AB Bond Fund, Inc.

AB Short Duration Income Portfolio

Portfolio of Investments

January 31, 2022 (unaudited)

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 92.9%
Australia – 5.7%
Australia Government Bond
Series 139 3.25%, 04/21/2025(a)		AUD	1,107	$	828,532
Series 164 0.50%, 09/21/2026(a)			3,937		2,647,257
					3,475,789
New Zealand – 3.8%
New Zealand Government Bond Series 526 0.50%, 05/15/2026		NZD	3,778		2,292,917
Russia – 0.6%
Russian Federal Bond - OFZ Series 6227 7.40%, 07/17/2024		RUB	32,513		401,620
Spain – 0.7%
Spain Government Bond 0.80%, 07/30/2027(a)		EUR	356		412,371
United States – 82.1%
U.S. Treasury Bonds
6.125%, 11/15/2027		U.S.$	859		1,068,679
6.875%, 08/15/2025			2,177		2,581,312
U.S. Treasury Notes
0.625%, 05/15/2030(b)			784		715,981
1.50%, 08/15/2026(c)			4,845		4,824,062
1.625%, 10/31/2026(c)			8,214		8,223,867
1.625%, 08/15/2029(b) (c)			2,047		2,031,030
2.00%, 08/15/2025(c)			3,030		3,082,958
2.125%, 07/31/2024-05/31/2026(c)			10,790		11,028,764
2.25%, 11/15/2024			7,287		7,466,693
2.25%, 11/15/2025(c)			2,792		2,866,522
2.375%, 08/15/2024			614		630,392
2.875%, 08/15/2028			743		795,572
3.125%, 11/15/2028(c)			4,298		4,677,996
					49,993,828
Total Governments - Treasuries (cost $58,326,754)					56,576,525
CORPORATES - NON-INVESTMENT GRADE – 12.7%
Industrial – 11.9%
Basic – 0.4%
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			10		9,825
Graphic Packaging International LLC 4.75%, 07/15/2027(a)			6		6,316
Hecla Mining Co. 7.25%, 02/15/2028			29		30,973

1

	Principal Amount (000)			U.S. $ Value
Kleopatra Finco Sarl 4.25%, 03/01/2026(a)		EUR	100	$	105,140
WR Grace Holdings LLC 4.875%, 06/15/2027(a)		U.S.$	72		71,661
					223,915
Capital Goods – 0.6%
Bombardier, Inc. 7.50%, 12/01/2024-03/15/2025(a)			28		28,595
Cleaver-Brooks, Inc. 7.875%, 03/01/2023(a)			7		6,796
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)			92		93,302
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			61		63,013
GFL Environmental, Inc.
3.75%, 08/01/2025(a)			10		9,996
5.125%, 12/15/2026(a)			2		2,068
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	100		115,343
Tervita Corp. 11.00%, 12/01/2025(a)		U.S.$	14		16,189
TransDigm, Inc. 8.00%, 12/15/2025(a)			35		36,629
Triumph Group, Inc. 8.875%, 06/01/2024(a)			13		13,898
					385,829
Communications - Media – 1.2%
Altice Financing SA 5.00%, 01/15/2028(a)			200		185,228
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 08/15/2030(a)			26		25,350
5.125%, 05/01/2027(a)			159		162,956
DISH DBS Corp.
5.00%, 03/15/2023			8		8,125
5.25%, 12/01/2026(a)			32		31,040
5.75%, 12/01/2028(a)			32		30,621
5.875%, 11/15/2024			53		53,357
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)			56		53,180
Scripps Escrow II, Inc. 5.375%, 01/15/2031(a)			21		20,768
Sinclair Television Group, Inc. 5.875%, 03/15/2026(a)			100		101,139
Sirius XM Radio, Inc.
3.125%, 09/01/2026(a)			56		53,838
4.00%, 07/15/2028(a)			28		27,086
Univision Communications, Inc. 5.125%, 02/15/2025(a)			4		4,035
					756,723

2

	Principal Amount (000)			U.S. $ Value
Communications - Telecommunications – 0.1%
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)		U.S.$	35	$	33,973
Frontier Communications Holdings LLC 6.75%, 05/01/2029(a)			10		10,025
					43,998
Consumer Cyclical - Automotive – 0.4%
Adient US LLC 9.00%, 04/15/2025(a)			88		93,264
Jaguar Land Rover Automotive PLC 5.875%, 11/15/2024(a)		EUR	116		137,541
Meritor, Inc. 6.25%, 06/01/2025(a)		U.S.$	5		5,198
Tenneco, Inc. 7.875%, 01/15/2029(a)			26		27,658
					263,661
Consumer Cyclical - Entertainment – 1.6%
Boyne USA, Inc. 4.75%, 05/15/2029(a)			16		16,091
Carnival Corp.
4.00%, 08/01/2028(a)			36		34,276
5.75%, 03/01/2027(a)			62		59,655
10.50%, 02/01/2026(a)			107		120,152
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)			159		163,428
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			28		28,325
Mattel, Inc. 5.875%, 12/15/2027(a)			102		108,385
NCL Corp., Ltd. 5.875%, 03/15/2026(a)			33		31,254
Royal Caribbean Cruises Ltd.
5.25%, 11/15/2022			108		108,653
5.375%, 07/15/2027(a)			42		40,583
5.50%, 08/31/2026(a)			31		30,246
10.875%, 06/01/2023(a)			23		24,619
11.50%, 06/01/2025(a)			47		52,071
SeaWorld Parks & Entertainment, Inc. 8.75%, 05/01/2025(a)			20		21,052
Six Flags Theme Parks, Inc. 7.00%, 07/01/2025(a)			58		60,517
Vail Resorts, Inc. 6.25%, 05/15/2025(a)			11		11,417
Viking Cruises Ltd.
5.875%, 09/15/2027(a)			12		10,953
13.00%, 05/15/2025(a)			16		17,919

