NPORT-EX 2 3107.HTM HTML

AB Bond Fund, Inc.

AB FlexFee International Bond Portfolio

Portfolio of Investments

September 30, 2019 (unaudited)

 

     Principal
Amount
(000)		        U.S. $ Value  

GOVERNMENTS - TREASURIES - 46.1%

           

Austria - 1.3%

           

Republic of Austria Government Bond

           

0.50%, 2/20/29 (a)

      EUR        429        $ 504,631  

0.75%, 10/20/26 (a)

         40          47,491  

2.40%, 5/23/34 (a)

         45          67,080  
          

 

 

  
             619,202  
          

 

 

  

Belgium - 1.2%

           

Kingdom of Belgium Government Bond

           

Series 44

           

5.00%, 3/28/35 (a)

         170          327,474  

Series 88

           

1.70%, 6/22/50 (a)

         166          240,774  
          

 

 

  
             568,248  
          

 

 

  

Canada - 4.3%

           

Canadian Government Bond

           

2.25%, 3/01/24

      CAD        2,670          2,085,071  
          

 

 

  

Finland - 1.0%

           

Finland Government Bond

           

0.50%, 9/15/29 (a)

      EUR        409          482,350  
          

 

 

  

France - 4.7%

           

French Republic Government Bond OAT

           

1.25%, 5/25/34 (a)

         1,057          1,363,413  

1.50%, 5/25/50 (a)

         195          270,306  

1.75%, 6/25/39 (a)

         475          672,023  
          

 

 

  
             2,305,742  
          

 

 

  

Germany - 0.8%

           

Bundesrepublik Deutschland Bundesanleihe

           

1.25%, 8/15/48 (a)

         119          181,704  

Series 2007

           

4.25%, 7/04/39 (a)

         100          210,394  
          

 

 

  
             392,098  
          

 

 

  

Indonesia - 0.6%

           

Indonesia Treasury Bond

           

Series FR68

           

8.375%, 3/15/34

      IDR        4,089,000          303,470  
          

 

 

  

Ireland - 0.7%

           

Ireland Government Bond

           

1.00%, 5/15/26 (a)

      EUR        278          329,115  
          

 

 

  

Italy - 4.0%

           

Italy Buoni Poliennali Del Tesoro

           

2.20%, 6/01/27

         550          672,343  

3.35%, 3/01/35 (a)

         644          895,483  

3.85%, 9/01/49 (a)

         241          379,405  
          

 

 

  
             1,947,231  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

Japan - 10.0%

           

Japan Government Thirty Year Bond

           

Series 62

           

0.50%, 3/20/49

      JPY        36,550        $ 350,745  

Series 63

           

0.40%, 6/20/49

         56,650          527,456  

Japan Government Twenty Year Bond

           

Series 143

           

1.60%, 3/20/33

         42,450          479,290  

Series 144

           

1.50%, 3/20/33

         34,350          383,596  

Series 150

           

1.40%, 9/20/34

         126,300          1,406,929  

Series 158

           

0.50%, 9/20/36

         73,300          723,054  

Series 159

           

0.60%, 12/20/36

         28,450          284,735  

Series 169

           

0.30%, 6/20/39

         75,900          715,956  
          

 

 

  
             4,871,761  
          

 

 

  

Malaysia - 2.2%

           

Malaysia Government Bond

           

Series 0114

           

4.181%, 7/15/24

      MYR        127          31,527  

Series 0119

           

3.906%, 7/15/26

         626          154,555  

Series 0217

           

4.059%, 9/30/24

         127          31,389  

Series 0218

           

3.757%, 4/20/23

         233          56,604  

Series 0219

           

3.885%, 8/15/29

                   895          223,577  

Series 0313

           

3.48%, 3/15/23

         1,830          440,383  

Series 0316

           

3.90%, 11/30/26

         584          143,466  
          

 

 

  
             1,081,501  
          

 

 

  

Mexico - 1.0%

           

Mexican Bonos

           

Series M 20

           

7.50%, 6/03/27

      MXN        9,222          483,905  
          

 

 

  

Netherlands - 1.9%

           

Netherlands Government Bond

           

0.75%, 7/15/27 (a)

      EUR        771          926,993  
          

 

 

  

Russia - 1.2%

           

Russian Federal Bond - OFZ

           

Series 6212

           

7.05%, 1/19/28

      RUB        8,290          129,581  

Series 6215

           

7.00%, 8/16/23

         12,200          190,663  

Series 6222

           

7.10%, 10/16/24

         4,023          62,995  

Series 6227

           

7.40%, 7/17/24

      RUB        12,661          200,745  
          

 

 

  
             583,984  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

Singapore - 0.7%

           

Singapore Government Bond

           

2.75%, 3/01/46

      SGD        325        $ 266,744  

3.375%, 9/01/33

         90          77,026  
          

 

 

  
             343,770  
          

 

 

  

Spain - 5.6%

           

Spain Government Bond

           

1.95%, 4/30/26 (a)

      EUR                  233          288,787  

2.35%, 7/30/33 (a)

         674          924,815  

2.90%, 10/31/46 (a)

         155          244,918  

4.20%, 1/31/37 (a)

         150          260,970  

4.40%, 10/31/23 (a)

         755          983,500  
          

 

 

  
             2,702,990  
          

 

 

  

United Kingdom - 4.8%

           

United Kingdom Gilt

           

1.00%, 4/22/24 (a)

      GBP        53          67,881  

1.50%, 7/22/47 (a)

         145          200,735  

1.75%, 9/07/37 (a)

         875          1,232,440  

2.50%, 7/22/65 (a)

         46          91,223  

3.25%, 1/22/44 (a)

         42          77,060  

4.25%, 12/07/40 (a)

         91          183,701  

4.50%, 12/07/42 (a)

         227          485,958  
          

 

 

  
             2,338,998  
          

 

 

  

United States - 0.1%

           

U.S. Treasury Bonds

           

3.125%, 8/15/44

      U.S.$        39          46,613  
          

 

 

  

Total Governments - Treasuries
(cost $21,364,458)

              22,413,042  
          

 

 

  

CORPORATES - INVESTMENT GRADE - 15.5%

           

Financial Institutions - 9.5%

           

Banking - 6.7%

           

Bank of America Corp.

