AB Bond Inflation Strategy

Portfolio of Investments

July 31, 2025 (unaudited)

 

      Principal
Amount
(000)		        U.S. $ Value  

INFLATION-LINKED SECURITIES – 77.3%

           

United States – 77.3%

           

U.S. Treasury Inflation Index
0.125%, 07/15/2026 (TIPS)

      U.S.$        29,598        $ 29,366,288  

0.125%, 07/15/2030 (TIPS)

           248,810           233,978,601  

0.125%, 07/15/2031 (TIPS)

         11,954          11,009,940  

0.25%, 07/15/2029 (TIPS)

         53,403          51,329,196  

0.375%, 01/15/2027 (TIPS)

         6,965          6,871,274  

0.375%, 07/15/2027 (TIPS)

         24,753          24,418,396  

0.625%, 07/15/2032 (TIPS)

         3,196          2,979,989  

1.375%, 07/15/2033 (TIPS)(a)

         45,434          44,039,486  

1.625%, 10/15/2027 (TIPS)

         98,905          99,978,606  

2.375%, 10/15/2028 (TIPS)

         54,577          56,560,179  
          

 

 

  

Total Inflation-Linked Securities
(cost $556,784,824)

              560,531,955  
          

 

 

  

CORPORATES - INVESTMENT GRADE – 10.0%

           

Financial Institutions – 4.5%

           

Banking – 3.8%

           

AIB Group PLC
5.32%, 05/15/2031(b)

         1,035          1,052,471  

Ally Financial, Inc.
5.737%, 05/15/2029

         267          271,924  

6.992%, 06/13/2029

         575          604,423  

American Express Co.
5.098%, 02/16/2028

         987          995,853  

Banco Bilbao Vizcaya Argentaria SA
5.381%, 03/13/2029

         200          205,508  

7.883%, 11/15/2034

         200          228,608  

Banco Santander SA
6.35%, 03/14/2034

         200          210,050  

6.921%, 08/08/2033

         800          871,472  

Bank of Ireland Group PLC
5.601%, 03/20/2030(b)

         301          309,934  

Banque Federative du Credit Mutuel SA
4.591%, 10/16/2028(b)

         1,075          1,077,978  

Barclays PLC
5.335%, 09/10/2035

         569          566,235  

5.674%, 03/12/2028

         329          334,251  

BNP Paribas SA
4.625%, 02/25/2031(b) (c)

         489          439,635  

CaixaBank SA
6.037%, 06/15/2035(b)

         955          998,156  

Capital One Financial Corp.
6.377%, 06/08/2034

         949          1,011,710  

Capital One NA
5.974%, 08/09/2028

         327          336,055  

Citigroup, Inc.
4.643%, 05/07/2028

         1,036          1,036,974  

6.02%, 01/24/2036

         85          87,330  

Series AA
7.625%, 11/15/2028(c)

         43          44,897  

Series Y
4.15%, 11/15/2026(c)

         480          467,712  

 

1

      Principal
Amount
(000)		        U.S. $ Value  

Credit Agricole SA
5.222%, 05/27/2031(b)

    U.S.$          329        $      334,603  

6.251%, 01/10/2035(b)

         677          703,295  

Danske Bank A/S
4.613%, 10/02/2030(b)

         419          417,131  

Deutsche Bank AG/New York NY
4.95%, 08/04/2031

         291          291,355  

4.999%, 09/11/2030

         261          263,127  

5.373%, 01/10/2029

         258          262,205  

7.146%, 07/13/2027

         233          238,163  

Goldman Sachs Group, Inc. (The)
Series V
4.125%, 11/10/2026(c)

         775          759,027  

HSBC Holdings PLC
7.399%, 11/13/2034

             1,352          1,511,387  

8.113%, 11/03/2033

         591          684,295  

Intesa Sanpaolo SpA
7.20%, 11/28/2033(b)

         357          401,507  

Lloyds Banking Group PLC
4.818%, 06/13/2029

         1,036          1,042,164  

7.50%, 09/29/2025(c)

         1,010          1,011,828  

Mizuho Financial Group, Inc.
5.376%, 05/26/2030

         344          352,136  

NatWest Group PLC
3.032%, 11/28/2035

         270          243,394  

5.115%, 05/23/2031

         794          806,021  

Santander Holdings USA, Inc.
5.473%, 03/20/2029

         14          14,238  

Santander UK Group Holdings PLC
4.858%, 09/11/2030

         517          517,072  

5.694%, 04/15/2031

         223          230,656  

Societe Generale SA
5.249%, 05/22/2029(b)

         542          547,892  

5.519%, 01/19/2028(b)

         812          819,958  

Standard Chartered PLC
5.244%, 05/13/2031(b)

         332          336,924  

5.545%, 01/21/2029(b)

         314          320,280  

6.082% (CME Term SOFR 3 Month + 1.77%), 01/30/2027(b) (c) (d)

         400          381,364  

Sumitomo Mitsui Trust Bank Ltd.
4.45%, 09/10/2027(b)

         236          235,979  

Svenska Handelsbanken AB
4.75%, 03/01/2031(b) (c)

         1,400          1,303,750  

Synchrony Financial
5.45%, 03/06/2031

         321          323,231  

Toronto-Dominion Bank (The)
5.146%, 09/10/2034

         317          318,690  

UBS Group AG
4.194%, 04/01/2031(b)

         614          600,240  

UniCredit SpA
1.982%, 06/03/2027(b)

         204          199,481  

2.569%, 09/22/2026(b)

         1,071          1,067,776  
          

 

 

  
             27,690,345  
          

 

 

  

 

2

      Principal
Amount
(000)		        U.S. $ Value  

Brokerage – 0.2%

           

Charles Schwab Corp. (The)
Series I
4.00%, 06/01/2026(c)