3

	Principal Amount (000)			U.S. $ Value
Viking Ocean Cruises Ship VII Ltd. 5.625%, 02/15/2029(a)		U.S.$	14	$	13,726
					953,322
Consumer Cyclical - Other – 0.9%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			13		13,385
Boyd Gaming Corp. 8.625%, 06/01/2025(a)			3		3,182
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 6.25%, 09/15/2027(a)			125		128,833
Caesars Entertainment, Inc. 6.25%, 07/01/2025(a)			18		18,656
Empire Communities Corp. 7.00%, 12/15/2025(a)			143		145,877
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			85		87,695
Forestar Group, Inc. 3.85%, 05/15/2026(a)			41		40,441
Forterra Finance LLC/FRTA Finance Corp. 6.50%, 07/15/2025(a)			11		11,512
Marriott Ownership Resorts, Inc. 6.125%, 09/15/2025(a)			12		12,394
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028(a)			11		10,824
Taylor Morrison Communities, Inc. 5.875%, 06/15/2027(a)			15		16,098
Travel + Leisure Co. 6.625%, 07/31/2026(a)			20		21,489
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 03/01/2025(a)			33		33,166
					543,552
Consumer Cyclical - Restaurants – 0.1%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			17		16,599
IRB Holding Corp. 7.00%, 06/15/2025(a)			26		27,110
					43,709
Consumer Cyclical - Retailers – 0.6%
Bath & Body Works, Inc. 9.375%, 07/01/2025(a)			6		7,176
Dufry One BV 2.50%, 10/15/2024(a)		EUR	100		110,127
Hanesbrands, Inc. 4.625%, 05/15/2024(a)		U.S.$	135		138,568

4

	Principal Amount (000)			U.S. $ Value
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)		U.S.$	73	$	70,463
Rite Aid Corp. 7.50%, 07/01/2025(a)			12		11,838
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			30		30,872
Staples, Inc. 7.50%, 04/15/2026(a)			15		14,789
					383,833
Consumer Non-Cyclical – 1.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 02/15/2023(a)			154		155,294
5.875%, 02/15/2028(a)			87		91,058
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)			29		30,204
Horizon Therapeutics USA, Inc. 5.50%, 08/01/2027(a)			204		211,444
Legacy LifePoint Health LLC 4.375%, 02/15/2027(a)			114		111,761
ModivCare, Inc. 5.875%, 11/15/2025(a)			9		9,354
Newell Brands, Inc. 4.70%, 04/01/2026			26		27,256
4.875%, 06/01/2025			7		7,354
Par Pharmaceutical, Inc. 7.50%, 04/01/2027(a)			24		24,149
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)			7		7,376
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			39		37,949
Tenet Healthcare Corp. 4.875%, 01/01/2026(a)			9		9,042
6.25%, 02/01/2027(a)			24		24,589
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			81		81,360
					828,190
Energy – 2.2%
Antero Resources Corp. 8.375%, 07/15/2026(a)			14		15,621
Apache Corp. 4.625%, 11/15/2025			6		6,269
4.875%, 11/15/2027			12		12,485
Athabasca Oil Corp. 9.75%, 11/01/2026(a)			50		50,191
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(a)			177		185,193

5

	Principal Amount (000)			U.S. $ Value
Callon Petroleum Co. 8.00%, 08/01/2028(a)		U.S.$	28	$	28,515
CITGO Petroleum Corp. 7.00%, 06/15/2025(a)			33		33,243
Civitas Resources, Inc. 5.00%, 10/15/2026(a)			59		58,828
CNX Resources Corp. 6.00%, 01/15/2029(a)			33		34,032
Crescent Energy Finance LLC 7.25%, 05/01/2026(a)			51		52,527
EnLink Midstream LLC 5.625%, 01/15/2028(a)			48		49,268
EnLink Midstream Partners LP 4.40%, 04/01/2024			134		134,910
4.85%, 07/15/2026			31		31,835
EQT Corp. 7.50%, 02/01/2030			31		36,897
Genesis Energy LP/Genesis Energy Finance Corp. 7.75%, 02/01/2028			15		14,776
8.00%, 01/15/2027			29		29,216
Nabors Industries Ltd. 7.25%, 01/15/2026(a)			15		14,361
Nabors Industries, Inc. 7.375%, 05/15/2027(a)			62		63,429
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)			122		115,530
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)			58		58,988
Occidental Petroleum Corp. 3.20%, 08/15/2026			75		73,960
5.875%, 09/01/2025			10		10,685
8.00%, 07/15/2025			18		20,449
PBF Holding Co. LLC/PBF Finance Corp. 9.25%, 05/15/2025(a)			40		39,121
Range Resources Corp. 5.00%, 03/15/2023			3		3,030
Renewable Energy Group, Inc. 5.875%, 06/01/2028(a)			7		7,026
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026(a)			40		40,978
Sunnova Energy Corp. 5.875%, 09/01/2026(a)			25		24,097
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.00%, 01/15/2032(a)			46		45,789
Transocean, Inc. 8.00%, 02/01/2027(a)			23		17,353
					1,308,602

6

	Principal Amount (000)			U.S. $ Value
Other Industrial – 0.0%
Avient Corp. 5.75%, 05/15/2025(a)		U.S.$	16	$	16,425
IAA, Inc. 5.50%, 06/15/2027(a)			5		5,138
					21,563
Services – 1.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.625%, 07/15/2026(a)			57		58,563
APX Group, Inc. 6.75%, 02/15/2027(a)			53		54,417
Block, Inc. 2.75%, 06/01/2026(a)			81		78,561
Garda World Security Corp. 4.625%, 02/15/2027(a)			59		57,697
Gartner, Inc. 4.50%, 07/01/2028(a)			63		64,312
Millennium Escrow Corp. 6.625%, 08/01/2026(a)			50		49,636
MoneyGram International, Inc. 5.375%, 08/01/2026(a)			25		25,839
MPH Acquisition Holdings LLC 5.75%, 11/01/2028(a)			78		70,209
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(a)			168		156,650
6.25%, 01/15/2028(a)			82		81,894
Sabre GLBL, Inc. 9.25%, 04/15/2025(a)			84		93,951
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)			15		15,178
ZipRecruiter, Inc. 5.00%, 01/15/2030(a)			63		62,385
					869,292
Technology – 0.5%
Austin BidCo, Inc. 7.125%, 12/15/2028(a)			10		10,176
Avaya, Inc. 6.125%, 09/15/2028(a)			81		82,836
NCR Corp. 5.00%, 10/01/2028(a)			105		104,586
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			56		57,155
8.25%, 02/01/2028(a)			2		2,116
Science Applications International Corp. 4.875%, 04/01/2028(a)			4		4,030

