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