0001752724-21-043321.txt : 20210226 0001752724-21-043321.hdr.sgml : 20210226 20210226135553 ACCESSION NUMBER: 0001752724-21-043321 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210226 PERIOD START: 20210331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB CAP FUND, INC. CENTRAL INDEX KEY: 0000081443 IRS NUMBER: 132625045 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-01716 FILM NUMBER: 21687084 BUSINESS ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2129691000 MAIL ADDRESS: STREET 1: ALLIANCEBERNSTEIN LP STREET 2: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN CAP FUND, INC. DATE OF NAME CHANGE: 20110524 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN CAP FUND,INC DATE OF NAME CHANGE: 20040908 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN SMALL CAP GROWTH FUND INC DATE OF NAME CHANGE: 19931001 0000081443 S000033729 AB Emerging Markets Multi-Asset Portfolio C000103967 Class A ABAEX C000103968 Class C ABCEX C000103969 Advisor Class ABYEX C000103970 Class R ABREX C000103971 Class K ABKEX C000103972 Class I ABIEX C000194530 Class Z ABZEX NPORT-P 1 primary_doc.xml NPORT-P false 0000081443 XXXXXXXX S000033729 C000103969 C000194530 C000103972 C000103967 C000103971 C000103970 C000103968 AB CAP FUND, INC. 811-01716 0000081443 549300I24E20QB4B6Y20 ALLIANCEBERNSTEIN LP 1345 AVENUE OF THE AMERICAS NEW YORK 10105 212-969-1000 AB Emerging Markets Multi-Asset Portfolio S000033729 7ZWN2SNJWVYO4A3K1B71 2021-03-31 2020-12-31 N 201544044.56 13451133.43 188092911.13 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 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2047-04-19 Fixed 5.75000000 N N N N N N Barclays Bank PLC G5GSEF7VJP5I7OUK5573 PURCHASED PHP / SOLD USD 000000000 1.00000000 NC 8881.35000000 0.004721788793 N/A DFE PH N 2 Barclays Bank PLC G5GSEF7VJP5I7OUK5573 1979055.02000000 USD 95528986.00000000 PHP 2021-01-14 8881.35000000 N N N Sinotruk Hong Kong Ltd 529900BB4WA4W576X724 Sinotruk Hong Kong Ltd 000000000 404000.00000000 NS 1034867.28000000 0.550189411064 Long EC CORP HK N 2 N N N Southern Copper Corp 2549007U6NAP46Q9TU15 Southern Copper Corp 84265VAJ4 88000.00000000 PA USD 127470.29000000 0.067769853331 Long DBT CORP US N 2 2045-04-23 Fixed 5.88000000 N N N N N N Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 PURCHASED ZAR / SOLD USD 000000000 1.00000000 NC 16881.76000000 0.008975223945 N/A DFE ZA N 2 Brown Brothers Harriman & Co. 5493006KMX1VFTPYPW14 725529.77000000 USD 10956836.00000000 ZAR 2021-02-04 16881.76000000 N N N TCS Group Holding PLC 549300XQRN9MR54V1W18 TCS Group Holding PLC 87238U203 25740.00000000 NS USD 846883.50000000 0.450247430863 Long EC CORP CY N 2 N N N LONGi Green Energy Technology Co Ltd 300300NRGAITUP1EZ248 LONGi Green Energy Technology Co Ltd 000000000 4600.00000000 NS 65316.27000000 0.034725535166 Long EC CORP CN N 2 N N N Novatek Microelectronics Corp N/A Novatek Microelectronics Corp 000000000 59000.00000000 NS 776339.31000000 0.412742460806 Long EC CORP TW N 2 N N N Polskie Gornictwo Naftowe i Gazownictwo SA 2594008YSYXYOTBSQL93 Polskie Gornictwo Naftowe i Gazownictwo SA 000000000 78810.00000000 NS 117679.00000000 0.062564292983 Long EC CORP PL N 2 N N N KT&G Corp 988400ZJV6ISYBLQX875 KT&G Corp 000000000 1409.00000000 NS 107880.98000000 0.057355154615 Long EC CORP KR N 2 N N N Refrigeration Electrical Engineering Corp N/A Refrigeration Electrical Engineering Corp 000000000 107680.00000000 NS 228417.81000000 0.121438819053 Long EC CORP VN N 2 N N N RUSSIAN FEDERATION 5493004EHVGF71PDBU58 Russian Foreign Bond - Eurobond 000000000 200000.00000000 PA USD 288375.00000000 0.153315187833 Long DBT NUSS RU N 2 2043-09-16 Fixed 5.88000000 N N N N N N ABU DHABI GOVT INT'L 213800FER4348CINTA77 Abu Dhabi Government International Bond 29135LAJ9 341000.00000000 PA USD 414208.44000000 0.220214806348 Long DBT NUSS AE N 2 2050-04-16 Fixed 3.88000000 N N N N N N J.P. Morgan Securities LLC ZBUT11V806EZRVTWT807 Long: IS26NX8 HSCEI /LONG/ / Short: IS26NX8 HSCEI /SHORT/ 000000000 206819.15000000 OU Notional Amount 83.25000000 0.000044260041 N/A DE US N 2 J.P. Morgan Securities LLC ZBUT11V806EZRVTWT807 N/A N/A Y equity-performance leg equity-performance leg 2021-01-28 0.00000000 HKD 0.00000000 HKD 206819.15000000 HKD 83.25000000 N N N Government of Jamaica 529900Y93KNSXZI8KK56 Jamaica Government International Bond 470160CB6 260000.00000000 PA USD 371718.75000000 0.197625071443 Long DBT NUSS JM N 2 2045-07-28 Fixed 7.88000000 N N N N N N 2021-01-29 AB CAP FUND, INC. Joseph Mantineo Joseph Mantineo Treasurer and Chief Financial Officer XXXX NPORT-EX 2 NPORT_1113457555553944.htm HTML

