AB Emerging Markets Multi-Asset Portfolio

Portfolio of Investments

June 30, 2020 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 46.6%
Information Technology – 9.5%
Electronic Equipment, Instruments & Components – 2.0%
Hon Hai Precision Industry Co., Ltd.		406,000	$	1,192,079
Shennan Circuits Co., Ltd. - Class A		24,920		594,488
Simplo Technology Co., Ltd.		3,000		32,729
Synnex Technology International Corp.		46,000		65,171
Tripod Technology Corp.		112,000		501,092
Yageo Corp.		11,000		143,306
Zhen Ding Technology Holding Ltd.		92,000		403,741
				2,932,606
IT Services – 0.9%
GDS Holdings Ltd. (ADR)(a)(b)		15,000		1,194,900
HCL Technologies Ltd.		7,212		53,238
Infosys Ltd. (Sponsored ADR)		14,061		135,829
				1,383,967
Semiconductors & Semiconductor Equipment – 2.6%
Globalwafers Co., Ltd.		6,000		82,639
MediaTek, Inc.		37,000		731,513
Novatek Microelectronics Corp.		66,000		512,934
Phison Electronics Corp.(b)		7,000		70,442
Powertech Technology, Inc.		21,000		76,656
Silergy Corp.		1,000		65,508
Taiwan Semiconductor Manufacturing Co., Ltd.		219,000		2,338,815
United Microelectronics Corp.		121,000		65,418
				3,943,925
Technology Hardware, Storage & Peripherals – 4.0%
Asustek Computer, Inc.		49,000		360,022
Inventec Corp.		83,000		70,858
Pegatron Corp.		33,000		71,977
Quanta Computer, Inc.		33,000		79,842
Samsung Electronics Co., Ltd.		72,081		3,190,855
Samsung Electronics Co., Ltd. (Preference Shares)		43,713		1,702,810
Wistron Corp.		395,000		482,208
				5,958,572
				14,219,070
Financials – 9.5%
Banks – 6.6%
Absa Group Ltd.		14,965		73,880
Abu Dhabi Islamic Bank PJSC		44,891		45,371
Agricultural Bank of China Ltd. - Class H		1,261,000		510,383
Banco Macro SA (ADR)		3,760		69,748
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		64,126		47,123
Bangkok Bank PCL		11,800		40,851
Bank of Beijing Co., Ltd. - Class A		89,500		62,147
Bank of China Ltd. - Class H		817,000		302,644
China CITIC Bank Corp., Ltd. - Class H		3,627,000		1,589,381
China Construction Bank Corp. - Class H		739,000		601,090
China Everbright Bank Co., Ltd. - Class H		164,000		61,926
China Minsheng Banking Corp., Ltd. - Class A (Nth SSE-SEHK)		54,800		44,037

1

Company	Shares		U.S. $ Value
China Minsheng Banking Corp., Ltd. - Class H		1,807,400	$	1,244,143
Commercial Bank of Ceylon PLC		151,935		64,381
Commercial Bank PSQC (The)		11,820		12,341
Dubai Islamic Bank PJSC		52,021		54,289
Halyk Savings Bank of Kazakhstan JSC (GDR)(b)(c)		24,630		305,412
Hana Financial Group, Inc.		59,747		1,358,787
Industrial Bank Co., Ltd. - Class A(b)		41,860		93,755
Industrial Bank of Korea		36,490		247,957
KB Financial Group, Inc.		21,600		611,487
Malayan Banking Bhd		35,200		61,850
MCB Bank Ltd.		33,554		32,386
Moneta Money Bank AS(c)		67,900		153,784
Nedbank Group Ltd.		9,177		53,808
Postal Savings Bank of China Co., Ltd.(c)		108,000		62,232
Qatar Islamic Bank SAQ		2,274		9,858
Sberbank of Russia PJSC (Sponsored ADR)(a)		74,975		850,217
Shinhan Financial Group Co., Ltd.		6,594		159,352
TCS Group Holding PLC (GDR)(c)		26,810		544,243
Turkiye Is Bankasi AS - Class C(b)		461,500		376,933
Woori Financial Group, Inc.		14,120		104,079
				9,849,875
Capital Markets – 0.7%
China Cinda Asset Management Co., Ltd. - Class H		364,000		71,802
China Everbright Ltd.		562,000		818,762
GF Securities Co., Ltd. - Class H		58,000		62,467
Meritz Securities Co., Ltd.		24,383		62,009
Samsung Securities Co., Ltd.		3,086		68,223
				1,083,263
Consumer Finance – 0.1%
Muthoot Finance Ltd.		12,905		186,498
Diversified Financial Services – 1.2%
Far East Horizon Ltd.		77,000		65,733
Fubon Financial Holding Co., Ltd.		363,000		541,965
Haci Omer Sabanci Holding AS		434,619		585,224
REC Ltd.		354,332		508,502
				1,701,424
Insurance – 0.9%
AIA Group Ltd.		21,000		196,510
BB Seguridade Participacoes SA		27,800		139,406
Bupa Arabia for Cooperative Insurance Co.		1,642		47,824
Old Mutual Ltd.		29,350		20,457
PICC Property & Casualty Co., Ltd. - Class H		172,000		142,943
Ping An Insurance Group Co. of China Ltd. - Class H		44,000		438,636
Ruentex Industries Ltd.		156,200		375,649
				1,361,425
				14,182,485

2

Company	Shares		U.S. $ Value
Consumer Discretionary – 5.6%
Automobiles – 0.2%
BAIC Motor Corp., Ltd.(c)		116,500	$	50,984
Bajaj Auto Ltd.		1,971		73,940
Hyundai Motor Co.		814		66,865
Kia Motors Corp.		2,880		77,825
				269,614
Diversified Consumer Services – 1.3%
Cogna Educacao		700		851
Fu Shou Yuan International Group Ltd.		319,000		293,265
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(b)		9,883		1,287,063
TAL Education Group (ADR)(b)		5,050		345,319
				1,926,498
Hotels, Restaurants & Leisure – 0.3%
OPAP SA		51,400		489,837
Internet & Direct Marketing Retail – 3.6%
Alibaba Group Holding Ltd.(b)		107,920		2,912,092
Alibaba Group Holding Ltd. (Sponsored ADR)(b)		4,002		863,231
JD.com, Inc. (ADR)(b)		23,753		1,429,455
Naspers Ltd. - Class N		273		50,172
Pinduoduo, Inc. (ADR)(b)		1,043		89,531
Vipshop Holdings Ltd. (ADR)(b)		3,905		77,749
				5,422,230
Multiline Retail – 0.1%
Lojas Americanas SA		15,200		76,222
Lojas Americanas SA (Preference Shares)		5,000		29,588
				105,810
Specialty Retail – 0.0%
Abu Dhabi National Oil Co. for Distribution PJSC		85,629		69,237
Textiles, Apparel & Luxury Goods – 0.1%
Li Ning Co., Ltd.		28,000		89,668
				8,372,894
Materials – 5.5%
Chemicals – 1.1%
Advanced Petrochemical Co.		5,158		73,544
Asian Paints Ltd.		3,009		67,255
Kumho Petrochemical Co., Ltd.		10,530		658,538
Mitsubishi Gas Chemical Co., Inc.		10,300		156,657
PhosAgro PJSC (GDR)(c)		4,348		53,654
Saudi Arabian Fertilizer Co.		3,238		64,486
Tosoh Corp.		46,300		636,019
				1,710,153
Construction Materials – 2.5%
Anhui Conch Cement Co., Ltd. - Class A		151,919		1,143,276
Anhui Conch Cement Co., Ltd. - Class H		57,646		390,617
Asia Cement Corp.		386,000		572,475