           

Series B

           

8.05%, 6/15/27

         152          199,127  

Series DD

           

6.30%, 3/10/26 (b)

         29          32,767  

Series Z

           

6.50%, 10/23/24 (b)

         49          54,504  

Bank of Scotland PLC

           

9.375%, 5/15/21 (a)

      GBP        90          124,223  

Barclays PLC

           

2.375%, 10/06/23 (a)

         100          123,989  

2.625%, 11/11/25 (a)

      EUR        100          110,357  

     Principal
Amount
(000)		        U.S. $ Value  

CaixaBank SA

           

1.125%, 5/17/24 (a)

      EUR        100        $ 113,514  

Capital One Financial Corp.

           

1.65%, 6/12/29

         145          165,058  

Commonwealth Bank of Australia

           

4.50%, 12/09/25 (a)

      U.S.$        230          247,314  

Credit Agricole SA

           

3.00%, 2/02/25

      EUR        135          160,816  

Credit Suisse Group AG

           

2.125%, 9/12/25 (a)

      GBP                  100          124,688  

Danske Bank A/S

           

5.375%, 1/12/24 (a)

      U.S.$        200          219,541  

Goldman Sachs Group, Inc. (The)

           

1.625%, 7/27/26 (a)

      EUR        180          210,279  

2.905%, 7/24/23

      U.S.$        32          32,456  

HSBC Bank Capital Funding Sterling 2 LP

           

5.862%, 4/07/20 (b)

      GBP        91          114,001  

HSBC Holdings PLC

           

Series E

           

4.75%, 7/04/29 (a)(b)

      EUR        230          265,753  

Intesa Sanpaolo SpA

           

3.125%, 7/14/22 (a)

      U.S.$        200          200,544  

JPMorgan Chase & Co.

           

Series FF

           

5.00%, 8/01/24 (b)

         85          87,311  

Morgan Stanley

           

1.875%, 3/30/23

      EUR        100          115,711  

Series G

           

1.75%, 3/11/24

         100          116,356  

Rabobank Capital Funding Trust IV

           

5.556%, 12/31/19 (a)(b)

      GBP        90          111,605  

Santander Holdings USA, Inc.

           

4.40%, 7/13/27

      U.S.$        110          117,904  

UBS Group Funding Switzerland AG

           

7.125%, 8/10/21 (a)(b)

         200          209,850  
          

 

 

  
             3,257,668  
          

 

 

  

Finance - 0.2%

           

Synchrony Financial

           

3.95%, 12/01/27

         20          20,478  

4.50%, 7/23/25

         81          86,401  
          

 

 

  
             106,879  
          

 

 

  

Insurance - 2.3%

           

ASR Nederland NV

           

5.125%, 9/29/45 (a)

      EUR        110          142,587  

Assicurazioni Generali SpA

           

Series E

           

5.50%, 10/27/47 (a)

         112          146,853  

Chubb INA Holdings, Inc.

           

0.875%, 6/15/27

         125          140,680  

CNP Assurances

           

4.25%, 6/05/45 (a)

         100          125,232  

     Principal
Amount
(000)		        U.S. $ Value  

Credit Agricole Assurances SA

           

4.75%, 9/27/48 (a)

      EUR        100        $ 130,717  

MetLife Capital Trust IV

           

7.875%, 12/15/37 (a)

      U.S.$        100          131,487  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

           

3.25%, 5/26/49 (a)

      EUR                  100          129,538  

Nationwide Mutual Insurance Co.

           

9.375%, 8/15/39 (a)

      U.S.$        45          76,790  

Voya Financial, Inc.

           

5.65%, 5/15/53

         70          73,656  
          

 

 

  
             1,097,540  
          

 

 

  

REITS - 0.3%

           

Spirit Realty LP

           

4.45%, 9/15/26

         3          3,197  

VEREIT Operating Partnership LP

           

4.60%, 2/06/24

         7          7,519  

WPC Eurobond BV

           

2.125%, 4/15/27

      EUR        110          127,704  
          

 

 

  
             138,420  
          

 

 

  
             4,600,507  
          

 

 

  

Industrial - 5.8%

           

Basic - 0.3%

           

Glencore Finance Europe Ltd.

           

1.875%, 9/13/23 (a)

         100          114,833  

Glencore Funding LLC

           

4.625%, 4/29/24 (a)

      U.S.$        10          10,700  
          

 

 

  
             125,533  
          

 

 

  

Capital Goods - 0.5%

           

General Electric Co.

           

0.875%, 5/17/25

      EUR        110          120,770  

United Technologies Corp.

           

1.15%, 5/18/24

         105          119,264  
          

 

 

  
             240,034  
          

 

 

  

Communications - Media - 0.2%

           

Charter Communications Operating LLC/Charter Communications Operating Capital

           

4.908%, 7/23/25

      U.S.$        90          98,784  
          

 

 

  

Communications - Telecommunications - 0.4%

           

AT&T, Inc.

           

3.40%, 5/15/25

         114          118,961  

3.55%, 6/01/24

         45          47,141  

Bell Canada, Inc.

           

Series M-26

           

3.35%, 3/22/23

      CAD        45          34,967  
          

 

 

  
             201,069  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

Consumer Cyclical - Automotive - 0.3%

           

General Motors Financial Co., Inc.