AB Emerging Markets Multi-Asset Portfolio

Portfolio of Investments

December 31, 2020 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 54.3%

        

Information Technology – 13.3%

        

Electronic Equipment, Instruments & Components – 1.4%

        

Hon Hai Precision Industry Co., Ltd.

      551,000        $ 1,806,699  

Kingboard Holdings Ltd.

      28,500          120,247  

Synnex Technology International Corp.

      150,000          251,324  

WPG Holdings Ltd.

      68,000          103,965  

Zhen Ding Technology Holding Ltd.

      99,000          402,866  
       

 

 

  
          2,685,101  
       

 

 

  

IT Services – 1.4%

 

GDS Holdings Ltd. (ADR)(a) (b)

      4,800          449,472  

HCL Technologies Ltd.

      56,758          736,851  

Infosys Ltd.

      6,600          112,935  

Infosys Ltd. (Sponsored ADR)

      51,706          876,417  

Tata Consultancy Services Ltd.

      8,589          337,508  

Wipro Ltd.

      21,653          114,620  
       

 

 

  
          2,627,803  
       

 

 

  

Semiconductors & Semiconductor Equipment – 5.9%

 

LONGi Green Energy Technology Co., Ltd. - Class A (Nth SSE-SEHK)

      4,600          65,316  

MediaTek, Inc.

      70,000          1,866,710  

Novatek Microelectronics Corp.

      59,000          776,339  

Parade Technologies Ltd.

      10,000          395,913  

Phison Electronics Corp.

      9,000          106,776  

Taiwan Semiconductor Manufacturing Co., Ltd.

      245,000          4,634,781  

United Microelectronics Corp.

      1,975,000          3,321,481  
       

 

 

  
          11,167,316  
       

 

 

  

Technology Hardware, Storage & Peripherals – 4.6%

 

Asustek Computer, Inc.

      62,000          553,703  

Chicony Electronics Co., Ltd.

      30,000          92,196  

Lenovo Group Ltd.

      150,000          141,809  

Lite-On Technology Corp.

      60,000          106,454  

Micro-Star International Co., Ltd.

      24,000          113,443  

Pegatron Corp.

      46,000          110,436  

Quanta Computer, Inc.

      40,000          115,417  

Samsung Electronics Co., Ltd.

      75,638          5,648,307  

Samsung Electronics Co., Ltd. (Preference Shares)

      23,330          1,582,636  

Wistron Corp.