7

	Principal Amount (000)			U.S. $ Value
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)		U.S.$	60	$	61,155
					322,054
Transportation - Airlines – 0.3%
Air Canada 3.875%, 08/15/2026(a)			12		11,715
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			24		24,338
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			41		43,877
United Airlines, Inc. 4.375%, 04/15/2026(a)			91		90,358
					170,288
Transportation - Services – 0.2%
EC Finance PLC 3.00%, 10/15/2026(a)		EUR	100		113,417
PROG Holdings, Inc. 6.00%, 11/15/2029(a)		U.S.$	30		29,409
					142,826
					7,261,357
Financial Institutions – 0.5%
Banking – 0.1%
Alliance Data Systems Corp. 4.75%, 12/15/2024(a)			35		35,441
7.00%, 01/15/2026(a)			7		7,312
					42,753
Brokerage – 0.1%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(a)			52		57,294
Finance – 0.2%
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)			62		60,534
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)			53		49,852
					110,386
Insurance – 0.0%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.25%, 10/15/2027(a)			21		20,488
REITs – 0.1%
Diversified Healthcare Trust 9.75%, 06/15/2025			36		38,261

8

	Principal Amount (000)		U.S. $ Value
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. 4.625%, 06/15/2025(a)	U.S.$	31	$	32,604
				70,865
				301,786
Utility – 0.3%
Electric – 0.2%
Calpine Corp. 5.125%, 03/15/2028(a)		8		7,803
Talen Energy Supply LLC 7.25%, 05/15/2027(a)		5		4,487
Vistra Operations Co. LLC 5.625%, 02/15/2027(a)		68		69,354
				81,644
Other Utility – 0.1%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)		72		74,438
				156,082
Total Corporates - Non-Investment Grade (cost $7,782,898)				7,719,225
COLLATERALIZED MORTGAGE OBLIGATIONS – 8.0%
Risk Share Floating Rate – 7.6%
Bellemeade Re Ltd. Series 2019-1A, Class M1B 1.858% (LIBOR 1 Month + 1.75%), 03/25/2029(a) (d)		104		104,390
Series 2019-1A, Class M2 2.808% (LIBOR 1 Month + 2.70%), 03/25/2029(a) (d)		152		152,000
Series 2019-4A, Class M2 2.958% (LIBOR 1 Month + 2.85%), 10/25/2029(a) (d)		150		149,626
Series 2022-1, Class M1B 2.15% (SOFR + 2.15%), 01/26/2032(a) (d)		193		193,266
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2 2.408% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (d)		4		4,244
Series 2019-R03, Class 1M2 2.258% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (d)		6		6,399
Series 2019-R05, Class 1M2 2.108% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (d)		1		1,417

9

	Principal Amount (000)		U.S. $ Value
Eagle Re Ltd. Series 2021-2, Class M1B 2.10% (SOFR + 2.05%), 04/25/2034(a) (d)	U.S.$	150	$	150,558
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2015-DNA3, Class M3 4.808% (LIBOR 1 Month + 4.70%), 04/25/2028(d)		139		143,386
Series 2015-HQA1, Class M3 4.808% (LIBOR 1 Month + 4.70%), 03/25/2028(d)		125		128,065
Series 2016-DNA4, Class M3 3.908% (LIBOR 1 Month + 3.80%), 03/25/2029(d)		177		183,269
Series 2017-DNA1, Class M2 3.358% (LIBOR 1 Month + 3.25%), 07/25/2029(d)		197		201,365
Series 2017-DNA2, Class M2 3.558% (LIBOR 1 Month + 3.45%), 10/25/2029(d)		399		411,478
Series 2019-DNA3, Class M2 2.158% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (d)		10		9,826
Series 2019-DNA4, Class M2 2.058% (LIBOR 1 Month + 1.95%), 10/25/2049(a) (d)		7		7,183
Series 2020-DNA1, Class M2 1.808% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (d)		53		53,085
Series 2021-DNA5, Class M2 1.70% (SOFR + 1.65%), 01/25/2034(a) (d)		77		77,099
Series 2021-DNA6, Class M2 1.55% (SOFR + 1.50%), 10/25/2041(a) (d)		150		149,062
Series 2021-DNA7, Class M2 1.85% (SOFR + 1.80%), 11/25/2041(a) (d)		225		224,860
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 5.008% (LIBOR 1 Month + 4.90%), 11/25/2024(d)		110		115,172
Series 2015-C02, Class 1M2 4.108% (LIBOR 1 Month + 4.00%), 05/25/2025(d)		24		24,666
Series 2015-C02, Class 2M2 4.108% (LIBOR 1 Month + 4.00%), 05/25/2025(d)		2		1,504
Series 2015-C03, Class 1M2 5.108% (LIBOR 1 Month + 5.00%), 07/25/2025(d)		29		29,864

10

	Principal Amount (000)		U.S. $ Value
Series 2015-C04, Class 2M2 5.658% (LIBOR 1 Month + 5.55%), 04/25/2028(d)	U.S.$	3	$	3,609
Series 2016-C01, Class 1M2 6.858% (LIBOR 1 Month + 6.75%), 08/25/2028(d)		97		101,103
Series 2016-C01, Class 2M2 7.058% (LIBOR 1 Month + 6.95%), 08/25/2028(d)		14		15,144
Series 2016-C04, Class 1B 10.358% (LIBOR 1 Month + 10.25%), 01/25/2029(d)		118		130,047
Series 2016-C05, Class 2M2 4.558% (LIBOR 1 Month + 4.45%), 01/25/2029(d)		109		112,829
Series 2017-C02, Class 2B1 5.608% (LIBOR 1 Month + 5.50%), 09/25/2029(d)		24		26,882
Series 2017-C05, Class 1M2 2.308% (LIBOR 1 Month + 2.20%), 01/25/2030(d)		50		50,440
Series 2018-C01, Class 1B1 3.658% (LIBOR 1 Month + 3.55%), 07/25/2030(d)		180		186,077
Series 2021-R02, Class 2M2 2.05% (SOFR + 2.00%), 11/25/2041(a) (d)		230		228,576
Home Re Ltd. Series 2020-1, Class M2 5.358% (LIBOR 1 Month + 5.25%), 10/25/2030(a) (d)		150		154,523
Series 2021-1, Class M1B 1.658% (LIBOR 1 Month + 1.55%), 07/25/2033(a) (d)		250		249,060
Mortgage Insurance-Linked Notes Series 2019-1, Class M2 3.008% (LIBOR 1 Month + 2.90%), 11/26/2029(a) (d)		63		62,910
Oaktown Re II Ltd. Series 2018-1A, Class M1 1.658% (LIBOR 1 Month + 1.55%), 07/25/2028(a) (d)		31		30,983
Oaktown Re III Ltd. Series 2019-1A, Class M1B 2.058% (LIBOR 1 Month + 1.95%), 07/25/2029(a) (d)		150		150,000
PMT Credit Risk Transfer Trust Series 2019-2R, Class A 2.858% (LIBOR 1 Month + 2.75%), 05/27/2023(a) (d)		37		36,358
Series 2019-3R, Class A 2.808% (LIBOR 1 Month + 2.70%), 10/27/2022(a) (d)		21		21,318