3

Company	Shares		U.S. $ Value
China National Building Material Co., Ltd. - Class H		60,000	$	64,356
China Resources Cement Holdings Ltd.		852,000		1,050,792
Huaxin Cement Co., Ltd. - Class A (Nth SSE-SEHK)(b)		54,980		185,689
Taiwan Cement Corp.		168,198		244,734
Tangshan Jidong Cement Co., Ltd. - Class A		23,000		52,442
				3,704,381
Metals & Mining – 1.9%
Eregli Demir ve Celik Fabrikalari TAS		56,256		70,428
Fortescue Metals Group Ltd.		27,840		270,651
Glencore PLC(b)		192,980		411,087
Hindustan Zinc Ltd.		18,633		48,668
Iskenderun Demir ve Celik AS		66,743		72,695
Jiangxi Copper Co., Ltd. - Class H		288,000		293,441
Kumba Iron Ore Ltd.		11,595		310,060
Polyus PJSC (GDR)(c)		1,675		140,949
POSCO		3,700		538,929
Vedanta Ltd.		433,969		619,397
				2,776,305
Paper & Forest Products – 0.0%
Nine Dragons Paper Holdings Ltd.		37,000		33,829
				8,224,668
Communication Services – 4.6%
Diversified Telecommunication Services – 0.5%
China Telecom Corp., Ltd. - Class H		688,000		193,257
Hellenic Telecommunications Organization SA		1,465		19,789
KT Corp.		3,381		66,607
KT Corp. (Sponsored ADR)		38,381		373,831
LG Uplus Corp.		6,316		64,545
				718,029
Entertainment – 0.9%
Bilibili, Inc. (Sponsored ADR)(b)		2,073		96,022
NCSoft Corp.		1,246		926,933
NetEase, Inc. (ADR)		740		317,741
				1,340,696
Interactive Media & Services – 2.8%
Momo, Inc. (Sponsored ADR)		12,850		224,618
Tencent Holdings Ltd.		55,000		3,524,285
Yandex NV - Class A(b)		9,810		490,696
				4,239,599
Wireless Telecommunication Services – 0.4%
Advanced Info Service PCL		10,000		59,856
America Movil SAB de CV		82,671		53,125
China Mobile Ltd.		23,500		158,674
DiGi.Com Bhd		9,600		9,686
Globe Telecom, Inc.		1,620		67,333
MTN Group Ltd.		7,203		22,060
PLDT, Inc.		2,795		69,593
SK Telecom Co., Ltd.		150		26,418

4

Company	Shares		U.S. $ Value
Vodacom Group Ltd.		9,572	$	67,919
				534,664
				6,832,988
Industrials – 2.9%
Aerospace & Defense – 0.1%
Korea Aerospace Industries Ltd.		3,307		65,965
Air Freight & Logistics – 0.0%
ZTO Express Cayman, Inc. (ADR)		201		7,379
Building Products – 0.0%
China Lesso Group Holdings Ltd.		49,000		64,316
Commercial Services & Supplies – 0.7%
A-Living Services Co., Ltd. - Class H(c)		134,000		681,011
Sunny Friend Environmental Technology Co., Ltd.		43,000		376,519
				1,057,530
Construction & Engineering – 0.4%
China Communications Services Corp., Ltd. - Class H		338,000		211,820
Daelim Industrial Co., Ltd.		5,111		351,577
				563,397
Electrical Equipment – 0.1%
ElSewedy Electric Co.		145,646		60,091
WEG SA		8,600		80,036
				140,127
Machinery – 1.4%
China Conch Venture Holdings Ltd.		15,500		65,788
China Yuchai International Ltd.		23,050		331,459
Sinotruk Hong Kong Ltd.		332,000		866,437
Weichai Power Co., Ltd. - Class H		37,000		69,713
Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class A		516,814		472,262
Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H(b)		363,000		281,051
				2,086,710
Road & Rail – 0.1%
Daqin Railway Co., Ltd. - Class A(b)		204,500		203,966
Transportation Infrastructure – 0.1%
Zhejiang Expressway Co., Ltd. - Class H		134,000		95,163
				4,284,553
Consumer Staples – 2.9%
Beverages – 0.9%
Tsingtao Brewery Co., Ltd. - Class A (Nth SSE-SEHK)		44,400		482,106
Wuliangye Yibin Co., Ltd. - Class A		37,158		903,266
				1,385,372
Food & Staples Retailing – 0.5%
CP ALL PCL		3,100		6,795

5

Company	Shares		U.S. $ Value
Dino Polska SA(b) (c)		12,590	$	641,312
Magnit PJSC (Sponsored GDR)(c)		6,246		81,136
Sun Art Retail Group Ltd.		41,000		70,340
				799,583
Food Products – 0.3%
Henan Shuanghui Investment & Development Co., Ltd. - Class A		11,300		73,942
Nestle India Ltd.		297		67,339
Standard Foods Corp.		23,000		49,233
Want Want China Holdings Ltd.		89,000		67,605
WH Group Ltd.(c)		129,000		111,481
				369,600
Household Products – 0.6%
C&S Paper Co., Ltd.		227,623		719,622
Hindustan Unilever Ltd.		2,456		70,907
Kimberly-Clark de Mexico SAB de CV - Class A		45,113		70,326
Unilever Indonesia TBK PT		14,000		7,769
				868,624
Personal Products – 0.4%
Colgate-Palmolive India Ltd.		3,750		69,736
Unilever PLC		10,480		565,303
				635,039
Tobacco – 0.2%
Eastern Co. SAE		81,968		64,184
KT&G Corp.		650		42,449
Philip Morris International, Inc.		1,673		117,210
				223,843
				4,282,061
Energy – 2.3%
Oil, Gas & Consumable Fuels – 2.3%
Adaro Energy Tbk PT		721,500		50,760
Coal India Ltd.		6,135		10,862
Exxaro Resources Ltd.		9,670		72,989
LUKOIL PJSC (Sponsored ADR)		24,231		1,798,425
Oil & Gas Development Co., Ltd.		95,389		64,330
Oil & Natural Gas Corp., Ltd.		61,707		67,127
Petroleo Brasileiro SA (Preference Shares)		130,800		518,332
Petronet LNG Ltd.		42,236		145,691
Saudi Arabian Oil Co.(c)		7,824		67,918
Surgutneftegas PJSC (Sponsored ADR)		87,100		469,574
Tatneft PJSC (Sponsored ADR)(a)		2,380		111,194
Yanzhou Coal Mining Co., Ltd. - Class H		88,000		66,275
				3,443,477
Health Care – 1.5%
Biotechnology – 0.2%
Biocon Ltd.		14,491		74,683
Chongqing Zhifei Biological Products Co., Ltd. - Class A(b)		5,800		82,032

