95			$ 10.61			$ 7.52			$ 8.51			$ 8.39
Income From Investment Operations
Net investment income(a)(b)		.11			.20			.15			.13			.10			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.71			(.29	)		(.85	)		3.23			(.93	)		.12
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.82			(.09	)		(.70	)		3.36			(.83	)		.25
Less: Dividends
Dividends from net investment income		(.33	)		(.71	)		(.96	)		(.27	)		(.16	)		(.13	)
Net asset value, end of period		$ 8.64			$ 8.15			$ 8.95			$ 10.61			$ 7.52			$ 8.51
Total Return
Total investment return based on net asset value(d)*		10.23	%		(1.36	)%		(6.85	)%		45.63	%		(9.94	)%		3.14	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$569,683			$569,541			$638,229			$678,946			$470,635			$608,485
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.09	%^		1.09	%		1.08	%		1.08	%		1.10	%		1.09	%
Expenses, before waivers/reimbursements(e)(f)‡		1.13	%^		1.12	%		1.10	%		1.10	%		1.11	%		1.10	%
Net investment income(b)		2.54	%^		2.38	%		1.50	%		1.33	%		1.26	%		1.62	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class Z
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.24			$ 9.04			$ 10.70			$ 7.58			$ 8.58			$ 8.46
Income From Investment Operations
Net investment income(a)(b)		.12			.23			.17			.14			.12			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.71			(.29	)		(.85	)		3.27			(.94	)		.12
Contributions from Affiliates		.00	(c)		– 0	–		.00	(c)		– 0	–		.00	(c)		– 0	–
Net increase (decrease) in net asset value from operations		.83			(.06	)		(.68	)		3.41			(.82	)		.28
Less: Dividends
Dividends from net investment income		(.35	)		(.74	)		(.98	)		(.29	)		(.18	)		(.16	)
Net asset value, end of period		$ 8.72			$ 8.24			$ 9.04			$ 10.70			$ 7.58			$ 8.58
Total Return
Total investment return based on net asset value(d)*		10.26	%		(1.08	)%		(6.64	)%		46.17	%		(9.75	)%		3.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$127,235			$175,368			$324,086			$601,545			$415,967			$487,326
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.85	%^		.85	%		.83	%		.84	%		.85	%		.84	%
Expenses, before waivers/reimbursements(e)(f)‡		.89	%^		.88	%		.85	%		.85	%		.86	%		.85	%
Net investment income(b)		2.79	%^		2.66	%		1.76	%		1.44	%		1.51	%		1.89	%
Portfolio turnover rate		48	%		69	%		79	%		65	%		88	%		100	%
‡  Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.05	%^		.06	%		.03	%		.03	%		.04	%		.02	%

See footnote summary on page 82.

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CONSOLIDATED FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Fund’s investments in affiliated 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 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, and for the six months ended April 30, 2024 and the years ended October 31, 2023, October 31, 2022, October 31, 2021, October 31, 2020 and October 31, 2019, such waiver amounted to .04% (annualized), .03%, .02%, .01%, .01% and .01%, respectively.

(f) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		1.21	%^		1.18	%		1.16	%		1.29	%		1.29	%		1.29	%
Before waivers/reimbursements		1.25	%^		1.21	%		1.18	%		1.39	%		1.40	%		1.32	%
Class C
Net of waivers/reimbursements		1.96	%^		1.93	%		1.94	%		2.04	%		2.04	%		2.04	%
Before waivers/reimbursements		2.00	%^		1.97	%		1.96	%		2.19	%		2.15	%		2.07	%
Advisor Class
Net of waivers/reimbursements		.96	%^		.93	%		.91	%		1.04	%		1.04	%		1.04	%
Before waivers/reimbursements		1.00	%^		.96	%		.93	%		1.17	%		1.14	%		1.07	%
Class R
Net of waivers/reimbursements		1.51	%^		1.52	%		1.53	%		1.54	%		1.54	%		1.54	%
Before waivers/reimbursements		1.63	%^		1.61	%		1.59	%		1.57	%		1.60	%		1.57	%
Class K
Net of waivers/reimbursements		1.26	%^		1.27	%		1.26	%		1.26	%		1.28	%		1.27	%
Before waivers/reimbursements		1.31	%^		1.30	%		1.28	%		1.28	%		1.29	%		1.28	%
Class I
Net of waivers/reimbursements		.84	%^		.84	%		.86	%		.84	%		.86	%		.84	%
Before waivers/reimbursements		.89	%^		.87	%		.88	%		.85	%		.87	%		.85	%
Class 1
Net of waivers/reimbursements		1.09	%^		1.09	%		1.08	%		1.08	%		1.10	%		1.09	%
Before waivers/reimbursements		1.13	%^		1.12	%		1.10	%		1.10	%		1.11	%		1.09	%
Class Z
Net of waivers/reimbursements		.85	%^		.85	%		.83	%		.84	%		.85	%		.83	%
Before waivers/reimbursements		.89	%^		.88	%		.85	%		.85	%		.86	%		.84	%

* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended October 31, 2020 and October 31, 2019 by .02% and .07%, respectively.

+ The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

^ Annualized.

See notes to consolidated financial statements.

82 ^| AB ALL MARKET REAL RETURN PORTFOLIO abfunds.com

BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.^(1)* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Vinod Chathlani⁽²⁾, Vice President Daniel J. Loewy⁽²⁾, Vice President Leon Zhu⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public
Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s All Market Real Return Portfolio Team. Messrs. Chathlani, Loewy and Zhu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

abfunds.com AB ALL MARKET REAL RETURN PORTFOLIO ^| 85

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB All Market Real Return Portfolio (the “Fund”) at meetings held in-person on August 1-2, 2023 and October 31-November 2, 2023 (the “Meetings”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business

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judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution

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expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meetings, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meetings, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5-, and 10-year periods ended May 31, 2023 and July 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative

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expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year. The Adviser had agreed to cap the Fund’s expenses, but the directors noted that the Fund’s expense ratio was currently below the level of the Adviser’s cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund

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by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanation of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meetings. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s asset level (which was well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

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NOTES

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AB ALL MARKET REAL RETURN PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

AMRR-0152-0424  

APR^04.30.24

SEMI-ANNUAL REPORT

AB BOND INFLATION STRATEGY

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

Dear Shareholder,

We’re pleased to provide this report for the AB Bond Inflation Strategy (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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB BOND INFLATION  STRATEGY ^| 1

SEMI-ANNUAL REPORT

June 5, 2024

This report provides management’s discussion of fund performance for the AB Bond Inflation Strategy for the semi-annual reporting period ended April 30, 2024.

The Fund’s investment objective is to maximize real return without assuming what the Adviser considers to be undue risk.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB BOND INFLATION STRATEGY
Class 1 Shares1		4.09%		1.54%
Class 2 Shares1		4.14%		1.54%
Class A Shares		4.01%		1.35%
Class C Shares		3.57%		0.54%
Advisor Class Shares2		4.14%		1.61%
Class R Shares3		3.87%		1.10%
Class K Shares3		4.12%		1.35%
Class I Shares2		4.19%		1.63%
Class Z Shares2		4.22%		1.63%
Bloomberg 1-10 Year TIPS Index		3.22%		0.41%

1 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and 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.

3 Effective May 20, 2024, Class R and Class K were liquidated.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg 1-10 Year Treasury Inflation-Protected Securities (“TIPS”) Index, for the six- and 12-month periods ended April 30, 2024.

During both periods, all share classes of the Fund outperformed the benchmark, before sales charges. In the six-month period, sector allocation was the largest contributor, relative to the benchmark, from allocations to investment-grade and high-yield corporate bonds, asset-backed securities, agency risk-sharing transactions, and Consumer Price Index (“CPI”) swaps. Overall positioning in US TIPS also contributed, as positioning in six-month TIPS contributed more than losses from positioning in two-year

2 ^| AB BOND INFLATION STRATEGY abfunds.com

TIPS. Yield-curve positioning detracted, as losses from yield-curve positioning to the six-month and 10-year parts of the curve lost more than a gain from positioning to the five-year part of the curve. Currency decisions did not impact performance during the period.

Over the 12-month period, sector allocation was the greatest contributor to relative performance, mostly from allocations to investment-grade and high-yield corporate bonds, agency risk-sharing transactions, asset-backed securities, collateralized loan obligations, and CPI swaps that were partially offset by a loss from an allocation to US Treasury futures. Yield-curve positioning also added to performance, as positioning to the 10-year part of the curve outweighed losses from positioning to the six-month and five-year parts of the yield curve. Overall positioning in US TIPS detracted, mainly from positioning to two- to 10-year TIPS that was partially offset by a gain from positioning in six-month TIPS. Currency decisions did not affect results.

During both periods, the Fund used currency forwards to hedge currency risk and actively manage currency positions. Treasury futures and interest rate swaps were used to manage duration, country exposure and yield-curve positioning. CPI swaps were used to hedge inflation and for investment purposes. Credit default swaps were used in the corporate and commercial mortgage-backed securities sectors for hedging and investment purposes.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, developed-market investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. Developed-market high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. Emerging-market hard-currency sovereign bonds significantly outperformed developed-market treasuries, mainly due to the performance of high-yield sovereigns. Emerging-market hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. Emerging-market local-currency bonds trailed other credit risk sectors as the US dollar was mixed against developed- and emerging-market currencies over the period.

abfunds.com AB BOND INFLATION STRATEGY ^| 3

INVESTMENT POLICIES

The Fund seeks real return. Real return is the rate of return after adjusting for inflation. The Fund pursues its objective by investing principally in inflation-indexed securities (such as TIPS or inflation-indexed securities from issuers other than the US Treasury) or by gaining inflation protection through derivatives transactions, such as inflation (CPI) swaps or total return swaps linked to TIPS. In deciding whether to purchase inflation-indexed securities or use inflation-linked derivatives transactions, the Adviser considers the relative costs and efficiency of each method. In addition, in seeking to maximize real return, the Fund may also invest in other fixed-income investments, such as US and non-US government securities, corporate fixed-income securities and mortgage-related securities, as well as derivatives linked to such securities.

Under normal circumstances, the Fund invests at least 80% of its net assets in fixed-income securities. While the Fund expects to invest principally in investment-grade securities, it may invest up to 15% of its total assets in fixed-income securities rated BB or B or the equivalent by at least one nationally recognized statistical rating organization (or deemed by the Adviser to be of comparable credit quality), which are not investment-grade (“junk bonds”).

Inflation-indexed securities are fixed-income securities structured to provide protection against inflation. Their principal value and/or the interest paid on them are adjusted to reflect official inflation measures. The inflation measure for TIPS is the CPI for Urban Consumers. The Fund may also invest in other inflation-indexed securities, issued by both US and non-US issuers, and in derivative instruments linked to these securities.

The Fund may invest in derivatives, such as options, futures contracts, forwards or swaps. The Fund intends to use leverage for investment purposes. To do this, the Fund expects to enter into (i) reverse repurchase agreement transactions and use the cash made available from these transactions to make additional investments in fixed-income securities in accordance with the Fund’s investment policies and (ii) total return swaps. 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 costs of such transactions. The Adviser considers the impact of reverse repurchase agreements, swaps and other 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.

(continued on next page)

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The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

The Fund may also invest in loan participations and assignments; structured securities; mortgage-backed and other asset-backed securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund may invest in fixed-income securities of any maturity and duration. If the rating of a fixed-income security falls below investment-grade, the Fund will not be obligated to sell the security and may continue to hold it if, in the Adviser’s opinion, the investment is appropriate under the circumstances.

abfunds.com AB BOND INFLATION STRATEGY ^| 5

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg 1-10 Year TIPS Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the US Treasury. 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 market or markets in which the Fund invests 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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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DISCLOSURES AND RISKS (continued)

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. Although the Fund invests principally in inflation-indexed securities, the value of its securities may be vulnerable to changes in expectations of inflation or interest rates.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

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.

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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.

Illiquid Investments Risk: Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling

abfunds.com AB BOND INFLATION STRATEGY ^| 7

DISCLOSURES AND RISKS (continued)

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally go down.

Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

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 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.”

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 2.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Class 1 and Class 2 shares do not carry sales charges. 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

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
CLASS 1 SHARES2						2.70%
1 Year		1.54%		1.54%
5 Years		2.95%		2.95%
10 Years		2.41%		2.41%
CLASS 2 SHARES2						2.80%
1 Year		1.54%		1.54%
5 Years		3.05%		3.05%
10 Years		2.50%		2.50%
CLASS A SHARES						2.36%
1 Year		1.35%		-0.90%
5 Years		2.79%		2.32%
10 Years		2.24%		2.01%
CLASS C SHARES						1.67%
1 Year		0.54%		-0.43%
5 Years		2.01%		2.01%
10 Years3		1.48%		1.48%
ADVISOR CLASS SHARES4						2.66%
1 Year		1.61%		1.61%
5 Years		3.04%		3.04%
10 Years		2.51%		2.51%
CLASS R SHARES5						2.06%
1 Year		1.10%		1.10%
5 Years		2.54%		2.54%
10 Years		2.01%		2.01%
CLASS K SHARES5						2.36%
1 Year		1.35%		1.35%
5 Years		2.78%		2.78%
10 Years		2.25%		2.25%
CLASS I SHARES4						2.70%
1 Year		1.63%		1.63%
5 Years		3.05%		3.05%
10 Years		2.51%		2.51%
CLASS Z SHARES4						2.79%
1 Year		1.63%		1.63%
5 Years		3.05%		3.05%
Since Inception6		2.74%		2.74%

(footnotes continued on next page)

abfunds.com AB BOND INFLATION STRATEGY ^| 9

HISTORICAL PERFORMANCE (continued)

The Fund’s prospectus fee table shows the Fund’s total annual operating expense ratios as 0.83%, 0.73%, 1.09%, 1.85%, 0.85%, 1.47%, 1.25%, 0.83% and 0.74% 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 expenses (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 0.60%, 0.50%, 0.75%, 1.50%, 0.50%, 1.00%, 0.75%, 0.50% and 0.50% for Class 1, Class 2, Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2025, 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

2 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and 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.

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

4 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.

5 Effective May 20, 2024, Class R and Class K were liquidated.

6 Inception date: 12/11/2014.

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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS 1 SHARES1
1 Year		2.71%
5 Years		3.30%
10 Years		2.63%
CLASS 2 SHARES1
1 Year		2.72%
5 Years		3.41%
10 Years		2.72%
CLASS A SHARES
1 Year		0.21%
5 Years		2.67%
10 Years		2.23%
CLASS C SHARES
1 Year		0.73%
5 Years		2.38%
10 Years2		1.70%
ADVISOR CLASS SHARES3
1 Year		2.73%
5 Years		3.41%
10 Years		2.72%
CLASS R SHARES4
1 Year		2.22%
5 Years		2.89%
10 Years		2.23%
CLASS K SHARES4
1 Year		2.48%
5 Years		3.13%
10 Years		2.47%
CLASS I SHARES3
1 Year		2.77%
5 Years		3.41%
10 Years		2.73%
CLASS Z SHARES3
1 Year		2.80%
5 Years		3.41%
Since Inception5		2.88%

(footnotes continued on next page)

abfunds.com AB BOND INFLATION STRATEGY ^| 11

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 large Bernstein Global Wealth Management private client accounts and the Adviser’s institutional clients or through other limited arrangements.

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 Effective May 20, 2024, Class R and Class K were liquidated.

5 Inception date: 12/11/2014.

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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.

abfunds.com AB BOND INFLATION  STRATEGY ^| 13

EXPENSE EXAMPLE (continued)

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,040.10	$	4.11		0.81	%
Hypothetical**	$	1,000	$	1,020.84	$	4.07		0.81	%
Class C
Actual	$	1,000	$	1,035.70	$	7.90		1.56	%
Hypothetical**	$	1,000	$	1,017.11	$	7.82		1.56	%
Advisor Class
Actual	$	1,000	$	1,041.40	$	2.84		0.56	%
Hypothetical**	$	1,000	$	1,022.08	$	2.82		0.56	%
Class R
Actual	$	1,000	$	1,038.70	$	5.37		1.06	%
Hypothetical**	$	1,000	$	1,019.59	$	5.32		1.06	%
Class K
Actual	$	1,000	$	1,041.20	$	4.11		0.81	%
Hypothetical**	$	1,000	$	1,020.84	$	4.07		0.81	%
Class I
Actual	$	1,000	$	1,041.90	$	2.84		0.56	%
Hypothetical**	$	1,000	$	1,022.08	$	2.82		0.56	%
Class 1
Actual	$	1,000	$	1,040.90	$	3.35		0.66	%
Hypothetical**	$	1,000	$	1,021.58	$	3.32		0.66	%
Class 2
Actual	$	1,000	$	1,041.40	$	2.84		0.56	%
Hypothetical**	$	1,000	$	1,022.08	$	2.82		0.56	%
Class Z
Actual	$	1,000	$	1,042.20	$	2.84		0.56	%
Hypothetical**	$	1,000	$	1,022.08	$	2.82		0.56	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

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PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $607.9

Total Investments ($mil): $624.7

INFLATION PROTECTION BREAKDOWN¹

U.S. Inflation-Protected Exposure	75.7	%
Non-Inflation Exposure	24.3
	100.0	%

SECTOR BREAKDOWN OF NET PORTFOLIO ASSETS, EXCLUDING TREASURY SECURITIES, TIPS, INTEREST RATE DERIVATIVES AND NET CASH EQUIVALENTS¹

Corporates–Investment Grade	11.4%
Asset-Backed Securities	6.1%
Collateralized Mortgage Obligations	5.7%
Collateralized Loan Obligations	1.7%
Commercial Mortgage-Backed Securities	1.5%
Mortgage Pass-Throughs	0.8%
Corporates–Non-Investment Grade	0.8%
Quasi-Sovereigns	0.4%
Emerging Markets–Corporate Bonds	0.2%
Local Governments–US Municipal Bonds	0.2%
Emerging Markets–Sovereigns	0.1%

SECTOR BREAKDOWN OF TOTAL PORTFOLIO INVESTMENTS, EXCLUDING DERIVATIVES²

Inflation-Linked Securities	71.0%
Corporates–Investment Grade	11.0%
Asset-Backed Securities	5.9%
Collateralized Mortgage Obligations	5.6%
Collateralized Loan Obligations	1.7%
Commercial Mortgage-Backed Securities	1.5%
Mortgage Pass-Throughs	0.8%
Corporates–Non-Investment Grade	0.8%
Quasi-Sovereigns	0.3%
Emerging Markets–Corporate Bonds	0.2%
Local Governments–US Municipal Bonds	0.2%
Emerging Markets–Sovereigns	0.1%
Short-Term Investments	0.9%

1 The Fund’s sector and inflation protection exposure breakdowns are expressed as an approximate percentage of the Fund’s total net assets (and may vary over time) inclusive of derivative exposure except as noted, based on the Adviser’s internal classification.

2 The Fund’s sector breakdown is expressed, based on the Adviser’s internal classification, as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions (not reflected in the table), which may be used for hedging or investment purposes or to adjust the risk profile or exposures of the Fund (see “Portfolio of Investments” section of the report for additional details). Derivative transactions may result in a form of leverage for the Fund. The Fund uses leverage for investment purposes by entering into reverse repurchase agreements. As a result, the Fund’s total investments will generally exceed its net assets.

abfunds.com AB BOND INFLATION STRATEGY ^| 15

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

		Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 72.9%
United States – 72.9%
U.S. Treasury Inflation Index 0.125%, 07/15/2026 (TIPS)	U.S.$		105,761	$	100,687,930
0.125%, 07/15/2030 (TIPS)(a)			271,923		239,504,548
0.125%, 07/15/2031 (TIPS)			11,538		9,944,227
0.25%, 07/15/2029 (TIPS)			11,998		10,861,878
0.625%, 07/15/2032 (TIPS)			3,085		2,715,592
1.375%, 07/15/2033 (TIPS)(b)			74,406		69,046,692
2.50%, 01/15/2029 (TIPS)(a)			10,430		10,521,563
Total Inflation-Linked Securities (cost $457,668,949)					443,282,430
CORPORATES - INVESTMENT GRADE – 11.3%
Financial Institutions – 6.4%
Banking – 5.3%
Ally Financial, Inc. 6.992%, 06/13/2029			575		587,196
American Express Co. 5.098%, 02/16/2028			987		975,857
Banco Bilbao Vizcaya Argentaria SA 5.381%, 03/13/2029			200		197,832
7.883%, 11/15/2034			200		214,596
Banco de Credito del Peru SA 3.125%, 07/01/2030(c)			958		910,914
Banco Santander SA 6.35%, 03/14/2034			200		195,356
6.921%, 08/08/2033			800		818,088
9.625%, 05/21/2033(d)			800		854,008
Bank of America Corp. 2.687%, 04/22/2032			540		445,230
2.972%, 02/04/2033			1,019		840,064
Bank of Ireland Group PLC 5.601%, 03/20/2030(c)			301		294,769
Barclays PLC 5.674%, 03/12/2028			329		326,404
BNP Paribas SA 4.625%, 02/25/2031(c)(d)			489		391,102
5.497%, 05/20/2030(c)			987		969,737
BPCE SA 6.508%, 01/18/2035(c)			1,013		1,002,931
CaixaBank SA 6.037%, 06/15/2035(c)			955		933,493
Capital One Financial Corp. 6.377%, 06/08/2034			949		955,263

16 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Citigroup, Inc. 2.561%, 05/01/2032	U.S.$		1,226	$	999,264
Series AA 7.625%, 11/15/2028(d)			84		86,793
Series W 4.00%, 12/10/2025(d)			504		481,169
Series Y 4.15%, 11/15/2026(d)			480		440,654
Credit Agricole SA 6.251%, 01/10/2035(c)			677		670,250
Deutsche Bank AG/New York NY 3.961%, 11/26/2025			405		399,711
7.146%, 07/13/2027			233		237,576
Discover Bank Series B 5.974%, 08/09/2028			327		319,110
Goldman Sachs Group, Inc. (The) Series P 8.437% (CME Term SOFR 3 Month + 3.14%), 05/31/2024(d)(e)			244		243,754
Series V 4.125%, 11/10/2026(d)			775		715,410
HSBC Holdings PLC 8.113%, 11/03/2033			1,738		1,936,045
Intesa Sanpaolo SpA 7.20%, 11/28/2033(c)			357		373,461
JPMorgan Chase & Co. 2.963%, 01/25/2033			1,484		1,234,584
Lloyds Banking Group PLC 7.50%, 09/27/2025(d)			1,010		1,001,324
Mizuho Financial Group, Inc. 5.376%, 05/26/2030			344		337,880
Morgan Stanley 0.406%, 10/29/2027	EUR		1,030		1,009,927
Natwest Group PLC 6.475%, 06/01/2034	U.S.$		270		271,080
PNC Financial Services Group, Inc. (The) Series R 8.643% (CME Term SOFR 3 Month + 3.30%), 06/01/2024(d)			352		352,109
Santander Holdings USA, Inc. 2.49%, 01/06/2028			497		450,302
6.174%, 01/09/2030			155		154,495
6.499%, 03/09/2029			333		335,841
6.565%, 06/12/2029			2		2,029
7.66%, 11/09/2031			9		9,619

abfunds.com AB BOND INFLATION STRATEGY ^| 17

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Societe Generale SA 5.519%, 01/19/2028(c)	U.S.$		1,012	$	995,535
Standard Chartered PLC 3.971%, 03/30/2026(c)			657		644,195
6.00%, 07/26/2025(c)(d)			1,267		1,238,974
7.101% (CME Term SOFR 3 Month + 1.51%), 01/30/2027(c)(d)(e)			400		377,184
Svenska Handelsbanken AB 4.75%, 03/01/2031(c)(d)			1,400		1,165,696
UBS Group AG 4.194%, 04/01/2031(c)			614		558,801
6.373%, 07/15/2026(c)			1,025		1,028,465
9.25%, 11/13/2033(c)(d)			283		311,085
UniCredit SpA 1.982%, 06/03/2027(c)			204		187,858
2.569%, 09/22/2026(c)			1,071		1,021,477
Wells Fargo & Co. 3.35%, 03/02/2033			1,506		1,270,928
7.625%, 09/15/2028(d)			68		71,008
Series BB 3.90%, 03/15/2026(d)			418		395,992
					32,242,425
Brokerage – 0.2%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(d)			1,366		1,259,028
Finance – 0.3%
Aircastle Ltd. 4.125%, 05/01/2024			232		232,000
5.95%, 02/15/2029(c)			166		163,427
Aviation Capital Group LLC 4.125%, 08/01/2025(c)			7		6,810
4.875%, 10/01/2025(c)			246		241,205
5.50%, 12/15/2024(c)			425		422,535
6.375%, 07/15/2030(c)			245		248,288
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034(c)			627		638,938
					1,953,203
Insurance – 0.3%
Athene Global Funding 1.985%, 08/19/2028(c)			308		262,656
2.55%, 11/19/2030(c)			33		26,897
2.717%, 01/07/2029(c)			94		81,924
5.583%, 01/09/2029(c)			102		101,101

18 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Humana, Inc. 5.375%, 04/15/2031	U.S.$		256	$	249,720
Swiss Re Subordinated Finance PLC 5.698%, 04/05/2035(c)			1,000		967,390
					1,689,688
REITs – 0.3%
American Tower Corp. 5.20%, 02/15/2029			432		424,609
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			949		775,361
4.00%, 01/15/2031			414		361,989
					1,561,959
					38,706,303
Industrial – 4.3%
Basic – 0.2%
Freeport Indonesia PT 4.763%, 04/14/2027(c)			415		400,811
Glencore Funding LLC 5.338%, 04/04/2027(c)			312		308,780
6.50%, 10/06/2033(c)			543		559,665
					1,269,256
Capital Goods – 0.2%
Boeing Co. (The) 3.25%, 02/01/2028			23		20,776
3.625%, 02/01/2031			120		103,135
5.15%, 05/01/2030			108		102,398
6.298%, 05/01/2029(c)			58		58,229
6.528%, 05/01/2034(c)			135		135,996
Embraer Netherlands Finance BV 5.40%, 02/01/2027			590		580,966
					1,001,500
Communications - Media – 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.15%, 11/10/2026			476		477,147
Prosus NV 3.061%, 07/13/2031(c)			240		193,200
3.257%, 01/19/2027(c)			593		545,931
3.68%, 01/21/2030(c)			205		176,684
4.027%, 08/03/2050(c)			775		491,156
Tencent Holdings Ltd. 3.24%, 06/03/2050(c)			655		420,962
					2,305,080

abfunds.com AB BOND INFLATION STRATEGY ^| 19

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Communications - Telecommunications – 0.1%
AT&T, Inc. 4.50%, 05/15/2035	U.S.$		222	$	199,267
T-Mobile USA, Inc. 5.15%, 04/15/2034			532		512,130
					711,397
Consumer Cyclical - Automotive – 0.9%
Cummins, Inc. 5.15%, 02/20/2034			982		962,969
Ford Motor Co. 3.25%, 02/12/2032			532		428,792
Ford Motor Credit Co., LLC 6.125%, 03/08/2034			511		496,774
General Motors Financial Co., Inc. 5.75%, 02/08/2031			999		987,002
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(c)			1,942		1,799,146
Hyundai Capital America 5.25%, 01/08/2027(c)			252		249,094
6.10%, 09/21/2028(c)			486		491,808
					5,415,585
Consumer Cyclical - Retailers – 0.0%
Tapestry, Inc. 7.70%, 11/27/2030			162		167,673
Consumer Non-Cyclical – 0.5%
BAT Capital Corp. 6.421%, 08/02/2033			268		275,453
Bayer US Finance LLC 6.125%, 11/21/2026(c)			230		230,331
Cargill, Inc. 5.125%, 10/11/2032(c)			632		616,371
General Mills, Inc. 4.70%, 01/30/2027			278		272,799
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			1,190		809,640
Pilgrim’s Pride Corp. 6.875%, 05/15/2034			731		758,361
					2,962,955
Energy – 0.9%
Continental Resources, Inc./OK 2.875%, 04/01/2032(c)			1,803		1,440,056
5.75%, 01/15/2031(c)			796		778,735

20 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Ecopetrol SA 8.625%, 01/19/2029	U.S.$		1,134	$	1,180,069
EQT Corp. 5.75%, 02/01/2034			413		400,837
Oleoducto Central SA 4.00%, 07/14/2027(c)			229		211,897
Var Energi ASA 7.50%, 01/15/2028(c)			867		905,070
8.00%, 11/15/2032(c)			680		748,394
					5,665,058
Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033			312		314,013
Technology – 0.7%
Honeywell International, Inc. 4.125%, 11/02/2034	EUR		1,853		2,024,647
Kyndryl Holdings, Inc. 2.05%, 10/15/2026	U.S.$		1,428		1,304,735
TSMC Arizona Corp. 3.875%, 04/22/2027			1,009		967,803
					4,297,185
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)			204		181,951
5.875%, 07/05/2034(c)			257		248,485
					430,436
Transportation - Services – 0.2%
ENA Master Trust 4.00%, 05/19/2048(c)			303		213,331
ERAC USA Finance LLC 4.90%, 05/01/2033(c)			635		602,894
Ryder System, Inc. 5.375%, 03/15/2029			645		639,718
					1,455,943
					25,996,081
Utility – 0.6%
Electric – 0.6%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(c)			352		294,805
Alexander Funding Trust II 7.467%, 07/31/2028(c)			656		684,215
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			1,183		868,239

abfunds.com AB BOND INFLATION STRATEGY ^| 21

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Electricite de France SA 9.125%, 03/15/2033(c)(d)	U.S.$		415	$	451,321
Engie Energia Chile SA 3.40%, 01/28/2030(c)			751		640,697
6.375%, 04/17/2034(c)			240		236,076
Niagara Mohawk Power Corp. 5.29%, 01/17/2034(c)			306		292,597
NRG Energy, Inc. 4.45%, 06/15/2029(c)			148		137,428
Pacific Gas and Electric Co. 5.55%, 05/15/2029			151		149,277
Vistra Operations Co., LLC 6.95%, 10/15/2033(c)			272		283,435
					4,038,090
Total Corporates - Investment Grade (cost $70,853,256)					68,740,474
ASSET-BACKED SECURITIES – 6.1%
Other ABS - Fixed Rate – 3.0%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(c)			1,435		1,245,523
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(c)			14		13,464
Series 2021-Z2, Class A 1.17%, 11/16/2026(c)			82		80,645
Series 2022-X1, Class A 1.75%, 02/15/2027(c)			66		65,340
Series 2024-X1, Class A 6.27%, 05/15/2029(c)			885		885,042
Amur Equipment Finance Receivables XI LLC Series 2022-2A, Class A2 5.30%, 06/21/2028(c)			578		575,634
Atalaya Equipment Leasing Trust Series 2021-1A, Class B 2.08%, 02/15/2027(c)			482		472,970
BHG Securitization Trust Series 2022-A, Class D 3.56%, 02/20/2035(c)			1,350		1,148,418
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(c)			450		405,310
College Ave Student Loans LLC Series 2021-C, Class B 2.72%, 07/26/2055(c)			542		470,405

22 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Dext ABS LLC Series 2021-1, Class B 1.76%, 02/15/2028(c)	U.S.$		197	$	187,527
Series 2023-1, Class A2 5.99%, 03/15/2032(c)			1,970		1,952,057
Diamond Issuer LLC Series 2021-1A, Class A 2.305%, 11/20/2051(c)			2,152		1,903,451
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(c)			433		378,108
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(c)			490		457,567
Series 2020-1A, Class A2 3.981%, 12/20/2050(c)			324		287,518
MVW LLC Series 2021-2A, Class B 1.83%, 05/20/2039(c)			539		494,220
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(c)			1,628		1,399,224
Series 2023-1A, Class A2 7.308%, 01/30/2053(c)			1,940		1,939,459
Nelnet Student Loan Trust Series 2021-CA, Class B 2.53%, 04/20/2062(c)			758		601,295
Series 2021-DA, Class B 2.90%, 04/20/2062(c)			793		642,800
NMEF Funding LLC Series 2022-B, Class A2 6.07%, 06/15/2029(c)			551		551,934
Pagaya AI Debt Trust Series 2024-2, Class A 6.319%, 08/15/2031(c)			915		914,339
Series 2024-3, Class A 6.258%, 10/15/2031(c)			982		980,560
Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031(c)			162		161,461
					18,214,271
Autos - Fixed Rate – 2.9%
ACM Auto Trust Series 2024-1A, Class A 7.71%, 01/21/2031(c)			929		932,432

abfunds.com AB BOND INFLATION STRATEGY ^| 23

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028(c)	U.S.$		249	$	249,440
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(c)			1,294		1,284,950
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			150		140,516
Series 2021-N4, Class D 2.30%, 09/11/2028			600		577,765
Series 2021-P4, Class D 2.61%, 09/11/2028			1,206		1,065,155
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(c)			1,080		1,047,022
Series 2022-A, Class C 2.17%, 04/16/2029(c)			1,765		1,734,622
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(c)			154		149,667
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(c)			1,000		922,218
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(c)			1,660		1,597,211
LAD Auto Receivables Trust Series 2021-1A, Class A 1.30%, 08/17/2026(c)			112		111,313
Series 2022-1A, Class A 5.21%, 06/15/2027(c)			799		796,913
Lendbuzz Securitization Trust Series 2023-2A, Class A2 7.09%, 10/16/2028(c)			964		971,091
Octane Receivables Trust Series 2021-2A, Class B 2.02%, 09/20/2028(c)			1,508		1,428,871
Research-Driven Pagaya Motor Asset Trust VII Series 2022-3A, Class A 5.38%, 11/25/2030(c)			1,016		1,009,365
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032(c)			623		623,225
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(c)			699		695,875

24 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Series 2022-B, Class B 5.721%, 08/16/2032(c)	U.S.$		564	$	563,423
Santander Bank NA – SBCLN Series 2021-1A, Class B 1.833%, 12/15/2031(c)			183		180,369
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027(c)			517		513,821
United Auto Credit Securitization Trust Series 2024-1, Class A 6.17%, 08/10/2026(c)			254		254,010
Westlake Automobile Receivables Trust Series 2023-2A, Class A2A 5.87%, 07/15/2026(c)			965		964,947
					17,814,221
Credit Cards - Fixed Rate – 0.2%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027(c)			987		981,376
Total Asset-Backed Securities (cost $38,995,523)					37,009,868
COLLATERALIZED MORTGAGE OBLIGATIONS – 5.8%
Risk Share Floating Rate – 5.6%
Bellemeade Re Ltd. Series 2019-3A, Class M1C 7.381% (CME Term SOFR 1 Month + 2.06%), 07/25/2029(c)(e)			141		140,944
Series 2021-3A, Class A2 6.33% (CME Term SOFR + 1.00%), 09/25/2031(c)(e)			1,699		1,699,423
Series 2022-1, Class M1B 7.48% (CME Term SOFR + 2.15%), 01/26/2032(c)(e)			1,255		1,260,127
Series 2022-2, Class M1A 9.33% (CME Term SOFR + 4.00%), 09/27/2032(c)(e)			2,594		2,651,063
Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2 7.495% (CME Term SOFR + 2.16%), 01/25/2040(c)(e)			261		267,086
Series 2020-R02, Class 2M2 7.445% (CME Term SOFR + 2.11%), 01/25/2040(c)(e)			123		125,673

abfunds.com AB BOND INFLATION STRATEGY ^| 25

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Series 2022-R01, Class 1M2 7.23% (CME Term SOFR + 1.90%), 12/25/2041(c)(e)	U.S.$		2,899	$	2,927,133
Series 2022-R03, Class 1M2 8.83% (CME Term SOFR + 3.50%), 03/25/2042(c)(e)			2,283		2,398,303
Series 2022-R04, Class 1M2 8.43% (CME Term SOFR + 3.10%), 03/25/2042(c)(e)			573		596,648
Series 2023-R02, Class 1M1 7.63% (CME Term SOFR + 2.30%), 01/25/2043(c)(e)			908		930,017
Eagle Re Ltd. Series 2021-2, Class M1B 7.38% (CME Term SOFR + 2.05%), 04/25/2034(c)(e)			427		427,803
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA2, Class M3 10.245% (CME Term SOFR + 4.91%), 05/25/2028(e)			67		69,189
Series 2021-DNA5, Class M2 6.98% (CME Term SOFR + 1.65%), 01/25/2034(c)(e)			335		336,313
Series 2021-DNA6, Class M2 6.83% (CME Term SOFR + 1.50%), 10/25/2041(c)(e)			2,561		2,568,561
Series 2021-HQA3, Class M1 6.18% (CME Term SOFR + 0.85%), 09/25/2041(c)(e)			825		820,146
Series 2021-HQA4, Class M2 7.68% (CME Term SOFR + 2.35%), 12/25/2041(c)(e)			1,765		1,778,984
Series 2022-DNA1, Class M1B 7.18% (CME Term SOFR + 1.85%), 01/25/2042(c)(e)			1,542		1,554,801
Series 2022-DNA2, Class M1B 7.73% (CME Term SOFR + 2.40%), 02/25/2042(c)(e)			2,468		2,521,831
Series 2022-DNA3, Class M1B 8.23% (CME Term SOFR + 2.90%), 04/25/2042(c)(e)			1,069		1,107,287
Series 2022-DNA4, Class M1B 8.68% (CME Term SOFR + 3.35%), 05/25/2042(c)(e)			2,051		2,148,027
Series 2022-DNA5, Class M1B 9.83% (CME Term SOFR + 4.50%), 06/25/2042(c)(e)			3,681		3,981,425

26 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Series 2024-DNA1, Class M1 6.68% (CME Term SOFR + 1.35%), 02/25/2044(c)(e)	U.S.$		1,296	$	1,297,943
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 1M2 11.145% (CME Term SOFR + 5.81%), 04/25/2028(e)			308		324,593
Series 2021-R02, Class 2M2 7.33% (CME Term SOFR + 2.00%), 11/25/2041(c)(e)			1,221		1,225,906
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.183% (CME Term SOFR 1 Month + 3.86%), 05/30/2025(c)(e)			437		437,316
Series 2019-3R, Class A 9.145% (CME Term SOFR + 3.81%), 11/27/2031(c)(e)			38		37,598
Series 2020-1R, Class A 8.795% (CME Term SOFR + 3.46%), 02/25/2025(c)(e)			140		138,908
Triangle Re Ltd. Series 2021-3, Class M1A 7.23% (CME Term SOFR + 1.90%), 02/25/2034(c)(e)			30		29,660
					33,802,708
Agency Floating Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICs Series 3955, Class SD 1.156% (6.49% – CME Term SOFR), 11/15/2041(e)(f)			1,557		122,156
Series 4693, Class SL 0.706% (6.04% – CME Term SOFR), 06/15/2047(e)(f)			986		108,510
Series 4954, Class SL 0.606% (5.94% – CME Term SOFR), 02/25/2050(e)(f)			1,193		102,725
Series 4981, Class HS 0.656% (5.99% – CME Term SOFR), 06/25/2050(e)(f)			2,431		176,729
Federal National Mortgage Association REMICs Series 2014-78, Class SE 0.656% (5.99% – CME Term SOFR), 12/25/2044(e)(f)			703		59,620
Series 2016-77, Class DS 0.556% (5.89% – CME Term SOFR), 10/25/2046(e)(f)			762		64,488

abfunds.com AB BOND INFLATION STRATEGY ^| 27

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Series 2017-62, Class AS 0.706% (6.04% – CME Term SOFR), 08/25/2047(e)(f)	U.S.$		827	$	77,017
Series 2017-97, Class LS 0.756% (6.09% – CME Term SOFR), 12/25/2047(e)(f)			1,174		123,418
Government National Mortgage Association Series 2017-122, Class SA 0.77% (6.09% – CME Term SOFR 1 Month), 08/20/2047(e)(f)			637		64,370
Series 2017-134, Class MS 0.77% (6.09% – CME Term SOFR 1 Month), 09/20/2047(e)(f)			730		74,856
					973,889
Non-Agency Floating Rate – 0.0%
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.531% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(c)(e)			127		130,882
Total Collateralized Mortgage Obligations (cost $33,989,500)					34,907,479
COLLATERALIZED LOAN OBLIGATIONS – 1.7%
CLO - Floating Rate – 1.7%
AGL CLO 10 Ltd. Series 2021-10A, Class A 6.72% (CME Term SOFR 3 Month + 1.39%), 04/15/2034(c)(e)			250		250,090
AGL CLO 16 Ltd. Series 2021-16A, Class D 8.686% (CME Term SOFR 3 Month + 3.36%), 01/20/2035(c)(e)			650		647,885
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class DR 8.736% (CME Term SOFR 3 Month + 3.41%), 01/20/2032(c)(e)			415		413,922
Series 2021-1A, Class A 6.786% (CME Term SOFR 3 Month + 1.46%), 07/20/2034(c)(e)			1,111		1,113,562
Crown Point CLO 11 Ltd. Series 2021-11A, Class D 9.179% (CME Term SOFR 3 Month + 3.86%), 01/17/2034(c)(e)			400		400,061

28 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Dryden 98 CLO Ltd. Series 2022-98A, Class D 8.425% (CME Term SOFR 3 Month + 3.10%), 04/20/2035(c)(e)	U.S.$		500	$	483,944
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.656% (CME Term SOFR 3 Month + 1.33%), 04/20/2034(c)(e)			1,077		1,079,903
Neuberger Berman Loan Advisers CLO 43 Ltd. Series 2021-43A, Class A 6.709% (CME Term SOFR 3 Month + 1.39%), 07/17/2035(c)(e)			1,354		1,354,807
New Mountain CLO 3 Ltd. Series CLO-3A, Class A 6.766% (CME Term SOFR 3 Month + 1.44%), 10/20/2034(c)(e)			500		500,047
OCP CLO Ltd. Series 2020-18A, Class AR 6.676% (CME Term SOFR 3 Month + 1.35%), 07/20/2032(c)(e)			1,424		1,424,524
Pikes Peak CLO 8 Series 2021-8A, Class A 6.756% (CME Term SOFR 3 Month + 1.43%), 07/20/2034(c)(e)			1,450		1,452,349
Rad CLO 14 Ltd. Series 2021-14A, Class A 6.76% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(c)(e)			291		291,372
Regatta XXIV Funding Ltd. Series 2021-5A, Class D 8.686% (CME Term SOFR 3 Month + 3.36%), 01/20/2035(c)(e)			500		499,994
Sixth Street CLO XVII Ltd. Series 2021-17A, Class A 6.826% (CME Term SOFR 3 Month + 1.50%), 01/20/2034(c)(e)			381		382,195
Total Collateralized Loan Obligations (cost $10,280,034)					10,294,655
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.5%
Non-Agency Floating Rate CMBS – 0.8%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.368% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(c)(e)			1,755		1,747,931

abfunds.com AB BOND INFLATION STRATEGY ^| 29

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
BBCMS Mortgage Trust Series 2020-BID, Class A 7.576% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(c)(e)	U.S.$		1,383	$	1,376,085
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.267% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(c)(e)			185		184,205
Series 2019-IMC, Class E 7.517% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(c)(e)			895		887,676
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.33% (CME Term SOFR + 2.00%), 01/25/2051(c)(e)			96		94,314
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.90% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(c)(e)			391		362,440
					4,652,651
Non-Agency Fixed Rate CMBS – 0.7%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(c)			520		387,188
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.297%, 08/10/2044(c)			19		8,896
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(g)			568		541,085
Series 2021-1, Class A2 2.435%, 08/15/2026(g)			1,421		1,344,081
Series 2021-1, Class AS 2.638%, 08/15/2026(g)			40		36,774
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(g)			1,070		1,051,270
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047			314		301,682
Series 2014-C22, Class XA 0.914%, 09/15/2047(h)			12,301		224
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			78		29,660

30 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class XA 1.176%, 10/15/2048(h)	U.S.$		8,941	$	75,232
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.476%, 12/15/2059			330		287,458
Series 2016-NXS6, Class C 4.537%, 11/15/2049			525		473,437
					4,536,987
Total Commercial Mortgage-Backed Securities (cost $9,696,053)					9,189,638
MORTGAGE PASS-THROUGHS – 0.8%
Agency Fixed Rate 30-Year – 0.8%
Federal National Mortgage Association Series 2022 3.00%, 02/01/2052 (cost $6,244,896)			6,081		5,086,654
CORPORATES - NON-INVESTMENT GRADE – 0.8%
Industrial – 0.7%
Capital Goods – 0.2%
TransDigm, Inc. 6.375%, 03/01/2029(c)			928		922,163
Communications - Media – 0.2%
DISH DBS Corp. 5.75%, 12/01/2028(c)			1,067		723,159
VZ Vendor Financing II BV 2.875%, 01/15/2029(c)	EUR		561		516,684
					1,239,843
Communications - Telecommunications – 0.0%
Altice France SA/France 3.375%, 01/15/2028(c)			307		216,436
Consumer Cyclical - Other – 0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(c)	U.S.$		383		378,205
6.125%, 04/01/2032(c)			220		216,964
					595,169
Consumer Non-Cyclical – 0.1%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(c)	EUR		550		546,278

abfunds.com AB BOND INFLATION STRATEGY ^| 31

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Other Industrial – 0.0%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(c)	U.S.$		270	$	216
Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(c)	EUR		642		658,779
					4,178,884
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(c)(d)	U.S.$		751		737,061
Total Corporates - Non-Investment Grade (cost $5,892,955)					4,915,945
QUASI-SOVEREIGNS – 0.4%
Quasi-Sovereign Bonds – 0.4%
Hungary – 0.2%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(c)			1,197		1,197,000
Mexico – 0.2%
Comision Federal de Electricidad 4.688%, 05/15/2029(c)			1,016		933,450
Total Quasi-Sovereigns (cost $2,209,357)					2,130,450
EMERGING MARKETS - CORPORATE BONDS – 0.2%
Industrial – 0.1%
Basic – 0.0%
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)			125		84,961
Communications - Media – 0.0%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)			427		372,024
Consumer Cyclical - Other – 0.1%
Wynn Macau Ltd. 5.625%, 08/26/2028(c)			483		446,050
Consumer Non-Cyclical – 0.0%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(g)(i)(j)(k)(l)			655		66
					903,101

32 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
Utility – 0.1%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(c)	U.S.$		89	$	87,651
Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029(c)			374		360,854
					448,505
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(c)(m)(n)			276		15,358
Total Emerging Markets - Corporate Bonds (cost $2,117,982)					1,366,964
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.2%
United States – 0.2%
University of California Series 2021-B 3.071%, 05/15/2051 (cost $1,451,422)			1,465		988,481
EMERGING MARKETS - SOVEREIGNS – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(c) (cost $922,000)			922		807,326
		Shares
COMMON STOCKS – 0.1%
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. Special Investment, Series 2, December 2021 - Class U-1(j)(k)(l)			226		74,314
Mt Logan Re Ltd. Special Investment, Series 2, December 2022 - Class U-1(j)(k)(l)			330		172,396
Total Common Stocks (cost $493,491)					246,710

abfunds.com AB BOND INFLATION STRATEGY ^| 33

PORTFOLIO OF INVESTMENTS (continued)

 

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS – 0.0%
Colombia – 0.0%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $247,389)	U.S.$		248	$	191,084
		Shares
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(o)(p)(q) (cost $5,508,596)			5,508,596		5,508,596
Total Investments – 102.8% (cost $646,571,403)					624,666,754
Other assets less liabilities – (2.8)%					(16,751,783	)
Net Assets – 100.0%				$	607,914,971

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		36		June 2024	$	3,967,875	$	(152,019	)
U.S. T-Note 2 Yr (CBT) Futures		662		June 2024		134,158,438		(1,309,305	)
U.S. T-Note 5 Yr (CBT) Futures		536		June 2024		56,141,813		(1,116,429	)
Sold Contracts
U.S. 10 Yr Ultra Futures		119		June 2024		13,116,031		435,881
U.S. Ultra Bond (CBT) Futures		19		June 2024		2,271,688		138,791
							$	(2,003,081	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Deutsche Bank AG	EUR	4,728	USD	5,179		06/12/2024	$	125,173
State Street Bank & Trust Co.	USD	14	EUR	13		06/12/2024		28
							$	125,201

34 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		(5.00	)%		Quarterly		3.55	%		USD	4,390	$	(283,758	)	$	(292,245	)	$	8,487
iTraxx Australia Series 41, 5 Year Index, 06/20/2029*		(1.00	)		Quarterly		0.71			USD	32,150		(448,135	)		(514,725	)		66,590
Sale Contracts
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00			Quarterly		0.53			USD	32,150		713,841			695,497			18,344
												$	(18,052	)	$	(111,473	)	$	93,421

* Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	20,700		07/15/2024	3.440%	CPI#	Maturity	$	273,659	$	– 0	–	$	273,659
USD	64,600		02/26/2025	1.589%	CPI#	Maturity		9,704,687		– 0	–		9,704,687
USD	38,550		02/28/2025	1.527%	CPI#	Maturity		5,910,096		– 0	–		5,910,096
USD	61,010		05/13/2027	3.263%	CPI#	Maturity		124,646		– 0	–		124,646
USD	29,760		07/08/2027	2.770%	CPI#	Maturity		513,785		– 0	–		513,785
USD	29,760		07/08/2027	2.778%	CPI#	Maturity		503,048		– 0	–		503,048
							$	17,029,921	$	– 0	–	$	17,029,921

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	1,160		06/09/2025		2.000%	1 Day SOFR	Annual	$	74,522	$	34,853		$	39,669
USD	2,106		08/04/2025		1.970%	1 Day SOFR	Annual		134,971		71,172			63,799
USD	5,400		10/04/2026		1.170%	1 Day SOFR	Annual		581,298		386,310			194,988
USD	1,080		11/08/2026		1.451%	1 Day SOFR	Annual		106,122		72,168			33,954
USD	1,080		11/09/2026		1.470%	1 Day SOFR	Annual		105,443		72,192			33,251
USD	7,030		04/04/2027		2.235%	1 Day SOFR	Annual		494,689		379,941			114,748
USD	20,920		06/05/2027		0.345%	1 Day SOFR	Annual		3,557,640		2,275,320			1,282,320
USD	715		07/12/2027		2.000%	1 Day SOFR	Annual		76,019		44,885			31,134
USD	5,395		06/04/2029		1.985%	1 Day SOFR	Annual		769,251		467,652			301,599
USD	3,170		09/27/2029		1.300%	1 Day SOFR	Annual		552,641		388,565			164,076
USD	40,300		05/21/2031		1.394%	1 Day SOFR	Annual		8,710,336		5,719,666			2,990,670
USD	1,490		11/10/2035		2.410%	1 Day SOFR	Annual		274,891		165,526			109,365
USD	595		03/06/2042		3.500%	1 Day SOFR	Annual		57,696		– 0	–		57,696
								$	15,495,519	$	10,078,250		$	5,417,269

abfunds.com AB BOND INFLATION STRATEGY ^| 35

PORTFOLIO OF INVESTMENTS (continued)

 

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%		USD	12	$	(1,531	)	$	(1,619	)	$	88
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	4		(510	)		(583	)		73
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	4		(510	)		(466	)		(44	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	12		(1,531	)		(1,475	)		(56	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	19		(2,439	)		(2,268	)		(171	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	11		(1,417	)		(1,213	)		(204	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	6		(737	)		(532	)		(205	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	17		(2,098	)		(1,889	)		(209	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	19		(2,439	)		(2,196	)		(243	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	27		(3,403	)		(3,064	)		(339	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	22		(2,836	)		(2,207	)		(629	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	41		(5,217	)		(4,582	)		(635	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	39		(4,934	)		(4,009	)		(925	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	2		(283	)		(251	)		(32	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	55		(6,919	)		(5,985	)		(934	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	58		(7,373	)		(4,243	)		(3,130	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	76		(9,585	)		(5,633	)		(3,952	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	13		(1,701	)		(1,415	)		(286	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	58		(7,373	)		(6,593	)		(780	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	67		(8,507	)		(7,607	)		(900	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	97		(12,307	)		(9,990	)		(2,317	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	98		(12,364	)		(10,032	)		(2,332	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	320		(40,494	)		(16,494	)		(24,000	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	7		(851	)		(917	)		66
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	7		(851	)		(541	)		(310	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	13		(1,702	)		(1,193	)		(509	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	13		(1,701	)		(1,102	)		(599	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	26		(3,346	)		(2,563	)		(783	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	74		(9,415	)		(7,118	)		(2,297	)

36 ^| AB BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

 

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%		USD	80	$	(10,095	)	$	(6,190	)	$	(3,905	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00	%		USD	85		(10,833	)		(5,421	)		(5,412	)
												$	(175,302	)	$	(119,391	)	$	(55,911	)

* Termination date

REVERSE REPURCHASE AGREEMENTS (see Note D)

Broker	Currency		Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at April 30, 2024
HSBC Securities (USA), Inc.†		USD		14,899		5.41	%		—	$	14,944,073

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on April 30, 2024.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Inflation-Linked Securities

$

14,944,073

$

– 0

–

$

– 0

–

$

– 0

–

$

14,944,073

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

(b) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(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 April 30, 2024, the aggregate market value of these securities amounted to $124,596,899 or 20.5% of net assets.

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

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

(f) Inverse interest only security.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.49% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021 - 08/03/2023	$	550,479	$	541,085		0.09	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021 - 09/06/2022		1,443,056		1,344,081		0.22	%

abfunds.com AB BOND INFLATION STRATEGY ^| 37

PORTFOLIO OF INVESTMENTS (continued)

 

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021 - 04/01/2021	$	40,519	$	36,774		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		1,132,330		1,051,270		0.17	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		01/24/2014 - 01/27/2014		363,153		66		0.00	%

(h) IO – Interest Only.

(i) Defaulted matured security.

(j) Non-income producing security.

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

(l) Fair valued by the Adviser.

(m) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(n) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2024.

(o) Affiliated investments.

(p) 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.

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

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

38 ^| AB BOND INFLATION STRATEGY abfunds.com

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $641,062,807)	$	619,158,158
Affiliated issuers (cost $5,508,596)		5,508,596
Cash		45,953
Cash collateral due from broker		8,520,233
Foreign currencies, at value (cost $8,482)		8,443
Interest receivable		1,848,262
Receivable for variation margin on centrally cleared swaps		1,014,419
Receivable for capital stock sold		694,779
Receivable for investment securities sold		207,592
Unrealized appreciation on forward currency exchange contracts		125,201
Receivable due from Adviser		99,924
Affiliated dividends receivable		25,292
Total assets		637,256,852
Liabilities
Payable for reverse repurchase agreements		14,944,073
Payable for investment securities purchased		12,196,224
Payable for capital stock redeemed		732,483
Payable for variation margin on futures		361,899
Advisory fee payable		251,805
Market value on credit default swaps (net premiums received $119,391)		175,302
Distribution fee payable		39,641
Administrative fee payable		27,971
Transfer Agent fee payable		20,739
Foreign capital gains tax payable		3,705
Directors’ fees payable		1,188
Accrued expenses		586,851
Total liabilities		29,341,881
Net Assets	$	607,914,971
Composition of Net Assets
Capital stock, at par	$	60,086
Additional paid-in capital		741,028,613
Accumulated loss		(133,173,728	)
Net Assets	$	607,914,971

See notes to financial statements.

abfunds.com AB BOND INFLATION STRATEGY ^| 39

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	$	39,210,236		3,821,712	$	10.26	*
C	$	6,255,814		631,709	$	9.90
Advisor	$	196,444,692		19,117,375	$	10.28
R	$	2,495,924		242,399	$	10.30
K	$	2,885,804		281,389	$	10.26
I	$	6,262,653		617,808	$	10.14
1	$	297,044,935		29,657,668	$	10.02
2	$	36,824,445		3,678,083	$	10.01
Z	$	20,490,468		2,037,723	$	10.06

* The maximum offering price per share for Class A shares was $10.50 which reflects a sales charge of 2.25%.

See notes to financial statements.

40 ^| AB BOND INFLATION STRATEGY abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	13,516,240
Dividends
Unaffiliated issuers		219,196
Affiliated issuers		204,451		$	13,939,887
Expenses
Advisory fee (see Note B)		1,630,605
Distribution fee—Class A		55,098
Distribution fee—Class C		36,196
Distribution fee—Class R		6,026
Distribution fee—Class K		4,826
Distribution fee—Class 1		162,106
Transfer agency—Class A		34,497
Transfer agency—Class C		5,679
Transfer agency—Advisor Class		163,082
Transfer agency—Class R		3,133
Transfer agency—Class K		3,793
Transfer agency—Class I		3,485
Transfer agency—Class 1		27,769
Transfer agency—Class 2		3,266
Transfer agency—Class Z		2,310
Custody and accounting		98,590
Registration fees		79,215
Audit and tax		57,955
Administrative		53,581
Printing		46,609
Legal		22,272
Directors’ fees		12,822
Miscellaneous		20,135
Total expenses before interest expense		2,533,050
Interest expense		214,320
Total expenses		2,747,370
Less: expenses waived and reimbursed by the Adviser (see Note B)		(644,036	)
Net expenses					2,103,334
Net investment income					11,836,553

See notes to financial statements.

abfunds.com AB BOND INFLATION STRATEGY ^| 41

STATEMENT OF OPERATIONS (continued)

 

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions(a)	$	(3,408,982	)
Forward currency exchange contracts		15,799
Futures		(252,112	)
Swaps		(656,591	)
Foreign currency transactions		(220,009	)
Net change in unrealized appreciation (depreciation) of:
Investments		16,992,231
Forward currency exchange contracts		106,415
Futures		71,242
Swaps		3,138,829
Foreign currency denominated assets and liabilities		16,689
Net gain on investment and foreign currency transactions		15,803,511
Net Increase in Net Assets from Operations	$	27,640,064

(a) Net of foreign realized capital gains taxes of $2,921.

See notes to financial statements.

42 ^| AB BOND INFLATION STRATEGY abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	11,836,553		$	36,906,876
Net realized loss on investment and foreign currency transactions		(4,521,895	)		(98,734,747	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		20,325,406			84,223,181
Net increase in net assets from operations		27,640,064			22,395,310
Distributions to Shareholders
Class A		(691,392	)		(2,383,662	)
Class C		(93,641	)		(415,252	)
Advisor Class		(3,589,136	)		(15,525,103	)
Class R		(35,714	)		(97,892	)
Class K		(63,340	)		(199,485	)
Class I		(100,187	)		(259,635	)
Class 1		(5,457,630	)		(16,743,802	)
Class 2		(679,735	)		(2,102,742	)
Class Z		(303,804	)		(522,386	)
Capital Stock Transactions
Net decrease		(93,345,161	)		(358,017,074	)
Total decrease		(76,719,676	)		(373,871,723	)
Net Assets
Beginning of period		684,634,647			1,058,506,370
End of period	$	607,914,971		$	684,634,647

See notes to financial statements.

abfunds.com AB BOND INFLATION STRATEGY ^| 43

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Bond Inflation Strategy (the “Fund”), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2. Class B and Class T shares have not been issued. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. At a meeting held on October 31-November 2, 2023, the Company’s Board of Directors (the “Board”) approved the discontinuance of the offering of Class K and Class R shares of the Fund to new investors and the liquidation of the assets corresponding to such classes. Effective May 20, 2024, Class R and Class K were liquidated. Class A shares are sold with a maximum sales charge of 2.25% and purchases in amounts of $500,000 or more, or by certain group retirement plans, may be subject to a 1%, 18-month contingent deferred sales charge, which may be subject to waiver in certain circumstances. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R, Class K, and Class 1 shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I, Class 2 and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

44 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives

abfunds.com AB BOND INFLATION STRATEGY ^| 45

NOTES TO FINANCIAL STATEMENTS (continued)

are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

46 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a

abfunds.com AB BOND INFLATION STRATEGY ^| 47

NOTES TO FINANCIAL STATEMENTS (continued)

valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Inflation-Linked Securities

$

– 0

–

$

443,282,430

$

– 0

–

$

443,282,430

Corporates – Investment Grade

– 0

–

68,740,474

– 0

–

68,740,474

Asset-Backed Securities

– 0

–

37,009,868

– 0

–

37,009,868

Collateralized Mortgage Obligations

– 0

–

34,907,479

– 0

–

34,907,479

Collateralized Loan Obligations

– 0

–

10,294,655

– 0

–

10,294,655

Commercial Mortgage-Backed Securities

– 0

–

9,189,638

– 0

–

9,189,638

Mortgage Pass-Throughs

– 0

–

5,086,654

– 0

–

5,086,654

Corporates – Non-Investment Grade

– 0

–

4,915,945

– 0

–

4,915,945

Quasi-Sovereigns

– 0

–

2,130,450

– 0

–

2,130,450

Emerging Markets – Corporate Bonds

– 0

–

1,366,898

66

1,366,964

Local Governments – US Municipal Bonds

– 0

–

988,481

– 0

–

988,481

Emerging Markets – Sovereigns

– 0

–

807,326

– 0

–

807,326

Common Stocks

– 0

–

– 0

–

246,710

246,710

Governments – Sovereign Bonds

– 0

–

191,084

– 0

–

191,084

Short-Term Investments

5,508,596

– 0

–

– 0

–

5,508,596

Total Investments in Securities

5,508,596

618,911,382

246,776

624,666,754

Other Financial Instruments(a):

Assets:

Futures

574,672

– 0

–

– 0

–

574,672

(b)

Forward Currency Exchange Contracts

– 0

–

125,201

– 0

–

125,201

Centrally Cleared Credit Default Swaps

– 0

–

713,841

– 0

–

713,841

(b)

Centrally Cleared Inflation (CPI) Swaps

– 0

–

17,029,921

– 0

–

17,029,921

(b)

Centrally Cleared Interest Rate Swaps

– 0

–

15,495,519

– 0

–

15,495,519

(b)

48 ^| AB BOND INFLATION STRATEGY abfunds.com

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Investments in Securities:	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(2,577,753	)	$	– 0	–	$	– 0	–	$	(2,577,753	)(b)
Centrally Cleared Credit Default Swaps		– 0	–		(731,893	)		– 0	–		(731,893	)(b)
Credit Default Swaps		– 0	–		(175,302	)		– 0	–		(175,302	)
Reverse Repurchase Agreements		(14,944,073	)		– 0	–		– 0	–		(14,944,073	)
Total	$	(11,438,558	)	$	651,368,669		$	246,776		$	640,176,887

(a) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net

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NOTES TO FINANCIAL STATEMENTS (continued)

investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

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8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (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), on an annual basis (“Expense Caps”) to .75%, 1.50%, .50%, 1.00%, .75%, .50%, .60%, .50% and .50% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K, Class I, Class 1, Class 2, and Class Z shares, respectively. This fee waiver and/or expense reimbursement agreement will remain in effect until January 31, 2025 and then may be extended for additional one-year terms. For the six months ended April 30, 2024, such reimbursement amounted to $638,196.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $53,581.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $75,626 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $943 from the sale of Class A shares and received $2,024 and $0 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and

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NOTES TO FINANCIAL STATEMENTS (continued)

bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $5,840.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	– 0	–	$	116,461	$	110,952	$	5,509	$	204

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares, .25% of the Fund’s average daily net assets attributable to Class K shares and .10% of the Fund’s average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the Advisor Class, Class I, Class 2 and Class Z shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $174,677, $65,063, $62,218 and $1,583,361 for Class C, Class R, Class K and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable

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NOTES TO FINANCIAL STATEMENTS (continued)

under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	40,071,847	$	45,894,846
U.S. government securities		106,192,496		163,437,372

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	25,258,783
Gross unrealized depreciation		(26,556,612	)
Net unrealized depreciation	$	(1,297,829	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

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At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from

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the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a

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component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the

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Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended April 30, 2024, the Fund held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of the Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended April 30, 2024, the Fund held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts

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received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

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The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	574,672	*	Payable for variation margin on futures	$	2,577,753	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		93,421	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		22,447,190	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		125,201
Credit contracts					Market value on credit default swaps		175,302
Total		$	23,240,484			$	2,753,055

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(252,112	)	$	71,242
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		15,799			106,415
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(361,992	)		3,158,246
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(294,599	)		(19,417	)
Total		$	(892,904	)	$	3,316,486

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	209,263,645
Average notional amount of sale contracts	$	9,687,420
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	1,191,963	(a)
Average principal amount of sale contracts	$	6,160,109
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	90,441,000
Centrally Cleared Inflation Swaps:
Average notional amount	$	245,665,714
Credit Default Swaps:
Average notional amount of sale contracts	$	1,422,367
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	36,659,357
Average notional amount of sale contracts	$	32,245,606

(a) Positions were open for three months during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

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All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Deutsche Bank AG	$	125,173	$	(82,746	)	$	– 0	–	$	– 0	–	$	42,427
State Street Bank & Trust Co.		28		– 0	–		– 0	–		– 0	–		28
Total	$	125,201	$	(82,746	)	$	– 0	–	$	– 0	–	$	42,455	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citigroup Global Markets, Inc.	$	29,602	$	– 0	–	$	– 0	–	$	– 0	–	$	29,602
Credit Suisse International		24,160		– 0	–		(24,160	)		– 0	–		– 0	–
Deutsche Bank AG		82,746		(82,746	)		– 0	–		– 0	–		– 0	–
Goldman Sachs International		27,961		– 0	–		– 0	–		(27,961	)		– 0	–
Morgan Stanley Capital Services LLC		10,833		– 0	–		– 0	–		– 0	–		10,833
Total	$	175,302	$	(82,746	)	$	(24,160	)	$	(27,961	)	$	40,435	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

See Note D.3 for additional disclosure of netting arrangements regarding reverse repurchase agreements.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities

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denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other master agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended April 30, 2024, the average amount of reverse repurchase agreements outstanding was $7,269,876 and the daily weighted average interest rate was 5.42%. At April 30, 2024, the Fund had reverse repurchase agreements outstanding in the amount of $14,944,073 as reported on the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of April 30, 2024:

Counterparty	RVP Liabilities Subject to a MRA		Securities Collateral Pledged†*			Net Amount of RVP Liabilities
HSBC Securities (USA), Inc.	$	14,944,073	$	(14,756,561	)	$	187,512

† Including accrued interest.

* The actual collateral pledged may be more than the amount reported due to overcollateralization.