           

5.10%, 1/17/24

      U.S.$        69        $ 74,191  

Volkswagen Leasing GmbH

           

2.625%, 1/15/24 (a)

      EUR        55          65,196  
          

 

 

  
             139,387  
          

 

 

  

Consumer Non-Cyclical - 2.6%

           

Allergan Funding SCS

           

2.625%, 11/15/28

                   135          168,843  

Altria Group, Inc.

           

1.70%, 6/15/25

         140          159,087  

Amgen, Inc.

           

4.663%, 6/15/51

      U.S.$        65          75,707  

Anheuser-Busch InBev Worldwide, Inc.

           

5.55%, 1/23/49

         60          78,459  

Baxter International, Inc.

           

0.40%, 5/15/24

      EUR        130          143,262  

DH Europe Finance II SARL

           

0.45%, 3/18/28

         175          191,296  

Kraft Heinz Foods Co.

           

3.75%, 4/01/30 (a)

      U.S.$        85          85,757  

3.95%, 7/15/25

         27          28,224  

Medtronic Global Holdings SCA

           

1.125%, 3/07/27

      EUR        125          144,850  

Mylan NV

           

3.95%, 6/15/26

      U.S.$        140          144,594  

Reynolds American, Inc.

           

4.45%, 6/12/25

         45          47,961  
          

 

 

  
             1,268,040  
          

 

 

  

Energy - 0.4%

           

Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc.

           

4.08%, 12/15/47

         75          75,469  

Energy Transfer Operating LP

           

4.25%, 3/15/23

         15          15,681  

4.90%, 2/01/24

         10          10,749  

Noble Energy, Inc.

           

3.90%, 11/15/24

         20          20,953  

Plains All American Pipeline LP/PAA Finance Corp.

           

3.60%, 11/01/24

         20          20,501  

3.85%, 10/15/23

         10          10,340  

Southern Star Central Corp.

           

5.125%, 7/15/22 (a)

         10          10,087  

Williams Cos., Inc. (The)

           

3.90%, 1/15/25

         45          47,201  
          

 

 

  
             210,981  
          

 

 

  

Technology - 1.1%

           

Broadcom Corp./Broadcom Cayman Finance Ltd.

           

3.875%, 1/15/27

         10          10,046  

Dell International LLC/EMC Corp.

           

6.02%, 6/15/26 (a)

         45          50,634  

     Principal
Amount
(000)		        U.S. $ Value  

Fidelity National Information Services, Inc.

           

1.50%, 5/21/27

      EUR                  105        $ 122,608  

Fiserv, Inc.

           

1.125%, 7/01/27

         105          119,110  

NXP BV/NXP Funding LLC/NXP USA, Inc.

           

3.875%, 6/18/26 (a)

      U.S.$        52          54,574  

Seagate HDD Cayman

           

4.75%, 1/01/25

         5          5,168  

4.875%, 3/01/24

         80          83,770  

Western Digital Corp.

           

4.75%, 2/15/26

         68          70,015  
          

 

 

  
             515,925  
          

 

 

  
             2,799,753  
          

 

 

  

Utility - 0.2%

           

Other Utility - 0.2%

           

Veolia Environnement SA

           

0.314%, 10/04/23 (a)

      EUR        100          110,567  
          

 

 

  

Total Corporates - Investment Grade
(cost $7,438,399)

              7,510,827  
          

 

 

  

LOCAL GOVERNMENTS - PROVINCIAL BONDS - 5.5%

           

Canada - 5.5%

           

Province of British Columbia Canada

           

Series T

           

9.00%, 8/23/24

      CAD        912          917,329  

Province of Manitoba Canada

           

3.85%, 12/01/21

         345          271,815  

Province of Ontario Canada

           

2.60%, 6/02/25

         314          246,061  

3.15%, 6/02/22

         316          247,101  

Province of Quebec Canada

           

2.75%, 9/01/25

         201          159,082  

4.50%, 12/01/20

         1,065          829,170  
          

 

 

  

Total Local Governments - Provincial Bonds
(cost $2,687,173)

              2,670,558  
          

 

 

  

INFLATION-LINKED SECURITIES - 5.0%

           

Japan - 4.8%

           

Japanese Government CPI Linked Bond

           

Series 20

           

0.10%, 3/10/25

      JPY        12,384          118,082  

Series 21

           

0.10%, 3/10/26

         169,453          1,623,890  

Series 23

           

0.10%, 3/10/28

         62,391          601,997  
          

 

 

  
             2,343,969  
          

 

 

  

United States - 0.2%

           

U.S. Treasury Inflation Index

           

2.375%, 1/15/25 (TIPS)

      U.S.$        88          98,468  
          

 

 

  

Total Inflation-Linked Securities
(cost $2,333,601)

              2,442,437  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

COLLATERALIZED MORTGAGE OBLIGATIONS - 4.8%

           

Risk Share Floating Rate - 4.8%

           

Bellemeade Re Ltd.

           

Series 2018-2A, Class M1B

           

3.368% (LIBOR 1 Month + 1.35%), 8/25/28 (a)(c)

      U.S.$                  150        $ 150,329  

Series 2019-1A, Class M1B

           

3.768% (LIBOR 1 Month + 1.75%), 3/25/29 (a)(c)

         150          150,305  

Connecticut Avenue Securities Trust

           

Series 2019-R05, Class 1M2

           

4.018% (LIBOR 1 Month + 2.00%), 7/25/39 (a)(c)

         53          53,463  

Eagle RE Ltd.