6

Company	Shares		U.S. $ Value
Shenzhen Kangtai Biological Products Co., Ltd. - Class A		3,518	$	80,711
Zai Lab Ltd. (ADR)(b)		926		76,053
				313,479
Health Care Equipment & Supplies – 0.7%
Hartalega Holdings Bhd		22,500		68,632
Jafron Biomedical Co., Ltd. - Class A		7,600		74,979
Shandong Weigao Group Medical Polymer Co., Ltd. - Class H		32,000		71,451
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.		1,790		77,396
Top Glove Corp. Bhd		199,300		752,143
				1,044,601
Life Sciences Tools & Services – 0.1%
Divi’s Laboratories Ltd.		2,316		69,893
Samsung Biologics Co., Ltd.(b) (c)		133		86,285
				156,178
Pharmaceuticals – 0.5%
China Medical System Holdings Ltd.		333,000		393,809
Livzon Pharmaceutical Group, Inc. - Class A (Nth SZ-SEHK)		11,100		75,585
Richter Gedeon Nyrt		12,384		256,963
Shandong Buchang Pharmaceuticals Co., Ltd. - Class A		20,795		84,999
				811,356
				2,325,614
Real Estate – 1.2%
Equity Real Estate Investment Trusts (REITs) – 0.3%
Fibra Uno Administracion SA de CV		507,380		401,321
Fortress REIT Ltd. - Class A		34,603		24,810
Resilient REIT Ltd.		813		2,030
				428,161
Real Estate Management & Development – 0.9%
Agile Group Holdings Ltd.		66,000		78,233
Aldar Properties PJSC		1,090,187		533,676
China Aoyuan Group Ltd.		50,000		61,111
Country Garden Services Holdings Co., Ltd.		15,000		70,025
Guangzhou R&F Properties Co., Ltd. - Class H		52,800		62,136
Jinke Properties Group Co., Ltd. - Class A		13,000		15,056
KWG Group Holdings Ltd.(b)		42,500		72,210
Logan Group Co. Ltd.		36,000		64,318
Powerlong Real Estate Holdings Ltd.		313,000		176,466
Shui On Land Ltd.		348,000		58,676
Times China Holdings Ltd.		73,000		136,121
Yuzhou Properties Co., Ltd.		148,000		64,481
				1,392,509
				1,820,670

7

Company	Shares		U.S. $ Value
Utilities – 1.1%
Electric Utilities – 0.4%
Centrais Eletricas Brasileiras SA		12,900	$	73,537
CPFL Energia SA(b)		11,300		63,709
EDP - Energias de Portugal SA		13,813		65,933
Equatorial Energia SA		70,700		301,880
Manila Electric Co.		1,850		9,985
				515,044
Gas Utilities – 0.6%
GAIL India Ltd.		581,535		787,834
Indraprastha Gas Ltd.		10,729		63,220
Petronas Gas Bhd		9,300		36,811
				887,865
Independent Power and Renewable Electricity Producers – 0.1%
Engie Brasil Energia SA		17,000		131,577
Gulf Energy Development PCL		61,600		75,238
				206,815
				1,609,724
Total Common Stocks (cost $63,504,860)				69,598,204
	Principal Amount (000)
FIXED INCOME – 38.5%
Sovereign Bonds – 22.2%
Abu Dhabi Government International Bond 3.125%, 09/30/2049(c)	U.S.$	500		520,625
3.875%, 04/16/2050(c)		341		401,954
Angolan Government International Bond 8.25%, 05/09/2028(c)		200		165,500
9.125%, 11/26/2049(c)		553		452,078
9.375%, 05/08/2048(c)		263		215,003
Argentine Republic Government International Bond 3.875%, 01/15/2022(b)(c)(d)	EUR	110		48,507
5.625%, 01/26/2022(b)(d)	U.S.$	178		73,425
6.625%, 07/06/2028(b)(d)		300		118,219
6.875%, 04/22/2021-01/11/2048(b)(d)		3,225		1,288,085
7.125%, 06/28/2117(b)(d)		50		19,234
7.50%, 04/22/2026(b)(d)		840		337,575
7.82%, 12/31/2033(b)(d)	EUR	33		15,924
Series NY 3.75%, 12/31/2038(b)(d)	U.S.$	268		104,855
8.28%, 12/31/2033(b)(d)		219		97,603
Bahrain Government International Bond 5.625%, 09/30/2031(c)		200		201,625
6.00%, 09/19/2044(c)		692		682,701
6.75%, 09/20/2029(c)		244		266,722
7.00%, 10/12/2028(c)		334		372,619

8

	Principal Amount (000)		U.S. $ Value
Bermuda Government International Bond 4.75%, 02/15/2029 (c)	U.S.$	275	$	309,891
Colombia Government International Bond 3.125%, 04/15/2031		315		312,795
5.00%, 06/15/2045		302		339,514
Costa Rica Government International Bond 7.158%, 03/12/2045(c)		355		296,869
Dominican Republic International Bond 5.50%, 01/27/2025(c)		100		101,063
5.875%, 01/30/2060(c)		210		180,403
6.40%, 06/05/2049(c)		364		333,174
6.50%, 02/15/2048(c)		298		274,253
6.85%, 01/27/2045(c)		155		148,461
Ecuador Government International Bond 7.775%, 01/23/2028(b)(d)(e)		1,244		510,040
7.875%, 03/27/2025(b)(d)(e)		200		86,900
8.875%, 10/23/2027(b)(d)(e)		401		166,415
9.65%, 12/13/2026(b)(d)(e)		366		155,550
10.65%, 01/31/2029(b)(d)(e)		434		180,110
Egypt Government International Bond 5.875%, 06/11/2025(c)		313		315,739
7.903%, 02/21/2048(c)		300		277,406
8.15%, 11/20/2059(c)		280		259,962
8.50%, 01/31/2047(c)		305		298,137
8.875%, 05/29/2050(c)		211		208,363
El Salvador Government International Bond 5.875%, 01/30/2025(c)		19		16,613
7.125%, 01/20/2050(c)		571		465,365
7.65%, 06/15/2035(c)		108		92,745
7.75%, 01/24/2023(c)		63		58,728
8.625%, 02/28/2029(c)		200		188,875
Gabon Government International Bond 6.625%, 02/06/2031(c)		600		536,250
Ghana Government International Bond 7.875%, 02/11/2035(c)		405		367,537
8.125%, 03/26/2032(c)		200		188,313
8.95%, 03/26/2051(c)		200		183,125
Guatemala Government Bond 4.375%, 06/05/2027(c)		200		207,250
4.50%, 05/03/2026(c)		200		207,875
5.375%, 04/24/2032(c)		264		291,142
6.125%, 06/01/2050(c)		532		615,125
Honduras Government International Bond 5.625%, 06/24/2030(c)		173		175,811
6.25%, 01/19/2027(c)		180		192,375
7.50%, 03/15/2024(c)		290		313,200