62 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		517,815			1,374,148		$	5,334,021		$	14,206,566
Shares issued in reinvestment of dividends		51,480			177,750			525,223			1,841,367
Shares converted from Class C		23,375			25,396			240,202			260,530
Shares redeemed		(1,450,497	)		(3,113,596	)		(14,977,449	)		(32,165,303	)
Net decrease		(857,827	)		(1,536,302	)	$	(8,878,003	)	$	(15,856,840	)
Class C
Shares sold		2,550			107,722		$	25,438		$	1,079,055
Shares issued in reinvestment of dividends		8,035			34,730			79,132			348,336
Shares converted to Class A		(24,212	)		(26,256	)		(240,202	)		(260,530	)
Shares redeemed		(178,594	)		(846,986	)		(1,773,750	)		(8,475,373	)
Net decrease		(192,221	)		(730,790	)	$	(1,909,382	)	$	(7,308,512	)
Advisor Class
Shares sold		4,137,485			8,103,379		$	42,646,543		$	84,039,313
Shares issued in reinvestment of dividends		252,614			1,049,467			2,583,496			10,891,755
Shares redeemed		(7,296,129	)		(36,258,220	)		(75,138,142	)		(377,020,172	)
Net decrease		(2,906,030	)		(27,105,374	)	$	(29,908,103	)	$	(282,089,104	)
Class R
Shares sold		62,362			62,283		$	647,606		$	647,299
Shares issued in reinvestment of dividends		3,482			9,426			35,714			97,891
Shares redeemed		(63,064	)		(87,272	)		(647,966	)		(905,130	)
Net increase (decrease)		2,780			(15,563	)	$	35,354		$	(159,940	)

abfunds.com AB BOND INFLATION STRATEGY ^| 63

NOTES TO FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class K
Shares sold		71,644			131,607		$	739,374		$	1,359,848
Shares issued in reinvestment of dividends		6,216			19,301			63,340			199,485
Shares redeemed		(252,099	)		(120,706	)		(2,586,115	)		(1,233,703	)
Net increase (decrease)		(174,239	)		30,202		$	(1,783,401	)	$	325,630
Class I
Shares sold		181,584			260,243		$	1,844,439		$	2,649,082
Shares issued in reinvestment of dividends		9,923			25,398			100,187			259,635
Shares redeemed		(133,182	)		(356,853	)		(1,348,672	)		(3,634,655	)
Net increase (decrease)		58,325			(71,212	)	$	595,954		$	(725,938	)
Class 1
Shares sold		2,518,815			6,139,563		$	25,335,404		$	62,318,139
Shares issued in reinvestment of dividends		393,760			1,228,769			3,923,635			12,427,665
Shares redeemed		(8,071,592	)		(11,321,158	)		(81,088,603	)		(114,476,455	)
Net decrease		(5,159,017	)		(3,952,826	)	$	(51,829,564	)	$	(39,730,651	)
Class 2
Shares sold		301,055			394,500		$	3,025,832		$	4,022,442
Share issued in reinvestment of dividends		60,981			178,128			607,531			1,800,737
Shares redeemed		(937,181	)		(2,212,509	)		(9,414,745	)		(22,375,665	)
Net decrease		(575,145	)		(1,639,881	)	$	(5,781,382	)	$	(16,552,486	)
Class Z
Shares sold		898,561			637,043		$	9,033,582		$	6,411,147
Share issued in reinvestment of dividends		30,229			51,428			303,138			521,312
Shares redeemed		(319,966	)		(281,603	)		(3,223,354	)		(2,851,692	)
Net increase		608,824			406,868		$	6,113,366		$	4,080,767

64 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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. Although the Fund invests principally in inflation-indexed securities, the value of its securities may be vulnerable to changes in expectations of inflation or interest rates.

abfunds.com AB BOND INFLATION STRATEGY ^| 65

NOTES TO FINANCIAL STATEMENTS (continued)

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling

66 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”)

abfunds.com AB BOND INFLATION STRATEGY ^| 67

NOTES TO FINANCIAL STATEMENTS (continued)

intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	38,249,959		$	68,537,505
Net long-term capital gains		– 0	–		3,796,204
Total taxable distributions paid	$	38,249,959		$	72,333,709

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,428,427
Accumulated capital and other losses		(129,498,099	)(a)
Unrealized appreciation (depreciation)		(22,437,122	)(b)
Total accumulated earnings (deficit)	$	(149,506,794	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $129,498,099.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $57,636,641 and a net long-term capital loss carryforward of $71,861,458, which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform

68 ^| AB BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

(Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

abfunds.com AB BOND INFLATION STRATEGY ^| 69

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.02			$ 10.29			$ 11.97			$ 11.56			$ 10.95			$ 10.47
Income From Investment Operations
Net investment income(a)(b)		.17			.43			.64			.51			.25			.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.23			(.26	)		(1.66	)		.35			.59			.52
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.40			.17			(1.02	)		.86			.84			.73
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.44	)		(.62	)		(.45	)		(.23	)		(.24	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.16	)		(.44	)		(.66	)		(.45	)		(.23	)		(.25	)
Net asset value, end of period		$ 10.26			$ 10.02			$ 10.29			$ 11.97			$ 11.56			$ 10.95
Total Return
Total investment return based on net asset value(d)		4.01	%		1.70	%		(8.93	)%		7.63	%		7.64	%		7.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,210			$46,881			$63,936			$54,687			$31,248			$38,422
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.81	%^		.86	%		.84	%		.78	%		.91	%		1.25	%
Expenses, before waivers/reimbursements(e)		1.09	%^		1.09	%		1.04	%		1.00	%		1.18	%		1.51	%
Net investment income(b)		3.38	%^		4.16	%		5.69	%		4.29	%		2.26	%		1.93	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

70 ^| AB BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.68			$ 9.96			$ 11.63			$ 11.25			$ 10.67			$ 10.24
Income From Investment Operations
Net investment income(a)(b)		.13			.33			.54			.44			.18			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.21			(.24	)		(1.62	)		.31			.56			.49
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.34			.09			(1.08	)		.75			.74			.62
Less: Dividends and Distributions
Dividends from net investment income		(.12	)		(.37	)		(.55	)		(.37	)		(.16	)		(.19	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.12	)		(.37	)		(.59	)		(.37	)		(.16	)		(.19	)
Net asset value, end of period		$ 9.90			$ 9.68			$ 9.96			$ 11.63			$ 11.25			$ 10.67
Total Return
Total investment return based on net asset value(d)		3.57	%		.85	%		(9.58	)%		6.87	%		6.92	%		6.18	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,256			$7,973			$15,480			$12,915			$3,823			$2,607
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.56	%^		1.62	%		1.59	%		1.53	%		1.64	%		1.99	%
Expenses, before waivers/reimbursements(e)		1.84	%^		1.85	%		1.78	%		1.75	%		1.91	%		2.26	%
Net investment income(b)		2.68	%^		3.33	%		4.91	%		3.79	%		1.62	%		1.28	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

abfunds.com AB BOND INFLATION STRATEGY ^| 71

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.03			$ 10.30			$ 11.99			$ 11.57			$ 10.96			$ 10.49
Income From Investment Operations
Net investment income(a)(b)		.19			.44			.67			.57			.27			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.23			(.25	)		(1.67	)		.33			.60			.48
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.42			.19			(1.00	)		.90			.87			.75
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.46	)		(.65	)		(.48	)		(.26	)		(.27	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.17	)		(.46	)		(.69	)		(.48	)		(.26	)		(.28	)
Net asset value, end of period		$ 10.28			$ 10.03			$ 10.30			$ 11.99			$ 11.57			$ 10.96
Total Return
Total investment return based on net asset value(d)		4.14	%		1.93	%		(8.72	)%		7.98	%		7.93	%		7.21	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$196,445			$220,987			$506,033			$475,604			$135,677			$168,440
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.56	%^		.62	%		.59	%		.53	%		.66	%		.97	%
Expenses, before waivers/reimbursements(e)		.84	%^		.85	%		.78	%		.74	%		.92	%		1.24	%
Net investment income(b)		3.75	%^		4.23	%		5.95	%		4.76	%		2.44	%		2.47	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

72 ^| AB BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class R
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.05			$ 10.32			$ 12.00			$ 11.57			$ 10.93			$ 10.46
Income From Investment Operations
Net investment income(a)(b)		.17			.41			.61			.45			.21			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.23			(.27	)		(1.67	)		.38			.62			.49
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.40			.14			(1.06	)		.83			.83			.69
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.41	)		(.58	)		(.40	)		(.19	)		(.22	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.15	)		(.41	)		(.62	)		(.40	)		(.19	)		(.22	)
Net asset value, end of period		$ 10.30			$ 10.05			$ 10.32			$ 12.00			$ 11.57			$ 10.93
Total Return
Total investment return based on net asset value(d)		3.87	%		1.41	%		(9.15	)%		7.44	%		7.61	%(f)		6.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,496			$2,409			$2,633			$2,369			$3,066			$6,992
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.06	%^		1.11	%		1.09	%		1.04	%		1.21	%		1.47	%
Expenses, before waivers/reimbursements(e)		1.45	%^		1.47	%		1.43	%		1.40	%		1.58	%		1.83	%
Net investment income(b)		3.39	%^		3.99	%		5.36	%		3.74	%		1.88	%		1.88	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

abfunds.com AB BOND INFLATION STRATEGY ^| 73

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class K
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.01			$ 10.28			$ 11.96			$ 11.54			$ 10.92			$ 10.45
Income From Investment Operations
Net investment income(a)(b)		.17			.44			.61			.52			.27			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.24			(.27	)		(1.64	)		.34			.58			.54
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.41			.17			(1.03	)		.86			.85			.71
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.44	)		(.61	)		(.44	)		(.23	)		(.23	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.16	)		(.44	)		(.65	)		(.44	)		(.23	)		(.24	)
Net asset value, end of period		$ 10.26			$ 10.01			$ 10.28			$ 11.96			$ 11.54			$ 10.92
Total Return
Total investment return based on net asset value(d)		4.12	%		1.58	%		(8.94	)%		7.64	%		7.74	%		6.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,886			$4,562			$4,373			$7,420			$6,790			$5,051
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.81	%^		.86	%		.82	%		.78	%		.89	%		1.27	%
Expenses, before waivers/reimbursements(e)		1.12	%^		1.25	%		1.10	%		1.09	%		1.21	%		1.57	%
Net investment income(b)		3.31	%^		4.27	%		5.33	%		4.34	%		2.40	%		1.61	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

74 ^| AB BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class I
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.90			$ 10.17			$ 11.84			$ 11.44			$ 10.84			$ 10.38
Income From Investment Operations
Net investment income(a)(b)		.20			.46			.66			.51			.27			.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.21			(.26	)		(1.64	)		.37			.59			.49
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.41			.20			(.98	)		.88			.86			.74
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.47	)		(.65	)		(.48	)		(.26	)		(.27	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.17	)		(.47	)		(.69	)		(.48	)		(.26	)		(.28	)
Net asset value, end of period		$ 10.14			$ 9.90			$ 10.17			$ 11.84			$ 11.44			$ 10.84
Total Return
Total investment return based on net asset value(d)		4.19	%		1.88	%		(8.67	)%		7.88	%		7.97	%		7.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$6,263			$5,539			$6,414			$6,093			$8,297			$9,893
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.56	%^		.61	%		.59	%		.53	%		.65	%		.94	%
Expenses, before waivers/reimbursements(e)		.81	%^		.83	%		.78	%		.74	%		.88	%		1.18	%
Net investment income(b)		3.89	%^		4.50	%		5.92	%		4.31	%		2.42	%		2.40	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

abfunds.com AB BOND INFLATION STRATEGY ^| 75

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class 1
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.78			$ 10.06			$ 11.73			$ 11.35			$ 10.77			$ 10.33
Income From Investment Operations
Net investment income(a)(b)		.18			.44			.64			.52			.26			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.23			(.26	)		(1.62	)		.34			.59			.48
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.41			.18			(.98	)		.86			.85			.72
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.46	)		(.65	)		(.48	)		(.27	)		(.27	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.17	)		(.46	)		(.69	)		(.48	)		(.27	)		(.28	)
Net asset value, end of period		$ 10.02			$ 9.78			$ 10.06			$ 11.73			$ 11.35			$ 10.77
Total Return
Total investment return based on net asset value(d)		4.09	%		1.84	%		(8.75	)%		7.77	%		7.84	%		7.18	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$297,045			$340,649			$390,055			$377,333			$312,381			$319,282
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.66	%^		.71	%		.69	%		.63	%		.75	%		1.07	%
Expenses, before waivers/reimbursements(e)		.80	%^		.83	%		.78	%		.75	%		.88	%		1.20	%
Net investment income(b)		3.58	%^		4.34	%		5.76	%		4.44	%		2.42	%		2.31	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

76 ^| AB BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class 2
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.78			$ 10.06			$ 11.73			$ 11.34			$ 10.76			$ 10.32
Income From Investment Operations
Net investment income(a)(b)		.19			.44			.64			.53			.28			.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.21			(.25	)		(1.61	)		.35			.58			.48
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.40			.19			(.97	)		.88			.86			.74
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.47	)		(.66	)		(.49	)		(.28	)		(.29	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.17	)		(.47	)		(.70	)		(.49	)		(.28	)		(.30	)
Net asset value, end of period		$ 10.01			$ 9.78			$ 10.06			$ 11.73			$ 11.34			$ 10.76
Total Return
Total investment return based on net asset value(d)		4.14	%		1.94	%		(8.77	)%		7.98	%		7.96	%		7.19	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$36,824			$41,599			$59,262			$66,348			$60,289			$58,829
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.56	%^		.61	%		.58	%		.53	%		.65	%		.96	%
Expenses, before waivers/reimbursements(e)		.70	%^		.73	%		.67	%		.65	%		.78	%		1.09	%
Net investment income(b)		3.76	%^		4.38	%		5.75	%		4.51	%		2.53	%		2.45	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

abfunds.com AB BOND INFLATION STRATEGY ^| 77

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class Z
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.82			$ 10.10			$ 11.77			$ 11.38			$ 10.80			$ 10.35
Income From Investment Operations
Net investment income(a)(b)		.19			.46			.67			.56			.24			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.22			(.27	)		(1.65	)		.32			.62			.47
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.41			.19			(.98	)		.88			.86			.74
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.47	)		(.65	)		(.49	)		(.28	)		(.28	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–
Return of capital		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		(.01	)
Total dividends and distributions		(.17	)		(.47	)		(.69	)		(.49	)		(.28	)		(.29	)
Net asset value, end of period		$ 10.06			$ 9.82			$ 10.10			$ 11.77			$ 11.38			$ 10.80
Total Return
Total investment return based on net asset value(d)		4.22	%		1.83	%		(8.65	)%		7.94	%		7.92	%		7.26	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$20,490			$14,036			$10,320			$20,910			$11,016			$32,606
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.56	%^		.60	%		.58	%		.53	%		.67	%		.96	%
Expenses, before waivers/reimbursements(e)		.71	%^		.74	%		.68	%		.65	%		.81	%		1.10	%
Net investment income(b)		3.87	%^		4.53	%		6.02	%		4.81	%		2.16	%		2.50	%
Portfolio turnover rate		23	%		125	%		79	%		62	%		48	%		40	%

See footnote summary on page 79.

78 ^| AB BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.75	%^		.75	%		.75	%		.75	%		.75	%		.75	%
Before waivers/reimbursements		1.03	%^		.98	%		.95	%		.97	%		1.01	%		1.02	%
Class C
Net of waivers/reimbursements		1.50	%^		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Before waivers/reimbursements		1.78	%^		1.73	%		1.69	%		1.72	%		1.77	%		1.77	%
Advisor Class
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.78	%^		.73	%		.69	%		.72	%		.77	%		.77	%
Class R
Net of waivers/reimbursements		1.00	%^		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Before waivers/reimbursements		1.38	%^		1.37	%		1.34	%		1.36	%		1.37	%		1.36	%
Class K
Net of waivers/reimbursements		.75	%^		.75	%		.75	%		.75	%		.75	%		.75	%
Before waivers/reimbursements		1.06	%^		1.14	%		1.02	%		1.05	%		1.07	%		1.04	%
Class I
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.74	%^		.72	%		.69	%		.71	%		.73	%		.73	%
Class 1
Net of waivers/reimbursements		.60	%^		.60	%		.60	%		.60	%		.60	%		.60	%
Before waivers/reimbursements		.74	%^		.72	%		.69	%		.72	%		.73	%		.73	%
Class 2
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.64	%^		.62	%		.59	%		.62	%		.63	%		.63	%
Class Z
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.65	%^		.63	%		.60	%		.62	%		.63	%		.64	%

(f) The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

^ Annualized.

See notes to financial statements.

abfunds.com AB BOND INFLATION STRATEGY ^| 79

BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Michael Canter⁽²⁾, Vice President Michael Rosborough⁽²⁾, Vice President Serena Zhou⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1,
Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public
Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s U.S. Multi-Sector Fixed-Income Team. Messrs. Canter and Rosborough and Ms. Zhou are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

80 ^| AB BOND INFLATION STRATEGY abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

abfunds.com AB BOND INFLATION STRATEGY ^| 81

have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

82 ^| AB BOND INFLATION STRATEGY abfunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Bond Inflation Strategy (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business

abfunds.com AB BOND INFLATION  STRATEGY ^| 83

judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution

84 ^| AB BOND INFLATION STRATEGY abfunds.com

expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. The directors also noted the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

abfunds.com AB BOND INFLATION  STRATEGY ^| 85

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and

86 ^| AB BOND INFLATION STRATEGY abfunds.com

discussing the Adviser’s explanation of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

abfunds.com AB BOND INFLATION  STRATEGY ^| 87

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

88 ^| AB BOND INFLATION STRATEGY abfunds.com

AB BOND INFLATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

BIS-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB INCOME FUND

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

Dear Shareholder,

We’re pleased to provide this report for the AB Income Fund (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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB INCOME FUND ^| 1

SEMI-ANNUAL REPORT

June 13, 2024

This report provides management’s discussion of fund performance for the AB Income Fund for the semi-annual reporting period ended April 30, 2024.

The investment objective of the Fund is to seek high current income consistent with preservation of capital.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB INCOME FUND
Class A Shares		5.81%		-0.49%
Class C Shares		5.41%		-1.09%
Advisor Class Shares1		5.94%		-0.09%
Class Z Shares1		5.93%		-0.09%
Bloomberg US Aggregate Bond Index		4.97%		-1.47%

1 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, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund’s Predecessor Fund.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended April 30, 2024.

During both periods, all share classes of the Fund outperformed the benchmark, before sales charges. Over the six-month period, sector allocation was the largest contributor to relative performance, mostly from off-benchmark exposures to high-yield corporate bonds, emerging-market (“EM”) corporate and sovereign bonds, and collateralized loan obligations (“CLOs”) that were partially offset by an underweight to investment-grade corporate bonds and an overweight to US Treasury bonds. Security selection contributed, from selection among investment-grade and high-yield corporate bonds, and quasi-sovereign bonds that were offset by a loss from selection among US agency mortgages. Yield-curve positioning detracted, as underweights to the five- to 30-year parts of the US Treasury curve were partially offset by gains from being overweight the six-month and two-year parts of the yield curve. Country allocation and currency decisions did not impact performance during the period.

2 ^| AB INCOME FUND abfunds.com

During the 12-month period, sector allocation contributed the most to relative performance, because of off-benchmark exposures to EM corporate and sovereign bonds, CLOs, bank loans and US high-yield corporates that outweighed losses from an underweight to US investment-grade corporates and an overweight to US Treasury bonds. Security selection also contributed, as selection within US high-yield and investment-grade corporate bonds, as well as EM sovereign and quasi-sovereign bonds added more to performance than a loss from selection in US agency mortgages. Yield-curve positioning detracted, as overweights to the five- and 10-year parts of the US Treasury curve lost more than a gain from an overweight to the six-month part of the curve. Country allocation and currency decisions did not have an impact on performance.

During both periods, the Fund used derivatives in the form of treasury futures and interest rate swaps to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure. Credit default swap indices were utilized to effectively gain exposure to specific sectors. Consumer Price Index swaps were used to obtain exposure to inflation protection. Purchased options and written options were purchased as part of put spread for downside protection (hedging).

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market (“DM”) yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, DM investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. DM high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. EM hard-currency sovereign bonds significantly outperformed DM treasuries, mainly due to the performance of high-yield sovereigns. EM hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. EM local-currency bonds trailed other credit risk sectors as the US dollar was mixed against DM and EM currencies over the period.

The Fund’s Senior Investment Management Team (the “Team”) continues to pursue high income, while preserving capital by investing primarily in government bonds from both US and non-US issuers as well as corporate bonds, with scope to invest a select amount in below investment-grade

abfunds.com AB INCOME FUND ^| 3

bonds. The Team manages the Fund with a core fixed-income strategy through a global, multi-sector approach that seeks an attractive risk/return profile.

INVESTMENT POLICIES

The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets in income-producing securities. The Fund also normally invests at least 65% of its total assets in securities of US and foreign governments, their agencies or instrumentalities and repurchase agreements relating to US government securities.

The Fund normally invests at least 65% of its total assets in US dollar-denominated securities. The Fund may also invest up to 35% of its total assets in non-government fixed-income securities, including corporate debt securities, non-government mortgage-backed and other asset-backed securities, certificates of deposit and commercial paper. The Fund may invest up to 35% of its net assets in below investment-grade securities (commonly known as “junk bonds”). The Fund may invest no more than 25% of its total assets in securities of issuers in any one country other than the US. The Fund’s investments in foreign securities may include investments in securities of emerging-market countries or of issuers in emerging markets.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risks and return characteristics as well as the securities’ impact on the overall risks and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings. The Fund may invest in fixed-income securities with any maturity or duration.

The Fund utilizes derivatives, such as options, futures contracts, forwards and swaps to a significant extent, subject to the limits of applicable law. The Fund may, for example, use credit default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund’s exposure. The Fund’s use of derivatives may create aggregate exposure that is substantially in excess of its net assets, effectively leveraging the Fund.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The index is not leveraged, whereas the Fund utilizes leverage. 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 market or markets in which the Fund invests 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. 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.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank

abfunds.com AB INCOME FUND ^| 5

DISCLOSURES AND RISKS (continued)

monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

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.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

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

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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

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DISCLOSURES AND RISKS (continued)

may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

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.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

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.

abfunds.com AB INCOME FUND ^| 7

DISCLOSURES AND RISKS (continued)

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.

The Fund commenced operations on April 22, 2016. The Fund acquired the assets and liabilities of the AllianceBernstein Income Fund, Inc., a closed-end fund (the “Predecessor Fund”), effective at the close of business on April 21, 2016 (the “Reorganization”). The Fund has the same investment objective that the Predecessor Fund had and similar investment strategies and policies. In addition, the Fund has higher expenses (including transfer agency and shareholder servicing fees), and a different advisory fee arrangement than the Predecessor Fund had.

Performance information prior to April 22, 2016, shown in this report reflects the historical performance of the Predecessor Fund based on its NAV. Such performance information may not be representative of performance the Fund would have achieved as an open-end fund under its current investment strategies and policies and expense levels.

8 ^| AB INCOME FUND abfunds.com

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
CLASS A SHARES						5.13%
1 Year		-0.49%		-4.73%
5 Years		-0.45%		-1.31%
Since Inception2		1.10%		0.56%
CLASS C SHARES						4.59%
1 Year		-1.09%		-2.04%
5 Years		-1.20%		-1.20%
Since Inception2,3		0.35%		0.35%
ADVISOR CLASS SHARES4,5						5.61%
1 Year		-0.09%		-0.09%
5 Years		-0.20%		-0.20%
10 Years		1.89%		1.89%
CLASS Z SHARES5						5.67%
1 Year		-0.09%		-0.09%
Since Inception2		-1.39%		-1.39%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.86%, 2.60%, 1.61% and 1.55% for Class A, Class C, Advisor Class 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 ratios, exclusive of acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses and brokerage commissions and other transaction costs, to 0.77%, 1.52%, 0.52% and 0.52% for Class A, Class C, Advisor Class and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2025. 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

2 Inception dates: 4/21/2016 for all share classes except Class Z; 11/20/2019 for Class Z shares.

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

4 Performance returns of Advisor Class shares for the periods prior to April 21, 2016, are based on the NAV per share of the Predecessor Fund.

5 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, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund’s Predecessor Fund.

abfunds.com AB INCOME FUND ^| 9

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		-1.03	%
5 Years		-0.63	%
Since Inception1		0.93	%
CLASS C SHARES
1 Year		1.79	%
5 Years		-0.52	%
Since Inception1,2		0.73	%
ADVISOR CLASS SHARES3,4
1 Year		3.81	%
5 Years		0.48	%
10 Years		2.29	%
CLASS Z SHARES4
1 Year		3.97	%
Since Inception1		-0.73	%

1 Inception dates: 4/21/2016 for all share classes except Class Z; 11/20/2019 for Class Z shares.

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

3 Performance returns of Advisor Class shares for the periods prior to April 21, 2016, are based on the NAV per share of the Predecessor Fund.

4 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, or through other limited or special arrangements approved by the Adviser, such as purchases by shareholders of the Fund’s Predecessor Fund.

10 ^| AB INCOME FUND abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you 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 first line of 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 second line of 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.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,058.10	$	4.14		0.81	%
Hypothetical**	$	1,000	$	1,020.84	$	4.07		0.81	%
Class C
Actual	$	1,000	$	1,054.10	$	7.97		1.56	%
Hypothetical**	$	1,000	$	1,017.11	$	7.82		1.56	%
Advisor Class
Actual	$	1,000	$	1,059.40	$	2.82		0.55	%
Hypothetical**	$	1,000	$	1,022.13	$	2.77		0.55	%
Class Z
Actual	$	1,000	$	1,059.30	$	2.82		0.55	%
Hypothetical**	$	1,000	$	1,022.13	$	2.77		0.55	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

abfunds.com AB INCOME FUND ^| 11

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,556.3

1 The Fund’s security type breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” security type weightings represent 0.3% or less in the following types: Common Stocks, Governments–Sovereign Bonds, Local Governments–US Municipal Bonds and Preferred Stocks.

12 ^| AB INCOME FUND abfunds.com

PORTFOLIO SUMMARY (continued)

April 30, 2024 (unaudited)

1 The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.4% or less in the following: Angola, Australia, Canada, Czech Republic, Denmark, El Salvador, Finland, Germany, Ghana, Guatemala, Hong Kong, Hungary, Indonesia, Israel, Italy, Ivory Coast, Jamaica, Jersey (Channel Islands), Kazakhstan, Kenya, Lebanon, Luxembourg, Macau, Morocco, Netherlands, Nigeria, Norway, Panama, Peru, Puerto Rico, Senegal, South Korea, Sweden, Switzerland, Turkey, Ukraine and Zambia.

abfunds.com AB INCOME FUND ^| 13

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

		Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 50.6%
Brazil – 2.0%
Brazil Letras do Tesouro Nacional Series LTN Zero Coupon, 04/01/2025	BRL		289,350		$	50,894,584
United States – 48.6%
U.S. Treasury Bonds 3.00%, 08/15/2052	U.S.$		49,257			35,526,251
4.25%, 02/15/2054			93,493			85,531,212
4.50%, 02/15/2044			84,090			79,780,388
U.S. Treasury Notes 3.75%, 12/31/2028			56,342			53,991,482
4.00%, 02/15/2034			20,195			19,119,269
4.125%, 09/30/2027(a)(b)(c)			335,519			327,969,627
4.125%, 10/31/2027			25,195			24,611,877
4.125%, 07/31/2028			99,948			97,448,910
4.125%, 03/31/2029			15,230			14,827,833
4.50%, 11/15/2033			18,387			18,114,167
4.75%, 07/31/2025			298,438			296,805,420
4.875%, 10/31/2028			36,260			36,412,972
5.00%, 08/31/2025			151,900			151,472,781
						1,241,612,189
Total Governments - Treasuries (cost $1,322,112,710)						1,292,506,773
MORTGAGE PASS-THROUGHS – 26.2%
Agency Fixed Rate 30-Year – 26.2%
Federal Home Loan Mortgage Corp. Series 2023 6.00%, 10/01/2053			4,556			4,519,152
6.00%, 11/01/2053			4,590			4,552,350
6.50%, 11/01/2053			8,878			8,950,758
Federal National Mortgage Association Series 1998 8.00%, 06/01/2028			0	**		386
Series 1999 7.50%, 11/01/2029			4			3,954
Series 2020 2.50%, 12/01/2050			82,991			65,791,585
Series 2022 3.00%, 03/01/2052			20,302			16,829,492
3.00%, 08/01/2052			13,307			11,018,387
Series 2024 3.00%, 07/01/2052			9,799			8,117,223

14 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Government National Mortgage Association Series 2023 5.00%, 05/20/2053	U.S.$		7,628	$	7,306,300
5.00%, 09/20/2053			807		772,259
5.50%, 05/20/2053			40,793		40,022,857
5.50%, 08/20/2053			33,633		32,995,411
Series 2024 4.50%, 05/20/2054, TBA			57,336		53,414,707
5.00%, 04/20/2054			3,200		3,063,858
Uniform Mortgage-Backed Security Series 2024 2.00%, 05/13/2054, TBA			41,300		31,191,581
2.50%, 05/15/2054, TBA			15,800		12,506,070
3.00%, 02/25/2052, TBA			61,874		51,116,242
3.50%, 03/25/2052, TBA			61,081		52,656,412
4.00%, 06/25/2052, TBA			44,832		40,075,447
4.50%, 05/13/2054, TBA			5,755		5,304,945
5.00%, 05/15/2054, TBA			82,077		77,816,270
5.50%, 05/15/2054, TBA			9,700		9,419,988
6.00%, 05/15/2054, TBA			64,900		64,334,663
6.50%, 05/15/2054, TBA			67,500		68,040,526
Total Mortgage Pass-Throughs (cost $678,054,135)					669,820,823
CORPORATES - INVESTMENT GRADE – 14.9%
Financial Institutions – 8.7%
Banking – 7.0%
Ally Financial, Inc. 6.848%, 01/03/2030			2,409		2,433,259
6.992%, 06/13/2029			4,859		4,962,059
8.00%, 11/01/2031			75		81,241
Series B 4.70%, 05/15/2026(d)			3,727		3,160,831
Banco de Credito del Peru SA 3.125%, 07/01/2030(e)			3,765		3,579,950
5.85%, 01/11/2029(e)			146		144,321
Banco Santander SA 3.225%, 11/22/2032			200		161,696
4.175%, 03/24/2028			2,800		2,664,620
5.552%, 03/14/2028			800		790,152
6.921%, 08/08/2033			5,400		5,522,094
9.625%, 05/21/2033(d)			3,000		3,202,530
Bank of America Corp. 2.972%, 02/04/2033			2,550		2,102,220

abfunds.com AB INCOME FUND ^| 15

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series U 8.738% (CME Term SOFR 3 Month + 3.40%), 05/31/2024(d)(f)	U.S.$		2,518	$	2,524,270
Bank of Ireland Group PLC 5.601%, 03/20/2030(e)			2,576		2,522,677
Barclays PLC 5.674%, 03/12/2028			1,312		1,301,648
6.125%, 12/15/2025(d)			5,418		5,219,268
BNP Paribas SA 5.497%, 05/20/2030(e)			3,886		3,818,034
CaixaBank SA 5.673%, 03/15/2030(e)			3,239		3,184,488
6.84%, 09/13/2034(e)			3,893		4,023,182
Capital One Financial Corp. 5.70%, 02/01/2030			1,096		1,081,368
6.377%, 06/08/2034			4,743		4,774,304
7.624%, 10/30/2031			3,035		3,265,903
Citigroup, Inc. 5.827%, 02/13/2035			691		666,338
Series AA 7.625%, 11/15/2028(d)			1,873		1,935,277
Series U 5.00%, 09/12/2024(d)			2,540		2,520,823
Series V 4.70%, 01/30/2025(d)			1,811		1,763,932
Series W 4.00%, 12/10/2025(d)			2,865		2,735,215
Series X 3.875%, 02/18/2026(d)			3,286		3,083,221
Credit Agricole SA 8.125%, 12/23/2025(d)(e)			1,694		1,716,632
Danske Bank A/S 3.244%, 12/20/2025(e)			200		196,218
Deutsche Bank AG/New York NY 7.079%, 02/10/2034			2,615		2,606,841
7.146%, 07/13/2027			962		980,894
Discover Financial Services 7.964%, 11/02/2034			2,530		2,782,975
Goldman Sachs Group, Inc. (The) Series P 8.437% (CME Term SOFR 3 Month + 3.14%), 05/31/2024(d)(f)			1,882		1,880,099
HSBC Holdings PLC 4.60%, 12/17/2030(d)			1,030		848,741
5.546%, 03/04/2030			7,485		7,384,926
7.399%, 11/13/2034			4,230		4,504,442
ING Groep NV 6.50%, 04/16/2025(d)			3,085		3,030,550

16 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Intesa Sanpaolo SpA 5.017%, 06/26/2024(e)	U.S.$		999	$	996,443
JPMorgan Chase & Co. Series Q 8.818% (CME Term SOFR 3 Month + 3.51%), 05/01/2024(d)(f)			3,871		3,871,000
Series R 8.868% (CME Term SOFR 3 Month + 3.56%), 05/01/2024(d)(f)			282		282,000
Lloyds Banking Group PLC 5.462%, 01/05/2028			1,262		1,250,276
Nationwide Building Society 6.557%, 10/18/2027(e)			9,636		9,788,345
Natwest Group PLC 6.475%, 06/01/2034			1,783		1,790,132
Nordea Bank Abp 6.625%, 03/26/2026(d)(e)			6,125		5,995,579
PNC Financial Services Group, Inc. (The) Series R 8.643% (CME Term SOFR 3 Month + 3.30%), 06/01/2024(d)(f)			2,740		2,740,849
Santander Holdings USA, Inc. 6.174%, 01/09/2030			3,274		3,263,327
7.66%, 11/09/2031			563		601,701
Societe Generale SA 5.519%, 01/19/2028(e)			10,276		10,108,809
Standard Chartered PLC 7.101% (CME Term SOFR 3 Month + 1.51%), 01/30/2027(d)(e)(f)			7,500		7,072,200
Swedbank AB Series NC5 5.625%, 09/17/2024(d)(e)			6,200		6,146,184
Truist Financial Corp. Series N 4.80%, 09/01/2024(d)			7,249		6,995,212
UBS Group AG 4.375%, 02/10/2031(d)(e)			4,958		3,950,683
6.373%, 07/15/2026(e)			1,114		1,117,765
7.00%, 02/19/2025(d)(e)			211		210,209
9.25%, 11/13/2028(d)(e)			586		625,830
9.25%, 11/13/2033(d)(e)			513		563,910
UniCredit SpA 2.569%, 09/22/2026(e)			3,984		3,799,780
Wells Fargo & Co. 3.35%, 03/02/2033			2,282		1,925,803
5.707%, 04/22/2028			5,133		5,138,082
7.625%, 09/15/2028(d)			552		576,415
					177,967,773

abfunds.com AB INCOME FUND ^| 17

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Finance – 0.4%
Aircastle Ltd. 5.25%, 06/15/2026(d)(e)	U.S.$		1,264	$	1,203,695
Aviation Capital Group LLC 4.125%, 08/01/2025(e)			1,592		1,548,729
4.875%, 10/01/2025(e)			1,315		1,289,371
Huarong Finance II Co., Ltd. Series E 4.625%, 06/03/2026(e)			630		600,075
4.875%, 11/22/2026(e)			737		699,459
5.50%, 01/16/2025(e)			5,167		5,099,829
REC Ltd. 5.625%, 04/11/2028(e)			648		641,520
					11,082,678
Insurance – 1.1%
Assicurazioni Generali SpA Series E 5.50%, 10/27/2047(e)	EUR		6,630		7,304,716
Athene Global Funding 1.985%, 08/19/2028(e)	U.S.$		2,152		1,835,183
2.55%, 11/19/2030(e)			224		182,576
2.717%, 01/07/2029(e)			652		568,238
5.583%, 01/09/2029(e)			709		702,747
Credit Agricole Assurances SA 4.75%, 09/27/2048(e)	EUR		3,200		3,430,922
Hartford Financial Services Group, Inc. (The) Series ICON 7.694% (CME Term SOFR 3 Month + 2.39%), 02/12/2047(e)(f)	U.S.$		3,275		2,903,680
Humana, Inc. 5.375%, 04/15/2031			2,862		2,791,795
MetLife Capital Trust IV 7.875%, 12/15/2037(e)			4,117		4,351,792
Swiss Re Subordinated Finance PLC 5.698%, 04/05/2035(e)			4,000		3,869,560
					27,941,209
REITs – 0.2%
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026			283		279,366
Newmark Group, Inc. 7.50%, 01/12/2029(e)			323		326,304
Trust Fibra Uno 4.869%, 01/15/2030(e)			4,398		3,824,756
					4,430,426
					221,422,086

18 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Industrial – 5.0%
Basic – 0.6%
Anglo American Capital PLC 2.625%, 09/10/2030(e)	U.S.$		707	$	592,775
2.875%, 03/17/2031(e)			3,700		3,110,257
Celulosa Arauco y Constitucion SA 4.25%, 04/30/2029(e)			786		712,902
Freeport Indonesia PT 4.763%, 04/14/2027(e)			964		931,041
Glencore Funding LLC 5.371%, 04/04/2029(e)			3,963		3,892,102
Gold Fields Orogen Holdings BVI Ltd. 5.125%, 05/15/2024(e)			1,445		1,443,699
Inversiones CMPC SA 6.125%, 02/26/2034(e)			429		422,565
Nexa Resources SA 6.75%, 04/09/2034(e)			2,066		2,073,128
OCP SA 6.75%, 05/02/2034(e)			1,295		1,276,404
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033(e)			1,368		1,374,840
					15,829,713
Capital Goods – 0.3%
Boeing Co. (The) 3.25%, 02/01/2028			290		261,963
3.625%, 02/01/2031			1,656		1,423,266
5.15%, 05/01/2030			1,446		1,370,996
6.298%, 05/01/2029(e)			784		787,089
6.528%, 05/01/2034(e)			1,822		1,835,446
Regal Rexnord Corp. 6.30%, 02/15/2030(e)			1,078		1,083,757
St. Marys Cement, Inc. Canada 5.75%, 04/02/2034(e)			579		565,972
					7,328,489
Communications - Media – 0.6%
DirecTV Financing LLC 8.875%, 02/01/2030(e)			2,242		2,179,246
DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027(e)			2,691		2,506,667
Paramount Global 4.20%, 06/01/2029			379		336,374
4.20%, 05/19/2032			1,121		916,429
4.95%, 01/15/2031			764		672,228
5.50%, 05/15/2033			685		591,477
6.875%, 04/30/2036			764		711,933
7.875%, 07/30/2030			734		758,817

abfunds.com AB INCOME FUND ^| 19

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Prosus NV 3.061%, 07/13/2031(e)	U.S.$		2,144	$	1,725,920
3.68%, 01/21/2030(e)			5,224		4,502,435
					14,901,526
Communications - Telecommunications – 0.1%
Xiaomi Best Time International Ltd. 3.375%, 04/29/2030(e)(g)			1,860		1,618,781
Consumer Cyclical - Automotive – 1.2%
Ford Motor Co. 3.25%, 02/12/2032			9,159		7,382,154
Ford Motor Credit Co., LLC 6.05%, 03/05/2031			3,380		3,319,870
General Motors Financial Co., Inc. 2.35%, 01/08/2031			1,660		1,333,710
2.70%, 06/10/2031			5,419		4,391,937
3.60%, 06/21/2030			832		732,401
5.75%, 02/08/2031			6,336		6,259,905
Hyundai Capital America 5.25%, 01/08/2027(e)			949		938,058
5.35%, 03/19/2029(e)			4,737		4,659,455
6.50%, 01/16/2029(e)			1,536		1,581,159
					30,598,649
Consumer Cyclical - Other – 0.2%
Flutter Treasury Designated Activity Co.
5.00%, 04/29/2029(e)	EUR		179		193,600
6.375%, 04/29/2029(e)	U.S.$		347		348,346
PulteGroup, Inc. 6.375%, 05/15/2033			2,868		2,954,040
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(e)			1,100		971,894
Sands China Ltd. 2.85%, 03/08/2029			318		272,785
5.40%, 08/08/2028			767		742,556
					5,483,221
Consumer Cyclical - Retailers – 0.1%
Tapestry, Inc. 7.70%, 11/27/2030			2,154		2,229,433
Consumer Non-Cyclical – 0.2%
BAT Capital Corp. 7.75%, 10/19/2032			15		16,651
Philip Morris International, Inc. 5.50%, 09/07/2030			5,999		5,982,623
					5,999,274

20 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Energy – 1.0%
Continental Resources, Inc./OK 2.875%, 04/01/2032(e)	U.S.$		865	$	690,876
5.75%, 01/15/2031(e)			1,793		1,754,110
Ecopetrol SA 4.625%, 11/02/2031			1,138		915,942
6.875%, 04/29/2030			3,520		3,362,656
8.625%, 01/19/2029			770		801,281
KazMunayGas National Co. JSC 4.75%, 04/19/2027(e)			2,107		2,020,086
5.375%, 04/24/2030(e)			3,400		3,243,812
Ovintiv, Inc. 6.50%, 02/01/2038			1,097		1,097,867
Raizen Fuels Finance SA 6.45%, 03/05/2034(e)			2,597		2,585,313
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(e)			5,119		4,085,602
Var Energi ASA 7.50%, 01/15/2028(e)			2,892		3,018,988
8.00%, 11/15/2032(e)			1,436		1,580,433
					25,156,966
Services – 0.0%
Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV 8.50%, 01/15/2031(e)	GBP		333		443,205
Technology – 0.4%
Baidu, Inc. 3.425%, 04/07/2030	U.S.$		225		200,167
Entegris, Inc. 4.75%, 04/15/2029(e)			7,688		7,263,315
Lenovo Group Ltd. 3.421%, 11/02/2030(e)			509		439,369
Sk Hynix, Inc. 5.50%, 01/16/2029(e)			2,000		1,965,020
Western Digital Corp. 2.85%, 02/01/2029			185		156,358
Xiaomi Best Time International Ltd. 2.875%, 07/14/2031(e)			1,406		1,151,602
					11,175,831
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(e)			499		443,929
5.875%, 07/05/2034(e)			1,434		1,383,651
					1,827,580

abfunds.com AB INCOME FUND ^| 21

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Transportation - Services – 0.2%
Adani Ports & Special Economic Zone Ltd. 4.00%, 07/30/2027(e)	U.S.$		4,585	$	4,121,456
					126,714,124
Utility – 1.2%
Electric – 1.2%
Adani Transmission Step-One Ltd. 4.00%, 08/03/2026(e)			3,064		2,841,860
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(e)			2,430		2,037,282
Alexander Funding Trust II 7.467%, 07/31/2028(e)			2,973		3,100,869
Chile Electricity PEC SpA Zero Coupon, 01/25/2028(e)			3,131		2,462,890
ComEd Financing III 6.35%, 03/15/2033			3,462		3,411,351
Cometa Energia SA de CV 6.375%, 04/24/2035(e)			1,378		1,361,234
Electricite de France SA 9.125%, 03/15/2033(d)(e)			1,132		1,231,073
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(e)			222		214,014
Engie Energia Chile SA 6.375%, 04/17/2034(e)			2,633		2,589,950
Kallpa Generacion SA 4.125%, 08/16/2027(e)			992		934,030
LLPL Capital Pte Ltd. 6.875%, 02/04/2039(e)			2,702		2,605,701
Minejesa Capital BV 4.625%, 08/10/2030(e)			2,190		2,039,379
NRG Energy, Inc. 7.00%, 03/15/2033(e)			992		1,032,255
Pacific Gas and Electric Co. 5.55%, 05/15/2029			1,512		1,494,748
Vistra Operations Co., LLC 6.95%, 10/15/2033(e)			3,770		3,928,491
					31,285,127
Other Utility – 0.0%
Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy 7.875%, 02/15/2039(e)			667		696,144
					31,981,271
Total Corporates - Investment Grade (cost $385,157,263)					380,117,481

22 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 10.6%
Industrial – 9.2%
Basic – 0.6%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(e)	U.S.$		277	$	175,812
7.50%, 09/30/2029(e)			280		143,293
Cleveland-Cliffs, Inc. 7.00%, 03/15/2032(e)			2,874		2,806,633
ERP Iron Ore LLC 9.039%, 12/31/2019(h)(i)(j)(k)(l)			118		– 0	–
FMG Resources (August 2006) Pty Ltd. 6.125%, 04/15/2032(e)			3,761		3,642,040
Graphic Packaging International LLC 4.75%, 07/15/2027(e)			32		30,667
INEOS Finance PLC 6.375%, 04/15/2029(e)	EUR		1,815		1,947,603
7.50%, 04/15/2029(e)	U.S.$		1,966		1,979,153
INEOS Quattro Finance 2 PLC 9.625%, 03/15/2029(e)			2,592		2,737,359
INEOS Styrolution Ludwigshafen GmbH 2.25%, 01/16/2027(e)	EUR		107		105,068
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(h)(i)(j)(k)(m)	U.S.$		1,407		– 0	–
SCIL IV LLC/SCIL USA Holdings LLC 5.375%, 11/01/2026(e)			1,782		1,711,593
Vallourec SACA 7.50%, 04/15/2032(e)			1,708		1,725,182
					17,004,403
Capital Goods – 0.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 2.125%, 08/15/2026(e)	EUR		2,191		1,848,680
4.125%, 08/15/2026(e)	U.S.$		438		365,362
Bombardier, Inc. 6.00%, 02/15/2028(e)			7		6,820
7.25%, 07/01/2031(e)			1,976		1,981,592
7.50%, 02/01/2029(e)			16		16,364
7.875%, 04/15/2027(e)			46		45,814
Eco Material Technologies, Inc. 7.875%, 01/31/2027(e)			2,807		2,827,716
Esab Corp. 6.25%, 04/15/2029(e)			956		952,730
LSB Industries, Inc. 6.25%, 10/15/2028(e)(n)			1,402		1,328,956
Trivium Packaging Finance BV 3.75%, 08/15/2026(e)	EUR		100		104,052
					9,478,086

abfunds.com AB INCOME FUND ^| 23

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Communications - Media – 1.0%
Altice Financing SA 5.75%, 08/15/2029(e)	U.S.$		611	$	462,637
AMC Networks, Inc. 10.25%, 01/15/2029(e)			2,447		2,447,049
Banijay Entertainment SASU 7.00%, 05/01/2029(e)	EUR		1,730		1,934,970
8.125%, 05/01/2029(e)	U.S.$		1,456		1,490,260
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(e)			688		559,186
4.50%, 06/01/2033(e)			6,459		4,857,749
4.75%, 02/01/2032(e)			519		407,560
CSC Holdings LLC 11.75%, 01/31/2029(e)			2,548		2,275,211
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(e)			2,841		2,628,664
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(e)			3,282		3,044,514
Paramount Global 6.375%, 03/30/2062			1,669		1,543,842
Sinclair Television Group, Inc. 5.50%, 03/01/2030(e)			466		322,835
Sirius XM Radio, Inc. 3.875%, 09/01/2031(e)			264		212,230
Univision Communications, Inc. 8.00%, 08/15/2028(e)			3,712		3,714,598
					25,901,305
Communications - Telecommunications – 0.2%
Altice France SA/France 5.125%, 07/15/2029(e)			1,984		1,296,385
5.50%, 01/15/2028(e)			878		592,176
5.50%, 10/15/2029(e)			1,528		1,000,504
Vmed O2 UK Financing I PLC 4.75%, 07/15/2031(e)			1,329		1,110,220
7.75%, 04/15/2032(e)			1,585		1,561,304
					5,560,589
Consumer Cyclical - Automotive – 0.5%
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029(e)			3,987		3,897,492
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(e)	EUR		360		380,439
Exide Technologies 11.00%, 10/31/2024(i)(j)(k)(m)(o)(p)	U.S.$		3,206		– 0	–
Goodyear Tire & Rubber Co. (The) 5.25%, 07/15/2031			610		539,557

24 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
IHO Verwaltungs GmbH 3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(e)(l)	EUR		623	$	646,828
8.75% (8.75% Cash or 9.50% PIK), 05/15/2028(e)(l)			506		579,974
PM General Purchaser LLC 9.50%, 10/01/2028(e)	U.S.$		1,509		1,528,994
Tenneco, Inc. 8.00%, 11/17/2028(e)			3,028		2,836,388
ZF North America Capital, Inc. 6.75%, 04/23/2030(e)			1,031		1,033,495
6.875%, 04/14/2028(e)			1,328		1,337,615
6.875%, 04/23/2032(e)			1,031		1,042,104
7.125%, 04/14/2030(e)			328		335,488
					14,158,374
Consumer Cyclical - Entertainment – 0.8%
Carnival Corp. 4.00%, 08/01/2028(e)			1,841		1,680,391
5.75%, 03/01/2027(e)			2,598		2,532,998
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(e)			8,053		8,053,000
Royal Caribbean Cruises Ltd. 5.50%, 08/31/2026(e)			82		80,460
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(e)			4,017		4,017,000
Six Flags Entertainment Corp. 7.25%, 05/15/2031(e)			1,570		1,566,656
Viking Cruises Ltd. 5.875%, 09/15/2027(e)			1,057		1,024,497
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(e)			1,376		1,318,250
VOC Escrow Ltd. 5.00%, 02/15/2028(e)			75		71,535
					20,344,787
Consumer Cyclical - Other – 0.6%
Adams Homes, Inc. 7.50%, 02/15/2025(e)			514		513,702
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(e)			1,846		1,773,046
Builders FirstSource, Inc. 6.375%, 03/01/2034(e)			2,339		2,295,471
Cirsa Finance International SARL 6.50%, 03/15/2029(e)	EUR		901		979,932

abfunds.com AB INCOME FUND ^| 25

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(e)	U.S.$		2,099	$	2,072,721
6.125%, 04/01/2032(e)			1,203		1,186,399
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(e)			140		121,878
5.00%, 06/01/2029(e)			1,864		1,689,996
6.625%, 01/15/2032(e)			3,344		3,292,101
Installed Building Products, Inc. 5.75%, 02/01/2028(e)			846		820,578
					14,745,824
Consumer Cyclical - Retailers – 0.7%
Arko Corp. 5.125%, 11/15/2029(e)			845		680,512
Bath & Body Works, Inc. 6.75%, 07/01/2036			704		686,632
6.875%, 11/01/2035			2,210		2,194,972
9.375%, 07/01/2025(e)			185		191,754
FirstCash, Inc. 5.625%, 01/01/2030(e)			66		62,311
6.875%, 03/01/2032(e)			5,371		5,310,899
Kontoor Brands, Inc. 4.125%, 11/15/2029(e)			2,225		1,989,639
LCM Investments Holdings II LLC 8.25%, 08/01/2031(e)			2,067		2,149,225
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(e)			480		456,173
Sonic Automotive, Inc. 4.875%, 11/15/2031(e)			753		657,377
Staples, Inc. 7.50%, 04/15/2026(e)			2,956		2,838,588
					17,218,082
Consumer Non-Cyclical – 1.0%
Bausch + Lomb Corp. 8.375%, 10/01/2028(e)			7,165		7,395,283
CHS/Community Health Systems, Inc. 6.875%, 04/15/2029(e)			2,079		1,540,518
DaVita, Inc. 4.625%, 06/01/2030(e)			5,479		4,805,083
Embecta Corp. 5.00%, 02/15/2030(e)			1,087		838,044
Endo Finance Holdings, Inc. 8.50%, 04/15/2031(e)			1,073		1,089,653
Fortrea Holdings, Inc. 7.50%, 07/01/2030(e)			816		826,347

26 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Legacy LifePoint Health LLC 4.375%, 02/15/2027(e)	U.S.$		695	$	651,667
Neogen Food Safety Corp. 8.625%, 07/20/2030(e)			1,594		1,679,980
Organon & Co./Organon Foreign Debt Co-Issuer BV 5.125%, 04/30/2031(e)			1,717		1,485,051
Post Holdings, Inc. 6.25%, 02/15/2032(e)			3,474		3,431,409
US Acute Care Solutions LLC 6.375%, 03/01/2026(e)			1,383		1,397,480
					25,140,515
Energy – 2.0%
CITGO Petroleum Corp. 7.00%, 06/15/2025(e)			2,880		2,877,408
8.375%, 01/15/2029(e)			6,469		6,695,415
Civitas Resources, Inc. 8.375%, 07/01/2028(e)			2,280		2,379,089
8.75%, 07/01/2031(e)			2,213		2,351,357
CNX Resources Corp. 6.00%, 01/15/2029(e)			437		424,349
7.25%, 03/01/2032(e)			3,405		3,418,143
Crescent Energy Finance LLC 7.625%, 04/01/2032(e)			973		976,970
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(e)			826		835,615
EQM Midstream Partners LP 4.75%, 01/15/2031(e)			538		491,936
Genesis Energy LP/Genesis Energy Finance Corp. 7.75%, 02/01/2028			1,867		1,866,234
Gulfport Energy Corp. 8.00%, 05/17/2026(e)			580		587,972
8.00%, 05/17/2026			3		2,957
New Fortress Energy, Inc. 6.50%, 09/30/2026(e)			5,164		4,942,981
6.75%, 09/15/2025(e)			1,156		1,142,613
8.75%, 03/15/2029(e)			4,524		4,411,171
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029(e)			2,055		2,089,483
8.375%, 02/15/2032(e)			2,055		2,087,613
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(e)			1,318		1,324,129
Sunoco LP 7.00%, 05/01/2029(e)			873		886,497
7.25%, 05/01/2032(e)			963		978,052

abfunds.com AB INCOME FUND ^| 27

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029	U.S.$		167	$	152,548
Venture Global Calcasieu Pass LLC 3.875%, 11/01/2033(e)			699		573,152
4.125%, 08/15/2031(e)			752		658,398
6.25%, 01/15/2030(e)			1,749		1,731,545
Venture Global LNG, Inc. 8.125%, 06/01/2028(e)			1,342		1,372,839
8.375%, 06/01/2031(e)			1,340		1,375,604
9.50%, 02/01/2029(e)			2,886		3,102,912
9.875%, 02/01/2032(e)			2,881		3,072,788
					52,809,770
Other Industrial – 0.1%
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(e)			2,682		2,637,264
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(e)			5,578		4,463
					2,641,727
Services – 0.5%
ADT Security Corp. (The) 4.875%, 07/15/2032(e)			90		80,192
ANGI Group LLC 3.875%, 08/15/2028(e)			458		388,517
APX Group, Inc. 5.75%, 07/15/2029(e)			2,079		1,931,017
Cars.com, Inc. 6.375%, 11/01/2028(e)			2,427		2,320,018
Millennium Escrow Corp. 6.625%, 08/01/2026(e)			3,319		1,908,657
Monitronics International, Inc. 9.125%, 04/01/2020(h)(i)(j)(k)(o)			1,835		– 0	–
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(e)			2,960		2,176,991
Neptune Bidco US, Inc. 9.29%, 04/15/2029(e)			2,658		2,509,019
Wand NewCo 3, Inc. 7.625%, 01/30/2032(e)			696		709,057
					12,023,468
Technology – 0.2%
Entegris, Inc. 5.95%, 06/15/2030(e)			2,001		1,948,954
NCR Voyix Corp. 5.125%, 04/15/2029(e)			1,017		934,613
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(e)			687		624,167

28 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Virtusa Corp. 7.125%, 12/15/2028(e)	U.S.$		947	$	851,125
					4,358,859
Transportation - Airlines – 0.1%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(e)			1,668		1,305,180
Transportation - Services – 0.5%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.125%, 10/15/2026(e)			842		824,933
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 8.00%, 02/15/2031(e)(g)			3,650		3,494,254
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(e)	EUR		264		264,882
Loxam SAS 4.50%, 02/15/2027(e)			2,338		2,480,419
NAC Aviation 29 DAC 4.75%, 06/30/2026	U.S.$		5,530		5,243,527
PROG Holdings, Inc. 6.00%, 11/15/2029(e)			304		280,586
					12,588,601
					235,279,570
Financial Institutions – 1.1%
Banking – 0.1%
Bread Financial Holdings, Inc. 7.00%, 01/15/2026(e)			314		315,049
9.75%, 03/15/2029(e)			2,904		3,020,595
					3,335,644
Brokerage – 0.3%
Aretec Group, Inc. 10.00%, 08/15/2030(e)			2,053		2,230,441
Osaic Holdings, Inc. 10.75%, 08/01/2027(e)			4,330		4,482,719
					6,713,160
Finance – 0.4%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(e)			1,799		1,730,908
Curo Group Holdings Corp. 7.50%, 08/01/2028(j)(m)(p)			3,057		731,143
18.00%, 08/01/2028(i)			738		737,725
Enova International, Inc. 11.25%, 12/15/2028(e)			3,510		3,729,480

abfunds.com AB INCOME FUND ^| 29

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
GGAM Finance Ltd. 7.75%, 05/15/2026(e)	U.S.$		1,041	$	1,059,082
8.00%, 02/15/2027(e)			186		191,013
8.00%, 06/15/2028(e)			1,561		1,607,533
					9,786,884
Insurance – 0.3%
Ardonagh Finco Ltd. 6.875%, 02/15/2031(e)	EUR		1,099		1,131,698
7.75%, 02/15/2031(e)	U.S.$		1,880		1,847,100
HUB International Ltd. 7.25%, 06/15/2030(e)			1,237		1,256,532
Panther Escrow Issuer LLC 7.125%, 06/01/2031(e)			3,283		3,300,105
					7,535,435
REITs – 0.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(e)			320		286,323
					27,657,446
Utility – 0.3%
Electric – 0.3%
NRG Energy, Inc. 10.25%, 03/15/2028(d)(e)			782		841,549
Vistra Corp. 7.00%, 12/15/2026(d)(e)			3,399		3,335,915
8.00%, 10/15/2026(d)(e)			4,113		4,155,035
					8,332,499
Total Corporates - Non-Investment Grade (cost $284,600,372)					271,269,515
COLLATERALIZED LOAN OBLIGATIONS – 3.1%
CLO - Floating Rate – 3.1%
Allegro CLO XI Ltd. Series 2019-2A, Class A1AR 6.577% (CME Term SOFR 3 Month + 1.25%), 01/19/2033(e)(f)			3,850		3,852,452
Series 2019-2A, Class BR 7.227% (CME Term SOFR 3 Month + 1.90%), 01/19/2033(e)(f)			2,479		2,470,348
Apidos Loan Fund Ltd. Series 2024-1A, Class A1 6.60% (CME Term SOFR 3 Month + 1.27%), 04/25/2035(e)(f)			5,135		5,137,716

30 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 7.579% (CME Term SOFR 3 Month + 2.26%), 04/17/2033(e)(f)	U.S.$		9,437	$	9,372,065
Bain Capital Credit CLO Series 2020-1A, Class A1R 1.25% (CME Term SOFR 3 Month + 1.25%), 04/18/2033(e)(f)			5,200		5,202,761
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class D 8.636% (CME Term SOFR 3 Month + 3.31%), 07/20/2034(e)(f)			2,750		2,585,366
Black Diamond CLO Ltd. Series 2016-1A, Class A2AR 7.336% (CME Term SOFR 3 Month + 2.01%), 04/26/2031(e)(f)			5,300		5,300,260
CBAM Ltd. Series 2018-7A, Class B1 7.186% (CME Term SOFR 3 Month + 1.86%), 07/20/2031(e)(f)			1,996		1,998,862
Elevation CLO Ltd. Series 2020-11A, Class D1 9.44% (CME Term SOFR 3 Month + 4.11%), 04/15/2033(e)(f)			4,490		4,440,673
Galaxy 30 CLO Ltd. Series 2022-30A, Class D 8.679% (CME Term SOFR 3 Month + 3.35%), 04/15/2035(e)(f)			6,350		6,350,775
Greywolf CLO VI Ltd. Series 2018-1A, Class A2 7.215% (CME Term SOFR 3 Month + 1.89%), 04/26/2031(e)(f)			5,300		5,279,028
Halcyon Loan Advisors Funding Ltd. Series 2018-1A, Class A2 7.386% (CME Term SOFR 3 Month + 2.06%), 07/21/2031(e)(f)			1,826		1,826,341
Northwoods Capital XII-B Ltd. Series 2018-12BA, Class B 7.441% (CME Term SOFR 3 Month + 2.11%), 06/15/2031(e)(f)			1,350		1,350,487
OCP CLO Ltd. Series 2021-21A, Class D 8.536% (CME Term SOFR 3 Month + 3.21%), 07/20/2034(e)(f)			4,750		4,702,348
OZLM XVIII Ltd. Series 2018-18A, Class B 7.14% (CME Term SOFR 3 Month + 1.81%), 04/15/2031(e)(f)			5,450		5,452,965

abfunds.com AB INCOME FUND ^| 31

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Regatta XIX Funding Ltd. Series 2022-1A, Class D 8.625% (CME Term SOFR 3 Month + 3.30%), 04/20/2035(e)(f)	U.S.$		4,423	$	4,427,267
Rockford Tower CLO Ltd. Series 2021-2A, Class D 8.836% (CME Term SOFR 3 Month + 3.51%), 07/20/2034(e)(f)			950		936,924
Venture 41 Clo Ltd. Series 2021-41A, Class A1NR 6.755% (CME Term SOFR 3 Month + 1.43%), 01/20/2034(e)(f)			2,650		2,651,375
Voya CLO Ltd. Series 2018-3A, Class A1R2 6.52% (CME Term SOFR 3 Month + 1.20%), 10/15/2031(e)(f)			5,000		5,000,895
Total Collateralized Loan Obligations (cost $78,685,602)					78,338,908
EMERGING MARKETS - CORPORATE BONDS – 2.9%
Industrial – 2.5%
Basic – 1.1%
Braskem Idesa SAPI 6.99%, 02/20/2032(e)			2,510		1,882,500
7.45%, 11/15/2029(e)			3,551		2,804,225
Braskem Netherlands Finance BV 4.50%, 01/10/2028(e)			3,382		3,014,208
8.50%, 01/12/2031(e)			1,952		1,984,599
CSN Inova Ventures 6.75%, 01/28/2028(e)			1,286		1,220,494
CSN Resources SA 4.625%, 06/10/2031(e)			2,693		2,109,797
Eldorado Gold Corp. 6.25%, 09/01/2029(e)			916		864,429
First Quantum Minerals Ltd. 9.375%, 03/01/2029(e)			1,474		1,533,432
Indika Energy Tbk. PT 8.75%, 05/07/2029(e)			1,291		1,279,045
JSW Steel Ltd. 3.95%, 04/05/2027(e)			857		792,020
5.05%, 04/05/2032(e)			1,441		1,237,459
Periama Holdings LLC/DE 5.95%, 04/19/2026(e)			400		393,684
Sasol Financing USA LLC 8.75%, 05/03/2029(e)			2,570		2,591,684

32 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Stillwater Mining Co. 4.00%, 11/16/2026(e)	U.S.$		2,907	$	2,599,040
4.50%, 11/16/2029(e)			891		701,384
UPL Corp. Ltd. 4.50%, 03/08/2028(e)			1,456		1,248,520
4.625%, 06/16/2030(e)			2,029		1,620,664
Vedanta Resources Finance II PLC 13.875%, 01/21/2027(e)			532		499,011
Volcan Cia Minera SAA 4.375%, 02/11/2026(e)			1,565		1,063,711
					29,439,906
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 5.50%, 01/14/2032(e)			2,058		1,778,884
Telecomunicaciones Digitales SA 4.50%, 01/30/2030(e)			433		381,473
					2,160,357
Communications - Telecommunications – 0.0%
C&W Senior Finance Ltd. 6.875%, 09/15/2027(e)			247		232,980
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030(k)(m)			90		1,285
Millicom International Cellular SA 7.375%, 04/02/2032(e)			815		796,328
					1,030,593
Consumer Cyclical - Automotive – 0.1%
Ford Otomotiv Sanayi AS 7.125%, 04/25/2029(e)			1,290		1,290,903
Consumer Cyclical - Other – 0.2%
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029(e)			1,264		1,291,650
MGM China Holdings Ltd. 5.25%, 06/18/2025(e)			895		879,897
5.375%, 05/15/2024(e)			569		568,317
5.875%, 05/15/2026(e)			598		587,348
Studio City Co., Ltd. 7.00%, 02/15/2027(e)			336		332,640
Studio City Finance Ltd. 6.50%, 01/15/2028(e)			298		278,630
Wynn Macau Ltd. 5.50%, 01/15/2026(e)			1,168		1,135,150
					5,073,632

abfunds.com AB INCOME FUND ^| 33

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 0.1%
Falabella SA 3.75%, 10/30/2027(e)	U.S.$		3,458	$	3,088,426
Consumer Non-Cyclical – 0.2%
BRF GmbH 4.35%, 09/29/2026(e)			253		239,718
MARB BondCo PLC 3.95%, 01/29/2031(e)			4,774		3,825,167
Tonon Luxembourg SA 6.50%, 10/31/2024(j)(m)(p)			871		87
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(e)			609		607,097
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(h)(i)(j)(k)(m)			4,738		474
10.875%, 01/13/2020(h)(i)(j)(k)(m)			750		75
11.75%, 02/09/2022(h)(i)(j)(k)(m)			1,690		169
					4,672,787
Energy – 0.6%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(e)			2,162		2,068,500
Azure Power Solar Energy Pvt Ltd. 5.65%, 12/24/2024(e)			746		726,651
Canacol Energy Ltd. 5.75%, 11/24/2028(e)			1,797		849,082
Geopark Ltd. 5.50%, 01/17/2027(e)			1,611		1,448,390
Greenko Solar Mauritius Ltd. 5.55%, 01/29/2025(e)			558		551,199
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025(e)			3,169		3,109,581
Kosmos Energy Ltd. 7.50%, 03/01/2028(e)			1,388		1,325,540
Leviathan Bond Ltd. 6.125%, 06/30/2025(e)			2,262		2,205,390
Medco Maple Tree Pte Ltd. 8.96%, 04/27/2029(e)			720		739,350
SEPLAT Energy PLC 7.75%, 04/01/2026(e)			737		713,048
SierraCol Energy Andina LLC 6.00%, 06/15/2028(e)			2,098		1,818,048
					15,554,779
Technology – 0.1%
CA Magnum Holdings 5.375%, 10/31/2026(e)			1,397		1,321,562

34 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Transportation - Services – 0.0%
Aeropuertos Dominicanos Siglo XXI SA 6.75%, 03/30/2029(e)	U.S.$		1,083	$	1,087,332
					64,720,277
Utility – 0.4%
Electric – 0.3%
Adani Green Energy Ltd. 4.375%, 09/08/2024(e)			1,040		1,028,061
AES Andes SA 6.35%, 10/07/2079(e)			1,050		1,015,717
Continuum Energy Aura Pte Ltd. 9.50%, 02/24/2027(e)			1,080		1,090,260
India Clean Energy Holdings 4.50%, 04/18/2027(e)			2,686		2,406,488
Investment Energy Resources Ltd. 6.25%, 04/26/2029(e)			1,306		1,245,189
Terraform Global Operating LP 6.125%, 03/01/2026(e)			289		284,622
					7,070,337
Other Utility – 0.1%
Aegea Finance SARL 6.75%, 05/20/2029(e)			529		510,406
9.00%, 01/20/2031(e)			1,120		1,176,336
					1,686,742
					8,757,079
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(e)(l)(n)			4,241		244,335
5.25%, 12/27/2033(e)(l)(n)			1,363		75,819
					320,154
Total Emerging Markets - Corporate Bonds (cost $89,165,154)					73,797,510
COMMERCIAL MORTGAGE-BACKED SECURITIES – 2.1%
Non-Agency Fixed Rate CMBS – 1.5%
BANK Series 2020-BN25, Class XA 0.989%, 01/15/2063(q)			62,627		2,387,404
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10, Class C 4.985%, 07/15/2049			372		346,261

abfunds.com AB INCOME FUND ^| 35

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.468%, 05/15/2052(q)	U.S.$		10,433	$	522,972
CD Mortgage Trust Series 2017-CD3, Class XA 1.103%, 02/10/2050(q)			13,418		259,166
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 1.759%, 05/10/2058(q)			11,734		250,052
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class A5 3.616%, 02/10/2049			1,650		1,569,185
Commercial Mortgage Trust Series 2015-CR27, Class XA 1.049%, 10/10/2048(q)			5,960		55,106
CSAIL Commercial Mortgage Trust Series 2019-C15, Class B 4.476%, 03/15/2052			960		849,887
GS Mortgage Securities Trust Series 2011-GC5, Class C 5.297%, 08/10/2044(e)			375		288,883
Series 2011-GC5, Class D 5.297%, 08/10/2044(e)			4,025		1,913,077
Series 2016-GS3, Class XA 1.31%, 10/10/2049(q)			29,112		609,815
Series 2019-GC39, Class XA 1.293%, 05/10/2052(q)			13,973		563,775
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class B 4.341%, 08/15/2047			1,599		1,537,961
Series 2014-C24, Class C 4.513%, 11/15/2047			5,869		4,723,274
JPMDB Commercial Mortgage Securities Trust Series 2019-COR6, Class XA 1.051%, 11/13/2052(q)			36,698		1,322,916
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class E 3.715%, 12/15/2047(e)			7,500		6,131,250
Series 2012-LC9, Class G 3.715%, 12/15/2047(e)			831		455,235
Series 2016-JP2, Class XA 1.937%, 08/15/2049(q)			13,476		373,671
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			632		241,032

36 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
LCCM Series 2017-LC26, Class XA 1.682%, 07/12/2050(e)(q)	U.S.$		31,963	$	1,121,577
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class D 3.941%, 05/15/2046(e)			680		573,190
Series 2014-C18, Class C 4.605%, 10/15/2047			4,408		4,226,071
Series 2015-C22, Class XA 1.126%, 04/15/2048(q)			10,750		46,650
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.659%, 06/15/2050(q)			6,539		225,356
Series 2019-C16, Class XA 1.688%, 04/15/2052(q)			13,977		696,886
Series 2019-C18, Class XA 1.133%, 12/15/2052(q)			42,766		1,612,848
UBS-Barclays Commercial Mortgage Trust Series 2013-C5, Class B 3.649%, 03/10/2046(e)			1,033		945,534
Series 2013-C5, Class C 3.852%, 03/10/2046(e)			782		646,499
Wells Fargo Commercial Mortgage Trust Series 2015-LC20, Class XA 1.424%, 04/15/2050(q)			7,241		48,808
Series 2016-C36, Class XA 1.299%, 11/15/2059(q)			40,566		869,441
Series 2016-LC24, Class XA 1.748%, 10/15/2049(q)			25,583		727,788
Series 2016-LC25, Class XA 0.964%, 12/15/2059(q)			16,351		275,191
Series 2019-C52, Class XA 1.73%, 08/15/2052(q)			18,144		1,056,244
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class E 5.144%, 06/15/2044(e)			489		386,498
					37,859,503
Non-Agency Floating Rate CMBS – 0.6%
BFLD Trust Series 2019-DPLO, Class E 7.676% (CME Term SOFR 1 Month + 2.35%), 10/15/2034(e)(f)			11,227		11,184,899
Great Wolf Trust Series 2019-WOLF, Class D 7.569% (CME Term SOFR 1 Month + 2.25%), 12/15/2036(e)(f)			3,842		3,837,271

abfunds.com AB INCOME FUND ^| 37

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust Series 2019-BPR, Class D 9.92% (CME Term SOFR 1 Month + 4.59%), 05/15/2036(e)(f)	U.S.$		1,651	$	1,579,782
					16,601,952
Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-32, Class XM 0.126%, 11/16/2045(q)			85		– 0	–
Total Commercial Mortgage-Backed Securities (cost $61,023,661)					54,461,455
COLLATERALIZED MORTGAGE OBLIGATIONS – 1.7%
Risk Share Floating Rate – 1.4%
Connecticut Avenue Securities Trust Series 2022-R03, Class 1M2 8.83% (CME Term SOFR + 3.50%), 03/25/2042(e)(f)			2,657		2,791,466
Series 2023-R05, Class 1M1 7.23% (CME Term SOFR + 1.90%), 06/25/2043(e)(f)			4,866		4,927,284
Series 2023-R07, Class 2M1 7.28% (CME Term SOFR + 1.95%), 09/25/2043(e)(f)			3,245		3,267,389
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class B 12.995% (CME Term SOFR + 7.66%), 12/25/2027(f)			1,232		1,297,223
Series 2015-DNA3, Class B 14.795% (CME Term SOFR + 9.46%), 04/25/2028(f)			2,452		2,686,296
Series 2015-HQA1, Class B 14.245% (CME Term SOFR + 8.91%), 03/25/2028(f)			1,567		1,635,214
Series 2016-DNA1, Class B
15.445% (CME Term SOFR + 10.11%), 07/25/2028(f)			2,211		2,450,169
Series 2023-HQA2, Class M1A 7.33% (CME Term SOFR + 2.00%), 06/25/2043(e)(f)			3,107		3,130,790
Series 2023-HQA3, Class A1 7.18% (CME Term SOFR + 1.85%), 11/25/2043(e)(f)			1,858		1,881,936

38 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 2M2 10.995% (CME Term SOFR + 5.66%), 04/25/2028(f)	U.S.$		787	$	807,836
Series 2016-C01, Class 2M2 12.395% (CME Term SOFR + 7.06%), 08/25/2028(f)			269		280,206
Series 2016-C02, Class 1M2 11.445% (CME Term SOFR + 6.11%), 09/25/2028(f)			1,196		1,240,817
Series 2016-C05, Class 2B 16.19% (CME Term SOFR + 10.86%), 01/25/2029(f)			2,736		3,148,422
Series 2016-C07, Class 2B 14.945% (CME Term SOFR + 9.61%), 05/25/2029(f)			1,186		1,352,687
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.695% (CME Term SOFR + 4.36%), 11/25/2024(e)(f)			303		312,266
Series 2015-CH1, Class M2 10.945% (CME Term SOFR + 5.61%), 10/25/2025(e)(f)			556		568,260
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.183% (CME Term SOFR 1 Month + 3.86%), 05/30/2025(e)(f)			1,155		1,155,257
Series 2019-3R, Class A 9.145% (CME Term SOFR + 3.81%), 11/27/2031(e)(f)			309		308,940
Series 2020-1R, Class A 8.795% (CME Term SOFR + 3.46%), 02/25/2025(e)(f)			1,537		1,530,072
Triangle Re Ltd. Series 2021-3, Class M1A 7.23% (CME Term SOFR + 1.90%), 02/25/2034(e)(f)			224		223,705
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.695% (CME Term SOFR + 5.36%), 11/25/2025(e)(f)			204		209,252
					35,205,487

abfunds.com AB INCOME FUND ^| 39

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 3119, Class PI 1.756% (7.09% – CME Term SOFR), 02/15/2036(f)(r)	U.S.$		698	$	80,124
Series 3856, Class KS 1.106% (6.44% – CME Term SOFR), 05/15/2041(f)(r)			3,975		369,697
Series 4248, Class SL 0.606% (5.94% – CME Term SOFR), 05/15/2041(f)(r)			408		23,729
Series 4372, Class JS 0.656% (5.99% – CME Term SOFR), 08/15/2044(f)(r)			2,313		195,390
Series 4570, Class ST 0.556% (5.89% – CME Term SOFR), 04/15/2046(f)(r)			1,077		95,723
Series 4735, Class SA 0.756% (6.09% – CME Term SOFR), 12/15/2047(f)(r)			5,225		492,888
Series 4763, Class SB 1.556% (6.89% – CME Term SOFR), 03/15/2048(f)(r)			7,390		993,602
Series 4774, Class BS 0.756% (6.09% – CME Term SOFR), 02/15/2048(f)(r)			3,621		379,616
Series 4774, Class SL 0.756% (6.09% – CME Term SOFR), 04/15/2048(f)(r)			4,968		478,078
Series 4927, Class SJ 0.606% (5.94% – CME Term SOFR), 11/25/2049(f)(r)			2,020		155,520
Federal National Mortgage Association REMICs Series 2013-4, Class ST 0.706% (6.04% – CME Term SOFR), 02/25/2043(f)(r)			1,633		146,148
Series 2014-88, Class BS 0.706% (6.04% – CME Term SOFR), 01/25/2045(f)(r)			1,265		108,995
Series 2015-90, Class SA 0.706% (6.04% – CME Term SOFR), 12/25/2045(f)(r)			11,217		995,163
Series 2016-69, Class DS 0.656% (5.99% – CME Term SOFR), 10/25/2046(f)(r)			14,637		850,441

40 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2017-49, Class SP 0.706% (6.04% – CME Term SOFR), 07/25/2047(f)(r)	U.S.$		1,488	$	144,903
Series 2018-32, Class SB 0.756% (6.09% – CME Term SOFR), 05/25/2048(f)(r)			2,851		282,194
Series 2018-45, Class SL 0.756% (6.09% – CME Term SOFR), 06/25/2048(f)(r)			2,089		212,094
Series 2018-57, Class SL 0.756% (6.09% – CME Term SOFR), 08/25/2048(f)(r)			5,546		633,010
Series 2018-58, Class SA 0.756% (6.09% – CME Term SOFR), 08/25/2048(f)(r)			2,659		262,091
Series 2018-59, Class HS 0.756% (6.09% – CME Term SOFR), 08/25/2048(f)(r)			6,473		700,126
Series 2019-25, Class SA 0.606% (5.94% – CME Term SOFR), 06/25/2049(f)(r)			2,593		219,013
Series 2019-60, Class SJ 0.606% (5.94% – CME Term SOFR), 10/25/2049(f)(r)			2,427		218,394
					8,036,939
Non-Agency Fixed Rate – 0.0%
Alternative Loan Trust Series 2006-24CB, Class A15 5.75%, 08/25/2036			816		427,473
CHL Mortgage Pass-Through Trust Series 2007-3, Class A30 5.75%, 04/25/2037			437		195,386
Series 2007-HY4, Class 1A1 4.427%, 09/25/2047			142		121,375
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.689%, 03/25/2037			73		59,796
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 5.947%, 12/28/2037			437		372,657
					1,176,687
Non-Agency Floating Rate – 0.0%
First Horizon Alternative Mortgage Securities Trust Series 2007-FA2, Class 1A10 5.681% (CME Term SOFR 1 Month + 0.36%), 04/25/2037(f)			319		73,699

abfunds.com AB INCOME FUND ^| 41

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Lehman XS Trust Series 2007-10H, Class 2AIO 1.558% (6.89% – CME Term SOFR 1 Month), 07/25/2037(f)(r)	U.S.$		171	$	12,440
					86,139
Agency Fixed Rate – 0.0%
Federal National Mortgage Association REMICs Series 2016-26, Class IO 5.00%, 05/25/2046(q)			285		40,713
Total Collateralized Mortgage Obligations (cost $44,382,275)					44,545,965
BANK LOANS – 1.6%
Industrial – 1.3%
Capital Goods – 0.0%
Chariot Buyer LLC 8.666% (SOFR 1 Month + 3.25%), 11/03/2028(s)			225		224,443
Communications - Media – 0.1%
Coral-US Co-Borrower LLC 8.435% (SOFR 1 Month + 3.00%), 10/15/2029(s)			1,046		1,040,420
DirecTV Financing LLC 10.680% (SOFR 1 Month + 5.25%), 08/02/2029(s)			1,777		1,776,713
					2,817,133
Communications - Telecommunications – 0.3%
Crown Subsea Communications Holding, Inc. 10.080% (SOFR 3 Month + 4.75%), 01/30/2031(s)			3,770		3,793,563
Zacapa SARL 9.309% (SOFR 3 Month + 4.00%), 03/22/2029(s)			3,241		3,235,712
					7,029,275
Consumer Cyclical - Automotive – 0.0%
Garrett Motion SARL 9.830% (SOFR 3 Month + 4.50%), 04/30/2028(k)(s)			1,074		1,076,971
Consumer Cyclical - Restaurants – 0.0%
IRB Holding Corp. 8.166% (SOFR 1 Month + 2.75%), 12/15/2027(s)			535		535,173