      U.S.$            1,366        $    1,345,209  
          

 

 

  

Finance – 0.1%

           

Aviation Capital Group LLC
4.125%, 08/01/2025(b)

         7          7,000  

4.75%, 04/14/2027(b)

         202          202,020  

4.875%, 10/01/2025(b)

         246          245,821  
          

 

 

  
             454,841  
          

 

 

  

Insurance – 0.2%

           

Athene Global Funding
1.985%, 08/19/2028(b)

         308          285,679  

2.55%, 11/19/2030(b)

         65          57,581  

2.717%, 01/07/2029(b)

         117          109,100  

5.033%, 07/17/2030(b)

         394          396,581  

5.526%, 07/11/2031(b)

         22          22,418  

5.583%, 01/09/2029(b)

         49          50,379  

Principal Life Global Funding II
5.10%, 01/25/2029(b)

         639          651,160  
          

 

 

  
             1,572,898  
          

 

 

  

REITs – 0.2%

           

American Tower Corp.
5.20%, 02/15/2029

         432          440,683  

GLP Capital LP/GLP Financing II, Inc.
3.25%, 01/15/2032

         949          839,761  

4.00%, 01/15/2031

         414          390,195  

Omega Healthcare Investors, Inc.
5.20%, 07/01/2030

         181          181,545  
          

 

 

  
             1,852,184  
          

 

 

  
             32,915,477  
          

 

 

  

Industrial – 4.2%

           

Basic – 0.2%

           

Glencore Funding LLC
4.907%, 04/01/2028(b)

         206          207,969  

5.186%, 04/01/2030(b)

         89          90,472  

5.338%, 04/04/2027(b)

         111          112,299  

6.50%, 10/06/2033(b)

         543          587,966  

OCP SA
6.10%, 04/30/2030(b)

         555          563,964  
          

 

 

  
             1,562,670  
          

 

 

  

Capital Goods – 0.3%

           

Boeing Co. (The)
3.25%, 02/01/2028

         454          439,581  

Republic Services, Inc.
4.75%, 07/15/2030

         1,022          1,037,453  

 

3

      Principal
Amount
(000)		        U.S. $ Value  

Westinghouse Air Brake Technologies Corp.
4.90%, 05/29/2030

    U.S.$              1,035        $    1,046,395  
          

 

 

  
             2,523,429  
          

 

 

  

Communications - Media – 0.1%

           

Prosus NV
3.257%, 01/19/2027(b)

         593          580,215  
          

 

 

  

Communications - Telecommunications – 0.1%

           

TELUS Corp.
7.00%, 10/15/2055

         681          691,358  
          

 

 

  

Consumer Cyclical - Automotive – 0.7%

           

Ford Motor Co.
3.25%, 02/12/2032

         532          450,822  

Ford Motor Credit Co. LLC
6.125%, 03/08/2034

         511          499,022  

Harley-Davidson Financial Services, Inc.
3.05%, 02/14/2027(b)

         1,879          1,831,405  

Honda Motor Co., Ltd.
4.436%, 07/08/2028

         1,071          1,069,693  

Hyundai Capital America
5.25%, 01/08/2027(b)

         252          253,998  

5.275%, 06/24/2027(b)

         151          152,412  

6.10%, 09/21/2028(b)

         486          504,697  
          

 

 

  
             4,762,049  
          

 

 

  

Consumer Cyclical - Other – 0.2%

           

Flutter Treasury DAC
5.875%, 06/04/2031(b)

         483          486,763  

Las Vegas Sands Corp.
5.625%, 06/15/2028

         467          474,369  

6.00%, 06/14/2030

         358          368,446  

Marriott International, Inc./MD
5.50%, 04/15/2037

         64          63,920  
          

 

 

  
             1,393,498  
          

 

 

  

Consumer Non-Cyclical – 0.8%

           

Cargill, Inc.
5.125%, 10/11/2032(b)

         632          646,018  

Cencosud SA
5.95%, 05/28/2031(b)

         308          316,454  

Imperial Brands Finance PLC
3.875%, 07/26/2029(b)

         208          201,309  

4.50%, 06/30/2028(b)

         378          377,304  

Ochsner LSU Health System of North Louisiana
Series 2021
2.51%, 05/15/2031

         1,190          978,180  

Philip Morris International, Inc.
4.375%, 04/30/2030

         1,032          1,024,652  

Roche Holdings, Inc.
4.203%, 09/09/2029(b)

         914          910,737  

 

4

      Principal
Amount
(000)		        U.S. $ Value  

Takeda US Financing, Inc.
5.20%, 07/07/2035

    U.S.$              1,075        $    1,071,356  

Viatris, Inc.
2.70%, 06/22/2030

         517          458,388  
          

 

 

  
             5,984,398  
          

 

 

  

Energy – 1.3%

           

Continental Resources, Inc./OK
2.875%, 04/01/2032(b)

         1,803          1,524,815  

5.75%, 01/15/2031(b)

         796          800,115  

Devon Energy Corp.
5.20%, 09/15/2034

         911          884,545  

Eni SpA
5.75%, 05/19/2035(b)

         1,033          1,052,772  

Occidental Petroleum Corp.
5.20%, 08/01/2029

         283          283,798  

Raizen Fuels Finance SA
6.70%, 02/25/2037(b)

         975          948,480  

Targa Resources Corp.
4.90%, 09/15/2030

         192          192,970  

5.65%, 02/15/2036

         211          212,142  

Var Energi ASA
7.50%, 01/15/2028(b)

         867          917,251  

8.00%, 11/15/2032(b)

         680          772,670  

Williams Cos., Inc. (The)
4.625%, 06/30/2030

         1,075          1,070,872  

Woodside Finance Ltd.
5.40%, 05/19/2030

         152          154,181  

6.00%, 05/19/2035

         397          405,460  
          

 