      96,000          106,220  
       

 

 

  
          8,570,621  
       

 

 

  
                25,050,841  
       

 

 

  

Financials – 12.0%

 

Banks – 8.1%

 

Agricultural Bank of China Ltd. - Class H

      3,220,000          1,179,299  

Banco do Brasil SA

      15,900          119,531  

Bank Mandiri Persero Tbk PT

      235,500          106,269  

Bank of China Ltd. - Class H

      913,000          309,008  

Bank of Communications Co., Ltd. - Class A

      86,600          59,687  

Bank of Communications Co., Ltd. - Class H

      1,045,000          552,764  

China CITIC Bank Corp., Ltd. - Class H

      2,073,000          880,579  

China Construction Bank Corp. - Class H

      611,000          460,864  

China Minsheng Banking Corp., Ltd. - Class A (Nth SSE-SEHK)

      135,900          108,708  

 

1

Company    Shares        U.S. $ Value  

China Minsheng Banking Corp., Ltd. - Class H

      4,705,400        $ 2,682,304  

Dubai Islamic Bank PJSC

      75,569          95,191  

Halyk Savings Bank of Kazakhstan JSC (GDR)(c)

      24,630          286,940  

Hana Financial Group, Inc.

      78,577          2,502,783  

HDFC Bank Ltd.(a)

      21,860          431,210  

Industrial Bank Co., Ltd. - Class A (Nth SSE-SEHK)

      41,860          134,452  

Industrial Bank of Korea(a)

      12,889          105,105  

Itau Unibanco Holding SA (ADR)

      67,660          412,049  

Kasikornbank PCL (Foreign Shares)

      50,200          191,015  

KB Financial Group, Inc.

      29,629          1,176,776  

MCB Bank Ltd.

      22,626          26,576  

Moneta Money Bank AS(a) (c)

      38,470          121,883  

Nedbank Group Ltd.

      13,491          119,139  

Sberbank of Russia PJSC (Sponsored ADR)

      99,978          1,449,682  

Shinhan Financial Group Co., Ltd.

      6,594          195,664  

TCS Group Holding PLC (GDR)(c)

      25,740          846,884  

Turkiye Is Bankasi AS - Class C(a)

      510,890          480,563  

Woori Financial Group, Inc.

      18,480          165,806  
       

 

 

  
                15,200,731  
       

 

 

  

Capital Markets – 0.7%

 

B3 SA - Brasil Bolsa Balcao

      4,300          51,483  

China Cinda Asset Management Co., Ltd. - Class H

      539,000          102,272  

China Everbright Ltd.

      612,000          819,620  

CITIC Securities Co., Ltd. - Class H

      13,000          29,334  

Korea Investment Holdings Co., Ltd.

      1,476          107,554  

Mirae Asset Daewoo Co., Ltd.

      5,385          46,890  

Samsung Securities Co., Ltd.

      2,833          105,697  
       

 

 

  
          1,262,850  
       

 

 

  

Consumer Finance – 0.0%

 

Samsung Card Co., Ltd.

      1,196          35,793  
       

 

 

  

Diversified Financial Services – 1.0%

 

Far East Horizon Ltd.

      103,000          106,170  

Fubon Financial Holding Co., Ltd.

      496,000          826,016  

Haci Omer Sabanci Holding AS

      472,049          727,095  

REC Ltd.

      63,844          117,486  
       

 

 

  
          1,776,767  
       

 

 

  

Insurance – 1.5%

 

AIA Group Ltd.

      55,600          677,548  

Bupa Arabia for Cooperative Insurance Co.(a)

      2,632          85,552  

Co. for Cooperative Insurance (The)(a)

      3,230          68,612  

PICC Property & Casualty Co., Ltd. - Class H

      656,000          496,274  

Ping An Insurance Group Co. of China Ltd. - Class H

      60,000          730,177  

Ruentex Industries Ltd.

      172,200          427,560  

Samsung Fire & Marine Insurance Co., Ltd.

      626          108,140  

Samsung Life Insurance Co., Ltd.

      1,636          119,381  

Shin Kong Financial Holding Co., Ltd.

      369,000          116,045  
       

 

 

  
          2,829,289  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Thrifts & Mortgage Finance – 0.7%

 

Housing Development Finance Corp., Ltd.