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PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Retailers – 0.0%
Great Outdoors Group LLC 9.180% (SOFR 1 Month + 3.75%), 03/06/2028(s)	U.S.$		1,171	$	1,170,705
Consumer Non-Cyclical – 0.2%
PetSmart LLC 9.166% (SOFR 1 Month + 3.75%), 02/11/2028(s)			4,250		4,183,953
Energy – 0.3%
GIP II Blue Holding LP 9.942% (SOFR 1 Month + 4.50%), 09/29/2028(s)			2,606		2,618,360
Parkway Generation LLC 10.341% (SOFR 3 Month + 4.75%), 02/18/2029(s)			4,470		4,447,329
					7,065,689
Other Industrial – 0.1%
Dealer Tire Financial LLC 9.066% (SOFR 1 Month + 3.75%), 12/14/2027(k)(s)			1,277		1,283,676
Rockwood Service Corporation 9.680% (SOFR 1 Month + 4.25%), 01/23/2027(s)			171		172,021
					1,455,697
Technology – 0.3%
Amentum Government Services Holdings LLC 9.430% (SOFR 1 Month + 4.00%), 01/29/2027(s)			433		433,307
Ascend Learning LLC 11.166% (SOFR 1 Month + 5.75%), 12/10/2029(s)			930		910,628
Boxer Parent Company, Inc. 9.566% (SOFR 1 Month + 4.25%), 12/29/2028(s)			3,336		3,354,129
FINThrive Software Intermediate Holdings, Inc. 12.180% (SOFR 1 Month + 6.75%), 12/17/2029(k)(s)			580		403,100
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027(j)(k)(p)(s)			4,133		36,166
Peraton Corp. 9.166% (SOFR 1 Month + 3.75%), 02/01/2028(s)			1,576		1,575,629

abfunds.com AB INCOME FUND ^| 43

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Presidio Holdings, Inc. 8.916% (SOFR 1 Month + 3.50%), 01/22/2027(s)	U.S.$		44	$	43,665
8.930% (SOFR 3 Month + 3.50%), 01/22/2027(s)			1,542		1,542,295
					8,298,919
					33,857,958
Financial Institutions – 0.2%
Finance – 0.0%
Orbit Private Holdings I Ltd. 9.934% (SOFR 6 Month + 4.50%), 12/11/2028(s)			371		372,843
Insurance – 0.2%
Asurion LLC 9.666% (SOFR 1 Month + 4.25%), 08/19/2028(s)			1,693		1,648,732
Hub International Limited 8.565% (SOFR 1 Month + 3.25%), 06/20/2030(s)			4		4,156
8.575% (SOFR 3 Month + 3.25%), 06/20/2030(s)			1,650		1,658,110
					3,310,998
					3,683,841
Utility – 0.1%
Electric – 0.1%
Granite Generation LLC 9.180% (SOFR 1 Month + 3.75%), 11/09/2026(s)			3,493		3,491,966
Total Bank Loans (cost $45,009,924)					41,033,765
ASSET-BACKED SECURITIES – 1.3%
Other ABS - Fixed Rate – 0.7%
Affirm Asset Securitization Trust Series 2022-Z1, Class A 4.55%, 06/15/2027(e)			591		587,221
Series 2023-A, Class 1A 6.61%, 01/18/2028(e)			250		250,982
Series 2023-A, Class A 6.61%, 01/18/2028(e)			9,617		9,661,650
BHG Securitization Trust Series 2023-A, Class A 5.55%, 04/17/2036(e)			3,678		3,645,036

44 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2019-36, Class PT 10.694%, 10/17/2044(m)	U.S.$		52	$	50,976
Pagaya AI Debt Trust Series 2023-1, Class A 7.556%, 07/15/2030(e)			1,508		1,514,690
Theorem Funding Trust Series 2022-3A, Class A 7.60%, 04/15/2029(e)			3,367		3,388,652
					19,099,207
Other ABS - Floating Rate – 0.3%
Pagaya AI Debt Trust Series 2022-6, Class A4 37.49%, 05/15/2030(e)(k)			80		103,557
Series 2024-S1, Class ABC 7.271%, 09/15/2031(e)			7,860		7,860,000
					7,963,557
Autos - Fixed Rate – 0.3%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(e)			2,970		2,886,239
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(e)			4,467		4,496,272
					7,382,511
Total Asset-Backed Securities (cost $34,490,178)					34,445,275
EMERGING MARKETS - SOVEREIGNS – 1.2%
Angola – 0.2%
Angolan Government International Bond 8.00%, 11/26/2029(e)			6,169		5,629,212
Dominican Republic – 0.5%
Dominican Republic International Bond 4.50%, 01/30/2030(e)			5,298		4,723,167
5.95%, 01/25/2027(e)			1,018		998,658
6.875%, 01/29/2026(e)			4,928		4,935,392
8.625%, 04/20/2027(e)			824		847,072
					11,504,289
El Salvador – 0.1%
El Salvador Government International Bond 8.625%, 02/28/2029(e)			1,330		1,161,256

abfunds.com AB INCOME FUND ^| 45

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Ivory Coast – 0.1%
Ivory Coast Government International Bond 4.875%, 01/30/2032(e)	EUR		1,195	$	1,065,071
5.75%, 12/31/2032(e)(n)	U.S.$		1,049		970,204
6.375%, 03/03/2028(e)			1,377		1,336,413
					3,371,688
Kenya – 0.1%
Republic of Kenya Government International Bond 7.00%, 05/22/2027(e)			1,680		1,618,848
Lebanon – 0.0%
Lebanon Government International Bond 6.65%, 04/22/2024(e)(h)(j)			507		32,195
6.85%, 03/23/2027(e)(j)(p)			1,053		66,865
Series G 6.60%, 11/27/2026(e)(j)(p)			1,284		81,277
					180,337
Nigeria – 0.0%
Nigeria Government International Bond 6.125%, 09/28/2028(e)			233		205,611
7.143%, 02/23/2030(e)			211		185,350
7.875%, 02/16/2032(e)			226		197,750
					588,711
Senegal – 0.2%
Senegal Government International Bond 4.75%, 03/13/2028(e)	EUR		1,465		1,430,556
6.25%, 05/23/2033(e)	U.S.$		5,158		4,360,122
					5,790,678
Ukraine – 0.0%
Ukraine Government International Bond 7.253%, 03/15/2035(e)(n)			1,964		481,966
Total Emerging Markets - Sovereigns (cost $36,554,718)					30,326,985
AGENCIES – 1.2%
Agency Debentures – 1.2%
Federal Home Loan Banks 5.50%, 07/15/2036			8,695		9,179,137
Federal Home Loan Mortgage Corp. 6.25%, 07/15/2032(g)			10,400		11,425,593
6.75%, 03/15/2031			4,000		4,453,422
Series GDIF 6.75%, 09/15/2029			4,606		5,018,190
Total Agencies (cost $34,046,422)					30,076,342

46 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Chile – 0.0%
Corp. Nacional del Cobre de Chile 5.125%, 02/02/2033(e)	U.S.$		480	$	443,100
5.95%, 01/08/2034(e)			832		807,300
					1,250,400
Hungary – 0.1%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(e)			1,330		1,330,000
Indonesia – 0.1%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT 4.75%, 05/15/2025(e)			2,044		2,016,059
Mexico – 0.5%
Comision Federal de Electricidad 4.688%, 05/15/2029(e)			3,231		2,968,481
Petroleos Mexicanos 5.95%, 01/28/2031			5,321		4,204,920
6.49%, 01/23/2027			1,455		1,366,071
6.50%, 03/13/2027			587		550,635
6.70%, 02/16/2032			3,060		2,506,446
					11,596,553
South Africa – 0.0%
Transnet SOC Ltd. 8.25%, 02/06/2028(e)			1,294		1,272,972
Ukraine – 0.1%
State Agency of Roads of Ukraine 6.25%, 06/24/2030(m)(n)			7,856		2,180,040
Total Quasi-Sovereigns (cost $25,234,785)					19,646,024
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.3%
United States – 0.3%
Texas Transportation Commission State Highway Fund Series 2010-B 5.178%, 04/01/2030			2,560		2,545,548
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(m)			6,915		5,910,018
Total Local Governments - US Municipal Bonds (cost $9,475,000)					8,455,566

abfunds.com AB INCOME FUND ^| 47

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS – 0.3%
Colombia – 0.1%
Colombia Government International Bond 3.125%, 04/15/2031	U.S.$		864	$	665,712
8.00%, 11/14/2035			1,493		1,501,212
					2,166,924
Panama – 0.2%
Panama Government International Bond 6.875%, 01/31/2036(g)			677		639,342
Panama Notas del Tesoro 3.75%, 04/17/2026			5,027		4,788,217
					5,427,559
Total Governments - Sovereign Bonds (cost $8,114,304)					7,594,483
		Shares
COMMON STOCKS – 0.1%
Financials – 0.1%
Banks – 0.1%
Nordic Aviation Capital DAC(i)(j)(k)			103,735		2,022,833
Financial Services – 0.0%
Paysafe Ltd.(j)			8,409		119,576
					2,142,409
Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
ATD New Holdings, Inc.(j)(k)			29,486		678,178
Diversified Consumer Services – 0.0%
Paysafe AG Tracker(i)(j)(k)			53,417		– 0	–
					678,178
Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies(i)(j)(k)			497		149,100
Energy – 0.0%
Oil, Gas & Consumable Fuels – 0.0%
Golden Energy Offshore Services AS(j)			824,474		138,792
SandRidge Energy, Inc.			105		1,438
					140,230

48 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Company	Shares		U.S. $ Value
Consumer Staples – 0.0%
Household Products – 0.0%
Southeastern Grocers, Inc.(i)(j)(k)		71,086	$	49,760
Total Common Stocks (cost $4,789,726)				3,159,677
PREFERRED STOCKS – 0.1%
Industrial – 0.1%
Auto Components – 0.1%
Exide International Holdings LP 0.00%(e)(i)(j)(k) (cost $2,325,936)		3,093		2,783,700
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(t)(u)(v) (cost $10,027,622)		10,027,622		10,027,622
Total Investments – 119.4% (cost $3,153,249,787)				3,052,407,869
Other assets less liabilities – (19.4)%				(496,149,629	)
Net Assets – 100.0%			$	2,556,258,240

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Long Gilt Futures		12		June 2024	$	1,436,183	$	(30,002	)
U.S. 10 Yr Ultra Futures		1,243		June 2024		137,001,906		(4,261,250	)
U.S. Long Bond (CBT) Futures		1,001		June 2024		113,926,313		(4,403,668	)
U.S. T-Note 5 Yr (CBT) Futures		5,864		June 2024		614,208,190		(10,494,616	)
U.S. T-Note 10 Yr (CBT) Futures		2,262		June 2024		243,023,625		(5,791,476	)
Sold Contracts
Euro Buxl 30 Yr Bond Futures		13		June 2024		1,788,585		92,386
Euro-BOBL Futures		12		June 2024		1,491,050		17,661
Euro-Bund Futures		48		June 2024		6,663,429		158,241
Euro-Schatz Futures		76		June 2024		8,525,182		46,968
U.S. T-Note 2 Yr (CBT) Futures		2,946		June 2024		597,025,313		5,469,464
U.S. Ultra Bond (CBT) Futures		3		June 2024		358,688		1,401
							$	(19,194,891	)

abfunds.com AB INCOME FUND ^| 49

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)
Citibank, NA	CAD	2,911	USD	2,163		06/13/2024	$	47,671
Citibank, NA	BRL	289,350	USD	56,047		04/08/2025		2,126,817
Deutsche Bank AG	EUR	21,899	USD	23,989		06/12/2024		579,766
Morgan Stanley Capital Services, Inc.	USD	1,924	AUD	2,999		06/27/2024		21,754
State Street Bank & Trust Co.	EUR	1,399	USD	1,518		06/12/2024		22,114
							$	2,798,122

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
iTraxx Australia Series 41, 5 Year Index, 06/20/2029*		(1.00	)%		Quarterly		0.71	%	USD	104,760	$	(1,460,238	)	$	(1,677,224	)	$	216,986
Sale Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		5.00			Quarterly		3.55		USD	350		22,626			23,340			(714	)
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00			Quarterly		0.53		USD	104,760		2,326,033			2,266,260			59,773
											$	888,421		$	612,376		$	276,045

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%	USD	1,329	$	(168,386	)	$	(297,891	)	$	129,505
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	997		(126,303	)		(223,443	)		97,140
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	531		(67,320	)		(129,923	)		62,603
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	513		(64,995	)		(74,291	)		9,296
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	73		(9,202	)		(4,155	)		(5,047	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	288		(36,468	)		(29,499	)		(6,969	)

50 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%	USD	448	$	(56,715	)	$	(35,923	)	$	(20,792	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	684		(86,717	)		(63,081	)		(23,636	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	881		(111,670	)		(80,724	)		(30,946	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	2,238		(283,572	)		(207,997	)		(75,575	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,278		(542,021	)		(388,072	)		(153,949	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,278		(542,021	)		(388,072	)		(153,949	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,042		(512,075	)		(316,454	)		(195,621	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,281		(542,418	)		(243,705	)		(298,713	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	601		(76,167	)		(67,506	)		(8,661	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,127		(522,907	)		(452,283	)		(70,624	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	3,951		(500,619	)		(589,001	)		88,382
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	2,830		(358,606	)		(415,931	)		57,325
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	1,921		(243,362	)		(202,480	)		(40,882	)
JPMorgan Securities LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	1,343		(170,143	)		(76,825	)		(93,318	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	2,021		(256,010	)		(157,415	)		(98,595	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	4,272		(541,226	)		(436,794	)		(104,432	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD	245		(31,022	)		(18,499	)		(12,523	)
											$	(5,849,945	)	$	(4,899,964	)	$	(949,981	)

REVERSE REPURCHASE AGREEMENTS (see Note D)

Broker	Currency		Principal Amount (000)		Interest Rate			Maturity			U.S. $ Value at April 30, 2024
Barclay Capital, Inc.†		USD		3,008		4.50	%		– 0	–	$	3,012,387
HSBC Securities (USA), Inc.†		USD		11,882		5.10	%		– 0	–		12,141,226
Jefferies LLC†		USD		763		4.25	%		– 0	–		764,061
Jefferies LLC†		USD		890		4.60	%		– 0	–		891,478
Standard Chartered Bank†		USD		652		5.00	%		– 0	–		652,337
											$	17,461,489

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on April 30, 2024.

abfunds.com AB INCOME FUND ^| 51

PORTFOLIO OF INVESTMENTS (continued)

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements on the statements of assets and liabilities is as follows:

Overnight and Continuous

Up to 30 Days

31-90 Days

Greater than 90 Days

Total

Agencies

$

12,141,226

$

– 0

–

$

– 0

–

$

– 0

–

$

12,141,226

Corporates –Non-Investment Grade

3,012,387

– 0

–

– 0

–

– 0

–

3,012,387

Corporates – Investment Grade

1,655,539

– 0

–

– 0

–

– 0

–

1,655,539

Governments – Sovereign Bonds

652,337

– 0

–

– 0

–

– 0

–

652,337

Total

$

17,461,489

$

– 0

–

$

– 0

–

$

– 0

–

$

17,461,489

** Principal amount less than 500.

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

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

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

(e) 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 April 30, 2024, the aggregate market value of these securities amounted to $749,955,782 or 29.3% of net assets.

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

(g) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(h) Defaulted matured security.

(i) Fair valued by the Adviser.

(j) Non-income producing security.

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

(l) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2024.

(m) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.35% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2019-36, Class PT 10.694%, 10/17/2044		09/04/2019	$	52,077	$	50,976			0.00	%
Curo Group Holdings Corp. 7.50%, 08/01/2028		05/15/2023		1,328,716		731,143			0.03	%
Digicel Group Holdings Ltd. Zero Coupon, 12/31/2030		11/16/2023		8,205		1,285			0.00	%
Exide Technologies 11.00%, 10/31/2024		06/21/2019- 10/26/2020		692,006		– 0	–		0.00	%
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018		02/19/2015		861,787		– 0	–		0.00	%

52 ^| AB INCOME FUND abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
State Agency of Roads of Ukraine 6.25%, 06/24/2030		06/17/2021	$	7,856,000	$	2,180,040		0.09	%
Tonon Luxembourg SA 6.50%, 10/31/2024		01/16/2013- 10/31/2021		1,804,783		87		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		06/13/2013- 01/27/2014		3,510,949		474		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020		06/09/2014		745,965		75		0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		01/29/2014		916,308		169		0.00	%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041		08/03/2021		6,915,000		5,910,018		0.23	%

(n) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(o) Escrow shares.

(p) Defaulted.

(q) IO – Interest Only.

(r) Inverse interest only security.

(s) The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at April 30, 2024.

(t) Affiliated investments.

(u) 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.

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

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

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

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Merchantile Exchange

JSC – Joint Stock Company

OTC – Over-the-Counter

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

See notes to financial statements.

abfunds.com AB INCOME FUND ^| 53

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $3,143,222,165)	$	3,042,380,247
Affiliated issuers (cost $10,027,622)		10,027,622
Cash		223,441
Foreign currencies, at value (cost $621,864)		613,004
Unaffiliated interest and dividends receivable		24,759,301
Receivable for investment securities sold		14,292,247
Unrealized appreciation on forward currency exchange contracts		2,798,122
Receivable for capital stock sold		1,666,725
Receivable due from Adviser		99,653
Affiliated dividends receivable		57,720
Other assets		19,955
Total assets		3,096,938,037
Liabilities
Payable for investment securities purchased		495,477,695
Payable for reverse repurchase agreements		17,461,489
Payable for capital stock redeemed		13,110,448
Market value on credit default swaps (net premiums received $4,899,964)		5,849,945
Payable for variation margin on futures		3,736,574
Cash collateral due to broker		1,440,000
Dividends payable		1,018,907
Advisory fee payable		952,013
Foreign capital gains tax payable		297,406
Payable for variation margin on centrally cleared swaps		128,028
Distribution fee payable		91,646
Transfer Agent fee payable		46,114
Administrative fee payable		25,008
Directors’ fees payable		1,609
Accrued expenses		1,042,915
Total liabilities		540,679,797
Net Assets	$	2,556,258,240
Composition of Net Assets
Capital stock, at par	$	412,346
Additional paid-in capital		3,426,156,995
Accumulated loss		(870,311,101	)
Net Assets	$	2,556,258,240

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	123,342,523		19,920,873	$	6.19	*
C	$	78,817,099		12,712,487	$	6.20
Advisor	$	2,341,524,219		377,685,357	$	6.20
Z	$	12,574,399		2,027,275	$	6.20

* The maximum offering price per share for Class A shares was $6.46 which reflects a sales charge of 4.25%.

See notes to financial statements.

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STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	72,408,075
Dividends
Affiliated issuers		581,197
Unaffiliated issuers		2,230
Other income		27,432		$	73,018,934
Expenses
Advisory fee (see Note B)		5,709,440
Distribution fee—Class A		160,874
Distribution fee—Class C		425,219
Transfer agency—Class A		52,920
Transfer agency—Class C		34,986
Transfer agency—Advisor Class		949,510
Transfer agency—Class Z		1,684
Custody and accounting		158,764
Printing		109,619
Audit and tax		74,330
Administrative		48,531
Registration fees		47,648
Legal		27,351
Directors’ fees		23,622
Miscellaneous		43,013
Total expenses before interest expense/bank overdraft		7,867,511
Interest expense/bank overdraft		461,408
Total expenses					8,328,919
Less: expenses waived and reimbursed by the Adviser (see Note B)		(684,472	)
Net expenses					7,644,447
Net investment income					65,374,487
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions(a)					8,228,329
Forward currency exchange contracts					2,715
Futures					5,144,107
Options written					188,680
Swaps					(1,269,295	)
Foreign currency transactions					(1,404,652	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)					42,870,760
Forward currency exchange contracts					2,726,119
Futures					16,159,303
Options written					(98,590	)
Swaps					2,344,462
Foreign currency denominated assets and liabilities					118,483
Net gain on investment and foreign currency transactions					75,010,421
Net Increase in Net Assets from Operations				$	140,384,908

(a) Net of foreign realized capital gains taxes of $67,945.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $6,463.

See notes to financial statements.

abfunds.com AB INCOME FUND ^| 55

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	65,374,487		$	116,479,126
Net realized gain (loss) on investment and foreign currency transactions		10,889,884			(257,509,640	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		64,120,537			197,307,168
Net increase in net assets from operations		140,384,908			56,276,654
Distributions to Shareholders
Class A		(3,291,202	)		(6,139,059	)
Class C		(1,851,796	)		(3,570,199	)
Advisor Class		(62,002,552	)		(98,818,254	)
Class Z		(416,005	)		(932,157	)
Return of Capital
Class A		– 0	–		(1,234,366	)
Class C		– 0	–		(717,851	)
Advisor Class		– 0	–		(19,869,152	)
Class Z		– 0	–		(187,427	)
Capital Stock Transactions
Net increase (decrease)		81,339,684			(152,901,365	)
Total increase (decrease)		154,163,037			(228,093,176	)
Net Assets
Beginning of period		2,402,095,203			2,630,188,379
End of period	$	2,556,258,240		$	2,402,095,203

See notes to financial statements.

56 ^| AB INCOME FUND abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Income Fund (the “Fund”), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class B, Class K, Class R, Class I, Class T, Class 1 and Class 2 shares have not been issued. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Company’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other

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NOTES TO FINANCIAL STATEMENTS (continued)

things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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NOTES TO FINANCIAL STATEMENTS (continued)

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor

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NOTES TO FINANCIAL STATEMENTS (continued)

inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of

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NOTES TO FINANCIAL STATEMENTS (continued)

quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Governments – Treasuries	$	– 0	–	$	1,292,506,773		$	– 0	–	$	1,292,506,773
Mortgage Pass – Throughs		– 0	–		669,820,823			– 0	–		669,820,823
Corporates – Investment Grade		– 0	–		380,117,481			– 0	–		380,117,481
Corporates – Non-Investment Grade		– 0	–		271,269,515			0	(a)		271,269,515
Collateralized Loan Obligations		– 0	–		78,338,908			– 0	–		78,338,908
Emerging Markets – Corporate Bonds		– 0	–		73,795,507			2,003			73,797,510
Commercial Mortgage-Backed Securities		– 0	–		54,461,455			– 0	–		54,461,455
Collateralized Mortgage Obligations		– 0	–		44,545,965			– 0	–		44,545,965
Bank Loans		– 0	–		38,233,852			2,799,913			41,033,765
Asset-Backed Securities		– 0	–		34,341,718			103,557			34,445,275
Emerging Markets – Sovereigns		– 0	–		30,326,985			– 0	–		30,326,985
Agencies		– 0	–		30,076,342			– 0	–		30,076,342
Quasi-Sovereigns		– 0	–		19,646,024			– 0	–		19,646,024
Local Governments – US Municipal Bonds		– 0	–		8,455,566			– 0	–		8,455,566
Governments – Sovereign Bonds		– 0	–		7,594,483			– 0	–		7,594,483
Common Stocks		259,806			– 0	–		2,899,871	(a)		3,159,677
Preferred Stocks		– 0	–		– 0	–		2,783,700			2,783,700
Short-Term Investments		10,027,622			– 0	–		– 0	–		10,027,622
Total Investments in Securities		10,287,428			3,033,531,397			8,589,044	(a)		3,052,407,869

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities:	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Futures	$	5,786,121		$	– 0	–	$	– 0	–	$	5,786,121	(C)
Forward Currency Exchange Contracts		– 0	–		2,798,122			– 0	–		2,798,122
Centrally Cleared Credit Default Swaps		– 0	–		2,348,659			– 0	–		2,348,659	(C)
Liabilities:
Futures		(24,981,012	)		– 0	–		– 0	–		(24,981,012	)(C)
Centrally Cleared Credit Default Swaps		– 0	–		(1,460,238	)		– 0	–		(1,460,238	)(C)
Credit Default Swaps		– 0	–		(5,849,945	)		– 0	–		(5,849,945	)
Reverse Repurchase Agreements		(17,461,489	)		– 0	–		– 0	–		(17,461,489	)
Total	$	(26,368,952	)	$	3,031,367,995		$	8,589,044	(a)	$	3,013,588,087

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

(b) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(c) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

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4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from

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NOTES TO FINANCIAL STATEMENTS (continued)

those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion of the Fund’s average daily net assets, .40% of the excess over $2.5 billion up to $5 billion and .35% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .77%, 1.52%, .52%, and .52% of daily average net assets for Class A, Class C, Advisor Class, and Class Z shares, respectively. For the six months ended April 30, 2024, such reimbursement/waivers amounted to $668,132. The Expense Caps may not be terminated by the Adviser before January 31, 2025.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $48,531.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $252,608 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $6,152 from the sale of Class A shares and received $1,005 and $1,262 in contingent deferred sales charges imposed upon

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redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $16,340.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	10,866	$	490,455	$	491,293	$	10,028	$	581

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .25% of the Fund’s average daily net assets attributable to Class A shares and 1% of the Fund’s average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class and Class Z shares. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $1,080,331 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing

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fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	379,573,268	$	355,732,429
U.S. government securities		4,064,842,832		3,968,663,769

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	26,778,759
Gross unrealized depreciation		(144,691,382	)
Net unrealized depreciation	$	(117,912,623	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

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At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized

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appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging purposes.

• Option Transactions

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call purchased option by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call purchased options are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Fund’s maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from written options. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the

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underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of the written option by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

During the six months ended April 30, 2024, the Fund held purchased options for hedging purposes.

During the six months ended April 30, 2024, the Fund held written options for hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the

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statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the

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net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended April 30, 2024, the Fund held inflation (CPI) swaps for non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments.

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The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

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During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	5,786,121	*	Payable for variation margin on futures	$	24,981,012	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		276,759	*	Payable for variation margin on centrally cleared swaps		714	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		2,798,122
Credit contracts					Market value on credit default swaps		5,849,945
Total		$	8,861,002			$	30,831,671

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	5,144,107	$	16,159,303
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		2,715		2,726,119

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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments	$	(325,496	)	$	(241,174	)
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation (depreciation) of options written		188,680			(98,590	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(273,350	)		(59,217	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(995,945	)		2,403,679
Total		$	3,740,711		$	20,890,120

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	1,041,563,778
Average notional amount of sale contracts	$	529,884,701
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	1,964,166	(a)
Average principal amount of sale contracts	$	32,192,798
Purchased Options:
Average notional amount	$	32,916,000	(b)
Options Written:
Average notional amount	$	31,044,000	(b)
Centrally Cleared Inflation Swaps:
Average notional amount	$	48,600,000	(b)
Credit Default Swaps:
Average notional amount of sale contracts	$	51,556,413
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	104,760,000
Average notional amount of sale contracts	$	105,107,746

(a) Positions were open for four months during the period.

(b) Positions were open for less than one month during the period.

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For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Citibank, NA/Citigroup Global Markets, Inc.	$	2,174,488	$	(2,174,488	)	$	– 0	–	$	– 0	–	$	– 0	–
Deutsche Bank AG		579,766		– 0	–		– 0	–		– 0	–		579,766
Morgan Stanley Capital Services, Inc./Morgan Stanley & Co. International PLC		21,754		(21,754	)		– 0	–		– 0	–		– 0	–
State Street Bank & Trust Co.		22,114		– 0	–		– 0	–		– 0	–		22,114
Total	$	2,798,122	$	(2,196,242	)	$	– 0	–	$	– 0	–	$	601,880	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	3,149,883	$	(2,174,488	)	$	– 0	–	$	(975,395	)	$	– 0	–
Credit Suisse International		599,074		– 0	–		– 0	–		(599,074	)		– 0	–
Goldman Sachs International		1,102,587		– 0	–		– 0	–		(1,102,587	)		– 0	–
JPMorgan Securities LLC		967,379		– 0	–		– 0	–		(967,379	)		– 0	–
Morgan Stanley Capital Services, Inc./Morgan Stanley & Co. International PLC		31,022		(21,754	)		– 0	–		(9,268	)		– 0	–
Total	$	5,849,945	$	(2,196,242	)	$	– 0	–	$	(3,653,703	)	$	0	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

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2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Fund may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended April 30, 2024, the Fund earned drop income of $212,818 which is included in interest income in the accompanying statement of operations.

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4. Reverse Repurchase Agreements

The Fund may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Fund sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Fund enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other master agreements, the Fund is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund in the event of a default. In the event of a default by a MRA counterparty, the Fund may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the six months ended April 30, 2024, the average amount of reverse repurchase agreements outstanding was $18,694,566 and the daily weighted average interest rate was 4.65%. At April 30, 2024, the Fund had reverse repurchase agreements outstanding in the amount of $17,461,489 as reported on the statement of assets and liabilities.

The following table presents the Fund’s RVP liabilities by counterparty net of the related collateral pledged by the Fund as of April 30, 2024:

Counterparty	RVP Liabilities Subject to a MRA		Securities Collateral Pledged†*			Net Amount of RVP Liabilities
Barclays Capital, Inc.	$	3,012,387	$	(2,978,063	)	$	34,324
HSBC Securities (USA), Inc.		12,141,226		(12,141,226	)		– 0	–
Jefferies LLC		1,655,539		(1,619,124	)		36,415
Standard Chartered Bank		652,337		(650,978	)		1,359
Total	$	17,461,489	$	(17,389,391	)	$	72,098

† Including accrued interest.

* The actual collateral pledged may be more than the amount reported due to overcollateralization.

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NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		2,102,823			5,375,800		$	13,445,919		$	34,188,667
Shares issued in reinvestment of dividends		352,010			788,190			2,242,482			5,039,591
Shares converted from Class C		406,074			778,379			2,570,471			4,907,291
Shares redeemed		(3,957,103	)		(11,739,591	)		(25,117,493	)		(74,338,740	)
Net decrease		(1,096,196	)		(4,797,222	)	$	(6,858,621	)	$	(30,203,191	)
Class C
Shares sold		606,161			1,415,028		$	3,859,050		$	9,121,503
Shares issued in reinvestment of dividends		178,098			420,906			1,136,445			2,696,794
Shares converted to Class A		(405,490	)		(777,719	)		(2,570,471	)		(4,907,291	)
Shares redeemed		(1,886,830	)		(5,219,417	)		(11,985,812	)		(33,362,726	)
Net decrease		(1,508,061	)		(4,161,202	)	$	(9,560,788	)	$	(26,451,720	)
Advisor Class
Shares sold		82,482,552			124,730,756		$	525,613,540		$	800,267,067
Shares issued in reinvestment of dividends		6,613,510			12,237,569			42,190,864			78,257,364
Shares redeemed		(72,979,138	)		(152,016,152	)		(462,828,307	)		(973,162,989	)
Net increase (decrease)		16,116,924			(15,047,827	)	$	104,976,097		$	(94,638,558	)
Class Z
Shares sold		800,370			1,082,163		$	5,041,936		$	6,936,690
Shares issued in reinvestment of dividends		47,978			151,270			305,565			967,293
Shares redeemed		(1,961,797	)		(1,484,578	)		(12,564,505	)		(9,511,879	)
Net decrease		(1,113,449	)		(251,145	)	$	(7,217,004	)	$	(1,607,896	)

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

as can the value of the Fund’s distributions. This risk is significantly greater for fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

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

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

Illiquid Investments Risk—Illiquid investments risk exists when certain investments 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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options

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NOTES TO FINANCIAL STATEMENTS (continued)

and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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

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NOTES TO FINANCIAL STATEMENTS (continued)

models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	109,459,669	$	129,387,443
Total taxable distributions paid	$	109,459,669	$	129,387,443
Return of Capital		22,008,796		– 0	–
Total distributions paid	$	131,468,465	$	129,387,443

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(788,620,748	)(a)
Unrealized appreciation (depreciation)		(143,745,135	)(b)
Total accumulated earnings (deficit)	$	(932,365,883	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $788,620,748.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains (losses) on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $239,830,869 and

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NOTES TO FINANCIAL STATEMENTS (continued)

a net long-term capital loss carryforward of $548,789,879, which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 6.00			$ 6.19			$ 7.89			$ 7.96			$ 7.98			$ 7.49
Income From Investment Operations
Net investment income(a)(b)		.16			.28			.23			.24			.26			.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.19			(.16	)		(1.69	)		(.04	)		.02	(c)		.53
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		.00	(d)
Net increase (decrease) in net asset value from operations		.35			.12			(1.46	)		.20			.28			.84
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.26	)		(.24	)		(.27	)		(.30	)		(.30	)
Return of capital		– 0	–		(.05	)		– 0	–		– 0	–		– 0	–		(.05	)
Total dividends and distributions		(.16	)		(.31	)		(.24	)		(.27	)		(.30	)		(.35	)
Net asset value, end of period		$ 6.19			$ 6.00			$ 6.19			$ 7.89			$ 7.96			$ 7.98
Total Return
Total investment return based on net asset value(e)*		5.81	%		1.76	%		(18.83	)%		2.48	%		3.55	%		11.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$123,343			$126,078			$159,887			$265,990			$289,619			$240,567
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.81	%^		1.81	%		1.04	%		.79	%		.78	%		.77	%
Expenses, before waivers/reimbursements(f)		.86	%^		1.86	%		1.08	%		.80	%		.80	%		.83	%
Net investment income(b)		4.94	%^		4.30	%		3.15	%		3.04	%		3.24	%		4.02	%
Portfolio turnover rate**		145	%		231	%		167	%		166	%		246	%		270	%

See footnote summary on page 88.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 6.01			$ 6.20			$ 7.90			$ 7.97			$ 7.99			$ 7.50
Income From Investment Operations
Net investment income(a)(b)		.13			.23			.17			.18			.20			.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			(.16	)		(1.68	)		(.04	)		.02	(c)		.53
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		.00	(d)
Net increase (decrease) in net asset value from operations		.33			.07			(1.51	)		.14			.22			.78
Less: Dividends and Distributions
Dividends from net investment income		(.14	)		(.22	)		(.19	)		(.21	)		(.24	)		(.25	)
Return of capital		– 0	–		(.04	)		– 0	–		– 0	–		– 0	–		(.04	)
Total dividends and distributions		(.14	)		(.26	)		(.19	)		(.21	)		(.24	)		(.29	)
Net asset value, end of period		$ 6.20			$ 6.01			$ 6.20			$ 7.90			$ 7.97			$ 7.99
Total Return
Total investment return based on net asset value(e)*		5.41	%		1.00	%		(19.41	)%		1.71	%		2.77	%		10.65	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$78,817			$85,418			$113,982			$194,363			$217,968			$164,413
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		1.56	%^		2.54	%		1.79	%		1.54	%		1.53	%		1.52	%
Expenses, before waivers/reimbursements(f)		1.61	%^		2.60	%		1.82	%		1.55	%		1.55	%		1.57	%
Net investment income(b)		4.18	%^		3.57	%		2.39	%		2.29	%		2.49	%		3.21	%
Portfolio turnover rate**		145	%		231	%		167	%		166	%		246	%		270	%

See footnote summary on page 88.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 6.01			$ 6.20			$ 7.90			$ 7.97			$ 7.99			$ 7.50
Income From Investment Operations
Net investment income(a)(b)		.16			.29			.24			.26			.27			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			(.15	)		(1.68	)		(.04	)		.03	(c)		.53
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		.00	(d)
Net increase (decrease) in net asset value from operations		.36			.14			(1.44	)		.22			.30			.86
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.27	)		(.26	)		(.29	)		(.32	)		(.31	)
Return of capital		– 0	–		(.06	)		– 0	–		– 0	–		– 0	–		(.06	)
Total dividends and distributions		(.17	)		(.33	)		(.26	)		(.29	)		(.32	)		(.37	)
Net asset value, end of period		$ 6.20			$ 6.01			$ 6.20			$ 7.90			$ 7.97			$ 7.99
Total Return
Total investment return based on:
Net asset value(e)*		5.94	%		2.02	%		(18.60	)%		2.73	%		3.80	%		11.76	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$2,342			$2,172			$2,334			$4,152			$4,097			$3,562
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.55	%^		1.55	%		.79	%		.54	%		.53	%		.52	%
Expenses, before waivers/reimbursements(f)		.61	%^		1.61	%		.82	%		.55	%		.55	%		.58	%
Net investment income(b)		5.19	%^		4.54	%		3.38	%		3.28	%		3.48	%		4.24	%
Portfolio turnover rate**		145	%		231	%		167	%		166	%		246	%		270	%

See footnote summary on page 88.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class Z
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,									November 20, 2019(g) to October 31, 2020
				2023			2022			2021
Net asset value, beginning of period		$ 6.01			$ 6.20			$ 7.90			$ 7.97			$ 7.97
Income From Investment Operations
Net investment income(a)(b)		.16			.29			.25			.27			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.20			(.15	)		(1.69	)		(.05	)		.03	(c)
Net increase (decrease) in net asset value from operations		.36			.14			(1.44	)		.22			.30
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.27	)		(.26	)		(.29	)		(.30	)
Return of capital		– 0	–		(.06	)		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.17	)		(.33	)		(.26	)		(.29	)		(.30	)
Net asset value, end of period		$ 6.20			$ 6.01			$ 6.20			$ 7.90			$ 7.97
Total Return
Total investment return based on net asset value(e)*		5.93	%		2.02	%		(18.57	)%		2.78	%		3.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12,574			$18,861			$21,026			$30,118			$18,492
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.55	%^		1.55	%		.78	%		.49	%		.48	%^
Expenses, before waivers/reimbursements(f)		.55	%^		1.55	%		.78	%		.49	%		.48	%^
Net investment income(b)		5.16	%^		4.56	%		3.44	%		3.32	%		3.49	%^
Portfolio turnover rate**		145	%		231	%		167	%		166	%		246	%

See footnote summary on page 88.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(f) The expense ratios, excluding interest expense are:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.77	%^		.77	%		.77	%		.77	%		.77	%		.77	%
Before waivers/reimbursements		.82	%^		.83	%		.80	%		.78	%		.79	%		.82	%
Class C
Net of waivers/reimbursements		1.52	%^		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Before waivers/reimbursements		1.57	%^		1.58	%		1.55	%		1.53	%		1.54	%		1.57	%
Advisor Class
Net of waivers/reimbursements		.52	%^		.52	%		.52	%		.52	%		.52	%		.52	%
Before waivers/reimbursements		.57	%^		.58	%		.55	%		.53	%		.54	%		.57	%
Class Z
Net of waivers/reimbursements		.51	%^		.51	%		.49	%		.47	%		.46	%		N/A
Before waivers/reimbursements		.51	%^		.52	%		.49	%		.47	%		.46	%		N/A

(g) Commencement of distributions.

* Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance by .04% for the year ended October 31, 2021.

** The Fund accounts for dollar roll transactions as purchases and sales.

^ Annualized.

See notes to financial statements.

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BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Scott A. DiMaggio⁽²⁾, Vice President Gershon M. Distenfeld⁽²⁾, Vice President Fahd Malik⁽²⁾, Vice President Matthew S. Sheridan⁽²⁾, Vice President William Smith⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller
Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West
New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s U.S. Investment Grade: Core Fixed Income Investment Team. Messrs. DiMaggio, Distenfeld, Malik, Smith and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

abfunds.com AB INCOME FUND ^| 89

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

abfunds.com AB INCOME FUND ^| 91

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Income Fund (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the

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investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised

abfunds.com AB INCOME FUND ^| 93

by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5-and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund’s underperformance in the periods reviewed, the directors concluded that the Fund’s investment performance was acceptable. The directors determined to continue to monitor the Fund’s performance closely.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

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In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanation for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels and that the Fund’s net assets were higher than a breakpoint level. Accordingly, the Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s breakpoint arrangements were acceptable and provide a means for sharing any economies of scale.

abfunds.com AB INCOME FUND ^| 95

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

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AB INCOME FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IF-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB MUNICIPAL BOND INFLATION STRATEGY

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

Dear Shareholder,

We’re pleased to provide this report for the AB Municipal Bond Inflation Strategy (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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 1

SEMI-ANNUAL REPORT

June 27, 2024

This report provides management’s discussion of fund performance for the AB Municipal Bond Inflation Strategy for the semi-annual period ended April 30, 2024.

The Fund’s investment objective is to maximize real after-tax return for investors subject to federal income taxes, without undue risk to principal.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB MUNICIPAL BOND INFLATION STRATEGY
Class 1 Shares1		5.81%		3.75%
Class 2 Shares1		5.86%		3.85%
Class A Shares		5.69%		3.56%
Class C Shares		5.20%		2.69%
Advisor Class Shares2		5.72%		3.73%
Bloomberg 1-10 Year TIPS Index		3.22%		0.41%

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

2 Please note that this share class is 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 with its benchmark, the Bloomberg 1-10 Year Treasury Inflation-Protected Securities (“TIPS”) Index, for the six- and 12-month periods ended April 30, 2024.

For the six-month period, all share classes of the Fund outperformed the benchmark, before sales charges. The Fund’s municipal exposure, including an overweight to municipal credit, contributed to performance, relative to the benchmark. Inflation protection contributed to performance and the use of Consumer Price Index (“CPI”) swaps outperformed taxable inflation-hedging alternatives during the reporting period. Yield-curve positioning detracted from performance.

For the 12-month period, all share classes of the Fund outperformed the benchmark. Municipal exposure, including an overweight to municipal credit, contributed to performance. Inflation protection contributed to

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performance and the use of Consumer Price Index (“CPI”) swaps outperformed taxable inflation-hedging alternatives during the reporting period. Yield-curve positioning detracted from performance.

During both periods, the Fund used derivatives in the form of interest rate swaps for hedging purposes, which added to absolute performance. Credit default swaps were used for hedging and investment purposes, which had no material impact on performance. CPI swaps were used for hedging purposes, which detracted from performance.

MARKET REVIEW AND INVESTMENT STRATEGY

For the six-month period ended April 30, 2024, the yield on a 10-Year 5% coupon AAA municipal bond fell to 2.81% from 3.61% and the yield on the 10-Year US Treasury fell to 4.69% from 4.92%. After-tax spreads tightened materially across the curve indicating municipals became expensive relative to Treasuries. Performance was particularly strong for the first two months of this period however worries about a reacceleration of inflation during the subsequent 4 months of the reporting period dampened the overall return.

The Fund’s Senior Investment Management Team (the “Team”) continues to focus on real after-tax return by investing in municipal bonds that generate income exempt from federal income taxes. The Team relies on an investment process that combines quantitative and fundamental research to build effective bond portfolios.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity were 3.34% and 0.00%, respectively.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 3

INVESTMENT POLICIES

The Fund seeks real after-tax return for investors subject to federal income taxes. Real return is the rate of return after adjusting for inflation. The Fund pursues its objective by investing principally in high-quality, predominantly investment-grade, municipal securities that pay interest exempt from federal taxation. As a fundamental policy, the Fund will invest at least 80% of its net assets in municipal securities. These securities may be subject to the federal alternative minimum tax for some taxpayers.

The Fund will invest at least 80% of its total assets in fixed-income securities rated A or better or the equivalent by one or more nationally recognized statistical rating organizations (or deemed to be of comparable credit quality by the Adviser). The Fund may invest up to 20% of its total assets in below investment-grade fixed-income securities (“junk bonds”). If the rating of a fixed-income security falls below investment-grade, the Fund will not be obligated to sell the security and may continue to hold it if, in the Adviser’s opinion, the investment is appropriate under the circumstances.

The Fund may invest in fixed-income securities with any maturity and duration.

To provide inflation protection, the Fund will typically enter into inflation swaps. The Fund may use other inflation-indexed instruments. Payments to the Fund pursuant to swaps will result in taxable income, either ordinary income or capital gains, rather than income exempt from federal income taxation. It is expected that the Fund’s primary use of derivatives will be for the purpose of inflation protection.

The Fund may also invest in forward commitments; zero-coupon municipal securities and variable-, floating- and inverse-floating-rate municipal securities; certain types of mortgage-related securities; and derivatives, such as options, futures contracts, forwards and swaps.

The Fund may utilize leverage for investment purposes through the use of tender option bond (“TOB”) transactions. The Adviser considers the impact of TOB transactions, swaps and other 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.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg 1-10 Year TIPS Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg 1-10 Year TIPS Index represents the performance of inflation-protected securities issued by the US Treasury. 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 market or markets in which the Fund invests 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.

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund is vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 5

DISCLOSURES AND RISKS (continued)

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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, such as TOB transactions, 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.

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

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DISCLOSURES AND RISKS (continued)

may include low trading volumes, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally go down.

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 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.”

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 3.00% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Class 1 and 2 shares do not carry sales charges. 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.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 7

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1		Taxable Equivalent Yields2
CLASS 1 SHARES3						3.18%		4.89%
1 Year		3.75%		3.75%
5 Years		2.98%		2.98%
10 Years		2.29%		2.29%
CLASS 2 SHARES3						3.28%		5.05%
1 Year		3.85%		3.85%
5 Years		3.08%		3.08%
10 Years		2.39%		2.39%
CLASS A SHARES						2.90%		4.46%
1 Year		3.56%		0.44%
5 Years		2.82%		2.19%
10 Years		2.14%		1.83%
CLASS C SHARES						2.25%		3.46%
1 Year		2.69%		1.69%
5 Years		2.04%		2.04%
10 Years4		1.37%		1.37%
ADVISOR CLASS SHARES5						3.24%		4.98%
1 Year		3.73%		3.73%
5 Years		3.07%		3.07%
10 Years		2.39%		2.39%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 0.66%, 0.56%, 0.85%, 1.60% and 0.60% for Class 1, Class 2, Class A, Class C and Advisor Class 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 ratios (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 0.60%, 0.50%, 0.75%, 1.50% and 0.50% for Class 1, Class 2, Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to January 31, 2025, 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

2 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

3 Class 1 shares are only available to Bernstein Global Wealth Management private client accounts. Class 2 shares are only available to large Bernstein Global Wealth Management private client accounts and 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.

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

(footnotes continued on next page)

8 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

HISTORICAL PERFORMANCE (continued)

5 This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is 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.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 9

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS 1 SHARES1
1 Year		3.15%
5 Years		3.13%
10 Years		2.40%
CLASS 2 SHARES1
1 Year		3.25%
5 Years		3.21%
10 Years		2.50%
CLASS A SHARES
1 Year		-0.02%
5 Years		2.35%
10 Years		1.94%
CLASS C SHARES
1 Year		1.19%
5 Years		2.20%
10 Years2		1.48%
ADVISOR CLASS SHARES3
1 Year		3.23%
5 Years		3.22%
10 Years		2.50%

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

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

3 Please note that this share class is 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.

10 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

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.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 11

EXPENSE EXAMPLE (continued)

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,056.90	$	3.89		0.76	%
Hypothetical**	$	1,000	$	1,021.08	$	3.82		0.76	%
Class C
Actual	$	1,000	$	1,052.00	$	7.70		1.51	%
Hypothetical**	$	1,000	$	1,017.35	$	7.57		1.51	%
Advisor Class
Actual	$	1,000	$	1,057.20	$	2.61		0.51	%
Hypothetical**	$	1,000	$	1,022.33	$	2.56		0.51	%
Class 1
Actual	$	1,000	$	1,058.10	$	3.12		0.61	%
Hypothetical**	$	1,000	$	1,021.83	$	3.07		0.61	%
Class 2
Actual	$	1,000	$	1,058.60	$	2.61		0.51	%
Hypothetical**	$	1,000	$	1,022.33	$	2.56		0.51	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

12 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,484.1

1 The Fund’s quality rating breakdown is expressed as a percentage of the Fund’s total investments in municipal securities 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). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc.(“Moody’s”) and Fitch Ratings, Ltd.(“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 13

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 92.9%
Long-Term Municipal Bonds – 92.8%
Alabama – 4.2%
Alabama Special Care Facilities Financing Authority-Birmingham AL (Children’s Hospital of Alabama Obligated Group (The)) Series 2015 5.00%, 06/01/2028	$	3,905	$	3,955,845
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.25%, 01/01/2054		1,830		1,935,550
Series 2023-D 5.408% (SOFR + 1.85%), 06/01/2049(a)		2,500		2,530,436
Black Belt Energy Gas District (Royal Bank of Canada) Series 2021 4.00%, 06/01/2051		21,155		20,838,312
Series 2022-D 4.00%, 07/01/2052		2,555		2,562,097
Infirmary Health System Special Care Facilities Financing Authority of Mobile (Infirmary Health System Obligated Group) Series 2016 5.00%, 02/01/2025		2,110		2,121,675
Series 2021 4.00%, 02/01/2039		1,675		1,568,733
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		2,000		2,111,890
Southeast Energy Authority A Cooperative District (Goldman Sachs Group, Inc. (The)) Series 2022-B 5.00%, 05/01/2053		1,000		1,031,843
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2021-B 4.00%, 12/01/2051		18,485		18,090,942
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		2,000		2,102,857

14 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054	$	3,000	$	3,149,352
				61,999,532
Alaska – 0.3%
Alaska Housing Finance Corp. (Pre-refunded – Others) Series 2023 4.39%, 07/01/2026(b)		4,000		4,010,530
American Samoa – 0.1%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2015-A 6.625%, 09/01/2035		1,335		1,373,010
Series 2018 6.50%, 09/01/2028(b)		295		306,658
7.125%, 09/01/2038(b)		280		301,232
				1,980,900
Arizona – 1.9%
Arizona Industrial Development Authority (Equitable School Revolving Fund LLC Obligated Group) Series 2020 4.00%, 11/01/2030		935		953,408
5.00%, 11/01/2031		800		875,640
5.00%, 11/01/2032		650		711,567
5.00%, 11/01/2033		900		983,763
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2041		500		448,236
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026(c)(d)(e)		1,000		60,000
6.75%, 07/01/2030(c)(d)(e)		1,000		60,000
Arizona Industrial Development Authority (Phoenix Children’s Hospital Obligated Group) Series 2021 4.00%, 02/01/2039		1,800		1,780,810
5.00%, 02/01/2026		1,200		1,229,581
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2052		5,000		5,106,318

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.542%, 07/01/2033	$	4,000	$	3,204,059
City of Phoenix Civic Improvement Corp. (Phoenix Sky Harbor International Airport) Series 2017-A 5.00%, 07/01/2029		3,945		4,085,173
City of Tempe AZ (City of Tempe AZ COP) Series 2021 1.951%, 07/01/2031		2,400		1,921,067
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 5.125%, 11/15/2029(b)		1,500		1,509,963
State of Arizona Lottery Revenue (Pre-refunded – US Treasuries) Series 2019 5.00%, 07/01/2028		5,000		5,369,245
				28,298,830
Arkansas – 0.1%
Arkansas Development Finance Authority (Hybar LLC) Series 2024 7.375%, 07/01/2048(b)		1,000		1,087,803
City of Fayetteville AR Sales & Use Tax Revenue Series 2022 2.875%, 11/01/2032		1,000		994,685
				2,082,488
California – 9.5%
ARC70 II TRUST Series 2023 4.84%, 04/01/2065(e) (f)		4,771		4,663,052
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		2,000		2,123,056
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		4,925		5,137,874

16 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2023 5.25%, 11/01/2054	$	1,125	$	1,197,107
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021-A 4.00%, 08/01/2047(b)		3,315		2,628,252
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 4.00%, 08/01/2046(b)		990		813,951
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 3.95%, 01/01/2050(b)		8,910		8,909,619
California Pollution Control Financing Authority (Rialto Bioenergy Facility LLC) Series 2019 7.50%, 12/01/2040(b)(c)(d)		250		18,750
California State Public Works Board (State of California Department of Corrections & Rehabilitation Lease) Series 2018 5.00%, 05/01/2029		2,995		3,212,876
California State University Series 2021-B 2.374%, 11/01/2035		1,000		755,746
City of Los Angeles CA Series 2023 5.00%, 06/27/2024		4,000		4,006,163
City of Los Angeles Department of Airports Series 2019 5.00%, 05/15/2027		1,410		1,464,175
Series 2021 5.00%, 05/15/2035		4,000		4,342,728
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2046(b)		2,000		1,549,452

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 17

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.375%, 07/01/2043(b)	$	3,200	$	2,594,327
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Theo Apartments) Series 2021 3.50%, 05/01/2047(b)		2,300		1,855,979
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 4.00%, 10/01/2048(b)		2,000		1,436,228
Los Angeles Unified School District/CA Series 2024-A 5.00%, 07/01/2031		6,500		7,378,945
Sacramento County Water Financing Authority (Sacramento County Water Agency) NATL Series 2007-B 4.324% (CME Term SOFR 3 Month + 0.57%), 06/01/2039(a)		5,000		4,502,390
San Diego County Regional Airport Authority Series 2021-B 4.00%, 07/01/2035		3,100		3,086,331
4.00%, 07/01/2036		8,395		8,306,361
4.00%, 07/01/2039		7,075		6,886,710
4.00%, 07/01/2040		8,655		8,393,935
4.00%, 07/01/2041		3,325		3,197,290
5.00%, 07/01/2030		2,785		3,001,919
San Francisco Intl Airport Series 2019-H 5.00%, 05/01/2025		5,480		5,542,633
Series 2021-A 5.00%, 05/01/2031		3,275		3,569,844
5.00%, 05/01/2036		5,960		6,434,909
Series 2023-E 5.50%, 05/01/2040		5,000		5,554,199
State of California Series 2021 4.00%, 12/01/2024		2,655		2,661,650
5.00%, 10/01/2024		3,590		3,610,879
Series 2023 5.00%, 09/01/2037		10,000		11,375,669
5.10%, 03/01/2029		1,200		1,206,131

18 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
University of California Series 2022-S 5.00%, 05/15/2024	$	6,000	$	6,002,599
5.00%, 05/15/2025		4,000		4,068,745
				141,490,474
Colorado – 3.3%
Arapahoe County School District No. 5 Cherry Creek (Arapahoe County School District No. 5 Cherry Creek COP) Series 2022 4.00%, 12/15/2038		2,655		2,702,657
City & County of Denver Co. Airport System Revenue Series 2022-A 5.00%, 11/15/2031		7,910		8,668,297
City & County of Denver Co. Airport System Revenue (Denver Intl Airport) Series 2018-A 5.00%, 12/01/2026		1,700		1,751,889
5.00%, 12/01/2028		2,090		2,200,685
5.00%, 12/01/2029		6,555		6,894,449
Colorado Health Facilities Authority (AdventHealth Obligated Group) Series 2021 5.00%, 11/15/2041		2,600		2,779,385
Series 2023 5.00%, 11/15/2058		5,280		5,591,082
Colorado Health Facilities Authority (CommonSpirit Health) Series 2019-A 5.00%, 08/01/2030		1,015		1,089,092
5.00%, 08/01/2032		640		686,567
5.00%, 08/01/2033		750		804,370
Colorado Health Facilities Authority (Intermountain Healthcare Obligated Group) Series 2019-B 4.00%, 01/01/2040		1,445		1,435,645
Colorado Health Facilities Authority (Sanford Obligated Group) Series 2019-A 5.00%, 11/01/2033		1,525		1,643,878
E-470 Public Highway Authority Series 2021-B 3.914% (SOFR + 0.35%), 09/01/2039(a)		2,000		1,996,874

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046	$	1,873	$	1,517,053
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053(b)		365		370,815
State of Colorado (State of Colorado COP) Series 2022 6.00%, 12/15/2041		6,000		7,053,963
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		1,000		1,046,775
Vauxmont Metropolitan District AGM Series 2019 5.00%, 12/15/2024		260		261,571
				48,495,047
Connecticut – 2.5%
City of New Haven CT Series 2018-A 5.50%, 08/01/2035		1,920		2,049,249
Connecticut State Health & Educational Facilities Authority (Stamford Hospital Obligated Group (The)) Series 2022 4.00%, 07/01/2040		1,500		1,390,079
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2022 1.10%, 07/01/2049		8,000		7,797,990
Series 2023-A 2.80%, 07/01/2048		7,710		7,545,834
State of Connecticut Series 2014-F 5.00%, 11/15/2026		1,275		1,283,343
Series 2015-B 5.00%, 06/15/2025		4,310		4,385,822
5.00%, 06/15/2028		2,840		2,882,956
Series 2016-A 5.00%, 03/15/2032		2,160		2,213,806
Series 2018-B 5.00%, 04/15/2028		1,440		1,542,471

20 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
State of Connecticut Special Tax Revenue Series 2020 5.00%, 05/01/2038	$	3,040	$	3,296,607
Series 2023-A 5.25%, 07/01/2042		3,000		3,384,674
				37,772,831
District of Columbia – 2.1%
District of Columbia (District of Columbia International School Obligated Group) Series 2019 5.00%, 07/01/2039		2,400		2,444,824
District of Columbia (Plenary Infrastructure DC LLC State Lease) Series 2022 5.00%, 08/31/2029		4,765		5,033,739
5.00%, 08/31/2030		5,025		5,364,272
5.00%, 02/29/2032		5,475		5,919,219
District of Columbia Income Tax Revenue Series 2024-A 5.00%, 10/01/2035		3,750		4,422,936
Metropolitan Washington Airports Authority Aviation Revenue Series 2018-A 5.00%, 10/01/2026		3,065		3,160,751
Series 2021-A 4.00%, 10/01/2038		2,500		2,469,117
Washington Metropolitan Area Transit Authority Dedicated Revenue (Washington Metropolitan Area Transit Authority Dedicated Revenue Lease) Series 2023 5.00%, 07/15/2040		2,540		2,795,494
				31,610,352
Florida – 3.8%
Align Affordable Housing Bond Fund LP (SHI – Lake Worth LLC) Series 2021 3.25%, 12/01/2051(b)		2,500		2,198,034
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.125%, 06/01/2042		2,400		2,427,758

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 21

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group) Series 2017 5.00%, 08/15/2025	$	4,500	$	4,562,026
County of Broward FL Airport System Revenue Series 2019-C 2.384%, 10/01/2026		2,600		2,432,870
County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) Series 2015-A 5.00%, 06/01/2024		5,000		5,003,074
5.00%, 06/01/2026		2,885		2,914,137
5.00%, 06/01/2027		4,515		4,565,744
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2030		115		86,280
Zero Coupon, 10/01/2031		140		100,399
Zero Coupon, 10/01/2032		100		68,544
Zero Coupon, 10/01/2033		115		75,093
Zero Coupon, 10/01/2034		125		77,672
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(b)		8,000		8,656,011
Florida Municipal Power Agency (Florida Municipal Power Agency All-Requirements Power Supply Project Revenue) Series 2021 1.425%, 10/01/2026		500		455,538
Greater Orlando Aviation Authority Series 2017-A 5.00%, 10/01/2033		4,000		4,155,771
Greater Orlando Aviation Authority (Pre-refunded – US Treasuries) Series 2017-A 5.00%, 10/01/2029		4,420		4,612,614
Hillsborough County Aviation Authority (Pre-refunded – US Treasuries) Series 2015-A 5.00%, 10/01/2044		10,000		10,030,842

22 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2036	$	1,000	$	951,322
Polk County Industrial Development Authority (Mineral Development LLC) Series 2020 5.875%, 01/01/2033(b)		950		907,189
Village Community Development District No. 14 (Village Community Development District No. 14 Series 2022 Phase I Special Asmnts) Series 2022 5.50%, 05/01/2053		2,680		2,769,192
				57,050,110
Georgia – 2.8%
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2034		4,490		4,701,613
City of Atlanta GA Department of Aviation Series 2022-B 5.00%, 07/01/2038		3,440		3,701,045
5.00%, 07/01/2042		6,830		7,217,322
Cobb County Kennestone Hospital Authority (WellStar Health System Obligated Group) Series 2021 5.00%, 04/01/2025		1,650		1,666,838
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2022-A 4.00%, 09/01/2052		2,075		2,061,363
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023-B 5.00%, 07/01/2053		8,000		8,398,186
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) Series 2019-B 4.00%, 08/01/2049		2,000		2,000,265

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 23

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033(b)	$	10,000	$	11,336,743
				41,083,375
Illinois – 5.1%
Chicago Board of Education Series 2018-A 5.00%, 12/01/2027		1,200		1,236,641
Series 2019-B 5.00%, 12/01/2030		135		140,087
5.00%, 12/01/2031		265		274,973
5.00%, 12/01/2033		100		103,692
Series 2023 5.25%, 04/01/2033		1,375		1,548,876
5.25%, 04/01/2040		1,720		1,856,240
Chicago Housing Authority Series 2018-A 5.00%, 01/01/2034		2,500		2,618,195
5.00%, 01/01/2037		5,260		5,468,792
5.00%, 01/01/2038		1,000		1,035,105
Chicago O’Hare International Airport Series 2015-B 5.00%, 01/01/2029		5,000		5,037,559
Series 2016-C 5.00%, 01/01/2033		5,000		5,112,043
Series 2018-A 5.00%, 01/01/2037		1,000		1,045,078
Series 2022 4.00%, 01/01/2042		2,000		1,944,928
5.00%, 01/01/2028		680		707,356
5.00%, 01/01/2031		600		647,220
5.00%, 01/01/2042		3,850		4,015,884
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 5.00%, 09/01/2026		100		99,224
5.00%, 09/01/2027		100		99,253
5.00%, 09/01/2029		100		99,189
5.00%, 09/01/2033		200		195,703
5.00%, 09/01/2034		100		97,214
Illinois Finance Authority (Washington and Jane Smith Community – Orland Park) Series 2022 4.00%, 10/15/2040		9,375		7,464,826

24 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2022 5.67%, 12/01/2025(b)	$	1,250	$	1,250,391
7.17%, 11/01/2038		125		127,515
Illinois State Toll Highway Authority Series 2021-A 5.00%, 01/01/2041		14,805		16,206,711
5.00%, 01/01/2043		6,700		7,138,448
State of Illinois Series 2014 5.00%, 05/01/2030		3,810		3,813,386
Series 2022-A 5.50%, 03/01/2042		2,945		3,205,704
Series 2022-B 5.25%, 10/01/2037		3,000		3,302,083
				75,892,316
Indiana – 2.5%
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		5,000		5,028,835
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(e)		2,220		1,529,020
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2033(g)		2,000		2,277,207
Indiana Finance Authority (Duke Energy Indiana LLC) Series 2022 3.75%, 03/01/2031		5,750		5,703,073
4.50%, 05/01/2035		7,555		7,528,873
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 4.00%, 04/01/2035		1,210		1,141,005
Indiana Finance Authority (Indiana University Health, Inc. Obligated Group) Series 2021 0.70%, 12/01/2046		7,150		6,667,389

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 25

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030	$	495	$	439,585
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2037		5,000		5,048,268
Indianapolis Local Public Improvement Bond Bank Series 2023 5.00%, 02/01/2043		1,030		1,115,359
				36,478,614
Iowa – 1.5%
Iowa Finance Authority Series 2022-E 4.517% (SOFR + 0.80%), 01/01/2052(a)		8,000		7,945,173
Iowa Higher Education Loan Authority (Simpson College) Series 2020 5.25%, 11/01/2040		2,275		2,124,706
Iowa Tobacco Settlement Authority Series 2021-A 4.00%, 06/01/2034		500		506,966
4.00%, 06/01/2035		515		520,524
4.00%, 06/01/2040		500		481,062
5.00%, 06/01/2031		900		971,364
PEFA, Inc. (Goldman Sachs Group, Inc. (The)) Series 2019 5.00%, 09/01/2049		9,300		9,470,874
				22,020,669
Kansas – 0.1%
Kansas Development Finance Authority (Pre-refunded – US Treasuries) Series 2021 5.00%, 11/15/2054		720		767,333
Kentucky – 1.9%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 5.00%, 02/01/2026		180		181,847
5.00%, 02/01/2027		195		199,014
5.00%, 02/01/2030		125		131,817
5.00%, 02/01/2031		150		155,629

26 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky Public Energy Authority (BP PLC) Series 2020-A 4.00%, 12/01/2050	$	7,260	$	7,202,454
Kentucky Public Energy Authority (Morgan Stanley) Series 2018-C 4.141% (CPI + 1.05%), 12/01/2049(a)		20,000		19,849,010
				27,719,771
Louisiana – 0.8%
City of New Orleans LA Series 2021-A 5.00%, 12/01/2030		1,910		2,092,741
5.00%, 12/01/2035		2,680		2,935,371
Jefferson Sales Tax District AGM Series 2017-B 5.00%, 12/01/2034		1,800		1,889,673
Parish of St. James LA (NuStar Logistics LP) Series 2020 5.85%, 08/01/2041(b)		340		344,949
6.10%, 06/01/2038(b)		455		494,513
6.10%, 12/01/2040(b)		390		423,905
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.224% (SOFR + 0.50%), 05/01/2043(a)		4,015		3,940,422
				12,121,574
Maryland – 1.6%
County of Montgomery MD Series 2019-A 5.00%, 11/01/2026		5,925		6,184,979
State of Maryland Series 2017-B 5.00%, 08/01/2024		5,790		5,806,788
Series 2022-C 5.00%, 03/01/2026		11,500		11,848,482
				23,840,249
Massachusetts – 1.6%
Commonwealth of Massachusetts Series 2014-C 5.00%, 08/01/2024		7,000		7,020,645
Series 2020-B 5.00%, 07/01/2024		7,380		7,393,794
Series 2024-A 5.00%, 01/01/2040		2,000		2,242,239

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 27

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Massachusetts Port Authority Series 2021-E 5.00%, 07/01/2037	$	2,250	$	2,404,960
5.00%, 07/01/2039		5,000		5,289,263
				24,350,901
Michigan – 1.4%
City of Detroit MI Series 2018 5.00%, 04/01/2035		750		771,426
5.00%, 04/01/2036		305		312,736
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 4.328% (CME Term SOFR 3 Month + 0.60%), 07/01/2032(a)		2,605		2,495,370
Michigan Finance Authority (City of Detroit MI) Series 2016-C 5.00%, 04/01/2026		1,000		1,025,589
5.00%, 04/01/2027		1,735		1,788,380
Michigan Finance Authority (Great Lakes Water Authority Water Supply System Revenue) AGM Series 2014-D2 5.00%, 07/01/2024		10,545		10,561,037
Michigan Finance Authority (Henry Ford Health System Obligated Group) Series 2016 5.00%, 11/15/2031		1,785		1,847,038
Michigan Finance Authority (Michigan Finance Authority Drinking Water Revolving Fund) Series 2021 5.00%, 10/01/2026		1,250		1,299,617
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039		1,000		902,659
				21,003,852
Minnesota – 0.8%
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.205%, 01/01/2042(b)(h)		1,500		1,528,194

28 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023
5.30%, 07/01/2028(b)	$	370	$	370,091
5.66%, 07/01/2041(b)		1,000		1,001,329
Minneapolis-St. Paul Metropolitan Airports Commission Series 2022-B 4.00%, 01/01/2038		4,250		4,164,681
5.00%, 01/01/2039		2,105		2,227,083
State of Minnesota Series 2022-B 5.00%, 08/01/2024		2,000		2,006,247
				11,297,625
Mississippi – 0.1%
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 5.00%, 10/01/2033(b)		1,000		1,015,157
Missouri – 0.9%
Health & Educational Facilities Authority of the State of Missouri (BJC Healthcare Obligated Group) Series 2021-B 4.00%, 05/01/2051		11,975		12,024,347
Howard Bend Levee District XLCA Series 2005 5.75%, 03/01/2025		135		135,494
5.75%, 03/01/2027		120		121,008
Lee’s Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2016-A 5.00%, 08/15/2036		1,675		1,650,706
				13,931,555
Montana – 0.2%
Montana Facility Finance Authority (Benefis Health System Obligated Group) Series 2016 5.00%, 02/15/2031		1,925		1,977,744
5.00%, 02/15/2033		1,350		1,386,207
				3,363,951

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 29

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Nebraska – 0.6%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054	$	2,000	$	2,084,942
Central Plains Energy Project (Royal Bank of Canada) Series 2019 4.00%, 12/01/2049		6,115		6,128,586
				8,213,528
Nevada – 2.5%
Clark County School District Series 2021-A 4.00%, 06/15/2034		10,085		10,354,163
5.00%, 06/15/2027		3,500		3,684,515
Series 2021-B 5.00%, 06/15/2027		5,170		5,442,555
Las Vegas Valley Water District Series 2022-A 4.00%, 06/01/2036		5,000		5,181,683
4.00%, 06/01/2037		6,350		6,507,911
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 8.125%, 01/01/2050(b)		1,630		1,673,265
Series 2024 4.00%, 01/01/2050(b)		940		939,996
Tahoe-Douglas Visitors Authority Series 2020 5.00%, 07/01/2029		2,625		2,736,996
5.00%, 07/01/2035		805		839,704
				37,360,788
New Hampshire – 0.9%
New Hampshire Business Finance Authority Series 2022-1, Class A 4.375%, 09/20/2036		9,766		9,419,856
Series 2022-2, Class A 4.00%, 10/20/2036		4,899		4,572,805
Series 2024-2 0.547%, 07/01/2051		2,188		85,686
				14,078,347
New Jersey – 5.3%
Federal Home Loan Mortgage Corp. Enhanced Receipt (FCR 2019-B) Series 2019-B, Class 1 3.87%, 11/15/2035(b)		12,302		10,838,396

30 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034	$	2,000	$	1,974,756
New Jersey Economic Development Authority (Pre-refunded – US Treasuries) Series 2014-P 5.00%, 06/15/2029		1,150		1,151,225
New Jersey Educational Facilities Authority (Ramapo College of New Jersey) AGM Series 2022-A 4.00%, 07/01/2039		550		538,509
4.00%, 07/01/2040		750		728,124
4.00%, 07/01/2041		835		809,965
5.00%, 07/01/2034		845		953,400
5.00%, 07/01/2035		400		449,870
5.00%, 07/01/2036		600		669,268
5.00%, 07/01/2037		600		661,692
5.00%, 07/01/2038		745		815,306
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029		4,390		4,501,582
Series 2018-A 5.00%, 06/15/2028		4,170		4,279,202
5.00%, 06/15/2029		17,500		17,944,805
5.00%, 06/15/2030		1,500		1,538,366
5.00%, 06/15/2031		3,000		3,075,785
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2014-C 5.25%, 06/15/2032		2,960		2,982,015
Series 2023-B 5.00%, 06/15/2040		3,265		3,570,041
5.00%, 06/15/2043		1,250		1,341,505
New Jersey Turnpike Authority Series 2014-A 5.00%, 01/01/2028		4,785		4,792,731
Series 2017-A 5.00%, 01/01/2033		7,300		7,578,864
Series 2021-B 0.897%, 01/01/2025		1,000		970,327
1.713%, 01/01/2029		1,350		1,169,557

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 31

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tobacco Settlement Financing Corp./NJ Series 2018-A 5.00%, 06/01/2030	$	4,750	$	5,020,035
				78,355,326
New Mexico – 0.1%
State of New Mexico Severance Tax Permanent Fund Series 2022-A 5.00%, 07/01/2031		1,000		1,132,422
New York – 8.2%
City of New York NY Series 2020-A 5.00%, 08/01/2026		3,940		4,076,607
Series 2021 1.396%, 08/01/2027		3,120		2,778,039
Series 2021-A 4.00%, 08/01/2041		2,000		1,961,082
Series 2021-F 5.00%, 06/01/2044(h)		2,500		2,527,447
County of Nassau NY Series 2022-A 4.00%, 04/01/2042		2,205		2,175,053
Metropolitan Transportation Authority Series 2016-A 5.00%, 11/15/2024		1,130		1,136,942
Series 2016-B 5.00%, 11/15/2027		1,370		1,421,059
Series 2017 5.00%, 11/15/2025		1,935		1,976,492
5.00%, 11/15/2026		555		576,734
Series 2017-C 5.00%, 11/15/2027		1,745		1,846,649
Series 2020-A 5.00%, 11/15/2045		5,120		5,485,907
Series 2020-E 4.00%, 11/15/2026		1,000		1,014,592
New York City Municipal Water Finance Authority Series 2023 5.00%, 06/15/2034		2,000		2,352,945
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.375%, 11/15/2040(b)		200		200,407
New York State Dormitory Authority (New York State Sales Tax) Series 2018-C 5.00%, 03/15/2040		2,000		2,084,934