 

  
             9,220,071  
          

 

 

  

Services – 0.1%

           

Mastercard, Inc.
4.55%, 01/15/2035

         656          640,518  
          

 

 

  

Technology – 0.3%

           

Broadcom, Inc.
4.15%, 02/15/2028

         138          137,224  

4.90%, 07/15/2032

         259          260,078  

5.05%, 07/12/2027

         346          350,173  

Oracle Corp.
5.50%, 08/03/2035

         825          836,360  

TSMC Arizona Corp.
3.875%, 04/22/2027

         1,009          1,000,393  
          

 

 

  
             2,584,228  
          

 

 

  

Transportation - Airlines – 0.0%

           

AS Mileage Plan IP Ltd.
5.021%, 10/20/2029(b)

         114          113,153  
          

 

 

  

Transportation - Railroads – 0.1%

           

Lima Metro Line 2 Finance Ltd.
4.35%, 04/05/2036(b)

         188          176,793  

5.875%, 07/05/2034(b)

         234          237,465  
          

 

 

  
             414,258  
          

 

 

  

 

5

      Principal
Amount
(000)		        U.S. $ Value  

Transportation - Services – 0.0%

           

ENA Master Trust
4.00%, 05/19/2048(b)

      U.S.$              303        $ 216,684  
          

 

 

  
               30,686,529  
          

 

 

  

Utility – 1.3%

           

Electric – 1.3%

           

AES Panama Generation Holdings SRL
4.375%, 05/31/2030(b)

         337          306,169  

Alexander Funding Trust II
7.467%, 07/31/2028(b)

         656          698,365  

American Electric Power Co., Inc.
6.95%, 12/15/2054

         565          596,521  

CenterPoint Energy Houston Electric LLC
4.95%, 04/01/2033

         79          79,305  

5.05%, 03/01/2035

         892          887,058  

Duke Energy Carolinas NC Storm Funding LLC
Series A-2
2.617%, 07/01/2043

         1,183          921,403  

Electricite de France SA
9.125%, 03/15/2033(b) (c)

         415          476,462  

Engie Energia Chile SA
3.40%, 01/28/2030(b)

         551          512,259  

6.375%, 04/17/2034(b)

         240          251,520  

FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.25%, 01/31/2041(b)

         394          403,092  

Israel Electric Corp., Ltd.
Series G
4.25%, 08/14/2028(b)

         503          490,375  

Kallpa Generacion SA
5.875%, 01/30/2032(b)

         407          417,651  

LG Energy Solution Ltd.
5.375%, 04/02/2030(b)

         1,712          1,735,146  

Niagara Mohawk Power Corp.
4.647%, 10/03/2030(b)

         1,077          1,070,280  

Pacific Gas & Electric Co.
5.55%, 05/15/2029

         151          153,895  

Vistra Operations Co. LLC
6.95%, 10/15/2033(b)

         272          299,216  
          

 

 

  
             9,298,717  
          

 

 

  

Total Corporates - Investment Grade
(cost $72,526,270)

              72,900,723  
          

 

 

  

ASSET-BACKED SECURITIES – 6.5%

           

Autos - Fixed Rate – 3.6%

           

ACM Auto Trust
Series 2024-2A, Class A
6.06%, 02/20/2029(b)

         549          549,860  

Series 2025-2A, Class A
5.55%, 06/20/2028(b)

         1,514          1,515,039  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

Arivo Acceptance Auto Loan Receivables Trust
Series 2024-1A, Class A
6.46%, 04/17/2028(b)

    U.S.$                 93        $       94,079  

Series 2025-1A, Class A2
4.92%, 05/15/2029(b)

         906          905,939  

AutoNation Finance Trust
Series 2025-1A, Class A2
4.72%, 04/10/2028(b)

         1,719          1,720,553  

Avis Budget Rental Car Funding AESOP LLC
Series 2023-3A, Class A
5.44%, 02/22/2028(b)

         1,294          1,305,879  

Carvana Auto Receivables Trust
Series 2021-N3, Class C
1.02%, 06/12/2028

         79          76,546  

Series 2021-N4, Class D
2.30%, 09/11/2028

         174          169,728  

Series 2021-P4, Class D
2.61%, 09/11/2028

         1,206          1,146,707  

Series 2024-P4, Class A2
4.62%, 02/10/2028

         546          546,267  

CPS Auto Receivables Trust
Series 2021-C, Class D
1.69%, 06/15/2027(b)

         251          249,827  

Flagship Credit Auto Trust
Series 2024-3, Class A
4.88%, 11/15/2028(b)

         384          384,030  

Ford Credit Auto Owner Trust
Series 2021-1, Class D
2.31%, 10/17/2033(b)

         1,000          977,994  

GLS Auto Receivables Issuer Trust
Series 2024-3A, Class A2
5.35%, 08/16/2027(b)

         423          423,786  

LAD Auto Receivables Trust
Series 2022-1A, Class A
5.21%, 06/15/2027(b)

         94          94,392  

Lendbuzz Securitization Trust
Series 2023-2A, Class A2
7.09%, 10/16/2028(b)

         446          453,221  

Series 2025-1A, Class A2
5.10%, 10/15/2030(b)

         1,419          1,422,885  

Series 2025-2A, Class A2
5.18%, 05/15/2030(b)

         1,120          1,121,799  

Lobel Automobile Receivables Trust
Series 2025-1, Class A
5.06%, 11/15/2027(b)

         1,139          1,139,389  

OCCU Auto Receivables Trust
Series 2025-1A, Class A2
4.82%, 04/17/2028(b)

         1,669          1,668,938  

Octane Receivables Trust
Series 2021-2A, Class B
2.02%, 09/20/2028(b)