9

	Principal Amount (000)		U.S. $ Value
Indonesia Government International Bond 2.85%, 02/14/2030	U.S.$	200	$	203,750
3.375%, 04/15/2023(c)		450		468,703
4.125%, 01/15/2025(c)		380		412,303
Israel Government International Bond 3.875%, 07/03/2050		375		445,319
Ivory Coast Government International Bond 5.875%, 10/17/2031(c)	EUR	425		448,391
Jamaica Government International Bond 6.75%, 04/28/2028	U.S.$	200		225,250
7.875%, 07/28/2045		260		317,525
8.00%, 03/15/2039		108		133,211
Kazakhstan Government International Bond 5.125%, 07/21/2025(c)		200		231,450
Kenya Government International Bond 8.00%, 05/22/2032(c)		346		340,702
Lebanon Government International Bond 6.00%, 01/27/2023(b)(c)(d)		36		6,210
6.65%, 04/22/2024(b)(c)(d)		57		9,779
6.85%, 03/23/2027(b)(c)(d)		481		82,071
Series E 6.10%, 10/04/2022(b)(c)(d)		216		37,800
Series G 1.00%, 11/27/2026(b)(c)(d)		170		29,484
6.20%, 02/26/2025(b)(c)(d)		206		34,505
Mexico Government International Bond 4.75%, 03/08/2044		140		147,306
5.00%, 04/27/2051		249		268,546
Mongolia Government International Bond 5.625%, 05/01/2023(c)		200		198,688
Nigeria Government International Bond 7.625%, 11/28/2047(c)		433		386,317
7.696%, 02/23/2038(c)		240		218,775
Oman Government International Bond 6.75%, 01/17/2048(c)		230		198,159
Panama Government International Bond 3.16%, 01/23/2030		447		481,363
4.00%, 09/22/2024		200		217,875
4.50%, 04/16/2050-04/01/2056		837		1,025,377
Panama Notas del Tesoro 3.75%, 04/17/2026(c)		113		117,238
Paraguay Government International Bond 4.95%, 04/28/2031(c)		208		230,880
5.40%, 03/30/2050(c)		200		226,813
Perusahaan Penerbit SBSN Indonesia III 4.15%, 03/29/2027(c)		200		217,938
Peruvian Government International Bond 2.783%, 01/23/2031		566		603,780
Philippine Government International Bond 3.70%, 02/02/2042		266		304,736

10

	Principal Amount (000)		U.S. $ Value
Qatar Government International Bond 4.40%, 04/16/2050(c)	U.S.$	1,106	$	1,370,057
4.50%, 04/23/2028(c)		300		353,625
5.103%, 04/23/2048(c)		484		658,089
Republic of South Africa Government International Bond 5.00%, 10/12/2046		358		293,896
5.75%, 09/30/2049		760		656,925
Russian Foreign Bond - Eurobond 5.25%, 06/23/2047(c)		1,000		1,321,000
5.625%, 04/04/2042(c)		200		271,187
5.875%, 09/16/2043(c)		200		281,375
Saudi Government International Bond 3.25%, 10/22/2030(c)		260		279,045
4.625%, 10/04/2047(c)		310		361,150
5.25%, 01/16/2050(c)		401		515,536
Senegal Government International Bond 4.75%, 03/13/2028(c)	EUR	400		434,794
6.75%, 03/13/2048(c)	U.S.$	200		193,625
Sri Lanka Government International Bond 6.20%, 05/11/2027(c)		200		128,500
6.85%, 11/03/2025(c)		260		172,250
7.85%, 03/14/2029(c)		240		156,000
Trinidad & Tobago Government International Bond 4.50%, 06/26/2030(c)		200		197,000
Turkey Government International Bond 4.875%, 04/16/2043		423		325,193
Ukraine Government International Bond 6.75%, 06/20/2026(c)	EUR	173		197,706
7.375%, 09/25/2032(c)	U.S.$	470		472,056
7.75%, 09/01/2023-09/01/2026(c)		1,167		1,219,562
Series GDP Zero Coupon, 05/31/2040(c)		308		282,879
Uruguay Government International Bond 4.375%, 01/23/2031		269		313,708
4.975%, 04/20/2055		17		22,289
5.10%, 06/18/2050		49		63,147
Venezuela Government International Bond 11.95%, 08/05/2031(b)(c)(d)		265		15,870
12.75%, 08/23/2022(b)(c)(d)		564		33,846
Zambia Government International Bond 8.50%, 04/14/2024(c)		200		106,000
Total Sovereign Bonds (cost $33,737,326)				33,204,182
Quasi-Sovereign Bonds – 7.9%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048(c)		199		217,609
Corp. Nacional del Cobre de Chile 3.70%, 01/30/2050(c)		1,357		1,378,203
3.75%, 01/15/2031(c)		200		217,500
4.375%, 02/05/2049(c)		280		315,700