      39,963        $ 1,395,381  
       

 

 

  
          22,500,811  
       

 

 

  

Consumer Discretionary – 9.7%

 

Auto Components – 0.0%

 

Controladora Nemak SAB de CV(a)

      124,685          16,541  
       

 

 

  

Automobiles – 2.7%

 

Dongfeng Motor Group Co., Ltd. - Class H

      404,000          472,086  

Ford Otomotiv Sanayi AS

      14,269          242,113  

Great Wall Motor Co., Ltd.

      247,000          849,826  

Guangzhou Automobile Group Co., Ltd. - Class H

      396,000          441,644  

Hyundai Motor Co.

      3,675          651,405  

Kia Motors Corp.

      39,514          2,276,669  

NIO, Inc. (ADR)(a)

      2,557          124,628  
       

 

 

  
          5,058,371  
       

 

 

  

Diversified Consumer Services – 0.5%

 

New Oriental Education & Technology Group, Inc. (Sponsored ADR)(a)

      5,480          1,018,239  
       

 

 

  

Hotels, Restaurants & Leisure – 0.7%

 

OPAP SA

      97,740          1,306,778  
       

 

 

  

Household Durables – 0.0%

 

Nien Made Enterprise Co., Ltd.

      1,000          11,627  
       

 

 

  

Internet & Direct Marketing Retail – 4.6%

 

Alibaba Group Holding Ltd.(a)

      92,520          2,690,901  

Alibaba Group Holding Ltd. (Sponsored ADR)(a)

      6,297          1,465,501  

JD.com, Inc. (ADR)(a)

      5,077          446,268  

JD.com, Inc. - Class A(a)

      89,720          3,951,486  

Naspers Ltd. - Class N

      253          51,808  

Pinduoduo, Inc. (ADR)(a)

      753          133,786  
       

 

 

  
          8,739,750  
       

 

 

  

Specialty Retail – 0.1%

 

China Tourism Group Duty Free Corp., Ltd. - Class A (Nth SSE-SEHK)

      2,300          100,116  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.1%

 

Alpargatas SA (Preference Shares)

      14,300          115,947  

Li Ning Co., Ltd.

      178,000          1,224,845  

Samsonite International SA(a) (c)

      366,600          651,119  
       

 

 

  
          1,991,911  
       

 

 

  
                18,243,333  
       

 

 

  

Materials – 5.4%

 

Chemicals – 0.8%

 

Advanced Petrochemical Co.

      3,888          69,473  

Hanwha Solutions Corp.

      1,883          83,244  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. - Class A

      45,900          34,953  

Kumho Petrochemical Co., Ltd.

      866          115,863  

Lotte Chemical Corp.

      404          102,868  

Mitsubishi Gas Chemical Co., Inc.

      13,000          298,940  

 

3

Company    Shares        U.S. $ Value  

Tosoh Corp.

      50,500        $ 789,020  
       

 

 

  
          1,494,361  
       

 

 

  

Construction Materials – 2.1%

 

Anhui Conch Cement Co., Ltd. - Class A

      175,119          1,392,142  

Anhui Conch Cement Co., Ltd. - Class H

      133,113          834,228  

China Resources Cement Holdings Ltd.

      900,000          1,005,241  

Huaxin Cement Co., Ltd. - Class A

      110,780          352,199  

Taiwan Cement Corp.

      250,610          385,838  
       

 

 

  
          3,969,648  
       

 

 

  

Metals & Mining – 2.4%

 

Anglo American Platinum Ltd.

      1,282          126,151  

Antofagasta PLC

      1,894          37,159  

China Hongqiao Group Ltd.

      919,971          843,437  

Fortescue Metals Group Ltd.

      51,150          923,892  

Gold Fields Ltd.

      8,357          77,579  

Grupo Mexico SAB de CV

      27,141          115,100  

Hunan Valin Steel Co., Ltd. - Class A

      132,800          97,692  

Jiangxi Copper Co., Ltd. - Class H

      320,000          503,720  

Kumba Iron Ore Ltd.

      3,145          133,293  

Polyus PJSC (GDR)

      849          85,572  

POSCO

      4,624          1,155,443  

Southern Copper Corp.

      1,804          117,476  

Vale SA

      7,000          117,819  

Vedanta Ltd.

      55,936          123,491  

Zijin Mining Group Co., Ltd. - Class H

      110,000          124,627  
       

 

 

  
          4,582,451  
       

 

 

  

Paper & Forest Products – 0.1%

 

Nine Dragons Paper Holdings Ltd.