         1,052          1,044,227  

Prestige Auto Receivables Trust
Series 2025-1A, Class A2
4.87%, 12/15/2027(b)

         1,380          1,380,324  

 

7

      Principal
Amount
(000)		        U.S. $ Value  

Research-Driven Pagaya Motor Asset Trust
Series 2025-4A, Class A2
5.124%, 04/25/2034(b)

    U.S.$              1,821        $    1,822,747  

Research-Driven Pagaya Motor Asset Trust VII
Series 2022-3A, Class A
5.38%, 11/25/2030(b)

         164          163,783  

Research-Driven Pagaya Motor Trust
Series 2024-1A, Class A
7.09%, 06/25/2032(b)

         344          346,985  

Santander Drive Auto Receivables Trust
Series 2024-4, Class A2
5.41%, 07/15/2027

         243          243,403  

SBNA Auto Receivables Trust
Series 2025-SF1, Class B
5.12%, 03/17/2031(b)

         307          307,183  

Tesla Auto Lease Trust
Series 2024-A, Class A3
5.30%, 06/21/2027(b)

         517          518,154  

Tricolor Auto Securitization Trust
Series 2024-2A, Class A
6.36%, 12/15/2027(b)

         127          127,058  

Series 2025-1A, Class A
4.94%, 02/15/2029(b)

         1,133          1,133,431  

Series 2025-2A, Class A
5.12%, 01/16/2029(b)

         1,645          1,645,938  

United Auto Credit Securitization Trust
Series 2025-1, Class A
4.80%, 06/10/2027(b)

         1,050          1,049,695  
          

 

 

  
             25,749,786  
          

 

 

  

Other ABS - Fixed Rate – 2.3%

           

AB Issuer LLC
Series 2021-1, Class A2
3.734%, 07/30/2051(b)

         1,394          1,306,239  

Affirm Asset Securitization Trust
Series 2024-X1, Class A
6.27%, 05/15/2029(b)

         24          23,542  

Series 2025-X1, Class A
5.08%, 04/15/2030(b)

         1,144          1,145,051  

Amur Equipment Finance Receivables XI LLC
Series 2022-2A, Class A2
5.30%, 06/21/2028(b)

         185          184,853  

BHG Securitization Trust
Series 2022-A, Class D
3.56%, 02/20/2035(b)

         1,350          1,294,547  

Cajun Global LLC
Series 2021-1, Class A2
3.931%, 11/20/2051(b)

         448          438,606  

College Ave Student Loans LLC
Series 2021-C, Class B
2.72%, 07/26/2055(b)

         423          383,812  

 

8

      Principal
Amount
(000)		        U.S. $ Value  

Dext ABS LLC
Series 2023-1, Class A2
5.99%, 03/15/2032(b)

    U.S.$                679        $      680,534  

Diamond Issuer LLC
Series 2021-1A, Class A
2.305%, 11/20/2051(b)

         2,152          2,026,413  

Equify ABS LLC
Series 2024-1A, Class A
5.43%, 04/18/2033(b)

         604          603,684  

GCI Funding I LLC
Series 2021-1, Class A
2.38%, 06/18/2046(b)

         369          338,020  

Marlette Funding Trust
Series 2024-1A, Class A
5.95%, 07/17/2034(b)

         54          54,321  

MVW LLC
Series 2021-2A, Class B
1.83%, 05/20/2039(b)

         334          316,158  

Neighborly Issuer LLC
Series 2022-1A, Class A2
3.695%, 01/30/2052(b)

         1,607          1,485,758  

Series 2023-1A, Class A2
7.308%, 01/30/2053(b)

         1,921          1,953,950  

Nelnet Student Loan Trust
Series 2021-CA, Class B
2.53%, 04/20/2062(b)

         758          656,586  

Series 2021-DA, Class B
2.90%, 04/20/2062(b)

         793          702,979  

NMEF Funding LLC
Series 2022-B, Class A2
6.07%, 06/15/2029(b)

         98          98,606  

Oportun Funding Trust
Series 2024-3, Class A
5.26%, 08/15/2029(b)

         397          396,669  

Series 2025-1, Class A
4.96%, 08/16/2032(b)

         677          675,952  

Pagaya AI Debt Grantor Trust
Series 2024-5, Class A
6.278%, 10/15/2031(b)

         307          309,917  

Series 2025-3, Class A2
5.365%, 12/15/2032(b)

         433          435,108  

Pagaya AI Debt Trust
Series 2024-2, Class A
6.319%, 08/15/2031(b)

         277          278,457  

Series 2024-3, Class A
6.258%, 10/15/2031(b)

         329          330,364  

Series 2025-4, Class A2
5.373%, 01/17/2033(b)

         277          277,867  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

Pagaya Point of Sale Holdings Grantor Trust
Series 2025-1, Class A
5.715%, 01/20/2034(b)

    U.S.$                565        $ 567,625  
          

 

 

  
               16,965,618  
          

 

 

  

Credit Cards - Fixed Rate – 0.5%

           

Brex Commercial Charge Card Master Trust
Series 2024-1, Class A1
6.05%, 07/15/2027(b)

         987          993,060  

Mission Lane Credit Card Master Trust
Series 2024-B, Class A
5.88%, 01/15/2030(b)

         1,624          1,632,412  

Series 2025-A, Class A
5.80%, 05/15/2030(b)

         1,308          1,318,076  
          

 

 

  
             3,943,548  
          

 

 

  

Other ABS - Floating Rate – 0.1%

           

Pagaya AI Debt Grantor Trust
Series 2025-1, Class A
5.038%, 07/15/2032(b)

         801          801,162  
          

 

 

  

Total Asset-Backed Securities
(cost $48,086,660)

              47,460,114  
          

 

 

  

COLLATERALIZED MORTGAGE OBLIGATIONS – 3.8%

           