11

	Principal Amount (000)		U.S. $ Value
Empresa de Transmision Electrica SA 5.125%, 05/02/2049(c)	U.S.$	200	$	230,937
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(c)		200		215,150
5.00%, 01/25/2047(c)		200		232,250
Eskom Holdings SOC Ltd. 5.75%, 01/26/2021(c)		340		323,850
7.125%, 02/11/2025(c)		200		185,063
Indonesia Asahan Aluminium Persero PT 5.45%, 05/15/2030(c)		200		222,776
5.80%, 05/15/2050(c)		200		224,376
KazMunayGas National Co. JSC 5.75%, 04/19/2047(c)		200		233,000
MDGH - GMTN BV 2.875%, 11/07/2029(c)		612		641,452
NAK Naftogaz Ukraine via Kondor Finance PLC 7.625%, 11/08/2026(c)		200		194,375
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027(c)		200		214,188
7.625%, 11/07/2024(c)		200		216,625
Pertamina Persero PT 4.15%, 02/25/2060(c)		200		195,760
5.625%, 05/20/2043(c)		200		231,062
Perusahaan Listrik Negara PT 5.45%, 05/21/2028(c)		220		254,031
6.15%, 05/21/2048(c)		200		249,125
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(c)		1,399		1,418,236
3.875%, 07/17/2029(c)		200		210,063
4.875%, 07/17/2049(c)		200		217,982
Petroleos de Venezuela SA 5.375%, 04/12/2027(b)(c)(d)		226		5,981
6.00%, 11/15/2026(b)(c)(d)		220		6,380
9.00%, 11/17/2021(b)(c)(d)		128		3,596
Petroleos Mexicanos 5.95%, 01/28/2031(c)		596		489,674
6.50%, 03/13/2027		154		139,555
6.75%, 09/21/2047		408		313,242
6.84%, 01/23/2030(c)		143		125,282
6.875%, 08/04/2026		60		56,685
6.95%, 01/28/2060(c)		965		740,878
7.69%, 01/23/2050(c)		175		145,994
Petronas Capital Ltd. 4.55%, 04/21/2050(c)		395		498,742
4.80%, 04/21/2060(c)		395		540,269
State Oil Co. of the Azerbaijan Republic 6.95%, 03/18/2030(c)		321		377,777

12

	Principal Amount (000)		U.S. $ Value
State Savings Bank of Ukraine Via SSB #1 PLC 9.625%, 03/20/2025(c)	U.S.$	120	$	123,000
Trinidad Generation UnLtd. 5.25%, 11/04/2027(c)		200		187,125
Total Quasi-Sovereign Bonds (cost $11,271,432)				11,793,493
Corporate Bonds – 7.8%
Abu Dhabi National Energy Co. PJSC 4.00%, 10/03/2049(c)		200		221,000
AES Gener SA 6.35%, 10/07/2079(c)		200		200,000
Banco de Credito del Peru 3.125%, 07/01/2030(c)		75		73,800
Bangkok Bank PCL/Hong Kong 3.733%, 09/25/2034(c)		200		192,000
Braskem Netherlands Finance BV 4.50%, 01/10/2028(c)		200		185,659
5.875%, 01/31/2050(c)		200		172,688
BRF SA 4.875%, 01/24/2030(c)		208		197,015
Celulosa Arauco y Constitucion SA 4.20%, 01/29/2030(c)		200		203,937
Cemex SAB de CV 7.375%, 06/05/2027(c)		200		201,721
Cemig Geracao e Transmissao SA 9.25%, 12/05/2024(c)		200		218,462
Centrais Eletricas Brasileiras SA 3.625%, 02/04/2025(c)		207		202,342
4.625%, 02/04/2030(c)		203		192,973
Colbun SA 3.95%, 10/11/2027(c)		263		283,218
Credicorp Ltd. 2.75%, 06/17/2025(c)		209		207,986
CSN Resources SA 7.625%, 02/13/2023-04/17/2026(c)		400		360,000
Digicel Group 0.5 Ltd. 5.10%, 04/01/2024		50		34,425
7.00%, 07/15/2020(e)(f)(g)(h)		15		1,083
8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(c)(h)		93		23,093
DP World PLC 4.70%, 09/30/2049(c)		200		196,313
Ecopetrol SA 5.875%, 05/28/2045		207		217,609
Embraer Netherlands Finance BV 5.40%, 02/01/2027		155		137,175
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(c)		192		196,050
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(c)		200		199,813
8.375%, 11/08/2027	COP	418,000		115,091

13

	Principal Amount (000)		U.S. $ Value
Enel Americas SA 4.00%, 10/25/2026	U.S.$	248	$	263,267
Enel Chile SA 4.875%, 06/12/2028		140		156,756
Enel Generacion Chile SA 4.25%, 04/15/2024		40		42,350
Geopark Ltd. 5.50%, 01/17/2027(c)		200		172,313
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(c)		477		430,492
GNL Quintero SA 4.634%, 07/31/2029(c)		200		214,000
Gran Tierra Energy International Holdings Ltd. 6.25%, 02/15/2025(c)		400		182,726
Grupo Energia Bogota SA ESP 4.875%, 05/15/2030(c)		268		282,740
Industrias Penoles SAB de CV 4.15%, 09/12/2029(c)		200		208,312
Infraestructura Energetica Nova SAB de CV 3.75%, 01/14/2028(c)		334		327,320
Intercorp Financial Services, Inc. 4.125%, 10/19/2027(c)		200		199,813
Intercorp Peru Ltd. 3.875%, 08/15/2029(c)		200		194,750
Inversiones CMPC SA 3.85%, 01/13/2030(c)		200		203,812
4.375%, 04/04/2027(c)		220		232,512
Kimberly-Clark de Mexico SAB de CV 2.431%, 07/01/2031(c)		200		202,500
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023(c)		200		201,688
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)		346		371,085
MV24 Capital BV 6.748%, 06/01/2034(c)		195		184,692
NBM US Holdings, Inc. 6.625%, 08/06/2029(c)		200		203,301
Nexa Resources SA 5.375%, 05/04/2027(c)		200		194,026
OCP SA 5.625%, 04/25/2024(c)		200		215,750
Odebrecht Finance Ltd. 7.125%, 06/26/2042(b)(c)(d)		200		11,000
Orbia Advance Corp SAB de CV 4.00%, 10/04/2027(c)		393		403,807
Peru LNG SRL 5.375%, 03/22/2030(c)		279		219,364
Petkim Petrokimya Holding AS 5.875%, 01/26/2023(c)		200		198,000

14

	Principal Amount (000)		U.S. $ Value
Prosus NV 3.68%, 01/21/2030(c)	U.S.$	318	$	333,502
PTTEP Treasury Center Co., Ltd. 3.903%, 12/06/2059(c)		210		220,106
Rumo Luxembourg SARL 7.375%, 02/09/2024(c)		200		209,650
Southern Copper Corp. 5.25%, 11/08/2042		95		112,721
5.875%, 04/23/2045		88		112,429
Stillwater Mining Co. 7.125%, 06/27/2025(c)		200		210,234
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(e)(f)(h)(i)		104		3,143
TransJamaican Highway Ltd. 5.75%, 10/10/2036(c)		160		154,350
Transportadora de Gas Internacional SA ESP 5.55%, 11/01/2028(c)		200		217,211
Trust Fibra Uno 4.869%, 01/15/2030(c)		200		201,313
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022(b)(d)(e)		202		1,898
Wijaya Karya Persero Tbk PT 7.70%, 01/31/2021(c)	IDR	2,000,000		133,705
Total Corporate Bonds (cost $12,528,892)				11,660,091
Treasury Bonds – 0.4%
Peru Government Bond 5.94%, 02/12/2029(c) (cost $674,032)	PEN	2,030		659,999
Emerging Markets - Treasuries – 0.2%
Argentine Bonos del Tesoro 15.50%, 10/17/2026(b)(d)	ARS	77		273
Ukraine Government Bond 16.75%, 06/02/2021	UAH	7,259		287,134
Total Emerging Markets - Treasuries (cost $317,153)				287,407
Regional Bonds – 0.0%
Provincia de Neuquen Argentina 7.50%, 04/27/2025(c) (cost $68,000)	U.S.$	68		33,362
Total Fixed Income (cost $58,596,835)				57,638,534