11

	Principal Amount (000)		U.S. $ Value
Radnor Re Ltd. Series 2019-1, Class M1B 2.058% (LIBOR 1 Month + 1.95%), 02/25/2029(a) (d)	U.S.$	96	$	96,248
Series 2020-1, Class M1C 1.858% (LIBOR 1 Month + 1.75%), 01/25/2030(a) (d)		150		147,030
Traingle Re Ltd. Series 2020-1, Class M1C 4.608% (LIBOR 1 Month + 4.50%), 10/25/2030(a) (d)		150		150,324
Triangle Re Ltd. Series 2021-3, Class M1A 1.95% (SOFR + 1.90%), 02/25/2034(a) (d)		137		136,623
				4,611,868
Agency Fixed Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICs Series 4913, Class IO 6.00%, 04/15/2041(e)		90		20,793
Series 5080, Class IJ 4.00%, 12/25/2050(e)		617		94,389
Federal National Mortgage Association REMICs Series 2012-120, Class CI 3.50%, 12/25/2031(e)		192		8,581
Series 2016-26, Class IO 5.00%, 05/25/2046(e)		200		33,471
Series 2016-31, Class IO 5.00%, 06/25/2046(e)		263		42,434
Series 2016-64, Class BI 5.00%, 09/25/2046(e)		34		5,263
				204,931
Agency Floating Rate – 0.1%
Federal Home Loan Mortgage Corp. REMICs Series 4372, Class JS 5.994% (6.10% – LIBOR 1 Month), 08/15/2044(d) (f)		108		18,390
Series 4906, Class SA 5.942% (6.05% – LIBOR 1 Month), 09/25/2049(d) (f)		109		18,209
Federal National Mortgage Association REMICs Series 2012-17, Class ES 6.442% (6.55% – LIBOR 1 Month), 03/25/2041(d) (f)		99		9,736
Series 2012-17, Class SE 5.842% (5.95% – LIBOR 1 Month), 03/25/2042(d) (f)		75		17,137
Series 2019-25, Class SA 5.942% (6.05% – LIBOR 1 Month), 06/25/2049(d) (f)		55		10,465

12

	Principal Amount (000)		U.S. $ Value
Series 2019-42, Class SQ 5.942% (6.05% – LIBOR 1 Month), 08/25/2049(d) (f)	U.S.$	49	$	8,802
				82,739
Total Collateralized Mortgage Obligations (cost $4,871,301)				4,899,538
CORPORATES - INVESTMENT GRADE – 7.5%
Financial Institutions – 5.1%
Banking – 3.9%
Banco de Credito del Peru 3.125%, 07/01/2030(a)		119		116,456
Bank of America Corp. Series AA 6.10%, 03/17/2025(g)		150		160,344
Series X 6.25%, 09/05/2024(g)		134		142,329
BNP Paribas SA 6.625%, 03/25/2024(a) (g)		200		211,014
Credit Agricole SA 8.125%, 12/23/2025(a) (g)		200		231,186
Deutsche Bank AG/New York NY 3.035%, 05/28/2032		150		144,698
First-Citizens Bank & Trust Co. 3.929%, 06/19/2024		15		15,377
HSBC Holdings PLC 6.375%, 03/30/2025(g)		200		211,714
ING Groep NV 6.875%, 04/16/2022(a) (g)		200		202,024
JPMorgan Chase & Co. Series S 6.75%, 02/01/2024(g)		150		160,263
Nordea Bank Abp 6.625%, 03/26/2026(a) (g)		200		221,490
PNC Financial Services Group, Inc. (The) Series O 3.995% (LIBOR 3 Month + 3.68%), 05/01/2022(d) (g)		12		12,047
Swedbank AB Series NC5 5.625%, 09/17/2024(a) (g)		200		209,050
Truist Financial Corp. Series Q 5.10%, 03/01/2030(g)		150		162,695
UBS Group AG 7.00%, 01/31/2024(a) (g)		200		211,246
				2,411,933
Finance – 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032		150		146,364
Aircastle Ltd. 2.85%, 01/26/2028(a)		5		4,893

13

	Principal Amount (000)			U.S. $ Value
4.125%, 05/01/2024		U.S.$	8	$	8,271
4.25%, 06/15/2026			2		2,100
4.40%, 09/25/2023			16		16,576
5.00%, 04/01/2023			3		3,111
5.25%, 08/11/2025(a)			52		56,032
Aviation Capital Group LLC 3.50%, 11/01/2027(a)			158		158,245
Synchrony Financial 2.875%, 10/28/2031			150		143,245
					538,837
REITs – 0.3%
Office Properties Income Trust 3.45%, 10/15/2031			180		168,955
					3,119,725
Industrial – 2.1%
Basic – 0.0%
Arconic Corp. 6.00%, 05/15/2025(a)			15		15,521
Capital Goods – 0.0%
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/2025			7		7,187
4.40%, 03/15/2024			8		8,377
					15,564
Communications - Media – 0.4%
Netflix, Inc. 4.375%, 11/15/2026			216		231,833
Communications - Telecommunications – 0.2%
T-Mobile USA, Inc.
2.625%, 02/15/2029			66		62,062
3.375%, 04/15/2029			60		58,955
					121,017
Consumer Cyclical - Other – 0.2%
Las Vegas Sands Corp. 3.90%, 08/08/2029			150		148,935
Consumer Non-Cyclical – 0.4%
Pilgrim’s Pride Corp. 5.875%, 09/30/2027(a)			250		261,050
Energy – 0.4%
Cenovus Energy, Inc. 5.375%, 07/15/2025			16		17,503
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)			41		46,745
Ecopetrol SA
4.625%, 11/02/2031			15		13,797
5.375%, 06/26/2026			55		56,870
5.875%, 05/28/2045			4		3,518
6.875%, 04/29/2030			45		48,240
Western Midstream Operating LP
3.95%, 06/01/2025			5		5,119