      73,000          103,773  
       

 

 

  
                10,150,233  
       

 

 

  

Communication Services – 4.1%

 

Diversified Telecommunication Services – 0.2%

 

KT Corp. (Sponsored ADR)

      38,451          423,345  
       

 

 

  

Entertainment – 0.5%

 

Bilibili, Inc. (Sponsored ADR)(a)

      1,415          121,294  

NCSoft Corp.

      550          472,203  

NetEase, Inc. (ADR)

      4,100          392,657  
       

 

 

  
          986,154  
       

 

 

  

Interactive Media & Services – 3.1%

 

Tencent Holdings Ltd.

      69,600          5,007,985  

Yandex NV - Class A(a)

      10,720          745,897  
       

 

 

  
          5,753,882  
       

 

 

  

Media – 0.1%

 

Focus Media Information Technology Co., Ltd. - Class A (Nth SZ-SEHK)

      73,000          110,929  
       

 

 

  

Wireless Telecommunication Services – 0.2%

 

China Mobile Ltd.

      23,500          133,961  

Globe Telecom, Inc.

      2,730          115,524  

PLDT, Inc.

      3,920          109,456  

 

4

Company    Shares        U.S. $ Value  

Vodacom Group Ltd.

      13,288        $ 112,480  
       

 

 

  
          471,421  
       

 

 

  
          7,745,731  
       

 

 

  

Energy – 2.8%

 

Oil, Gas & Consumable Fuels – 2.8%

 

Adaro Energy Tbk PT

      1,082,000          110,267  

China Petroleum & Chemical Corp. - Class H

      230,000          102,429  

China Shenhua Energy Co., Ltd. - Class A

      38,100          105,649  

China Shenhua Energy Co., Ltd. - Class H

      60,000          113,099  

Coal India Ltd.

      66,062          122,711  

Cosan SA

      3,600          52,578  

Ecopetrol SA

      172,689          113,508  

Exxaro Resources Ltd.

      13,309          125,799  

Hindustan Petroleum Corp., Ltd.

      37,500          112,834  

LUKOIL PJSC (Sponsored ADR)

      31,764          2,171,387  

Oil & Gas Development Co., Ltd.

      17,107          11,116  

Oil & Natural Gas Corp., Ltd.

      90,419          115,419  

PetroChina Co., Ltd. - Class H

      340,000          105,279  

Petroleo Brasileiro SA (ADR)

      37,530          421,462  

Petroleo Brasileiro SA (Preference Shares)

      110,300          598,803  

Polskie Gornictwo Naftowe i Gazownictwo SA

      78,810          117,679  

Saudi Arabian Oil Co.(c)

      11,519          107,499  

Surgutneftegas PJSC (Sponsored ADR)

      94,210          460,197  

Yanzhou Coal Mining Co., Ltd. - Class H

      248,000          198,756  
       

 

 

  
          5,266,471  
       

 

 

  

Industrials – 2.5%

 

Air Freight & Logistics – 0.1%

 

SF Holding Co., Ltd.

      7,700          104,487  
       

 

 

  

Building Products – 0.0%

 

China Lesso Group Holdings Ltd.

      37,000          57,973  
       

 

 

  

Commercial Services & Supplies – 0.7%

 

A-Living Smart City Services Co., Ltd. - Class H(b) (c)

      211,500          938,753  

Sunny Friend Environmental Technology Co., Ltd.

      52,000          431,861  
       

 

 

  
                  1,370,614  
       

 

 

  

Construction & Engineering – 0.2%

 

China Communications Services Corp., Ltd. - Class H

      338,000          149,316  

Daelim Industrial Co., Ltd.(d)

      3,711          283,543  
       

 

 

  
          432,859  
       

 

 

  

Electrical Equipment – 0.1%

 

ElSewedy Electric Co.

      192,294          118,628  

WEG SA

      6,800          99,313  
       

 

 

  
          217,941  
       

 

 

  

Industrial Conglomerates – 0.3%

 

Alfa SAB de CV - Class A

      124,685          89,725  

CITIC Ltd.

      150,000          106,205  

Refrigeration Electrical Engineering Corp.