32 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York State Dormitory Authority (State of New York Pers Income Tax) Series 2021 2.202%, 03/15/2034	$	2,000	$	1,541,091
2.252%, 03/15/2032		2,000		1,613,352
Series 2021-A 4.00%, 03/15/2039		1,000		1,006,092
Series 2022-A 4.00%, 03/15/2039		2,000		2,013,713
New York State Environmental Facilities Corp. (State of New York SRF) Series 2021 4.00%, 08/15/2038		800		817,912
New York State Thruway Authority (State of New York Pers Income Tax) Series 2022-A 5.00%, 03/15/2030		11,850		13,174,248
New York State Urban Development Corp. (State of New York Pers Income Tax) Series 2022 5.00%, 09/15/2029		37,115		40,836,684
New York Transportation Development Corp. (JFK International Air Terminal LLC) Series 2022 5.00%, 12/01/2042		1,610		1,668,815
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2046		345		336,048
Suffolk Tobacco Asset Securitization Corp. Series 2021 5.00%, 06/01/2028		2,265		2,398,655
5.00%, 06/01/2032		2,245		2,461,829
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021 5.00%, 05/15/2050		4,740		4,846,918
Series 2021-A 2.00%, 05/15/2045		2,945		2,806,167
2.591%, 05/15/2036		2,000		1,518,455
2.917%, 05/15/2040		1,000		724,630
Series 2022 4.614% (SOFR + 1.05%), 04/01/2026(a)		6,000		6,011,130
Series 2022-A 5.00%, 08/15/2024		6,500		6,520,026
				121,910,654

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 33

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
North Carolina – 0.5%
Fayetteville State University Series 2023 5.00%, 04/01/2032(b)	$	655	$	713,409
State of North Carolina (State of North Carolina Fed Hwy Grant) Series 2015 5.00%, 03/01/2026		6,710		6,778,805
				7,492,214
North Dakota – 0.0%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(c)(d)(e)(i)(j)		425		5,525
7.00%, 12/15/2043(c)(d)(e)(i)(j)		440		5,720
				11,245
Ohio – 2.1%
American Municipal Power, Inc. (American Municipal Power Combined Hydroelectric Revenue) Series 2016-A 5.00%, 02/15/2036		5,000		5,086,875
Buckeye Tobacco Settlement Financing Authority Series 2020-A 4.00%, 06/01/2039		1,000		976,713
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2037		3,385		3,463,276
City of Cleveland OH Income Tax Revenue Series 2017-B1 5.00%, 10/01/2027		2,500		2,650,718
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		1,000		1,005,659
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.375%, 12/01/2037		2,000		2,149,962
Ohio Higher Educational Facility Commission (University of Dayton) Series 2022 5.00%, 02/01/2038		1,250		1,365,786
5.00%, 02/01/2039		3,860		4,187,916

34 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
University of Toledo Series 2023-B 4.617% (SOFR + 0.90%), 06/01/2036(a)(e)	$	10,000	$	9,744,876
				30,631,781
Oklahoma – 0.3%
Oklahoma Development Finance Authority Series 2022 4.38%, 11/01/2045		2,500		2,264,829
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2022-A 5.50%, 08/15/2037		2,000		2,059,730
				4,324,559
Oregon – 1.6%
Deschutes County Hospital Facilities Authority (St. Charles Health System Obligated Group) Series 2016-A 4.00%, 01/01/2033		1,000		1,001,877
Lane County School District No. 4J Eugene Series 2022 5.00%, 06/15/2024		8,780		8,790,739
Oregon Health & Science University (Oregon Health & Science University Obligated Group) Series 2021-B 5.00%, 07/01/2046		4,750		5,097,338
Port of Portland OR Airport Revenue Series 2022-2 4.00%, 07/01/2038		5,000		4,896,585
4.00%, 07/01/2040		3,500		3,394,428
				23,180,967
Pennsylvania – 6.5%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 4.47% (MUNIPSA + 0.70%), 11/15/2047(a)		5,000		4,974,563
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2012-A 4.50%, 11/01/2041		1,000		515,755
Series 2020-B 5.00%, 02/01/2040		2,000		1,539,893

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 35

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 5.00%, 07/01/2032	$	1,150	$	978,916
5.00%, 07/01/2033		1,150		973,819
5.00%, 07/01/2034		1,300		1,096,065
5.00%, 07/01/2035		1,050		891,928
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.00%, 10/15/2032(b)		925		928,525
City of Philadelphia PA Series 2017 5.00%, 08/01/2028		12,990		13,644,392
City of Philadelphia PA Airport Revenue Series 2021 5.00%, 07/01/2028		3,035		3,178,813
City of Philadelphia PA Water & Wastewater Revenue Series 2017-A 5.00%, 10/01/2032		1,000		1,054,494
5.00%, 10/01/2033		1,135		1,195,999
Hospitals & Higher Education Facilities Authority of Philadelphia (The) (Temple University Health System Obligated Group) AGM Series 2022 4.00%, 07/01/2040		10,000		9,765,501
Lancaster County Hospital Authority/PA (St. Anne’s Retirement Community Obligated Group) Series 2022 3.50%, 03/01/2025		485		476,793
5.00%, 03/01/2033		1,600		1,496,626
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2018 5.00%, 09/01/2034		1,500		1,567,896
Series 2022 4.00%, 05/01/2036		1,100		1,099,365
4.00%, 05/01/2037		1,500		1,494,359
4.00%, 05/01/2038		1,375		1,357,484

36 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
4.00%, 05/01/2039	$	1,500	$	1,472,016
4.00%, 05/01/2040		2,000		1,951,604
4.00%, 05/01/2041		3,000		2,906,873
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.125%, 07/01/2025		890		866,187
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 06/30/2042		1,000		983,306
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 4.47% (MUNIPSA + 0.70%), 11/15/2047(a)		5,000		4,974,563
Pennsylvania Turnpike Commission Series 2017 5.00%, 12/01/2028		1,750		1,847,681
5.00%, 12/01/2029		1,255		1,324,913
Series 2017-B 5.00%, 06/01/2034		5,830		6,086,500
Series 2021-A 3.00%, 12/01/2042		1,245		1,012,145
Series 2021-B 4.00%, 12/01/2039		2,000		2,000,908
Series 2022-A 5.00%, 12/01/2036		1,000		1,125,343
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2040		1,000		961,274
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.524% (SOFR + 0.80%), 09/01/2040(a)(b)		10,000		9,726,643
School District of Philadelphia (The) Series 2016-F 5.00%, 09/01/2034		5,000		5,090,193
Series 2023-A 5.25%, 09/01/2039		2,000		2,225,946
5.25%, 09/01/2043		4,000		4,350,389
				97,137,670

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 37

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Puerto Rico – 0.1%
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024	$	127	$	126,300
4.00%, 07/01/2046		3		2,841
Series 2022-C 0.00%, 11/01/2043		18		10,646
Puerto Rico Electric Power Authority AGM Series 2007-V 5.25%, 07/01/2031		970		964,216
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		447		444,161
				1,548,164
Rhode Island – 0.2%
Rhode Island Health and Educational Building Corp. (City of Newport RI) Series 2022-C 4.00%, 05/15/2040		3,435		3,462,555
South Carolina – 0.9%
Columbia Housing Authority/SC (Garden Lakes Apartments) Series 2022 4.80%, 11/01/2024		525		518,066
5.26%, 11/01/2032		100		97,069
5.41%, 11/01/2039		1,315		1,255,274
6.28%, 11/01/2039		100		95,134
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040(c)(d)(e)		1,000		639,322
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2034		1,000		1,021,935
5.00%, 12/01/2036		1,535		1,562,890
Series 2016-B 5.00%, 12/01/2037		5,040		5,137,029
Series 2016-C 5.00%, 12/01/2035		930		953,546
Series 2021-B 4.00%, 12/01/2039		1,975		1,939,356
				13,219,621

38 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Tennessee – 2.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(b)	$	1,410	$	1,290,129
Series 2016-B Zero Coupon, 12/01/2031(b)		1,000		641,073
City of Pigeon Forge TN Series 2021-B 5.00%, 06/01/2024		4,545		4,548,788
Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 8.75%, 11/01/2032(b)		1,000		1,007,760
9.25%, 11/01/2042(b)		1,000		1,007,737
Metropolitan Nashville Airport Authority (The) Series 2022-B 5.50%, 07/01/2038		1,300		1,447,555
5.50%, 07/01/2042		1,485		1,624,431
Tennergy Corp./TN (Goldman Sachs Group, Inc. (The)) Series 2022-A 5.50%, 10/01/2053		5,000		5,255,104
Tennergy Corp./TN (Morgan Stanley) Series 2021-A 4.00%, 12/01/2051		9,015		8,939,475
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053		4,000		4,120,714
Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) Series 2021 4.00%, 12/01/2039		1,000		821,443
4.25%, 12/01/2024		1,000		974,468
				31,678,677
Texas – 4.0%
Central Texas Regional Mobility Authority Series 2021-B 5.00%, 01/01/2034		1,575		1,718,895
5.00%, 01/01/2035		1,350		1,469,130
5.00%, 01/01/2037		1,675		1,804,496
5.00%, 01/01/2039		1,000		1,063,453

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 39

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Houston TX Series 2021-A 5.00%, 03/01/2026	$	2,500	$	2,572,756
5.00%, 03/01/2027		4,180		4,376,768
City of Houston TX Airport System Revenue Series 2021-A 4.00%, 07/01/2035		1,100		1,087,361
5.00%, 07/01/2032		1,000		1,084,813
5.00%, 07/01/2033		3,000		3,252,906
City of Houston TX Combined Utility System Revenue Series 2014-C 5.00%, 05/15/2024		1,100		1,100,397
Series 2019-B 4.00%, 11/15/2039		1,015		1,017,777
City of San Antonio TX Electric & Gas Systems Revenue Series 2021-A 5.00%, 02/01/2038		1,750		1,899,763
5.00%, 02/01/2039		2,000		2,157,284
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2041		905		877,196
Fort Worth Independent School District Series 2021-A 5.00%, 02/15/2026		2,900		2,982,021
5.00%, 02/15/2027		2,350		2,460,520
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 4.62% (MUNIPSA + 0.85%), 07/01/2049(a)		1,000		996,379
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Obligated Group) Series 2021 4.00%, 10/01/2041		2,000		1,936,267
Lewisville Independent School District Series 2020 5.00%, 08/15/2024		2,295		2,302,289

40 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Lower Colorado River Authority (LCRA Transmission Services Corp.) Series 2021 5.00%, 05/15/2029	$	800	$	867,207
New Hope Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc. Obligated Group) Series 2021 2.00%, 11/15/2061(c)(d)		936		344,810
7.50%, 11/15/2036(c)(d)		225		183,740
7.50%, 11/15/2037(c)(d)		35		26,575
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development)
Series 2023 8.50%, 09/01/2027(e)		1,370		1,368,168
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2022 4.00%, 01/01/2042		1,825		1,290,730
North Texas Tollway Authority (North Texas Tollway System) Series 2021-B 4.00%, 01/01/2032		1,080		1,119,385
Port Authority of Houston of Harris County Texas Series 2021 5.00%, 10/01/2027		1,065		1,128,497
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 3.625%, 01/01/2035(b)		240		205,725
Series 2021 2.00%, 01/01/2027(b)		550		508,593
Spring Independent School District Series 2021 5.00%, 08/15/2027		1,430		1,509,688
Tarrant County Cultural Education Facilities Finance Corp. (CHRISTUS Health Obligated Group) Series 2018-A 5.00%, 07/01/2030		2,465		2,628,926
5.00%, 07/01/2031		10,940		11,673,586
				59,016,101

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 41

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Utah – 0.1%
Intermountain Power Agency Series 2023 5.00%, 07/01/2039	$	2,000	$	2,211,733
Virginia – 0.7%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		2,000		1,915,460
Halifax County Industrial Development Authority (Virginia Electric and Power Co.) Series 2022 1.65%, 12/01/2041		5,000		4,985,582
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		1,117		981,865
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) Series 2023 5.00%, 11/01/2052		2,000		1,998,372
				9,881,279
Washington – 5.1%
Energy Northwest (Bonneville Power Administration)
Series 2016 5.00%, 07/01/2025		19,925		20,265,688
Series 2021-A 4.00%, 07/01/2042		1,000		986,578
Port of Seattle WA Series 2013 5.00%, 07/01/2024		4,820		4,821,258
Series 2018-A 5.00%, 05/01/2029		8,280		8,524,675
5.00%, 05/01/2030		6,200		6,377,911
5.00%, 05/01/2038		1,000		1,017,380
Series 2019 5.00%, 04/01/2033		2,000		2,106,629
5.00%, 04/01/2034		1,000		1,053,099
Series 2021 4.00%, 08/01/2041		13,380		12,627,069
Series 2022 5.00%, 08/01/2024		2,000		2,002,834
State of Washington Series 2015-R 5.00%, 07/01/2026		13,325		13,455,057

42 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group) Series 2016 5.00%, 01/01/2036(b)	$	2,125	$	1,926,798
				75,164,976
West Virginia – 0.4%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.25%, 06/01/2042(b)		1,185		932,747
Tobacco Settlement Finance Authority/WV Series 2020 4.875%, 06/01/2049		2,540		2,370,764
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038(b)		2,500		2,523,805
				5,827,316
Wisconsin – 1.5%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041(b)		1,000		735,759
State of Wisconsin Series 2021-2 5.00%, 05/01/2026		5,850		6,046,770
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2023 5.00%, 08/15/2054		2,000		2,043,580
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040(b)		280		243,425
Series 2022-A 3.875%, 12/01/2039(b)		1,285		1,109,018
Wisconsin Public Finance Authority (Appalachian Regional Healthcare System Obligated Group) Series 2021 5.00%, 07/01/2035		300		309,218

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 43

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
5.00%, 07/01/2036	$	350	$	357,481
5.00%, 07/01/2038		375		376,311
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(e)		5,000		4,273,332
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 5.50%, 02/01/2042(b)		3,100		3,099,039
Wisconsin Public Finance Authority (National Senior Communities, Inc. Obligated Group) Series 2022 4.00%, 01/01/2042		1,375		1,244,614
Wisconsin Public Finance Authority (Pre-refunded – US Treasuries) Series 2022 4.00%, 04/01/2032(b)		15		15,473
Wisconsin Public Finance Authority (Renown Regional Medical Center Obligated Group) Series 2020 4.00%, 06/01/2035		1,220		1,219,586
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021-B 2.25%, 06/01/2027(b)		1,000		945,568
				22,019,174
Total Long-Term Municipal Bonds (cost $1,433,804,148)				1,377,537,133
Short-Term Municipal Notes – 0.1%
Commonwealth of Massachusetts (Commonwealth of Massachusetts COVID-19 Recovery Assessment Revenue) Series 2022-B 4.11%, 07/15/2031 (cost $2,110,168)		2,110		2,040,185
Total Municipal Obligations (cost $1,435,914,316)				1,379,577,318

44 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.1%
Agency CMBS – 0.8%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035	$	4,833	$	4,663,502
Series 2021-2, Class X 0.823%, 03/25/2035(k)		2,419		110,826
Series 2021-3, Class A 3.25%, 08/20/2036		1,925		1,745,708
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2021-ML10, Class ACA 2.046%, 06/25/2038		966		730,478
Series 2021-ML12, Class AUS 2.34%, 07/25/2041		2,441		1,904,088
Series 2022-ML13, Class XCA 0.961%, 07/25/2036(k)		1,158		60,793
Series 2022-ML13, Class XUS 1.004%, 09/25/2036(k)		2,050		133,593
Series M052 2.65%, 06/15/2036		3,670		2,911,019
				12,260,007
Non-Agency Fixed Rate CMBS – 0.3%
California Housing Finance Agency Series 2021-1, Class A 3.50%, 11/20/2035		954		881,033
City of Fort Wayne IN 10.75%, 12/01/2029(c) (d)		87		9
National Finance Authority Series 2022-2, Class X 0.697%, 10/01/2036(k)		4,899		228,451
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034		1,455		1,398,170
Series 2022-1, Class X 0.35%, 09/20/2036(k)		8,319		178,752
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		957		869,589
Series 2021-1, Class X 0.726%, 12/20/2035(k)		959		41,796

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 45

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2023-1, Class X 1.492%, 04/20/2037(k)	$	2,990	$	318,124
				3,915,924
Total Commercial Mortgage-Backed Securities (cost $20,065,799)				16,175,931
CORPORATES - INVESTMENT GRADE – 0.9%
Industrial – 0.9%
Capital Goods – 0.2%
Caterpillar Financial Services Corp. 5.623% (SOFR + 0.27%), 09/13/2024(a)		2,500		2,499,450
Consumer Non-Cyclical – 0.7%
Baylor Scott & White Holdings Series 2021 0.827%, 11/15/2025		1,000		924,700
1.777%, 11/15/2030		1,000		805,240
Hackensack Meridian Health, Inc. Series 2020 2.675%, 09/01/2041		1,790		1,204,169
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031		2,300		1,564,851
Sutter Health Series 20A 3.161%, 08/15/2040		1,000		735,700
UPMC Series D-1 3.60%, 04/03/2025		5,600		5,494,776
				10,729,436
Total Corporates - Investment Grade (cost $15,288,746)				13,228,886
ASSET-BACKED SECURITIES – 0.3%
Other ABS - Fixed Rate – 0.3%
HTA HRRB Custodial Trust 5.25%, 07/01/2036		19		19,408
HTA TRRB Custodial Trust Series 2022 5.25%, 07/01/2034		830		807,974
5.25%, 07/01/2036		900		903,349
5.25%, 07/01/2041		649		631,722

46 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisiana Local Government Environmental Facilities & Community Development Auth Series 2023-ELL, Class A1 5.081%, 06/01/2031	$	2,770	$	2,739,752
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.00%, 11/15/2025(c)(d)(i)(j)(l)		904		– 0	–
Total Asset-Backed Securities (cost $6,110,307)				5,102,205
CORPORATES - NON-INVESTMENT GRADE – 0.2%
Industrial – 0.2%
Communications - Media – 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(b)	$	1,933	$	1,401,155
DISH DBS Corp. 5.25%, 12/01/2026(b)		959		755,030
5.75%, 12/01/2028(b)		996		675,039
				2,831,224
Energy – 0.0%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024(e)(i)(j)		30		9,000
Series 23A 15.00%, 07/31/2024(e)(i)(j)		65		19,500
				28,500
Total Corporates - Non-Investment Grade (cost $3,982,415)				2,859,724
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0%
Risk Share Floating Rate – 0.0%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.345% (CME Term SOFR + 3.01%), 07/25/2024(a)		30		29,826
Series 2015-C02, Class 1M2 9.445% (CME Term SOFR + 4.11%), 05/25/2025(a)		40		40,722
Total Collateralized Mortgage Obligations (cost $69,405)				70,548

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 47

PORTFOLIO OF INVESTMENTS (continued)

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(m)(n)(o) (cost $14,122,064)		14,122,064	$	14,122,064
Total Investments – 96.4%
(cost $1,495,553,052)				1,431,136,676
Other assets less liabilities – 3.6%				52,961,772
Net Assets – 100.0%			$	1,484,098,448

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2023			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		(5.00	)%		Quarterly		3.55	%		USD 19,310	$	(1,248,532	)	$	(1,286,822	)	$	38,290

* Termination date

CENTRALLY CLEARED INFLATION (CPI) SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	40,000		04/15/2025		4.690	%		CPI	#	Maturity	$	499,833	$	– 0	–	$	499,833
USD	18,000		01/15/2026		3.508	%		CPI	#	Maturity		973,250		– 0	–		973,250
USD	30,000		08/06/2026		2.689	%		CPI	#	Maturity		2,256,710		– 0	–		2,256,710
USD	25,000		10/04/2026		2.725	%		CPI	#	Maturity		1,562,830		– 0	–		1,562,830
USD	24,000		01/15/2028		3.232	%		CPI	#	Maturity		1,250,117		– 0	–		1,250,117
USD	19,310		01/15/2028		1.230	%		CPI	#	Maturity		3,647,543		– 0	–		3,647,543
USD	14,770		01/15/2028		0.735	%		CPI	#	Maturity		3,318,549		– 0	–		3,318,549
USD	25,000		10/04/2028		2.661	%		CPI	#	Maturity		1,554,014		– 0	–		1,554,014
USD	12,000		08/29/2029		1.748	%		CPI	#	Maturity		1,961,218		– 0	–		1,961,218
USD	4,825		01/15/2030		1.572	%		CPI	#	Maturity		860,607		– 0	–		860,607
USD	4,825		01/15/2030		1.587	%		CPI	#	Maturity		854,118		– 0	–		854,118
USD	1,670		01/15/2030		1.714	%		CPI	#	Maturity		276,487		– 0	–		276,487
USD	1,670		01/15/2030		1.731	%		CPI	#	Maturity		273,909		– 0	–		273,909
USD	7,850		01/15/2031		2.782	%		CPI	#	Maturity		600,429		– 0	–		600,429
USD	6,150		01/15/2031		2.680	%		CPI	#	Maturity		530,175		– 0	–		530,175
USD	15,000		12/02/2035		2.074	%		CPI	#	Maturity		2,355,760		– 0	–		2,355,760

48 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund			Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	25,000		04/01/2036		2.438	%		CPI	#	Maturity	$	2,700,088	$	– 0	–	$	2,700,088
USD	32,000		04/29/2036		2.503	%		CPI	#	Maturity		3,140,714		– 0	–		3,140,714
USD	10,000		05/01/2036		2.510	%		CPI	#	Maturity		970,795		– 0	–		970,795
USD	10,000		08/03/2036		2.488	%		CPI	#	Maturity		872,975		– 0	–		872,975
USD	20,000		08/06/2036		2.440	%		CPI	#	Maturity		1,850,238		– 0	–		1,850,238
USD	40,000		10/04/2036		2.510%			CPI#		Maturity		2,970,435		– 0	–		2,970,435
											$	35,280,794	$	– 0	–	$	35,280,794

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

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
USD	15,600		07/31/2029		1 Day SOFR		3.986%	Annual	$	(392,556	)	$	– 0 –	$	(392,556	)
USD	14,400		07/31/2029		1 Day SOFR		3.938%	Annual		(368,971	)		– 0 –		(368,971	)
USD	14,000		07/31/2030		1 Day SOFR		4.016%	Annual		(434,161	)		– 0 –		(434,161	)
USD	8,600		07/31/2030		1 Day SOFR		4.504%	Annual		(376	)		– 0 –		(376	)
USD	50,800		03/31/2033		3.553%		1 Day SOFR	Annual		2,982,458			– 0 –		2,982,458
									$	1,786,394		$	– 0 –	$	1,786,394

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024				Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%	USD		31	$	(3,913	)	$	(2,772	)	$	(1,141	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		268		(33,916	)		(30,995	)		(2,921	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		18		(2,269	)		(2,011	)		(258	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		17		(2,156	)		(1,541	)		(615	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		97		(12,250	)		(10,756	)		(1,494	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		174		(22,005	)		(15,339	)		(6,666	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		211		(26,712	)		(19,120	)		(7,592	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		103		(13,101	)		(11,923	)		(1,178	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		275		(34,823	)		(23,572	)		(11,251	)
												$	(151,145	)	$	(118,029	)	$	(33,116	)

* Termination date

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 49

PORTFOLIO OF INVESTMENTS (continued)

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)

Bank of America, NA

USD

145,000

07/15/2030

2.730%

CPI#

Maturity

$

2,019,869

$

– 0

–

$

2,019,869

Bank of America, NA

USD

25,000

02/02/2032

2.403%

CPI#

Maturity

2,534,829

– 0

–

2,534,829

Bank of America, NA

USD

50,000

02/15/2041

2.403%

CPI#

Maturity

1,769,106

– 0

–

1,769,106

Bank of America, NA

USD

30,000

02/15/2041

2.463%

CPI#

Maturity

819,088

– 0

–

819,088

Barclays Bank PLC

USD

20,000

06/06/2032

2.145%

CPI#

Maturity

2,794,776

– 0

–

2,794,776

Barclays Bank PLC

USD

14,000

09/01/2032

2.128%

CPI#

Maturity

2,033,069

– 0

–

2,033,069

Barclays Bank PLC

USD

22,000

08/29/2033

2.368%

CPI#

Maturity

2,300,057

– 0

–

2,300,057

Citibank, NA

USD

25,000

07/03/2025

2.351%

CPI#

Maturity

2,498,640

– 0

–

2,498,640

Citibank, NA

USD

370,000

07/15/2025

3.130%

CPI#

Maturity

3,725,449

– 0

–

3,725,449

Citibank, NA

USD

12,000

11/05/2033

2.273%

CPI#

Maturity

1,436,676

– 0

–

1,436,676

Citibank, NA

USD

13,000

02/15/2041

2.744%

CPI#

Maturity

264,397

– 0

–

264,397

Deutsche Bank AG

USD

25,000

09/02/2025

1.880%

CPI#

Maturity

3,469,294

– 0

–

3,469,294

Goldman Sachs International

USD

55,000

04/15/2025

4.759%

CPI#

Maturity

520,245

– 0

–

520,245

Goldman Sachs International

USD

30,000

04/15/2025

4.740%

CPI#

Maturity

308,694

– 0

–

308,694

Goldman Sachs International

USD

29,000

01/15/2027

3.534%

CPI#

Maturity

1,194,293

– 0

–

1,194,293

Goldman Sachs International

USD

18,000

04/15/2032

2.994%

CPI#

Maturity

869,271

– 0

–

869,271

Goldman Sachs International

USD

25,000

02/15/2041

2.535%

CPI#

Maturity

295,758

– 0

–

295,758

Goldman Sachs International

USD

25,000

02/15/2041

2.537%

CPI#

Maturity

289,502

– 0

–

289,502

Goldman Sachs International

USD

14,000

02/15/2041

2.380%

CPI#

Maturity

1,037,551

– 0

–

1,037,551

Goldman Sachs International

USD

7,000

02/15/2041

2.413%

CPI#

Maturity

486,137

– 0

–

486,137

JPMorgan Chase Bank, NA

USD

13,000

03/01/2027

2.279%

CPI#

Maturity

1,407,236

– 0

–

1,407,236

JPMorgan Chase Bank, NA

USD

10,000

07/03/2028

2.356%

CPI#

Maturity

1,003,615

– 0

–

1,003,615

JPMorgan Chase Bank, NA

USD

25,000

11/05/2028

2.234%

CPI#

Maturity

2,835,452

– 0

–

2,835,452

JPMorgan Chase Bank, NA

USD

18,000

04/17/2030

2.378%

CPI#

Maturity

1,781,759

– 0

–

1,781,759

JPMorgan Chase Bank, NA

USD

29,000

04/15/2032

2.944%

CPI#

Maturity

1,552,343

– 0

–

1,552,343

JPMorgan Chase Bank, NA

USD

24,000

11/17/2032

2.183%

CPI#

Maturity

3,249,696

– 0

–

3,249,696

JPMorgan Chase Bank, NA

USD

15,000

02/15/2041

2.605%

CPI#

Maturity

120,279

– 0

–

120,279

$

42,617,081

$

– 0

–

$

42,617,081

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

50 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

INTEREST RATE 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 11,075

10/09/2029

1.125%

SIFMA*

Quarterly

$

1,161,882

$

– 0 –

$

1,161,882

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

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

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $100,964,579 or 6.8% of net assets.

(c) Non-income producing security.

(d) Defaulted.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.49% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ARC70 II TRUST Series 2023 4.84%, 04/01/2065		07/18/2023	$	4,770,941	$	4,663,052		0.31	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.50%, 07/01/2026		06/13/2022		1,038,659		60,000		0.00	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 6.75%, 07/01/2030		07/21/2022		1,036,663		60,000		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031		05/21/2021		425,000		5,525		0.00	%
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 7.00%, 12/15/2043		05/21/2021		440,000		5,720		0.00	%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/28/2019		2,194,642		1,529,020		0.10	%
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027		02/03/2023		1,370,000		1,368,168		0.09	%

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 51

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024		01/25/2024	$	30,000	$	9,000		0.00	%
Red River Biorefinery LLC Series 23A 15.00%, 07/31/2024		05/31/2023		65,000		19,500		0.00	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040		06/16/2021		1,000,000		639,322		0.04	%
University of Toledo Series 2023-B 4.617%, 06/01/2036		06/30/2023		10,000,000		9,744,876		0.66	%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041		08/03/2021		5,000,000		4,273,332		0.29	%

(f) Inverse floater security.

(g) When-Issued or delayed delivery security.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(i) Fair valued by the Adviser.

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

(k) IO – Interest Only.

(l) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.00%, 11/15/2025		01/30/2020	$	952,594	$	– 0	–		0.00	%

(m) Affiliated investments.

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

(o) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 3.3% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

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

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

52 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

CPI – Consumer Price Index

ETM – Escrowed to Maturity

FHLMC – Federal Home Loan Mortgage Corporation

LIBOR – London Interbank Offered Ra

MUNIPSA – SIFMA Municipal Swap Index

NATL – National Interstate Corporation

SOFR – Secured Overnight Financing Rate

SRF – State Revolving Fund

UPMC – University of Pittsburgh Medical Center

XLCA – XL Capital Assurance Inc.

See notes to financial statements.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 53

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,481,430,988)	$	1,417,014,612
Affiliated issuers (cost $14,122,064)		14,122,064
Cash		315
Cash collateral due from broker		17,162,951
Unrealized appreciation on inflation swaps		42,617,081
Interest receivable		19,004,285
Receivable for capital stock sold		6,602,789
Receivable for investment securities sold		2,659,395
Unrealized appreciation on interest rate swaps		1,161,882
Receivable for terminated interest rate swaps		405,800
Receivable due from Adviser		93,513
Receivable for variation margin on centrally cleared swaps		91,341
Affiliated dividends receivable		26,261
Total assets		1,520,962,289
Liabilities
Cash collateral due to broker		32,005,394
Payable for investment securities purchased		2,235,080
Payable for capital stock redeemed		1,060,056
Advisory fee payable		608,406
Market value on credit default swaps (net premiums received $118,029)		151,145
Distribution fee payable		85,641
Administrative fee payable		23,922
Transfer Agent fee payable		23,254
Directors’ fees payable		1,983
Accrued expenses		668,960
Total liabilities		36,863,841
Net Assets	$	1,484,098,448
Composition of Net Assets
Capital stock, at par	$	138,610
Additional paid-in capital		1,537,997,696
Accumulated loss		(54,037,858	)
Net Assets	$	1,484,098,448

Net Asset Value Per Share—30 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	158,582,509		14,770,088	$	10.74	*
C	$	16,742,722		1,561,472	$	10.72
Advisor	$	583,518,472		54,308,566	$	10.74
1	$	474,585,058		44,488,778	$	10.67
2	$	250,669,687		23,481,392	$	10.68

* The maximum offering price per share for Class A shares was $11.07 which reflects a sales charge of 3.00%.

See notes to financial statements.

54 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	23,403,986
Dividends—Affiliated issuers		165,935		$	23,569,921
Expenses
Advisory fee (see Note B)		3,822,426
Distribution fee—Class A		209,107
Distribution fee—Class C		90,295
Distribution fee—Class 1		249,497
Transfer agency—Class A		43,399
Transfer agency—Class C		4,722
Transfer agency—Advisor Class		151,722
Transfer agency—Class 1		15,351
Transfer agency—Class 2		7,985
Custody and accounting		115,226
Registration fees		49,645
Audit and tax		43,933
Administrative		43,128
Printing		36,607
Legal		27,015
Directors’ fees		18,488
Miscellaneous		30,374
Total expenses before bank overdraft expense		4,958,920
Bank overdraft expense		58,555
Total expenses		5,017,475
Less: expenses waived and reimbursed by the Adviser (see Note B)		(592,126	)
Net expenses					4,425,349
Net investment income					19,144,572
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Investment transactions					(13,236,612	)
Swaps					10,843,970
Net change in unrealized appreciation (depreciation) of:
Investments					83,092,212
Swaps					(11,806,626	)
Net gain on investment transactions					68,892,944
Net Increase in Net Assets from Operations				$	88,037,516

See notes to financial statements.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 55

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	19,144,572		$	41,976,874
Net realized loss on investment transactions		(2,392,642	)		(2,159,509	)
Net change in unrealized appreciation of investments		71,285,586			27,161,690
Net increase in net assets from operations		88,037,516			66,979,055
Distributions to Shareholders
Class A		(1,961,710	)		(4,978,141	)
Class C		(141,661	)		(322,763	)
Advisor Class		(7,562,779	)		(19,005,152	)
Class 1		(6,230,981	)		(13,585,528	)
Class 2		(3,377,450	)		(7,460,044	)
Capital Stock Transactions
Net decrease		(162,960,661	)		(636,425,654	)
Total decrease		(94,197,726	)		(614,798,227	)
Net Assets
Beginning of period		1,578,296,174			2,193,094,401
End of period	$	1,484,098,448		$	1,578,296,174

See notes to financial statements.

56 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Municipal Bond Inflation Strategy (the “Fund”), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class, Class 1 and Class 2 shares. Class 1 shares are sold only to the private clients of Sanford C. Bernstein & Co. LLC by its registered representatives. Class B, Class R, Class K, Class I and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 3% for purchases not exceeding $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class and Class 2 shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. Class 1 shares are sold without an initial or contingent deferred sales charge, but are subject to ongoing distribution expenses. All 10 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Company’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 57

NOTES TO FINANCIAL STATEMENTS (continued)

“Adviser”) serves as the Company’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

58 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized

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NOTES TO FINANCIAL STATEMENTS (continued)

modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities:	Level 1			Level 2		Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	1,377,525,888	$	11,245		$	1,377,537,133
Short-Term Municipal Notes		– 0	–		2,040,185		– 0	–		2,040,185
Commercial Mortgage-Backed Securities		– 0	–		16,175,931		– 0	–		16,175,931
Corporates – Investment Grade		– 0	–		13,228,886		– 0	–		13,228,886
Asset-Backed Securities		– 0	–		5,102,205		0	(a)		5,102,205

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities:

Level 1

Level 2

Level 3

Total

Corporates – Non-Investment Grade

$

– 0

–

$

2,831,224

$

28,500

$

2,859,724

Collateralized Mortgage Obligations

– 0

–

70,548

– 0

–

70,548

Short-Term Investments

14,122,064

– 0

–

– 0

–

14,122,064

Total Investments in Securities

14,122,064

1,416,974,867

39,745

(a)

1,431,136,676

Other Financial Instruments(b):

Assets:

Centrally Cleared Inflation (CPI) Swaps

– 0

–

35,280,794

– 0

–

35,280,794

(c)

Centrally Cleared Interest Rate Swaps

– 0

–

2,982,458

– 0

–

2,982,458

(c)

Inflation (CPI) Swaps

– 0

–

42,617,081

– 0

–

42,617,081

Interest Rate Swaps

– 0

–

1,161,882

– 0

–

1,161,882

Liabilities:

Centrally Cleared Credit Default Swaps

– 0

–

(1,248,532

)

– 0

–

(1,248,532

)(c)

Centrally Cleared Interest Rate Swaps

– 0

–

(1,196,064

)

– 0

–

(1,196,064

)(c)

Credit Default Swaps

– 0

–

(151,145

)

– 0

–

(151,145

)

Total

$

14,122,064

$

1,496,421,341

$

39,745

(a)

$

1,510,583,150

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

(b) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(c) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

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NOTES TO FINANCIAL STATEMENTS (continued)

4. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes original issue and market discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

5. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

6. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

7. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding extraordinary

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NOTES TO FINANCIAL STATEMENTS (continued)

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) on an annual basis (the “Expense Caps”) to .75%, 1.50%, .50%, .60% and .50% of the daily average net assets for the Class A, Class C, Advisor Class, Class 1 and Class 2 shares, respectively. This fee waiver and/or expense reimbursement agreement will remain in effect until January 31, 2025 and then may be extended by the Adviser for additional one-year terms. For the six months ended April 30, 2024, such reimbursements/waivers amounted to $587,594.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $43,128.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $53,016 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $36 from the sale of Class A shares and received $0 and $550 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $4,532.

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NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	6,662	$	156,866	$	149,406	$	14,122	$	166

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares and .10% of the Fund’s average daily net assets attributable to Class 1 shares. There are no distribution and servicing fees on the Advisor Class and Class 2 shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $161,504 and $1,796,973 for Class C and Class 1 shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	39,709,833		$	220,265,689
U.S. government securities		– 0	–		56,802

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NOTES TO FINANCIAL STATEMENTS (continued)

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	90,228,148
Gross unrealized depreciation		(73,793,199	)
Net unrealized appreciation	$	16,434,949

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the

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statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into

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NOTES TO FINANCIAL STATEMENTS (continued)

interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended April 30, 2024, the Fund held interest rate swaps for hedging purposes.

Inflation (CPI) Swaps:

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the six months ended April 30, 2024, the Fund held inflation (CPI) swaps for hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the

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buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial

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NOTES TO FINANCIAL STATEMENTS (continued)

instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Receivable for variation margin on centrally cleared swaps	$	38,290	*	Payable for variation margin on centrally cleared swaps
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		38,263,252	*	Payable for variation margin on centrally cleared swaps	$	1,196,064	*
Interest rate contracts	Unrealized appreciation on interest rate swaps		1,161,882
Interest rate contracts	Unrealized appreciation on inflation swaps		42,617,081
Credit contracts					Market value on credit default swaps		151,145
Total		$	82,080,505			$	1,347,209

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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NOTES TO FINANCIAL STATEMENTS (continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	11,537,617		$	(11,753,829	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(693,647	)		(52,797	)
Total		$	10,843,970		$	(11,806,626	)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Interest Rate Swaps:
Average notional amount	$	11,075,000
Inflation Swaps:
Average notional amount	$	954,571,429
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	90,414,286
Centrally Cleared Inflation Swaps:
Average notional amount	$	557,267,143
Credit Default Swaps:
Average notional amount of sale contracts	$	1,226,338
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	11,919,857
Average notional amount of sale contracts	$	1,554,300	(a)

(a) Positions were open for one month during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives

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NOTES TO FINANCIAL STATEMENTS (continued)

and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	7,142,892	$	– 0	–	$	– 0	–	$	(7,142,892	)	$	– 0	–
Barclays Bank PLC		7,127,902		– 0	–		(6,952,500	)		– 0	–		175,402
Citibank, NA/Citigroup Global Markets, Inc.		9,087,044		(37,829	)		(9,049,215	)		– 0	–		– 0	–
Deutsche Bank AG		3,469,294		– 0	–		(3,395,000	)		– 0	–		74,294
Goldman Sachs International		5,001,451		(47,924	)		(490,000	)		(4,463,527	)		– 0	–
JPMorgan Chase Bank, NA		11,950,380		– 0	–		(11,950,380	)		– 0	–		– 0	–
Total	$	43,778,963	$	(85,753	)	$	(31,837,095	)	$	(11,606,419	)	$	249,696	^

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	37,829	$	(37,829	)	$	– 0	–	$	– 0	–	$	– 0	–
Credit Suisse International		65,392		– 0	–		(65,392	)		– 0	–		– 0	–
Goldman Sachs International		47,924		(47,924	)		– 0	–		– 0	–		– 0	–
Total	$	151,145	$	(85,753	)	$	(65,392	)	$	– 0	–	$	0	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 71

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for Class A, Class C, Advisor Class, Class 1 and Class 2 were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		1,500,168			3,487,357		$	16,042,762		$	36,572,812
Shares issued in reinvestment of dividends		114,920			292,953			1,220,632			3,073,982
Shares converted from Class C		39,400			55,084			418,567			577,398
Shares redeemed		(4,967,095	)		(15,928,322	)		(52,977,721	)		(167,072,852	)
Net decrease		(3,312,607	)		(12,092,928	)	$	(35,295,760	)		$ (126,848,660	)
Class C
Shares sold		66,807			336,732		$	712,758		$	3,519,598
Shares issued in reinvestment of dividends		10,077			24,027			106,991			252,105
Shares converted to Class A		(39,448	)		(55,153	)		(418,567	)		(577,398	)
Shares redeemed		(312,193	)		(1,010,750	)		(3,335,855	)		(10,597,238	)
Net decrease		(274,757	)		(705,144	)	$	(2,934,673	)	$	(7,402,933	)
Advisor Class
Shares sold		11,040,720			27,383,477		$	117,860,925		$	287,848,170
Shares issued in reinvestment of dividends		438,082			1,175,811			4,658,327			12,350,382
Shares redeemed		(16,544,797	)		(61,754,813	)		(176,149,337	)		(649,022,834	)
Net decrease		(5,065,995	)		(33,195,525	)	$	(53,630,085	)	$	(348,824,282	)
Class 1
Shares sold		2,489,234			7,223,576		$	26,330,070		$	75,546,207
Shares issued in reinvestment of dividends		412,324			940,761			4,353,316			9,816,809
Shares redeemed		(7,847,348	)		(17,097,406	)		(83,203,863	)		(178,630,464	)
Net decrease		(4,945,790	)		(8,933,069	)	$	(52,520,477	)	$	(93,267,448	)
Class 2
Shares sold		1,415,924			2,589,026		$	14,995,382		$	27,123,232
Shares issued in reinvestment of dividends		180,928			388,681			1,911,563			4,058,383
Shares redeemed		(3,337,593	)		(8,712,862	)		(35,486,611	)		(91,263,946	)
Net decrease		(1,740,741	)		(5,735,155	)	$	(18,579,666	)	$	(60,082,331	)

72 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund is vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 73

NOTES TO FINANCIAL STATEMENTS (continued)

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

74 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 75

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	7,006,894	$	1,429,775
Total taxable distributions paid	$	7,006,894	$	1,429,775
Tax-exempt distributions		38,344,734		32,539,240
Total distributions paid	$	45,351,628	$	33,969,015

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed tax-exempt income	$	363,848
Accumulated capital and other losses		(68,517,096	)(a)
Unrealized appreciation (depreciation)		(54,647,545	)(b)
Total accumulated earnings (deficit)	$	(122,800,793	)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $68,517,096.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $64,979,775 and a net long-term capital loss carryforward of $3,537,321 which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

76 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 77

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.28			$ 10.24			$ 11.03			$ 10.30			$ 10.24			$ 10.02
Income From Investment Operations
Net investment income(a)(b)		.12			.21			.13			.16			.22			.24
Net realized and unrealized gain (loss) on investment transactions		.46			.06			(.79	)		.75			.07	(c)		.21
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.58			.27			(.66	)		.91			.29			.45
Less: Dividends
Dividends from net investment income		(.12	)		(.23	)		(.13	)		(.18	)		(.23	)		(.23	)
Net asset value, end of period		$ 10.74			$ 10.28			$ 10.24			$ 11.03			$ 10.30			$ 10.24
Total Return
Total investment return based on net asset value(e)*		5.69	%		2.60	%		(6.06	)%		8.89	%		2.85	%		4.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$158,583			$185,881			$308,986			$364,599			$138,454			$54,316
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.76	%^		.75	%		.75	%		.75	%		.75	%		.75	%
Expenses, before waivers/reimbursements(f)		.86	%^		.85	%		.82	%		.84	%		.85	%		.86	%
Net investment income(b)		2.32	%^		2.02	%		1.24	%		1.51	%		2.14	%		2.32	%
Portfolio turnover rate		3	%		26	%		27	%		10	%		29	%		12	%

See footnote summary on page 83.

78 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.27			$ 10.23			$ 11.02			$ 10.29			$ 10.22			$ 10.01
Income From Investment Operations
Net investment income(a)(b)		.08			.13			.06			.08			.14			.16
Net realized and unrealized gain (loss) on investment transactions		.45			.06			(.80	)		.74			.08	(c)		.20
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.01			– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.53			.19			(.74	)		.83			.22			.36
Less: Dividends
Dividends from net investment income		(.08	)		(.15	)		(.05	)		(.10	)		(.15	)		(.15	)
Net asset value, end of period		$ 10.72			$ 10.27			$ 10.23			$ 11.02			$ 10.29			$ 10.22
Total Return
Total investment return based on net asset value(e)*		5.20	%		1.83	%		(6.75	)%		8.12	%		2.16	%		3.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,743			$18,850			$25,986			$20,086			$6,710			$7,717
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		1.51	%^		1.51	%		1.50	%		1.50	%		1.50	%		1.50	%
Expenses, before waivers/reimbursements(f)		1.61	%^		1.60	%		1.58	%		1.59	%		1.61	%		1.61	%
Net investment income(b)		1.58	%^		1.28	%		.54	%		.75	%		1.43	%		1.57	%
Portfolio turnover rate		3	%		26	%		27	%		10	%		29	%		12	%

See footnote summary on page 83.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 79

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.29			$ 10.25			$ 11.04			$ 10.31			$ 10.24			$ 10.03
Income From Investment Operations
Net investment income(a)(b)		.14			.24			.16			.18			.25			.26
Net realized and unrealized gain (loss) on investment transactions		.45			.06			(.80	)		.75			.07	(c)		.21
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.01			– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.59			.30			(.64	)		.94			.32			.47
Less: Dividends
Dividends from net investment income		(.14	)		(.26	)		(.15	)		(.21	)		(.25	)		(.26	)
Net asset value, end of period		$ 10.74			$ 10.29			$ 10.25			$ 11.04			$ 10.31			$ 10.24
Total Return
Total investment return based on net asset value(e)*		5.72	%		2.85	%		(5.82	)%		9.14	%		3.19	%		4.76	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$583,517			$610,806			$948,603			$837,132			$185,829			$205,541
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.51	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Expenses, before waivers/reimbursements(f)		.61	%^		.60	%		.58	%		.59	%		.60	%		.61	%
Net investment income(b)		2.58	%^		2.28	%		1.52	%		1.70	%		2.43	%		2.57	%
Portfolio turnover rate		3	%		26	%		27	%		10	%		29	%		12	%

See footnote summary on page 83.

80 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class 1
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.21			$ 10.18			$ 10.97			$ 10.25			$ 10.19			$ 9.98
Income From Investment Operations
Net investment income(a)(b)		.13			.23			.15			.18			.23			.25
Net realized and unrealized gain (loss) on investment transactions		.46			.05			(.79	)		.74			.07	(c)		.22
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.59			.28			(.64	)		.92			.30			.47
Less: Dividends
Dividends from net investment income		(.13	)		(.25	)		(.15	)		(.20	)		(.24	)		(.26	)
Net asset value, end of period		$ 10.67			$ 10.21			$ 10.18			$ 10.97			$ 10.25			$ 10.19
Total Return
Total investment return based on net asset value(e)*		5.81	%		2.71	%		(5.92	)%		9.01	%		3.04	%		4.72	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$474,585			$504,943			$594,155			$555,642			$444,500			$498,857
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.61	%^		.61	%		.60	%		.60	%		.60	%		.60	%
Expenses, before waivers/reimbursements(f)		.66	%^		.66	%		.64	%		.66	%		.67	%		.67	%
Net investment income(b)		2.48	%^		2.19	%		1.43	%		1.72	%		2.33	%		2.47	%
Portfolio turnover rate		3	%		26	%		27	%		10	%		29	%		12	%

See footnote summary on page 83.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 81

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class 2
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 10.22			$ 10.19			$ 10.98			$ 10.25			$ 10.19			$ 9.99
Income From Investment Operations
Net investment income(a)(b)		.14			.24			.17			.20			.24			.26
Net realized and unrealized gain (loss) on investment transactions		.46			.05			(.80	)		.74			.07	(c)		.21
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	(d)		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.60			.29			(.63	)		.94			.31			.47
Less: Dividends
Dividends from net investment income		(.14	)		(.26	)		(.16	)		(.21	)		(.25	)		(.27	)
Net asset value, end of period		$ 10.68			$ 10.22			$ 10.19			$ 10.98			$ 10.25			$ 10.19
Total Return
Total investment return based on net asset value(e)*		5.86	%		2.81	%		(5.83	)%		9.21	%		3.14	%		4.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$250,670			$257,816			$315,364			$238,315			$215,763			$238,306
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(f)		.51	%^		.51	%		.50	%		.50	%		.50	%		.50	%
Expenses, before waivers/reimbursements(f)		.56	%^		.56	%		.55	%		.56	%		.57	%		.57	%
Net investment income(b)		2.58	%^		2.28	%		1.56	%		1.84	%		2.43	%		2.57	%
Portfolio turnover rate.		3	%		26	%		27	%		10	%		29	%		12	%

See footnote summary on page 83.

82 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(f) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.75	%^		.75	%		.75	%		.75	%		.75	%		.75	%
Before waivers/reimbursements		.85	%^		.84	%		.82	%		.84	%		.85	%		.86	%
Class C
Net of waivers/reimbursements		1.50	%^		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Before waivers/reimbursements		1.60	%^		1.59	%		1.58	%		1.59	%		1.61	%		1.61	%
Advisor Class
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.60	%^		.59	%		.58	%		.59	%		.60	%		.61	%
Class 1
Net of waivers/reimbursements		.60	%^		.60	%		.60	%		.60	%		.60	%		.60	%
Before waivers/reimbursements		.65	%^		.65	%		.64	%		.66	%		.67	%		.67	%
Class 2
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.55	%^		.55	%		.55	%		.56	%		.57	%		.57	%

* Includes the impact of proceeds received by the Fund in connection with a trade-error reimbursement from the Adviser, which enhanced performance by .03% for the year ended October 31, 2021.

^ Annualized.

See notes to financial statements.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 83

BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Daryl Clements⁽²⁾, Vice President Matthew J. Norton⁽²⁾, Vice President Andrew D. Potter⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Municipal Bond Investment Team. Messrs. Clements, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

84 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 85

have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

86 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Municipal Bond Inflation Strategy (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 87

judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution

88 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and discussed with the Adviser the reasons it was above the median. The directors also noted the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY ^| 89

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

90 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

abfunds.com AB MUNICIPAL BOND INFLATION STRATEGY^| 91

NOTES

92 ^| AB MUNICIPAL BOND INFLATION STRATEGY abfunds.com

AB MUNICIPAL BOND INFLATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

MBIS-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB SHORT DURATION INCOME PORTFOLIO

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

Dear Shareholder,

We’re pleased to provide this report for the AB Short Duration Income 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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 1

SEMI-ANNUAL REPORT

June 7, 2024

This report provides management’s discussion of fund performance for the AB Short Duration Income Portfolio for the semi-annual reporting period ended April 30, 2024

At meetings held on October 31 – November 2, 2023, the Board of Directors of AB Bond Fund, Inc. (the “Board”) approved the reorganization of the Fund into a newly-created exchange-traded fund (“ETF”) (the “Conversion”) to be managed by AllianceBernstein L.P. (the “Adviser”). Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Fund was converted into AB Short Duration Income ETF (the “Acquiring Portfolio”), a newly-created series of AB Active ETFs, Inc., with an identical investment objective, and identical fundamental investment policies and investment strategies as the Fund, on June 10, 2024.

In connection with the Conversion, the assets and liabilities of the Fund were transferred to the Acquiring Portfolio, and stockholders of the Fund received shares of the Acquiring Portfolio, equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Fund (less cash corresponding to any fractional share amount). In connection with the Conversion, Class A and Class C shares of the Portfolio were automatically converted into Advisor Class shares on March 18, 2024, without the imposition of any sales load, fee or other charge. For additional information, please see the prospectus supplement dated November 3, 2023. In addition, stockholders of the Fund were sent a combined information statement/prospectus describing the Conversion and the Acquiring Portfolio, and summarizing the Board’s considerations in approving the Conversion.

The Fund’s investment objective is to seek high current income consistent with preservation of capital.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB SHORT DURATION INCOME PORTFOLIO
Advisor Class Shares1		4.02%		4.12%
Bloomberg 1-5 Year US Government/Credit Index		2.73%		1.84%

1 Please note that this share class is 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.

2 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

INVESTMENT RESULTS

The preceding table shows the Fund’s performance compared with its benchmark, the Bloomberg 1-5 Year US Government/Credit Index, for the six- and 12-month periods ended April 30, 2024

During both periods, the Fund outperformed the benchmark, before sales charges. In the six-month period, industry allocation was the primary contributor to relative performance. Off-benchmark exposure to US high-yield credit default swaps, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”) and commercial mortgage-backed securities (“CMBS”) added more to relative performance than exposures to banking and off-benchmark investment-grade credit default swaps detracted. Security selection contributed as well, primarily from energy & services. At the country level, off-benchmark exposure to the eurozone contributed. Overall yield-curve positioning in the US also added to performance. Currency decisions did not impact performance during the period.

Over the 12-month period, industry allocation was the largest contributor to performance, mainly from off-benchmark exposure to CLOs, CMOs, CMBS, high-yield credit default swaps and a short position in Australian credit default swaps that was partially offset by losses from the utilization of US investment-grade credit default swaps. Security selection within energy, services and consumer non-cyclicals also contributed to relative performance. Country allocation to the eurozone and Canada added to relative performance. Yield-curve positioning and currency decisions did not meaningfully impact results.

The Fund’s heightened turnover rate of 185% was a result of the Fund shifting into more attractive government-related bonds. However, the Fund incurred a lower turnover rate in non-government securities, which generally have higher transaction cost than government-related transactions.

During both periods, the Fund used derivatives in the form of treasury futures to manage and hedge duration risk and/or to take active yield-curve positioning. Currency forwards were used to hedge foreign currency exposure. Credit default swaps were used to effectively obtain high-yield credit and commercial real estate exposure. Investment-grade index default swaps were utilized to manage credit spread volatility.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market (“DM”) yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 3

banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, DM investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. DM high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. Emerging-market (“EM”) hard-currency sovereign bonds significantly outperformed DM treasuries, mainly due to the performance of high-yield sovereigns. EM hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. EM local-currency bonds trailed other credit risk sectors as the US dollar was mixed against DM and EM currencies over the period.

The Fund’s Senior Investment Management Team (the “Team”) continues to pursue high income, while preserving capital by investing primarily in government bonds from both US and non-US issuers as well as corporate bonds, with scope to invest a select amount in below investment-grade bonds. The Team manages the Fund with a core fixed-income strategy through a global, multi-sector approach that seeks an attractive risk/return profile.

INVESTMENT POLICIES

The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets, including any borrowings for investment purposes, in income-producing securities. The Fund also normally invests at least 65% of its total assets in investment grade debt securities of various types. Under normal circumstances, the Fund will typically maintain a dollar-weighted average duration of less than three years, although it may invest in securities of any duration or maturity.

The Fund may invest in non-government fixed-income securities, including corporate debt securities, non-government mortgage-backed and other asset-backed securities, certificates of deposit and commercial paper. The Fund also invests in securities of U.S.and foreign governments and their agencies and instrumentalities (including mortgage-backed securities), derivatives related to such securities, and repurchase agreements relating to U.S. Government securities. The Fund may invest up to 35% of its net assets in below investment grade securities (commonly known as “junk bonds”). The Fund’s investments in foreign securities may include both government and corporate securities, and securities of emerging market countries or of issuers in emerging markets.

(continued on next page)

4 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risks and return characteristics as well as the securities’ impact on the overall risks and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

The Fund may utilize derivatives, such as options, futures contracts, forwards and swaps. The Fund may, for example, use interest rate futures contracts and swaps to establish exposure to the fixed-income markets or particular fixed-income securities. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund’s exposure. The Fund may also enter into transactions such as reverse repurchase agreements that are similar to borrowings for investment purposes. The Fund’s use of derivatives and these borrowing transactions may create aggregate exposure that is substantially in excess of its net assets, effectively leveraging the Fund.

The Adviser may hedge the foreign currency exposure resulting from the Fund’s security positions, and may take long or short positions in currencies, through the use of currency-related derivatives.

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 5

DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg 1-5 Year US Government/Credit Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg 1-5 Year US Government/Credit Index is a broad-based benchmark that measures the nonsecuritized component of the Bloomberg US Aggregate Index. It includes investment-grade, US dollar-denominated, fixed-rate Treasuries and government-related and corporate securities that have a remaining maturity of greater than or equal to one year and less than five years. An investor cannot invest directly in an index or average, and their 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 market or markets in which the Fund invests 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.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and resulting market reactions to those initiatives.

6 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

DISCLOSURES AND RISKS (continued)

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 7

DISCLOSURES AND RISKS (continued)

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.

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

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

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.

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 2.25% 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.

8 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
ADVISOR CLASS SHARES2						5.34%
1 Year		4.12%		4.12%
5 Years		1.45%		1.45%
Since Inception3		2.00%		2.00%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratio as 1.26% for Advisor Class shares, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund’s total annual operating expense ratio, exclusive of acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses and brokerage commissions and other transaction costs, to 0.45% for Advisor Class shares. These waivers/reimbursements may not be terminated before January 31, 2025. 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024

2 This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is 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.

3 Inception date: 12/12/2018

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 9

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
ADVISOR CLASS SHARES1
1 Year		5.49%
5 Years		1.69%
Since Inception2		2.16%

1 Please note that this share class is 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.

2 Inception date: 12/12/2018.

10 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you 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 first line of 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 second line of 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.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Advisor Class
Actual	$	1,000	$	1,040.20	$	2.28		0.45	%
Hypothetical**	$	1,000	$	1,022.63	$	2.26		0.45	%

* Expenses are equal to the Fund’s annualized expense ratio (interest expense incurred) multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The Fund’s operating expenses are borne by the Adviser or its affiliates.

** Assumes 5% annual return before expenses.

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 11

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $105.1

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

12 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 40.6%
Industrial – 27.4%
Basic – 1.5%
BHP Billiton Finance USA Ltd. 4.875%, 02/27/2026	U.S.$		196	$	194,020
Georgia-Pacific LLC 0.95%, 05/15/2026(a)			482		439,830
Glencore Funding LLC
1.625%, 09/01/2025(a)			32		30,270
5.338%, 04/04/2027(a)			417		412,697
Newmont Corp./Newcrest Finance Pty Ltd. 5.30%, 03/15/2026(a)			329		326,914
Sherwin-Williams Co. (The) 3.45%, 06/01/2027			161		152,137
					1,555,868
Capital Goods – 2.2%
Boeing Co. (The)
2.196%, 02/04/2026			465		433,831
4.875%, 05/01/2025			371		366,377
Caterpillar Financial Services Corp.
0.80%, 11/13/2025			53		49,559
0.90%, 03/02/2026			169		156,031
4.50%, 01/08/2027			149		146,583
4.85%, 02/27/2029			156		153,945
Series D 4.35%, 05/15/2026			238		233,821
John Deere Capital Corp. 4.95%, 03/06/2026			438		435,438
Regal Rexnord Corp. 6.05%, 02/15/2026(a)			377		377,449
					2,353,034
Communications - Media – 1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 07/23/2025			444		438,019
Cox Communications, Inc. 3.35%, 09/15/2026(a)			329		312,422
DirecTV Financing LLC/DirecTV Financing Co-Obligor, Inc. 5.875%, 08/15/2027(a)			83		77,315
Netflix, Inc. 4.375%, 11/15/2026			447		436,236
Paramount Global
3.70%, 06/01/2028			36		32,200
4.20%, 06/01/2029			47		41,714
7.875%, 07/30/2030			35		36,183

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 13

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Pinewood Finance Co., Ltd. 3.25%, 09/30/2025(a)	GBP		118	$	143,771
TWDC Enterprises 18 Corp. 1.85%, 07/30/2026	U.S.$		7		6,493
					1,524,353
Communications - Telecommunications – 1.6%
AT&T, Inc. 1.70%, 03/25/2026			479		446,294
T-Mobile USA, Inc.
2.625%, 04/15/2026			107		101,163
3.50%, 04/15/2025			147		143,970
3.75%, 04/15/2027			417		397,239
Verizon Communications, Inc.
0.85%, 11/20/2025			447		415,862
1.45%, 03/20/2026			179		166,271
					1,670,799
Consumer Cyclical - Automotive – 3.6%
American Honda Finance Corp. 4.90%, 03/12/2027			331		327,677
Cummins, Inc. 4.90%, 02/20/2029			379		374,426
Ford Motor Credit Co., LLC
2.70%, 08/10/2026			200		185,662
5.125%, 06/16/2025			200		197,846
5.80%, 03/08/2029			383		376,389
General Motors Financial Co., Inc.
1.25%, 01/08/2026			192		178,487
1.50%, 06/10/2026			40		36,686
2.75%, 06/20/2025			436		421,180
5.40%, 04/06/2026			110		109,354
6.05%, 10/10/2025			111		111,278
Honda Motor Co., Ltd. 2.534%, 03/10/2027			164		152,287
Hyundai Capital America
1.30%, 01/08/2026(a)			61		56,570
5.25%, 01/08/2027(a)			25		24,712
5.30%, 03/19/2027(a)			366		361,919
Nissan Motor Acceptance Co., LLC
1.85%, 09/16/2026(a)			6		5,419
2.75%, 03/09/2028(a)			66		57,760
Toyota Motor Corp. 1.339%, 03/25/2026			288		267,607
Toyota Motor Credit Corp.
4.65%, 01/05/2029			143		139,681
5.40%, 11/20/2026			305		305,491

14 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series B 5.00%, 03/19/2027	U.S.$		136	$	134,920
					3,825,351
Consumer Cyclical - Other – 0.7%
Las Vegas Sands Corp.
3.50%, 08/18/2026			424		400,027
3.90%, 08/08/2029			150		133,848
Sands China Ltd. 5.125%, 08/08/2025			200		197,500
					731,375
Consumer Cyclical - Restaurants – 0.4%
Starbucks Corp.
4.75%, 02/15/2026			153		151,176
4.85%, 02/08/2027			259		255,970
					407,146
Consumer Cyclical - Retailers – 0.1%
VF Corp. 2.80%, 04/23/2027			143		127,979
Consumer Non-Cyclical – 8.6%
AbbVie, Inc.
2.95%, 11/21/2026			177		167,134
3.20%, 05/14/2026			273		261,815
3.60%, 05/14/2025			381		373,681
Amgen, Inc.
2.20%, 02/21/2027			227		208,202
3.125%, 05/01/2025			405		394,859
Astrazeneca Finance LLC 4.80%, 02/26/2027			435		429,819
BAT International Finance PLC 1.668%, 03/25/2026			448		415,990
Campbell Soup Co. 5.30%, 03/20/2026			388		386,549
Cardinal Health, Inc. 5.125%, 02/15/2029			325		319,777
Cargill, Inc. 4.875%, 10/10/2025(a)			431		427,849
Cigna Group (The) 1.25%, 03/15/2026			70		64,677
CVS Health Corp.
2.875%, 06/01/2026			401		379,707
3.00%, 08/15/2026			161		152,271
General Mills, Inc.
4.00%, 04/17/2025			399		392,891
4.70%, 01/30/2027			121		118,736

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 15

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
HCA, Inc. 5.875%, 02/15/2026	U.S.$		151	$	151,064
Kenvue, Inc. 5.35%, 03/22/2026			220		220,154
Keurig Dr Pepper, Inc. 5.05%, 03/15/2029			329		324,065
Kraft Heinz Foods Co. 3.00%, 06/01/2026			50		47,707
Molson Coors Brewing Co. 3.00%, 07/15/2026			393		372,792
Mondelez International, Inc. 2.625%, 03/17/2027			164		152,307
Pepsico Singapore Financing I Pte Ltd. 4.55%, 02/16/2029			452		439,810
Pfizer Investment Enterprises Pte Ltd. 4.45%, 05/19/2026			13		12,777
Philip Morris International, Inc.
0.875%, 05/01/2026			15		13,718
2.75%, 02/25/2026			65		61,996
4.875%, 02/13/2026			187		185,285
4.875%, 02/13/2029			272		265,570
5.00%, 11/17/2025			98		97,255
Reynolds American, Inc. 4.45%, 06/12/2025			126		123,990
Royalty Pharma PLC 1.20%, 09/02/2025			447		420,944
Shire Acquisitions Investments Ireland DAC 3.20%, 09/23/2026			310		294,395
Stryker Corp.
1.15%, 06/15/2025			202		192,084
3.50%, 03/15/2026			320		308,592
Sysco Corp.
3.30%, 07/15/2026			62		59,164
3.75%, 10/01/2025			446		434,065
Tyson Foods, Inc. 4.00%, 03/01/2026			374		363,150
					9,034,841
Energy – 0.8%
Continental Resources, Inc./OK 2.268%, 11/15/2026(a)			29		26,608
Diamondback Energy, Inc. 5.20%, 04/18/2027			290		288,065
Pioneer Natural Resources Co.
1.125%, 01/15/2026			175		162,598
5.10%, 03/29/2026			340		337,576
					814,847

16 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Services – 2.3%
Amazon.com, Inc. 1.00%, 05/12/2026	U.S.$		479	$	440,718
Booking Holdings, Inc. 3.60%, 06/01/2026			428		413,076
Boost Newco Borrower LLC 7.50%, 01/15/2031(a)			200		206,278
Global Payments, Inc. 1.20%, 03/01/2026			170		156,956
Mastercard, Inc. 2.95%, 11/21/2026			445		421,749
PayPal Holdings, Inc. 2.65%, 10/01/2026			128		120,252
S&P Global, Inc. 2.45%, 03/01/2027			455		421,066
Visa, Inc. 3.15%, 12/14/2025			220		213,138
					2,393,233
Technology – 2.5%
Apple, Inc.
0.70%, 02/08/2026			15		13,870
2.05%, 09/11/2026			164		152,696
2.45%, 08/04/2026			6		5,658
Fiserv, Inc. 3.20%, 07/01/2026			454		432,244
Honeywell International, Inc. 2.50%, 11/01/2026			462		433,347
Intel Corp. 4.875%, 02/10/2026			151		149,631
International Business Machines Corp. 3.30%, 05/15/2026			158		151,855
Microsoft Corp. 3.40%, 09/15/2026(a)			428		411,526
Oracle Corp. 1.65%, 03/25/2026			166		154,257
2.50%, 04/01/2025			210		203,872
2.65%, 07/15/2026			68		63,876
VMware LLC 1.40%, 08/15/2026			482		438,273
					2,611,105
Transportation - Airlines – 0.7%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)			382		377,258

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 17

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)	U.S.$		407	$	407,347
					784,605
Transportation - Railroads – 0.4%
Canadian Pacific Railway Co. 1.75%, 12/02/2026			463		422,251
Transportation - Services – 0.5%
ERAC USA Finance LLC 3.80%, 11/01/2025(a)			424		412,645
Ryder System, Inc. 5.375%, 03/15/2029			159		157,698
					570,343
					28,827,130
Financial Institutions – 13.1%
Banking – 11.5%
Ally Financial, Inc. 5.80%, 05/01/2025			374		373,480
American Express Co.
4.99%, 05/01/2026			234		232,100
5.098%, 02/16/2028			175		173,024
6.338%, 10/30/2026			426		429,387
Banco Santander SA 1.722%, 09/14/2027			200		181,096
Bank of America Corp. 1.319%, 06/19/2026			242		229,980
Series L 3.95%, 04/21/2025			15		14,742
Bank of New York Mellon Corp. (The)
4.414%, 07/24/2026			24		23,639
4.947%, 04/26/2027			153		151,580
Barclays PLC 5.674%, 03/12/2028			234		232,154
Capital One Financial Corp.
4.20%, 10/29/2025			286		278,704
7.149%, 10/29/2027			393		404,421
Citigroup, Inc.
1.122%, 01/28/2027			23		21,224
1.462%, 06/09/2027			170		155,649
3.106%, 04/08/2026			439		427,827
3.20%, 10/21/2026			252		237,923
Credit Agricole SA 4.375%, 03/17/2025(a)			200		196,916
Danske Bank A/S 5.427%, 03/01/2028(a)			219		216,983

18 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Deutsche Bank AG/New York NY 2.129%, 11/24/2026	U.S.$		529	$	497,800
7.146%, 07/13/2027			364		371,149
Goldman Sachs Group, Inc. (The) 1.431%, 03/09/2027			465		429,720
1.948%, 10/21/2027			16		14,603
5.798%, 08/10/2026			274		273,819
Series VAR 1.093%, 12/09/2026			57		52,851
HSBC Holdings PLC 2.251%, 11/22/2027			208		190,295
ING Groep NV 3.869%, 03/28/2026			200		196,332
JPMorgan Chase & Co. 1.04%, 02/04/2027			69		63,607
1.045%, 11/19/2026			473		440,155
2.083%, 04/22/2026			364		351,002
KeyCorp 2.25%, 04/06/2027			147		131,396
Lloyds Banking Group PLC 5.462%, 01/05/2028			353		349,721
Macquarie Group Ltd. 1.34%, 01/12/2027(a)			467		432,437
Morgan Stanley 4.21%, 04/20/2028			113		108,879
4.679%, 07/17/2026			445		439,068
Nationwide Building Society 6.557%, 10/18/2027(a)			210		213,320
PNC Financial Services Group, Inc. (The) 4.758%, 01/26/2027			79		77,835
5.30%, 01/21/2028			76		75,305
5.812%, 06/12/2026			439		439,053
Santander Holdings USA, Inc. 2.49%, 01/06/2028			387		350,637
Santander UK Group Holdings PLC 6.833%, 11/21/2026			359		362,877
Societe Generale SA 5.519%, 01/19/2028(a)			443		435,792
Sumitomo Mitsui Financial Group, Inc. 3.784%, 03/09/2026			424		410,843
Synchrony Financial 3.95%, 12/01/2027			65		60,179
Truist Financial Corp. 4.26%, 07/28/2026			419		411,081
5.90%, 10/28/2026			72		71,976

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 19

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Wells Fargo & Co. 2.188%, 04/30/2026	U.S.$		462	$	445,433
3.908%, 04/25/2026			419		411,026
					12,089,020
Finance – 0.0%
Air Lease Corp. 3.375%, 07/01/2025			7		6,806
Insurance – 0.9%
Athene Global Funding
1.985%, 08/19/2028(a)			75		63,958
2.717%, 01/07/2029(a)			24		20,917
5.583%, 01/09/2029(a)			25		24,779
Elevance Health, Inc. 3.65%, 12/01/2027			42		39,621
Met Tower Global Funding 5.25%, 04/12/2029(a)			435		429,728
UnitedHealth Group, Inc.
4.60%, 04/15/2027			333		327,369
5.15%, 10/15/2025			34		33,906
					940,278
REITs – 0.7%
American Tower Corp. 4.00%, 06/01/2025			330		323,931
GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/2026			418		412,633
Newmark Group, Inc. 7.50%, 01/12/2029(a)			11		11,113
					747,677
					13,783,781
Utility – 0.1%
Electric – 0.1%
DTE Energy Co. Series F 1.05%, 06/01/2025			84		79,806
Total Corporates - Investment Grade (cost $42,889,661)					42,690,717
GOVERNMENTS - TREASURIES – 23.7%
United States – 23.7%
U.S. Treasury Notes 3.50%, 01/31/2028(b)			865		825,940
3.875%, 01/15/2026(c)			439		430,083
4.00%, 01/31/2029			1,300		1,259,172
4.125%, 10/31/2027			103		100,423

20 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
4.125%, 03/31/2029	U.S.$		1,453	$	1,414,632
4.25%, 02/28/2029			2,470		2,419,056
4.375%, 08/31/2028			6,486		6,384,853
4.375%, 11/30/2028			970		954,844
4.50%, 11/30/2024			912		907,781
4.625%, 02/28/2026			1,300		1,289,640
4.625%, 09/30/2028			4,330		4,303,614
4.875%, 10/31/2028			950		954,008
5.00%, 09/30/2025			3,657		3,647,286
Total Governments - Treasuries (cost $25,251,447)					24,891,332
ASSET-BACKED SECURITIES – 9.8%
Other ABS - Fixed Rate – 5.7%
Affirm Asset Securitization Trust Series 2023-A, Class A 6.61%, 01/18/2028(a)			383		384,778
Series 2023-B, Class 1A 6.82%, 09/15/2028(a)			350		353,595
Series 2023-B, Class A 6.82%, 09/15/2028(a)			150		151,541
BHG Securitization Trust Series 2023-A, Class A 5.55%, 04/17/2036(a)			114		112,806
Series 2023-B, Class A 6.92%, 12/17/2036(a)			263		267,012
Dext ABS LLC Series 2023-1, Class A2 5.99%, 03/15/2032(a)			193		190,844
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032(a)			250		252,047
Lendmark Funding Trust Series 2023-1A, Class A 5.59%, 05/20/2033(a)			210		208,900
Series 2024-1A, Class A 5.53%, 06/21/2032(a)			300		297,619
Mariner Finance Issuance Trust Series 2023-AA, Class A 6.70%, 10/22/2035(a)			500		503,787
Pagaya AI Debt Trust Series 2023-1, Class A 7.556%, 07/15/2030(a)			44		43,962
Series 2023-3, Class A 7.60%, 12/16/2030(a)			52		51,859
Series 2023-5, Class A 7.179%, 04/15/2031(a)			115		115,702

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 21

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2023-6, Class A 7.128%, 06/16/2031(a)	U.S.$		64	$	64,377
Series 2023-7, Class A 7.228%, 07/15/2031(a)			72		72,246
Series 2024-1, Class A 6.66%, 07/15/2031(a)			189		189,741
Series 2024-2, Class A 6.319%, 08/15/2031(a)			214		214,291
Series 2024-3, Class A 6.258%, 10/15/2031(a)			164		163,675
Prosper Marketplace Issuance Trust Series 2023-1A, Class A 7.06%, 07/16/2029(a)			270		271,080
Purchasing Power Funding LLC Series 2024-A, Class A 5.89%, 08/15/2028(a)			550		545,755
Reach ABS Trust Series 2023-1A, Class A 7.05%, 02/18/2031(a)			112		111,902
Sotheby’s Artfi Master Trust Series 2024-1A, Class A1 6.43%, 12/22/2031(a)			550		549,741
Theorem Funding Trust Series 2022-3A, Class A 7.60%, 04/15/2029(a)			97		97,265
Series 2023-1A, Class A 7.58%, 04/15/2029(a)			88		89,244
Upstart Securitization Trust Series 2023-2, Class A 6.77%, 06/20/2033(a)			145		145,517
Series 2023-3, Class A 6.90%, 10/20/2033(a)			130		130,494
Verdant Receivables LLC Series 2023-1A, Class A2 6.24%, 01/13/2031(a)			441		440,035
					6,019,815
Autos - Fixed Rate – 3.3%
ACM Auto Trust Series 2024-1A, Class A 7.71%, 01/21/2031(a)			371		372,973
FHF Trust Series 2023-1A, Class A2 6.57%, 06/15/2028(a)			155		155,656
Foursight Capital Automobile Receivables Trust Series 2023-1, Class A2 5.43%, 10/15/2026(a)			65		64,811