           

Series 2018-1, Class M1

           

3.718% (LIBOR 1 Month + 1.70%), 11/25/28 (a)(c)

         143          143,481  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes

           

Series 2016-DNA2, Class M3

           

6.668% (LIBOR 1 Month + 4.65%), 10/25/28 (c)

         350          375,026  

Series 2016-HQA2, Class M3

           

7.168% (LIBOR 1 Month + 5.15%), 11/25/28 (c)

         250          271,637  

Federal National Mortgage Association Connecticut Avenue Securities

           

Series 2015-C02, Class 1M2

           

6.018% (LIBOR 1 Month + 4.00%), 5/25/25 (c)

         181          190,811  

Series 2015-C02, Class 2M2

           

6.018% (LIBOR 1 Month + 4.00%), 5/25/25 (c)

         50          51,793  

Series 2015-C04, Class 2M2

           

7.568% (LIBOR 1 Month + 5.55%), 4/25/28 (c)

         218          232,348  

Series 2016-C01, Class 1M2

           

8.768% (LIBOR 1 Month + 6.75%), 8/25/28 (c)

         88          96,658  

Series 2016-C05, Class 2M2

           

6.468% (LIBOR 1 Month + 4.45%), 1/25/29 (c)

         323          340,098  

Series 2017-C01, Class 1M2

           

5.568% (LIBOR 1 Month + 3.55%), 7/25/29 (c)

         85          89,333  

PMT Credit Risk Transfer Trust

           

Series 2019-1R, Class A

           

4.14% (LIBOR 1 Month + 2.00%), 3/27/24 (c)(d)

         159          158,322  

STACR Trust

           

Series 2019-DNA3, Class M2

           

4.068% (LIBOR 1 Month + 2.05%), 7/25/49 (a)(c)

         20          20,451  
          

 

 

  

Total Collateralized Mortgage Obligations
(cost $2,350,555)

              2,324,055  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

COVERED BONDS - 4.5%

           

Australia & New Zealand Banking Group Ltd.

           

3.625%, 7/18/22 (a)

      EUR                  100        $ 121,400  

Credit Suisse AG/Guernsey

           

0.75%, 9/17/21 (a)

         160          178,352  

Danske Bank A/S

           

0.125%, 2/14/22 (a)

         160          176,676  

DNB Boligkreditt AS

           

2.75%, 3/21/22 (a)

         145          170,606  

National Bank of Canada

           

1.50%, 3/25/21 (a)

         100          112,132  

Nationwide Building Society

           

4.375%, 2/28/22 (a)

         250          303,785  

Nordea Hypotek AB

           

Series 5534

           

1.00%, 9/18/24 (a)

      SEK        2,200          233,050  

Santander UK PLC

           

4.25%, 4/12/21 (a)

      EUR        250          291,912  

Stadshypotek AB

           

0.625%, 11/10/21 (a)

         260          289,933  

Swedbank Hypotek AB

           

Series 194

           

1.00%, 9/18/24 (a)

      SEK        900          95,304  

Turkiye Vakiflar Bankasi TAO

           

2.375%, 5/04/21 (a)

      EUR        100          109,598  

UBS AG/London

           

4.00%, 4/08/22 (a)

         75          90,865  
          

 

 

  

Total Covered Bonds
(cost $2,259,635)

              2,173,613  
          

 

 

  

QUASI-SOVEREIGNS - 3.9%

           

Quasi-Sovereign Bonds - 3.9%

           

China - 3.5%

           

China Development Bank

           

Series 1903

           

3.30%, 2/01/24

      CNY        400          55,547  

Series 1904

           

3.68%, 2/26/26

         11,870          1,656,127  
          

 

 

  
             1,711,674  
          

 

 

  

South Korea - 0.4%

           

Export-Import Bank of Korea

           

3.70%, 2/19/21 (a)

      AUD        270          187,476  
          

 

 

  

Total Quasi-Sovereigns
(cost $1,949,249)

              1,899,150  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

CORPORATES - NON-INVESTMENT GRADE - 2.8%

           

Financial Institutions - 1.4%

           

Banking - 1.2%

           

Allied Irish Banks PLC

           

Series E

           

7.375%, 12/03/20 (a)(b)

      EUR                  200        $ 231,603  

Banco Bilbao Vizcaya Argentaria SA

           

Series 9

           

6.50%, 3/05/25 (b)

      U.S.$        200          204,000  

Goldman Sachs Group, Inc. (The)

           

Series L

           

6.065% (LIBOR 3 Month + 3.88%), 10/31/19 (b)(c)

         84          84,141  

Series P

           

5.00%, 11/10/22 (b)

         24          23,535  

Series Q

           

5.50%, 8/10/24 (b)

         38          39,801  
          

 

 

  
             583,080  
          

 

 

  

Finance - 0.1%

           

Navient Corp.

           

6.625%, 7/26/21

         45          47,492  
          

 

 

  

REITS - 0.1%

           

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.

           

5.75%, 2/01/27 (a)

         69          77,576  
          

 

 

  
             708,148  
          

 

 

  

Industrial - 1.4%

           

Basic - 0.2%

           

Smurfit Kappa Acquisitions ULC

           

2.875%, 1/15/26 (a)

      EUR        100          120,033  
          

 

 

  

Capital Goods - 0.1%

           

TransDigm, Inc.

           

6.25%, 3/15/26 (a)

      U.S.$        59          63,357  
          

 

 

  

Consumer Cyclical - Automotive - 0.5%

           

Panther BF Aggregator 2 LP/Panther Finance Co., Inc.

           

4.375%, 5/15/26 (a)

      EUR        100          111,055  

Tenneco, Inc.

           

5.00%, 7/15/24 (a)

         100          110,902  
          

 

 

  
             221,957  
          

 

 

  

Consumer Non-Cyclical - 0.4%

           

Leisureworld Senior Care LP

           

Series B

           

3.474%, 2/03/21

      CAD        150          114,836  

Spectrum Brands, Inc.

           

5.75%, 7/15/25

      U.S.$        62          64,648  
          

 

 

  
             179,484  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

Energy - 0.2%

           

PDC Energy, Inc.

           

5.75%, 5/15/26

      U.S.$        50        $ 49,220  

Transocean Poseidon Ltd.