15

Company	Shares		U.S. $ Value
EQUITY LINKED NOTES – 0.5%
Information Technology – 0.5%
Electronic Equipment, Instruments & Components – 0.5%
FPT Corp., Macquarie Bank Ltd., expiring 03/31/2021(b)(j) (cost $735,561)		352,463	$	693,352
INVESTMENT COMPANIES – 0.1%
Funds and Investment Trusts – 0.1%
VFMVN30 ETF Fund(b)(k) (cost $97,798)		239,030		137,740
SHORT-TERM INVESTMENTS – 10.5%
Investment Companies – 9.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.13%(k)(l)(m) (cost $14,758,167)		14,758,167		14,758,167
	Principal Amount (000)
Time Deposits – 0.6%
Bank of Montreal, London 0.01%, 07/01/2020	U.S.$	392		391,617
BBH Grand Cayman (0.30)%, 07/01/2020	NOK	2		180
(0.25)%, 07/01/2020	SEK	9		1,000
(0.10)%, 07/01/2020	AUD	3		1,975
Zero Coupon, 07/01/2020	SGD	1		647
0.02%, 07/02/2020	CAD	1		580
3.03%, 07/01/2020	ZAR	153		8,844
Citibank, London (0.68)%, 07/01/2020	EUR	145		163,169
0.01%, 07/01/2020	GBP	25		31,456
Hong Kong & Shanghai Bank, Hong Kong 0.04%, 07/02/2020	HKD	645		83,205
Sumitomo, Tokyo (0.25)%, 07/01/2020	JPY	14,568		134,923
Total Time Deposits (cost $817,596)				817,596
Total Short-Term Investments (cost $15,575,763)				15,575,763
Total Investments Before Security Lending Collateral for Securities Loaned – 96.2% (cost $138,510,817)				143,643,593
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.13%(k)(l)(m) (cost $1,940,109)		1,940,109		1,940,109

16

	U.S. $ Value
Total Investments – 97.6% (cost $140,450,926)(n)	$	145,583,702
Other assets less liabilities – 2.4%		3,795,787
Net Assets – 100.0%	$	149,379,489

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
MSCI Emerging Markets Index Futures		239		September 2020		$	11,779,115		$	(16,431	)
SGX FTSE China A50 Futures		115		July 2020			1,580,782			15,345
Sold Contracts
U.S. Ultra Bond (CBT) Futures		10		September 2020			2,181,562			(95,656	)
									$	(96,742	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		THB	16,637		USD	528		08/27/2020		$	(10,484	)
Bank of America, NA		HUF	289,207		USD	934		07/29/2020			16,916
Bank of America, NA		INR	86,150		USD	1,133		07/23/2020			(5,119	)
Bank of America, NA		USD	577		INR	43,995		07/23/2020			3,582
Bank of America, NA		IDR	5,326,751		USD	375		07/23/2020			8,997
Bank of America, NA		USD	237		IDR	3,522,421		07/23/2020			5,065
Bank of America, NA		USD	224		TWD	6,588		08/20/2020			2,131
Bank of America, NA		PHP	8,147		USD	159		08/19/2020			(4,090	)
Bank of America, NA		RUB	70,379		USD	952		07/14/2020			(35,353	)
Barclays Bank PLC		MYR	37,837		USD	8,972		08/13/2020			161,317
Barclays Bank PLC		MYR	6,405		USD	1,477		08/13/2020			(13,864	)
Barclays Bank PLC		USD	434		MYR	1,900		08/13/2020			8,615
Barclays Bank PLC		USD	6,524		MYR	27,142		08/13/2020			(204,635	)
Barclays Bank PLC		RUB	16,279		USD	235		07/14/2020			6,397
BNP Paribas SA		BRL	9,098		USD	1,661		07/02/2020			(11,579	)
BNP Paribas SA		USD	1,689		BRL	9,098		07/02/2020			(16,137	)
Brown Brothers Harriman & Co.		AUD	314		USD	218		08/13/2020			1,664
Brown Brothers Harriman & Co.		CNH	25,783		USD	3,637		08/13/2020			(1,339	)
Brown Brothers Harriman & Co.		HUF	113,540		USD	362		07/29/2020			2,320
Brown Brothers Harriman & Co.		HUF	66,803		USD	208		07/29/2020			(3,985	)
Brown Brothers Harriman & Co.		USD	272		HUF	88,334		07/29/2020			8,341
Brown Brothers Harriman & Co.		USD	148		HUF	45,251		07/29/2020			(4,209	)
Brown Brothers Harriman & Co.		USD	118		JPY	12,777		08/07/2020			615
Brown Brothers Harriman & Co.		PLN	4,347		USD	1,034		07/29/2020			(64,555	)
Brown Brothers Harriman & Co.		USD	156		PLN	620		07/29/2020			531