22 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)	U.S.$		136	$	136,468
Series 2023-2A, Class A2 7.09%, 10/16/2028(a)			172		172,968
Series 2023-3A, Class A2 7.50%, 12/15/2028(a)			149		150,231
Series A2, Class 24-1A 6.19%, 08/15/2029(a)			250		250,432
Lobel Automobile Receivables Trust Series 2023-1, Class A 6.97%, 07/15/2026(a)			69		69,384
Series 2023-2, Class A 7.59%, 04/16/2029(a)			173		174,146
Merchants Fleet Funding LLC Series 2023-1A, Class A 7.21%, 05/20/2036(a)			550		552,199
Research-Driven Pagaya Motor Asset Trust Series 2023-3A, Class A 7.13%, 01/26/2032(a)			460		462,532
Series 2023-4A, Class A 7.54%, 03/25/2032(a)			531		534,077
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032(a)			106		105,549
Tricolor Auto Securitization Trust Series 2023-1A, Class A 6.48%, 08/17/2026(a)			49		49,091
Series 2024-1A, Class A
6.61%, 10/15/2027(a)			221		220,801
					3,471,318
Credit Cards - Fixed Rate – 0.5%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027(a)			325		323,148
Mission Lane Credit Card Master Trust Series 2023-A, Class A 7.23%, 07/17/2028(a)			200		201,002
					524,150
Other ABS - Floating Rate – 0.3%
Pagaya AI Debt Trust Series 2024-S1, Class ABC 7.271%, 09/15/2031(a)			320		320,000
Total Asset-Backed Securities (cost $10,313,134)					10,335,283

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 23

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS – 9.0%
Risk Share Floating Rate – 8.9%
Bellemeade Re Ltd. Series 2022-1, Class M1B 7.48% (CME Term SOFR + 2.15%), 01/26/2032(a)(d)	U.S.$		193	$	193,734
Series 2022-2, Class M1A
9.33% (CME Term SOFR + 4.00%), 09/27/2032(a)(d)			200		204,389
Series 2023-1, Class M1A 7.53% (CME Term SOFR + 2.20%), 10/25/2033(a)(d)			200		201,019
Connecticut Avenue Securities Trust Series 2022-R04, Class 1M1 7.33% (CME Term SOFR + 2.00%), 03/25/2042(a)(d)			235		238,269
Series 2022-R06, Class 1M1 8.08% (CME Term SOFR + 2.75%), 05/25/2042(a)(d)			227		233,961
Series 2022-R08, Class 1M1 7.88% (CME Term SOFR + 2.55%), 07/25/2042(a)(d)			469		482,234
Series 2023-R01, Class 1M1 7.73% (CME Term SOFR + 2.40%), 12/25/2042(a)(d)			303		310,759
Series 2023-R02, Class 1M1 7.63% (CME Term SOFR + 2.30%), 01/25/2043(a)(d)			314		321,817
Series 2023-R03, Class 2M1 7.83% (CME Term SOFR + 2.50%), 04/25/2043(a)(d)			432		439,199
Series 2023-R04, Class 1M1 7.63% (CME Term SOFR + 2.30%), 05/25/2043(a)(d)			478		489,248
Series 2023-R05, Class 1M1 7.23% (CME Term SOFR + 1.90%), 06/25/2043(a)(d)			191		192,898
Series 2023-R06, Class 1M1 7.03% (CME Term SOFR + 1.70%), 07/25/2043(a)(d)			248		249,305
Series 2023-R07, Class 2M1 7.28% (CME Term SOFR + 1.95%), 09/25/2043(a)(d)			282		283,860

24 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Eagle Re Ltd. Series 2021-2, Class M1B 7.38% (CME Term SOFR + 2.05%), 04/25/2034(a)(d)	U.S.$		95	$	95,126
Series 2023-1, Class M1A 7.33% (CME Term SOFR + 2.00%), 09/26/2033(a)(d)			350		351,407
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-HQA1, Class M3
10.145% (CME Term SOFR + 4.81%), 03/25/2028(d)			54		55,508
Series 2021-DNA1, Class M2 7.13% (CME Term SOFR + 1.80%), 01/25/2051(a)(d)			155		156,805
Series 2021-DNA5, Class M2 6.98% (CME Term SOFR + 1.65%), 01/25/2034(a)(d)			44		43,925
Series 2021-DNA6, Class M2 6.83% (CME Term SOFR + 1.50%), 10/25/2041(a)(d)			150		150,421
Series 2021-DNA7, Class M1 6.18% (CME Term SOFR + 0.85%), 11/25/2041(a)(d)			140		139,720
Series 2021-DNA7, Class M2 7.13% (CME Term SOFR + 1.80%), 11/25/2041(a)(d)			225		226,582
Series 2021-HQA4, Class M1 6.28% (CME Term SOFR + 0.95%), 12/25/2041(a)(d)			452		450,233
Series 2022-DNA2, Class M1B 7.73% (CME Term SOFR + 2.40%), 02/25/2042(a)(d)			144		147,148
Series 2022-DNA7, Class M1A 7.83% (CME Term SOFR + 2.50%), 03/25/2052(a)(d)			417		424,672
Series 2022-HQA1, Class M1B 8.83% (CME Term SOFR + 3.50%), 03/25/2042(a)(d)			20		20,829
Series 2022-HQA2, Class M1B 9.33% (CME Term SOFR + 4.00%), 07/25/2042(a)(d)			184		195,386
Series 2022-HQA3, Class M1A 7.63% (CME Term SOFR + 2.30%), 08/25/2042(a)(d)			112		113,810

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 25

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2023-DNA1, Class M1A 7.43% (CME Term SOFR + 2.10%), 03/25/2043(a)(d)	U.S.$		486	$	494,913
Series 2023-DNA2, Class M1A 7.43% (CME Term SOFR + 2.10%), 04/25/2043(a)(d)			395		403,225
Series 2023-HQA1, Class M1A 7.33% (CME Term SOFR + 2.00%), 05/25/2043(a)(d)			170		171,926
Series 2023-HQA2, Class M1A 7.33% (CME Term SOFR + 2.00%), 06/25/2043(a)(d)			119		119,862
Series 2023-HQA3, Class A1 7.18% (CME Term SOFR + 1.85%), 11/25/2043(a)(d)			538		544,616
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C04, Class 2M2 10.995% (CME Term SOFR + 5.66%), 04/25/2028(d)			2		1,747
Series 2016-C01, Class 2M2 12.395% (CME Term SOFR + 7.06%), 08/25/2028(d)			5		5,569
Series 2016-C04, Class 1B 15.695% (CME Term SOFR + 10.36%), 01/25/2029(d)			118		133,950
Series 2017-C06, Class 2M2 8.245% (CME Term SOFR + 2.91%), 02/25/2030(d)			308		318,388
Series 2021-R02, Class 2M2 7.33% (CME Term SOFR + 2.00%), 11/25/2041(a)(d)			230		230,862
Home Re Ltd. Series 2023-1, Class M1A 7.48% (CME Term SOFR + 2.15%), 10/25/2033(a)(d)			550		551,667
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.183% (CME Term SOFR 1 Month + 3.86%), 05/30/2025(a)(d)			24		24,492
Series 2019-3R, Class A 9.145% (CME Term SOFR + 3.81%), 11/27/2031(a)(d)			12		12,159

26 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Triangle Re Ltd. Series 2021-3, Class M1A 7.23% (CME Term SOFR + 1.90%), 02/25/2034(a)(d)	U.S.$		4	$	3,741
					9,429,381
Agency Fixed Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4913, Class IO 6.00%, 04/15/2041(e)			60		11,464
Federal National Mortgage Association REMICs Series 2012-120, Class CI 3.50%, 12/25/2031(e)			53		753
Series 2016-26, Class IO 5.00%, 05/25/2046(e)			130		18,561
Series 2016-31, Class IO 5.00%, 06/25/2046(e)			176		26,323
Series 2016-64, Class BI 5.00%, 09/25/2046(e)			21		2,768
					59,869
Agency Floating Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICs Series 4372, Class JS 0.656% (5.99% – CME Term SOFR), 08/15/2044(d)(f)			77		6,524
Federal National Mortgage Association REMICs Series 2012-17, Class ES 1.106% (6.44% – CME Term SOFR), 03/25/2041(d)(f)			42		1,108
Series 2012-17, Class SE 0.506% (5.84% – CME Term SOFR), 03/25/2042(d)(f)			57		5,454
Series 2019-25, Class SA 0.606% (5.94% – CME Term SOFR), 06/25/2049(d)(f)			38		3,174
Series 2019-42, Class SQ 0.606% (5.94% – CME Term SOFR), 08/25/2049(d)(f)			34		3,311
					19,571
Total Collateralized Mortgage Obligations (cost $9,391,161)					9,508,821

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 27

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 8.3%
Industrial – 7.9%
Basic – 0.4%
Arsenal AIC Parent LLC 8.00%, 10/01/2030(a)	U.S.$		38	$	39,644
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			10		6,347
FMG Resources (August 2006) Pty Ltd. 4.50%, 09/15/2027(a)			60		56,573
INEOS Finance PLC 6.375%, 04/15/2029(a)	EUR		101		108,379
INEOS Quattro Finance 2 PLC 9.625%, 03/15/2029(a)	U.S.$		200		211,216
Sealed Air Corp./Sealed Air Corp. US 6.125%, 02/01/2028(a)			27		26,680
					448,839
Capital Goods – 0.8%
Ball Corp. 6.00%, 06/15/2029			97		96,494
Chart Industries, Inc. 7.50%, 01/01/2030(a)			25		25,586
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)			92		92,679
EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.625%, 12/15/2030(a)			69		68,513
Esab Corp. 6.25%, 04/15/2029(a)			26		25,911
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			61		61,012
GFL Environmental, Inc. 6.75%, 01/15/2031(a)			19		19,166
LSB Industries, Inc. 6.25%, 10/15/2028(a)(g)			147		139,341
Summit Materials LLC/Summit Materials Finance Corp. 7.25%, 01/15/2031(a)			21		21,571
Trinity Industries, Inc. 7.75%, 07/15/2028(a)			174		178,160
WESCO Distribution, Inc. 6.375%, 03/15/2029(a)			83		82,530
					810,963
Communications - Media – 0.7%
Banijay Entertainment SASU 7.00%, 05/01/2029(a)	EUR		170		190,141

28 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(a)	U.S.$		26	$	21,132
5.125%, 05/01/2027(a)			59		55,331
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027(a)			97		89,967
DISH DBS Corp. 5.25%, 12/01/2026(a)			67		52,750
5.75%, 12/01/2028(a)			32		21,688
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)			93		86,271
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026(a)			85		64,927
Sirius XM Radio, Inc. 3.875%, 09/01/2031(a)			12		9,647
4.00%, 07/15/2028(a)			62		55,236
5.00%, 08/01/2027(a)			70		66,114
					713,204
Consumer Cyclical - Automotive – 0.2%
Tenneco, Inc. 8.00%, 11/17/2028(a)			79		74,001
ZF North America Capital, Inc. 6.75%, 04/23/2030(a)			160		160,387
					234,388
Consumer Cyclical - Entertainment – 0.8%
Carnival Corp. 4.00%, 08/01/2028(a)			36		32,859
5.75%, 03/01/2027(a)			62		60,449
7.00%, 08/15/2029(a)			122		125,194
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)			29		29,000
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			28		27,754
NCL Corp., Ltd. 8.125%, 01/15/2029(a)			135		140,638
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027(a)			42		40,868
5.50%, 08/31/2026(a)			31		30,418
7.25%, 01/15/2030(a)			20		20,595
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)			20		20,000
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			12		11,631

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 29

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(a)	U.S.$		14	$	13,412
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			263		250,849
					803,667
Consumer Cyclical - Other – 0.7%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(a)			86		82,601
Caesars Entertainment, Inc. 7.00%, 02/15/2030(a)			40		40,287
Churchill Downs, Inc. 4.75%, 01/15/2028(a)			97		91,596
Cirsa Finance International SARL 6.50%, 03/15/2029(a)	EUR		100		108,761
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(a)	U.S.$		104		102,698
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)			9		7,835
5.00%, 06/01/2029(a)			45		40,799
Mattamy Group Corp. 5.25%, 12/15/2027(a)			53		50,780
MGM Resorts International 4.75%, 10/15/2028			74		68,902
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			11		10,324
Taylor Morrison Communities, Inc. 5.875%, 06/15/2027(a)			64		63,080
Travel + Leisure Co. 6.625%, 07/31/2026(a)			20		20,022
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			33		32,008
					719,693
Consumer Cyclical - Restaurants – 0.0%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			17		15,694
4.375%, 01/15/2028(a)			35		32,612
					48,306
Consumer Cyclical - Retailers – 0.2%
Bath & Body Works, Inc. 7.50%, 06/15/2029			64		65,836
9.375%, 07/01/2025(a)			6		6,219
Beacon Roofing Supply, Inc. 6.50%, 08/01/2030(a)			31		30,952

30 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Staples, Inc. 7.50%, 04/15/2026(a)	U.S.$		15	$	14,404
Wolverine World Wide, Inc. 4.00%, 08/15/2029(a)			81		64,719
					182,130
Consumer Non-Cyclical – 0.6%
Bausch + Lomb Corp. 8.375%, 10/01/2028(a)			190		196,107
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC 6.625%, 07/15/2030(a)			76		76,095
Elanco Animal Health, Inc. 6.65%, 08/28/2028			82		81,932
Embecta Corp. 5.00%, 02/15/2030(a)			48		37,007
Endo Finance Holdings, Inc. 8.50%, 04/15/2031(a)			27		27,419
Legacy LifePoint Health LLC 4.375%, 02/15/2027(a)			114		106,892
Medline Borrower LP 3.875%, 04/01/2029(a)			26		23,276
Newell Brands, Inc. 4.875%, 06/01/2025			7		6,889
5.70%, 04/01/2026			26		25,617
6.375%, 09/15/2027			15		14,719
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			81		81,848
					677,801
Energy – 1.7%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(a)			8		8,034
CITGO Petroleum Corp. 7.00%, 06/15/2025(a)			33		32,970
8.375%, 01/15/2029(a)			186		192,510
Civitas Resources, Inc. 5.00%, 10/15/2026(a)			30		29,041
8.375%, 07/01/2028(a)			213		222,257
Crescent Energy Finance LLC 9.25%, 02/15/2028(a)			88		92,996
EQM Midstream Partners LP 5.50%, 07/15/2028			74		72,087
Genesis Energy LP/Genesis Energy Finance Corp. 7.75%, 02/01/2028			15		14,994
8.00%, 01/15/2027			21		21,237

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 31

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/01/2028(a)	U.S.$		73	$	71,909
Howard Midstream Energy Partners LLC 8.875%, 07/15/2028(a)			141		147,573
Nabors Industries Ltd. 7.25%, 01/15/2026(a)			12		11,884
Nabors Industries, Inc. 7.375%, 05/15/2027(a)			11		10,901
New Fortress Energy, Inc. 6.50%, 09/30/2026(a)			112		107,206
6.75%, 09/15/2025(a)			56		55,352
8.75%, 03/15/2029(a)			93		90,681
NGL Energy Operating LLC/NGL Energy Finance Corp. 8.125%, 02/15/2029(a)			105		106,762
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)			25		25,116
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.50%, 10/15/2026(a)			40		40,824
Sunoco LP/Sunoco Finance Corp. 7.00%, 09/15/2028(a)			104		105,286
Venture Global LNG, Inc. 8.125%, 06/01/2028(a)			131		134,010
9.50%, 02/01/2029(a)			98		105,366
9.875%, 02/01/2032(a)			99		105,590
					1,804,586
Other Industrial – 0.1%
Ritchie Bros Holdings, Inc. 6.75%, 03/15/2028(a)			78		78,792
Services – 0.6%
ADT Security Corp. (The) 4.875%, 07/15/2032(a)			7		6,237
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			13		12,974
ANGI Group LLC 3.875%, 08/15/2028(a)			127		107,733
APX Group, Inc. 6.75%, 02/15/2027(a)			88		87,496
Garda World Security Corp. 7.75%, 02/15/2028(a)			103		104,137
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)			56		41,186
Neptune Bidco US, Inc. 9.29%, 04/15/2029(a)			108		101,947

32 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(a)	U.S.$		23	$	20,949
6.25%, 01/15/2028(a)			52		50,827
ZipRecruiter, Inc. 5.00%, 01/15/2030(a)			63		55,463
					588,949
Technology – 0.6%
Gen Digital, Inc. 6.75%, 09/30/2027(a)			42		42,157
NCR Voyix Corp. 5.00%, 10/01/2028(a)			105		96,634
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			56		55,907
Seagate HDD Cayman 8.25%, 12/15/2029(a)			97		102,735
Virtusa Corp. 7.125%, 12/15/2028(a)			10		8,988
Western Digital Corp. 4.75%, 02/15/2026			378		367,911
					674,332
Transportation - Airlines – 0.2%
American Airlines, Inc. 8.50%, 05/15/2029(a)			210		218,728
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			47		44,052
					262,780
Transportation - Services – 0.3%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.125%, 10/15/2026(a)			200		195,946
Loxam SAS 4.50%, 02/15/2027(a)	EUR		100		106,091
					302,037
					8,350,467
Financial Institutions – 0.4%
Banking – 0.0%
Bread Financial Holdings, Inc. 7.00%, 01/15/2026(a)	U.S.$		12		12,040
Brokerage – 0.1%
Osaic Holdings, Inc. 10.75%, 08/01/2027(a)			52		53,834

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 33

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Finance – 0.1%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)	U.S.$		62	$	59,653
GGAM Finance Ltd. 7.75%, 05/15/2026(a)			51		51,886
8.00%, 02/15/2027(a)			12		12,324
8.00%, 06/15/2028(a)			77		79,295
SLM Corp. 3.125%, 11/02/2026			23		21,334
					224,492
Insurance – 0.1%
HUB International Ltd. 7.25%, 06/15/2030(a)			57		57,900
REITs – 0.1%
Iron Mountain, Inc. 5.00%, 07/15/2028(a)			76		71,555
					419,821
Total Corporates - Non-Investment Grade (cost $8,747,404)					8,770,288
COLLATERALIZED LOAN OBLIGATIONS – 5.4%
CLO - Floating Rate – 5.4%
AGL CLO 16 Ltd. Series 2021-16A, Class A 6.716% (CME Term SOFR 3 Month + 1.39%), 01/20/2035(a)(d)			500		500,013
Allegro CLO XI Ltd. Series 2019-2A, Class A1AR 6.577% (CME Term SOFR 3 Month + 1.25%), 01/19/2033(a)(d)			250		250,159
Apidos Loan Fund Ltd. Series 2024-1A, Class A1 6.60% (CME Term SOFR 3 Month + 1.27%), 04/25/2035(a)(d)			250		250,132
Bain Capital Credit CLO Series 2020-1A, Class A1R 1.25% (CME Term SOFR 3 Month + 1.25%), 04/18/2033(a)(d)			215		215,114
Ballyrock CLO 15 Ltd. Series 2021-1A, Class C 8.69% (CME Term SOFR 3 Month + 3.36%), 04/15/2034(a)(d)			250		250,031

34 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Buttermilk Park CLO Ltd. Series 2018-1A, Class A1 6.69% (CME Term SOFR 3 Month + 1.36%), 10/15/2031(a)(d)	U.S.$		536	$	537,107
CIFC Funding Ltd. Series 2018-1A, Class A 6.589% (CME Term SOFR 3 Month + 1.26%), 04/18/2031(a)(d)			337		338,176
Galaxy 30 CLO Ltd. Series 2022-30A, Class D 8.679% (CME Term SOFR 3 Month + 3.35%), 04/15/2035(a)(d)			250		250,031
KKR CLO 21 Ltd. Series 21, Class A 6.59% (CME Term SOFR 3 Month + 1.26%), 04/15/2031(a)(d)			336		335,829
Neuberger Berman Loan Advisers CLO 42 Ltd Series 2021-42A, Class A 6.689% (CME Term SOFR 3 Month + 1.36%), 07/16/2035(a)(d)			500		500,725
Palmer Square CLO Ltd. Series 2021-3A, Class D 8.54% (CME Term SOFR 3 Month + 3.21%), 01/15/2035(a)(d)			250		248,486
PPM CLO 5 Ltd. Series 2021-5A, Class A 6.789% (CME Term SOFR 3 Month + 1.46%), 10/18/2034(a)(d)			500		500,235
Rad CLO 14 Ltd. Series 2021-14A, Class A 6.76% (CME Term SOFR 3 Month + 1.43%), 01/15/2035(a)(d)			550		550,049
Regatta XI Funding Ltd. Series 2018-1A, Class A 6.649% (CME Term SOFR 3 Month + 1.33%), 07/17/2031(a)(d)			367		367,234
Voya CLO Ltd.
Series 2018-1A, Class A1 6.538% (CME Term SOFR 3 Month + 1.21%), 04/19/2031(a)(d)			330		330,728
Series 2018-3A, Class A1R2 6.52% (CME Term SOFR 3 Month + 1.20%), 10/15/2031(a)(d)			200		200,036
Total Collateralized Loan Obligations (cost $5,594,845)					5,624,085

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 35

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.7%
Non-Agency Fixed Rate CMBS – 1.5%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)	U.S.$		100	$	74,459
BANK Series 2020-BN28, Class XA 1.875%, 03/15/2063(e)			2,023		172,466
Series 2020-BN29, Class XA 1.43%, 11/15/2053(e)			971		62,522
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.468%, 05/15/2052(e)			952		47,724
BBCMS Mortgage Trust Series 2017-C1, Class XA 1.622%, 02/15/2050(e)			1,283		40,792
CD Mortgage Trust Series 2016-CD1, Class XA 1.495%, 08/10/2049(e)			1,439		28,801
CFCRE Commercial Mortgage Trust Series 2016-C4, Class XA 1.759%, 05/10/2058(e)			78		1,661
Series 2017-C8, Class XA 1.638%, 06/15/2050(e)			268		9,008
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class A5 3.616%, 02/10/2049			70		66,571
Series 2017-P7, Class XA 1.239%, 04/14/2050(e)			791		19,187
Commercial Mortgage Trust Series 2014-CR16, Class D 5.057%, 04/10/2047(a)			100		77,954
Series 2016-DC2, Class XA 1.068%, 02/10/2049(e)			2,301		26,566
GS Mortgage Securities Trust Series 2013-GC13, Class D 3.971%, 07/10/2046(a)			100		51,613
Series 2016-GS3, Class XA 1.31%, 10/10/2049(e)			1,254		26,276
Series 2017-GS5, Class XA 0.973%, 03/10/2050(e)			1,402		26,759
Series 2017-GS7, Class XA 1.224%, 08/10/2050(e)			3,246		84,306
Series 2019-GC39, Class XA 1.293%, 05/10/2052(e)			4,162		167,937

36 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.248%, 08/15/2046(a)	U.S.$		75	$	51,233
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9, Class G 3.715%, 12/15/2047(a)			100		54,800
Series 2013-LC11, Class B 3.499%, 04/15/2046			110		95,604
UBS Commercial Mortgage Trust Series 2017-C1, Class XA 1.659%, 06/15/2050(e)			999		34,424
Series 2017-C2, Class XA 1.214%, 08/15/2050(e)			1,968		53,102
Series 2018-C14, Class XA 1.039%, 12/15/2051(e)			774		24,246
Series 2018-C15, Class XA 1.05%, 12/15/2051(e)			571		18,618
Series 2019-C18, Class XA 1.133%, 12/15/2052(e)			1,240		46,746
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class D 4.061%, 04/10/2046(a)			69		59,255
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.748%, 10/15/2049(e)			755		21,479
Series 2018-C48, Class XA 1.105%, 01/15/2052(e)			750		24,597
Series 2019-C52, Class XA 1.73%, 08/15/2052(e)			900		52,385
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class D 5.144%, 06/15/2044(a)			60		50,430
Series 2011-C4, Class E 5.144%, 06/15/2044(a)			25		19,750
					1,591,271
Non-Agency Floating Rate CMBS – 0.2%
BFLD Trust Series 2019-DPLO, Class E 7.676% (CME Term SOFR 1 Month + 2.35%), 10/15/2034(a)(d)			10		9,962
Great Wolf Trust Series 2019-WOLF, Class D 7.569% (CME Term SOFR 1 Month + 2.25%), 12/15/2036(a)(d)			35		34,501

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 37

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Morgan Stanley Capital I Trust Series 2019-BPR, Class D 9.92% (CME Term SOFR 1 Month + 4.59%), 05/15/2036(a)(d)	U.S.$		133	$	127,263
Starwood Retail Property Trust Series 2014-STAR, Class A 8.50% (PRIME + 0.00%), 11/15/2027(a)(d)			81		50,194
					221,920
Total Commercial Mortgage-Backed Securities (cost $2,024,795)					1,813,191
BANK LOANS – 0.4%
Industrial – 0.3%
Capital Goods – 0.0%
Chariot Buyer LLC 8.666% (SOFR 1 Month + 3.25%), 11/03/2028(h)			10		9,758
Communications - Media – 0.0%
DirecTV Financing LLC 10.680% (SOFR 1 Month + 5.25%), 08/02/2029(h)			23		23,378
Consumer Cyclical - Automotive – 0.0%
Garrett Motion SARL 9.830% (SOFR 3 Month + 4.50%), 04/30/2028(h)(i)			34		34,371
Consumer Cyclical - Entertainment – 0.1%
Seaworld Parks & Entertainment, Inc. 7.816% (SOFR 1 Month + 2.50%), 08/25/2028(h)			139		139,230
Energy – 0.1%
GIP II Blue Holding LP 9.942% (SOFR 1 Month + 4.50%), 09/29/2028(h)			61		61,508
Parkway Generation LLC 10.341% (SOFR 3 Month + 4.75%), 02/18/2029(h)			16		15,583
					77,091
Other Industrial – 0.0%
Rockwood Service Corporation 9.680% (SOFR 1 Month + 4.25%), 01/23/2027(h)			3		2,976

38 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)			U.S. $ Value
Technology – 0.1%
Amentum Government Services Holdings LLC 9.430% (SOFR 1 Month + 4.00%), 01/29/2027(h)	U.S.$		3		$	2,889
Ascend Learning LLC 11.166% (SOFR 1 Month + 5.75%), 12/10/2029(h)			30			29,375
FINThrive Software Intermediate Holdings, Inc. 12.180% (SOFR 1 Month + 6.75%), 12/17/2029(h)(i)			20			13,900
Loyalty Ventures, Inc. 14.000% (PRIME 3 Month + 5.50%), 11/03/2027(h)(i)(j)(k)			72			633
Presidio Holdings, Inc.
8.916% (SOFR 1 Month + 3.50%), 01/22/2027(h)			0	**		252
8.930% (SOFR 3 Month + 3.50%), 01/22/2027(h)			9			8,892
						55,941
						342,745
Financial Institutions – 0.1%
Finance – 0.1%
Orbit Private Holdings I Ltd. 9.934% (SOFR 6 Month + 4.50%), 12/11/2028(h)			29			29,435
Utility – 0.0%
Electric – 0.0%
Granite Generation LLC 9.180% (SOFR 1 Month + 3.75%), 11/09/2026(h)			23			23,191
Total Bank Loans (cost $469,470)						395,371
EMERGING MARKETS - CORPORATE BONDS – 0.0%
Industrial – 0.0%
Basic – 0.0%
Eldorado Gold Corp. 6.25%, 09/01/2029(a) (cost $8,000)			8			7,550

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 39

PORTFOLIO OF INVESTMENTS (continued)

	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(l)(m)(n) (cost $1,344,555)		1,344,555	$	1,344,555
Total Investments – 100.2% (cost $106,034,472)				105,381,193
Other assets less liabilities – (0.2)%				(240,026	)
Net Assets – 100.0%			$	105,141,167

FUTURES (see Note D)
Description	Number of Contracts		Expiration Month	Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. Long Bond (CBT) Futures		6	June 2024	$	682,875	$	(28,696	)
U.S. T-Note 2 Yr (CBT) Futures		24	June 2024		4,863,750		(40,445	)
U.S. T-Note 5 Yr (CBT) Futures		142	June 2024		14,873,391		(254,660	)
Sold Contracts
U.S. 10 Yr Ultra Futures		7	June 2024		771,531		25,138
U.S. T-Note 10 Yr (CBT) Futures		7	June 2024		752,063		20,881
						$	(277,782	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		NZD	78		USD	47		05/23/2024	$	1,516
State Street Bank & Trust Co.		EUR	585		USD	641		06/12/2024		15,505
State Street Bank & Trust Co.		CAD	14		USD	10		06/13/2024		214
State Street Bank & Trust Co.		GBP	105		USD	131		06/20/2024		(388	)
									$	16,847

40 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
iTraxx Australia Series 41, 5 Year Index, 06/20/2029*		(1.00	)%		Quarterly		0.71	%		USD	4,080	$	(56,871	)	$	(65,322	)	$	8,451
Sale Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		5.00			Quarterly		3.55			USD	850		54,953			56,652			(1,699	)
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00			Quarterly		0.53			USD	4,080		90,590			88,262			2,328
iTraxx Xover Series 41, 5 Year Index, 06/20/2029*		5.00			Quarterly		3.18			EUR	640		56,505			63,494			(6,989	)
												$	145,177		$	143,086		$	2,091

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $40,387,065 or 38.4% of net assets.

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

(c) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

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

(e) IO – Interest Only.

(f) Inverse interest only security.

(g) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(h) The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at April 30, 2024.

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

(j) Defaulted.

(k) Non-income producing security.

(l) Affiliated investments.

(m) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

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

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 41

PORTFOLIO OF INVESTMENTS (continued)

Currency Abbreviations:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

NZD – New Zealand Dollar

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

42 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $104,689,917)	$	104,036,638
Affiliated issuers (cost $1,344,555)		1,344,555
Cash		2,890
Foreign currencies, at value (cost $3,649)		3,630
Interest receivable		793,413
Receivable for investment securities sold		97,754
Receivable due from Adviser		20,579
Unrealized appreciation on forward currency exchange contracts		17,235
Affiliated dividends receivable		4,319
Receivable for capital stock sold		3,568
Total assets		106,324,581
Liabilities
Payable for investment securities purchased		590,324
Custody and accounting fees payable		217,851
Dividends payable		131,747
Payable for capital stock redeemed		121,227
Payable for variation margin on futures		51,421
Advisory fee payable		30,841
Payable for variation margin on centrally cleared swaps		11,989
Foreign capital gains tax payable		2,514
Transfer Agent fee payable		2,032
Directors’ fees payable		570
Unrealized depreciation on forward currency exchange contracts		388
Accrued expenses		22,510
Total liabilities		1,183,414
Net Assets	$	105,141,167
Composition of Net Assets
Capital stock, at par	$	11,976
Additional paid-in capital		112,801,904
Accumulated loss		(7,672,713	)
Net Assets	$	105,141,167

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

Class	Net Assets		Shares Outstanding		Net Asset Value
Advisor	$	105,141,167		11,976,460	$	8.78

See notes to financial statements.

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 43

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest (net of foreign taxes withheld of $636)	$	3,142,892
Dividends—Affiliated issuers		32,690		$	3,175,582
Expenses
Advisory fee (see Note B)		193,741
Distribution fee—Class A		2,028
Distribution fee—Class C		1,001
Transfer agency—Class A		358
Transfer agency—Class C		41
Transfer agency—Advisor Class		20,660
Custody and accounting		51,677
Administrative		46,443
Audit and tax		29,549
Registration fees		29,180
Legal		20,828
Printing		18,597
Directors’ fees		9,067
Miscellaneous		8,527
Total expenses		431,697
Less: expenses waived and reimbursed by the Adviser (see Note B)		(180,512	)
Net expenses					251,185
Net investment income					2,924,397
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					82,083
Forward currency exchange contracts					5,681
Futures					(89,638	)
Swaps					244,716
Foreign currency transactions					(23,203	)
Net change in unrealized appreciation (depreciation) of:
Investments(a)					1,268,866
Forward currency exchange contracts					9,710
Futures					(25,684	)
Swaps					48,732
Foreign currency denominated assets and liabilities					(2,604	)
Net gain on investment and foreign currency transactions					1,518,659
Net Increase in Net Assets from Operations				$	4,443,056

(a) Net of increase in accrued foreign capital gains taxes on unrealized gains of $538

See notes to financial statements.

44 ^| AB SHORT DURATION INCOME PORTFOLIO abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,924,397		$	3,686,989
Net realized gain (loss) on investment and foreign currency transactions		219,639			(5,408,383	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		1,299,020			5,336,754
Net increase in net assets from operations		4,443,056			3,615,360
Distributions to Shareholders
Class A		(52,498	)		(147,440	)
Class C		(4,384	)		(10,939	)
Advisor Class		(2,916,709	)		(4,293,613	)
Capital Stock Transactions
Net increase (decrease)		(4,983,347	)		39,863,963
Total increase (decrease)		(3,513,882	)		39,027,331
Net Assets
Beginning of period		108,655,049			69,627,718
End of period	$	105,141,167		$	108,655,049

See notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Short Duration Income Portfolio (the “Fund”) , a diversified portfolio. At meetings held on October 31 – November 2, 2023, the Company’s Board of Directors (the “Board”) approved the conversion of Class A and Class C shares of the Fund to Advisor Class shares of the Fund on a relative net assets basis. The conversion was effective on March 18, 2024. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class B, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares have not been issued. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 11 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national

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NOTES TO FINANCIAL STATEMENTS (continued)

securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value

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NOTES TO FINANCIAL STATEMENTS (continued)

pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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NOTES TO FINANCIAL STATEMENTS (continued)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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NOTES TO FINANCIAL STATEMENTS (continued)

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

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

$

– 0

–

$

42,690,717

$

– 0

–

$

42,690,717

Governments – Treasuries

– 0

–

24,891,332

– 0

–

24,891,332

Asset-Backed Securities

– 0

–

10,335,283

– 0

–

10,335,283

Collateralized Mortgage Obligations

– 0

–

9,508,821

– 0

–

9,508,821

Corporates – Non-Investment Grade

– 0

–

8,770,288

– 0

–

8,770,288

Collateralized Loan Obligations

– 0

–

5,624,085

– 0

–

5,624,085

Commercial Mortgage-Backed Securities

– 0

–

1,813,191

– 0

–

1,813,191

Bank Loans

– 0

–

346,467

48,904

395,371

Emerging Markets – Corporate Bonds

– 0

–

7,550

– 0

–

7,550

Short-Term Investments

1,344,555

– 0

–

– 0

–

1,344,555

Total Investments in Securities

1,344,555

103,987,734

48,904

105,381,193

Other Financial Instruments(a):

Assets:

Futures

46,019

– 0

–

– 0

–

46,019

(b)

Forward Currency Exchange Contracts

– 0

–

17,235

– 0

–

17,235

Centrally Cleared Credit Default Swaps

– 0

–

202,048

– 0

–

202,048

(b)

Liabilities:

Futures

(323,801

)

– 0

–

– 0

–

(323,801

)(b)

Forward Currency Exchange Contracts

– 0

–

(388

)

– 0

–

(388

)

Centrally Cleared Credit Default Swaps

– 0

–

(56,871

)

– 0

–

(56,871

)(b)

Total

$

1,066,773

$

104,149,758

$

48,904

$

105,265,435

(a) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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NOTES TO FINANCIAL STATEMENTS (continued)

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior two tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the

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NOTES TO FINANCIAL STATEMENTS (continued)

proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .35% of the first $2.5 billion of the Fund’s average daily net assets and .30% of the excess over $2.5 billion of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .65%, 1.45% and .45% of daily average net assets for Class A, Class C, and Advisor Class shares, respectively. For the six months ended April 30, 2024, such reimbursement/waivers amounted to $133,140. The Expense Caps may not be terminated by the Adviser before January 31, 2025.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the Adviser voluntarily agreed to waive such fees in the amount of $46,443.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency

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NOTES TO FINANCIAL STATEMENTS (continued)

services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $9,410 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $1,058 from the sale of Class A shares and received $1,397 and $0 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $929.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	507	$	43,114	$	42,276	$	1,345	$	33

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .25% of the Fund’s average daily net assets

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NOTES TO FINANCIAL STATEMENTS (continued)

attributable to Class A shares and 1% of the Fund’s average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .20% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $1,198 for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	50,560,809	$	43,152,442
U.S. government securities		28,513,130		37,898,998

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	499,435
Gross unrealized depreciation		(1,411,558	)
Net unrealized depreciation	$	(912,123	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

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NOTES TO FINANCIAL STATEMENTS (continued)

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging and non-hedging purposes.

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NOTES TO FINANCIAL STATEMENTS (continued)

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the

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NOTES TO FINANCIAL STATEMENTS (continued)

counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a

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NOTES TO FINANCIAL STATEMENTS (continued)

realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling

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NOTES TO FINANCIAL STATEMENTS (continued)

protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	46,019	*	Payable for variation margin on futures	$	323,801	*

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NOTES TO FINANCIAL STATEMENTS (continued)

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	Receivable for variation margin on centrally cleared swaps	$	10,779	*	Payable for variation margin on centrally cleared swaps	$	8,688	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		17,235		Unrealized depreciation on forward currency exchange contracts		388
Total		$	74,033			$	332,877

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(89,638	)	$	(25,684	)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		5,681			9,710
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		244,716			48,732
Total		$	160,759		$	32,758

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NOTES TO FINANCIAL STATEMENTS (continued)

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	20,111,420
Average notional amount of sale contracts	$	1,939,352
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	366,271	(a)
Average principal amount of sale contracts	$	1,096,295
Credit Default Swaps:
Average notional amount of sale contracts	$	217,528	(b)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	4,080,000
Average notional amount of sale contracts	$	6,722,689

(a) Positions were open for three months during the period.

(b) Positions were open for one month during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	17,235	$	(388	)	$	– 0	–	$	– 0	–	$	16,847
Total	$	17,235	$	(388	)	$	– 0	–	$	– 0	–	$	16,847	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
State Street Bank & Trust Co.	$	388	$	(388	)	$	– 0	–	$	– 0	–	$	– 0	–
Total	$	388	$	(388	)	$	– 0	–	$	– 0	–	$	0	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

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NOTES TO FINANCIAL STATEMENTS (continued)

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A*
Shares sold		83,992			161,357		$	745,203		$	1,417,247
Shares issued in reinvestment of dividends		4,782			12,523			42,536			110,490
Shares converted from Class C		– 0	–		135			– 0	–		1,197
Shares converted to Advisor Class		(250,959	)		– 0	–		(2,222,542	)		– 0	–
Shares redeemed		(137,359	)		(376,175	)		(1,218,920	)		(3,319,598	)
Net decrease		(299,544	)		(202,160	)	$	(2,653,723	)	$	(1,790,664	)

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NOTES TO FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class C*
Shares sold		4,927			29,648		$	43,888		$	257,425
Shares issued in reinvestment of dividends		266			925			2,363			8,162
Shares converted to Class A		– 0	–		(136	)		– 0	–		(1,197	)
Shares converted to Advisor Class		(23,735	)		– 0	–		(209,915	)		– 0	–
Shares redeemed		(31,981	)		(13,529	)		(282,701	)		(120,665	)
Net increase (decrease)		(50,523	)		16,908		$	(446,365	)	$	143,725
Advisor Class
Shares sold		4,778,476			9,455,023		$	42,467,408		$	83,357,649
Shares issued in reinvestment of dividends		238,894			350,712			2,118,578			3,087,814
Shares converted from:
Class A		251,157			– 0	–		2,222,542			– 0	–
Class C		23,721			– 0	–		209,915			– 0	–
Shares redeemed		(5,498,196	)		(5,098,784	)		(48,901,702	)		(44,934,561	)
Net increase (decrease)		(205,948	)		4,706,951		$	(1,883,259	)	$	41,510,902

* Converted to Advisor Class on March 18, 2024.

At April 30, 2024, the Adviser owns approximately 21% of the Fund’s outstanding shares. At April 30, 2024, certain unaffiliated shareholders of the Fund owned 14% of the Fund’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Fund’s performance.

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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.

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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NOTES TO FINANCIAL STATEMENTS (continued)

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

Illiquid Investments Risk—Illiquid investments risk exists when certain investments 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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or

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NOTES TO FINANCIAL STATEMENTS (continued)

reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	4,451,992		$	1,979,832
Net long-term capital gains		– 0	–		286,597
Total taxable distributions paid	$	4,451,992		$	2,266,429

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NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Undistributed ordinary income	$	151,013
Accumulated capital and other losses		(7,183,420	)(a)
Unrealized appreciation (depreciation)		(1,994,954	)(b)
Total accumulated earnings (deficit)	$	(9,027,361	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $7,183,420.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $2,796,644 and a net long-term capital loss carryforward of $4,386,776, which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

At meetings held on October 31—November 2, 2023, the Board approved the reorganization of the Fund into a newly-created exchange-traded fund (“ETF”) (the “Conversion”), to be managed by the Adviser. Pursuant to an Agreement and Plan of Acquisition and Termination (the “Plan”), the Fund was converted into AB Short Duration Income ETF (the “Acquiring Fund”), a newly-created series of AB Active ETFs, Inc., with an identical investment objective, and identical fundamental investment policies and investment strategies as the Fund, on June 10, 2024.

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NOTES TO FINANCIAL STATEMENTS (continued)

In connection with the Conversion, the assets and liabilities of the Fund were transferred to the Acquiring Fund, and stockholders of the Fund received shares of the Acquiring Fund, equal in aggregate net asset value (“NAV”) to the NAV of their shares of the Fund (less cash corresponding to any fractional share amount).

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no other material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,												December 12, 2018(a) to October 31, 2019
				2023			2022			2021			2020
Net asset value, beginning of period		$ 8.67			$ 8.69			$ 9.89			$ 9.95			$ 10.35			$ 10.00
Income From Investment Operations
Net investment income(b)(c)		.23			.38			.20			.25			.21			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.12			.07	(d)		(1.05	)		.00	(d)(e)		(.08	)(d)		.41
Contributions from Affiliates		– 0	–		– 0	–		.00	(e)		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.35			.45			(.85	)		.25			.13			.71
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.47	)		(.24	)		(.31	)		(.40	)		(.36	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.11	)		– 0	–		(.13	)		– 0	–
Total dividends and distributions		(.24	)		(.47	)		(.35	)		(.31	)		(.53	)		(.36	)
Net asset value, end of period		$ 8.78			$ 8.67			$ 8.69			$ 9.89			$ 9.95			$ 10.35
Total Return
Total investment return based on net asset value(f)		4.02	%		5.22	%		(8.76	)%		2.48	%		1.34	%		7.25	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$105,141			$105,618			$64,972			$56,593			$41,681			$15,498
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(g)		.45	%^		.71	%		.77	%		.47	%		.48	%		.49	%^
Expenses, before waivers/reimbursements(g)		.77	%^		1.26	%		1.48	%		1.18	%		1.68	%		2.99	%^
Net investment income(c)		5.29	%^		4.29	%		2.17	%		2.52	%		2.13	%		3.31	%^
Portfolio turnover rate*		72	%		185	%		60	%		163	%		336	%		178	%
Portfolio turnover rate (including securities sold short)*		N/A			N/A			N/A			N/A			336	%		181	%

See footnote summary on page 70.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund’s change in net realized and unrealized gain (loss) on investment transactions for the period.

(e) Amount is less than $.005.

(f) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(g) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,												December 12, 2018(a) to October 31, 2019
				2023			2022			2021			2020
Advisor Class
Net of waivers/reimbursements		.45	%^		.45	%		.45	%		.45	%		.45	%		.45	%^
Before waivers/reimbursements		.77	%^		1.00	%		1.16	%		1.16	%		1.64	%		2.95	%^

^ Annualized.

* The Fund accounts for dollar roll transactions as purchases and sales.

See notes to financial statements.

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BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Gershon M. Distenfeld⁽²⁾, Vice President Fahd Malik⁽²⁾, Vice President Matthew S. Sheridan⁽²⁾, Vice President William Smith⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public
Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Short Duration Income Investment Team. Messrs. DiMaggio, Distenfeld, Malik, Smith and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

abfunds.com AB SHORT DURATION INCOME PORTFOLIO ^| 71

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Short Duration Income Portfolio (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters

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as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. The Adviser had not requested any reimbursements from the Fund since the Fund’s inception. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1- and 3- year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was close to the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the

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Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above a median. After reviewing and discussing the Adviser’s explanation of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable. 

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains a breakpoint that reduces the fee rate on assets above a specified level. The directors took into consideration prior presentations by an independent

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consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed the breakpoint in the future.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

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NOTES

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AB SHORT DURATION INCOME PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

SDI-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO

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

Dear Shareholder,

We’re pleased to provide this report for the AB Sustainable Thematic Credit 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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO ^| 1

SEMI-ANNUAL REPORT

June 6, 2024

This report provides management’s discussion of fund performance for the AB Sustainable Thematic Credit Portfolio for the semi-annual reporting period ended April 30, 2024.

The Fund’s investment objective is to maximize total return through current income and long-term capital appreciation.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO
Class A Shares		7.55%		1.16%
Advisor Class Shares1		7.69%		1.42%
Bloomberg US Corporate Bond Index		7.33%		1.00%

1 Please note that this share class is 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 with its benchmark, the Bloomberg US Corporate Bond Index, for the six- and 12-month periods ended April 30, 2024.

During both periods, all share classes outperformed the benchmark, before sales charges. Over the six-month period, security selection was the primary contributor to relative performance, from selections within US investment-grade corporate bonds. Overall yield-curve positioning in the US also contributed, as overweights to the five- and 10-year parts of the curve were partially offset by a loss from being overweight to the 30-year part of the curve and underweight the two-year part of the US Treasury curve. Off-benchmark country allocation to the eurozone also added to performance. Sector allocation to off-benchmark high-yield corporate bonds also contributed. Currency decisions did not impact performance over the period.

During the 12-month period, security selection among investment-grade corporate bonds in the US was the largest contributor to performance. Off-benchmark exposure to the eurozone at the country level also contributed. Sector allocation contributed, mostly from off-benchmark allocation to high-yield corporate bonds in the US and emerging-market (“EM”) corporates that were partially offset by off-benchmark exposure to supranational bonds. Yield-curve positioning detracted, mostly from an

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overweight to the 30-year part of the US curve that was partially offset by a gain from being underweight to the 20-year part of the curve. Currency decisions did not impact performance results.

The Fund used derivatives in the form of futures and currency forwards for hedging purposes; currency forwards had no material impact on absolute returns for either period; futures added to returns for the six-month period and detracted for the 12-month period.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market (“DM”) yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, DM investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. DM high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. EM hard-currency sovereign bonds significantly outperformed DM treasuries, mainly due to the performance of high-yield sovereigns. EM hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. EM local-currency bonds trailed other credit risk sectors as the US dollar was mixed against DM and EM currencies over the period.

The Fund’s Senior Investment Management Team (the “Team”) seeks to maximize total return through investments that benefit society and the environment. The Team employs top-down and bottom-up investment processes with the goal of identifying securities that fit into sustainable investment themes, such as health, climate and empowerment. The Team’s approach to building a sustainable portfolio with attractive financial return potential has been to align with the United Nations Sustainable Development Goals (“SDGs”), which 193 nations have committed to advancing. The Team invests primarily in investment-grade corporate bonds from US issuers, but may also invest in non-US issuers and high-yield bonds.

INVESTMENT POLICIES

The Fund seeks to achieve its investment objective by investing primarily in fixed-income securities of corporate issuers whose business activities the Adviser believes position the issuer to benefit from certain sustainable

(continued on next page)

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investment themes that align with one or more of the United Nations SDGs. These themes principally include the advancement of health, climate, and empowerment. Under normal circumstances, at least 80% of the Fund’s net assets will be invested in fixed-income securities of corporate issuers that satisfy the Fund’s sustainability criteria. An issuer that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets such criteria, although many of the issuers in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying, based on its internal research and analysis, securities and issuers that fit into sustainable investment themes. First, the Adviser identifies through its top-down process the sustainable investment themes. In addition to this top-down thematic approach, the Adviser then uses a bottom-up analysis of individual bond issues that focuses on the use of proceeds, issuer fundamentals and valuation and on evaluating an issuer’s risks, including those related to environmental, social and governance (“ESG”) factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes focusing on individual issuers with favorable ESG attributes over the use of broad-based negative screens (e.g., disqualifying business activities) in assessing an issuer’s exposure to ESG factors, the Fund will not invest in companies that derive significant revenue from involvement in adult entertainment, alcohol, coal, controversial weapons, firearms, gambling, genetically modified organisms, military contracting, prisons, or tobacco. The Fund also typically invests in ESG bond structures, including “Use of Proceeds” bonds, which are instruments the proceeds of which are specifically earmarked for environmental, social or sustainability projects.

The Fund may invest up to 20% of its net assets in securities rated below investment grade (“junk bonds”). The Fund may invest up to 30% of its net assets in securities denominated in currencies other than the US dollar. Foreign investments may include securities issued by emerging-market companies and governments. The Adviser expects under normal circumstances to hedge the majority of the Fund’s foreign currency exposure through the use of currency-related derivatives, although it is not required to do so.

(continued on next page)

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The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund’s exposure. The Fund may, for example, use interest rate futures contracts or swaps to manage the Fund’s average duration and may, as noted above, use currency-related derivatives to hedge foreign currency exposure.

The Adviser may use derivatives to effectively leverage the Fund by creating aggregate market exposure significantly in excess of the Fund’s net assets.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Corporate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Corporate Bond Index measures the investment-grade, fixed-rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by US and non-US industrial, utility and financial issuers. An investor cannot invest directly in an index or average, and their 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 market or markets in which the Fund invests 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.

ESG Risk: Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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

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DISCLOSURES AND RISKS (continued)

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.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to factors such as specific corporate developments, interest-rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

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.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns. Emerging-market currencies may be more volatile and less liquid, and subject to significantly greater risk of currency controls and convertibility restrictions, than currencies of developed countries.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 7

DISCLOSURES AND RISKS (continued)

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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, or (“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.

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

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. The Fund has been in operation only for a short period of time, and therefore has a very limited historical performance period. This limited performance period is unlikely to be representative of the performance the Fund will achieve over a longer period.

8 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

DISCLOSURES AND RISKS (continued)

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. 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.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 9

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
CLASS A SHARES						4.57%
1 Year		1.16%		-3.17%
Since Inception2		-4.13%		-5.51%
ADVISOR CLASS SHARES3						5.02%
1 Year		1.42%		1.42%
Since Inception2		-3.89%		-3.89%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 0.92% and 0.67% for Class A and Advisor Class 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 ratios, exclusive of expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense and extraordinary expenses, to 0.85% and 0.60% for Class A and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2025. Any fees waived and expenses borne by the Adviser may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s covered operating expenses to exceed the applicable expense limitations. 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

2 Inception date: 5/10/2021.

3 This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is 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.

10 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		0.13%
Since Inception1		-4.80%
ADVISOR CLASS SHARES2
1 Year		4.89%
Since Inception1		-3.13%

1 Inception date: 5/10/2021.

2 Please note that this share class is 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.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 11

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you 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 first line of 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 second line of 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.

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,075.50	$	4.39		0.85	%
Hypothetical**	$	1,000	$	1,020.64	$	4.27		0.85	%
Advisor Class
Actual	$	1,000	$	1,076.90	$	3.10		0.60	%
Hypothetical**	$	1,000	$	1,021.88	$	3.02		0.60	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

12 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $243.9

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

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 13

PORTFOLIO SUMMARY (continued)

April 30, 2024 (unaudited)

1 The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.6% or less in the following: Australia, Belgium, Denmark, Finland, India, Japan, Mexico, Norway, Peru, South Korea, Supranational and Sweden.

14 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 95.2%
Industrial – 53.2%
Basic – 1.6%
Arkema SA Series E 0.125%, 10/14/2026(a)	EUR		200	$	196,063
Ecolab, Inc. 2.75%, 08/18/2055	U.S.$		525		309,285
Inversiones CMPC SA 3.85%, 01/13/2030(a)			905		809,975
6.125%, 02/26/2034(a)			385		378,594
Sealed Air Corp. 1.57%, 10/15/2026(a)			1,485		1,335,039
Sociedad Quimica y Minera de Chile SA 6.50%, 11/07/2033(a)			536		538,680
Suzano Austria GmbH 6.00%, 01/15/2029			425		420,622
					3,988,258
Capital Goods – 5.9%
CNH Industrial Capital LLC 1.45%, 07/15/2026			1,605		1,466,574
5.10%, 04/20/2029			284		277,895
Eaton Corp. 4.15%, 03/15/2033			1,472		1,353,223
4.70%, 08/23/2052			380		335,338
John Deere Capital Corp. 4.70%, 06/10/2030			420		409,055
4.75%, 01/20/2028			933		920,649
4.85%, 10/11/2029			263		258,926
4.95%, 03/06/2026			841		836,083
4.95%, 07/14/2028			428		424,553
Parker-Hannifin Corp. 4.20%, 11/21/2034			1,305		1,171,558
4.45%, 11/21/2044			325		271,399
6.25%, 05/15/2038			490		509,770
Regal Rexnord Corp. 6.30%, 02/15/2030(a)			104		104,555
Republic Services, Inc. 0.875%, 11/15/2025			614		571,857
1.75%, 02/15/2032			1,275		981,091
5.00%, 12/15/2033			417		401,791
Trane Technologies Financing Ltd. 3.50%, 03/21/2026			405		389,290
5.25%, 03/03/2033			154		151,526
Trane Technologies Global Holding Co., Ltd. 5.75%, 06/15/2043			495		491,874

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 15

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Waste Management, Inc. 1.50%, 03/15/2031	U.S.$		470	$	369,116
2.95%, 06/01/2041			710		504,829
Xylem, Inc./NY 1.95%, 01/30/2028			1,725		1,527,205
2.25%, 01/30/2031			886		726,852
					14,455,009
Communications - Media – 1.7%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.40%, 04/01/2033			390		333,057
6.15%, 11/10/2026			12		12,029
6.38%, 10/23/2035			1,226		1,157,550
6.83%, 10/23/2055			630		574,556
Comcast Corp. 4.65%, 02/15/2033			590		558,332
TCI Communications, Inc. 7.875%, 02/15/2026			845		879,076
Thomson Reuters Corp. 5.50%, 08/15/2035			570		560,459
					4,075,059
Communications - Telecommunications – 4.1%
AT&T, Inc. 2.25%, 02/01/2032			10		7,895
2.55%, 12/01/2033			133		102,688
4.50%, 05/15/2035			710		637,294
5.40%, 02/15/2034			1,094		1,070,066
British Telecommunications PLC 9.625%, 12/15/2030(b)			760		908,618
Corning, Inc. 4.70%, 03/15/2037			62		55,418
5.45%, 11/15/2079			280		247,516
Sprint Capital Corp. 8.75%, 03/15/2032			1,070		1,263,413
T-Mobile USA, Inc. 2.70%, 03/15/2032			1,765		1,439,991
3.60%, 11/15/2060			445		291,604
3.875%, 04/15/2030			172		157,401
5.15%, 04/15/2034			497		478,437
TELUS Corp. 3.40%, 05/13/2032			1,194		1,015,624
Verizon Communications, Inc. 2.355%, 03/15/2032			416		331,674
2.55%, 03/21/2031			329		273,076
3.875%, 02/08/2029			835		781,886
4.50%, 08/10/2033			439		405,329

16 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Vodafone Group PLC 4.875%, 06/19/2049	U.S.$		617	$	522,362
					9,990,292
Consumer Cyclical - Automotive – 4.2%
Aptiv PLC 4.40%, 10/01/2046			180		135,283
5.40%, 03/15/2049			215		187,217
Aptiv PLC/Aptiv Corp. 3.25%, 03/01/2032			605		510,985
4.15%, 05/01/2052			395		284,511
Ford Motor Co. 3.25%, 02/12/2032			1,456		1,173,535
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			595		552,343
3.375%, 11/13/2025			572		549,258
6.05%, 03/05/2031			960		942,918
General Motors Co. 5.60%, 10/15/2032			1,353		1,329,074
5.95%, 04/01/2049			395		371,364
General Motors Financial Co., Inc. 2.35%, 01/08/2031			145		116,499
2.70%, 06/10/2031			836		677,555
3.60%, 06/21/2030			71		62,500
3.85%, 01/05/2028			435		408,092
5.80%, 06/23/2028			311		311,435
6.05%, 10/10/2025			360		360,898
Lear Corp. 2.60%, 01/15/2032			1,827		1,458,032
4.25%, 05/15/2029			415		389,382
5.25%, 05/15/2049			345		301,359
					10,122,240
Consumer Cyclical - Other – 1.1%
PulteGroup, Inc. 6.00%, 02/15/2035			410		412,228
6.375%, 05/15/2033			965		993,953
7.875%, 06/15/2032			1,003		1,131,497
					2,537,678
Consumer Cyclical - Retailers – 1.0%
Home Depot, Inc. (The) 1.50%, 09/15/2028			1,425		1,225,955
Lowe’s Cos., Inc. 5.50%, 10/15/2035			660		655,825
5.80%, 09/15/2062			645		618,226
					2,500,006

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 17

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Consumer Non-Cyclical – 13.8%
Abbott Laboratories 4.75%, 11/30/2036	U.S.$		1,065	$	1,008,351
AbbVie, Inc. 3.60%, 05/14/2025			474		464,894
4.80%, 03/15/2027			1,200		1,185,906
4.875%, 11/14/2048			1,275		1,150,569
Amgen, Inc. 6.375%, 06/01/2037			867		905,754
Astrazeneca Finance LLC 4.80%, 02/26/2027			963		951,535
AstraZeneca PLC 6.45%, 09/15/2037			445		483,792
Baxalta, Inc. 4.00%, 06/23/2025			942		924,166
Becton Dickinson & Co. 2.82%, 05/20/2030			1,130		972,776
Biogen, Inc. 2.25%, 05/01/2030			1,485		1,226,152
3.15%, 05/01/2050			150		94,131
Bristol-Myers Squibb Co. 3.70%, 03/15/2052			510		366,304
3.90%, 03/15/2062			495		351,340
4.25%, 10/26/2049			725		580,826
6.40%, 11/15/2063			1,078		1,149,557
Cardinal Health, Inc. 5.125%, 02/15/2029			717		705,479
Cigna Group (The) 2.375%, 03/15/2031			410		335,022
4.80%, 08/15/2038			600		537,352
Conagra Brands, Inc. 5.30%, 11/01/2038			545		498,243
CVS Health Corp. 4.78%, 03/25/2038			900		792,036
4.875%, 07/20/2035			1,305		1,199,015
6.00%, 06/01/2063			936		894,474
Danaher Corp. 2.60%, 10/01/2050			225		133,502
DH Europe Finance II SARL 3.40%, 11/15/2049			450		316,455
Eli Lilly & Co. 4.50%, 02/09/2029			1,212		1,182,874
Fresenius Medical Care US Finance III, Inc. 3.00%, 12/01/2031(a)			945		742,528
General Mills, Inc. 2.25%, 10/14/2031			1,964		1,580,464
4.70%, 01/30/2027			217		212,941

18 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Gilead Sciences, Inc. 4.50%, 02/01/2045	U.S.$		320	$	269,042
4.75%, 03/01/2046			375		325,071
4.80%, 04/01/2044			410		360,289
5.25%, 10/15/2033			1,097		1,081,162
HCA, Inc. 3.50%, 07/15/2051			425		276,118
5.45%, 04/01/2031			164		160,722
5.50%, 06/15/2047			735		659,477
IQVIA, Inc. 6.25%, 02/01/2029			327		332,350
Kaiser Foundation Hospitals Series 2021 2.81%, 06/01/2041			200		140,327
Kenvue, Inc. 5.20%, 03/22/2063			288		266,083
Kraft Heinz Foods Co. 6.875%, 01/26/2039			622		677,545
Medtronic, Inc. 4.375%, 03/15/2035			365		335,474
Merck & Co., Inc. 1.90%, 12/10/2028			1,800		1,569,070
2.90%, 12/10/2061			225		130,982
Pfizer Investment Enterprises Pte Ltd. 5.11%, 05/19/2043			423		395,848
Pfizer, Inc. 4.125%, 12/15/2046			775		625,901
7.20%, 03/15/2039			285		328,865
Roche Holdings, Inc. 2.13%, 03/10/2025(a)			1,970		1,915,981
Stryker Corp. 1.15%, 06/15/2025			1,008		958,518
Sutter Health 5.16%, 08/15/2033			182		177,763
Takeda Pharmaceutical Co., Ltd. 3.175%, 07/09/2050			340		221,374
Thermo Fisher Scientific, Inc. 2.80%, 10/15/2041			1,275		881,893
4.98%, 08/10/2030			370		363,336
Wyeth LLC 5.95%, 04/01/2037			265		273,268
					33,672,897
Services – 3.2%
Global Payments, Inc.
3.20%, 08/15/2029			1,970		1,737,339
5.95%, 08/15/2052			405		387,023

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 19

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Mastercard, Inc. 1.90%, 03/15/2031	U.S.$		1,503	$	1,226,756
3.85%, 03/26/2050			2,565		1,985,741
PayPal Holdings, Inc. 5.25%, 06/01/2062			600		541,325
S&P Global, Inc. 2.30%, 08/15/2060			590		297,744
2.90%, 03/01/2032			863		730,737
3.90%, 03/01/2062			235		170,628
4.25%, 05/01/2029			58		55,484
5.25%, 09/15/2033(a)			477		472,746
Verisk Analytics, Inc. 5.75%, 04/01/2033			264		266,028
					7,871,551
Technology – 14.8%
Analog Devices, Inc. 2.95%, 10/01/2051			1,091		692,240
5.05%, 04/01/2034			958		940,168
Apple, Inc. 4.10%, 08/08/2062			998		783,444
Autodesk, Inc. 2.40%, 12/15/2031			2,712		2,189,736
Broadcom, Inc. 2.45%, 02/15/2031(a)			643		528,504
3.19%, 11/15/2036(a)			694		532,318
3.42%, 04/15/2033(a)			641		538,365
Broadridge Financial Solutions, Inc. 2.60%, 05/01/2031			1,460		1,195,449
2.90%, 12/01/2029			569		495,290
CDW LLC/CDW Finance Corp. 3.28%, 12/01/2028			986		881,955
4.125%, 05/01/2025			1,545		1,517,524
Cisco Systems, Inc. 5.05%, 02/26/2034			658		644,318
5.35%, 02/26/2064			895		853,691
5.50%, 01/15/2040			1,075		1,070,196
5.90%, 02/15/2039			50		51,984
Dell International LLC/EMC Corp. 8.10%, 07/15/2036			579		674,792
Entegris, Inc. 4.75%, 04/15/2029(a)			390		368,456
Fiserv, Inc. 5.35%, 03/15/2031			572		563,927
5.625%, 08/21/2033			539		535,005
HP, Inc. 2.65%, 06/17/2031			650		535,574

20 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
International Business Machines Corp. 3.43%, 02/09/2052	U.S.$		575	$	385,789
4.00%, 06/20/2042			865		689,042
4.90%, 07/27/2052			735		641,804
Intuit, Inc. 5.50%, 09/15/2053			880		859,523
Jabil, Inc. 4.25%, 05/15/2027			1,429		1,369,515
5.45%, 02/01/2029			356		350,784
KLA Corp. 4.70%, 02/01/2034			485		461,304
5.00%, 03/15/2049			900		817,862
Lam Research Corp. 2.875%, 06/15/2050			1,220		776,300
3.125%, 06/15/2060			480		295,075
Micron Technology, Inc. 2.70%, 04/15/2032			2,298		1,859,643
5.375%, 04/15/2028			565		561,854
5.875%, 02/09/2033			144		144,483
6.75%, 11/01/2029			189		198,695
Microsoft Corp. 2.675%, 06/01/2060			500		292,962
3.04%, 03/17/2062			1,166		744,087
4.50%, 02/06/2057			738		656,594
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.25%, 05/11/2041			705		497,526
5.00%, 01/15/2033			365		346,907
Oracle Corp. 4.125%, 05/15/2045			673		512,762
4.65%, 05/06/2030			538		515,808
6.90%, 11/09/2052			489		529,990
QUALCOMM, Inc. 4.65%, 05/20/2035			1,465		1,394,024
Salesforce, Inc. 2.90%, 07/15/2051			642		403,574
SK Hynix, Inc. 6.375%, 01/17/2028(a)			485		491,450
Skyworks Solutions, Inc. 3.00%, 06/01/2031			2,426		2,001,877
Texas Instruments, Inc. 4.10%, 08/16/2052			272		218,145
5.05%, 05/18/2063			739		669,417
VMware LLC 4.70%, 05/15/2030			545		517,074
Western Digital Corp. 2.85%, 02/01/2029			956		807,994
3.10%, 02/01/2032			500		390,103
					35,994,903

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 21

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Transportation - Railroads – 1.3%
Canadian Pacific Railway Co. 5.95%, 05/15/2037	U.S.$		1,644	$	1,655,431
CSX Corp. 6.00%, 10/01/2036			875		908,321
6.15%, 05/01/2037			599		630,572
					3,194,324
Transportation - Services – 0.5%
Ashtead Capital, Inc. 5.95%, 10/15/2033(a)			436		429,431
Ryder System, Inc. 5.375%, 03/15/2029			844		837,090
					1,266,521
					129,668,738
Financial Institutions – 33.5%
Banking – 23.9%
ABN AMRO Bank NV 2.47%, 12/13/2029(a)			1,800		1,553,447
4.80%, 04/18/2026(a)			600		585,714
AIB Group PLC 5.87%, 03/28/2035(a)			851		824,831
Ally Financial, Inc. 6.85%, 01/03/2030			602		608,063
6.99%, 06/13/2029			503		513,668
American Express Co. 5.645%, 04/23/2027			851		851,500
Banco Bilbao Vizcaya Argentaria SA 7.88%, 11/15/2034			600		644,342
Banco Santander SA 2.75%, 12/03/2030			1,000		812,567
4.175%, 03/24/2028			400		381,244
4.25%, 04/11/2027			400		383,821
5.18%, 11/19/2025			200		197,355
5.29%, 08/18/2027			400		393,732
6.53%, 11/07/2027			400		406,712
9.625%, 05/21/2033(c)			200		213,508
Bank of America Corp. 2.69%, 04/22/2032			576		474,912
2.97%, 02/04/2033			1,408		1,160,757
3.705%, 04/24/2028			530		501,773
3.85%, 03/08/2037			1,660		1,429,223
4.38%, 04/27/2028			375		362,405
Series U 8.74% (CME Term SOFR 3 Month + 3.40%), 05/31/2024(c)(d)			394		394,982

22 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Bank of Ireland Group PLC 5.60%, 03/20/2030(a)	U.S.$		268	$	262,540
6.25%, 09/16/2026(a)			1,009		1,011,334
Barclays PLC 5.09%, 06/20/2030			535		505,524
6.22%, 05/09/2034			297		298,463
7.12%, 06/27/2034			544		562,216
BNP Paribas SA 2.16%, 09/15/2029(a)			590		506,406
2.87%, 04/19/2032(a)			200		165,162
4.625%, 02/25/2031(a)(c)			412		329,162
7.375%, 08/19/2025(a)(c)			690		689,369
BPCE SA 6.51%, 01/18/2035(a)			256		254,069
CaixaBank SA 6.04%, 06/15/2035(a)			977		955,438
6.84%, 09/13/2034(a)			388		401,132
Capital One Financial Corp. 2.36%, 07/29/2032			726		549,819
5.47%, 02/01/2029			116		113,884
6.05%, 02/01/2035			474		466,188
6.31%, 06/08/2029			365		368,252
7.62%, 10/30/2031			348		374,476
Citigroup, Inc. 2.56%, 05/01/2032			1,456		1,186,722
5.83%, 02/13/2035			1,206		1,162,957
Citizens Financial Group, Inc. 6.645%, 04/25/2035			607		609,307
Cooperatieve Rabobank UA 4.375%, 06/29/2027(a)(c)	EUR		200		202,739
Credit Agricole SA 1.25%, 01/26/2027(a)	U.S.$		1,285		1,188,780
6.32%, 10/03/2029(a)			325		331,293
Series E 0.125%, 12/09/2027	EUR		200		187,825
Danske Bank A/S 5.43%, 03/01/2028(a)	U.S.$		482		477,518
7.00%, 06/26/2025(a)(c)			338		334,620
Deutsche Bank AG/New York NY 2.31%, 11/16/2027			877		797,786
3.74%, 01/07/2033			920		740,676
6.72%, 01/18/2029			249		253,965
7.08%, 02/10/2034			391		389,782
7.15%, 07/13/2027			203		207,083
Discover Financial Services 7.96%, 11/02/2034			214		235,397

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 23

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
DNB Bank ASA 4.875%, 11/12/2024(a)(c)	U.S.$		339	$	333,973
Goldman Sachs Group, Inc. (The) 1.95%, 10/21/2027			805		734,695
5.73%, 04/25/2030			408		408,843
Series P 8.44% (SOFR + 3.14%), 05/31/2024(c)(d)			441		440,554
HSBC Holdings PLC 2.10%, 06/04/2026			563		539,656
3.97%, 05/22/2030			550		504,141
4.755%, 06/09/2028			513		497,778
5.89%, 08/14/2027			1,080		1,080,703
6.16%, 03/09/2029			200		202,307
7.40%, 11/13/2034			376		400,464
Intesa Sanpaolo SpA 3.875%, 01/12/2028(a)			460		426,247
7.78%, 06/20/2054(a)			713		731,859
Series XR 4.00%, 09/23/2029(a)			1,170		1,060,449
JPMorgan Chase & Co. 1.58%, 04/22/2027			647		597,035
1.95%, 02/04/2032			449		356,588
2.96%, 01/25/2033			1,953		1,624,756
5.04%, 01/23/2028			959		945,255
5.77%, 04/22/2035			1,222		1,224,302
Series Q 8.82% (SOFR + 3.51%), 05/01/2024(c)(d)			216		216,000
Series R 8.87% (SOFR + 3.56%), 05/01/2024(c)(d)			192		192,000
KBC Group NV 5.80%, 01/19/2029(a)			229		227,432
KeyCorp 6.40%, 03/06/2035			724		711,526
Lloyds Banking Group PLC 4.72%, 08/11/2026			380		374,123
7.50%, 09/27/2025(c)			288		285,490
7.95%, 11/15/2033			533		586,027
M&T Bank Corp. 6.08%, 03/13/2032			734		715,774
Morgan Stanley 5.42%, 07/21/2034			483		468,777
5.65%, 04/13/2028			1,206		1,207,703
5.94%, 02/07/2039			729		702,600
6.63%, 11/01/2034			431		455,377
Series G 1.51%, 07/20/2027			656		598,920
2.24%, 07/21/2032			872		692,981

24 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Nationwide Building Society 2.97%, 02/16/2028(a)	U.S.$		1,065	$	984,595
NatWest Group PLC 6.475%, 06/01/2034			225		226,054
Nordea Bank Abp 6.625%, 03/26/2026(a)(c)			343		335,795
Santander Holdings USA, Inc. 6.17%, 01/09/2030			380		378,761
6.50%, 03/09/2029			305		307,601
6.565%, 06/12/2029			192		194,783
7.66%, 11/09/2031			705		753,463
Santander UK Group Holdings PLC 2.47%, 01/11/2028			514		467,919
Shinhan Bank Co., Ltd. 4.375%, 04/13/2032(a)			385		345,538
Societe Generale SA 2.80%, 01/19/2028(a)			960		879,302
2.89%, 06/09/2032(a)			1,480		1,191,976
Standard Chartered PLC 2.61%, 01/12/2028(a)			920		843,142
6.19%, 07/06/2027(a)			390		391,518
Svenska Handelsbanken AB 4.75%, 03/01/2031(a)(c)			1,000		832,642
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(c)			400		396,527
UBS Group AG 9.25%, 11/13/2028(a)(c)			219		233,833
9.25%, 11/13/2033(a)(c)			202		222,200
UniCredit SpA 1.98%, 06/03/2027(a)			621		571,862
Westpac Banking Corp. Series G 4.32%, 11/23/2031			554		531,107
					58,447,393
Insurance – 3.3%
Allianz SE 3.20%, 10/30/2027(a)(c)			1,400		1,125,493
Assicurazioni Generali SpA Series E 2.12%, 10/01/2030(a)	EUR		545		510,226
2.43%, 07/14/2031(a)			470		438,898
Centene Corp. 2.50%, 03/01/2031	U.S.$		1,295		1,041,068
2.625%, 08/01/2031			708		567,483

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 25

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Humana, Inc. 2.15%, 02/03/2032	U.S.$		635	$	493,601
5.375%, 04/15/2031			173		168,757
5.75%, 03/01/2028			177		177,972
5.95%, 03/15/2034			816		817,026
Met Tower Global Funding 5.25%, 04/12/2029(a)			980		968,119
Swiss RE Subordinated Finance PLC 5.70%, 04/05/2035(a)			600		579,921
UnitedHealth Group, Inc. 4.90%, 04/15/2031			965		939,040
Zurich Finance Ireland Designated Activity Co. Series E 3.00%, 04/19/2051(a)			200		162,023
					7,989,627
Other Finance – 0.1%
GPS Blue Financing DAC 5.645%, 11/09/2041(a)			200		190,260
REITs – 6.2%
Alexandria Real Estate Equities, Inc. 2.00%, 05/18/2032			385		293,435
2.95%, 03/15/2034			1,158		913,705
3.80%, 04/15/2026			985		950,949
American Tower Corp. 3.70%, 10/15/2049			510		354,224
3.80%, 08/15/2029			285		260,648
5.25%, 07/15/2028			270		266,348
5.45%, 02/15/2034			528		513,007
5.55%, 07/15/2033			361		353,230
5.80%, 11/15/2028			424		427,000
Boston Properties LP 2.45%, 10/01/2033			300		217,508
4.50%, 12/01/2028			1,400		1,305,576
6.75%, 12/01/2027			183		186,974
Crown Castle, Inc. 2.90%, 03/15/2027			1,029		953,900
3.10%, 11/15/2029			587		512,560
4.30%, 02/15/2029			955		898,025
5.60%, 06/01/2029			186		184,865
5.80%, 03/01/2034			197		195,256
Digital Dutch Finco BV 1.00%, 01/15/2032(a)	EUR		800		670,508
Equinix, Inc. 1.55%, 03/15/2028	U.S.$		2,391		2,051,472
2.15%, 07/15/2030			711		579,610
3.90%, 04/15/2032			762		672,960

26 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Kilroy Realty LP 4.75%, 12/15/2028	U.S.$		242	$	227,588
Newmark Group, Inc. 7.50%, 01/12/2029(a)			61		61,624
Omega Healthcare Investors, Inc. 3.25%, 04/15/2033			765		599,084
Prologis LP 3.00%, 04/15/2050			240		151,771
Simon Property Group LP 5.85%, 03/08/2053			384		372,461
Trust Fibra Uno 7.375%, 02/13/2034(a)			406		397,149
Ventas Realty LP 5.70%, 09/30/2043			290		266,049
Weyerhaeuser Co. 3.375%, 03/09/2033			390		328,563
7.375%, 03/15/2032			22		24,371
					15,190,420
					81,817,700
Utility – 8.5%
Electric – 7.9%
Avangrid, Inc. 3.20%, 04/15/2025			1,515		1,477,385
3.80%, 06/01/2029			673		615,041
Commonwealth Edison Co. 3.00%, 03/01/2050			205		128,271
Series 133
3.85%, 03/15/2052			465		337,649
Consolidated Edison Co. of New York, Inc. 3.70%, 11/15/2059			505		339,055
4.50%, 05/15/2058			855		680,559
Series 05-A
5.30%, 03/01/2035			1,020		993,062
Series A
4.125%, 05/15/2049			155		119,557
Consorcio Transmantaro SA 4.70%, 04/16/2034(a)			890		807,746
EDP Finance BV 1.71%, 01/24/2028(a)			2,720		2,375,029
Electricite de France SA 9.125%, 03/15/2033(a)(c)			206		224,222
Enel Finance International NV 2.25%, 07/12/2031(a)(b)			1,270		1,022,397
6.80%, 09/15/2037(a)			280		293,024
7.50%, 10/14/2032(a)			200		219,680
Engie Energia Chile SA 6.375%, 04/17/2034(a)			741		728,885

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 27

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Engie SA 3.25%, 11/28/2024(a)(c)	EUR		200	$	211,242
5.875%, 04/10/2054(a)	U.S.$		489		466,173
Florida Power & Light Co. 5.30%, 04/01/2053			595		563,130
Iberdrola International BV Series NC9 1.825%, 08/09/2029(a)(c)	EUR		1,100		1,003,814
National Grid PLC 5.81%, 06/12/2033	U.S.$		339		337,314
NextEra Energy Capital Holdings, Inc. 1.90%, 06/15/2028			1,381		1,200,566
4.80%, 12/01/2077			325		300,553
5.00%, 07/15/2032			540		519,538
Niagara Mohawk Power Corp. 1.96%, 06/27/2030(a)			1,611		1,308,379
5.29%, 01/17/2034(a)			75		71,715
Public Service Electric & Gas Co. 3.10%, 03/15/2032			1,219		1,036,416
3.80%, 03/01/2046			615		464,947
3.85%, 05/01/2049			460		347,680
5.45%, 03/01/2054			354		340,730
San Diego Gas & Electric Co. Series WWW 2.95%, 08/15/2051			1,275		801,252
					19,335,011
Other Utility – 0.6%
American Water Capital Corp.
3.25%, 06/01/2051			735		493,878
3.45%, 05/01/2050			195		134,795
5.15%, 03/01/2034			721		699,402
					1,328,075
					20,663,086
Total Corporates - Investment Grade (cost $256,605,193)					232,149,524
EMERGING MARKETS - CORPORATE BONDS – 1.0%
Industrial – 0.8%
Basic – 0.7%
Klabin Austria GmbH 3.20%, 01/12/2031(a)			2,040		1,667,394
Energy – 0.1%
ReNew Pvt. Ltd.
5.875%, 03/05/2027(a)			300		287,400
					1,954,794

28 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.2%
Banking – 0.2%
Itau Unibanco Holding SA/Cayman Island 3.875%, 04/15/2031(a)	U.S.$		480	$	452,328
Total Emerging Markets - Corporate Bonds (cost $2,797,387)					2,407,122
CORPORATES - NON-INVESTMENT GRADE – 0.5%
Industrial – 0.5%
Consumer Cyclical - Automotive – 0.3%
Dana, Inc. 4.25%, 09/01/2030			935		810,368
Consumer Non-Cyclical – 0.2%
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			455		459,764
Total Corporates - Non-Investment Grade (cost $1,418,307)					1,270,132
SUPRANATIONALS – 0.4%
International Bank for Reconstruction & Development Zero Coupon, 03/31/2027 (cost $940,497)			970		873,359
QUASI-SOVEREIGNS – 0.3%
Quasi-Sovereign Bonds – 0.3%
Peru – 0.3%
Corp. Financiera de Desarrollo SA 5.95%, 04/30/2029(a) (cost $721,310)			730		723,944
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Chile – 0.2%
Chile Electricity Lux MPC SARL 6.01%, 01/20/2033(a) (cost $537,406)			535		533,246

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 29

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.0%
United States – 0.0%
Metropolitan Transportation Authority Series 2020 5.175%, 11/15/2049 (cost $67,100)	U.S.$		65	$	64,330
		Shares
SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 1.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(e)(f)(g) (cost $2,919,567)			2,919,567		2,919,567
		Principal Amount (000)
Time Deposits – 0.0%
Citibank, London 2.82%, 05/02/2024 (cost $47,909)	EUR		45		47,909
Total Short-Term Investments (cost $2,967,476)					2,967,476
Total Investments – 98.8% (cost $266,054,676)					240,989,133
Other assets less liabilities – 1.2%					2,934,024
Net Assets – 100.0%				$	243,923,157

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		19		June 2024	$	3,850,469	$	(37,555	)
U.S. Ultra Bond (CBT) Futures		145		June 2024		17,336,563		(1,069,594	)
Sold Contracts
Euro-BOBL Futures		4		June 2024		497,016		5,891
Euro-Bund Futures		10		June 2024		1,388,214		32,977
Euro-Schatz Futures		4		June 2024		448,694		2,476
U.S. 10 Yr Ultra Futures		174		June 2024		19,178,063		627,844
							$	(437,961	)

30 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

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)
Australia and New Zealand Banking Group Ltd.		EUR 3,112		USD 3,408		06/12/2024	$	80,904

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $47,425,732 or 19.44% of net assets.