14

	Principal Amount (000)			U.S. $ Value
4.75%, 08/15/2028		U.S.$	24	$	25,468
5.30%, 02/01/2030			20		20,930
					238,190
Services – 0.0%
Expedia Group, Inc. 6.25%, 05/01/2025(a)			4		4,459
Technology – 0.5%
Broadcom, Inc.
3.137%, 11/15/2035(a)			22		20,889
4.30%, 11/15/2032			150		160,495
Microchip Technology, Inc. 4.25%, 09/01/2025			91		93,774
					275,158
					1,311,727
Utility – 0.3%
Electric – 0.3%
Chile Electricity PEC SpA Zero Coupon, 01/25/2028(a)			200		161,913
Total Corporates - Investment Grade (cost $4,693,848)					4,593,365
GOVERNMENTS - SOVEREIGN AGENCIES – 6.6%
Canada – 6.6%
Canada Housing Trust No. 1 1.95%, 12/15/2025(a) (cost $4,089,326)		CAD	5,065		4,001,954
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.3%
Non-Agency Fixed Rate CMBS – 4.6%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(a)		U.S.$	100		90,298
BANK
Series 2020-BN28, Class XA 1.783%, 03/15/2063(e)			2,079		262,485
Series 2020-BN29, Class XA 1.349%, 11/15/2053(e)			991		95,085
Barclays Commercial Mortgage Trust Series 2019-C3, Class XA 1.339%, 05/15/2052(e)			990		80,152
BBCMS Mortgage Trust Series 2017-C1, Class XA 1.444%, 02/15/2050(e)			1,440		84,007
CD Mortgage Trust Series 2016-CD1, Class XA 1.388%, 08/10/2049(e)			1,534		74,521
CFCRE Commercial Mortgage Trust
Series 2016-C4, Class XA 1.635%, 05/10/2058(e)			87		4,808
Series 2017-C8, Class XA 1.495%, 06/15/2050(e)			286		18,032

15

	Principal Amount (000)		U.S. $ Value
Citigroup Commercial Mortgage Trust Series 2017-P7, Class XA 1.105%, 04/14/2050(e)	U.S.$	917	$	41,332
Commercial Mortgage Trust
Series 2012-CR5, Class C 4.318%, 12/10/2045(a)		100		99,319
Series 2014-CR16, Class D 4.928%, 04/10/2047(a)		100		95,029
Series 2016-DC2, Class XA 0.955%, 02/10/2049(e)		2,634		82,023
GS Mortgage Securities Trust
Series 2013-GC13, Class D 4.064%, 07/10/2046(a)		100		41,812
Series 2016-GS3, Class XA 1.199%, 10/10/2049(e)		1,308		59,414
Series 2017-GS5, Class XA 0.843%, 03/10/2050(e)		1,469		55,792
Series 2017-GS7, Class XA 1.109%, 08/10/2050(e)		3,398		155,623
Series 2019-GC39, Class XA 1.133%, 05/10/2052(e)		4,665		284,438
JPMBB Commercial Mortgage Securities Trust Series 2013-C14, Class D 4.548%, 08/15/2046(a)		75		48,425
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2012-C8, Class E 4.672%, 10/15/2045(a)		100		92,188
Series 2012-LC9, Class G 4.363%, 12/15/2047(a)		100		81,005
Series 2013-LC11, Class B 3.499%, 04/15/2046		110		110,892
UBS Commercial Mortgage Trust
Series 2012-C1, Class D 5.676%, 05/10/2045(a)		125		117,546
Series 2017-C1, Class XA 1.532%, 06/15/2050(e)		1,073		70,506
Series 2017-C2, Class XA 1.053%, 08/15/2050(e)		2,564		110,414
Series 2018-C14, Class XA 0.981%, 12/15/2051(e)		973		53,979
Series 2018-C15, Class XA 0.909%, 12/15/2051(e)		869		42,947
Series 2019-C18, Class XA 1.033%, 12/15/2052(e)		1,277		75,375
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class D 4.299%, 04/10/2046(a)		81		72,088
Wells Fargo Commercial Mortgage Trust
Series 2016-C35, Class XA 1.888%, 07/15/2048(e)		1,113		75,110

16

	Principal Amount (000)		U.S. $ Value
Series 2016-LC24, Class XA 1.616%, 10/15/2049(e)	U.S.$	861	$	51,693
Series 2018-C48, Class XA 0.949%, 01/15/2052(e)		824		46,371
Series 2019-C52, Class XA 1.592%, 08/15/2052(e)		959		87,981
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D 4.887%, 06/15/2044(a)		60		56,750
Series 2011-C4, Class E 4.887%, 06/15/2044(a)		25		19,280
				2,836,720
Non-Agency Floating Rate CMBS – 0.7%
BFLD
Series 2019-DPLO, Class D 1.946% (LIBOR 1 Month + 1.84%), 10/15/2034(a) (d)		59		58,260
Series 2019-DPLO, Class E 2.346% (LIBOR 1 Month + 2.24%), 10/15/2034(a) (d)		10		9,824
CLNY Trust Series 2019-IKPR, Class D 2.131% (LIBOR 1 Month + 2.03%), 11/15/2038(a) (d)		120		119,325
Great Wolf Trust Series 2019-WOLF, Class D 2.039% (LIBOR 1 Month + 1.93%), 12/15/2036(a) (d)		45		44,536
Morgan Stanley Capital I Trust Series 2019-BPR, Class D 4.106% (LIBOR 1 Month + 4.00%), 05/15/2036(a) (d)		133		114,335
Starwood Retail Property Trust Series 2014-STAR, Class A 1.576% (LIBOR 1 Month + 1.47%), 11/15/2027(a) (d)		89		56,283
				402,563
Total Commercial Mortgage-Backed Securities (cost $3,410,325)				3,239,283
EMERGING MARKETS - SOVEREIGNS – 4.1%
Angola – 0.4%
Angolan Government International Bond 9.50%, 11/12/2025(a)		200		218,350
Bahrain – 0.4%
Bahrain Government International Bond 7.00%, 10/12/2028(a)		200		212,750