Risk Share Floating Rate – 3.7%

           

Bellemeade Re Ltd.
Series 2022-1, Class M1B
6.50% (CME Term SOFR + 2.15%), 01/26/2032(b) (d)

         360          361,531  

Series 2022-2, Class M1A
8.35% (CME Term SOFR + 4.00%), 09/27/2032(b) (d)

         505          507,746  

Connecticut Avenue Securities Trust
Series 2021-R02, Class 2M2
6.35% (CME Term SOFR + 2.00%), 11/25/2041(b) (d)

         1,188          1,197,547  

Series 2022-R01, Class 1M2
6.25% (CME Term SOFR + 1.90%), 12/25/2041(b) (d)

         2,899          2,930,266  

Series 2022-R03, Class 1M2
7.85% (CME Term SOFR + 3.50%), 03/25/2042(b) (d)

         2,283          2,364,872  

Series 2022-R04, Class 1M2
7.45% (CME Term SOFR + 3.10%), 03/25/2042(b) (d)

         573          590,691  

Series 2023-R02, Class 1M1
6.65% (CME Term SOFR + 2.30%), 01/25/2043(b) (d)

         709          724,801  

Series 2025-R03, Class 2M1
5.95% (CME Term SOFR + 1.60%), 03/25/2045(b) (d)

         1,252          1,259,276  

 

10

      Principal
Amount
(000)		        U.S. $ Value  

Series 2025-R04, Class 1A1
5.35% (CME Term SOFR + 1.00%), 05/25/2045(b) (d)

      U.S.$        495        $ 494,593  

Series 2025-R04, Class 1M1
5.55% (CME Term SOFR + 1.20%), 05/25/2045(b) (d)

         810          811,841  

Series 2025-R05, Class 2M1
5.519% (CME Term SOFR + 1.20%), 07/25/2045(b) (d)

             1,830          1,830,184  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2015-HQA2, Class M3
9.264% (CME Term SOFR + 4.91%), 05/25/2028(d)

         44          44,463  

Series 2021-DNA5, Class M2
6.00% (CME Term SOFR + 1.65%), 01/25/2034(b) (d)

         187          187,910  

Series 2021-DNA6, Class M2
5.85% (CME Term SOFR + 1.50%), 10/25/2041(b) (d)

         2,299          2,309,376  

Series 2021-HQA4, Class M2
6.70% (CME Term SOFR + 2.35%), 12/25/2041(b) (d)

         1,765          1,791,131  

Series 2022-DNA3, Class M1B
7.25% (CME Term SOFR + 2.90%), 04/25/2042(b) (d)

         1,069          1,100,822  

Series 2022-DNA4, Class M1B
7.70% (CME Term SOFR + 3.35%), 05/25/2042(b) (d)

         2,051          2,133,406  

Series 2022-DNA5, Class M1B
8.85% (CME Term SOFR + 4.50%), 06/25/2042(b) (d)

         3,681          3,909,640  

Series 2024-DNA1, Class M1
5.70% (CME Term SOFR + 1.35%), 02/25/2044(b) (d)

         754          756,771  

Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA2
Series 2025-DNA2, Class A1
5.45% (CME Term SOFR + 1.10%), 05/25/2045(b) (d)

         478          478,083  

Series 2025-DNA2, Class M1
5.55% (CME Term SOFR + 1.20%), 05/25/2045(b) (d)

         501          502,049  

Federal National Mortgage Association Connecticut Avenue Securities
Series 2015-C04, Class 1M2
10.164% (CME Term SOFR + 5.81%), 04/25/2028(d)

         245          248,308  
          

 

 

  
               26,535,307  
          

 

 

  

Agency Floating Rate – 0.1%

           

Federal Home Loan Mortgage Corp. REMICS
Series 3955, Class SD
2.146% (6.49% - CME Term SOFR), 11/15/2041(d) (e)

         1,300          134,745  

 

11

      Principal
Amount
(000)		        U.S. $ Value  

Series 4693, Class SL
1.696% (6.04% - CME Term SOFR), 06/15/2047(d) (e)

      U.S.$              857        $ 95,856  

Series 4954, Class SL
1.586% (5.94% - CME Term SOFR), 02/25/2050(d) (e)

         998          110,753  

Series 4981, Class HS
1.636% (5.99% - CME Term SOFR), 06/25/2050(d) (e)

         2,085          219,538  

Federal National Mortgage Association REMICS
Series 2014-78, Class SE
1.636% (5.99% - CME Term SOFR), 12/25/2044(d) (e)

         564          54,793  

Series 2016-77, Class DS
1.536% (5.89% - CME Term SOFR), 10/25/2046(d) (e)

         644          68,957  

Series 2017-62, Class AS
1.686% (6.04% - CME Term SOFR), 08/25/2047(d) (e)

         701          74,598  

Series 2017-97, Class LS
1.736% (6.09% - CME Term SOFR), 12/25/2047(d) (e)

         1,011          115,336  

Government National Mortgage Association
Series 2017-122, Class SA
1.735% (6.09% - CME Term SOFR 1 Month), 08/20/2047(d) (e)

         548          70,253  

Series 2017-134, Class MS
1.735% (6.09% - CME Term SOFR 1 Month), 09/20/2047(d) (e)

         625          82,074  
          

 

 

  
             1,026,903  
          

 

 

  

Non-Agency Floating Rate – 0.0%

           

JPMorgan Chase Bank NA - CHASE
Series 2019-CL1, Class M3
6.567% (CME Term SOFR 1 Month + 2.21%), 04/25/2047(b) (d)

         113          114,184  
          

 

 

  

Total Collateralized Mortgage Obligations
(cost $26,959,481)

                 27,676,394  
          

 

 

  

CORPORATES - NON-INVESTMENT GRADE – 0.9%

           