(b) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

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

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

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

(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, or call AB at (800) 227-4618.

(g) Affiliated investments.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

BOBL – Bundesobligation

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

See notes to financial statements.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 31

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value Unaffiliated issuers (cost $263,135,109)	$	238,069,566
Affiliated issuers (cost $2,919,567)		2,919,567
Cash		70
Cash collateral due from broker		609,593
Foreign currencies, at value (cost $117)		115
Unaffiliated interest receivable		2,705,340
Unrealized appreciation on forward currency exchange contracts		80,904
Receivable for capital stock sold		11,260
Receivable due from Adviser		6,764
Affiliated dividends receivable		3,671
Total assets		244,406,850
Liabilities
Payable for variation margin on futures		101,685
Advisory fee payable		89,761
Dividends payable		86,787
Custody and accounting fees payable		58,632
Payable for capital stock redeemed		36,355
Payable for investment securities purchased		36,232
Audit and tax fee payable		29,605
Administrative fee payable		23,002
Transfer Agent fee payable		2,958
Distribution fee payable		13
Accrued expenses		18,663
Total liabilities		483,693
Net Assets	$	243,923,157
Composition of Net Assets
Capital stock, at par	$	30,181
Additional paid-in capital		287,227,048
Accumulated loss		(43,334,072	)
	$	243,923,157

Net Asset Value Per Share—30 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	61,796		7,645	$	8.08	*
Advisor	$	243,861,361		30,173,428	$	8.08

* The maximum offering price per share for Class A shares was $8.44, which reflects a sales charge of 4.25%.

See notes to financial statements.

32 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	5,191,182
Dividends
Affiliated issuers		76,317		$	5,267,499
Expenses
Advisory fee (see Note B)		528,334
Transfer agency—Class A		2
Transfer agency—Advisor Class		10,748
Distribution fee—Class A		79
Custody and accounting		58,342
Administrative		56,100
Audit and tax		31,822
Legal		18,346
Registration fees		17,617
Printing		11,969
Directors’ fees		9,632
Miscellaneous		9,128
Total expenses		752,119
Less: expenses waived and reimbursed by the Adviser (see Note B)		(47,485	)
Net expenses					704,634
Net investment income					4,562,865
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized loss on:
Investment transactions					(2,539,646	)
Forward currency exchange contracts					(64,236	)
Futures					(120,911	)
Foreign currency transactions					(31,186	)
Net change in unrealized appreciation (depreciation) on:
Investments					13,779,861
Forward currency exchange contracts					69,733
Futures					626,941
Foreign currency denominated assets and liabilities					(1,925	)
Net gain on investment and foreign currency transactions					11,718,631
Net Increase in Net Assets from Operations				$	16,281,496

See notes to financial statements.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 33

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	4,562,865		$	7,040,845
Net realized loss on investment and foreign currency transactions		(2,755,979	)		(8,380,090	)
Net change in unrealized appreciation on investments and foreign currency denominated assets and liabilities		14,474,610			4,568,996
Net increase in net assets from operations		16,281,496			3,229,751
Distributions to Shareholders
Class A		(1,164	)		(2,194	)
Advisor Class		(4,609,147	)		(7,739,111	)
Capital Stock Transactions
Net increase		18,911,655			40,708,290
Total increase		30,582,840			36,196,736
Net Assets
Beginning of period		213,340,317			177,143,581
End of period	$	243,923,157		$	213,340,317

See notes to financial statements.

34 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Sustainable Thematic Credit Portfolio (the “Fund”), a diversified portfolio. The Fund has authorized the issuance of Class A, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class C, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares have not been issued as of April 30, 2024. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Advisor Class shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All 10 classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Company’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Company’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Company’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national

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NOTES TO FINANCIAL STATEMENTS (continued)

securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value

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NOTES TO FINANCIAL STATEMENTS (continued)

pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows

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NOTES TO FINANCIAL STATEMENTS (continued)

which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates – Investment Grade	$	– 0	–	$	232,149,524		$	– 0	–	$	232,149,524
Emerging Markets – Corporate Bonds		– 0	–		2,407,122			– 0	–		2,407,122
Corporates – Non-Investment Grade		– 0	–		1,270,132			– 0	–		1,270,132
Supranationals		– 0	–		873,359			– 0	–		873,359
Quasi-Sovereigns		– 0	–		723,944			– 0	–		723,944
Governments – Sovereign Bonds		– 0	–		533,246			– 0	–		533,246
Local Governments – US Municipal Bonds		– 0	–		64,330			– 0	–		64,330
Short-Term Investments:
Investment Companies		2,919,567			– 0	–		– 0	–		2,919,567
Time Deposits		47,909			– 0	–		– 0	–		47,909
Total Investments in Securities		2,967,476			238,021,657			– 0	–		240,989,133

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NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Securities

Level 1

Level 2

Level 3

Total

Other Financial Instruments*:

Assets

Futures

$

669,188

$

– 0

–

$

– 0

–

$

669,188

†

Forward Currency Exchange Contracts

– 0

–

80,904

– 0

–

80,904

Liabilities

Futures

(1,107,149

)

– 0

–

– 0

–

(1,107,149

)†

Total

$

2,529,515

$

238,102,561

$

– 0

–

$

240,632,076

* Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

† Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at the rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net

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NOTES TO FINANCIAL STATEMENTS (continued)

investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior two tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchases.

40 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the next $2.5 billion and .35% in excess of $5 billion of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .85% and .60% of the daily average net assets for Class A and Advisor Class, respectively. For the six months ended April 30, 2024, such reimbursements/waivers amounted to $45,465. The Expense Caps may not be terminated by the Adviser before January 31, 2025. Any fees waived and expenses borne by the Adviser through May 10, 2022 are subject to repayment by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $122,942 for the fiscal period ended October 31, 2021 and $222,462 for the year ended October 31, 2022. In any case, no repayment will be made that would cause the Fund’s total annual operating expenses to exceed the Expense Caps’ net fee percentages set forth above.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $56,100.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $9,000 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $0 from the sale of Class A shares and received no contingent deferred sales charges imposed upon redemptions by shareholders of Class A shares, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 41

NOTES TO FINANCIAL STATEMENTS (continued)

advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $2,020.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,525	$	42,352	$	41,957	$	2,920	$	76

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .25% of the Fund’s average daily net assets attributable to Class A shares. There are no distribution and servicing fees on the Advisor Class. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024, were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	74,203,764		$	56,405,431
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	1,526,485
Gross unrealized depreciation		(26,949,085	)
Net unrealized depreciation	$	(25,422,600	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 43

NOTES TO FINANCIAL STATEMENTS (continued)

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging purposes.

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging purposes.

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NOTES TO FINANCIAL STATEMENTS (continued)

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty tables below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	669,188	*	Payable for variation margin on futures	$	1,107,149
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		80,904
Total		$	750,092			$	1,107,149

* Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 45

NOTES TO FINANCIAL STATEMENTS (continued)

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain/(loss) on futures; Net change in unrealized appreciation (depreciation) on futures	$	(120,911	)	$	626,941
Foreign currency contracts	Net realized gain/(loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) on forward currency exchange contracts		(64,236	)		69,733
Total		$	(185,147	)	$	696,674

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Forward Currency Exchange Contracts:
Average principal amount of sale contracts	$	3,342,717
Futures:
Average notional amount of buy contracts	$	21,508,375
Average notional amount of sale contracts	$	21,927,299

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives

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NOTES TO FINANCIAL STATEMENTS (continued)

and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the tables.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Australia and New Zealand Banking Group Ltd.	$	80,904	$	– 0	–	$	– 0	–	$	– 0	–	$	80,904
Total	$	80,904	$	– 0	–	$	– 0	–	$	– 0	–	$	80,904	^

* The actual collateral received/pledged may be more than the amount reported due to overcollateralization.

^ Net amount represents the net receivable (payable) that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares issued in reinvestment of dividends		122			236		$	1,014		$	1,906
Shares redeemed		(218	)		– 0	–		(1,800	)		– 0	–
Net increase (decrease)		(96	)		236		$	(786	)	$	1,906

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NOTES TO FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Advisor Class
Shares sold		4,331,175			7,280,014		$	35,611,396		$	59,027,563
Shares issued in reinvestment of dividends		477,295			796,862			3,940,477			6,445,652
Shares redeemed		(2,529,773	)		(3,072,884	)		(20,639,432	)		(24,766,831	)
Net increase		2,278,697			5,003,992		$	18,912,441		$	40,706,384

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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.

ESG Risk—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund’s performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and sustainability criteria are not uniformly defined, and the Fund’s ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to factors such as specific corporate developments, interest rate sensitivity and negative perceptions of the junk bond market generally, and may be more difficult to trade than other types of securities.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns. Emerging market currencies may be more volatile and less liquid, and subject to

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NOTES TO FINANCIAL STATEMENTS (continued)

significantly greater risk of currency controls and convertibility restrictions, than currencies of developed countries.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

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NOTES TO FINANCIAL STATEMENTS (continued)

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	7,741,305		$	5,154,448
Long-term capital gains		– 0	–		79,497
Total taxable distributions paid	$	7,741,305		$	5,233,945

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NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(15,730,716	)(a)
Unrealized appreciation (depreciation)		(39,125,603	)(b)
Total accumulated earnings (deficit)	$	(54,856,319	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $15,730,716.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments and the tax treatment of callable bonds.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $4,945,258 and a net long-term capital loss carryforward of $10,785,458, which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,						May 10, 2021(a) to October 31, 2021
				2023			2022
Net asset value, beginning of period		$ 7.65			$ 7.74			$ 10.12			$ 10.00
Income From Investment Operations
Net investment income(b)(c)		.15			.26			.18			.07
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.43			(.06	)		(2.32	)		.13
Net increase (decrease) in net asset value from operations		.58			.20			(2.14	)		.20
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.29	)		(.23	)		(.08	)
Distributions from net realized gain on investment and foreign currency transactions		– 0	–		– 0	–		(.01	)		– 0	–
Total dividends and distributions		(.15	)		(.29	)		(.24	)		(.08	)
Net asset value, end of period		$ 8.08			$ 7.65			$ 7.74			$ 10.12
Total Return
Total investment return based on net asset value(d)		7.55	%		2.42	%		(21.48	)%		2.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$62			$59			$58			$74
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.85	%(e)		.85	%		.85	%		.85	%(e)
Expenses, before waivers/reimbursements		.89	%(e)		.92	%		.97	%		1.14	%(e)
Net investment income(c)		3.64	%(e)		3.20	%		2.04	%		1.47	%(e)
Portfolio turnover rate		24	%		30	%		25	%		31	%

See footnote summary on page 54.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,						May 10, 2021(a) to October 31, 2021
				2023			2022
Net asset value, beginning of period		$ 7.65			$ 7.74			$ 10.12			$ 10.00
Income From Investment Operations
Net investment income(b)(c)		.16			.28			.21			.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.43			(.06	)		(2.33	)		.13
Net increase (decrease) in net asset value from operations		.59			.22			(2.12	)		.21
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.31	)		(.25	)		(.09	)
Distributions from net realized gain on investment and foreign currency transactions		– 0	–		– 0	–		(.01	)		– 0	–
Total dividends and distributions		(.16	)		(.31	)		(.26	)		(.09	)
Net asset value, end of period		$ 8.08			$ 7.65			$ 7.74			$ 10.12
Total Return
Total investment return based on net asset value(d)		7.69	%		2.67	%		(21.29	)%		2.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$243,861			$213,281			$177,086			$169,185
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.60	%(e)		.60	%		.60	%		.60	%(e)
Expenses, before waivers/reimbursements		.64	%(e)		.67	%		.72	%		.93	%(e)
Net investment income(c)		3.89	%(e)		3.46	%		2.31	%		1.69	%(e)
Portfolio turnover rate		24	%		30	%		25	%		31	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of expenses waived/reimbursed by the Adviser.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charge or contingent deferred sales charge is not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return for a period of less than one year is not annualized.

(e) Annualized.

See notes to financial statements.

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BOARD OF DIRECTORS

Garry L. Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Gershon M. Distenfeld⁽²⁾, Vice President Timothy Kurpis⁽²⁾, Vice President Tiffanie Wong⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent Brown Brothers Harriman & Co. 50 Post Office Square Boston, MA 02110   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672   Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Sustainable Thematic Credit Team. Messrs. Distenfeld and Kurpis and Ms. Wong are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

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Operation and Effectiveness of the Funds’ Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Funds’ LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Sustainable Thematic Credit Portfolio (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business

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judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and may from time to time propose changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2021 and calendar year 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information for this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to the subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the

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Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed. 

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors received detailed performance information for the Fund at each regular Board meeting since the Fund’s inception.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-year period ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was above the median.

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The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view the expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s ratio was above a median. After reviewing and

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO  ^| 61

discussing the Adviser’s explanation of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

62 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

abfunds.com AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO^| 63

NOTES

64 ^| AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO abfunds.com

AB SUSTAINABLE THEMATIC CREDIT PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

STC-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO

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

Dear Shareholder,

We’re pleased to provide this report for the AB Tax-Aware Fixed Income Opportunities 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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO^| 1

SEMI-ANNUAL REPORT

June 27, 2024

This report provides management’s discussion of fund performance for the AB Tax-Aware Fixed Income Opportunities Portfolio for the semi-annual reporting period ended April 30, 2024.

The investment objective of the Fund is to seek to maximize after-tax return and income.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO
Class A Shares		8.63%		3.07%
Class C Shares		8.23%		2.30%
Advisor Class Shares1		8.66%		3.34%
Bloomberg Municipal Bond Index		7.06%		2.08%

1 Please note that this share class is 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 with its benchmark, the Bloomberg Municipal Bond Index, for the six- and 12-month periods ended April 30, 2024.

For the six-month period, all share classes outperformed the benchmark, before sales charges. Security selection within the special tax and multi-family housing sectors contributed, relative to the benchmark, while selection within senior living and industrial development detracted. In addition, the Fund was overweight to the long end of the yield-curve, which contributed to performance. Lastly, an overweight to lower-rated (noninvestment-grade) bonds, which is fully composed of investment-grade bonds contributed for the period.

For the 12-month period, all share classes outperformed the benchmark. Security selection within the multi-family housing and special tax sectors contributed, while selection within electric utility and industrial development detracted. In addition, the Fund was overweight to the long end of the yield-curve, which contributed to performance. Lastly, an overweight to lower-rated (noninvestment-grade) bonds, which is fully composed of investment-grade bonds contributed for the period.

2 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

The Fund used derivatives in the form of interest rate swaps for hedging purposes, which had no material impact on absolute performance for the six-month period and added for the 12-month period. Credit default swaps were used for hedging and investment purposes, which had no material impact over both periods. Municipal market data rate locks were used for investment purposes, which added for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

For the six-month period ended April 30, 2024, the yield on a 10-Year 5% coupon AAA municipal bond fell to 2.81% from 3.61% and the yield on the 10-Year US Treasury fell to 4.69% from 4.92%. After-tax spreads tightened materially across the curve indicating municipals became expensive relative to Treasuries. Performance was particularly strong for the first two months of this period however worries about a reacceleration of inflation during the subsequent 4 months of the reporting period dampened the overall return.

The Fund’s Senior Investment Management Team (the “Team”) continues to seek investments in attractive after-tax returns such as municipal and taxable fixed-income, and selective below investment-grade bonds. The Team seeks to manage interest-rate exposure by focusing on lower-rated municipal and corporate bonds.

The Fund may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company’s rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of April 30, 2024, the Fund’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity were 6.47% and 0.00%, respectively.

INVESTMENT POLICIES

The Fund pursues its objective by investing principally in a national portfolio of both municipal and taxable fixed-income securities. The Fund invests, under normal circumstances, at least 80% of its net assets, including any borrowing for investment purposes, in income-

(continued on next page)

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 3

producing securities. The Fund also normally invests at least 65% of its total assets in investment grade debt securities of various types. Under normal circumstances, the Fund will typically maintain a dollar-weighted average duration of less than three years, although it may invest in securities of any duration or maturity.

The Fund may invest in non-government fixed-income securities, including corporate debt securities, non-government mortgage-backed and other asset-backed securities, certificates of deposit and commercial paper. The Fund also invests in securities of U.S. and foreign governments and their agencies and instrumentalities (including mortgage-backed securities), derivatives related to such securities, and repurchase agreements relating to U.S. Government securities. The Fund may invest up to 35% of its net assets in below investment grade securities (commonly known as “junk bonds”). The Fund’s investments in foreign securities may include both government and corporate securities, and securities of emerging market countries or of issuers in emerging markets.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risks and return characteristics as well as the securities’ impact on the overall risks and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

The Fund may utilize derivatives, such as options, futures contracts, forwards and swaps. The Fund may, for example, use interest rate futures contracts and swaps to establish exposure to the fixed-income markets or particular fixed-income securities. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund’s exposure. The Fund may also enter into transactions such as reverse repurchase agreements that are similar to borrowings for investment purposes. The Fund’s use of derivatives and these borrowing transactions may create aggregate exposure that is substantially in excess of its net assets, effectively leveraging the Fund.

The Adviser may hedge the foreign currency exposure resulting from the Fund’s security positions, and may take long or short positions in currencies, through the use of currency-related derivatives.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg Municipal Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Municipal Bond Index represents the performance of the long-term tax-exempt bond market consisting of investment-grade bonds. 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 market or markets in which the Fund invests 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.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

Municipal Market Risk: This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 5

DISCLOSURES AND RISKS (continued)

earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer’s ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may worsen, adversely affecting the performance of the Fund. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The Fund invests, from time to time, in the municipal securities of Puerto Rico or other US territories and their governmental agencies and municipalities, which are exempt from federal, state, and, where applicable, local income taxes. These municipal securities may have more risks than those of other US issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment, worsened by the spread of COVID-19 and the adverse effect that related governmental and public responses have had on Puerto Rico’s economy. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk: From time to time, the US government and the US Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value (“NAV”) could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax-exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.

6 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

DISCLOSURES AND RISKS (continued)

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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 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. Municipal securities may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

Leverage Risk: To the extent the Fund uses leveraging techniques, its 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.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 7

DISCLOSURES AND RISKS (continued)

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 and other risks are more 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.

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 3% 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 their different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.

8 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1		Taxable Equivalent Yields2
CLASS A SHARES						3.38%		5.20%
1 Year		3.07%		0.02%
5 Years		1.86%		1.24%
10 Years		2.55%		2.24%
CLASS C SHARES						2.73%		4.20%
1 Year		2.30%		1.31%
5 Years		1.10%		1.10%
10 Years3		1.79%		1.79%
ADVISOR CLASS SHARES4						3.73%		5.74%
1 Year		3.34%		3.34%
5 Years		2.12%		2.12%
10 Years		2.80%		2.80%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.00%, 1.75% and 0.75% for Class A, Class C and Advisor Class 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 ratios, exclusive of expenses associated with securities sold short, acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, brokerage commissions and other transaction costs, to 0.75%, 1.50% and 0.50% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursements may not be terminated prior to January 31, 2025, 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 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

2 Taxable equivalent yields are based on SEC yields and a 35% marginal federal income tax rate and maximum state taxes where applicable.

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

4 This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is 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.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 9

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		1.87%
5 Years		1.65%
10 Years		2.49%
CLASS C SHARES
1 Year		3.20%
5 Years		1.52%
10 Years1		2.04%
ADVISOR CLASS SHARES2
1 Year		5.25%
5 Years		2.54%
10 Years		3.06%

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

2 Please note that this share class is 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.

10 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you 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, 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 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 also 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.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO^| 11

EXPENSE EXAMPLE (continued)

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,086.30	$	5.45		1.05	%
Hypothetical**	$	1,000	$	1,019.64	$	5.27		1.05	%
Class C
Actual	$	1,000	$	1,082.30	$	9.32		1.80	%
Hypothetical**	$	1,000	$	1,015.91	$	9.02		1.80	%
Advisor Class
Actual	$	1,000	$	1,086.60	$	4.15		0.80	%
Hypothetical**	$	1,000	$	1,020.89	$	4.02		0.80	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

12 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $582.5

1 The Fund’s quality rating and state breakdowns are expressed as a percentage of the Fund’s total investments in municipal securities 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). The quality ratings are determined by using the S&P Global Ratings (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”) and Fitch Ratings, Ltd. (“Fitch”). The Fund considers the credit ratings issued by S&P, Moody’s and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer’s financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the Pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment-grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments, such as equities, currency contracts, futures and options. If applicable, the

(footnotes continued on next page)

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 13

PORTFOLIO SUMMARY (continued)

April 30, 2024 (unaudited)

Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.

2 “Other” represents less than 2.1% in 33 different states, American Samoa, District of Columbia and Guam.

14 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

	Principal Amount (000)		U.S. $ Value
MUNICIPAL OBLIGATIONS – 105.0%
Long-Term Municipal Bonds – 101.5%
Alabama – 6.4%
Black Belt Energy Gas District (Apollo Global Management, Inc.) Series 2024-A 5.25%, 05/01/2055	$	2,000	$	2,141,047
Black Belt Energy Gas District (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.25%, 01/01/2054		2,000		2,115,355
Series 2023-D 5.408% (SOFR + 1.85%), 06/01/2049(a)(b)		10,000		10,121,744
Series 2022-F 5.50%, 11/01/2053		2,000		2,106,376
Black Belt Energy Gas District (Nomura Holdings, Inc.) Series 2022-A 4.00%, 12/01/2052		1,000		980,245
County of Jefferson AL Sewer Revenue Series 2024 5.50%, 10/01/2053		1,000		1,068,693
Southeast Alabama Gas Supply District (The) (Pacific Mutual Holding Co.) Series 2024-A 5.00%, 08/01/2054		2,000		2,111,891
Southeast Alabama Gas Supply District (The) (Pre-refunded – US Govt Agencies) Series 2018-A 4.00%, 06/01/2049		2,000		1,999,439
Southeast Energy Authority A Cooperative District (Morgan Stanley) Series 2022-A 5.50%, 01/01/2053		1,000		1,058,711
5.978% (SOFR + 2.42%), 01/01/2053(b)		2,000		2,082,665
Southeast Energy Authority A Cooperative District (Royal Bank of Canada) Series 2023-B 5.00%, 01/01/2054		10,000		10,514,285
Southeast Energy Authority A Cooperative District (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 01/01/2054		1,000		1,049,784
				37,350,235

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 15

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Alaska – 1.1%
Alaska Housing Finance Corp. (Pre-refunded – Others) Series 2023 4.39%, 07/01/2026(c)	$	2,000	$	2,005,265
Municipality of Anchorage AK Solid Waste Services Revenue Series 2022-A 5.25%, 11/01/2062		4,000		4,183,097
				6,188,362
American Samoa – 0.0%
American Samoa Economic Development Authority (Territory of American Samoa) Series 2018 7.125%, 09/01/2038(c)		135		145,237
Arizona – 1.9%
Arizona Industrial Development Authority (Heritage Academy Laveen & Gateway Obligated Group) Series 2021 5.00%, 07/01/2051(c)		1,000		863,073
Arizona Industrial Development Authority (KIPP NYC Public Charter Schools) Series 2021-B 4.00%, 07/01/2061		1,000		784,078
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050(d)(e)(f)		1,000		60,000
Arizona Industrial Development Authority (Pinecrest Academy of Nevada) Series 2020-A 4.00%, 07/15/2050(c)		100		78,483
Chandler Industrial Development Authority (Intel Corp.) Series 2022 5.00%, 09/01/2042		2,000		2,042,265
City of Glendale AZ (City of Glendale AZ COP) Series 2021 2.222%, 07/01/2030		1,000		846,620
City of Tempe AZ (City of Tempe AZ COP) Series 2021 2.521%, 07/01/2036		1,000		730,766

16 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Industrial Development Authority of the City of Phoenix Arizona (The) (GreatHearts Arizona Obligated Group) Series 2014 5.00%, 07/01/2044	$	100	$	93,111
Industrial Development Authority of the County of Pima (The) (La Posada at Park Centre, Inc. Obligated Group) Series 2022 6.75%, 11/15/2042(c)		250		267,890
7.00%, 11/15/2057(c)		250		264,962
Maricopa County Industrial Development Authority (Commercial Metals Co.) Series 2022 4.00%, 10/15/2047(c)		600		513,465
Maricopa County Industrial Development Authority (HonorHealth Obligated Group) Series 2024-D 5.00%, 12/01/2042(g)		1,000		1,052,969
Maricopa County Unified School District No. 97-Deer Valley/AZ Series 2022 5.00%, 07/01/2024		1,075		1,076,730
Salt Verde Financial Corp. (Citigroup, Inc.) Series 2007 5.00%, 12/01/2032		2,000		2,103,017
				10,777,429
Arkansas – 0.3%
Arkansas Development Finance Authority (Hybar LLC) Series 2024 7.375%, 07/01/2048(c)		1,300		1,414,144
Arkansas Development Finance Authority (United States Steel Corp.) Series 2022 5.45%, 09/01/2052		200		202,222
				1,616,366
California – 12.2%
Alameda Corridor Transportation Authority Series 2022-A 5.38%, 10/01/2049(h)		1,000		529,061
AGM Series 2024 Zero Coupon, 10/01/2053		1,000		233,077

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 17

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
ARC70 II TRUST  Series 2021 4.00%, 12/01/2059	$	300	$	254,422
Series 2023 4.84%, 04/01/2065(f)(i)		1,908		1,865,223
California Community Choice Financing Authority (American International Group, Inc.) Series 2023-D 5.50%, 05/01/2054		2,000		2,123,056
California Community Choice Financing Authority (Deutsche Bank AG) Series 2023 5.25%, 01/01/2054		4,445		4,637,127
California Community Choice Financing Authority (Goldman Sachs Group, Inc. (The)) Series 2023 5.00%, 12/01/2053		1,000		1,047,242
California Community Choice Financing Authority (Morgan Stanley) Series 2023 5.00%, 07/01/2053(a)		10,000		10,481,792
5.188% (SOFR + 1.63%), 07/01/2053(b)		2,000		1,997,913
California Community Housing Agency (California Community Housing Agency Aster Apartments) Series 2021-A 4.00%, 02/01/2056(c)		1,000		888,096
California Community Housing Agency (California Community Housing Agency Brio Apartments & Next on Lex Apartments) Series 2021 4.00%, 02/01/2056(c)		250		204,264
California Community Housing Agency (California Community Housing Agency Fountains at Emerald Park) Series 2021 3.00%, 08/01/2056(c)		1,000		692,352
4.00%, 08/01/2046(c)		495		406,975
California Community Housing Agency (California Community Housing Agency Summit at Sausalito Apartments) Series 2021 3.00%, 02/01/2057(c)		1,000		678,119

18 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Community Housing Agency (California Community Housing Agency Twin Creek Apartments) Series 2022 Zero Coupon, 08/01/2065(c)	$	2,500	$	146,360
5.50%, 02/01/2040(c)		1,000		931,107
California Infrastructure & Economic Development Bank (DesertXpress Enterprises LLC) Series 2024 3.95%, 01/01/2050(c)		2,550		2,549,891
California Infrastructure & Economic Development Bank (WFCS Holdings II LLC) Series 2021 Zero Coupon, 01/01/2061(c)		995		67,259
California Municipal Finance Authority (CHF-Riverside II LLC) Series 2019 5.00%, 05/15/2040		250		258,294
California Municipal Finance Authority (Samuel Merritt University) Series 2022 5.25%, 06/01/2053		1,000		1,049,054
California Pollution Control Financing Authority (Poseidon Resources Channelside LP) Series 2012 5.00%, 11/21/2045(c)		250		250,011
Series 2023 5.00%, 07/01/2035(c)		1,250		1,352,026
California Pollution Control Financing Authority (San Diego County Water Authority Desalination Project Pipeline) Series 2019 5.00%, 11/21/2045(c)		1,000		1,014,880
California School Finance Authority (Classical Academy Obligated Group) Series 2022 5.00%, 10/01/2052(c)		1,000		933,592
California State Public Works Board (State of California Department of General Services Lease) Series 2024 5.00%, 04/01/2043		2,000		2,199,688

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 19

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
California Statewide Communities Development Authority (Enloe Medical Center Obligated Group) AGM Series 2022-A 5.375%, 08/15/2057	$	1,000	$	1,068,072
City of Los Angeles CA Series 2023 5.00%, 06/27/2024		2,500		2,503,852
City of Los Angeles Department of Airports Series 2020-C 5.00%, 05/15/2039		1,000		1,051,538
Series 2022 5.25%, 05/15/2047		2,000		2,128,601
CMFA Special Finance Agency (CMFA Special Finance Agency Enclave) Series 2022-A 4.00%, 08/01/2058(c)		400		304,899
CMFA Special Finance Agency (CMFA Special Finance Agency Latitude33) Series 2021-A 3.00%, 12/01/2056(c)		500		343,061
CMFA Special Finance Agency (CMFA Special Finance Agency Solana at Grand) Series 2021-A 4.00%, 08/01/2056(c)		1,000		849,099
CMFA Special Finance Agency VIII Elan Huntington Beach Series 2021 3.00%, 08/01/2056(c)		1,000		661,146
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 777 Place-Pomona) Series 2021 3.25%, 05/01/2057(c)		500		343,975
4.00%, 05/01/2057(c)		350		247,997
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority 1818 Platinum Triangle-Anaheim) Series 2021 3.25%, 04/01/2057(c)		500		351,340
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Acacia on Santa Rosa Creek) Series 2021 4.00%, 10/01/2056(c)		1,000		841,720

20 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Altana Apartments) Series 2021 4.00%, 10/01/2056(c)	$	200	$	151,662
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Crescent) Series 2022 4.30%, 07/01/2059(c)		500		413,080
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) Series 2021 3.25%, 07/01/2056(c)		1,000		677,911
4.00%, 07/01/2058(c)		200		134,513
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Oceanaire Apartments) Series 2021 4.00%, 09/01/2056(c)		200		143,118
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Park Crossing Apartments) Series 2021 3.25%, 12/01/2058(c)		800		530,078
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Pasadena Portfolio) Series 2021 3.00%, 12/01/2056(c)		1,000		686,121
4.00%, 12/01/2056(c)		400		290,544
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Union South Bay) Series 2021-A2 4.00%, 07/01/2056(c)		1,000		754,174
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Vineyard Gardens Apartments) Series 2021 3.25%, 10/01/2058(c)		1,000		671,391
CSCDA Community Improvement Authority (CSCDA Community Improvement Authority Waterscape Apartments) Series 2021-A 3.00%, 09/01/2056(c)		1,000		677,364

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 21

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Golden State Tobacco Securitization Corp. Series 2021 3.85%, 06/01/2050	$	895	$	816,360
Series 2021-B Zero Coupon, 06/01/2066		5,000		505,640
Los Angeles Unified School District/CA Series 2019-A 5.00%, 07/01/2024		1,615		1,618,081
Series 2024-A 5.00%, 07/01/2031		3,000		3,405,667
Northern California Energy Authority (Pacific Mutual Holding Co.) Series 2024 5.00%, 12/01/2054		2,000		2,117,129
River Islands Public Financing Authority (River Islands Public Financing Authority Community Facilities District No. 2003-1) Series 2022 5.75%, 09/01/2052		1,000		1,001,632
San Diego Unified School District/CA Series 2023 4.00%, 07/01/2053		1,000		978,727
San Francisco Intl Airport Series 2019-A 5.00%, 05/01/2044		1,000		1,026,973
Series 2023-E 5.50%, 05/01/2040		1,315		1,460,754
State of California Series 2023 5.00%, 09/01/2043		5,000		5,520,110
Tobacco Securitization Authority of Northern California (Sacramento County Tobacco Securitization Corp.) Series 2021 Zero Coupon, 06/01/2060		200		32,387
Tobacco Securitization Authority of Southern California (San Diego County Tobacco Asset Securitization Corp.) Series 2006 Zero Coupon, 06/01/2046		1,000		208,410
				71,308,007
Colorado – 1.2%
Aurora Highlands Community Authority Board Series 2021-A 5.75%, 12/01/2051		500		447,896

22 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Centerra Metropolitan District No. 1 Series 2022 6.50%, 12/01/2053	$	500	$	505,163
City & County of Denver Co. (United Airlines, Inc.) Series 2017 5.00%, 10/01/2032		615		613,985
Colorado Educational & Cultural Facilities Authority (James Irwin Educational Foundation Obligated Group) Series 2022 5.00%, 09/01/2062		1,000		935,086
Colorado Educational & Cultural Facilities Authority (Lighthouse Building Corp.) Series 2021 4.00%, 10/01/2061		1,000		725,871
Colorado Health Facilities Authority (Aberdeen Ridge, Inc. Obligated Group) Series 2021-A 5.00%, 05/15/2049		100		64,977
Colorado Health Facilities Authority (Christian Living Neighborhoods Obligated Group) Series 2021 4.00%, 01/01/2042		250		212,492
Colorado Health Facilities Authority (Frasier Meadows Manor, Inc. Obligated Group) Series 2023-2 4.00%, 05/15/2041		100		87,162
Colorado Health Facilities Authority (Pre-refunded – US Treasuries) Series 2015-B 5.00%, 09/01/2030		200		203,784
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041(d)(e)(f)		250		184,952
E-470 Public Highway Authority Series 2021-B 3.914% (SOFR + 0.35%), 09/01/2039(b)		1,000		998,437
Four Corners Business Improvement District Series 2022 6.00%, 12/01/2052		500		458,356

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 23

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Johnstown Plaza Metropolitan District Series 2022 4.25%, 12/01/2046	$	564	$	456,817
Platte River Metropolitan District Series 2023-A 6.50%, 08/01/2053(c)		250		253,983
Sterling Ranch Community Authority Board (Sterling Ranch Metropolitan District No. 3) Series 2022 6.50%, 12/01/2042		500		523,387
Vauxmont Metropolitan District AGM Series 2019 5.00%, 12/15/2028		380		394,187
AGM Series 2020 5.00%, 12/01/2050		100		102,968
				7,169,503
Connecticut – 1.1%
City of Danbury CT Series 2021-B 4.00%, 07/15/2024		1,020		1,019,772
City of New Haven CT Series 2018-A 5.50%, 08/01/2038		615		648,631
Connecticut State Health & Educational Facilities Authority (Yale University) Series 2023-A 2.80%, 07/01/2048		2,200		2,153,156
State of Connecticut Special Tax Revenue Series 2022-A 5.00%, 07/01/2024		2,585		2,589,789
Town of Hamden CT (Whitney Center, Inc. Obligated Group) Series 2022-A 7.00%, 01/01/2053		100		105,495
				6,516,843
District of Columbia – 1.1%
District of Columbia Income Tax Revenue Series 2024-A 5.00%, 10/01/2037		3,500		4,038,789
District of Columbia Tobacco Settlement Financing Corp. Series 2006 Zero Coupon, 06/15/2055		2,500		257,660
Metropolitan Washington Airports Authority Aviation Revenue Series 2015-A 5.00%, 10/01/2034		2,000		2,005,403
				6,301,852

24 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida – 5.0%
Align Affordable Housing Bond Fund LP (SHI – Lake Worth LLC) Series 2021 3.25%, 12/01/2051(c)	$	1,000	$	879,214
Bexley Community Development District Series 2016 4.875%, 05/01/2047		100		93,660
Capital Trust Agency, Inc. (Educational Growth Fund LLC) Series 2021 Zero Coupon, 07/01/2061(c)		2,000		124,570
5.00%, 07/01/2056(c)		1,090		995,854
City of Palmetto FL (Renaissance Arts and Education, Inc.) Series 2022 5.375%, 06/01/2057		1,000		1,005,229
City of Tampa FL (State of Florida Cigarette Tax Revenue) Series 2020-A Zero Coupon, 09/01/2053		1,000		216,696
County of Lake FL (Waterman Communities, Inc.) Series 2020 5.75%, 08/15/2055		200		180,265
County of Miami-Dade FL (County of Miami-Dade FL Non-Ad Valorem) Series 2015-A 5.00%, 06/01/2028		780		789,577
County of Miami-Dade FL Aviation Revenue Series 2015-A 5.00%, 10/01/2031		265		267,912
County of Osceola FL Transportation Revenue Series 2020-A Zero Coupon, 10/01/2036		230		126,744
County of Palm Beach FL (Provident Group-PBAU Properties LLC) Series 2019 5.00%, 04/01/2051(c)		1,000		954,443
County of Pasco FL (H Lee Moffitt Cancer Center & Research Institute Obligated Group) Series 2023 5.00%, 07/01/2030(c)		3,000		3,246,004
Escambia County Housing Finance Authority (4900 S. Rio Grande Avenue LP) Series 2023-A 6.88%, 11/01/2053(c)		100		107,258
Series 2023-B 6.45%, 05/01/2027(c)		275		280,976

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 25

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Florida Development Finance Corp. (Assistance Unlimited, Inc.) Series 2022 6.00%, 08/15/2057(c)	$	350	$	337,273
Florida Development Finance Corp. (Brightline Trains Florida LLC) Series 2020 7.375%, 01/01/2049(c)		695		743,631
Series 2024 5.00%, 07/01/2037(g)		500		520,103
AGM Series 2024 5.25%, 07/01/2047(g)		2,500		2,632,827
Florida Development Finance Corp. (Cornerstone Charter Academy, Inc. Obligated Group) Series 2022 5.00%, 10/01/2042(c)		1,000		965,974
Florida Development Finance Corp. (Drs Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.) Series 2021 4.00%, 07/01/2051(c)		100		81,508
Florida Development Finance Corp. (IDEA Florida, Inc.) Series 2022 5.25%, 06/15/2029(c)		100		101,908
Florida Development Finance Corp. (Mater Academy, Inc.) Series 2020-A 5.00%, 06/15/2055		1,000		938,197
Florida Development Finance Corp. (Seaside School Consortium, Inc.) Series 2022 5.75%, 06/15/2047		1,000		1,016,528
Hillsborough County Aviation Authority Series 2018 5.00%, 10/01/2024		3,765		3,778,156
Lee County Industrial Development Authority/FL (Cypress Cove at Healthpark Florida Obligated Group) Series 2022 5.25%, 10/01/2052		500		424,553
Miami-Dade County Industrial Development Authority (AcadeMir Charter School Middle & Preparatory Academy Obligated Group) Series 2022 5.50%, 07/01/2061(c)		1,000		966,495

26 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
North Broward Hospital District Series 2017-B 5.00%, 01/01/2037	$	100	$	103,461
Orange County Health Facilities Authority (Presbyterian Retirement Communities, Inc. Obligated Group) Series 2023 4.00%, 08/01/2042		250		218,332
Palm Beach County Educational Facilities Authority (Palm Beach Atlantic University Obligated Group) Series 2021 4.00%, 10/01/2041		1,000		931,077
Palm Beach County Health Facilities Authority (Federation CCRC Operations Corp. Obligated Group) Series 2022 4.25%, 06/01/2056		200		155,801
Palm Beach County Health Facilities Authority (Green Cay Life Plan Village, Inc.) Series 2022 11.50%, 07/01/2027(c)		100		118,163
Palm Beach County School District (Palm Beach County School District COP) Series 2022-B 5.00%, 08/01/2024		1,050		1,052,444
Pinellas County Industrial Development Authority Series 2019 5.00%, 07/01/2039		1,000		998,563
School Board of Miami-Dade County (The) Series 2023 5.00%, 06/18/2024		3,000		3,003,124
Village Community Development District No. 13 (Village Community Development District No. 13 Phase I Series 2019 Special Assmnts) Series 2019 3.55%, 05/01/2039		605		552,555
Village Community Development District No. 15 (Village Community Development District No. 15 Series 2023 Phase I Special Asmnts) Series 2023 5.25%, 05/01/2054(c)		100		102,149
				29,011,224

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 27

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Georgia – 4.3%
Augusta Development Authority (WellStar Health System Obligated Group) Series 2018 5.00%, 07/01/2025	$	145	$	146,045
5.00%, 07/01/2031		1,065		1,117,204
DeKalb County Housing Authority (HADC Avenues LLC) Series 2023 6.17%, 06/01/2053(c)		1,000		1,003,087
7.00%, 06/01/2041(c)		230		230,683
Main Street Natural Gas, Inc. (Citadel LP) Series 2022-C 4.00%, 08/01/2052(c)		1,000		970,690
Main Street Natural Gas, Inc. (Citigroup, Inc.) Series 2019-C 4.00%, 03/01/2050		3,215		3,216,889
Series 2023-A 5.00%, 06/01/2053		3,000		3,115,695
Main Street Natural Gas, Inc. (Royal Bank of Canada) Series 2023 5.264% (SOFR + 1.70%), 12/01/2053(b)		2,000		2,029,457
Series 2023-B 5.00%, 07/01/2053		1,000		1,049,773
Main Street Natural Gas, Inc. (Toronto-Dominion Bank (The)) Series 2019-B 4.00%, 08/01/2049		2,000		2,000,265
Municipal Electric Authority of Georgia Series 2019 5.00%, 01/01/2038		100		104,173
5.00%, 01/01/2049		2,000		2,021,421
Series 2022 5.50%, 07/01/2063		1,500		1,555,516
AGM Series 2023 5.00%, 07/01/2064		1,000		1,033,858
Private Colleges & Universities Authority (Emory University) Series 2023 5.00%, 09/01/2033(c)		5,000		5,668,372
				25,263,128

28 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Guam – 0.5%
Antonio B Won Pat International Airport Authority Series 2021-A 4.46%, 10/01/2043	$	1,000	$	779,270
Guam Power Authority Series 2022-A 5.00%, 10/01/2043		500		506,764
Territory of Guam Series 2019 5.00%, 11/15/2031		175		178,050
Territory of Guam (Guam Section 30 Income Tax) Series 2016-A 5.00%, 12/01/2046		200		190,175
Territory of Guam (Territory of Guam Business Privilege Tax) Series 2021-F 5.00%, 01/01/2029		1,000		1,046,720
				2,700,979
Idaho – 0.2%
Idaho Health Facilities Authority (North Canyon Medical Center, Inc.) Series 2023 7.125%, 11/01/2057		1,000		1,022,804
Illinois – 3.4%
Chicago Board of Education Series 2012-A 5.00%, 12/01/2042		240		237,946
Series 2012-B 5.00%, 12/01/2033		1,000		996,197
Series 2019-A 5.00%, 12/01/2029		100		104,691
5.00%, 12/01/2030		100		103,768
Series 2019-B 5.00%, 12/01/2033		100		103,692
Series 2021-A 5.00%, 12/01/2033		1,000		1,046,181
Chicago O'Hare International Airport Series 2015-C 5.00%, 01/01/2034		335		336,513
County of Cook IL Series 2021-B 4.00%, 11/15/2025		1,000		1,006,923

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 29

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Illinois Finance Authority (DePaul College Prep) Series 2023 5.625%, 08/01/2053(c)	$	1,000	$	1,039,702
Illinois Finance Authority (Illinois Institute of Technology) Series 2019 4.00%, 09/01/2035		100		87,440
Illinois Finance Authority (Lake Forest College) Series 2022-A 5.50%, 10/01/2047		1,000		1,004,369
Illinois Finance Authority (NorthShore – Edward-Elmhurst Health Obligated Group) Series 2020 5.00%, 08/15/2024		1,080		1,082,382
Illinois Finance Authority (Park Place of Elmhurst Obligated Group) Series 2021 5.125%, 05/15/2060		76		40,273
Illinois Finance Authority (Silver Cross Hospital Obligated Group) Series 2015-C 5.00%, 08/15/2035		250		252,634
Illinois Housing Development Authority (Drexel Court & Lake Park East) Series 2022 5.67%, 12/01/2025(c)		1,000		1,000,313
7.17%, 11/01/2038		100		102,012
Illinois State Toll Highway Authority Series 2009 6.184%, 01/01/2034		1,000		1,032,185
Metropolitan Pier & Exposition Authority Series 2015-B 5.00%, 12/15/2045		600		603,605
Series 2017 0.00%, 12/15/2042(h)		1,000		707,549
Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority Lease) Series 2020 5.00%, 06/15/2042		640		666,966
State of Illinois Series 2010 7.35%, 07/01/2035		214		225,991

30 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2017-D 5.00%, 11/01/2026	$	930	$	959,041
Series 2018-A 5.00%, 10/01/2027		1,000		1,043,560
Series 2022-A 5.50%, 03/01/2047		1,000		1,067,778
Series 2022-C 5.50%, 10/01/2045		1,000		1,077,174
Series 2023-D 5.00%, 07/01/2024		1,690		1,692,211
State of Illinois Sales Tax Revenue Series 2021 5.00%, 06/15/2025		1,000		1,013,967
Series 2024-A 5.00%, 06/15/2025		1,000		1,013,967
				19,649,030
Indiana – 1.7%
City of Valparaiso IN (Green Oaks of Valparaiso LLC) Series 2021 5.375%, 12/01/2041(c)		150		117,058
City of Whiting IN (BP PLC) Series 2023 4.40%, 11/01/2045		1,000		1,005,767
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039(f)		1,070		736,960
Indiana Finance Authority (CWA Authority, Inc.) Series 2024 5.00%, 10/01/2045(g)		1,000		1,061,080
Indiana Finance Authority (Good Samaritan Hospital Obligated Group) Series 2022 5.00%, 04/01/2029		100		100,730
Indiana Finance Authority (Greencroft Goshen Obligated Group) Series 2021 4.00%, 11/15/2043		1,000		835,464
Series 2023-2 4.00%, 11/15/2037		100		91,077
Indiana Finance Authority (Marquette Manor) Series 2015-A 5.00%, 03/01/2030		190		190,431

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 31

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Indiana Finance Authority (Ohio Valley Electric Corp.) Series 2021-B 2.50%, 11/01/2030	$	165	$	146,528
Indiana Finance Authority (University of Evansville) Series 2022 5.25%, 09/01/2057		1,000		916,115
Indiana Housing & Community Development Authority (Vita of Marion LLC) Series 2021-A 5.25%, 04/01/2041(c)		1,000		800,144
Indianapolis Local Public Improvement Bond Bank (Pan Am Plaza Hotel) Series 2023 5.75%, 03/01/2043		330		359,963
6.00%, 03/01/2053		250		270,761
Series 2023-F 7.75%, 03/01/2067		250		264,987
BAM Series 2023 5.25%, 03/01/2067		3,000		3,155,034
				10,052,099
Iowa – 0.9%
Iowa Finance Authority Series 2022-E 4.517% (SOFR + 0.80%), 01/01/2052(b)		5,000		4,965,733
Iowa Finance Authority (Wesley Retirement Services, Inc. Obligated Group) Series 2021 4.00%, 12/01/2031		100		92,026
4.00%, 12/01/2041		170		135,901
4.00%, 12/01/2046		115		86,867
4.00%, 12/01/2051		205		149,168
				5,429,695
Kansas – 0.2%
City of Colby KS (Citizens Medical Center, Inc.) Series 2024 5.50%, 07/01/2026		1,000		997,108
City of Overland Park KS Sales Tax Revenue Series 2022 6.00%, 11/15/2034(c)		100		103,162
6.50%, 11/15/2042(c)		300		304,354
				1,404,624

32 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Kentucky – 0.9%
City of Ashland KY (Royal Blue Health LLC Obligated Group) Series 2019 4.00%, 02/01/2034	$	385	$	376,969
City of Henderson KY (Pratt Paper KY LLC) Series 2022 3.70%, 01/01/2032(c)		295		284,844
Kentucky Economic Development Finance Authority (Baptist Healthcare System Obligated Group) Series 2017-B 5.00%, 08/15/2037		175		179,590
Kentucky Economic Development Finance Authority (Carmel Manor, Inc.) Series 2022 4.50%, 10/01/2027		1,000		991,858
Kentucky Economic Development Finance Authority (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2039		160		153,559
Kentucky Economic Development Finance Authority (Masonic Homes of Kentucky, Inc. Obligated Group) Series 2012 5.375%, 11/15/2042		65		52,114
Kentucky Economic Development Finance Authority (Owensboro Health, Inc. Obligated Group) Series 2017-A 5.00%, 06/01/2037		425		431,268
Kentucky Housing Corp. (Churchill Park LLLP) Series 2022-A 4.65%, 05/01/2025(c)		130		129,800
5.75%, 11/01/2040(c)		600		603,049
Series 2022-B 6.75%, 11/01/2040(c)		100		100,486
Kentucky Public Energy Authority (BP PLC) Series 2018-B 4.00%, 01/01/2049		1,000		999,619
Series 2020-A 4.00%, 12/01/2050		600		595,244

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 33

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisville/Jefferson County Metropolitan Government (Norton Healthcare Obligated Group) Series 2016 5.00%, 10/01/2033	$	225	$	229,914
				5,128,314
Louisiana – 2.5%
City of New Orleans LA Sewerage Service Revenue (Pre-refunded – US Treasuries) Series 2014 5.00%, 06/01/2044		2,000		2,001,426
City of New Orleans LA Water System Revenue (Pre-refunded – US Govt Agencies) Series 2014 5.00%, 12/01/2034		100		100,678
Louisiana Local Government Environmental Facilities & Community Development Auth (American BioCarbon CT LLC) Series 2024 4.00%, 12/01/2046		5,000		4,995,859
Louisiana Local Government Environmental Facilities & Community Development Auth (Louisiana Utilities Restoration Corp. ELL System Restoration Revenue) Series 2023 5.048%, 12/01/2034		1,000		981,758
Louisiana Local Government Environmental Facilities & Community Development Auth (Woman's Hospital Foundation) Series 2017 5.00%, 10/01/2036		675		694,291
Louisiana Public Facilities Authority (ElementUS Minerals LLC) Series 2023 5.00%, 10/01/2043(c)		2,000		2,009,394
Louisiana Public Facilities Authority (Geo Prep Mid-City of Greater Baton Rouge) Series 2022 6.125%, 06/01/2052(c)		1,025		1,041,659
Louisiana Public Facilities Authority (Louisiana Pellets, Inc.) Series 2014-A 7.50%, 07/01/2023(d)(j)		250		3

34 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Louisiana Public Facilities Authority (Louisiana State University & Agricultural & Mechanical College Auxiliary Revenue) Series 2019 5.00%, 07/01/2059	$	1,335	$	1,337,169
New Orleans Aviation Board Series 2017-B 5.00%, 01/01/2043		215		217,106
State of Louisiana Gasoline & Fuels Tax Revenue Series 2022-A 4.224% (SOFR + 0.50%), 05/01/2043(b)		980		961,797
				14,341,140
Maine – 0.0%
Finance Authority of Maine (Casella Waste Systems, Inc.) Series 2017 5.25%, 01/01/2025(c)		100		100,209
Maryland – 1.2%
Maryland Economic Development Corp. (Air Cargo Obligated Group) Series 2019 4.00%, 07/01/2044		600		526,879
Maryland Economic Development Corp. (Maryland Economic Development Corp. Morgan View & Thurgood Marshall Student Hsg) Series 2022 6.00%, 07/01/2058		1,000		1,089,175
Maryland Economic Development Corp. (Purple Line Transit Partners LLC) Series 2022 5.25%, 06/30/2052		1,000		1,025,779
Maryland Health & Higher Educational Facilities Authority (Adventist Healthcare Obligated Group) Series 2021 5.00%, 01/01/2036		500		508,320
Maryland Stadium Authority (Baltimore City Public School Construction Financing Fund) Series 2020 5.00%, 05/01/2050		1,500		1,623,588
State of Maryland Series 2017-B 5.00%, 08/01/2025		1,000		1,019,592

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 35

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
State of Maryland Department of Transportation Series 2017 5.00%, 09/01/2025	$	1,000	$	1,021,087
				6,814,420
Massachusetts – 1.1%
Commonwealth of Massachusetts Series 2018-B 5.00%, 07/01/2024		2,000		2,003,738
Series 2024-A 5.00%, 01/01/2040		1,000		1,121,120
Commonwealth of Massachusetts Transportation Fund Revenue Series 2023-B 5.00%, 06/01/2051		2,000		2,136,315
Massachusetts Water Resources Authority (Pre-refunded – US Treasuries) Series 2014-D 5.00%, 08/01/2024		1,195		1,198,627
				6,459,800
Michigan – 1.8%
City of Detroit MI Series 2014-B 4.00%, 04/01/2044(h)		245		186,306
Series 2018 5.00%, 04/01/2038		75		76,218
Series 2021-A 5.00%, 04/01/2046		2,000		2,009,427
Series 2021-B 3.644%, 04/01/2034		200		164,167
Series 2023-A 5.25%, 05/01/2026		1,000		1,020,995
City of Detroit MI Sewage Disposal System Revenue (Great Lakes Water Authority Sewage Disposal System Revenue) AGM Series 2006-D 4.328% (CME Term SOFR 3 Month + 0.60%), 07/01/2032(b)		1,000		957,916
Michigan Finance Authority (City of Detroit MI Income Tax) Series 2015 4.00%, 10/01/2024		1,010		1,008,234
Michigan Finance Authority (Corewell Health Obligated Group) Series 2016 5.00%, 11/01/2044		1,000		1,010,261

36 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Michigan Finance Authority (Michigan Finance Authority Tobacco Settlement Revenue) Series 2020-A 3.267%, 06/01/2039	$	1,000	$	902,659
Michigan Finance Authority (Trinity Health Corp.) Series 2015 5.00%, 12/01/2024		1,000		1,005,919
Michigan Strategic Fund (Michigan Strategic Fund – I 75 Improvement Project) AGM Series 2018 4.125%, 06/30/2035		1,610		1,600,972
Michigan Tobacco Settlement Finance Authority (Tobacco Settlement Financing Corp./MI) Series 2008-C Zero Coupon, 06/01/2058		7,750		264,673
				10,207,747
Minnesota – 0.5%
City of Brooklyn Park MN (Brooklyn Park AH I LLLP) Series 2023 6.205%, 01/01/2042(c)(h)		1,000		1,018,796
City of Columbus MN (Adalyn Avenue LLLP) Series 2023 5.98%, 12/01/2041(c)		1,000		1,003,556
Dakota County Community Development Agency (Rosemont AH I LLLP) Series 2023 5.30%, 07/01/2028(c)		215		215,053
5.66%, 07/01/2041(c)		585		585,778
Duluth Economic Development Authority (Benedictine Health System Obligated Group) Series 2021 4.00%, 07/01/2036		100		86,576
4.00%, 07/01/2041		100		79,017
Housing & Redevelopment Authority of The City of St. Paul Minnesota (Minnesota Math & Science Academy) Series 2021 4.00%, 06/01/2051(c)		100		68,047
4.00%, 06/01/2056(c)		100		65,657
				3,122,480

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 37

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Mississippi – 0.3%
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029(f)	$	500	$	490,125
Mississippi Development Bank (Magnolia Regional Health Center) Series 2021 4.00%, 10/01/2035(c)		1,000		903,186
Mississippi Hospital Equipment & Facilities Authority (Baptist Memorial Health Care Obligated Group) Series 2016-A 5.00%, 09/01/2036		250		253,067
				1,646,378
Missouri – 0.4%
County of Jackson MO Series 2014 5.00%, 12/01/2024		1,010		1,015,901
Kansas City Industrial Development Authority (Platte Purchase Project) Series 2019 5.00%, 07/01/2040(c)		170		148,685
Lee's Summit Industrial Development Authority (John Knox Village Obligated Group) Series 2021-A 5.00%, 08/15/2056		300		257,765
Missouri Highway & Transportation Commission Series 2019-B 5.00%, 11/01/2025		1,000		1,024,029
Taney County Industrial Development Authority (Taney County Industrial Development Authority Lease) Series 2023 6.00%, 10/01/2049(c)		100		97,020
				2,543,400
Nebraska – 0.2%
Central Plains Energy Project (Bank of Montreal) Series 2023-A 5.00%, 05/01/2054		1,000		1,042,471

38 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Nevada – 0.7%
City of Reno NV (County of Washoe NV Sales Tax Revenue) Series 2018-C Zero Coupon, 07/01/2058(c)	$	2,000	$	252,872
City of Sparks NV (City of Sparks NV Sales Tax) Series 2019-A 2.75%, 06/15/2028(c)		415		395,260
County of Clark NV Series 2017 5.00%, 07/01/2024		1,610		1,612,591
State of Nevada
Series 2015-D 5.00%, 04/01/2027		1,000		1,013,142
State of Nevada Department of Business & Industry (DesertXpress Enterprises LLC) Series 2023 8.125%, 01/01/2050(c)		770		790,438
				4,064,303
New Hampshire – 0.6%
New Hampshire Business Finance Authority Series 2022-1, Class A 4.375%, 09/20/2036		1,953		1,883,971
Series 2022-2, Class A 4.00%, 10/20/2036		980		914,561
Series 2024-1, Class A 4.25%, 07/20/2041		659		641,355
Series 2024-2 0.55%, 07/01/2051		852		33,366
				3,473,253
New Jersey – 6.3%
City of Hoboken NJ Series 2024-A 4.00%, 03/12/2025		4,000		4,010,743
Essex County Improvement Authority (Friends of TEAM Academy Charter School Obligated Group) Series 2021 4.00%, 06/15/2051		1,100		921,470
Gloucester County Improvement Authority (The) (Rowan University) BAM Series 2015-B 5.00%, 07/01/2024		1,220		1,221,844

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 39

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Jersey Economic Development Authority (New Jersey Economic Development Authority State Lease) Series 2023 5.398%, 03/01/2033	$	1,000	$	989,565
New Jersey Economic Development Authority (New Jersey-American Water Co., Inc.) Series 2023 3.75%, 11/01/2034		1,000		987,378
New Jersey Economic Development Authority (State of New Jersey) Series 2024-S 5.00%, 06/15/2026		1,000		1,028,157
5.00%, 06/15/2034		1,000		1,146,847
New Jersey Economic Development Authority (United Airlines, Inc.) Series 2012 5.25%, 09/15/2029		210		210,302
New Jersey Educational Facilities Authority (Stevens Institute of Technology International, Inc.)
Series 2020-A 5.00%, 07/01/2045		100		101,384
New Jersey Health Care Facilities Financing Authority (Inspira Health Obligated Group) Series 2017-A 5.00%, 07/01/2036		280		289,635
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) Series 2016 5.00%, 06/15/2029		550		563,979
Series 2018-A 5.00%, 06/15/2024		1,085		1,086,099
New Jersey Transportation Trust Fund Authority (New Jersey Transportation Trust Fund Authority State Lease) Series 2014-A 5.00%, 06/15/2024		3,000		3,002,734
Series 2018-A 5.00%, 12/15/2024		1,975		1,987,730
5.00%, 12/15/2035		340		360,678
Series 2019 5.00%, 12/15/2024		2,000		2,013,198
Series 2023-B 5.00%, 06/15/2040		1,250		1,366,785

40 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
AGM Series 2006-C Zero Coupon, 12/15/2033	$	2,000	$	1,403,969
New Jersey Turnpike Authority Series 2017-B 5.00%, 01/01/2032		540		574,033
Series 2024-A 4.00%, 01/01/2035(g)		1,500		1,588,043
5.00%, 01/01/2027(g)		1,000		1,039,243
5.00%, 01/01/2032(g)		1,000		1,117,167
5.00%, 01/01/2033(g)		1,000		1,130,152
South Jersey Transportation Authority BAM Series 2022 5.25%, 11/01/2052		1,000		1,066,106
State of New Jersey Series 2020 5.00%, 06/01/2025		2,000		2,031,064
Tobacco Settlement Financing Corp./NJ Series 2018-B 5.00%, 06/01/2046		3,260		3,290,949
Township of Woodbridge NJ Series 2024 4.00%, 03/14/2025		2,000		2,005,928
				36,535,182
New Mexico – 0.5%
City of Albuquerque NM Series 2020-A 5.00%, 07/01/2024		1,000		1,001,692
Series 2023-A 5.00%, 07/01/2024		1,250		1,252,115
New Mexico Hospital Equipment Loan Council (Haverland Carter Lifestyle Obligated Group) Series 2019 5.00%, 07/01/2049		1,000		804,794
				3,058,601
New York – 7.8%
Build NYC Resource Corp. (Integration Charter Schools) Series 2021 5.00%, 06/01/2056(c)		500		447,320
Build NYC Resource Corp. (KIPP NYC Public Charter Schools) Series 2023 5.25%, 07/01/2062		1,000		1,013,010
City of New York NY Series 2024-C 4.00%, 03/01/2046		1,000		963,512

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 41

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2024-D 4.00%, 04/01/2045	$	1,000	$	967,266
Federal Home Loan Mortgage Corp. Series 2024-M 4.617%, 08/25/2041(c)		1,290		1,254,188
Hempstead Town Local Development Corp. (Evergreen Charter School, Inc.) Series 2022-A 5.50%, 06/15/2057		2,000		2,008,908
Long Island Power Authority Series 2023-E 5.00%, 09/01/2048		1,000		1,079,521
Metropolitan Transportation Authority Series 2020-A 5.00%, 11/15/2045		1,000		1,071,466
Series 2020-C 5.00%, 11/15/2050		1,000		1,032,472
5.25%, 11/15/2055		1,000		1,038,755
Series 2020-E 4.00%, 11/15/2026		1,155		1,171,854
Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) Series 2022 6.00%, 07/01/2057(c)		1,000		1,003,517
Monroe County Industrial Development Corp./NY (St. Ann's of Greater Rochester Obligated Group) Series 2019 5.00%, 01/01/2040		550		472,051
New York City Municipal Water Finance Authority Series 2023 5.00%, 06/15/2034		1,000		1,176,473
Series 2024-C 4.25%, 06/15/2054		2,000		1,965,711
New York City Municipal Water Finance Authority (Pre-refunded – US Treasuries) Series 2015-G 5.00%, 06/15/2027		1,000		1,017,776

42 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) Series 2018-S 5.00%, 07/15/2032	$	865	$	923,199
New York Counties Tobacco Trust V Series 2005 Zero Coupon, 06/01/2050		350		52,627
New York Liberty Development Corp. (3 World Trade Center LLC) Series 2014 5.00%, 11/15/2044(c)		1,215		1,202,609
5.375%, 11/15/2040(c)		115		115,234
New York Power Authority (New York Power Authority SFP Transmission Project) AGM Series 2023 5.00%, 11/15/2053		2,000		2,143,581
New York State Dormitory Authority (Cornell University) Series 2024-A 5.50%, 07/01/2054		2,000		2,246,204
New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) Series 2017 5.00%, 12/01/2034(c)		1,000		927,393
New York Transportation Development Corp. (Delta Air Lines, Inc.) Series 2018 4.00%, 01/01/2036		275		272,380
New York Transportation Development Corp. (JFK NTO LLC) AGM Series 2023 5.00%, 06/30/2049		1,000		1,030,138
5.125%, 06/30/2060		2,000		2,066,717
New York Transportation Development Corp. (Laguardia Gateway Partners LLC) Series 2016-A 5.00%, 07/01/2041		150		147,474
Suffolk Regional Off-Track Betting Co. Series 2024 6.00%, 12/01/2053		1,000		1,009,403
Town of Oyster Bay NY Series 2024 4.00%, 03/07/2025		5,000		5,016,451

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 43

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) Series 2021-A 2.917%, 05/15/2040	$	500	$	362,315
Series 2022 3.596% (SOFR + 1.05%), 04/01/2026(a)		10,000		10,018,550
Ulster County Capital Resource Corp. (Woodland Pond at New Paltz) Series 2017 5.00%, 09/15/2037		120		98,192
Western Regional Off-Track Betting Corp. Series 2021 4.125%, 12/01/2041(c)		100		77,869
				45,394,136
North Carolina – 2.0%
City of Charlotte NC (City of Charlotte NC COP) Series 2021-A 5.00%, 06/01/2024		1,025		1,025,946
City of Charlotte NC Airport Revenue Series 2021-B 5.00%, 07/01/2025		1,060		1,073,576
Series 2023 5.00%, 07/01/2048		2,200		2,283,323
Fayetteville State University Series 2023 5.00%, 04/01/2038(c)		1,045		1,120,267
Greater Asheville Regional Airport Authority AGM Series 2023 5.25%, 07/01/2048		2,500		2,652,785
North Carolina Turnpike Authority Series 2017 5.00%, 01/01/2032		500		515,186
AGM Series 2024 Zero Coupon, 01/01/2053		1,000		236,593
State of North Carolina Series 2019-B 5.00%, 06/01/2024		3,000		3,002,719
				11,910,395
North Dakota – 0.4%
City of Grand Forks ND (Altru Health System Obligated Group) AGM Series 2023-A 5.00%, 12/01/2048		1,000		1,028,083
5.00%, 12/01/2053		1,250		1,273,283