17

	Principal Amount (000)			U.S. $ Value
Dominican Republic – 0.6%
Dominican Republic International Bond 5.95%, 01/25/2027(a)		U.S.$	357	$	390,469
Ecuador – 0.1%
Ecuador Government International Bond 5.00%, 07/31/2030(a)			97		84,259
Egypt – 0.4%
Egypt Government International Bond 5.75%, 05/29/2024(a)			212		216,240
El Salvador – 0.1%
El Salvador Government International Bond
5.875%, 01/30/2025(a)			24		14,105
8.625%, 02/28/2029(a)			90		51,823
					65,928
Ghana – 0.3%
Ghana Government International Bond 6.375%, 02/11/2027(a)			200		159,500
Ivory Coast – 0.5%
Ivory Coast Government International Bond
5.875%, 10/17/2031(a)		EUR	100		112,963
6.375%, 03/03/2028(a)		U.S.$	200		213,225
					326,188
Lebanon – 0.0%
Lebanon Government International Bond 6.10%, 10/04/2022(a) (h) (i)			16		1,700
Nigeria – 0.3%
Nigeria Government International Bond 6.125%, 09/28/2028(a)			200		191,787
Senegal – 0.2%
Senegal Government International Bond 4.75%, 03/13/2028(a)		EUR	100		111,362
South Africa – 0.7%
Republic of South Africa Government International Bond
4.30%, 10/12/2028		U.S.$	200		199,975
5.875%, 09/16/2025			200		217,600
					417,575
Ukraine – 0.1%
Ukraine Government International Bond 7.75%, 09/01/2025(a)			100		88,000
Total Emerging Markets - Sovereigns (cost $2,655,475)					2,484,108

18

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS – 3.7%
CLO - Floating Rate – 3.7%
Ballyrock CLO 15 Ltd. Series 2021-1A, Class C 3.341% (LIBOR 3 Month + 3.10%), 04/15/2034(a) (d)	U.S.$	250	$	247,420
Neuberger Berman Loan Advisers CLO 33 Ltd. Series 2019-33A, Class CR 2.141% (LIBOR 3 Month + 1.90%), 10/16/2033(a) (d)		250		250,070
New Mountain CLO 3 Ltd. Series CLO-3A, Class D 3.481% (LIBOR 3 Month + 3.35%), 10/20/2034(a) (d)		250		248,136
Palmer Square CLO Ltd. Series 2021-3A, Class D 3.183% (LIBOR 3 Month + 2.95%), 01/15/2035(a) (d)		250		249,190
PPM CLO 5 Ltd. Series 2021-5A, Class D 3.169% (LIBOR 3 Month + 3.05%), 10/18/2034(a) (d)		250		247,858
Regatta XXIV Funding Ltd. Series 2021-5A, Class D 3.189% (LIBOR 3 Month + 3.10%), 01/20/2035(a) (d)		250		249,017
Rockford Tower CLO Ltd. Series 2021-2A, Class D 3.504% (LIBOR 3 Month + 3.25%), 07/20/2034(a) (d)		250		250,105
Sixth Street CLO XIX Ltd. Series 2021-20A, Class C 2.132% (LIBOR 3 Month + 2.00%), 10/20/2034(a) (d)		250		250,077
Sixth Street CLO XVII Ltd. Series 2021-17A, Class D 3.404% (LIBOR 3 Month + 3.15%), 01/20/2034(a) (d)		250		250,058
Total Collateralized Loan Obligations (cost $2,250,000)				2,241,931
BANK LOANS – 2.0%
Industrial – 1.7%
Capital Goods – 0.2%
ACProducts Holdings, Inc. 4.750% (LIBOR 3 Month + 4.25%), 05/17/2028(j)		101		100,837
Chariot Buyer LLC 4.000% (LIBOR 1 Month + 3.50%), 11/03/2028(j)		10		9,975
				110,812

19

	Principal Amount (000)		U.S. $ Value
Communications - Media – 0.1%
Coral-US Co-Borrower LLC 3.106% (LIBOR 1 Month + 3.00%), 10/15/2029(j)	U.S.$	30	$	29,841
Univision Communications, Inc. 3.750% (LIBOR 1 Month + 2.75%), 03/15/2024(j)		9		8,669
				38,510
Communications - Telecommunications – 0.2%
Crown Subsea Communications Holding, Inc. 5.500% (LIBOR 1 Month + 4.75%), 04/27/2027(j)		40		40,286
Directv Financing, LLC 5.750% (LIBOR 3 Month + 5.00%), 08/02/2027(j)		29		29,343
Zacapa SARL 4.724% (LIBOR 3 Month + 4.50%), 07/02/2025(j)		43		43,439
				113,068
Consumer Cyclical - Entertainment – 0.2%
Seaworld Parks & Entertainment, Inc. 3.500% (LIBOR 1 Month + 3.00%), 08/25/2028(j)		143		142,439
Consumer Cyclical - Other – 0.1%
American Tire Distributors, Inc. 7.000% (LIBOR 3 Month + 6.25%), 10/20/2028(j)		60		60,601
Consumer Non-Cyclical – 0.2%
Kronos Acquisition Holdings, Inc. 4.250% (LIBOR 3 Month + 3.75%), 12/22/2026(j)		40		38,313
Padagis LLC 5.250% (LIBOR 3 Month + 4.75%), 07/06/2028(j) (k)		28		28,147
U.S. Renal Care, Inc. 5.104% (LIBOR 1 Month + 5.00%), 06/26/2026(j)		27		26,989
				93,449
Energy – 0.2%
GIP II Blue Holding, L.P. 5.500% (LIBOR 3 Month + 4.50%), 09/29/2028(j)		90		90,283
Parkway Generation, LLC 11/05/2028(l)		59		59,275
				149,558