17

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Brown Brothers Harriman & Co.		USD	472		ZAR	7,958		07/17/2020		$	(14,232	)
Brown Brothers Harriman & Co.		THB	11,253		USD	352		08/27/2020			(11,674	)
Brown Brothers Harriman & Co.		USD	753		THB	23,997		08/27/2020			23,810
Citibank, NA		BRL	9,802		USD	1,941		07/02/2020			138,035
Citibank, NA		USD	1,790		BRL	9,802		07/02/2020			12,475
Citibank, NA		CLP	528,916		USD	631		07/15/2020			(12,776	)
Citibank, NA		COP	1,354,911		USD	342		07/15/2020			(17,932	)
Citibank, NA		USD	298		COP	1,131,717		07/15/2020			2,980
Citibank, NA		USD	628		COP	2,321,331		07/15/2020			(11,174	)
Citibank, NA		HUF	114,134		USD	359		07/29/2020			(2,668	)
Citibank, NA		USD	410		HUF	130,071		07/29/2020			2,566
Citibank, NA		USD	2,906		INR	227,046		07/23/2020			92,479
Citibank, NA		USD	502		MXN	11,344		08/07/2020			(11,081	)
Citibank, NA		USD	1,124		TWD	33,379		08/20/2020			19,383
Citibank, NA		PEN	447		USD	129		07/15/2020			3,274
Citibank, NA		PLN	3,479		USD	856		07/29/2020			(23,068	)
Citibank, NA		USD	508		SGD	718		08/27/2020			7,567
Citibank, NA		USD	299		ZAR	5,223		07/17/2020			1,360
Citibank, NA		ZAR	16,415		USD	951		07/17/2020			7,008
Citibank, NA		ZAR	13,892		USD	778		07/17/2020			(21,673	)
Citibank, NA		KRW	771,002		USD	634		08/13/2020			(8,673	)
Citibank, NA		USD	294		KRW	361,706		08/13/2020			7,635
Citibank, NA		USD	179		THB	5,536		08/27/2020			(109	)
Credit Suisse International		ZAR	36,660		USD	2,121		07/17/2020			12,352
Deutsche Bank AG		USD	468		INR	35,667		07/23/2020			3,395
Deutsche Bank AG		IDR	5,318,761		USD	350		07/23/2020			(15,351	)
Deutsche Bank AG		USD	2,435		IDR	34,839,780		07/23/2020			(44,466	)
Deutsche Bank AG		TWD	12,773		USD	435		08/20/2020			(2,625	)
Deutsche Bank AG		PEN	4,246		USD	1,240		07/15/2020			41,631
Deutsche Bank AG		KRW	586,375		USD	485		08/13/2020			(4,304	)
Goldman Sachs Bank USA		BRL	2,284		USD	428		07/02/2020			8,077
Goldman Sachs Bank USA		USD	417		BRL	2,284		07/02/2020			2,907
Goldman Sachs Bank USA		USD	725		CNH	5,143		08/13/2020			776
Goldman Sachs Bank USA		USD	1,420		INR	108,957		07/23/2020			18,467
Goldman Sachs Bank USA		USD	146		IDR	2,186,060		07/23/2020			4,152
Goldman Sachs Bank USA		MYR	4,262		USD	1,025		08/13/2020			32,377
Goldman Sachs Bank USA		MYR	8,825		USD	2,008		08/13/2020			(47,283	)
Goldman Sachs Bank USA		USD	6,604		MYR	28,183		08/13/2020			(42,171	)
Goldman Sachs Bank USA		USD	1,880		MYR	8,225		08/13/2020			35,550
Goldman Sachs Bank USA		USD	1,652		MXN	36,970		08/07/2020			(51,728	)
Goldman Sachs Bank USA		TWD	46,621		USD	1,582		08/20/2020			(15,614	)
Goldman Sachs Bank USA		PHP	34,577		USD	677		08/19/2020			(16,471	)
Goldman Sachs Bank USA		KRW	382,473		USD	308		08/13/2020			(10,877	)
Goldman Sachs Bank USA		USD	216		KRW	261,290		08/13/2020			1,453
HSBC Bank USA		USD	314		COP	1,186,097		07/15/2020			1,306
HSBC Bank USA		TWD	18,900		USD	642		08/20/2020			(6,113	)
HSBC Bank USA		USD	128		TWD	3,766		08/20/2020			1,370
HSBC Bank USA		USD	779		RUB	54,387		07/14/2020			(16,340	)
HSBC Bank USA		USD	830		ZAR	15,501		07/17/2020			61,753
HSBC Bank USA		KRW	1,674,863		USD	1,397		08/13/2020			755
JPMorgan Chase Bank, NA		COP	1,528,322		USD	409		07/15/2020			2,318
JPMorgan Chase Bank, NA		CZK	22,463		USD	884		07/29/2020			(62,823	)
JPMorgan Chase Bank, NA		USD	2,192		IDR	35,114,904		07/23/2020			217,627
JPMorgan Chase Bank, NA		USD	982		MXN	22,583		08/07/2020			(4,028	)
JPMorgan Chase Bank, NA		USD	3,529		ZAR	65,296		07/17/2020			227,623
JPMorgan Chase Bank, NA		THB	9,066		USD	289		08/27/2020			(4,152	)
JPMorgan Chase Bank, NA		USD	354		THB	11,253		08/27/2020			10,455
Morgan Stanley Capital Services LLC		BRL	2,988		USD	546		07/02/2020			(3,803	)
Morgan Stanley Capital Services LLC		USD	550		BRL	2,988		07/02/2020			(212	)
Morgan Stanley Capital Services LLC		BRL	2,988		USD	549		08/04/2020			570
Morgan Stanley Capital Services LLC		COP	1,741,824		USD	461		07/15/2020			(2,162	)

18

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC		INR	55,104		USD	726		07/23/2020		$	(2,201	)
Morgan Stanley Capital Services LLC		USD	1,535		INR	116,523		07/23/2020			3,947
Morgan Stanley Capital Services LLC		USD	587		IDR	9,168,242		07/23/2020			41,977
Morgan Stanley Capital Services LLC		USD	1,261		JPY	136,949		08/07/2020			7,485
Morgan Stanley Capital Services LLC		MYR	11,306		USD	2,507		08/13/2020			(125,733	)
Morgan Stanley Capital Services LLC		USD	930		MYR	4,057		08/13/2020			14,663
Morgan Stanley Capital Services LLC		USD	2,978		MYR	12,699		08/13/2020			(20,985	)
Morgan Stanley Capital Services LLC		USD	722		RUB	53,926		07/14/2020			34,406
Morgan Stanley Capital Services LLC		KRW	1,474,841		USD	1,202		08/13/2020			(27,321	)
Morgan Stanley Capital Services LLC		USD	1,888		TRY	13,023		07/28/2020			(660	)
Royal Bank of Scotland PLC		USD	139		COP	555,796		07/15/2020			8,236
Standard Chartered Bank		INR	34,357		USD	455		07/23/2020			1,405
Standard Chartered Bank		USD	152		IDR	2,298,347		07/23/2020			5,785
Standard Chartered Bank		USD	219		IDR	3,171,053		07/23/2020			(1,899	)
Standard Chartered Bank		TWD	8,759		USD	293		08/20/2020			(7,306	)
Standard Chartered Bank		USD	639		PHP	32,218		08/19/2020			7,169
Standard Chartered Bank		USD	475		KRW	578,234		08/13/2020			7,492
UBS AG		CNH	19,698		USD	2,774		08/13/2020			(5,671	)
UBS AG		USD	1,354		INR	104,959		07/23/2020			32,133
UBS AG		IDR	5,841,726		USD	377		07/23/2020			(23,362	)
UBS AG		TWD	20,419		USD	682		08/20/2020			(17,419	)
UBS AG		THB	5,613		USD	176		08/27/2020			(5,513	)
										$	295,673

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value				Upfront Premiums Paid/ (Received)				Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-EM Series 33, 5 Year Index, 06/20/2025*		(1.00	)%		Quarterly		1.99	%		USD	10,906		$	501,483			$	522,514			$	(21,031	)
Sale Contracts
Republic of Turkey 11.875% 01/15/2030, 06/20/2025*		1.00			Quarterly		4.87			USD	1,030			(171,954	)			(203,501	)			31,547
													$	329,529			$	319,013			$	10,516

* Termination date

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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	6,000	10/02/2029	3 Month LIBOR	1.589%	Quarterly/ Semi-Annual	$	545,223	$	—	$	545,223

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at June 30, 2020			Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. International PLC
Ukraine International Bond, 7.75%, 09/01/2023*		1.00	%		Quarterly		5.64	%		USD	56	$	(10,915	)	$	(15,322	)	$	4,407

* 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

MSCI Emerging Markets Growth

3 Month LIBOR Plus 0.33

%

Quarterly

USD

15,218

12/15/2020

$

660,475

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2020, the aggregate market value of these securities amounted to $48,768,659 or 32.6% of net assets.