Industrial – 0.8%

           

Capital Goods – 0.1%

           

Axon Enterprise, Inc.
6.125%, 03/15/2030(b)

         535          547,407  

6.25%, 03/15/2033(b)

         389          398,915  
          

 

 

  
             946,322  
          

 

 

  

Communications - Media – 0.1%

           

VZ Vendor Financing II BV
2.875%, 01/15/2029(b)

      EUR        561          585,379  

Warnermedia Holdings, Inc.
3.755%, 03/15/2027

      U.S.$        297          291,066  
          

 

 

  
             876,445  
          

 

 

  

 

12

      Principal
Amount
(000)		        U.S. $ Value  

Consumer Cyclical - Other – 0.1%

           

Hilton Domestic Operating Co., Inc.
5.875%, 04/01/2029(b)

      U.S.$              383        $      389,139  
          

 

 

  

Consumer Cyclical - Retailers – 0.1%

           

Advance Auto Parts, Inc.
7.00%, 08/01/2030(b)

         787          791,045  
          

 

 

  

Consumer Non-Cyclical – 0.1%

           

Organon & Co./Organon Foreign Debt Co-Issuer BV
2.875%, 04/30/2028(b)

      EUR        550          617,686  
          

 

 

  

Energy – 0.1%

           

Venture Global Plaquemines LNG LLC
6.50%, 01/15/2034(b)

      U.S.$        753          774,521  
          

 

 

  

Technology – 0.2%

           

Kioxia Holdings Corp.
6.625%, 07/24/2033(b)

         1,080          1,070,680  
          

 

 

  
             5,465,838  
          

 

 

  

Utility – 0.1%

           

Electric – 0.1%

           

Vistra Corp.
7.00%, 12/15/2026(b) (c)

         751          758,014  
          

 

 

  

Total Corporates - Non-Investment Grade
(cost $6,222,826)

              6,223,852  
          

 

 

  

COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%

           

Non-Agency Floating Rate CMBS – 0.4%

           

BBCMS Mortgage Trust
Series 2020-BID, Class A
6.596% (CME Term SOFR 1 Month + 2.25%), 10/15/2037(b) (d)

         1,383          1,382,568  

BX Commercial Mortgage Trust
Series 2019-IMC, Class D
6.288% (CME Term SOFR 1 Month + 1.95%), 04/15/2034(b) (d)

         185          181,775  

Series 2019-IMC, Class E
6.538% (CME Term SOFR 1 Month + 2.20%), 04/15/2034(b) (d)

         895          870,560  

Natixis Commercial Mortgage Securities Trust
Series 2019-MILE, Class A
5.921% (CME Term SOFR 1 Month + 1.58%), 07/15/2036(b) (d)

         391          373,957  
          

 

 

  
             2,808,860  
          

 

 

  

Non-Agency Fixed Rate CMBS – 0.4%

           

GS Mortgage Securities Trust
Series 2011-GC5, Class D
5.147%, 08/10/2044(b)

         19          13,666  

 

13

      Principal
Amount
(000)		        U.S. $ Value  

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A1
1.433%, 08/15/2026(f)

    U.S.$                389        $ 384,105  

Series 2021-1, Class A2
2.435%, 08/15/2026(f)

         1,421          1,403,630  

Series 2021-1, Class AS
2.638%, 08/15/2026(f)

         40          39,117  

HFX Funding
Series 2017-1A, Class A3
3.647%, 03/15/2035(f)

         9          9,157  

JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class XA
0.398%, 09/15/2047(g)

         1,098          11  

Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C25, Class XA
0.863%, 10/15/2048(g)

         1,437          14  

Wells Fargo Commercial Mortgage Trust
Series 2016-LC25, Class C
4.327%, 12/15/2059

         330          310,370  

Series 2016-NXS6, Class C
4.341%, 11/15/2049

         525          500,270  
          

 

 

  
                2,660,340  
          

 

 

  

Agency CMBS – 0.0%

           

Federal Home Loan Mortgage Corp. Mscr Trust Mn1
Series 2021-MN1, Class M1
6.35% (CME Term SOFR + 2.00%), 01/25/2051(b) (d)

         55          54,424  
          

 

 

  

Total Commercial Mortgage-Backed Securities
(cost $5,613,037)

              5,523,624  
          

 

 

  

EMERGING MARKETS - CORPORATE BONDS – 0.5%

           

Industrial – 0.3%

           

Basic – 0.1%

           

Braskem Netherlands Finance BV
4.50%, 01/10/2028(b)

         343          262,395  

Volcan Cia Minera SAA
8.75%, 01/24/2030(b)

         126          126,000  
          

 

 

  
             388,395  
          

 

 

  

Communications - Media – 0.0%

           

Globo Comunicacao e Participacoes SA
4.875%, 01/22/2030(b)

         232          218,892  
          

 

 

  

Consumer Cyclical - Other – 0.1%

           

Wynn Macau Ltd.
5.625%, 08/26/2028(b)

         483          477,735  
          

 

 

  

Energy – 0.1%

           

Ecopetrol SA
8.625%, 01/19/2029

         1,134          1,217,292  

 

14

      Principal
Amount
(000)		        U.S. $ Value  

Oleoducto Central SA
4.00%, 07/14/2027(b)

    U.S.$                229        $ 222,806  
          

 

 

  
                1,440,098  
          

 

 

  
             2,525,120  
          

 

 

  

Financial Institutions – 0.1%

           

Financial Services – 0.1%

           

Eagle Funding Luxco SARL
5.50%, 08/17/2030(b)

         719          723,817  
          

 

 

  

Utility – 0.1%

           

Electric – 0.0%

           

Terraform Global Operating LP
6.125%, 03/01/2026(b)

         34          33,692  
          

 

 

  