           

6.875%, 2/01/27 (a)

         36          37,776  
          

 

 

  
             86,996  
          

 

 

  
             671,827  
          

 

 

  

Total Corporates - Non-Investment Grade
(cost $1,382,740)

              1,379,975  
          

 

 

  

GOVERNMENTS - SOVEREIGN AGENCIES - 1.8%

           

Canada - 1.8%

           

Canada Housing Trust No 1

           

1.95%, 12/15/25 (a)

(cost $874,054)

      CAD        1,140          870,794  
          

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.4%

           

Non-Agency Fixed Rate CMBS - 0.8%

           

COMM 2012-CCRE5 Mortgage Trust

           

Series 2012-CR5, Class E

           

4.461%, 12/10/45 (a)

      U.S.$                  100          97,754  

Commercial Mortgage Trust

           

Series 2013-CR10, Class A4

           

4.21%, 8/10/46

         200          215,245  

GS Mortgage Securities Trust

           

Series 2013-GC12, Class C

           

4.179%, 6/10/46

         20          20,483  

LB-UBS Commercial Mortgage Trust

           

Series 2006-C6, Class AJ

           

5.452%, 9/15/39

         82          47,937  
          

 

 

  
             381,419  
          

 

 

  

Non-Agency Floating Rate CMBS - 0.6%

           

GS Mortgage Securities Corp. Trust

           

Series 2019-BOCA, Class A

           

3.228% (LIBOR 1 Month + 1.20%), 6/15/38 (a)(c)

         165          165,099  

Invitation Homes Trust

           

Series 2018-SFR4, Class E

           

3.975% (LIBOR 1 Month + 1.95%), 1/17/38 (a)(c)

         115          115,000  
          

 

 

  
             280,099  
          

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $669,273)

              661,518  
          

 

 

  

GOVERNMENTS - SOVEREIGN BONDS - 1.2%

           

Germany - 0.6%

           

Kreditanstalt fuer Wiederaufbau

           

Zero Coupon, 5/25/21 (a)

      EUR        251          276,210  
          

 

 

  

     Principal
Amount
(000)		        U.S. $ Value  

Indonesia - 0.6%

           

Indonesia Government International Bond

           

5.875%, 1/15/24 (a)

      U.S.$        250        $ 281,797  
          

 

 

  

Total Governments - Sovereign Bonds
(cost $548,193)

              558,007  
          

 

 

  

LOCAL GOVERNMENTS - REGIONAL BONDS - 0.9%

           

Sweden - 0.9%

           

Kommuninvest I Sverige AB

           

Series 2410

           

1.00%, 10/02/24 (a)

(cost $467,358)

      SEK        4,220          448,864  
          

 

 

  

SUPRANATIONALS - 0.9%

           

Supranational - 0.9%

           

European Investment Bank

           

1.25%, 5/12/25 (a)

(cost $464,596)

         4,130          447,883  
          

 

 

  

EMERGING MARKETS - SOVEREIGNS - 0.6%

           

Brazil - 0.4%

           

Brazilian Government International Bond

           

4.625%, 1/13/28

      U.S.$                  200          213,125  
          

 

 

  

Nigeria - 0.2%

           

Nigeria Government International Bond

           

5.625%, 6/27/22

         95          98,147  
          

 

 

  

Total Emerging Markets - Sovereigns
(cost $292,979)

              311,272  
          

 

 

  

ASSET-BACKED SECURITIES - 0.2%

           

Other ABS - Fixed Rate - 0.2%

           

SoFi Consumer Loan Program Trust

           

Series 2018-1, Class B

           

3.65%, 2/25/27 (a)(e)

(cost $115,000)

         115          117,766  
          

 

 

  

BANK LOANS - 0.2%

           

Industrial - 0.2%

           

Consumer Non-Cyclical - 0.2%

           

athenahealth, Inc.

           

6.681% (LIBOR 3 Month + 4.50%), 2/11/26 (e)(f)

         66          66,235  

Regionalcare Hospital Partners Holdings, Inc.

           

6.554% (LIBOR 1 Month + 4.50%), 11/16/25 (f)

         50          49,633  
          

 

 

  

Total Bank Loans
(cost $114,553)

              115,868  
          

 

 

  

EMERGING MARKETS - TREASURIES - 0.2%

           

South Africa - 0.2%

           

Republic of South Africa Government Bond

           

Series 2030

           

8.00%, 1/31/30

      ZAR        640          39,447  

     Principal
Amount
(000)		        U.S. $ Value  

Series 2048

           

8.75%, 2/28/48

      ZAR        612        $ 35,933  
          

 

 

  

Total Emerging Markets - Treasuries
(cost $76,564)

              75,380  
          

 

 

  

EMERGING MARKETS - CORPORATE BONDS - 0.0%

           

Utility - 0.0%

           

Electric - 0.0%

           

Terraform Global Operating LLC

           

6.125%, 3/01/26 (d)

(cost $18,000)

      U.S.$        18          18,477  
          

 

 

  

SHORT-TERM INVESTMENTS - 2.2%

           

Governments - Treasuries - 1.2%

           

Canada - 0.7%

           

Canadian Treasury Bill

           

Zero Coupon, 12/27/19

      CAD                  455          342,075  
          

 

 

  

Japan - 0.5%

           

Japan Treasury Discount Bill

           

Series 855

           

Zero Coupon, 12/09/19

      JPY        26,000          240,535  
          

 

 

  

Total Governments - Treasuries
(cost $584,987)

              582,610  
          

 

 

  
            Shares           

Investment Companies - 1.0%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.89% (g)(h)(i)
(cost $488,619)

         488,619          488,619  
          

 

 

  

Total Short-Term Investments
(cost $1,073,606)

              1,071,229  
          

 

 

  

Total Investments - 97.7%
(cost $46,479,986) (j)