20

	Principal Amount (000)			U.S. $ Value
Other Industrial – 0.0%
Rockwood Service Corporation 4.105% (LIBOR 1 Month + 4.00%), 01/23/2027(j)	U.S.$	3		$	3,037
Services – 0.0%
Amentum Government Services Holdings LLC 3.605% (LIBOR 1 Month + 3.50%), 01/29/2027(j) (k)		3			2,955
Team Health Holdings, Inc. 3.750% (LIBOR 1 Month + 2.75%), 02/06/2024(j)		19			18,729
					21,684
Technology – 0.5%
Ascend Learning, LLC 6.250% (LIBOR 1 Month + 5.75%), 12/10/2029(j)		30			30,141
athenahealth, Inc. 4.400% (LIBOR 3 Month + 4.25%), 02/11/2026(j)		19			18,602
Banff Guarantor, Inc. 6.000% (LIBOR 3 Month + 5.50%), 02/27/2026(j)		10			10,058
Boxer Parent Company, Inc. 3.974% (LIBOR 3 Month + 3.75%), 10/02/2025(j)		27			27,018
Endurance International Group Holdings, Inc. 4.250% (LIBOR 3 Month + 3.50%), 02/10/2028(j)		89			87,890
FINThrive Software Intermediate Holdings, Inc. 7.250% (LIBOR 3 Month + 6.75%), 12/17/2029(j)		20			19,933
Loyalty Ventures, Inc. 5.000% (LIBOR 1 Month + 4.50%), 11/03/2027(j)		83			82,720
Peraton Corp. 4.500% (LIBOR 1 Month + 3.75%), 02/01/2028(j)		20			19,817
Presidio Holdings, Inc. 3.610% (LIBOR 1 Month + 3.50%), 01/22/2027(j)		0	**		464
3.800% (LIBOR 3 Month + 3.50%), 01/22/2027(j)		9			8,864
					305,507
					1,038,665

21

	Principal Amount (000)		U.S. $ Value
Financial Institutions – 0.2%
Finance – 0.1%
Orbit Private Holdings I Ltd. 5.000% (LIBOR 3 Month + 4.50%), 12/11/2028(j) (k)	U.S.$	30	$	30,000
Insurance – 0.1%
Cross Financial Corp. 4.750% (LIBOR 1 Month + 4.00%), 09/15/2027(j)		50		49,688
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) 3.855% (LIBOR 1 Month + 3.75%), 09/03/2026(j)		11		10,681
				60,369
				90,369
Utility – 0.1%
Electric – 0.1%
Generation Bridge, LLC 5.750% (LIBOR 3 Month + 5.00%), 12/01/2028(j) (k)		42		41,949
Granite Generation LLC 4.750% (LIBOR 1 Month + 3.75%), 11/09/2026(j)		21		21,003
4.750% (LIBOR 3 Month + 3.75%), 11/09/2026(j)		4		4,154
				67,106
Total Bank Loans (cost $1,190,107)				1,196,140
QUASI-SOVEREIGNS – 0.8%
Quasi-Sovereign Bonds – 0.8%
Mexico – 0.2%
Petroleos Mexicanos 5.35%, 02/12/2028		101		98,491
6.49%, 01/23/2027		22		22,957
				121,448
Oman – 0.3%
Lamar Funding Ltd. 3.958%, 05/07/2025(a)		208		205,494
Ukraine – 0.3%
State Agency of Roads of Ukraine 6.25%, 06/24/2028(a)		200		155,000
Total Quasi-Sovereigns (cost $511,993)				481,942

22

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES – 0.8%
Other ABS - Fixed Rate – 0.5%
Consumer Loan Underlying Bond Certificate Issuer Trust Series 2019-43, Class PT 5.271%, 11/15/2044(m)	U.S.$	2	$	2,182
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1, Class B 3.48%, 12/15/2026(a)		100		100,871
Consumer Loan Underlying Bond CLUB Credit Trust Series 2020-P1, Class B 2.92%, 03/15/2028(a)		60		60,656
Marlette Funding Trust Series 2018-3A, Class C 4.63%, 09/15/2028(a)		33		32,738
SoFi Consumer Loan Program Trust Series 2020-1, Class D 2.94%, 01/25/2029(a)		100		100,914
				297,361
Autos - Fixed Rate – 0.3%
Exeter Automobile Receivables Trust Series 2018-4A, Class E 5.38%, 07/15/2025(a)		115		118,092
Series 2019-1A, Class E 5.20%, 01/15/2026(a)		40		41,553
Westlake Automobile Receivables Trust Series 2019-2A, Class E 4.02%, 04/15/2025(a)		14		14,401
				174,046
Total Asset-Backed Securities (cost $466,892)				471,407
EMERGING MARKETS - CORPORATE BONDS – 0.6%
Industrial – 0.6%
Basic – 0.1%
Eldorado Gold Corp. 6.25%, 09/01/2029(a)		28		28,038
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)		60		57,592
				85,630
Capital Goods – 0.3%
Embraer Netherlands Finance BV 5.40%, 02/01/2027		146		149,376
Consumer Non-Cyclical – 0.0%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(a)		11		11,165

23

	Principal Amount (000)		U.S. $ Value
Energy – 0.2%
Leviathan Bond Ltd.
5.75%, 06/30/2023(a)	U.S.$	59	$	60,394
6.125%, 06/30/2025(a)		23		24,072
6.50%, 06/30/2027(a)		30		31,987
				116,453
Total Emerging Markets - Corporate Bonds (cost $355,254)				362,624
	Shares
SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(n) (o) (p) (cost $95,844)		95,844		95,844
Total Investments – 145.2% (cost $90,700,017)(q)				88,363,886
Other assets less liabilities – (45.2)%				(27,497,640	)
Net Assets – 100.0%			$	60,866,246

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Sold Contracts
10 Yr Canadian Bond Futures		10		March 2022		$	1,094,285		$	6,200
10 Yr Mini Japan Government Bond Futures		3		March 2022			392,883			3,591
Euro-BOBL Futures		5		March 2022			742,825			12,140
Euro-Schatz Futures		3		March 2022			377,058			1,210
U.S. 10 Yr Ultra Futures		20		March 2022			2,856,562			30,441
U.S. T-Note 2 Yr (CBT) Futures		23		March 2022			4,983,094			44,714
U.S. T-Note 5 Yr (CBT) Futures		50		March 2022			5,960,156			87,904
U.S. T-Note 10 Yr (CBT) Futures		82		March 2022			10,493,438			87,253
									$	273,453

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		RUB	34,655		USD	464		03/02/2022	$	19,256
Deutsche Bank AG		EUR	1,319		USD	1,525		02/10/2022		42,879
Morgan Stanley Capital Services, Inc.		AUD	8,215		USD	6,071		02/08/2022		262,337

24

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		CAD	5,227		USD	4,153		02/10/2022	$	40,730
Morgan Stanley Capital Services, Inc.		NZD	3,599		USD	2,435		03/18/2022		68,474
Standard Chartered Bank		USD	11		IDR	163,286		04/28/2022		5
State Street Bank & Trust Co.		USD	2,390		AUD	3,316		02/08/2022		(44,915	)
									$	388,766