44 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031(d)(e)(f)(k)(l)	$	100	$	1,300
				2,302,666
Ohio – 3.5%
Buckeye Tobacco Settlement Financing Authority Series 2020-B 5.00%, 06/01/2055		1,750		1,584,221
City of Chillicothe OH (Adena Health System Obligated Group) Series 2017 5.00%, 12/01/2047		175		176,502
Cleveland-Cuyahoga County Port Authority (Cleveland-Cuyahoga County Port Authority Flats East Bank TIF District) Series 2021 4.00%, 12/01/2055(c)		480		377,285
County of Allen OH Hospital Facilities Revenue (Bon Secours Mercy Health, Inc.) Series 2020 5.00%, 12/01/2024		1,160		1,166,535
County of Cuyahoga OH (County of Cuyahoga OH Lease) Series 2014 5.00%, 12/01/2028		365		365,086
County of Cuyahoga OH (MetroHealth System (The)) Series 2017 5.00%, 02/15/2042		205		205,429
County of Hamilton OH (Christ Hospital Obligated Group) Series 2023 5.00%, 06/01/2042		1,000		1,005,659
County of Marion OH (United Church Homes, Inc. Obligated Group) Series 2019 5.125%, 12/01/2049		100		78,210
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049(d)(e)(f)		100		26,300

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 45

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
County of Washington OH (Marietta Area Health Care, Inc. Obligated Group) Series 2022 6.625%, 12/01/2042	$	1,000	$	1,084,271
6.75%, 12/01/2052		250		268,915
Jefferson County Port Authority/OH (JSW Steel USA Ohio, Inc.) Series 2021 3.50%, 12/01/2051(c)		1,000		745,282
Ohio Air Quality Development Authority (Ohio Valley Electric Corp.) Series 2019 3.25%, 09/01/2029		580		547,872
Ohio Water Development Authority (Ohio Water Development Authority State Lease) Series 2016-B 5.00%, 06/01/2025		1,000		1,016,597
Port of Greater Cincinnati Development Authority Series 2021 4.375%, 06/15/2056		100		97,364
State of Ohio Series 2017-U 5.00%, 05/01/2025		2,000		2,030,812
University of Toledo Series 2023-B 4.624% (SOFR + 0.90%), 06/01/2036(a)(b)(c)		10,000		9,744,876
				20,521,216
Oklahoma – 0.3%
Oklahoma Development Finance Authority (OU Medicine Obligated Group) Series 2018-B 5.50%, 08/15/2052		1,000		1,016,442
Series 2022-A 5.50%, 08/15/2044		1,000		998,397
				2,014,839
Oregon – 0.2%
Clackamas County Hospital Facility Authority (Rose Villa, Inc. Obligated Group) Series 2020-A 5.375%, 11/15/2055		1,000		917,220

46 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Other – 0.1%
Affordable Housing Tax-Exempt Bond Pass-Thru Trust  Series 2023-2 6.00%, 10/05/2040(c)	$	498	$	508,508
Pennsylvania – 8.3%
Allegheny County Hospital Development Authority (UPMC Obligated Group) Series 2022 4.47% (MUNIPSA + 0.70%), 11/15/2047(b)		2,000		1,989,825
Allentown Neighborhood Improvement Zone Development Authority (Allentown Neighborhood Improvement Zone Center City Investment Corp. Revenue) Series 2022 5.25%, 05/01/2042(c)		480		465,165
Berks County Municipal Authority (The) (Tower Health Obligated Group) Series 2020-B 5.00%, 02/01/2040		1,000		639,132
Bucks County Industrial Development Authority (Grand View Hospital/Sellersville PA Obligated Group) Series 2021 4.00%, 07/01/2051		1,000		722,715
5.00%, 07/01/2054		250		194,111
Chester County Industrial Development Authority (Collegium Charter School) Series 2022 5.625%, 10/15/2042(c)		250		245,879
Commonwealth of Pennsylvania Series 2015-S 5.00%, 08/15/2024		2,255		2,262,659
Series 2019 5.00%, 07/15/2025		1,000		1,018,456
Series 2023 5.00%, 09/01/2024		1,000		1,004,011
Lancaster County Hospital Authority/PA (St. Anne's Retirement Community Obligated Group) Series 2020 5.00%, 03/01/2040		1,000		859,177

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 47

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Montgomery County Higher Education and Health Authority (Thomas Jefferson University Obligated Group) Series 2022 5.00%, 05/01/2052	$	2,000	$	2,047,302
Moon Industrial Development Authority (Baptist Homes Society) Series 2015 5.75%, 07/01/2035		100		82,739
Moon Industrial Development Authority (Baptist Homes Society Obligated Group) Series 2015 6.125%, 07/01/2050		1,000		735,764
Pennsylvania Economic Development Financing Authority (Commonwealth of Pennsylvania Department of Transportation) Series 2022 5.25%, 06/30/2053		1,000		1,036,224
AGM Series 2022 5.00%, 12/31/2057		1,000		1,039,853
5.75%, 12/31/2062		1,000		1,102,372
Pennsylvania Economic Development Financing Authority (Covanta Holding Corp.) Series 2019 3.25%, 08/01/2039(c)		510		385,842
Pennsylvania Economic Development Financing Authority (Iron Cumberland LLC) Series 2022 7.00%, 12/01/2029		885		868,797
Pennsylvania Economic Development Financing Authority (PA Bridges Finco LP) Series 2015 5.00%, 12/31/2038		100		100,232
Pennsylvania Economic Development Financing Authority (UPMC Obligated Group) Series 2022-C 4.47% (MUNIPSA + 0.70%), 11/15/2047(b)		3,000		2,984,738
Pennsylvania Turnpike Commission Registration Fee Revenue Series 2023 3.65% (MUNISPA + 0.70%), 07/15/2041(a)(b)		10,000		10,003,475

48 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Philadelphia Authority for Industrial Development (MaST Community Charter School III) Series 2021 5.00%, 08/01/2054	$	100	$	89,264
Philadelphia Authority for Industrial Development (Philadelphia Performing Arts Charter School) Series 2020 5.00%, 06/15/2040(c)		1,000		990,011
Philadelphia Authority for Industrial Development (Pre-refunded – US Treasuries) Series 2014A 5.00%, 07/01/2042		1,430		1,432,043
Pittsburgh Water & Sewer Authority AGM Series 2023-C 4.52% (SOFR + 0.80%), 09/01/2040(a)(b)(c)		10,000		9,726,643
School District of Philadelphia (The) Series 2019-A 5.00%, 09/01/2044		1,350		1,400,503
Series 2023-A
5.00%, 06/28/2024		5,000		5,005,710
				48,432,642
Puerto Rico – 3.0%
Children's Trust Fund  Series 2008-A Zero Coupon, 05/15/2057		2,600		207,390
Series 2008-B Zero Coupon, 05/15/2057		5,000		305,278
Commonwealth of Puerto Rico Series 2021-A Zero Coupon, 07/01/2024		20		19,948
Zero Coupon, 07/01/2033		779		509,825
4.00%, 07/01/2033		2,000		1,966,754
4.00%, 07/01/2046		134		120,731
5.625%, 07/01/2027		286		297,299
Series 2022-A Zero Coupon, 11/01/2051		805		381,547
5.07%, 11/01/2051		2,606		1,563,520
Series 2022-C 0.00%, 11/01/2043		5,476		3,257,965
GDB Debt Recovery Authority of Puerto Rico Series 2018 7.50%, 08/20/2040		88		84,881
Puerto Rico Commonwealth Aqueduct & Sewer Authority Series 2008-A 6.125%, 07/01/2024		31		31,107

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 49

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2020-A 5.00%, 07/01/2035(c)	$	500	$	524,693
Puerto Rico Electric Power Authority Series 2007-T 5.00%, 07/01/2032(d)(e)		85		22,313
5.00%, 07/01/2037(d)(e)		600		157,500
Series 2008-W 5.00%, 07/01/2028(d)(e)		245		64,312
Series 2008-WW 5.375%, 07/01/2024(d)(e)		125		32,813
Series 2010-A 5.25%, 07/01/2029(d)(e)		100		26,250
5.25%, 07/01/2030(d)(e)		15		3,938
Series 2010-C 5.00%, 07/01/2024(d)(e)		25		6,563
5.25%, 07/01/2027(d)(e)		150		39,375
5.25%, 07/01/2028(d)(e)		305		80,062
Series 2010-DDD 5.00%, 07/01/2021(d)(j)		15		3,938
Series 2010-X 5.25%, 07/01/2040(d)(e)		820		215,250
5.75%, 07/01/2036(d)(e)		625		164,062
Series 2010-ZZ 5.25%, 07/01/2018(d)(j)		150		39,375
5.25%, 07/01/2024(d)(e)		40		10,500
Series 2012-A 5.00%, 07/01/2029(d)(e)		50		13,125
5.00%, 07/01/2042(d)(e)		100		26,250
5.05%, 07/01/2042(d)(e)		110		28,875
Series 2013-A 7.00%, 07/01/2033(d)(e)		100		26,250
7.00%, 07/01/2040(d)(e)		100		26,250
AGM Series 2007-V 5.25%, 07/01/2027		1,000		998,773
5.25%, 07/01/2031		375		372,764
Puerto Rico Housing Finance Authority (El Mirador LLC) Series 2023 5.00%, 03/01/2027		2,000		2,042,812
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth Series 2023-A 6.625%, 01/01/2027		32		31,175
6.625%, 01/01/2028		242		237,226

50 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (AES Puerto Rico LP) 12.50%, 12/15/2025(k)	$	56	$	54,513
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) Series 2024 6.75%, 01/01/2045		1,000		1,186,332
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series 2018-A Zero Coupon, 07/01/2024		3		2,981
Zero Coupon, 07/01/2027		17		15,054
Zero Coupon, 07/01/2029		17		13,926
Zero Coupon, 07/01/2046		2,111		658,260
Series 2019-A 4.329%, 07/01/2040		440		429,424
5.00%, 07/01/2058		867		863,419
				17,164,598
South Carolina – 0.7%
Columbia Housing Authority/SC (Garden Lakes Apartments) Series 2022 4.80%, 11/01/2024		150		148,019
5.26%, 11/01/2032		100		97,069
5.41%, 11/01/2039		310		295,920
6.28%, 11/01/2039		100		95,134
Greenville Housing Authority/SC (Victor Verdae Apartments) Series 2023 6.16%, 05/01/2063(c)		1,000		994,142
Patriots Energy Group Financing Agency (Sumitomo Mitsui Financial Group, Inc.) Series 2023-A 5.25%, 10/01/2054		1,000		1,051,674
South Carolina Jobs-Economic Development Authority (FAH Pelham LLC) Series 2023-A 6.50%, 02/01/2056(c)		565		554,144
Series 2023-B 7.50%, 08/01/2047(c)		210		203,905

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 51

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040(d)(e)(f)	$	100	$	63,932
6.50%, 06/01/2051(d)(e)(f)		300		174,136
South Carolina Jobs-Economic Development Authority (PSG Patriot's Place Apartments LLC) Series 2022 0.00%, 06/01/2052(h)		410		300,987
South Carolina Public Service Authority Series 2016-A 5.00%, 12/01/2036		265		269,815
				4,248,877
South Dakota – 0.0%
South Dakota Housing Development Authority (Schuett Spearfish LP) Series 2023 6.15%, 09/01/2039		150		153,078
Tennessee – 1.1%
Bristol Industrial Development Board (Bristol Industrial Development Board Sales Tax) Series 2016-A 5.00%, 12/01/2035(c)		370		338,544
5.125%, 12/01/2042(c)		1,000		889,392
Series 2016-B Zero Coupon, 12/01/2031(c)		150		96,161
Chattanooga Health Educational & Housing Facility Board (CommonSpirit Health) Series 2019-A 4.00%, 08/01/2037		30		29,473
4.00%, 08/01/2038		100		96,486
Knox County Industrial Development Board (Tompaul Knoxville LLC) Series 2022 9.25%, 11/01/2042(c)		200		201,547
9.50%, 11/01/2052(c)		400		403,068
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trevecca Nazarene University) Series 2021 4.00%, 10/01/2051		250		194,205

52 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049(d)(e)(f)	$	135	$	35,505
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Vanderbilt University Medical Center Obligated Group) Series 2016 5.00%, 07/01/2035		215		219,621
Metropolitan Government Nashville & Davidson County Industrial Development Board (Nashville & Davidson County TN South Nashville Central Business Improvement District) Series 2021 Zero Coupon, 06/01/2043(c)		1,000		351,435
4.00%, 06/01/2051(c)		100		80,625
Metropolitan Government Nashville & Davidson County Sports Authority (Metropolitan Government of Nashville & Davidson County TN) AGM Series 2023-A 5.25%, 07/01/2053		1,000		1,067,692
Tennergy Corp./TN (Goldman Sachs Group, Inc. (The)) Series 2022-A 5.50%, 10/01/2053		1,000		1,051,021
Tennessee Energy Acquisition Corp. (Goldman Sachs Group, Inc. (The)) Series 2023-A 5.00%, 05/01/2053		1,000		1,030,179
Wilson County Health & Educational Facilities Board (Limestone Trail Apartments) Series 2021 4.00%, 12/01/2039		200		164,289
4.25%, 12/01/2024		200		194,893
				6,444,136
Texas – 5.9%
Abilene Convention Center Hotel Development Corp. (City of Abilene TX Abilene Convention Center Revenue) Series 2021-A 4.00%, 10/01/2050		250		194,843

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 53

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2021-B 5.00%, 10/01/2050(c)	$	500	$	425,852
Arlington Higher Education Finance Corp. (BASIS Texas Charter Schools, Inc.) Series 2021 4.50%, 06/15/2056(c)		500		499,243
Arlington Higher Education Finance Corp. (Magellan School (The)) Series 2022 6.25%, 06/01/2052(c)		200		205,464
6.375%, 06/01/2062(c)		250		257,200
Austin Convention Enterprises, Inc. Series 2017-A 5.00%, 01/01/2034		500		504,522
Baytown Municipal Development District (Baytown Municipal Development District Baytown Convention Center Hotel Revenue Hotel Occupancy Tax) Series 2021 5.00%, 10/01/2050(c)		400		291,037
Board of Regents of the University of Texas System Series 2017-C 5.00%, 08/15/2025		1,000		1,020,093
Brazoria County Industrial Development Corp. (Aleon Renewable Metals LLC) Series 2022 10.00%, 06/01/2042(c)		500		492,906
City of Abilene TX (Pre-refunded – US Treasuries) Series 2015 5.00%, 02/15/2033		1,245		1,258,024
City of Austin TX Water & Wastewater System Revenue Series 2022 5.00%, 11/15/2024		1,850		1,861,331
City of Dallas Housing Finance Corp. (DHFC The Briscoe Apartments LLC) Series 2022 Zero Coupon, 12/01/2062(c)		4,760		331,083
6.00%, 12/01/2062		555		536,397
City of Dallas Housing Finance Corp. (DHFC The Dylan Apartments LLC) Series 2022 6.00%, 12/01/2062(c)		270		263,645
6.25%, 12/01/2054(c)		100		91,874

54 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
City of Fort Worth TX Series 2020 5.00%, 03/01/2025	$	2,000	$	2,022,970
City of Houston TX (City of Houston TX Hotel Occupancy Tax) Series 2015 5.00%, 09/01/2031		160		160,514
Conroe Local Government Corp. (Conroe Local Government Corp. Conroe Convention Center Hotel) Series 2021 4.00%, 10/01/2046		1,000		914,037
Dallas County Flood Control District No. 1 Series 2015 5.00%, 04/01/2028(c)		100		99,510
Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System Obligated Group) Series 2022 4.62% (MUNIPSA + 0.85%), 07/01/2049(b)		1,000		996,379
Hidalgo County Regional Mobility Authority Series 2022-A Zero Coupon, 12/01/2050		1,000		237,022
Series 2022-B Zero Coupon, 12/01/2042		1,400		512,063
Lewisville Independent School District Series 2017 5.00%, 08/15/2024		1,320		1,324,193
Love Field Airport Modernization Corp. (Dallas Love Field) Series 2015 5.00%, 11/01/2032		500		507,513
Mission Economic Development Corp. (Natgasoline LLC) Series 2018 4.625%, 10/01/2031(c)		450		445,007
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027(f)		915		913,776
New Hope Cultural Education Facilities Finance Corp. (Legacy at Midtown Park, Inc. Obligated Group) Series 2018-A 5.50%, 07/01/2054		300		214,753

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 55

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Hope Cultural Education Facilities Finance Corp. (Morningside Ministries Obligated Group) Series 2020 5.00%, 01/01/2055	$	100	$	71,792
Series 2022 4.00%, 01/01/2047		100		65,065
5.00%, 01/01/2057		200		142,273
New Hope Cultural Education Facilities Finance Corp. (Outlook at Windhaven Forefront Living Obligated Group) Series 2022 6.875%, 10/01/2057		1,000		936,390
Pflugerville Independent School District Series 2023-A 4.00%, 02/15/2044		2,000		1,922,394
5.00%, 02/15/2025		1,040		1,050,694
Port Beaumont Navigation District (Jefferson Railport Terminal II LLC) Series 2020 4.00%, 01/01/2050(c)		500		386,071
Series 2021 2.625%, 01/01/2031(c)		300		256,124
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5.75%, 12/01/2054(d)(e)(m)		456		296,492
Texas A&M University Series 2021-A 5.00%, 05/15/2024		1,210		1,210,379
Texas Municipal Gas Acquisition & Supply Corp. III (Macquarie Group Ltd.) Series 2021 5.00%, 12/15/2029		1,000		1,036,322
5.00%, 12/15/2031		1,000		1,047,090
Texas Municipal Gas Acquisition & Supply Corp. II (JPMorgan Chase & Co.) Series 2012-C 4.38% (CME Term SOFR 3 Month + 0.86%), 09/15/2027(b)		3,000		2,992,593

56 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Texas Municipal Gas Acquisition & Supply Corp. IV (BP PLC) Series 2023-B 5.50%, 01/01/2054	$	3,000	$	3,307,750
Texas Transportation Commission State Highway Fund  Series 2024 5.00%, 04/01/2025		1,000		1,012,232
Texas Water Development Board (State Water Implementation Revenue Fund for Texas) Series 2023-A 5.00%, 10/15/2058		2,000		2,115,338
				34,430,250
Utah – 0.5%
Military Installation Development Authority (Military Installation Development Authority Military Recreation Assessment Area) Series 2021-A 4.00%, 06/01/2052		500		357,885
State of Utah Series 2020-B 5.00%, 07/01/2024		1,250		1,252,399
Utah Infrastructure Agency Series 2022 5.00%, 10/15/2046		1,000		954,795
Wohali Public Infrastructure District No. 1 (Wohali Public Infrastructure District No. 1 Assessment Area No. 1) Series 2023 7.00%, 12/01/2042(c)		200		197,365
				2,762,444
Vermont – 0.1%
Vermont Economic Development Authority (Casella Waste Systems, Inc.) Series 2022 5.00%, 06/01/2052(c)		500		503,111
Virginia – 2.9%
Align Affordable Housing Bond Fund LP (Park Landing LP) Series 2022-2 5.66%, 08/01/2052		500		478,865

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 57

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Atlantic Park Community Development Authority (Atlantic Park Community Development Authority District) Series 2023 6.25%, 08/01/2045(c)	$	615	$	577,978
County of Fairfax VA Series 2024-A 5.00%, 10/01/2025		1,000		1,022,754
County of Loudoun VA Series 2016-A 4.00%, 12/01/2025		1,000		1,010,281
Halifax County Industrial Development Authority (Virginia Electric and Power Co.) Series 2022 1.65%, 12/01/2041		2,000		1,994,233
Henrico County Economic Development Authority (Westminster-Canterbury Corp. Obligated Group) Series 2022 5.00%, 10/01/2047		1,000		1,030,152
US Bank Trust Co. NA (Park Landing LP) Series 2022-B 5.90%, 08/01/2052		281		246,936
Virginia College Building Authority (Marymount University) Series 2015-A 5.00%, 07/01/2045(c)		1,000		908,726
Virginia Port Authority (Pre-refunded – US Treasuries) Series 2015-A 5.00%, 07/01/2030		1,000		1,012,807
Virginia Public Building Authority (Virginia Public Building Authority State Lease) Series 2020-B 5.00%, 08/01/2024		1,000		1,002,676
Virginia Small Business Financing Authority (Elizabeth River Crossings OpCo LLC) Series 2022 4.00%, 01/01/2034		2,000		2,019,307
Virginia Small Business Financing Authority (P3 VB Holdings LLC) Series 2023 8.50%, 12/01/2052(c)		430		413,924

58 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Virginia Small Business Financing Authority (Pure Salmon Virginia LLC) Series 2023 5.00%, 11/01/2052	$	4,000	$	3,996,744
Virginia Small Business Financing Authority (Total Fiber Recovery @ Chesapeake LLC) Series 2022 8.50%, 06/01/2042(c)		615		601,575
9.217% (SOFR + 5.50%), 06/01/2029(b)(c)		530		516,273
				16,833,231
Washington – 2.2%
County of King WA Series 2017 5.00%, 07/01/2024		1,510		1,512,780
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project (Pre-refunded – US Treasuries) Series 2014-A 4.00%, 01/01/2044		5,000		4,999,940
Grays Harbor County Public Hospital District No. 1 Series 2023 6.875%, 12/01/2053		100		101,320
King County School District No. 411 Issaquah Series 2015 5.00%, 12/01/2025		1,000		1,016,143
Pend Oreille County Public Utility District No. 1 Box Canyon Series 2018 5.00%, 01/01/2044		280		281,913
Port of Seattle WA Series 2015-C 5.00%, 04/01/2033		510		510,761
State of Washington Series 2020-R 5.00%, 07/01/2025		1,000		1,017,672
Series 2022-R 5.00%, 07/01/2025		1,000		1,017,672
Series 2024-C 5.00%, 02/01/2025		1,000		1,010,800
Washington State Housing Finance Commission (Presbyterian Retirement Communities Northwest Obligated Group)
Series 2013 5.25%, 01/01/2043(c)		1,000		862,971

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 59

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2019-A 5.00%, 01/01/2055(c)	$	1,000	$	749,839
				13,081,811
West Virginia – 0.4%
City of South Charleston WV (City of South Charleston WV South Charleston Park Place Excise Tax District) Series 2022 4.25%, 06/01/2042(c)		250		196,782
County of Monongalia WV (Monongalia County Building Commission Development District No. 4) Series 2023 5.75%, 06/01/2043(c)		1,000		1,046,917
Monongalia County Commission Excise Tax District Series 2023 7.00%, 06/01/2043(c)		100		105,222
8.00%, 06/01/2053(c)(h)		545		115,812
West Virginia Economic Development Authority (Wyoming County Coal LLC) Series 2023 9.00%, 06/01/2038(c)		1,000		1,009,522
				2,474,255
Wisconsin – 3.6%
St. Croix Chippewa Indians of Wisconsin Series 2021 5.00%, 09/30/2041(c)		200		147,152
State of Wisconsin Series 2022-1 5.00%, 05/01/2024		1,000		1,000,000
Series 2025-1 5.00%, 05/01/2033(g)		1,000		1,117,219
Wisconsin Center District (Wisconsin Center District Ded Tax) Series 2022 5.25%, 12/15/2061(c)		200		189,577
Wisconsin Health & Educational Facilities Authority (Advocate Aurora Health Obligated Group) Series 2023 5.00%, 08/15/2054		1,000		1,021,790

60 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Health & Educational Facilities Authority (Oakwood Lutheran Senior Ministries Obligated Group) Series 2021 4.00%, 01/01/2047	$	100	$	63,529
4.00%, 01/01/2057		1,000		576,158
Wisconsin Health & Educational Facilities Authority (St. Camillus Health System Obligated Group) Series 2019 5.00%, 11/01/2054		100		79,431
Wisconsin Health & Educational Facilities Authority (St. John's Communities, Inc. Obligated Group) Series 2022 4.00%, 09/15/2036		775		702,774
4.00%, 09/15/2041		765		649,080
4.00%, 09/15/2045		650		518,541
Wisconsin Housing & Economic Development Authority (Roers Sun Prairie Apartments Owner LLC) Series 2022 4.625%, 03/15/2040(c)		100		86,937
Series 2022-A 3.875%, 12/01/2039(c)		460		397,002
Wisconsin Public Finance Authority Series 2024 Zero Coupon, 02/01/2031		1,000		615,219
Wisconsin Public Finance Authority (21st Century Public Academy) Series 2020 3.75%, 06/01/2030(c)		350		319,300
Wisconsin Public Finance Authority (Bayhealth Medical Center Obligated Group) Series 2021 4.00%, 07/01/2024		1,360		1,359,928
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(f)		1,000		854,666
Wisconsin Public Finance Authority (Celanese US Holdings LLC) Series 2016-C 4.30%, 11/01/2030		100		97,618

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 61

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (CFC-SA LLC) Series 2022 6.00%, 02/01/2062(c)	$	1,000	$	1,008,978
Wisconsin Public Finance Authority (Crossroads Health Project) Series 2023 8.00%, 07/01/2053(c)		1,000		1,005,686
Wisconsin Public Finance Authority (FAH Tree House LLC) Series 2023 6.50%, 08/01/2053(c)		500		498,636
6.625%, 02/01/2046(c)		375		348,715
Wisconsin Public Finance Authority (Gannon University) Series 2017 5.00%, 05/01/2042		1,315		1,234,485
Wisconsin Public Finance Authority (KDC Agribusiness LLC)  12.00%, 09/14/2023(d)(j)(k)(l)		284		28,400
Series 2022 15.00%, 04/30/2023(d)(f)(j)(k)(l)		600		– 0	–
Series 2023 15.00%, 04/30/2023(f)(j)(k)(l)		175		– 0	–
Wisconsin Public Finance Authority (Lehigh Valley Health Network, Inc.) Series 2023 7.25%, 12/01/2042(c)		265		265,982
7.50%, 12/01/2052(c)		160		162,101
Wisconsin Public Finance Authority (McLemore Resort Manager LLC) Series 2021 4.50%, 06/01/2056(c)		295		232,569
Wisconsin Public Finance Authority (North San Gabriel Municipal Utility District No. 1) Series 2023 Zero Coupon, 09/01/2029(c)		200		136,929
Wisconsin Public Finance Authority (Pre-refunded – US Treasuries) Series 2020 5.00%, 04/01/2050(c)		25		27,548
Wisconsin Public Finance Authority (Queens University of Charlotte) Series 2022 5.25%, 03/01/2042		1,000		1,020,384

62 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wisconsin Public Finance Authority (RBS Evolution LLC) Series 2023 10.00%, 11/01/2038(c)	$	600	$	600,992
Wisconsin Public Finance Authority (Roseman University of Health Sciences) Series 2020 5.00%, 04/01/2050(c)		475		467,492
Wisconsin Public Finance Authority (Samaritan Housing Foundation Obligated Group) Series 2021 4.00%, 06/01/2056(c)		500		340,353
Series 2022 4.00%, 06/01/2049(c)		100		71,786
Wisconsin Public Finance Authority (Southeast Overtown Park West Community Redevelopment Agency) Series 2024 5.00%, 06/01/2041(c)		1,000		995,281
Wisconsin Public Finance Authority (Southeastern Regional Medical Center Obligated Group) Series 2022 4.00%, 02/01/2034		1,300		1,120,900
Wisconsin Public Finance Authority (UMA Education, Inc.) Series 2019 5.00%, 10/01/2025(c)		100		100,299
5.00%, 10/01/2027(c)		130		132,010
5.00%, 10/01/2029(c)		100		102,885
Wisconsin Public Finance Authority (Uwharrie Charter Academy) Series 2022 5.00%, 06/15/2062(c)		500		440,846
Wisconsin Public Finance Authority (Washoe Barton Medical Clinic) Series 2021 4.00%, 12/01/2051(c)		1,000		751,237
				20,890,415
Total Long-Term Municipal Bonds (cost $604,612,241)				591,432,943

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 63

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Short-Term Municipal Notes – 3.5%
Illinois – 0.5%
Illinois Educational Facilities Authority (Lincoln Park Society (The)) Series 1999 3.75%, 01/01/2029(n)	$	200	$	200,000
Illinois Finance Authority (Latin School of Chicago (The)) Series 2005-B 3.82%, 08/01/2035(n)		385		385,000
Illinois Finance Authority (OSF Healthcare System Obligated Group) Series 2018 3.75%, 11/15/2037(n)		2,000		2,000,000
				2,585,000
Massachusetts – 0.2%
Massachusetts Health & Educational Facilities Authority (Baystate Total Home Care, Inc.) Series 2009K 3.75%, 07/01/2039(n)		1,400		1,400,000
Missouri – 0.3%
Health & Educational Facilities Authority of the State of Missouri (St Louis University/US) Series 2013-B 3.95%, 10/01/2035(n)		1,580		1,580,000
New York – 1.5%
City of New York NY Series 2008-L 3.75%, 04/01/2038(n)		5,350		5,350,000
Triborough Bridge & Tunnel Authority Series 2018-2 3.75%, 01/01/2031(n)		3,500		3,500,000
				8,850,000
Ohio – 0.8%
County of Montgomery OH (Premier Health Partners Obligated Group) Series 2019 3.85%, 11/15/2045(n)		2,775		2,775,000
State of Ohio (University Hospitals Health System, Inc. Obligated Group) Series 2018 3.83%, 01/15/2046(n)		1,900		1,900,000
				4,675,000

64 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Texas – 0.2%
Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health Obligated Group) Series 2011C 3.75%, 11/15/2050(n)	$	1,400	$	1,400,000
Total Short-Term Municipal Notes (cost $20,490,000)				20,490,000
Total Municipal Obligations (cost $625,102,241)				611,922,943
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.5%
Agency CMBS – 0.3%
California Housing Finance Agency Series 2021-2, Class A 3.75%, 03/25/2035		967		932,700
Series 2021-2, Class X 0.82%, 03/25/2035(o)		967		44,272
Series 2021-3, Class A 3.25%, 08/20/2036		241		218,214
Series 2021-3, Class X 0.79%, 08/20/2036(o)		963		48,271
Federal Home Loan Mortgage Corp. Multifamily VRD Certificates Series 2022-ML13, Class XUS 1.00%, 09/25/2036(o)		1,171		76,339
Series M052 2.65%, 06/15/2036		375		297,448
				1,617,244
Non-Agency Fixed Rate CMBS – 0.2%
Arizona Industrial Development Authority Series 2019-2, Class A 3.625%, 05/20/2033		188		173,772
California Housing Finance Agency Series 2019-2, Class A 4.00%, 03/20/2033		149		147,968
City of Fort Wayne IN 10.75%, 12/01/2029(d)(e)		33		3
National Finance Authority Series 2022-2, Class X 0.697%, 10/01/2036(o)		980		45,690

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 65

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
New Hampshire Business Finance Authority Series 2020-1, Class A 4.125%, 01/20/2034	$	201	$	193,316
Series 2022-1, Class X 0.35%, 09/20/2036(o)		977		20,984
Washington State Housing Finance Commission Series 2021-1, Class A 3.50%, 12/20/2035		273		247,833
Series 2021-1, Class X 0.726%, 12/20/2035(o)		957		41,682
Series 2023-1, Class X 1.492%, 04/20/2037(o)		1,994		212,083
				1,083,331
Non-Agency Floating Rate CMBS – 0.0%
BAMLL Commercial Mortgage Securities Trust  Series 2017-SCH, Class AF 6.368% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(b)(c)		250		248,993
Total Commercial Mortgage-Backed Securities (cost $3,330,781)				2,949,568
CORPORATES - INVESTMENT GRADE – 0.5%
Financial Institutions – 0.3%
Banking – 0.3%
Bank of New York Mellon Corp. (The) Series H 3.70%, 03/20/2026(p)		100		93,772
Citigroup, Inc. Series Z 7.375%, 05/15/2028(p)		1,000		1,022,630
Comerica, Inc. 5.625%, 07/01/2025(p)		100		96,145
Fifth Third Bancorp Series L 4.50%, 09/30/2025(p)		100		95,385
Huntington Bancshares, Inc./OH Series F 5.625%, 07/15/2030(p)		100		89,420
JPMorgan Chase & Co. Series Q 8.818% (CME Term SOFR 3 Month + 3.51%), 05/01/2024(b)(p)		350		350,000
Truist Financial Corp. Series Q 5.10%, 03/01/2030(p)		100		90,684

66 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Wells Fargo & Co. Series BB 3.90%, 03/15/2026(p)	$	100	$	94,735
				1,932,771
Industrial – 0.2%
Consumer Cyclical - Entertainment – 0.2%
YMCA of Greater New York 2.303%, 08/01/2026		1,000		916,490
Total Corporates - Investment Grade (cost $2,952,072)				2,849,261
CORPORATES - NON-INVESTMENT GRADE – 0.4%
Industrial – 0.3%
Communications - Media – 0.1%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/2034(c)		309		223,982
DISH DBS Corp. 5.25%, 12/01/2026(c)		240		188,954
5.75%, 12/01/2028(c)		250		169,438
				582,374
Consumer Cyclical - Entertainment – 0.2%
Carnival Corp. 4.00%, 08/01/2028(c)		400		365,104
Wild Rivers Water Park 8.50%, 11/01/2051(k)(l)		1,225		752,299
				1,117,403
Consumer Non-Cyclical – 0.0%
Tower Health Series 2020 4.451%, 02/01/2050		400		196,680
Energy – 0.0%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024(f)(k)(l)		10		3,000
Series 23A 15.00%, 07/31/2024(f)(k)(l)		5		1,500
				4,500
Other Industrial – 0.0%
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC Series 2023 12.00%, 12/31/2023(f)(k)(l)		10		10,000

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 67

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Services – 0.0%
Trousdale Issuer LLC Series A 6.50%, 04/01/2025(d)(e)(k)(l)	$	200	$	44,000
				1,954,957
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(c)(p)		225		220,824
Total Corporates - Non-Investment Grade (cost $2,866,347)				2,175,781
ASSET-BACKED SECURITIES – 0.3%
Autos - Fixed Rate – 0.2%
Lendbuzz Securitization Trust  Series 2023-1A, Class A2 6.92%, 08/15/2028(c)		1,427		1,436,509
Other ABS - Fixed Rate – 0.1%
Affirm Asset Securitization Trust  Series 2021-Z1, Class A 1.07%, 08/15/2025(c)		7		7,239
Domino's Pizza Master Issuer LLC Series 2021-1A, Class A2I 2.662%, 04/25/2051(c)		195		169,899
HTA TRRB Custodial Trust  Series 2022 5.25%, 07/01/2036		90		90,747
5.25%, 07/01/2041		103		99,956
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5.00%, 11/15/2025(d)(e)(k)(l)(m)		552		– 0	–
				367,841
Total Asset-Backed Securities (cost $2,402,970)				1,804,350
COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1%
Risk Share Floating Rate – 0.1%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 2M2 8.345% (CME Term SOFR + 3.01%), 07/25/2024(b)		18		18,142

68 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

	Principal Amount (000)		U.S. $ Value
Series 2015-C02, Class 1M2 9.445% (CME Term SOFR + 4.11%), 05/25/2025(b)	$	25	$	25,452
Series 2016-C01, Class 1M2 12.195% (CME Term SOFR + 6.86%), 08/25/2028(b)		55		57,926
Series 2016-C02, Class 1M2 11.445% (CME Term SOFR + 6.11%), 09/25/2028(b)		57		58,640
Series 2017-C04, Class 2M2 8.295% (CME Term SOFR + 2.96%), 11/25/2029(b)		146		150,490
Total Collateralized Mortgage Obligations (cost $295,883)				310,650
COLLATERALIZED LOAN OBLIGATIONS – 0.0%
CLO - Floating Rate – 0.0%
THL Credit Wind River CLO Ltd. Series 2014-2A, Class AR 6.73% (CME Term SOFR 3 Month + 1.40%), 01/15/2031(b)(c) (cost $130,959)		131		131,225
	Shares
PREFERRED STOCKS – 0.0%
Utility – 0.0%
Energy – 0.0%
AES Puerto Rico LP 0.00%(d)(k)(l) (cost $96,592)		5,320		15,481
SHORT-TERM INVESTMENTS – 1.2%
Investment Companies – 1.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(q)(r)(s) (cost $6,747,899)		6,747,899		6,747,899
Total Investments – 108.0% (cost $643,925,744)				628,907,158
Other assets less liabilities – (8.0)%				(46,418,604	)
Net Assets – 100.0%			$	582,488,554

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 69

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
USD	14,900	07/31/2029	1 Day SOFR	3.986%		Annual	$	(374,945	)	$	– 0	–	$	(374,945	)
USD	10,800	07/31/2029	1 Day SOFR	3.975%		Annual		(270,039	)		– 0	–		(270,039	)
USD	22,700	11/01/2030	1 Day SOFR	3.877%		Annual		(805,627	)		– 0	–		(805,627	)
USD	3,900	11/01/2030	1 Day SOFR	3.768%		Annual		(162,972	)		– 0	–		(162,972	)
USD	3,700	11/01/2030	1 Day SOFR	3.636%		Annual		(182,961	)		– 0	–		(182,961	)
USD	16,600	01/08/2031	1 Day SOFR	3.616%		Annual		(833,942	)		– 0	–		(833,942	)
USD	9,900	01/08/2031	1 Day SOFR	3.808%		Annual		(374,497	)		– 0	–		(374,497	)
							$	(3,004,983	)	$	– 0	–	$	(3,004,983	)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024				Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%	USD		76	$	(9,641	)	$	(8,976	)	$	(665	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		231		(29,208	)		(24,739	)		(4,469	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00		USD		448		(56,715	)		(53,690	)		(3,025	)
												$	(95,564	)	$	(87,405	)	$	(8,159	)

* Termination date

INTEREST RATE 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)

Bank of America, NA

USD

5,000

06/21/2024

MMD 5 Year^

2.970%

Maturity

$

17,742

$

– 0

–

$

17,742

Citibank, NA

USD

2,000

05/06/2024

MMD 5 Year^

2.740%

Maturity

(11,237

)

– 0

–

(11,237

)

Citibank, NA

USD

5,000

05/17/2024

MMD 5 Year^

2.710%

Maturity

(38,422

)

– 0

–

(38,422

)

Citibank, NA

USD

5,000

05/24/2024

MMD 5 Year^

3.130%

Maturity

64,723

– 0

–

64,723

Citibank, NA

USD

5,000

08/26/2024

MMD 5 Year^

3.250%

Maturity

40,262

– 0

–

40,262

Citibank, NA

USD

5,000

08/30/2024

MMD 5 Year^

3.200%

Maturity

55,530

– 0

–

55,530

Citibank, NA

USD

2,000

09/26/2024

MMD 5 Year^

3.490%

Maturity

47,616

– 0

–

47,616

Citibank, NA

USD

2,220

10/09/2029

1.125%

SIFMA*

Quarterly

232,918

– 0

–

232,918

70 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

						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)
JPMorgan Chase Bank, NA		USD	3,000		03/27/2025		MMD 5 Year^		2.920%		Maturity	$	(34,013	)	$	– 0	–	$	(34,013	)
Morgan Stanley Capital Services LLC		USD	10,000		03/17/2025		MMD 5 Year^		2.910%		Maturity		(115,687	)		– 0	–		(115,687	)
Morgan Stanley Capital Services LLC		USD	10,000		03/26/2025		MMD 5 Year^		2.880%		Maturity		(132,113	)		– 0	–		(132,113	)
Morgan Stanley Capital Services LLC		USD	5,000		04/16/2025		MMD 5 Year^		3.040%		Maturity		(31,800	)		– 0	–		(31,800	)
Morgan Stanley Capital Services LLC		USD	3,000		04/21/2025		MMD 10 Year^		3.220%		Maturity		(154,215	)		– 0	–		(154,215	)
												$	(58,696	)	$	– 0	–	$	(58,696	)

^ Variable interest rate based on the Municipal Market Data AAA General Obligation Scale.

* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

(a) Security represents the underlying municipal obligation of an inverse floating rate obligation held by the Fund (see Note I).

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

(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 April 30, 2024, the aggregate market value of these securities amounted to $113,870,438 or 19.5% of net assets.

(d) Non-income producing security.

(e) Defaulted.

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.93% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
ARC70 II TRUST Series 2023 4.84%, 04/01/2065		07/18/2023	$	1,908,378	$	1,865,223		0.32	%
Arizona Industrial Development Authority (Legacy Cares, Inc.) Series 2020 7.75%, 07/01/2050		08/12/2020 - 07/20/2022		1,101,588		60,000		0.01	%
Cincinnati Sr Care/Dayton/Florida/Nashville/Sebring/Trousdale/Waynesboro HC Series 2023 12.00%, 12/31/2023		08/24/2023		10,000		10,000		0.00	%

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PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
County of Grand Forks ND (Red River Biorefinery LLC) Series 2021 6.625%, 12/15/2031		05/21/2021	$	100,000	$	1,300		0.00	%
County of Montgomery OH (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049		04/07/2020		52,000		26,300		0.00	%
Douglas County Housing Partnership (Bridgewater Castle Rock ALF LLC) Series 2021 5.375%, 01/01/2041		01/14/2021		246,505		184,952		0.03	%
Indiana Finance Authority (Brightmark Plastics Renewal Indiana LLC) Series 2019 7.00%, 03/01/2039		03/29/2019 - 02/09/2022		937,862		736,960		0.13	%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board (Trousdale Foundation Obligated Group) Series 2018-A 6.25%, 04/01/2049		08/29/2018		134,085		35,505		0.01	%
Mississippi Business Finance Corp. (Alden Group Renewable Energy Mississippi LLC) Series 2022 8.00%, 12/01/2029		12/13/2022		493,669		490,125		0.08	%
New Hope Cultural Education Facilities Finance Corp. (Dwyer Workforce Development) Series 2023 8.50%, 09/01/2027		02/03/2023		915,000		913,776		0.16	%
Red River Biorefinery LLC Series 2024 15.00%, 07/31/2024		01/25/2024		10,000		3,000		0.00	%
Red River Biorefinery LLC Series 23A 15.00%, 07/31/2024		05/31/2023		5,000		1,500		0.00	%
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.25%, 06/01/2040		06/16/2021 - 10/20/2022		84,555		63,932		0.01	%

72 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
South Carolina Jobs-Economic Development Authority (Last Step Recycling LLC) Series 2021 6.50%, 06/01/2051		07/20/2022	$	269,304	$	174,136			0.03	%
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041		08/03/2021		1,000,000		854,666			0.15	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2022 15.00%, 04/30/2023		11/10/2022		600,000		– 0	–		0.00	%
Wisconsin Public Finance Authority (KDC Agribusiness LLC) Series 2023 15.00%, 04/30/2023		03/16/2023		175,000		– 0	–		0.00	%

(g) When-Issued or delayed delivery security.

(h) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(i) Inverse floater security.

(j) Defaulted matured security.

(k) Fair valued by the Adviser.

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

(m) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value			Percentage of Net Assets
Tarrant County Cultural Education Facilities Finance Corp. Series 2015-A 5,00%, 11/15/2025		11/05/2015 - 01/07/2020	$	581,901	$	– 0	–		0.00	%
Tarrant County Cultural Education Facilities Finance Corp. (Stayton at Museum Way) Series 2020-A 5,75%, 12/01/2054		01/30/2020		463,058		296,492			0.05	%

(n) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(o) IO – Interest Only.

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

(q) Affiliated investments.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 73

PORTFOLIO OF INVESTMENTS (continued)

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

(s) 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.

As of April 30, 2024, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 6.5% and 0.0%, respectively.

Glossary:

ABS – Asset-Backed Securities

AGM – Assured Guaranty Municipal

BAM – Build American Mutual

CCRC – Congregate Care Retirement Center

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

COP – Certificate of Participation

MUNIPSA – SIFMA Municipal Swap Index

OSF – Order of St. Francis

SOFR – Secured Overnight Financing Rate

UPMC – University of Pittsburgh Medical Center

See notes to financial statements.

74 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $637,177,845)	$	622,159,259
Affiliated issuers (cost $6,747,899)		6,747,899
Cash		1,507
Cash collateral due from broker		3,274,217
Interest receivable		7,691,845
Receivable for capital stock sold		1,133,396
Unrealized appreciation on interest rate swaps		458,791
Receivable due from Adviser		43,223
Receivable for investment securities sold		25,720
Affiliated dividends receivable		25,564
Total assets		641,561,421
Liabilities
Payable for floating rate notes issued(a)		44,670,000
Payable for investment securities purchased		11,344,458
Payable for capital stock redeemed		1,212,320
Unrealized depreciation on interest rate swaps		517,487
Cash collateral due to broker		365,000
Payable for variation margin on centrally cleared swaps		339,034
Advisory fee payable		214,743
Market value on credit default swaps (net premiums received $87,405)		95,564
Administrative fee payable		26,886
Distribution fee payable		16,967
Dividends payable		8,462
Transfer Agent fee payable		4,669
Directors’ fees payable		497
Accrued expenses and other liabilities		256,780
Total liabilities		59,072,867
Net Assets	$	582,488,554
Composition of Net Assets
Capital stock, at par	$	55,992
Additional paid-in capital		611,001,207
Accumulated loss		(28,568,645	)
Net Assets	$	582,488,554

Net Asset Value Per Share—21 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	44,686,436		4,295,750	$	10.40	*
C	$	9,202,348		884,598	$	10.40
Advisor	$	528,599,770		50,811,447	$	10.40

* The maximum offering price per share for Class A shares was $10.72 which reflects a sales charge of 3.00%.

(a) Represents short-term floating rate certificates issued by tender option bond trusts (see Note I).

See notes to financial statements.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 75

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	12,633,558
Dividends—Affiliated issuers		420,189		$	13,053,747
Expenses
Advisory fee (see Note B)		1,191,687
Distribution fee—Class A		56,031
Distribution fee—Class C		46,332
Transfer agency—Class A		7,971
Transfer agency—Class C		1,647
Transfer agency—Advisor Class		83,508
Custody and accounting		56,771
Registration fees		48,903
Administrative		48,257
Audit and tax		28,442
Printing		22,875
Legal		22,276
Directors’ fees		11,140
Miscellaneous		11,259
Total expenses before interest/bank overdraft expense		1,637,099
Interest/bank overdraft expense		813,932
Total expenses		2,451,031
Less: expenses waived and reimbursed by the Adviser (see Note B)		(222,476	)
Net expenses					2,228,555
Net investment income					10,825,192
Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Investment transactions					(1,507,950	)
Swaps					(16,124	)
Net change in unrealized appreciation (depreciation) of:
Investments					28,697,935
Swaps					(1,087,585	)
Net gain on investment transactions					26,086,276
Net Increase in Net Assets from Operations				$	36,911,468

See notes to financial statements.

76 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	10,825,192		$	15,310,307
Net realized loss on investment transactions		(1,524,074	)		(6,759,772	)
Net change in unrealized appreciation (depreciation) of investments		27,610,350			(5,283,763	)
Net increase in net assets from operations		36,911,468			3,266,772
Distributions to Shareholders
Class A		(824,663	)		(1,533,046	)
Class C		(135,636	)		(217,747	)
Advisor Class		(9,306,795	)		(14,196,498	)
Capital Stock Transactions
Net increase		146,142,027			111,337,694
Total increase		172,786,401			98,657,175
Net Assets
Beginning of period		409,702,153			311,044,978
End of period	$	582,488,554		$	409,702,153

See notes to financial statements.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 77

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Tax-Aware Fixed Income Opportunities Portfolio (the “Fund”), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class T, Class 1 and Class 2 shares. Class B, Class T, Class 1 and Class 2 shares have not been issued. Class A shares are sold with a front-end sales charge of up to 3% for purchases not exceeding $500,000. With respect to purchases of $500,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Company’s Board of Directors (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

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NOTES TO FINANCIAL STATEMENTS (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by

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NOTES TO FINANCIAL STATEMENTS (continued)

contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows

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NOTES TO FINANCIAL STATEMENTS (continued)

which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

	Level 1			Level 2			Level 3			Total
Assets:
Long-Term Municipal Bonds	$	– 0	–	$	591,403,243		$	29,700	(a)	$	591,432,943
Short-Term Municipal Notes		– 0	–		20,490,000			– 0	–		20,490,000
Commercial Mortgage-Backed Securities		– 0	–		2,949,568			– 0	–		2,949,568
Corporates – Investment Grade		– 0	–		2,849,261			– 0	–		2,849,261
Corporates – Non-Investment Grade		– 0	–		1,364,982			810,799			2,175,781
Asset-Backed Securities		– 0	–		1,804,350			0	(a)		1,804,350
Collateralized Mortgage Obligations		– 0	–		310,650			– 0	–		310,650
Collateralized Loan Obligations		– 0	–		131,225			– 0	–		131,225
Preferred Stocks		– 0	–		– 0	–		15,481			15,481
Short-Term Investments		6,747,899			– 0	–		– 0	–		6,747,899
Total Investments in Securities		6,747,899			621,303,279			855,980	(a)		628,907,158

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NOTES TO FINANCIAL STATEMENTS (continued)

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Interest Rate Swaps	$	– 0	–	$	458,791		$	– 0	–	$	458,791
Liabilities:
Centrally Cleared Interest Rate Swaps		– 0	–		(3,004,983	)		– 0	–		(3,004,983	)(c)
Credit Default Swaps		– 0	–		(95,564	)		– 0	–		(95,564	)
Interest Rate Swaps		– 0	–		(517,487	)		– 0	–		(517,487	)
Total	$	6,747,899		$	618,144,036		$	855,980	(a)	$	625,747,915

The Fund holds liabilities for floating rate note obligations which are not reflected in the table above. The fair value of the Fund’s liabilities for floating rate note obligations approximates their liquidation values. Floating rate note obligations are generally classified as level 2.

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

(b) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(c) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes

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are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

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8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the excess over $2.5 billion up to $5 billion and .35% in excess of $5 billion of the Fund’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with securities sold short, acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs), on an annual basis (the “Expense Caps”) to .75%, 1.50% and .50%, of average daily net assets for Class A, Class C and Advisor Class shares, respectively. For the six months ended April 30, 2024, such reimbursements/waivers amounted to $210,639. The Expense Caps may not be terminated before January 31, 2025.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $48,257.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $20,445 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $62 from the sale of Class A shares and received $2,755 and $130 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive

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.10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $11,837.

A summary of the Fund’s transactions in AB mutual funds for the six months ended April 30, 2024 is as follows:

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,157	$	195,591	$	194,000	$	6,748	$	420

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to 0.30% of the Fund’s average daily net assets attributable to Class A shares and 1% of the Fund’s average daily net assets attributable to Class C shares. The fees are accrued daily and paid monthly. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amount of $-0- for Class C shares. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

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NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	138,606,816	$	86,385,943
U.S. government securities		1,300,560		67,927

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	7,306,504
Gross unrealized depreciation		(25,396,928	)
Net unrealized depreciation	$	(18,090,424	)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates or credit risk. A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the

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Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation/depreciation of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a

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realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended April 30, 2024, the Fund held interest rate swaps for hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain

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circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty,

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the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts				Payable for variation margin on centrally cleared swaps	$	3,004,983	*
Interest rate contracts	Unrealized appreciation on interest rate swaps	$	458,791	Unrealized depreciation on interest rate swaps		517,487
Credit contracts				Market value on credit default swaps		95,564
Total		$	458,791		$	3,618,034

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps	$	118,799		$	(1,248,035)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(134,923)			160,450
Total		$	(16,124	)	$	(1,087,585)

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The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Interest Rate Swaps:
Average notional amount	$	46,505,714
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	59,166,667	(a)
Credit Default Swaps:
Average notional amount of sale contracts	$	1,000,265

(a) Positions were open for five months during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
Bank of America, NA	$	17,742	$	– 0	–	$	– 0	–	$	– 0	–	$	17,742
Citibank, NA/Citigroup Global Markets, Inc.		441,049		(88,508	)		(352,541	)		– 0	–		– 0	–
Total	$	458,791	$	(88,508	)	$	(352,541	)	$	– 0	–	$	17,742	^
Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Citibank, NA/Citigroup Global Markets, Inc.	$	88,508	$	(88,508	)	$	– 0	–	$	– 0	–	$	– 0	–
Credit Suisse International		56,715		– 0	–		(56,715	)		– 0	–		– 0	–
JPMorgan Chase Bank, NA		34,013		– 0	–		– 0	–		– 0	–		34,013
Morgan Stanley Capital Services LLC		433,815		– 0	–		(272,000	)		– 0	–		161,815
Total	$	613,051	$	(88,508	)	$	(328,715	)	$	– 0	–	$	195,828	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

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NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		847,199			3,046,372		$	8,820,668		$	31,271,523
Shares issued in reinvestment of dividends		48,857			107,545			513,452			1,106,366
Shares converted from Class C		7,979			3,764			83,401			38,457
Shares redeemed		(1,144,280	)		(1,563,176	)		(11,783,143	)		(16,012,440	)
Net increase (decrease)		(240,245	)		1,594,505		$	(2,365,622	)	$	16,403,906
Class C
Shares sold		180,637			517,959		$	1,885,766		$	5,363,230
Shares issued in reinvestment of dividends		10,688			16,859			112,324			173,150
Shares converted to Class A		(7,979	)		(3,764	)		(83,401	)		(38,457	)
Shares redeemed		(123,117	)		(310,833	)		(1,288,530	)		(3,205,627	)
Net increase		60,229			220,221		$	626,159		$	2,292,296
Advisor Class
Shares sold		21,868,211			32,436,642		$	227,695,705		$	335,698,276
Shares issued in reinvestment of dividends		506,817			837,066			5,327,164			8,610,054
Shares redeemed		(8,200,765	)		(24,599,655	)		(85,141,379	)		(251,666,838	)
Net increase		14,174,263			8,674,053		$	147,881,490		$	92,641,492

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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.

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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.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific municipal or corporate developments and negative performance of the junk bond market generally and may be more difficult to trade than other types of securities.

Municipal Market Risk—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund’s investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, and the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state’s municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. The Fund’s investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities.

In addition, changes in tax rates or the treatment of income from certain types of municipal securities, among other things, could negatively affect the municipal securities markets.

The municipal securities issued by Puerto Rico and its government agencies and municipalities may have more risks than those of other U.S. issuers of municipal securities. Puerto Rico continues to face a very challenging economic and fiscal environment. If the general economic situation in Puerto Rico continues to persist or worsens, the volatility and credit

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quality of Puerto Rican municipal securities could continue to be adversely affected, and the market for such securities may deteriorate further.

Tax Risk—From time to time, the U.S. Government and the U.S. Congress consider changes in federal tax law that could limit or eliminate the federal tax exemption for municipal bond income, which would in effect reduce the income received by shareholders from the Fund by increasing taxes on that income. In such event, the Fund’s net asset value, or NAV, could also decline as yields on municipal bonds, which are typically lower than those on taxable bonds, would be expected to increase to approximately the yield of comparable taxable bonds. Actions or anticipated actions affecting the tax exempt status of municipal bonds could also result in significant shareholder redemptions of Fund shares as investors anticipate adverse effects on the Fund or seek higher yields to offset the potential loss of the tax deduction. As a result, the Fund would be required to maintain higher levels of cash to meet the redemptions, which would negatively affect the Fund’s yield.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effects of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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 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. Municipal securities

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NOTES TO FINANCIAL STATEMENTS (continued)

may have more illiquid investments risk than other fixed-income securities because they trade less frequently and the market for municipal securities is generally smaller than many other markets.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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NOTES TO FINANCIAL STATEMENTS (continued)

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023		2022
Distributions paid from:
Ordinary income	$	1,847,447	$	832,185
Total taxable distributions		1,847,447		832,185
Tax-exempt distributions		14,099,844		5,462,197
Total distributions paid	$	15,947,291	$	6,294,382

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(10,172,834	)(a)
Unrealized appreciation (depreciation)		(45,031,807	)(b)
Total accumulated earnings (deficit)	$	(55,204,641	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $10,172,834.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of tender option bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of bond restructuring.

(c) The difference between book-basis and tax-basis components of accumulated earnings (deficit) is attributable primarily to dividends payable.

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NOTES TO FINANCIAL STATEMENTS (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $7,813,959 and a net long-term capital loss carryforward of $2,358,875, which may be carried forward for an indefinite period.

NOTE I

Floating Rate Notes Issued in Connection with Securities Held

The Fund may engage in tender option bond (“TOB”) transactions in which the Fund transfers a fixed rate bond (“Fixed Rate Bond”) into a Special Purpose Vehicle (the “SPV”, which is generally organized as a trust). The Fund buys a residual interest in the assets and cash flows of the SPV, often referred to as an inverse floating rate obligation (“Inverse Floater”). The SPV also issues floating rate notes (“Floating Rate Notes”) which are sold to third parties. The Floating Rate Notes pay interest at rates that generally reset weekly and their holders have the option to tender their notes to a liquidity provider for redemption at par. The Inverse Floater held by the Fund gives the Fund the right (1) to cause the holders of the Floating Rate Notes to tender their notes at par, and (2) to have the trustee transfer the Fixed Rate Bond held by the SPV to the Fund, thereby collapsing the SPV. The SPV may also be collapsed in certain other circumstances. In accordance with U.S. GAAP requirements regarding accounting for transfers and servicing of financial assets and extinguishments of liabilities, the Fund accounts for the transaction described above as a secured borrowing by including the Fixed Rate Bond in its portfolio of investments and the Floating Rate Notes as a liability under the caption “Payable for floating rate notes issued” in its statement of assets and liabilities. Interest expense related to the Fund’s liability with respect to Floating Rate Notes is recorded as incurred. The interest expense is also included in the Fund’s expense ratio. At April 30, 2024, the amount of the Fund’s Floating Rate Notes outstanding was $44,670,000 and the related interest rate was 3.95% to 4.20%. For the six months ended April 30, 2024, the average amount of Floating Rate Notes outstanding and the daily weighted average interest rate were $45,090,330 and 3.47%, respectively.

The Fund may also purchase Inverse Floaters in the secondary market without first owning the underlying bond. Such an Inverse Floater is included in the Fund’s portfolio of investments but is not required to be treated as a secured borrowing and reflected in the Fund’s financial statements as a secured borrowing.

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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE J

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.76			$ 9.87			$ 11.56			$ 10.82			$ 11.09			$ 10.46
Income From Investment Operations
Net investment income(a)(b)		.20			.36			.21			.22			.29			.30
Net realized and unrealized gain (loss) on investment transactions		.63			(.10	)		(1.69	)		.75			(.23	)		.65
Contributions from Affiliates		– 0	–		– 0	–		.00	(c)		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.83			.26			(1.48	)		.97			.06			.95
Less: Dividends
Dividends from net investment income		(.19	)		(.37	)		(.21	)		(.23	)		(.33	)		(.32	)
Net asset value, end of period		$ 10.40			$ 9.76			$ 9.87			$ 11.56			$ 10.82			$ 11.09
Total Return
Total investment return based on net asset value(d)		8.63	%		2.43	%		(12.93	)%		9.02	%		.63	%		9.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,687			$44,249			$29,037			$29,381			$16,463			$11,932
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.05	%^		.88	%		.76	%		.76	%		.77	%		.76	%
Expenses, before waivers/reimbursements(e)		1.14	%^		1.00	%		.91	%		1.08	%		1.26	%		1.30	%
Net investment income(b)		3.88	%^		3.48	%		1.91	%		1.88	%		2.68	%		2.78	%
Portfolio turnover rate		17	%		34	%		33	%		30	%		63	%		52	%

See footnote summary on page 102.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.76			$ 9.87			$ 11.56			$ 10.83			$ 11.09			$ 10.46
Income From Investment Operations
Net investment income(a)(b)		.16			.28			.12			.11			.20			.22
Net realized and unrealized gain (loss) on investment transactions		.63			(.09	)		(1.68	)		.77			(.21	)		.65
Contributions from Affiliates		– 0	–		– 0	–		.00	(c)		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.79			.19			(1.56	)		.88			(.01	)		.87
Less: Dividends
Dividends from net investment income		(.15	)		(.30	)		(.13	)		(.15	)		(.25	)		(.24	)
Net asset value, end of period		$ 10.40			$ 9.76			$ 9.87			$ 11.56			$ 10.83			$ 11.09
Total Return
Total investment return based on net asset value(d)		8.23	%		1.67	%		(13.59	)%		8.22	%		(.03	)%+		8.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$9,202			$8,042			$5,964			$7,943			$1,794			$1,596
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		1.80	%^		1.63	%		1.51	%		1.51	%		1.52	%		1.51	%
Expenses, before waivers/reimbursements(e)		1.89	%^		1.75	%		1.66	%		1.81	%		2.00	%		2.06	%
Net investment income(b)		3.13	%^		2.73	%		1.08	%		.96	%		1.91	%		2.05	%
Portfolio turnover rate		17	%		34	%		33	%		30	%		63	%		52	%

See footnote summary on page 102.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 9.76			$ 9.87			$ 11.56			$ 10.83			$ 11.09			$ 10.46
Income From Investment Operations
Net investment income(a)(b)		.21			.38			.24			.24			.31			.33
Net realized and unrealized gain (loss) on investment transactions		.64			(.09	)		(1.69	)		.75			(.21	)		.64
Contributions from Affiliates		– 0	–		– 0	–		.00	(c)		– 0	–		– 0	–		– 0	–
Net increase (decrease) in net asset value from operations		.85			.29			(1.45	)		.99			.10			.97
Less: Dividends
Dividends from net investment income		(.21	)		(.40	)		(.24	)		(.26	)		(.36	)		(.34	)
Net asset value, end of period		$ 10.40			$ 9.76			$ 9.87			$ 11.56			$ 10.83			$ 11.09
Total Return
Total investment return based on net asset value(d)		8.66	%		2.80	%		(12.71	)%		9.20	%		.97	%		9.42	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$528,600			$357,411			$276,044			$159,988			$57,110			$67,119
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)		.80	%^		.63	%		.51	%		.51	%		.52	%		.51	%
Expenses, before waivers/reimbursements(e)		.89	%^		.75	%		.66	%		.82	%		.99	%		1.05	%
Net investment income(b)		4.13	%^		3.72	%		2.23	%		2.05	%		2.87	%		3.04	%
Portfolio turnover rate		17	%		34	%		33	%		30	%		63	%		52	%

See footnote summary on page 102.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) The expense ratios presented below exclude interest/bank overdraft expense:

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Class A
Net of waivers/reimbursements		.75	%^		.75	%		.75	%		.75	%		.75	%		.75	%
Before waivers/reimbursements		.83	%^		.87	%		.90	%		1.07	%		1.23	%		1.29	%
Class C
Net of waivers/reimbursements		1.50	%^		1.50	%		1.50	%		1.50	%		1.50	%		1.50	%
Before waivers/reimbursements		1.58	%^		1.62	%		1.65	%		1.79	%		1.98	%		2.04	%
Advisor Class
Net of waivers/reimbursements		.50	%^		.50	%		.50	%		.50	%		.50	%		.50	%
Before waivers/reimbursements		.58	%^		.62	%		.65	%		.80	%		.96	%		1.04	%

^ Annualized.

+ The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

See notes to financial statements.

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BOARD OF DIRECTORS

Garry Moody⁽¹⁾,
Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Daryl Clements⁽²⁾, Vice President Matthew J. Norton⁽²⁾, Vice President Andrew D. Potter⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Tax-Aware Investment Team. Messrs. Clements, Norton and Potter are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Tax-Aware Fixed Income Opportunities Portfolio (the “Fund”) at a meeting held in person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business

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judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. The Adviser had not requested any reimbursements from the Fund in the Fund’s latest fiscal year. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

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Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median.

The Adviser informed the directors that there were no institutional products managed by the Adviser that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe

108 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 109

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

110 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

NOTES

abfunds.com AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO ^| 111

NOTES

112 ^| AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO abfunds.com

AB TAX-AWARE FIXED INCOME OPPORTUNITIES PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TAFIO-0152-0424    

APR^04.30.24

SEMI-ANNUAL REPORT

AB TOTAL RETURN BOND PORTFOLIO

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

Dear Shareholder,

We’re pleased to provide this report for the AB Total Return Bond 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:

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

⁺  Applying differentiated investment insights through a connected global research network

⁺  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,

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 1

SEMI-ANNUAL REPORT

June 26, 2024

This report provides management’s discussion of fund performance for the AB Total Return Bond Portfolio for the semi-annual reporting period ended April 30, 2024.

The Fund’s investment objective is to maximize long-term total return without assuming what the Adviser considers undue risk.

NAV RETURNS AS OF APRIL 30, 2024 (unaudited)

	6 Months		12 Months
AB TOTAL RETURN BOND PORTFOLIO
Class A Shares		5.50%		-0.89%
Class C Shares		5.13%		-1.53%
Advisor Class Shares1		5.63%		-0.53%
Class R Shares1,2		5.37%		-1.03%
Class K Shares1,2		5.50%		-0.79%
Class I Shares1		5.59%		-0.68%
Class Z Shares1		5.62%		-0.65%
Bloomberg US Aggregate Bond Index		4.97%		-1.47%

1 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.

2 Effective May 20, 2024, Class R and Class K were liquidated.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Bloomberg US Aggregate Bond Index, for the six- and 12-month periods ended April 30, 2024.

During the six-month period, all share classes of the Fund outperformed the benchmark, before sales charges. Security selection was the largest contributor, relative to the benchmark, from selections in investment-grade corporate bonds, asset-backed securities, US agency mortgages and commercial mortgage-backed securities (“CMBS”) that were partially offset by losses from selection in high-yield credit default swaps. Sector allocation also contributed, from an underweight to US Treasury bonds, off-benchmark exposure to agency risk-sharing transactions, emerging-market corporate bonds, collateralized loan obligations and high-yield corporate bonds, which were partially offset by losses from off-benchmark exposure to high-yield credit default swaps and inflation-linked securities and an underweight to investment-grade corporates. Overall yield-curve

2 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

positioning detracted. Country allocation and currency decisions did not meaningfully impact results during the period.

Over the 12-month period, all share classes of the Fund except for Class C outperformed the benchmark, before sales charges. Security selection contributed the most to relative performance, from selections in investment-grade corporate bonds, asset-backed securities, CMBS, high-yield credit default swaps and US agency mortgages. Sector allocation added to performance, mostly from off-benchmark exposure to agency risk-sharing transactions, collateralized loan obligations, emerging-market corporate bonds and high-yield corporates, along with underweights to US Treasury bonds and US agency mortgages that were partially offset by losses from off-benchmark high-yield credit default swaps and an underweight to investment-grade corporates. Yield-curve positioning in the US detracted the most from results. Off-benchmark country allocation to Japan detracted more than a gain from off-benchmark allocation to the eurozone. Currency decisions did not impact performance.

The Fund used derivatives in the form of treasury forwards for hedging and investment purposes to manage duration, country exposure and yield-curve positioning during both periods. Currency forwards were utilized to hedge currency risk during both periods. Credit default swaps were used in the corporate and commercial mortgage-backed securities sectors for hedging and investment purposes during both periods. Interest rate swaps were used to manage duration, country exposure and yield-curve positioning for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

Over the six-month period ended April 30, 2024, fixed-income government bond market yields were volatile as investors adjusted their expectations for inflation, economic growth and central bank decisions. Global developed-market yields fell sharply through the end of 2023 and rose for much of the remainder of the reporting period, as investors reacted to the timing and amount of interest-rate cuts by major central banks over the course of 2024. Government bond returns were positive across all major developed countries during the period—rising the most in Switzerland and by the least in the US. Overall, developed-market investment-grade corporate bonds rose and outperformed government bonds, as corporates outperformed treasuries in the US and were similar to eurozone treasuries in the euro area. Developed-market high-yield corporate bonds advanced and outperformed treasury markets by a wide margin, particularly in the US and eurozone. Emerging-market hard-currency sovereign bonds significantly outperformed developed-market treasuries, mainly due to the performance of high-yield sovereigns. Emerging-market hard-currency corporate bonds overall also had solid results, driven by high-yield corporates. Emerging-market local-currency bonds trailed other credit risk sectors as the US dollar was mixed against developed- and emerging-market currencies over the period.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 3

INVESTMENT POLICIES

The Fund invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Fund expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Fund may invest up to 25% of its net assets in below investment-grade bonds. The Fund may use leverage for investment purposes.

The Fund may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Fund. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Fund’s other holdings.

The Fund may invest in mortgage-related and other asset-backed securities; loan participations and assignments; inflation-indexed securities; variable-, floating- and inverse-floating-rate instruments; and preferred stock, and may use other investment techniques. The Fund intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Fund may invest in derivatives, such as options, futures contracts, forwards or swaps.

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DISCLOSURES AND RISKS

Benchmark Disclosure

The Bloomberg US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and CMBS. 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 market or markets in which the Fund invests 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.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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.

Below Investment-Grade Securities Risk: Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 5

DISCLOSURES AND RISKS (continued)

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

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.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

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

Mortgage-Related and/or Other Asset-Backed Securities Risk: Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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.

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DISCLOSURES AND RISKS (continued)

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally decline.

Active Trading Risk: The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

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.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 7

DISCLOSURES AND RISKS (continued)

On July 12, 2019, the Fund implemented its current investment policies (the change eliminated the guidelines for the average duration and maturity of the Fund and addressed certain related matters) and also changed its name from AB Intermediate Bond Portfolio to AB Total Return Bond Portfolio. Accordingly, the performance shown for periods prior to July 12, 2019, is based on the Fund’s prior investment strategies and may not be representative of the Fund’s performance under its current investment policies.

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

AVERAGE ANNUAL RETURNS AS OF APRIL 30, 2024 (unaudited)

	NAV Returns		SEC Returns (reflects applicable sales charges)		SEC Yields1
CLASS A SHARES						4.02%
1 Year		-0.89%		-5.10%
5 Years		-0.47%		-1.34%
10 Years		1.11%		0.68%
CLASS C SHARES						3.44%
1 Year		-1.53%		-2.48%
5 Years		-1.22%		-1.22%
10 Years2		0.37%		0.37%
ADVISOR CLASS SHARES3						4.45%
1 Year		-0.53%		-0.53%
5 Years		-0.22%		-0.22%
10 Years		1.37%		1.37%
CLASS R SHARES3,4						3.85%
1 Year		-1.03%		-1.03%
5 Years		-0.72%		-0.72%
10 Years		0.86%		0.86%
CLASS K SHARES3,4						4.16%
1 Year		-0.79%		-0.79%
5 Years		-0.49%		-0.49%
10 Years		1.12%		1.12%
CLASS I SHARES3						4.50%
1 Year		-0.68%		-0.68%
5 Years		-0.26%		-0.26%
10 Years		1.35%		1.35%
CLASS Z SHARES3						4.58%
1 Year		-0.65%		-0.65%
5 Years		-0.25%		-0.25%
10 Years		1.37%		1.37%

The Fund’s prospectus fee table shows the Fund’s total annual operating expense ratios as 1.17%, 1.92%, 0.92%, 1.59%, 1.39%, 0.89% and 0.81% for 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 ratios, exclusive of interest expense, to 0.77%, 1.52%, 0.52%, 1.02%, 0.77%, 0.52% and 0.52% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before January 31, 2025, 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.

(footnotes continued on next page)

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 9

HISTORICAL PERFORMANCE (continued)

1 SEC yields are calculated based on SEC guidelines for the 30-day period ended April 30, 2024.

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 Effective May 20, 2024, Class R and Class K were liquidated.

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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

MARCH 31, 2024 (unaudited)

	SEC Returns (reflects applicable sales charges)
CLASS A SHARES
1 Year		-1.80%
5 Years		-0.77%
10 Years		1.03%
CLASS C SHARES
1 Year		0.83%
5 Years		-0.63%
10 Years1		0.72%
ADVISOR CLASS SHARES2
1 Year		2.94%
5 Years		0.37%
10 Years		1.74%
CLASS R SHARES2,3
1 Year		2.43%
5 Years		-0.13%
10 Years		1.22%
CLASS K SHARES2,3
1 Year		2.68%
5 Years		0.10%
10 Years		1.47%
CLASS I SHARES2
1 Year		2.79%
5 Years		0.34%
10 Years		1.72%
CLASS Z SHARES2
1 Year		2.82%
5 Years		0.35%
Since Inception		1.65%

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

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.

3 Effective May 20, 2024, Class R and Class K were liquidated.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 11

EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you 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, 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 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 also 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.