              47,510,715  

Other assets less liabilities - 2.3%

              1,117,905  
          

 

 

  

Net Assets - 100.0%

            $ 48,628,620  
          

 

 

  

FUTURES

 

Description

    Number
of
Contracts		      Expiration
Month		      Current
Notional		      Value and
Unrealized
Appreciation/
(Depreciation)		  

Purchased Contracts

 

Euro Buxl 30 Yr Bond Futures

      2        December 2019      $ 474,128      $ (2,267 ) 

Euro-BOBL Futures

      6        December 2019        887,110        (6,812 ) 

Euro-BTP Futures

      3        December 2019        476,875        2,649  

Euro-OAT Futures

      2        December 2019        371,259        (3,499 ) 

Long Gilt Futures

      3        December 2019        495,164        627  

U.S. Ultra Bond (CBT) Futures

      10        December 2019        1,919,063        (39,117 ) 

Description

    Number
of
Contracts		      Expiration
Month		      Current
Notional		      Value and
Unrealized
Appreciation/
(Depreciation)		  

Sold Contracts

 

10 Yr Canadian Bond Futures

      5        December 2019      $ 538,174      $ 7,171  

U.S. 10 Yr Ultra Futures

      18        December 2019        2,563,313        15,468  

U.S. T-Note 2 Yr (CBT) Futures

      7        December 2019        1,508,500        2,789  

U.S. T-Note 5 Yr (CBT) Futures

      9        December 2019        1,072,336        9,070  

U.S. T-Note 10 Yr (CBT) Futures

      20        December 2019        2,606,250        (5,719 ) 
           

 

 

  
            $ (19,640 ) 
           

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty

    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		    Unrealized
Appreciation/
(Depreciation)		  

Bank of America, NA

    USD      159      RUB      10,267      11/14/19    $ (1,719 ) 

Barclays Bank PLC

    BRL      2,718      USD      653      10/02/19      (1,485 ) 

Barclays Bank PLC

    USD      650      BRL      2,718      10/02/19      4,076  

Barclays Bank PLC

    INR      32,344      USD      449      10/24/19      (6,912 ) 

Barclays Bank PLC

    MYR      827      USD      197      2/13/20      296  

BNP Paribas SA

    PLN      2,690      USD      698      10/11/19      26,979  

Brown Brothers Harriman & Co.

    EUR      4,376      USD      4,884      10/10/19      110,821  

Brown Brothers Harriman & Co.

    USD      5,072      EUR      4,571      10/10/19      (87,087 ) 

Brown Brothers Harriman & Co.

    USD      708      PLN      2,689      10/11/19      (37,742 ) 

Brown Brothers Harriman & Co.

    ILS      1,691      USD      478      10/16/19      (8,586 ) 

Brown Brothers Harriman & Co.

    USD      514      GBP      415      10/18/19      (2,651 ) 

Brown Brothers Harriman & Co.

    CNH      9,205      USD      1,282      10/24/19      (6,596 ) 

Brown Brothers Harriman & Co.

    USD      218      MXN      4,427      10/25/19      5,502  

Brown Brothers Harriman & Co.

    SGD      653      USD      475      10/31/19      2,861  

Brown Brothers Harriman & Co.

    SGD      497      USD      359      10/31/19      (484 ) 

Brown Brothers Harriman & Co.

    NZD      734      USD      468      11/07/19      8,434  

Brown Brothers Harriman & Co.

    AUD      279      USD      189      11/08/19      230  

Brown Brothers Harriman & Co.

    JPY      52,023      USD      489      11/21/19      6,512  

Brown Brothers Harriman & Co.

    USD      632      JPY      67,919      11/21/19      (1,940 ) 

Brown Brothers Harriman & Co.

    ZAR      826      USD      56      11/21/19      1,920  

Brown Brothers Harriman & Co.

    CAD      647      USD      489      11/22/19      (110 ) 

Brown Brothers Harriman & Co.

    USD      219      CAD      289      11/22/19      (15 ) 

Citibank, NA

    CNH      3,325      USD      471      10/24/19      5,513  

Citibank, NA

    RUB      25,776      USD      398      11/14/19      2,382  

Citibank, NA

    USD      249      COP      838,476      11/14/19      (8,711 ) 

Citibank, NA

    USD      1,299      JPY      139,396      11/21/19      (5,533 ) 

Credit Suisse International

    USD      472      INR      32,794      10/24/19      (9,664 ) 

Goldman Sachs Bank USA

    USD      1,010      EUR      907      10/10/19      (20,498 ) 

Goldman Sachs Bank USA

    MXN      24,039      USD      1,194      10/25/19      (19,320 ) 

Goldman Sachs Bank USA

    IDR      4,478,061      USD      315      11/21/19      816  

Goldman Sachs Bank USA

    JPY      784,715      USD      7,341      11/21/19      58,674  

Goldman Sachs Bank USA

    CAD      7,460      USD      5,623      11/22/19      (12,178 ) 

Goldman Sachs Bank USA

    SEK      11,632      USD      1,210      1/08/20      20,230  

Goldman Sachs Bank USA

    MYR      3,100      USD      736      2/13/20      (1,472 ) 

Counterparty

    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation/
(Depreciation)		  

JPMorgan Chase Bank, NA

      BRL        333        USD        80        10/02/19      $ (182 ) 

JPMorgan Chase Bank, NA

      USD        80        BRL        333        10/02/19        347  

JPMorgan Chase Bank, NA

      USD        679        EUR        603        10/10/19        (21,684 ) 

JPMorgan Chase Bank, NA

      GBP        667        USD        833        10/18/19        12,408  

JPMorgan Chase Bank, NA

      USD        508        MXN        9,926        10/25/19        (6,848 ) 