Other Utility – 0.1%

           

Aegea Finance SARL
6.75%, 05/20/2029(b)

         374          375,403  
          

 

 

  
             409,095  
          

 

 

  

Total Emerging Markets - Corporate Bonds
(cost $3,578,175)

              3,658,032  
          

 

 

  

GOVERNMENTS - SOVEREIGN BONDS – 0.4%

           

Chile – 0.1%

           

Chile Electricity Lux MPC II SARL
5.58%, 10/20/2035(b)

         683          690,109  

5.672%, 10/20/2035(b)

         287          291,377  
          

 

 

  
             981,486  
          

 

 

  

Colombia – 0.0%

           

Colombia Government International Bond
3.125%, 04/15/2031

         248          208,320  
          

 

 

  

Romania – 0.3%

           

Romanian Government International Bond
5.75%, 09/16/2030(b)

         1,700          1,707,650  
          

 

 

  

Total Governments - Sovereign Bonds
(cost $2,916,117)

              2,897,456  
          

 

 

  

LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.4%

           

United States – 0.4%

           

University of California

(University of California)
Series 2021-B
3.071%, 05/15/2051

         1,465          944,863  

Wisconsin Public Finance Authority

(SR 400 Peach Partners LLC)
Series 2025
5.75%, 06/30/2060(h)

         875          842,693  

5.75%, 12/31/2065(h)

         800          762,690  
          

 

 

  

Total Local Governments - US Municipal Bonds
(cost $3,039,847)

              2,550,246  
          

 

 

  

 

15

      Principal
Amount
(000)		        U.S. $ Value  

COLLATERALIZED LOAN OBLIGATIONS – 0.3%

           

CLO - Floating Rate – 0.3%

           

Ballyrock CLO 27 Ltd.
Series 2024-27A, Class A1A
5.668% (CME Term SOFR 3 Month + 1.35%), 10/25/2037(b) (d)

      U.S.$        580        $ 582,319  

Dryden 98 CLO Ltd.
Series 2022-98A, Class D
7.425% (CME Term SOFR 3 Month + 3.10%), 04/20/2035(b) (d)

         500          498,904  

New Mountain CLO 3 Ltd.
Series CLO-3A, Class A
5.767% (CME Term SOFR 3 Month + 1.44%), 10/20/2034(b) (d)

         500          500,285  

OCP CLO Ltd.
Series 2024-34A, Class A1
5.678% (CME Term SOFR 3 Month + 1.36%), 10/15/2037(b) (d)

         456          456,723  
          

 

 

  

Total Collateralized Loan Obligations
(cost $2,035,709)

              2,038,231  
          

 

 

  

QUASI-SOVEREIGNS – 0.1%

           

Quasi-Sovereign Bonds – 0.1%

           

Mexico – 0.1%

           

Comision Federal de Electricidad
4.688%, 05/15/2029(b)
(cost $1,015,875)

         1,016          982,472  
          

 

 

  
     Shares           

SHORT-TERM INVESTMENTS – 0.8%

           

Investment Companies – 0.8%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(i) (j) (k)
(cost $5,876,980)

         5,876,980          5,876,980  
          

 

 

  

Total Investments – 101.8%
(cost $734,655,801)(l)

              738,320,079  

Other assets less liabilities – (1.8)%

              (12,720,939 ) 
          

 

 

  

Net Assets – 100.0%

            $  725,599,140  
          

 

 

  

 

 

16

FUTURES

 

Description    Number
of
Contracts		      Expiration
Month		      Current
Notional		     

Value and

Unrealized

Appreciation

(Depreciation)

  
Purchased Contracts            
U.S. T-Note 2 Yr (CBT) Futures      1,614        September 2025      $ 334,072,783      $ (611,623 ) 
Sold Contracts            
U.S. 10 Yr Ultra Futures      212        September 2025        23,972,563        (81,092 ) 
U.S. T-Note 5 Yr (CBT) Futures      153        September 2025        16,550,297        (50,104 ) 
U.S. Ultra Bond (CBT) Futures      59        September 2025        6,921,437        (49,825 ) 
           

 

 

  
   $  (792,644 ) 
           

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		      In Exchange
For
(000)		      Settlement
Date		      Unrealized
Appreciation
(Depreciation)
State Street Bank & Trust Co.        EUR        736          USD        865          09/10/2025        $  22,698  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		      Implied
Credit
Spread at
July 31,
2025		    Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Buy Contracts

 

iTraxx Australia Series 43, 5 Year Index, 06/20/2030*

      (1.00 )%      Quarterly      0.68%      USD        21,540      $ (324,971 )    $ (238,246 )    $ (86,725 ) 
Sale Contracts

 

CDX-NAIG Series 44, 5 Year Index, 06/20/2030*

      1.00 %      Quarterly      0.51%      USD        21,540        491,680       400,030       91,650  
                

 

 

    

 

 

    

 

 

  
   $  166,709     $  161,784     $  4,925  
                

 

 

    

 

 

    

 

 

  

 

*

Termination date

CENTRALLY CLEARED INFLATION (CPI) 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      27,630      04/15/2026      2.583%      CPI#      Maturity      $ 148,559        $ —        $ 148,559  
USD      27,280      04/15/2026      2.430%      CPI#      Maturity        230,031          —          230,031  
USD      4,940      04/15/2026      2.530%      CPI#      Maturity        31,775          —          31,775  
USD      61,010      05/13/2027      3.263%      CPI#      Maturity        558,736          —          558,736  
USD      29,760      07/08/2027      2.770%      CPI#      Maturity        757,507          —          757,507  
USD      29,760      07/08/2027      2.778%      CPI#      Maturity        745,920          —          745,920  
USD      78,560      10/15/2027      2.841%      CPI#      Maturity        (11,735 )         —          (11,735 ) 
                         