12 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

EXPENSE EXAMPLE (continued)

	Beginning Account Value November 1, 2023		Ending Account Value April 30, 2024		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,055.00	$	3.93		0.77	%
Hypothetical**	$	1,000	$	1,021.03	$	3.87		0.77	%
Class C
Actual	$	1,000	$	1,051.30	$	7.75		1.52	%
Hypothetical**	$	1,000	$	1,017.30	$	7.62		1.52	%
Advisor Class
Actual	$	1,000	$	1,056.30	$	2.66		0.52	%
Hypothetical**	$	1,000	$	1,022.28	$	2.61		0.52	%
Class R
Actual	$	1,000	$	1,053.70	$	5.21		1.02	%
Hypothetical**	$	1,000	$	1,019.79	$	5.12		1.02	%
Class K
Actual	$	1,000	$	1,055.00	$	3.93		0.77	%
Hypothetical**	$	1,000	$	1,021.03	$	3.87		0.77	%
Class I
Actual	$	1,000	$	1,055.90	$	2.66		0.52	%
Hypothetical**	$	1,000	$	1,022.28	$	2.61		0.52	%
Class Z
Actual	$	1,000	$	1,056.20	$	2.66		0.52	%
Hypothetical**	$	1,000	$	1,022.28	$	2.61		0.52	%

* Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

** Assumes 5% annual return before expenses.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 13

PORTFOLIO SUMMARY

April 30, 2024 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $163.9

TOP TEN SECTORS (including derivatives)¹

Corporates–Investment Grade2	27.1	%
Governments–Treasuries3	22.4
U.S. Government & Agency Securities	22.2
Mortgage Pass-Throughs	18.8
Asset-Backed Securities	10.2
Collateralized Mortgage Obligations	6.3
Commercial Mortgage-Backed Securities3	5.9
Cash & Cash Equivalents	2.6
Collateralized Loan Obligations	2.3
Inflation-Linked Securities	1.4

SECTOR BREAKDOWN (excluding derivatives)⁴

Corporates–Investment Grade	26.2	%
Governments–Treasuries	21.7
Mortgage Pass-Throughs	18.1
Asset-Backed Securities	9.9
Collateralized Mortgage Obligations	6.1
Commercial Mortgage-Backed Securities	5.6
Collateralized Loan Obligations	2.2
Inflation-Linked Securities	1.4
Corporates–Non-Investment Grade	1.1
Emerging Markets–Corporate Bonds	1.1
Local Governments–US Municipal Bonds	1.0
Quasi-Sovereigns	0.6
Governments–Sovereign Bonds	0.2
Other	0.2
Short-Term Investments	4.6
	100.0	%

1 The Fund’s sectors include derivative exposure and are expressed as approximate percentages of the Fund’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

2 Includes Credit Default Swaps.

3 Includes Treasury Futures.

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

14 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS

April 30, 2024 (unaudited)

		Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 27.1%
Financial Institutions – 13.3%
Banking – 10.6%
Ally Financial, Inc. 6.992%, 06/13/2029	U.S.$		270	$	275,727
American Express Co. 5.098%, 02/16/2028			436		431,078
Banco Bilbao Vizcaya Argentaria SA 7.883%, 11/15/2034			200		214,596
Banco de Credito del Peru SA 3.125%, 07/01/2030(a)			635		603,790
Banco Santander SA 4.175%, 03/24/2028			400		380,660
9.625%, 05/21/2033(b)			200		213,502
Bank of America Corp. 2.687%, 04/22/2032			207		170,671
2.972%, 02/04/2033			535		441,054
Bank of Ireland Group PLC 5.601%, 03/20/2030(a)			212		207,612
6.253%, 09/16/2026(a)			215		215,497
Barclays PLC 6.224%, 05/09/2034			232		232,545
BNP Paribas SA 5.497%, 05/20/2030(a)			436		428,374
BPCE SA 6.508%, 01/18/2035(a)			443		438,597
CaixaBank SA 6.037%, 06/15/2035(a)			200		195,496
6.684%, 09/13/2027(a)			235		238,177
Capital One Financial Corp. 5.468%, 02/01/2029			118		115,848
6.377%, 06/08/2034			319		321,105
Citigroup, Inc. 2.561%, 05/01/2032			645		525,714
Series W 4.00%, 12/10/2025(b)			329		314,096
Credit Agricole SA 6.251%, 01/10/2035(a)			359		355,421
Deutsche Bank AG/New York NY 3.961%, 11/26/2025			265		261,539
7.146%, 07/13/2027			298		303,853
Discover Bank Series B 5.974%, 08/09/2028			250		243,967
Goldman Sachs Group, Inc. (The) 2.615%, 04/22/2032			500		409,595

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 15

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
2.65%, 10/21/2032	U.S.$		34	$	27,522
Series P 8.437% (CME Term SOFR 3 Month + 3.14%), 05/31/2024(b)(c)			43		42,957
Series V 4.125%, 11/10/2026(b)			268		247,393
HSBC Holdings PLC 4.583%, 06/19/2029			224		213,602
7.39%, 11/03/2028			315		330,221
8.113%, 11/03/2033			277		308,564
Intesa Sanpaolo SpA 7.20%, 11/28/2033(a)			219		229,098
JPMorgan Chase & Co. 2.963%, 01/25/2033			619		514,965
Lloyds Banking Group PLC 5.462%, 01/05/2028			361		357,646
7.50%, 09/27/2025(b)			381		377,727
7.953%, 11/15/2033			304		334,245
Mizuho Financial Group, Inc. 5.376%, 05/26/2030			208		204,300
Morgan Stanley 0.406%, 10/29/2027	EUR		309		302,978
Series G 2.239%, 07/21/2032	U.S.$		287		228,079
Nationwide Building Society 2.972%, 02/16/2028(a)			398		367,855
NatWest Group PLC 6.475%, 06/01/2034			204		204,816
PNC Financial Services Group, Inc. (The) Series R 8.643% (CME Term SOFR 3 Month + 3.30%), 06/01/2024(b)(c)			62		62,019
Santander Holdings USA, Inc. 6.174%, 01/09/2030			80		79,739
6.499%, 03/09/2029			174		175,484
7.66%, 11/09/2031			9		9,619
Santander UK Group Holdings PLC 6.833%, 11/21/2026			607		613,556
Skandinaviska Enskilda Banken AB 5.125%, 03/05/2027(a)			207		204,907
Societe Generale SA 2.797%, 01/19/2028(a)			537		492,123
Standard Chartered PLC 3.971%, 03/30/2026(a)			268		262,777
6.00%, 07/26/2025(a)(b)			478		467,427
7.101% (CME Term SOFR 3 Month + 1.51%), 01/30/2027(a)(b)(c)			400		377,184

16 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Swedbank AB Series NC5 5.625%, 09/17/2024(a)(b)	U.S.$		400	$	396,528
UBS Group AG 6.373%, 07/15/2026(a)			369		370,247
7.00%, 02/19/2025(a)(b)			312		310,830
UniCredit SpA 1.982%, 06/03/2027(a)			205		188,778
2.569%, 09/22/2026(a)			391		372,920
3.127%, 06/03/2032(a)			356		294,159
Wells Fargo & Co. 3.35%, 03/02/2033			598		504,658
5.574%, 07/25/2029			98		97,686
7.625%, 09/15/2028(b)			4		4,177
Series BB
3.90%, 03/15/2026(b)			273		258,627
					17,373,927
Brokerage – 0.3%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(b)			469		432,272
Finance – 1.0%
Aircastle Ltd. 4.125%, 05/01/2024			152		152,000
5.95%, 02/15/2029(a)			62		61,039
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			449		418,405
1.95%, 09/20/2026(a)			133		120,897
3.50%, 11/01/2027(a)			136		125,174
4.125%, 08/01/2025(a)			5		4,864
4.875%, 10/01/2025(a)			153		150,018
5.50%, 12/15/2024(a)			294		292,295
6.375%, 07/15/2030(a)			166		168,228
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 03/15/2034(a)			228		232,341
					1,725,261
Insurance – 0.9%
Athene Global Funding 1.985%, 08/19/2028(a)			142		121,095
2.55%, 11/19/2030(a)			16		13,041
2.717%, 01/07/2029(a)			43		37,476
5.583%, 01/09/2029(a)			47		46,585
Humana, Inc. 5.375%, 04/15/2031			119		116,081

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 17

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
MetLife Capital Trust IV 7.875%, 12/15/2037(a)	U.S.$		699	$	738,864
Swiss Re Finance Luxembourg SA 5.00%, 04/02/2049(a)			200		191,712
Swiss Re Subordinated Finance PLC 5.698%, 04/05/2035(a)			200		193,478
					1,458,332
REITs – 0.5%
American Tower Corp. 2.10%, 06/15/2030			147		119,761
5.20%, 02/15/2029			141		138,588
Crown Castle, Inc. 5.60%, 06/01/2029			100		99,390
5.80%, 03/01/2034			105		104,071
GLP Capital LP/GLP Financing II, Inc. 3.25%, 01/15/2032			310		253,279
4.00%, 01/15/2031			114		99,678
					814,767
					21,804,559
Industrial – 12.6%
Basic – 0.6%
Freeport Indonesia PT 4.763%, 04/14/2027(a)			390		376,666
Glencore Funding LLC 5.338%, 04/04/2027(a)			322		318,677
6.50%, 10/06/2033(a)			94		96,885
Nexa Resources SA 6.75%, 04/09/2034(a)			200		200,690
					992,918
Capital Goods – 1.1%
Boeing Co. (The) 3.25%, 02/01/2028			11		9,937
3.625%, 02/01/2031			66		56,724
5.15%, 05/01/2030			61		57,836
6.298%, 05/01/2029(a)			24		24,095
6.528%, 05/01/2034(a)			56		56,413
CNH Industrial Capital LLC 5.10%, 04/20/2029			266		260,281
Embraer Netherlands Finance BV 5.40%, 02/01/2027			540		531,731
Flowserve Corp. 2.80%, 01/15/2032			425		341,551
Regal Rexnord Corp. 6.05%, 02/15/2026(a)			401		401,477
					1,740,045

18 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Communications - Media – 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049	U.S.$		198	$	145,209
6.15%, 11/10/2026			158		158,381
Discovery Communications LLC 5.20%, 09/20/2047			178		139,285
5.30%, 05/15/2049			81		63,604
Meta Platforms, Inc. 4.95%, 05/15/2033			193		189,217
Prosus NV 3.257%, 01/19/2027(a)			219		201,617
Tencent Holdings Ltd. 3.24%, 06/03/2050(a)			328		210,802
					1,108,115
Communications - Telecommunications – 0.3%
AT&T, Inc. 4.50%, 05/15/2035			109		97,838
5.40%, 02/15/2034			151		147,696
T-Mobile USA, Inc. 5.15%, 04/15/2034			232		223,335
					468,869
Consumer Cyclical - Automotive – 1.7%
Cummins, Inc. 5.15%, 02/20/2034			432		423,628
Ford Motor Co. 3.25%, 02/12/2032			536		432,016
General Motors Financial Co., Inc. 5.75%, 02/08/2031			442		436,692
Harley-Davidson Financial Services, Inc. 3.05%, 02/14/2027(a)			501		464,146
6.50%, 03/10/2028(a)			20		20,202
Hyundai Capital America 5.25%, 01/08/2027(a)			103		101,812
5.30%, 03/19/2027(a)			82		81,086
6.10%, 09/21/2028(a)			234		236,796
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)			522		490,816
					2,687,194
Consumer Cyclical - Other – 0.6%
Las Vegas Sands Corp. 3.90%, 08/08/2029			327		291,789
Marriott International, Inc./MD 4.90%, 04/15/2029			384		373,813

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 19

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
MDC Holdings, Inc. 6.00%, 01/15/2043	U.S.$		346	$	340,654
					1,006,256
Consumer Cyclical - Retailers – 0.0%
Tapestry, Inc. 7.70%, 11/27/2030			36		37,261
Consumer Non-Cyclical – 2.1%
Altria Group, Inc. 3.40%, 05/06/2030			750		664,868
BAT Capital Corp. 2.259%, 03/25/2028			864		759,439
6.421%, 08/02/2033			163		167,533
Bayer US Finance LLC 6.125%, 11/21/2026(a)			203		203,292
Cargill, Inc. 5.125%, 10/11/2032(a)			248		241,867
General Mills, Inc. 4.70%, 01/30/2027			123		120,699
Ochsner LSU Health System of North Louisiana Series 2021 2.51%, 05/15/2031			520		353,792
Philip Morris International, Inc. 5.375%, 02/15/2033			469		459,606
Pilgrim’s Pride Corp. 6.875%, 05/15/2034			349		362,063
Tyson Foods, Inc. 5.70%, 03/15/2034			143		140,246
					3,473,405
Energy – 2.2%
Continental Resources, Inc./OK 2.875%, 04/01/2032(a)			550		439,285
5.75%, 01/15/2031(a)			237		231,859
Ecopetrol SA 8.625%, 01/19/2029			271		282,009
EQT Corp. 5.75%, 02/01/2034			184		178,581
Marathon Oil Corp. 6.80%, 03/15/2032			650		683,137
Oleoducto Central SA 4.00%, 07/14/2027(a)			217		200,793
ONEOK, Inc. 6.05%, 09/01/2033			183		185,178
Ovintiv, Inc. 6.25%, 07/15/2033			92		92,706
6.50%, 02/01/2038			43		43,034

20 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Suncor Energy, Inc. 6.80%, 05/15/2038	U.S.$		534	$	560,940
Var Energi ASA 7.50%, 01/15/2028(a)			314		327,788
8.00%, 11/15/2032(a)			402		442,433
					3,667,743
Other Industrial – 0.1%
LKQ Corp. 6.25%, 06/15/2033			145		145,935
Services – 0.2%
Booking Holdings, Inc. 4.50%, 11/15/2031	EUR		320		358,521
Technology – 2.1%
Apple, Inc. 4.10%, 08/08/2062	U.S.$		350		274,754
Broadcom, Inc. 4.926%, 05/15/2037(a)			547		499,887
Entegris, Inc. 4.75%, 04/15/2029(a)			395		373,180
Honeywell International, Inc. 4.125%, 11/02/2034	EUR		410		447,979
Infor, Inc. 1.75%, 07/15/2025(a)	U.S.$		279		264,266
Kyndryl Holdings, Inc. 2.05%, 10/15/2026			869		793,988
NXP BV/NXP Funding LLC 5.55%, 12/01/2028			277		276,476
NXP BV/NXP Funding LLC/NXP USA, Inc. 3.40%, 05/01/2030			298		264,517
TSMC Arizona Corp. 3.875%, 04/22/2027			241		231,160
					3,426,207
Transportation - Airlines – 0.2%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			401		388,645
Transportation - Railroads – 0.1%
Lima Metro Line 2 Finance Ltd. 5.875%, 07/05/2034(a)			150		144,950
Transportation - Services – 0.6%
ENA Master Trust 4.00%, 05/19/2048(a)			457		321,756
ERAC USA Finance LLC 4.90%, 05/01/2033(a)			288		273,439

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 21

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Ryder System, Inc. 5.375%, 03/15/2029	U.S.$		347	$	344,158
					939,353
					20,585,417
Utility – 1.2%
Electric – 1.2%
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(a)			269		225,633
Alexander Funding Trust II 7.467%, 07/31/2028(a)			184		191,914
Duke Energy Carolinas NC Storm Funding LLC Series A-2 2.617%, 07/01/2041			306		224,582
Electricite de France SA 9.125%, 03/15/2033(a)(b)			283		307,768
Engie Energia Chile SA 3.40%, 01/28/2030(a)			349		297,741
Niagara Mohawk Power Corp. 5.29%, 01/17/2034(a)			161		153,948
NRG Energy, Inc. 7.00%, 03/15/2033(a)			362		376,690
Pacific Gas and Electric Co. 5.55%, 05/15/2029			81		80,076
Vistra Operations Co., LLC 6.95%, 10/15/2033(a)			134		139,633
					1,997,985
Total Corporates - Investment Grade (cost $46,811,294)					44,387,961
GOVERNMENTS - TREASURIES – 22.5%
United States – 22.5%
U.S. Treasury Bonds 1.25%, 05/15/2050			1,878		886,181
3.125%, 08/15/2044(d)			1,549		1,192,070
3.25%, 05/15/2042			517		414,410
3.375%, 08/15/2042			992		809,034
3.625%, 05/15/2053			481		392,855
3.875%, 02/15/2043			3,078		2,687,172
3.875%, 05/15/2043			213		185,141
4.00%, 11/15/2042			2,061		1,834,489
4.125%, 08/15/2053			119		106,449
4.375%, 08/15/2043			286		267,247
4.50%, 02/15/2044			270		255,973
4.75%, 11/15/2043			638		624,850
4.75%, 11/15/2053			497		493,894

22 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
U.S. Treasury Notes 2.625%, 02/15/2029	U.S.$		682	$	620,771
4.00%, 02/29/2028			1,315		1,277,313
4.00%, 02/15/2034			3,454		3,269,588
4.125%, 10/31/2027			863		842,555
4.125%, 03/31/2029			6,367		6,199,261
4.25%, 02/28/2029			5,050		4,945,354
4.375%, 08/31/2028			1,227		1,207,730
4.375%, 11/30/2028			1,783		1,755,042
4.50%, 11/15/2033			1,717		1,691,710
4.875%, 10/31/2028			4,850		4,870,360
Total Governments - Treasuries (cost $38,920,190)					36,829,449
MORTGAGE PASS-THROUGHS – 18.7%
Agency Fixed Rate 30-Year – 17.8%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049			159		140,053
3.50%, 11/01/2049			212		186,436
Series 2022 2.00%, 03/01/2052			1,774		1,354,210
2.50%, 04/01/2052			2,099		1,683,306
3.00%, 03/01/2052			1,173		980,987
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035			64		64,135
Series 2007 5.50%, 07/01/2035			10		9,844
Series 2016 4.00%, 02/01/2046			462		430,110
Series 2017 4.00%, 07/01/2044			308		286,354
Series 2018 4.50%, 03/01/2048			115		108,557
4.50%, 10/01/2048			295		277,544
4.50%, 11/01/2048			375		352,706
5.00%, 11/01/2048			149		144,105
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033			19		19,058
5.50%, 07/01/2033			42		41,749
Series 2004 5.50%, 04/01/2034			5		5,181
5.50%, 05/01/2034			12		12,488
5.50%, 11/01/2034			18		18,390
5.50%, 01/01/2035			176		177,382

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 23

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2005 5.50%, 02/01/2035	U.S.$		25	$	25,451
Series 2007 5.50%, 08/01/2037			126		126,836
Series 2010 4.00%, 12/01/2040			191		177,715
Series 2012 3.50%, 02/01/2042			121		109,187
3.50%, 11/01/2042			1,323		1,197,021
3.50%, 01/01/2043			217		195,847
Series 2013 3.50%, 04/01/2043			766		691,822
4.00%, 10/01/2043			453		419,167
Series 2016 3.50%, 01/01/2047			344		303,394
Series 2018 4.50%, 09/01/2048			633		594,387
Series 2019 3.50%, 08/01/2049			498		437,294
3.50%, 09/01/2049			222		195,434
3.50%, 11/01/2049			451		395,060
Series 2021 2.00%, 07/01/2051			1,878		1,424,785
2.00%, 12/01/2051			1,905		1,441,526
2.50%, 01/01/2052			597		479,686
Series 2022 2.50%, 03/01/2052			1,320		1,059,242
2.50%, 04/01/2052			1,333		1,068,250
2.50%, 05/01/2052			1,767		1,416,140
3.00%, 02/01/2052			1,543		1,290,948
3.00%, 03/01/2052			1,986		1,661,170
Government National Mortgage Association Series 2016 3.00%, 04/20/2046			65		56,167
3.00%, 05/20/2046			156		135,214
Series 2023 5.50%, 04/20/2053			1,065		1,045,233
Series 2024 4.50%, 05/20/2054, TBA			1,582		1,474,101
5.00%, 05/15/2054, TBA			2,900		2,776,511
6.00%, 05/15/2054, TBA			364		365,154
Uniform Mortgage-Backed Security Series 2024 2.00%, 05/13/2054, TBA			245		184,924
5.50%, 05/15/2054, TBA			1,913		1,857,777
6.00%, 05/15/2054, TBA			383		380,095
					29,278,133

24 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Agency Fixed Rate 15-Year – 0.9%
Federal National Mortgage Association Series 2016 2.50%, 08/01/2031	U.S.$		83	$	77,170
2.50%, 11/01/2031			363		337,114
2.50%, 12/01/2031			482		446,819
2.50%, 01/01/2032			116		107,795
Series 2017 2.50%, 02/01/2032			534		495,416
					1,464,314
Agency ARMs – 0.0%
Federal Home Loan Mortgage Corp. Series 2006 6.25% (RFUCCT1Y + 2.00%), 01/01/2037(c)			7		7,614
Total Mortgage Pass-Throughs (cost $34,247,448)					30,750,061
ASSET-BACKED SECURITIES – 10.2%
Other ABS - Fixed Rate – 5.3%
AB Issuer LLC Series 2021-1, Class A2 3.734%, 07/30/2051(a)			728		632,095
ACHV ABS Trust Series 2023-4CP, Class B 7.24%, 11/25/2030(a)			437		439,526
Affirm Asset Securitization Trust Series 2021-Z1, Class A 1.07%, 08/15/2025(a)			7		7,022
Series 2021-Z2, Class A 1.17%, 11/16/2026(a)			25		24,852
Series 2022-X1, Class A 1.75%, 02/15/2027(a)			17		16,535
Atalaya Equipment Leasing Trust Series 2021-1A, Class C 2.69%, 06/15/2028(a)			600		579,953
Cajun Global LLC Series 2021-1, Class A2 3.931%, 11/20/2051(a)			137		123,165
College Ave Student Loans LLC Series 2021-C, Class C 3.06%, 07/26/2055(a)			207		178,880
Conn’s Receivables Funding LLC Series 2024-A, Class A 7.05%, 01/16/2029(a)			121		120,797

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 25

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Dext ABS LLC Series 2021-1, Class C 2.29%, 09/15/2028(a)	U.S.$		519	$	481,016
Series 2021-1, Class D 2.81%, 03/15/2029(a)			260		232,109
Series 2023-1, Class A2 5.99%, 03/15/2032(a)			428		424,400
Diamond Issuer LLC Series 2021-1A, Class B 2.701%, 11/20/2051(a)			566		478,148
GCI Funding I LLC Series 2021-1, Class A 2.38%, 06/18/2046(a)			228		198,799
Granite Park Equipment Leasing LLC Series 2023-1A, Class A3 6.46%, 09/20/2032(a)			206		207,687
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)			322		300,902
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)			968		859,408
MVW LLC Series 2021-2A, Class C 2.23%, 05/20/2039(a)			413		376,689
Neighborly Issuer LLC Series 2022-1A, Class A2 3.695%, 01/30/2052(a)			359		308,418
Series 2023-1A, Class A2 7.308%, 01/30/2053(a)			390		389,866
Nelnet Student Loan Trust Series 2021-BA, Class B 2.68%, 04/20/2062(a)			220		177,828
Pagaya AI Debt Trust Series 2024-1, Class A 6.66%, 07/15/2031(a)			365		365,982
Series 2024-2, Class A 6.319%, 08/15/2031(a)			231		230,878
Series 2024-3, Class A 6.258%, 10/15/2031(a)			356		355,132
Prosper Marketplace Issuance Trust Series 2024-1A, Class A 6.12%, 08/15/2029(a)			424		423,654
SEB Funding LLC Series 2021-1A, Class A2 4.969%, 01/30/2052(a)			690		647,439

26 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Upstart Securitization Trust Series 2021-3, Class B 1.66%, 07/20/2031(a)	U.S.$		71	$	71,102
					8,652,282
Autos - Fixed Rate – 4.8%
ACM Auto Trust Series 2024-1A, Class A 7.71%, 01/21/2031(a)			327		328,216
Arivo Acceptance Auto Loan Receivables Trust Series 2024-1A, Class A 6.46%, 04/17/2028(a)			132		132,455
Avis Budget Rental Car Funding AESOP LLC Series 2023-3A, Class A 5.44%, 02/22/2028(a)			475		471,678
Carvana Auto Receivables Trust Series 2021-N3, Class C 1.02%, 06/12/2028			60		56,604
Series 2021-N4, Class D 2.30%, 09/11/2028			174		167,779
CPS Auto Receivables Trust Series 2021-C, Class D 1.69%, 06/15/2027(a)			470		455,648
Enterprise Fleet Financing LLC Series 2023-2, Class A2 5.56%, 04/22/2030(a)			439		437,781
FHF Trust Series 2021-2A, Class A 0.83%, 12/15/2026(a)			62		60,126
Series 2023-1A, Class A2 6.57%, 06/15/2028(a)			156		156,397
Flagship Credit Auto Trust Series 2019-3, Class E 3.84%, 12/15/2026(a)			960		936,497
Series 2020-1, Class E 3.52%, 06/15/2027(a)			1,000		957,858
Ford Credit Auto Owner Trust Series 2021-1, Class D 2.31%, 10/17/2033(a)			542		499,842
Hertz Vehicle Financing III LLC Series 2022-1A, Class C 2.63%, 06/25/2026(a)			450		432,979
Lendbuzz Securitization Trust Series 2023-1A, Class A2 6.92%, 08/15/2028(a)			470		473,330
Series 2023-2A, Class A2 7.09%, 10/16/2028(a)			204		205,914

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 27

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Lobel Automobile Receivables Trust Series 2023-2, Class A 7.59%, 04/16/2029(a)	U.S.$		379	$	381,729
Octane Receivables Trust Series 2021-2A, Class C 2.53%, 05/21/2029(a)			541		506,796
Prestige Auto Receivables Trust Series 2024-1A, Class A1 5.648%, 04/15/2025(a)			183		183,284
Research-Driven Pagaya Motor Trust Series 2024-1A, Class A 7.09%, 06/25/2032(a)			169		169,528
Santander Bank Auto Credit-Linked Notes Series 2022-A, Class B 5.281%, 05/15/2032(a)			138		137,206
Santander Drive Auto Receivables Trust Series 2023-3, Class B 5.61%, 07/17/2028			228		227,006
Tesla Auto Lease Trust Series 2024-A, Class A3 5.30%, 06/21/2027(a)			141		140,133
United Auto Credit Securitization Trust Series 2024-1, Class A 6.17%, 08/10/2026(a)			73		73,003
US Bank NA Series 2023-1, Class B 6.789%, 08/25/2032(a)			326		326,874
					7,918,663
Credit Cards - Fixed Rate – 0.1%
Brex Commercial Charge Card Master Trust Series 2024-1, Class A1 6.05%, 07/15/2027(a)			251		249,570
Total Asset-Backed Securities (cost $17,664,294)					16,820,515
COLLATERALIZED MORTGAGE OBLIGATIONS – 6.3%
Risk Share Floating Rate – 5.2%
Bellemeade Re Ltd. Series 2022-1, Class M1C 9.03% (CME Term SOFR + 3.70%), 01/26/2032(a)(c)			672		684,165
Series 2023-1, Class M1A 7.53% (CME Term SOFR + 2.20%), 10/25/2033(a)(c)			254		255,713

28 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Connecticut Avenue Securities Trust Series 2019-R01, Class 2M2 7.895% (CME Term SOFR + 2.56%), 07/25/2031(a)(c)	U.S.$		16	$	16,222
Series 2020-R01, Class 1B1 8.695% (CME Term SOFR + 3.36%), 01/25/2040(a)(c)			500		518,750
Series 2022-R01, Class 1B1 8.48% (CME Term SOFR + 3.15%), 12/25/2041(a)(c)			625		644,342
Series 2022-R02, Class 2M1 6.53% (CME Term SOFR + 1.20%), 01/25/2042(a)(c)			255		254,944
Series 2023-R02, Class 1M1 7.63% (CME Term SOFR + 2.30%), 01/25/2043(a)(c)			192		196,486
Series 2023-R07, Class 2M1 7.28% (CME Term SOFR + 1.95%), 09/25/2043(a)(c)			381		383,233
Series 2024-R02, Class 1M1 6.43% (CME Term SOFR + 1.10%), 02/25/2044(a)(c)			166		165,591
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-HQA2, Class M3 10.245% (CME Term SOFR + 4.91%), 05/25/2028(c)			121		125,417
Series 2019-FTR3, Class B2 10.236% (CME Term SOFR + 4.91%), 09/25/2047(a)(c)			700		732,229
Series 2021-HQA4, Class M2 7.68% (CME Term SOFR + 2.35%), 12/25/2041(a)(c)			513		516,622
Series 2022-DNA2, Class M2 9.08% (CME Term SOFR + 3.75%), 02/25/2042(a)(c)			605		635,018
Series 2024-DNA1, Class M1 6.68% (CME Term SOFR + 1.35%), 02/25/2044(a)(c)			350		350,254
Series 2024-HQA1, Class M1 6.58% (CME Term SOFR + 1.25%), 03/25/2044(a)(c)			351		351,726
Federal National Mortgage Association Connecticut Avenue Securities Series 2016-C02, Class 1B 17.695% (CME Term SOFR + 12.36%), 09/25/2028(c)			149		172,819

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 29

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2016-C03, Class 1B 17.195% (CME Term SOFR + 11.86%), 10/25/2028(c)	U.S.$		99	$	114,722
Series 2016-C06, Class 1B 14.695% (CME Term SOFR + 9.36%), 04/25/2029(c)			376		424,722
Series 2016-C07, Class 2B 14.945% (CME Term SOFR + 9.61%), 05/25/2029(c)			378		430,898
Series 2017-C04, Class 2M2 8.295% (CME Term SOFR + 2.96%), 11/25/2029(c)			167		171,989
Series 2021-R02, Class 2B1 8.63% (CME Term SOFR + 3.30%), 11/25/2041(a)(c)			441		454,040
Home Re Ltd. Series 2023-1, Class M1A 7.48% (CME Term SOFR + 2.15%), 10/25/2033(a)(c)			259		259,986
JPMorgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 9.695% (CME Term SOFR + 4.36%), 11/25/2024(a)(c)			17		17,498
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 9.183% (CME Term SOFR 1 Month + 3.86%), 05/30/2025(a)(c)			218		217,780
Series 2019-3R, Class A 9.145% (CME Term SOFR + 3.81%), 11/27/2031(a)(c)			83		83,293
Series 2020-1R, Class A 8.795% (CME Term SOFR + 3.46%), 02/25/2025(a)(c)			140		138,908
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 10.695% (CME Term SOFR + 5.36%), 11/25/2025(a)(c)			104		107,335
Series 2015-WF1, Class 2M2 10.945% (CME Term SOFR + 5.61%), 11/25/2025(a)(c)			24		24,724
					8,449,426
Agency Floating Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4719, Class JS 0.706% (6.04% – CME Term SOFR), 09/15/2047(c)(e)			531		48,312

30 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 4981, Class HS 0.656% (5.99% – CME Term SOFR), 06/25/2050(c)(e)	U.S.$		1,581	$	114,925
Federal National Mortgage Association REMICs Series 2015-90, Class SL 0.706% (6.04% – CME Term SOFR), 12/25/2045(c)(e)			702		64,566
Series 2016-77, Class DS 0.556% (5.89% – CME Term SOFR), 10/25/2046(c)(e)			569		48,196
Series 2017-26, Class TS 0.506% (5.84% – CME Term SOFR), 04/25/2047(c)(e)			735		68,200
Series 2017-62, Class AS 0.706% (6.04% – CME Term SOFR), 08/25/2047(c)(e)			621		57,822
Series 2017-97, Class LS 0.756% (6.09% – CME Term SOFR), 12/25/2047(c)(e)			725		76,229
Government National Mortgage Association Series 2017-65, Class ST 0.72% (6.04% – CME Term SOFR 1 Month), 04/20/2047(c)(e)			704		62,957
					541,207
Non-Agency Floating Rate – 0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 5.811% (CME Term SOFR 1 Month + 0.49%), 12/25/2036(c)			414		129,770
HomeBanc Mortgage Trust Series 2005-1, Class A1 5.931% (CME Term SOFR 1 Month + 0.61%), 03/25/2035(c)			63		50,114
Impac Secured Assets Corp. Series 2005-2, Class A2D 6.291% (CME Term SOFR 1 Month + 0.97%), 03/25/2036(c)			118		92,419
JPMorgan Chase Bank, NA Series 2019-CL1, Class M3 7.531% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(a)(c)			81		84,139
Residential Accredit Loans, Inc. Trust Series 2007-QS4, Class 2A4 5.771% (CME Term SOFR 1 Month + 0.45%), 03/25/2037(c)			490		103,033

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 31

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2002-3, Class B3 6.50%, 03/25/2032	U.S.$		452	$	77,792
					537,267
Non-Agency Fixed Rate – 0.3%
Alternative Loan Trust Series 2006-24CB, Class A16 5.75%, 08/25/2036			178		93,208
Series 2006-J1, Class 1A13 5.50%, 02/25/2036			73		49,013
CHL Mortgage Pass-Through Trust Series 2006-13, Class 1A19 6.25%, 09/25/2036			46		19,160
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 4.501%, 07/25/2036			338		264,116
					425,497
Agency Fixed Rate – 0.2%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 4.24%, 05/28/2035			50		47,618
Federal National Mortgage Association REMICs Series 2016-31, Class IO 5.00%, 06/25/2046(f)			2,133		318,316
					365,934
Total Collateralized Mortgage Obligations (cost $11,213,327)					10,319,331
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.8%
Non-Agency Fixed Rate CMBS – 3.6%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.652%, 03/10/2037(a)			960		714,809
Commercial Mortgage Trust Series 2014-LC17, Class B 4.49%, 10/10/2047			800		782,602
GS Mortgage Securities Trust Series 2011-GC5, Class D 5.297%, 08/10/2044(a)			252		119,621
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(g)			275		261,791

32 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Series 2021-1, Class A2 2.435%, 08/15/2026(g)	U.S.$		719	$	680,080
Series 2021-1, Class AS 2.638%, 08/15/2026(g)			25		22,984
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035(g)			710		697,572
JPMBB Commercial Mortgage Securities Trust Series 2014-C24, Class C 4.513%, 11/15/2047			890		716,287
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class D 5.129%, 05/15/2045			429		412,502
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039			77		29,294
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)			106		106,188
Wells Fargo Commercial Mortgage Trust Series 2016-LC24, Class XA 1.748%, 10/15/2049(f)			7,173		204,052
Series 2016-LC25, Class C 4.476%, 12/15/2059			545		474,742
Series 2016-NXS6, Class C 4.537%, 11/15/2049			600		541,071
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class B 3.714%, 03/15/2045			144		134,873
					5,898,468
Non-Agency Floating Rate CMBS – 2.2%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 6.368% (CME Term SOFR 1 Month + 1.05%), 11/15/2033(a)(c)			1,330		1,324,643
BBCMS Mortgage Trust Series 2020-BID, Class A 7.576% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(a)(c)			692		688,540
BX Commercial Mortgage Trust Series 2019-IMC, Class D 7.267% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(a)(c)			142		140,671
Series 2019-IMC, Class E 7.517% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(a)(c)			566		561,503

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 33

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 7.33% (CME Term SOFR + 2.00%), 01/25/2051(a)(c)	U.S.$		63	$	61,510
Morgan Stanley Capital I Trust Series 2019-BPR, Class C 8.97% (CME Term SOFR 1 Month + 3.64%), 05/15/2036(a)(c)			520		507,556
Natixis Commercial Mortgage Securities Trust Series 2019-MILE, Class A 6.90% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(a)(c)			322		297,934
					3,582,357
Agency CMBS – 0.0%
Government National Mortgage Association Series 2006-39, Class IO 0.121%, 07/16/2046(f)			148		1
Total Commercial Mortgage-Backed Securities (cost $10,428,526)					9,480,826
COLLATERALIZED LOAN OBLIGATIONS – 2.3%
CLO - Floating Rate – 2.3%
Balboa Bay Loan Funding Ltd. Series 2021-1A, Class D 8.636% (CME Term SOFR 3 Month + 3.31%), 07/20/2034(a)(c)			709		666,917
Elevation CLO Ltd. Series 2020-11A, Class D1 9.44% (CME Term SOFR 3 Month + 4.11%), 04/15/2033(a)(c)			1,000		989,014
Goldentree Loan Management US CLO 7 Ltd. Series 2020-7A, Class AR 6.656% (CME Term SOFR 3 Month + 1.33%), 04/20/2034(a)(c)			581		582,956
Peace Park CLO Ltd. Series 2021-1A, Class D 8.536% (CME Term SOFR 3 Month + 3.21%), 10/20/2034(a)(c)			300		300,296
Pikes Peak CLO 8 Series 2021-8A, Class A 6.756% (CME Term SOFR 3 Month + 1.43%), 07/20/2034(a)(c)			675		676,094

34 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Rockford Tower CLO Ltd. Series 2021-2A, Class A1 6.746% (CME Term SOFR 3 Month + 1.42%), 07/20/2034(a)(c)	U.S.$		504	$	504,469
Total Collateralized Loan Obligations (cost $3,769,589)					3,719,746
INFLATION-LINKED SECURITIES – 1.4%
United States – 1.4%
U.S. Treasury Inflation Index 0.25%, 07/15/2029 (TIPS) (cost $2,314,700)			2,571		2,327,182
CORPORATES - NON-INVESTMENT GRADE – 1.2%
Industrial – 1.1%
Basic – 0.2%
Sealed Air Corp. 4.00%, 12/01/2027(a)			379		350,480
Capital Goods – 0.2%
TransDigm, Inc. 6.375%, 03/01/2029(a)			245		243,459
Communications - Media – 0.2%
DISH DBS Corp. 5.75%, 12/01/2028(a)			322		218,235
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)	EUR		181		166,702
					384,937
Communications - Telecommunications – 0.1%
Altice France SA/France 3.375%, 01/15/2028(a)			181		127,606
Consumer Cyclical - Other – 0.1%
Hilton Domestic Operating Co., Inc. 5.875%, 04/01/2029(a)	U.S.$		106		104,673
6.125%, 04/01/2032(a)			61		60,158
					164,831
Consumer Non-Cyclical – 0.1%
Organon & Co./Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)	EUR		100		99,323

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 35

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Energy – 0.1%
Sunoco LP 7.00%, 05/01/2029(a)	U.S.$		66	$	67,020
7.25%, 05/01/2032(a)			92		93,438
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029			17		15,529
					175,987
Other Industrial – 0.0%
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			477		382
Services – 0.1%
APCOA Parking Holdings GmbH 4.625%, 01/15/2027(a)	EUR		181		185,731
					1,732,736
Utility – 0.1%
Electric – 0.1%
Vistra Corp. 7.00%, 12/15/2026(a)(b)	U.S.$		218		213,954
Total Corporates - Non-Investment Grade (cost $2,496,410)					1,946,690
EMERGING MARKETS - CORPORATE BONDS – 1.1%
Industrial – 0.9%
Basic – 0.5%
Braskem Netherlands Finance BV 4.50%, 01/10/2028(a)			438		390,368
Stillwater Mining Co. 4.00%, 11/16/2026(a)			446		398,752
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			76		51,656
					840,776
Communications - Media – 0.2%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			417		363,311
Consumer Cyclical - Other – 0.2%
Wynn Macau Ltd. 5.625%, 08/26/2028(a)			330		304,755
Consumer Non-Cyclical – 0.0%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(g)(h)(i)(j)(k)			660		66
					1,508,908

36 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
Utility – 0.2%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026(a)	U.S.$		60	$	59,091
Other Utility – 0.2%
Aegea Finance SARL 6.75%, 05/20/2029(a)			260		250,861
					309,952
Financial Institutions – 0.0%
Other Finance – 0.0%
OEC Finance Ltd. 5.25%, 12/27/2033(a)(l)(m)			221		12,294
7.125%, 12/26/2046(a)(k)(l)(m)			287		19,758
					32,052
Total Emerging Markets - Corporate Bonds (cost $2,652,512)					1,850,912
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.0%
United States – 1.0%
State of California Series 2010 7.625%, 03/01/2040			970		1,135,451
University of California Series 2021-B 3.071%, 05/15/2051			730		492,554
Total Local Governments - US Municipal Bonds (cost $2,051,221)					1,628,005
QUASI-SOVEREIGNS – 0.6%
Quasi-Sovereign Bonds – 0.6%
Chile – 0.2%
Corp. Nacional del Cobre de Chile 6.44%, 01/26/2036(a)			340		338,619
Hungary – 0.2%
Magyar Export-Import Bank Zrt 6.125%, 12/04/2027(a)			387		387,000
Mexico – 0.2%
Comision Federal de Electricidad 4.688%, 05/15/2029(a)			295		271,031
Total Quasi-Sovereigns (cost $1,028,441)					996,650

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 37

PORTFOLIO OF INVESTMENTS (continued)

		Principal Amount (000)		U.S. $ Value
GOVERNMENTS - SOVEREIGN BONDS – 0.2%
Colombia – 0.2%
Colombia Government International Bond 3.125%, 04/15/2031 (cost $374,076)	U.S.$		375	$	288,937
EMERGING MARKETS - SOVEREIGNS – 0.1%
Dominican Republic – 0.1%
Dominican Republic International Bond 4.875%, 09/23/2032(a) (cost $217,000)			217		190,011
		Shares
COMMON STOCKS – 0.1%
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. Special Investment, Series 1, December 2021 – Class U-1(h)(i)(k)			72		23,542
Mt Logan Re Ltd. Special Investment, Series 1, December 2022 – Class U-1(h)(i)(k)			104		54,612
Mt Logan Re Ltd. Special Investment, Series 2, December 2021 – Class U-1(h)(i)(k)			78		25,641
Mt Logan Re Ltd. Special Investment, Series 2, December 2022 – Class U-1(h)(i)(k)			114		59,485
Total Common Stocks (cost $326,594)					163,280
		Principal Amount (000)
SHORT-TERM INVESTMENTS – 4.8%
U.S. Treasury Bills – 4.1%
U.S. Treasury Bill Zero Coupon, 05/23/2024	U.S.$		3,235		3,224,492
Zero Coupon, 06/20/2024			1,112		1,103,677
Zero Coupon, 07/25/2024			668		659,933
Zero Coupon, 08/29/2024			1,770		1,739,035
Total U.S. Treasury Bills (cost $6,728,046)					6,727,137

38 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

		Shares		U.S. $ Value
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.21%(n)(o)(p) (cost $1,109,578)			1,109,578	$	1,109,578
Total Short-Term Investments (cost $7,837,624)					7,836,715
Total Investments – 103.4% (cost $182,353,246)					169,536,271
Other assets less liabilities – (3.4)%					(5,597,355	)
Net Assets – 100.0%				$	163,938,916

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		4		June 2024	$	440,875	$	(6	)
U.S. Long Bond (CBT) Futures		20		June 2024		2,276,250		(96,905	)
U.S. T-Note 5 Yr (CBT) Futures		243		June 2024		25,452,351		(416,537	)
U.S. Ultra Bond (CBT) Futures		110		June 2024		13,151,875		(825,345	)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		17		June 2024		3,445,156		13,017
							$	(1,325,776	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.	EUR	1,630	USD	1,785		06/12/2024	$	43,186
State Street Bank & Trust Co.	USD	6	EUR	6		06/12/2024		12
							$	43,198

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 39

PORTFOLIO OF INVESTMENTS (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Buy Contracts
CDX-NAHY Series 42, 5 Year Index, 06/20/2029*		(5.00	)%		Quarterly		3.55	%	USD 8,480	$	(548,125	)	$	(564,523	)	$	16,398
iTraxx Australia Series 41, 5 Year Index, 06/20/2029*		(1.00	)		Quarterly		0.71		USD 7,590		(105,796	)		(121,517	)		15,721
Sale Contracts
CDX-NAIG Series 42, 5 Year Index, 06/20/2029*		1.00			Quarterly		0.53		USD 7,590		168,520			164,194			4,326
										$	(485,401	)	$	(521,846	)	$	36,445

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

Rate Type

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Payment Frequency Paid/ Received

Market Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

USD

2,000

12/13/2029

1.537%

1 Day SOFR

Annual

$

315,537

$

167,238

$

148,299

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at April 30, 2024			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		5.00	%		USD	12	$	(1,475	)	$	(938	)	$	(537	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	23		(2,949	)		(2,067	)		(882	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	23		(2,949	)		(1,910	)		(1,039	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		5.00			USD	47		(5,898	)		(4,519	)		(1,379	)
												$	(13,271	)	$	(9,434	)	$	(3,837	)

* Termination date

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At April 30, 2024, the aggregate market value of these securities amounted to $55,935,769 or 34.1% of net assets.

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

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PORTFOLIO OF INVESTMENTS (continued)

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

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

(e) Inverse interest only security.

(f) IO – Interest Only.

(g) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 1.01% of net assets as of April 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021 - 08/03/2023	$	264,649	$	261,791		0.16	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021 - 09/06/2022		730,031		680,080		0.41	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021 - 04/01/2021		25,324		22,984		0.01	%
HFX Funding Issuer Series 2017-1A, Class A3 3.647%, 03/15/2035		11/19/2020		751,360		697,572		0.43	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018		01/24/2014 - 01/27/2014		365,927		66		0.00	%

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

(i) Non-income producing security.

(j) Defaulted matured security.

(k) Fair valued by the Adviser.

(l) Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at April 30, 2024.

(m) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at April 30, 2024.

(n) Affiliated investments.

(o) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

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

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

ARMs – Adjustable Rate Mortgages

CBT – Chicago Board of Trade

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

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

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

CLO – Collateralized Loan Obligations

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 41

PORTFOLIO OF INVESTMENTS (continued)

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

RFUCCT1Y – Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year

SOFR – Secured Overnight Financing Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

See notes to financial statements.

42 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

STATEMENT OF ASSETS & LIABILITIES

April 30, 2024 (unaudited)

Assets
Investments in securities, at value
Unaffiliated issuers (cost $181,243,668)	$	168,426,693
Affiliated issuers (cost $1,109,578)		1,109,578
Cash		12,053
Cash collateral due from broker		1,812,823
Foreign currencies, at value (cost $1,541)		1,534
Receivable for investment securities sold		4,382,496
Interest receivable		1,244,297
Receivable for capital stock sold		59,859
Receivable due from Adviser		44,079
Unrealized appreciation on forward currency exchange contracts		43,198
Receivable for variation margin on centrally cleared swaps		38,138
Affiliated dividends receivable		3,129
Total assets		177,177,877
Liabilities
Payable for investment securities purchased		12,112,745
Payable for variation margin on futures		231,632
Payable for capital stock redeemed		202,348
Dividends payable		106,358
Advisory fee payable		60,998
Transfer Agent fee payable		28,476
Distribution fee payable		27,399
Market value on credit default swaps (net premiums received $9,434)		13,271
Foreign capital gains tax payable		6,554
Administrative fee payable		1,214
Directors’ fees payable		648
Accrued expenses		447,318
Total liabilities		13,238,961
Net Assets	$	163,938,916
Composition of Net Assets
Capital stock, at par	$	18,191
Additional paid-in capital		216,855,919
Accumulated loss		(52,935,194	)
Net Assets	$	163,938,916

Net Asset Value Per Share—27 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	121,611,933		13,496,325	$	9.01	*
C	$	1,982,058		220,518	$	8.99
Advisor	$	35,017,359		3,884,036	$	9.02
R	$	431,926		47,951	$	9.01
K	$	1,786,469		198,135	$	9.02
I	$	436,354		48,373	$	9.02
Z	$	2,672,817		295,928	$	9.03

* The maximum offering price per share for Class A shares was $9.41 which reflects a sales charge of 4.25%.

See notes to financial statements.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 43

STATEMENT OF OPERATIONS

Six Months Ended April 30, 2024 (unaudited)

Investment Income
Interest	$	4,275,834
Dividends
Unaffiliated issuers		145,071
Affiliated issuers		26,565		$	4,447,470
Expenses
Advisory fee (see Note B)		386,915
Distribution fee—Class A		161,548
Distribution fee—Class C		9,667
Distribution fee—Class R		1,157
Distribution fee—Class K		2,549
Transfer agency—Class A		109,141
Transfer agency—Class C		1,690
Transfer agency—Advisor Class		29,499
Transfer agency—Class R		602
Transfer agency—Class K		2,039
Transfer agency—Class I		293
Transfer agency—Class Z		503
Custody and accounting		104,623
Registration fees		53,237
Audit and tax		52,747
Printing		25,003
Legal		17,820
Directors’ fees		9,482
Miscellaneous		11,327
Total expenses		979,842
Less: expenses waived and reimbursed by the Adviser (see Note B)		(358,316	)
Net expenses					621,526
Net investment income					3,825,944
Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions(a)					(1,234,793	)
Forward currency exchange contracts					6,878
Futures					(274,972	)
Swaps					(576,719	)
Foreign currency transactions					(83,106	)
Net change in unrealized appreciation (depreciation) of:
Investments					6,833,077
Forward currency exchange contracts					36,319
Futures					1,063,566
Swaps					(94,611	)
Foreign currency denominated assets and liabilities					4,331
Net gain on investment and foreign currency transactions					5,679,970
Net Increase in Net Assets from Operations				$	9,505,914

(a) Net of foreign realized capital gains taxes of $5,060.

See notes to financial statements.

44 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income	$	3,825,944		$	7,758,090
Net realized loss on investment and foreign currency transactions		(2,162,712	)		(13,466,264	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		7,842,682			9,154,416
Net increase in net assets from operations		9,505,914			3,446,242
Distributions to Shareholders
Class A		(2,722,769	)		(6,036,127	)
Class C		(33,650	)		(86,032	)
Advisor Class		(780,130	)		(1,689,006	)
Class R		(9,190	)		(16,563	)
Class K		(42,668	)		(101,738	)
Class I		(10,806	)		(30,439	)
Class Z		(63,710	)		(115,328	)
Return of capital
Class A		– 0	–		(473,258	)
Class C		– 0	–		(6,745	)
Advisor Class		– 0	–		(132,425	)
Class R		– 0	–		(1,299	)
Class K		– 0	–		(7,977	)
Class I		– 0	–		(2,387	)
Class Z		– 0	–		(9,042	)
Capital Stock Transactions
Net decrease		(9,980,394	)		(28,355,924	)
Total decrease		(4,137,403	)		(33,618,048	)
Net Assets
Beginning of period		168,076,319			201,694,367
End of period	$	163,938,916		$	168,076,319

See notes to financial statements.

abfunds.com AB TOTAL RETURN BOND PORTFOLIO ^| 45

NOTES TO FINANCIAL STATEMENTS

April 30, 2024 (unaudited)

NOTE A

Significant Accounting Policies

AB Bond Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. The Company, which is a Maryland corporation, operates as a series company comprised of nine portfolios currently in operation. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Total Return Bond Portfolio (the “Fund”), a diversified portfolio. The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Class B and Class T shares have been authorized but currently are not offered. At a meeting held on October 31-November 2, 2023, the Company’s Board of Directors (the “Board”) approved the discontinuance of the offering of Class K and Class R shares of the Fund to new investors and the liquidation of the assets corresponding to such classes. Effective May 20, 2024, Class R and Class K were liquidated. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All nine classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Board. Pursuant to these

46 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

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NOTES TO FINANCIAL STATEMENTS (continued)

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor

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inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

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

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Corporates – Investment Grade

$

– 0

–

$

44,387,961

$

– 0

–

$

44,387,961

Governments – Treasuries

– 0

–

36,829,449

– 0

–

36,829,449

Mortgage Pass-Throughs

– 0

–

30,750,061

– 0

–

30,750,061

Asset-Backed Securities

– 0

–

16,820,515

– 0

–

16,820,515

Collateralized Mortgage Obligations

– 0

–

10,319,331

– 0

–

10,319,331

Commercial Mortgage-Backed Securities

– 0

–

9,480,826

– 0

–

9,480,826

Collateralized Loan Obligations

– 0

–

3,719,746

– 0

–

3,719,746

Inflation-Linked Securities

– 0

–

2,327,182

– 0

–

2,327,182

Corporates – Non-Investment Grade

– 0

–

1,946,690

– 0

–

1,946,690

Emerging Markets – Corporate Bonds

– 0

–

1,850,846

66

1,850,912

Local Governments – US Municipal Bonds

– 0

–

1,628,005

– 0

–

1,628,005

Quasi-Sovereigns

– 0

–

996,650

– 0

–

996,650

Governments – Sovereign Bonds

– 0

–

288,937

– 0

–

288,937

Emerging Markets – Sovereigns

– 0

–

190,011

– 0

–

190,011

Common Stocks

– 0

–

– 0

–

163,280

163,280

Short-Term Investments:

U.S. Treasury Bills

– 0

–

6,727,137

– 0

–

6,727,137

Investment Companies

1,109,578

– 0

–

– 0

–

1,109,578

Total Investments in Securities

1,109,578

168,263,347

163,346

169,536,271

Other Financial Instruments(a):

Assets:

Futures

13,017

– 0

–

– 0

–

13,017

(b)

Forward Currency Exchange Contracts

– 0

–

43,198

– 0

–

43,198

Centrally Cleared Credit Default Swaps

– 0

–

168,520

– 0

–

168,520

(b)

Centrally Cleared Interest Rate Swaps

– 0

–

315,537

– 0

–

315,537

(b)

Liabilities:

Futures

(1,338,793

)

– 0

–

– 0

–

(1,338,793

)(b)

Centrally Cleared Credit Default Swaps

– 0

–

(653,921

)

– 0

–

(653,921

)(b)

Credit Default Swaps

– 0

–

(13,271

)

– 0

–

(13,271

)

Total

$

(216,198

)

$

168,123,410

$

163,346

$

168,070,558

(a) Other financial instruments include reverse repurchase agreements and derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

(b) Only variation margin receivable (payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

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3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the

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ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust (“REIT”) investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the next $2.5 billion up to $5 billion, .35% of the excess over $5 billion up to $8 billion and .30% in excess of $8 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding interest expense) on an annual basis (the “Expense Caps”) to .77%, 1.52%, .52%, 1.02%, .77%, .52%, and .52% of the daily average net assets for the Class A, Class C, Advisor Class, Class R, Class K, Class I, and Class Z shares, respectively. This waiver extends through January 31, 2025 and then may be extended by the Adviser for additional one year terms. For the six months ended April 30, 2024, such reimbursements/waivers amounted to $357,554.

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Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended April 30, 2024, the reimbursement for such services amounted to $0.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $56,914 for the six months ended April 30, 2024.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $921 from the sale of Class A shares and received $476 and $22 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended April 30, 2024.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended April 30, 2024, such waiver amounted to $762.

Fund	Market Value 10/31/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 4/30/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	281	$	43,037	$	42,208	$	1,110	$	27

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NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the 1940 Act. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $1,212,481, $150,321 and $71,295 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended April 30, 2024 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	19,092,343	$	20,543,952
U.S. government securities		132,925,936		129,410,144

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

Gross unrealized appreciation	$	911,001
Gross unrealized depreciation		(14,829,647	)
Net unrealized depreciation	$	(13,918,646	)

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1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

• Futures

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can

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vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the six months ended April 30, 2024, the Fund held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2024, the Fund held forward currency exchange contracts for hedging purposes.

• Swaps

The Fund may enter into swaps to hedge its exposure to interest rates, credit risk or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under “Currency Transactions.” A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment

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to be received by the Fund, and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain/(loss) on swaps on the statement of operations, in addition to any realized gain/(loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain/(loss) from swaps on the statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation/depreciation of swaps on the statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less

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than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended April 30, 2024, the Fund held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the

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swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the six months ended April 30, 2024, the Fund held credit default swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial

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instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended April 30, 2024, the Fund had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable for variation margin on futures	$	13,017	*	Payable for variation margin on futures	$	1,338,793	*
Credit contracts	Receivable for variation margin on centrally cleared swaps		36,445	*
Interest rate contracts	Receivable for variation margin on centrally cleared swaps		148,299	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		43,198
Credit contracts					Market value on credit default swaps		13,271
Total		$	240,959			$	1,352,064

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(274,972	)	$	1,063,566
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		6,878			36,319
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		40,183			(29,637	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(616,902	)		(64,974	)
Total		$	(844,813	)	$	1,005,274

The following table represents the average monthly volume of the Fund’s derivative transactions during the six months ended April 30, 2024:

Futures:
Average notional amount of buy contracts	$	43,751,702
Average notional amount of sale contracts	$	3,701,938	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	516,526	(b)
Average principal amount of sale contracts	$	2,256,613
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	2,000,000
Credit Default Swaps:
Average notional amount of sale contracts	$	107,678
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	16,303,971
Average notional amount of sale contracts	$	7,774,564

(a) Positions were open for five months during the period.

(b) Positions were open for three months during the period.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

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All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of April 30, 2024. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets Subject to a MA		Derivatives Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivative Assets
State Street Bank & Trust Co.	$	43,198	$	– 0	–	$	– 0	–	$	– 0	–	$	43,198
Total	$	43,198	$	– 0	–	$	– 0	–	$	– 0	–	$	43,198	^

Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Goldman Sachs International	$	13,271	$	– 0	–	$	– 0	–	$	(13,271	)	$	– 0	–
Total	$	13,271	$	– 0	–	$	– 0	–	$	(13,271	)	$	0	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

3. TBA and Dollar Rolls

The Fund may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that

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NOTES TO FINANCIAL STATEMENTS (continued)

will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Fund may enter into certain TBA transactions known as dollar rolls. Dollar rolls involve sales by the Fund of securities for delivery in the current month and the Fund’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended April 30, 2024, the Fund earned drop income of $2,170 which is included in interest income in the accompanying statement of operations.

NOTE E

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class A
Shares sold		241,719			561,094		$	2,231,860		$	5,196,575
Shares issued in reinvestment of dividends		224,164			535,994			2,069,437			4,965,237
Shares converted from Class C		11,304			63,834			104,433			583,370
Shares redeemed		(1,627,383	)		(2,915,158	)		(14,980,203	)		(26,937,136	)
Net decrease		(1,150,196	)		(1,754,236	)	$	(10,574,473	)	$	(16,191,954	)

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NOTES TO FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class C
Shares sold		34,958			49,025		$	321,686		$	452,702
Shares issued in reinvestment of dividends		2,766			6,820			25,459			63,084
Shares converted to Class A		(11,330	)		(63,991	)		(104,433	)		(583,370	)
Shares redeemed		(19,083	)		(104,353	)		(173,664	)		(963,722	)
Net increase (decrease)		7,311			(112,499	)	$	69,048		$	(1,031,306	)
Advisor Class
Shares sold		666,260			888,746		$	6,074,323		$	8,268,729
Shares issued in reinvestment of dividends		58,166			141,979			537,096			1,316,024
Shares redeemed		(536,060	)		(2,329,519	)		(4,932,642	)		(21,543,120	)
Net increase (decrease)		188,366			(1,298,794	)	$	1,678,777		$	(11,958,367	)
Class R
Shares sold		4,454			10,799		$	41,168		$	99,601
Shares issued in reinvestment of dividends		996			1,921			9,192			17,771
Shares redeemed		(6,968	)		(5,291	)		(63,754	)		(48,682	)
Net increase (decrease)		(1,518	)		7,429		$	(13,394	)	$	68,690
Class K
Shares sold		15,361			53,228		$	142,441		$	498,699
Shares issued in reinvestment of dividends		4,583			11,843			42,322			109,692
Shares redeemed		(95,599	)		(44,462	)		(889,647	)		(416,566	)
Net increase (decrease)		(75,655	)		20,609		$	(704,884	)	$	191,825
Class I
Shares sold		26,602			11,143		$	245,980		$	102,992
Shares issued in reinvestment of dividends		1,132			3,473			10,460			32,238
Shares redeemed		(41,553	)		(36,319	)		(384,717	)		(335,980	)
Net decrease		(13,819	)		(21,703	)	$	(128,277	)	$	(200,750	)

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NOTES TO FINANCIAL STATEMENTS (continued)

	Shares						Amount
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023			Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31, 2023
Class Z
Shares sold		32,165			116,291		$	296,502		$	1,081,338
Shares issued in reinvestment of dividends		6,723			13,346			62,208			123,608
Shares redeemed		(72,051	)		(47,607	)		(665,901	)		(439,008	)
Net increase (decrease)		(33,163	)		82,030		$	(307,191	)	$	765,938

NOTE F

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s assets will fluctuate as the market or markets in which the Fund invests 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.

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 a greater risk of rising interest rates than would normally be the case due to the recent end of a period of historically low rates and the effect of potential central bank monetary policy, and government fiscal policy, initiatives and market reactions to those initiatives.

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.

Below Investment-Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to

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such factors as specific corporate developments and negative perceptions of the junk bond market generally and may be more difficult to trade than other types of securities.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise.

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. The Fund invests in inflation-indexed securities, the value of which may be vulnerable to changes in expectations of inflation or interest rates.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. 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.

Emerging-Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid and are subject to increased economic, political, regulatory or other uncertainties.

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

Mortgage-Related and/or Other Asset-Backed Securities Risk—Investments in mortgage-related and other asset-backed securities are subject to certain additional risks. The value of these securities may be particularly sensitive to changes in interest rates. These risks include “extension risk”, which is the risk that, in periods of rising interest rates, issuers may delay the payment of principal, and “prepayment risk”, which is the risk that in periods of falling interest rates, issuers may pay principal sooner than expected, exposing the Fund to a lower rate of return upon reinvestment of principal. Mortgage-backed securities offered by non-governmental issuers and other asset-backed securities may be subject to other risks, such as higher rates of default in the mortgages or assets backing the securities or risks associated with the nature and servicing of mortgages or assets backing the securities.

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Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. 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.

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, large positions and heavy redemptions of Fund shares. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Active Trading Risk—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund’s return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate (LIBOR) as a benchmark or reference rate for various interest rate calculations. The use of LIBOR was phased out in June 2023 and transitioned to the Secured Overnight Financing Rate (SOFR). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There can be no assurance that instruments

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NOTES TO FINANCIAL STATEMENTS (continued)

linked to SOFR will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

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.

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended April 30, 2024.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending October 31, 2024 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended October 31, 2023 and October 31, 2022 were as follows:

	2023			2022
Distributions paid from:
Ordinary income	$	8,075,233		$	6,753,143
Net long-term capital gains		– 0	–		504,410
Total taxable distributions paid		8,075,233			7,257,553
Return of Capital		633,133			– 0	–
Total distributions paid	$	8,708,366		$	7,257,553

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NOTES TO FINANCIAL STATEMENTS (continued)

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(38,662,240	)(a)
Unrealized appreciation (depreciation)		(19,677,594	)(b)
Total accumulated earnings (deficit)	$	(58,339,834	)(c)

(a) As of October 31, 2023, the Fund had a net capital loss carryforward of $38,622,210. As of October 31, 2023, the cumulative deferred loss on straddles was $30.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of callable bonds, the tax treatment of swaps, and the tax deferral of losses on wash sales.

(c) The differences between book-basis and tax-basis components of accumulated earnings (deficit) are attributable primarily to the accrual of foreign capital gains tax, the tax treatment of defaulted securities, and dividends payable.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of October 31, 2023, the Fund had a net short-term capital loss carryforward of $17,848,430 and a net long-term capital loss carryforward of $20,813,780, which may be carried forward for an indefinite period.

NOTE I

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund’s financial statements through this date.

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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class A
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.72			$ 9.02			$ 11.25			$ 11.53			$ 11.35			$ 10.65
Income From Investment Operations
Net investment income(a)(b)		.20			.37			.26			.25			.29			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.25	)		(2.21	)		(.11	)		.22			.74
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.48			.12			(1.95	)		.14			.51			1.07
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.39	)		(.26	)		(.28	)		(.33	)		(.37	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.19	)		(.42	)		(.28	)		(.42	)		(.33	)		(.37	)
Net asset value, end of period		$ 9.01			$ 8.72			$ 9.02			$ 11.25			$ 11.53			$ 11.35
Total Return
Total investment return based on net asset value(d)		5.50	%		1.13	%		(17.57	)%		1.22	%		4.60	%		10.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$121,613			$127,732			$148,009			$203,168			$224,484			$221,033
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.77	%^		.77	%		.77	%		.77	%		.77	%		.77	%
Expenses, before waivers/reimbursements		1.19	%^		1.17	%		1.06	%		.99	%		.99	%		1.04	%
Net investment income(b)		4.40	%^		4.05	%		2.51	%		2.23	%		2.58	%		2.98	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class C
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.70			$ 9.00			$ 11.23			$ 11.50			$ 11.32			$ 10.63
Income From Investment Operations
Net investment income(a)(b)		.17			.30			.17			.17			.21			.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.25	)		(2.19	)		(.11	)		.22			.73
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.45			.05			(2.02	)		.06			.43			.98
Less: Dividends and Distributions
Dividends from net investment income		(.16	)		(.32	)		(.19	)		(.19	)		(.25	)		(.29	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.16	)		(.35	)		(.21	)		(.33	)		(.25	)		(.29	)
Net asset value, end of period		$ 8.99			$ 8.70			$ 9.00			$ 11.23			$ 11.50			$ 11.32
Total Return
Total investment return based on net asset value(d)		5.13	%		.37	%		(18.22	)%		.55	%		3.83	%		9.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,982			$1,855			$2,932			$5,682			$10,128			$10,564
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.52	%^		1.52	%		1.52	%		1.52	%		1.52	%		1.52	%
Expenses, before waivers/reimbursements		1.95	%^		1.92	%		1.81	%		1.74	%		1.75	%		1.79	%
Net investment income(b)		3.67	%^		3.29	%		1.69	%		1.51	%		1.84	%		2.24	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Advisor Class
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.73			$ 9.03			$ 11.26			$ 11.53			$ 11.35			$ 10.65
Income From Investment Operations
Net investment income(a)(b)		.21			.40			.28			.28			.32			.35
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.26	)		(2.20	)		(.10	)		.22			.75
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.49			.14			(1.92	)		.18			.54			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.41	)		(.29	)		(.31	)		(.36	)		(.40	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.20	)		(.44	)		(.31	)		(.45	)		(.36	)		(.40	)
Net asset value, end of period		$ 9.02			$ 8.73			$ 9.03			$ 11.26			$ 11.53			$ 11.35
Total Return
Total investment return based on net asset value(d)		5.63	%		1.38	%+		(17.44	)%		1.56	%		4.86	%		10.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$35,017			$32,248			$45,095			$102,827			$122,108			$104,850
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.52	%^		.52	%		.52	%		.52	%		.52	%		.52	%
Expenses, before waivers/reimbursements		.94	%^		.92	%		.80	%		.74	%		.74	%		.79	%
Net investment income(b)		4.65	%^		4.28	%		2.66	%		2.47	%		2.82	%		3.21	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

72 ^| AB TOTAL RETURN BOND PORTFOLIO abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class R
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.72			$ 9.02			$ 11.25			$ 11.52			$ 11.34			$ 10.65
Income From Investment Operations
Net investment income(a)(b)		.19			.35			.23			.23			.26			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.26	)		(2.20	)		(.11	)		.22			.74
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.47			.09			(1.97	)		.12			.48			1.04
Less: Dividends and Distributions
Dividends from net investment income		(.18	)		(.36	)		(.24	)		(.25	)		(.30	)		(.35	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.18	)		(.39	)		(.26	)		(.39	)		(.30	)		(.35	)
Net asset value, end of period		$ 9.01			$ 8.72			$ 9.02			$ 11.25			$ 11.52			$ 11.34
Total Return
Total investment return based on net asset value(d)		5.37	%		.88	%		(17.78	)%		1.04	%		4.33	%		9.86	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$432			$431			$379			$746			$1,802			$3,298
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.02	%^		1.02	%		1.02	%		1.02	%		1.02	%		1.02	%
Expenses, before waivers/reimbursements		1.53	%^		1.59	%		1.43	%		1.37	%		1.37	%		1.42	%
Net investment income(b)		4.16	%^		3.81	%		2.21	%		1.99	%		2.34	%		2.73	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class K
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.73			$ 9.03			$ 11.26			$ 11.54			$ 11.36			$ 10.66
Income From Investment Operations
Net investment income(a)(b)		.20			.37			.25			.25			.29			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.25	)		(2.20	)		(.11	)		.22			.74
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.48			.12			(1.95	)		.14			.51			1.07
Less: Dividends and Distributions
Dividends from net investment income		(.19	)		(.39	)		(.26	)		(.28	)		(.33	)		(.37	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.19	)		(.42	)		(.28	)		(.42	)		(.33	)		(.37	)
Net asset value, end of period		$ 9.02			$ 8.73			$ 9.03			$ 11.26			$ 11.54			$ 11.36
Total Return
Total investment return based on net asset value(d)		5.50	%		1.13	%		(17.56	)%		1.22	%		4.59	%		10.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,786			$2,390			$2,287			$5,736			$6,580			$7,444
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.77	%^		.77	%		.77	%		.77	%		.77	%		.77	%
Expenses, before waivers/reimbursements		1.22	%^		1.39	%		1.12	%		1.06	%		1.07	%		1.10	%
Net investment income(b)		4.38	%^		4.05	%		2.41	%		2.24	%		2.59	%		2.98	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class I
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.73			$ 9.04			$ 11.27			$ 11.55			$ 11.36			$ 10.66
Income From Investment Operations
Net investment income(a)(b)		.21			.40			.28			.28			.32			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.27	)		(2.20	)		(.11	)		.23			.74
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.49			.13			(1.92	)		.17			.55			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.41	)		(.29	)		(.31	)		(.36	)		(.40	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.20	)		(.44	)		(.31	)		(.45	)		(.36	)		(.40	)
Net asset value, end of period		$ 9.02			$ 8.73			$ 9.04			$ 11.27			$ 11.55			$ 11.36
Total Return
Total investment return based on net asset value(d)		5.59	%		1.26	%+		(17.44	)%		1.46	%		4.93	%		10.50	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$436			$543			$758			$1,819			$2,743			$4,107
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.52	%^		.52	%		.52	%		.52	%		.52	%		.52	%
Expenses, before waivers/reimbursements		.88	%^		.89	%		.75	%		.68	%		.70	%		.75	%
Net investment income(b)		4.61	%^		4.29	%		2.67	%		2.48	%		2.85	%		3.22	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	Class Z
	Six Months Ended April 30, 2024 (unaudited)			Year Ended October 31,
				2023			2022			2021			2020			2019
Net asset value, beginning of period		$ 8.74			$ 9.04			$ 11.27			$ 11.55			$ 11.37			$ 10.67
Income From Investment Operations
Net investment income(a)(b)		.21			.40			.28			.29			.32			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.28			(.26	)		(2.20	)		(.12	)		.22			.74
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–		.00	(c)
Net increase (decrease) in net asset value from operations		.49			.14			(1.92	)		.17			.54			1.10
Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.41	)		(.29	)		(.31	)		(.36	)		(.40	)
Distributions from net realized gain on investment transactions		– 0	–		– 0	–		(.02	)		(.14	)		– 0	–		– 0	–
Return of capital		– 0	–		(.03	)		– 0	–		– 0	–		– 0	–		– 0	–
Total dividends and distributions		(.20	)		(.44	)		(.31	)		(.45	)		(.36	)		(.40	)
Net asset value, end of period		$ 9.03			$ 8.74			$ 9.04			$ 11.27			$ 11.55			$ 11.37
Total Return
Total investment return based on net asset value(d)		5.62	%		1.38	%		(17.34	)%		1.46	%		4.84	%		10.48	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$2,673			$2,877			$2,234			$3,193			$5,824			$8,059
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.52	%^		.52	%		.52	%		.52	%		.52	%		.52	%
Expenses, before waivers/reimbursements		.80	%^		.81	%		.70	%		.64	%		.64	%		.68	%
Net investment income(b)		4.63	%^		4.30	%		2.70	%		2.51	%		2.82	%		3.22	%
Portfolio turnover rate**		91	%		197	%		141	%		128	%		83	%		74	%

See footnote summary on page 77.

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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

+ The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

** The Fund accounts for dollar roll transactions as purchases and sales.

^ Annualized.

See notes to financial statements.

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BOARD OF DIRECTORS

Garry Moody⁽¹⁾, Chairman Jorge A. Bermudez⁽¹⁾ Michael J. Downey⁽¹⁾* Onur Erzan**, President and Chief Executive Officer Nancy P. Jacklin⁽¹⁾* Jeanette W. Loeb⁽¹⁾ Carol C. McMullen⁽¹⁾ Marshall C. Turner, Jr.⁽¹⁾* Emilie D. Wrapp, Advisory Board Member

OFFICERS

Michael Canter⁽²⁾, Vice President Matthew S. Sheridan⁽²⁾, Vice President Serena Zhou⁽²⁾, Vice President Nancy E. Hay, Secretary Michael B. Reyes, Senior Vice President Stephen M. Woetzel, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street Suite 1 Boston, MA 02114   Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203   Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001   Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004

1 Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s U.S. Investment Grade: Core Fixed Income Investment Team. Messrs. Canter and Sheridan and Ms. Zhou are the investment professionals primarily responsible for the day-to-day management of the Fund’s portfolio.

* Messrs. Downey and Turner and Ms. Jacklin are expected to retire effective on December 31, 2024.

** Mr. Erzan is expected to resign as a Director effective December 31, 2024, but is expected to continue to serve as President and Chief Executive Officer of the Fund.

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Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Directors/Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2024, which covered the period January 1, 2023 through December 31, 2023 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested directors (the “directors”) of AB Bond Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Total Return Bond Portfolio (the “Fund”) at a meeting held in-person on August 1-2, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other

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matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the requests of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the

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Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser’s total rate of compensation, taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was above the median.

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The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year and reflected the impact of the Adviser’s expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for

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coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was in line with the medians. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Mid Cap Value Portfolio

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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.

1 Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.

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NOTES

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NOTES

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AB TOTAL RETURN BOND PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TRB-0152-0424    

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
13(b)(1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(b)(2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
13(c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Bond Fund, Inc.

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	June 26, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Onur Erzan
	Onur Erzan
	President
Date:	June 26, 2024
By:	/s/ Stephen M. Woetzel
	Stephen M. Woetzel
	Treasurer and Chief Financial Officer
Date:	June 26, 2024