JPMorgan Chase Bank, NA

      CLP        345,393        USD        487        11/14/19        12,424  

Morgan Stanley Capital Services LLC

      GBP        1,630        USD        1,999        10/18/19        (7,084 ) 

Morgan Stanley Capital Services LLC

      MYR        793        USD        189        2/13/20        238  

Royal Bank of Scotland PLC

      BRL        3,052        USD        729        10/02/19        (5,448 ) 

Royal Bank of Scotland PLC

      USD        733        BRL        3,052        10/02/19        1,667  

Royal Bank of Scotland PLC

      EUR        18,408        USD        20,791        10/10/19        714,754  

Royal Bank of Scotland PLC

      USD        489        ILS        1,699        10/16/19        (82 ) 

Royal Bank of Scotland PLC

      USD        728        BRL        3,052        11/04/19        5,067  

Royal Bank of Scotland PLC

      CAD        1,567        USD        1,182        11/22/19        (2,013 ) 

Standard Chartered Bank

      GBP        486        USD        604        10/18/19        6,544  
                 

 

 

  
                  $ 732,651  
                 

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description

    Fixed Rate
(Pay)
Receive		     Payment
Frequency		      Implied Credit
Spread at
September 30, 2019		     Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Buy Contracts

                    

CDX-NAHY Series 32, 5 Year Index, 6/20/24*

      (5.00 )%      Quarterly        3.29 %      USD        683      $ (49,184 )    $ (28,855 )    $ (20,329 ) 

CDX-NAHY Series 33, 5 Year Index, 12/20/24*

      (5.00 )      Quarterly        3.51       USD        690        (47,041 )      (45,920 )      (1,121 ) 

iTraxx Australia Series 32, 5 Year Index, 12/20/24*

      (1.00 )      Quarterly        0.67       USD        4,500        (74,752 )      (76,457 )      1,705  

Sale Contracts

                    

CDX-NAHY Series 32, 5 Year Index, 6/20/24*

      5.00       Quarterly        3.29       USD        683        49,184       48,370       814  

CDX-NAIG Series 33, 5 Year Index, 12/20/24*

      1.00       Quarterly        0.60       USD        4,500        89,642       87,773       1,869  
               

 

 

    

 

 

    

 

 

  
                $ (32,151 )    $ (15,089 )    $ (17,062 ) 
               

 

 

    

 

 

    

 

 

  

 

*

Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

 

                  Rate Type                         

Notional

Amount

(000)

      Termination
Date		      Payments
made by
the
Fund		     Payments
received
by the
Fund		    

Payment

Frequency

Paid/Received

    Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

USD

     4,710        9/10/20        3 Month LIBOR       2.824 %    Quarterly/Semi-Annual    $ 43,700     $ – 0  –    $ 43,700  

USD

     1,820        5/24/21        2.288 %      3 Month LIBOR     Semi-Annual/Quarterly      (28,302 )      – 0  –      (28,302 ) 

USD

     1,960        9/10/23        3 Month LIBOR       2.883 %    Quarterly/ Semi-Annual      102,827       – 0  –      102,827  

CAD

     1,990        5/22/24        3 Month CDOR       1.980 %    Semi-Annual/Semi-Annual      15,913       – 0  –      15,913  

USD

     750        5/24/24        2.200 %      3 Month LIBOR     Semi-Annual/Quarterly      (27,419 )      – 0  –      (27,419 ) 

GBP

     130        12/27/47        1.419 %      6 Month LIBOR     Semi-Annual/Semi-Annual      (30,470 )      – 0  –      (30,470 ) 

USD

     890        9/10/48        2.980 %      3 Month LIBOR     Semi-Annual/ Quarterly      (264,746 )      – 0  –      (264,746 ) 
              

 

 

    

 

 

    

 

 

  
               $ (188,497 )    $             – 0  –    $ (188,497 ) 
              

 

 

    

 

 

    

 

 

  

CREDIT DEFAULT SWAPS

 

Swap Counterparty & Referenced Obligation

    Fixed Rate
(Pay)
Receive		     Payment
Frequency		      Implied Credit
Spread at
September 30, 2019		     Notional
Amount
(000)		      Market
Value		      Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation/
(Depreciation)		  

Sale Contracts

                     

Deutsche Bank AG

                     

CDX-CMBX.NA.A Series 6, 5/11/63*

      2.00 %      Monthly        1.94 %      USD        100      $ 253      $ (3,902 )    $ 4,155  

Morgan Stanley & Co. International PLC

                     

CDX-CMBX.NA.A Series 6, 5/11/63*

      2.00       Monthly        1.94       USD        360        912        (18,011 )      18,923  

CDX-CMBX.NA.A Series 6, 5/11/63*

      2.00       Monthly        1.94       USD        470        1,191        (22,484 )      23,675  

CDX-CMBX.NA.A Series 6, 5/11/63*

      2.00       Monthly        1.94       USD        3        8        (56 )      64  
               

 

 

     

 

 

    

 

 

  
                $ 2,364      $ (44,453 )    $ 46,817  
               

 

 

     

 

 

    

 

 

  

 

*

Termination date

(a)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2019, the aggregate market value of these securities amounted to $21,840,420 or 44.9% 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.

(c)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at September 30, 2019.

(d)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.37% of net assets as of September 30, 2019, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities

    Acquisition
Date		      Cost      Market
Value		      Percentage of
Net Assets		  

PMT Credit Risk Transfer Trust Series 2019-1R, Class A

            

4.14%, 3/27/24

      3/21/19      $ 158,738      $ 158,322        0.33 % 

Terraform Global Operating LLC

            

6.125%, 3/01/26

      2/08/18        18,000        18,477        0.04 % 

 

(e)

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

(f)

The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at September 30, 2019.

(g)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(h)

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

(i)

Affiliated investments.

(j)

As of September 30, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $2,719,571 and gross unrealized depreciation of investments was $(1,134,573), resulting in net unrealized appreciation of $1,584,998.