INTEREST RATE SWAPTIONS WRITTEN

Description

Index

Counterparty

Strike Rate

Expiration Date

Notional Amount (000)

Premiums Received

Market Value

Put

OTC - 1 Year Interest Rate Swap

1 DAY SOFR

Bank of America, NA

1.54

%

02/24/2022

USD

305

$

2,684

$

(3,347

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022			Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc. CDX-NAHY Series 37, 5 Year Index, 12/20/2026*		5.00	%		Quarterly		3.38	%		USD	3,340	$	249,251	$	275,864	$	(26,613)
iTraxxx Xover Series 36, 5 Year Index, 12/20/2026*		5.00			Quarterly		2.88			EUR	1,560		174,671		205,807		(31,136)
												$	423,922	$	481,671	$	(57,749)

* 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)
CAD	680	05/22/2024		3 Month CDOR		1.985%		Semi-Annual	$	2,643		$	—	$	2,643
USD	260	05/24/2024		2.206%		3 Month LIBOR		Semi-Annual/ Quarterly		(5,760	)		—		(5,760	)
									$	(3,117	)	$	—	$	(3,117	)

25

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022			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		7.50	%		USD	499	$	(123,889	)	$	(179,140	)	$	55,251
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	10		(2,478	)		(2,583	)		105
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	18		(4,460	)		(4,305	)		(155	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	19		(4,707	)		(4,498	)		(209	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	26		(6,443	)		(6,156	)		(287	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	24		(5,947	)		(1,985	)		(3,962	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	36		(8,920	)		(2,962	)		(5,958	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	53		(13,132	)		(3,187	)		(9,945	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	79		(19,575	)		(4,716	)		(14,859	)
Credit Suisse International
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		7.50			USD	360		(31,072	)		(11,071	)		(20,001	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	554		(137,516	)		(74,072	)		(63,444	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	24		(5,946	)		(1,975	)		(3,971	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	156		(38,653	)		(32,780	)		(5,873	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	399		(99,110	)		(48,242	)		(50,868	)

26

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at January 31, 2022			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
JPMorgan Securities, LLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%		Monthly		7.50	%		USD	188	$	(81,121	)	$	(35,687	)	$	(45,434	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	12		(2,973	)		(987	)		(1,986	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		7.50			USD	400		(34,568	)		(39,595	)		5,027
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50			USD	3		(743	)		(177	)		(566	)
												$	(621,253	)	$	(454,118	)	$	(167,135	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Goldman Sachs International

Markit iBoxx USD Contingent Convertible Liquid Developed Markets AT1 Index TRI

1 Day SOFR

Maturity

USD

147

06/20/2022

$

(2,741

)

REVERSE REPURCHASE AGREEMENTS

Broker	Interest Rate			Maturity		U.S. $ Value at January 31, 2022
HSBC Securities (USA), Inc.†		0.08	%		-	$	21,481,704
HSBC Securities (USA), Inc.†		0.08	%		-		5,407,727
HSBC Securities (USA), Inc.†		0.08	%		-		1,327,731
						$	28,217,162

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on January 31, 2022.

27

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

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Governments - Treasuries	$	28,217,162	$	0	$	0	$	0	$	28,217,162

** 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 January 31, 2022, the aggregate market value of these securities amounted to $26,407,763 or 43.4% 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 reverse repurchase agreements.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at January 31, 2022.

(e) IO - Interest Only.

(f) Inverse interest only security.

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

(h) Non-income producing security.

(i) Defaulted.

(j) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at January 31, 2022.

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

(l) This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate (“LIBOR”) plus a premium which was determined at the time of purchase.

(m) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of January 31, 2022, 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 Certificate Issuer Trust Series 2019-43, Class PT 5.271%, 11/15/2044		10/09/2019	$	2,224	$	2,182		0.00	%

(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.

(q) As of January 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,092,420 and gross unrealized depreciation of investments was $(2,997,737), resulting in net unrealized depreciation of $(1,905,317).

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

IDR – Indonesian Rupiah

28

NZD – New Zealand Dollar

RUB – Russian Ruble

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

BOBL – Bundesobligationen

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

29

AB Bond Fund, Inc.

AB Short Duration Income Portfolio

January 31, 2022 (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 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. In addition, non-agency rated investments 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.

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.

30

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2022:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Governments - Treasuries	$	—		$	56,576,525		$	—	$	56,576,525
Corporates - Non-Investment Grade		—			7,719,225			—		7,719,225
Collateralized Mortgage Obligations		—			4,899,538			—		4,899,538
Corporates - Investment Grade		—			4,593,365			—		4,593,365
Governments - Sovereign Agencies		—			4,001,954			—		4,001,954
Commercial Mortgage-Backed Securities		—			3,239,283			—		3,239,283
Emerging Markets - Sovereigns		—			2,484,108			—		2,484,108
Collateralized Loan Obligations		—			2,241,931			—		2,241,931
Bank Loans		—			1,093,089			103,051		1,196,140
Quasi-Sovereigns		—			481,942			—		481,942
Asset-Backed Securities		—			471,407			—		471,407
Emerging Markets - Corporate Bonds		—			362,624			—		362,624
Short-Term Investments		95,844			—			—		95,844
Total Investments in Securities		95,844			88,164,991			103,051		88,363,886
Other Financial Instruments(a):
Assets:
Futures		273,453			—			—		273,453
Forward Currency Exchange Contracts		—			433,681			—		433,681
Centrally Cleared Credit Default Swaps		—			423,922			—		423,922
Centrally Cleared Interest Rate Swaps		—			2,643			—		2,643
Liabilities:
Forward Currency Exchange Contracts		—			(44,915	)		—		(44,915	)
Interest Rate Swaptions Written		—			(3,347	)		—		(3,347	)
Centrally Cleared Interest Rate Swaps		—			(5,760	)		—		(5,760	)
Credit Default Swaps		—			(621,253	)		—		(621,253	)
Total Return Swaps		—			(2,741	)		—		(2,741	)
Reverse Repurchase Agreements		(28,217,162	)		—			—		(28,217,162	)
Total	$	(27,847,865	)	$	88,347,221		$	103,051	$	60,602,407

^(a)  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.

31

A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2022 is as follows:

Fund	Market Value 10/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 01/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	395	$	5,756	$	6,055	$	96	$	0	**

** Amount less than $500.

32