(d) Defaulted.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.73% of net assets as of June 30, 2020, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Digicel Group 0.5 Ltd. 7.00%, 07/15/2020		01/14/2019	$	11,602	$	1,083		0.00	%
Ecuador Government International Bond 7.775%, 01/23/2028		03/18/2020		816,879		510,040		0.34	%
Ecuador Government International Bond 7.875%, 03/27/2025		03/18/2020		67,000		86,900		0.06	%

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144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Ecuador Government International Bond 8.875%, 10/23/2027		03/18/2020	$	117,698	$	166,415		0.11	%
Ecuador Government International Bond 9.65%, 12/13/2026		03/18/2020		373,959		155,550		0.10	%
Ecuador Government International Bond 10.65%, 01/31/2029		03/18/2020		119,140		180,110		0.12	%
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019		217,648		3,143		0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		07/12/2013		172,628		1,898		0.00	%

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

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

(h) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at June 30, 2020.

(i) Fair valued by the Adviser.

(j) Restricted and illiquid security.

Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
FPT Corp.Macquarie Bank Ltd. 03/31/2021		12/06/2018	$	735,561	$	693,352		0.46	%

(k) 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.

(l) Affiliated investments.

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

(n) As of June 30, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $16,137,545 and gross unrealized depreciation of investments was $(9,585,217), resulting in net unrealized appreciation of $6,552,328.

Currency Abbreviations:

ARS – Argentine Peso

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

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RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TRY – Turkish Lira

TWD – New Taiwan Dollar

UAH – Ukrainian Hryvnia

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CDX-EM – Emerging Market Credit Default Swap Index

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rates

MSCI – Morgan Stanley Capital International

PJSC – Public Joint Stock Company

SGX – Singapore Exchange

COUNTRY BREAKDOWN¹

June 30, 2020 (unaudited)

21.6	%	China
7.6	%	South Korea
6.6	%	Taiwan
4.5	%	Russia
3.3	%	Mexico
3.3	%	Indonesia
3.0	%	Chile
3.0	%	Brazil
2.2	%	India
1.9	%	Ukraine
1.9	%	Peru
1.9	%	United Arab Emirates
1.7	%	Qatar
26.7	%	Other
10.8	%	Short-Term
100.0	%	Total Investments

1 All data are as of June 30, 2020. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.6% or less in the following: Angola, Argentina, Australia, Azerbaijan, Bahrain, Bermuda, Canada, Colombia, Costa Rica, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Gabon, Ghana, Greece, Guatemala, Honduras, Hong Kong, Hungary, Israel, Ivory Coast, Jamaica, Japan, Kazakhstan, Kenya, Lebanon, Malaysia, Mongolia, Morocco, Nigeria, Oman, Pakistan, Panama, Paraguay, Philippines, Poland, Portugal, Saudi Arabia, Senegal, South Africa, Sri Lanka, Thailand, Trinidad & Tobago, Turkey, United Kingdom, United States, Uruguay, Venezuela, Vietnam and Zambia.

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AB Emerging Markets Multi-Asset Portfolio

June 30, 2020 (unaudited)

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

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

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

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

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

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

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

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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2020:

Investments in Securities	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	1,330,729		$	12,888,341		$	-0-	$	14,219,070
Financials		2,061,381			12,121,104			-0-		14,182,485
Consumer Discretionary		4,268,246			4,104,648			-0-		8,372,894
Materials		124,082			8,100,586			-0-		8,224,668
Communication Services		1,556,033			5,276,955			-0-		6,832,988
Industrials		418,874			3,865,679			-0-		4,284,553
Consumer Staples		268,672			4,013,389			-0-		4,282,061
Energy		2,897,525			545,952			-0-		3,443,477
Health Care		76,053			2,249,561			-0-		2,325,614
Real Estate		403,351			1,417,319			-0-		1,820,670
Utilities		570,703			1,039,021			-0-		1,609,724
Fixed Income Securities:
Sovereign Bonds		-0-			33,204,182			-0-		33,204,182
Quasi-Sovereign Bonds		-0-			11,793,493			-0-		11,793,493
Corporate Bonds		-0-			11,655,865			4,226		11,660,091
Treasury Bonds		-0-			659,999			-0-		659,999
Emerging Markets - Treasuries		-0-			287,407			-0-		287,407
Regional Bonds		-0-			33,362			-0-		33,362
Equity Linked Notes		-0-			693,352			-0-		693,352
Investment Companies		-0-			137,740			-0-		137,740
Short-Term Investments:
Investment Companies		14,758,167			-0-			-0-		14,758,167
Time Deposits		-0-			817,596			-0-		817,596
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,940,109			-0-			-0-		1,940,109
Total Investments in Securities		30,673,925			114,905,551			4,226		145,583,702
Other Financial Instruments*:
Assets
Futures		-0-			15,345			-0-		15,345
Forward Currency Exchange Contracts		-0-			1,394,675			-0-		1,394,675
Centrally Cleared Credit Default Swaps		-0-			501,483			-0-		501,483
Centrally Cleared Interest Rate Swaps		-0-			545,223			-0-		545,223
Total Return Swaps		-0-			660,475			-0-		660,475
Liabilities
Futures		(112,087	)		-0-			-0-		(112,087	)
Forward Currency Exchange Contracts		-0-			(1,099,002	)		-0-		(1,099,002	)
Centrally Cleared Credit Default Swaps		-0-			(171,954	)		-0-		(171,954	)
Credit Default Swaps		-0-			(10,915	)		-0-		(10,915	)
Total	$	30,561,838		$	116,740,881		$	4,226	$	147,306,945

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

A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2020 is as follows:

Fund	Market Value 3/31/20 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/20 (000)		Dividend Income (000)
Government Money Market Portfolio	$	14,137	$	26,718	$	26,097	$	14,758	$	7
Government Money Market Portfolio*		326		8,642		7,028		1,940		1
Total							$	16,698	$	8

* Investment of cash collateral for securities lending transactions.

24