 

 

       

 

 

       

 

 

  
     $  2,460,793        $        —        $  2,460,793  
                         

 

 

       

 

 

       

 

 

  

 

#

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

 

17

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      2,106      08/04/2025      1.970%    1 Day SOFR      Annual      $ 55,471        $ 464        $ 55,007  
USD      5,400      10/04/2026      1.170%    1 Day SOFR      Annual        321,625          187,051          134,574  
USD      1,080      11/08/2026      1.451%    1 Day SOFR      Annual        56,698          36,358          20,340  
USD      1,080      11/09/2026      1.470%    1 Day SOFR      Annual        55,890          36,409          19,481  
USD      7,030      04/04/2027      2.235%    1 Day SOFR      Annual        227,572          217,363          10,209  
USD      20,920      06/05/2027      0.345%    1 Day SOFR      Annual        1,400,193          1,355,124          45,069  
USD      715      07/12/2027      2.000%    1 Day SOFR      Annual        24,061          27,308          (3,247 ) 
USD      5,395      06/04/2029      1.985%    1 Day SOFR      Annual        328,460          352,751          (24,291 ) 
USD      3,170      09/27/2029      1.300%    1 Day SOFR      Annual        363,573          298,654          64,919  
USD      40,300      05/21/2031      1.394%    1 Day SOFR      Annual        4,954,160          4,704,958          249,202  
USD      1,490      11/10/2035      2.410%    1 Day SOFR      Annual        203,476          147,558          55,918  
USD      595      03/06/2042      3.500%    1 Day SOFR      Annual        42,090          —          42,090  
                       

 

 

       

 

 

       

 

 

  
                        $  8,033,269        $  7,363,998        $  669,271  
                       

 

 

       

 

 

       

 

 

  

REVERSE REPURCHASE AGREEMENTS

 

Broker    Currency   

Principal

Amount

(000)

     

Interest

Rate

     Maturity     

U.S. $
Value at
July 31,

2025

  
HSBC Securities (USA), Inc.†    USD      15,169        4.48 %         —      $  15,263,087  

 

†

The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on July 31, 2025.

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  
  

 

 

  
Inflation-Linked Securities    $  15,263,087      $  0      $  0      $  0      $  15,263,087  

 

(a)

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

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At July 31, 2025, the aggregate market value of these securities amounted to $123,415,306 or 17.0% of net assets.

(c)

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

(d)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at July 31, 2025.

(e)

Inverse interest only security.

 

18

(f)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.25% of net assets as of July 31, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		      Percentage
of
Net Assets

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A1
1.433%, 08/15/2026

    11/18/2021-08/03/2023    $ 371,102      $ 384,105      0.05%

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class A2
2.435%, 08/15/2026

    02/25/2021-09/06/2022       1,431,091         1,403,630      0.19%

GSF 2021 1 Issuer LLC 08/26 1
Series 2021-1, Class AS
2.638%, 08/15/2026

    02/25/2021-04/01/2021      40,234        39,117      0.01%

HFX Funding
Series 2017-1A, Class A3
3.647%, 03/15/2035

    11/19/2020      9,685        9,157      0.00%

 

(g)

IO - Interest Only.

(h)

When-Issued or delayed delivery security.

(i)

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

(j)

Affiliated investments.

(k)

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

(l)

As of July 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,809,693 and gross unrealized depreciation of investments was $ (3,780,372), resulting in net unrealized appreciation of $6,029,321.

Currency Abbreviations:

EUR – Euro

USD – United States Dollar

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

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

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

TIPS – Treasury Inflation Protected Security

 

19

AB Bond Inflation Strategy

July 31, 2025 (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.

 

20

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of July 31, 2025:

 

Investments in Securities:

    Level 1     Level 2     Level 3      Total  
Assets:          
Inflation-Linked Securities    $ —     $ 560,531,955     $ —      $ 560,531,955  
Corporates - Investment Grade      —       72,900,723       —        72,900,723  
Asset-Backed Securities      —       47,460,114       —        47,460,114  
Collateralized Mortgage Obligations      —       27,676,394       —        27,676,394  
Corporates - Non-Investment Grade      —       6,223,852       —        6,223,852  
Commercial Mortgage-Backed Securities      —       5,523,624       —        5,523,624  
Emerging Markets - Corporate Bonds      —       3,658,032       —        3,658,032  
Governments - Sovereign Bonds      —       2,897,456       —        2,897,456  
Local Governments - US Municipal Bonds      —       2,550,246       —        2,550,246  
Collateralized Loan Obligations      —       2,038,231       —        2,038,231  
Quasi-Sovereigns      —       982,472       —        982,472  
Short-Term Investments      5,876,980       —       —        5,876,980  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      5,876,980       732,443,099       —        738,320,079  
Other Financial Instruments(a):          
Assets:          
Forward Currency Exchange Contracts      —       22,698       —        22,698  
Centrally Cleared Credit Default Swaps      —       491,680       —        491,680  
Centrally Cleared Inflation (CPI) Swaps      —       2,472,528       —        2,472,528  
Centrally Cleared Interest Rate Swaps      —       8,033,269       —        8,033,269  
Liabilities:          
Futures      (792,644 )      —       —        (792,644 ) 
Centrally Cleared Credit Default Swaps      —       (324,971 )      —        (324,971 ) 
Centrally Cleared Inflation (CPI) Swaps      —       (11,735 )      —        (11,735 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $  5,084,336     $  743,126,568     $  —      $  748,210,904  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

(a) 

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended July 31, 2025 is as follows:

 

Fund   

Market Value

10/31/2024

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

07/31/2025

(000)

     

Dividend

Income

(000)

  
AB Government Money Market Portfolio    $  16,305      $  203,759      $  214,187      $  5,877      $  426  

 

21