Currency Abbreviations:

 

AUD    -    Australian Dollar
BRL    -    Brazilian Real
CAD    -    Canadian Dollar
CLP    -    Chilean Peso
CNH    -    Chinese Yuan Renminbi (Offshore)
CNY    -    Chinese Yuan Renminbi
COP    -    Colombian Peso
EUR    -    Euro
GBP    -    Great British Pound
IDR    -    Indonesian Rupiah
ILS    -    Israeli Shekel
INR    -    Indian Rupee
JPY    -    Japanese Yen
MXN    -    Mexican Peso
MYR    -    Malaysian Ringgit
NZD    -    New Zealand Dollar
PLN    -    Polish Zloty
RUB    -    Russian Ruble
SEK    -    Swedish Krona
SGD    -    Singapore Dollar
USD    -    United States Dollar
ZAR    -    South African Rand
Glossary:
ABS    -    Asset-Backed Securities
BOBL    -    Bundesobligationen
BTP    -    Buoni del Tesoro Poliennali
CBT    -    Chicago Board of Trade
CDOR    -    Canadian Dealer Offered Rate
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
CMBS    -    Commercial Mortgage-Backed Securities
CPI    -    Consumer Price Index

LIBOR    -    London Interbank Offered Rates
OAT    -    Obligations Assimilables du Trésor
REIT    -    Real Estate Investment Trust

COUNTRY BREAKDOWN1

September 30, 2019 (unaudited)

 

  17.5%       

United States

  15.2%       

Japan

  12.4%       

Canada

  7.8%       

United Kingdom

  6.4%       

Spain

  6.0%       

France

  4.8%       

Italy

  3.6%       

China

  2.5%       

Netherlands

  2.3%       

Malaysia

  2.2%       

Sweden

  1.8%       

Germany

  1.5%       

Switzerland

  13.7%       

Other

  2.3%       

Short-Term

 

 

       
  100.0%       

Total Investments

 

 

       

 

1

All data are as of September 30, 2019. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Australia, Austria, Belgium, Brazil, Denmark, Finland, Indonesia, Ireland, Mexico, Nigeria, Norway, Russia, Singapore, South Africa, South Korea, Supranational and Turkey.

AB FlexFee International Bond Portfolio

September 30, 2019 (unaudited)

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

 

  •  

Level 1—quoted prices in active markets for identical investments

  •  

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

  •  

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

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are 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.

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 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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2019:

 

Investments in Securities

    Level 1     Level 2     Level 3     Total  

Assets:

         

Governments - Treasuries

    $ – 0  –    $ 22,413,042     $ – 0  –    $ 22,413,042  

Corporates - Investment Grade

      – 0  –      7,510,827       – 0  –      7,510,827  

Local Governments - Provincial Bonds

      – 0  –      2,670,558       – 0  –      2,670,558  

Inflation-Linked Securities

      – 0  –      2,442,437       – 0  –      2,442,437  

Collateralized Mortgage Obligations

      – 0  –      2,324,055       – 0  –      2,324,055  

Covered Bonds

      – 0  –      2,173,613       – 0  –      2,173,613  

Quasi-Sovereigns

      – 0  –      1,899,150       – 0  –      1,899,150  

Corporates - Non-Investment Grade

      – 0  –      1,379,975       – 0  –      1,379,975  

Governments - Sovereign Agencies

      – 0  –      870,794       – 0  –      870,794  

Commercial Mortgage-Backed Securities

      – 0  –      661,518       – 0  –      661,518  

Governments - Sovereign Bonds

      – 0  –      558,007       – 0  –      558,007  

Local Governments - Regional Bonds

      – 0  –      448,864       – 0  –      448,864  

Supranationals

      – 0  –      447,883       – 0  –      447,883  

Emerging Markets - Sovereigns

      – 0  –      311,272       – 0  –      311,272  

Asset-Backed Securities

      – 0  –      – 0  –      117,766       117,766  

Bank Loans

      – 0  –      49,633       66,235       115,868  

Emerging Markets - Treasuries

      – 0  –      75,380       – 0  –      75,380  

Emerging Markets - Corporate Bonds

      – 0  –      18,477       – 0  –      18,477  

Short-Term Investments:

         

Governments - Treasuries

      – 0  –      582,610       – 0  –      582,610  

Investment Companies

      488,619       – 0  –      – 0  –      488,619  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      488,619       46,838,095       184,001       47,510,715  

Other Financial Instruments*:

         

Assets

         

Futures

      37,774       – 0  –      – 0  –      37,774  

Forward Currency Exchange Contracts

      – 0  –      1,008,695       – 0  –      1,008,695  

Centrally Cleared Credit Default Swaps

      – 0  –      138,826       – 0  –      138,826  

Centrally Cleared Interest Rate Swaps

      – 0  –      162,440       – 0  –      162,440  

Credit Default Swaps

      – 0  –      2,364       – 0  –      2,364  

Liabilities

         

Futures

      (57,414 )      – 0  –      – 0  –      (57,414 ) 

Forward Currency Exchange Contracts

      – 0  –      (276,044 )      – 0  –      (276,044 ) 

Centrally Cleared Credit Default Swaps

      – 0  –      (170,977 )      – 0  –      (170,977 ) 

Centrally Cleared Interest Rate Swaps

      – 0  –      (350,937 )      – 0  –      (350,937 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $     468,979     $     47,352,462     $     184,001     $     48,005,442  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

*

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended September 30, 2019 is as follows:

 

Fund

      Market Value
12/31/18
(000)		        Purchases
at Cost
(000)		        Sales
Proceeds
(000)		        Market Value
9/30/19
(000)		        Dividend
Income
(000)		  

Government Money Market Portfolio

      $ 465        $ 11,155        $ 11,131        $ 489        $ 6