      107,680          228,418  

 

5

Company    Shares        U.S. $ Value  

Sime Darby Bhd

      139,500        $ 80,293  
       

 

 

  
          504,641  
       

 

 

  

Machinery – 0.8%

 

China Yuchai International Ltd.

      23,050          376,637  

Sinotruk Hong Kong Ltd.

      404,000          1,034,867  
       

 

 

  
          1,411,504  
       

 

 

  

Professional Services – 0.2%

 

HeadHunter Group PLC (ADR)

      14,270          431,667  
       

 

 

  

Transportation Infrastructure – 0.1%

 

Zhejiang Expressway Co., Ltd. - Class H

      150,000          126,833  
       

 

 

  
          4,658,519  
       

 

 

  

Utilities – 1.7%

 

Electric Utilities – 0.7%

 

Centrais Eletricas Brasileiras SA

      34,100          242,760  

CPFL Energia SA

      4,200          26,415  

Equatorial Energia SA

      92,000          412,201  

Power Grid Corp. of India Ltd.

      245,542          633,805  
       

 

 

  
          1,315,181  
       

 

 

  

Gas Utilities – 0.9%

 

GAIL India Ltd.

      1,011,365          1,711,674  

Petronas Gas Bhd

      17,600          75,227  
       

 

 

  
          1,786,901  
       

 

 

  

Independent Power and Renewable Electricity Producers – 0.1%

 

China Power International Development Ltd.

      233,000          49,920  

China Resources Power Holdings Co., Ltd.

      90,000          96,881  
       

 

 

  
          146,801  
       

 

 

  
                  3,248,883  
       

 

 

  

Consumer Staples – 1.3%

 

Beverages – 0.3%

 

Fraser & Neave Holdings Bhd

      2,100          16,772  

Tsingtao Brewery Co., Ltd. - Class A (Nth SSE-SEHK)

      37,600          575,469  
       

 

 

  
          592,241  
       

 

 

  

Food & Staples Retailing – 0.3%

 

Magnit PJSC (Sponsored GDR)(c)

      6,500          114,400  

Shoprite Holdings Ltd.

      12,241          116,621  

X5 Retail Group NV (GDR)(c)

      8,020          289,682  
       

 

 

  
          520,703  
       

 

 

  

Food Products – 0.4%

 

China Feihe Ltd.(c)

      12,964          30,419  

Gruma SAB de CV - Class B

      9,685          115,430  

Henan Shuanghui Investment & Development Co., Ltd. - Class A

      4,400          31,802  

Indofood Sukses Makmur Tbk PT

      213,000          103,889  

Inner Mongolia Yili Industrial Group Co., Ltd. - Class A (Nth SSE-SEHK)

      16,800          114,652  

 

6

Company    Shares        U.S. $ Value  

JBS SA

      24,800        $ 113,030  

Tata Consumer Products Ltd.

      15,711          127,273  

Tingyi Cayman Islands Holding Corp.

      56,000          95,789  
       

 

 

  
          732,284  
       

 

 

  

Household Products – 0.2%

 

C&S Paper Co., Ltd.

      117,500          377,481  
       

 

 

  

Personal Products – 0.0%

 

Hengan International Group Co., Ltd.

      13,000          92,048  
       

 

 

  

Tobacco – 0.1%

 

Eastern Co. SAE

      134,730          112,136  

KT&G Corp.

      1,409          107,881  
       

 

 

  
          220,017  
       

 

 

  
                  2,534,774  
       

 

 

  

Health Care – 0.8%

 

Biotechnology – 0.1%

 

Seegene, Inc.

      591          105,178  
       

 

 

  

Health Care Equipment & Supplies – 0.2%

 

Hartalega Holdings Bhd

      22,300          67,496  

Kossan Rubber Industries

      53,200          59,811  

Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

      1,835          120,049  

Supermax Corp. Bhd(a)

      53,900          80,977  

Top Glove Corp. Bhd

      67,200          102,676  
       

 

 

  
          431,009  
       

 

 

  

Life Sciences Tools & Services – 0.1%

 

Divi’s Laboratories Ltd.

      2,188          114,955  
       

 

 

  

Pharmaceuticals – 0.4%

 

China Medical System Holdings Ltd.

      356,000          397,719  

Dr Reddy’s Laboratories Ltd.

      146          10,413  

Richter Gedeon Nyrt

      10,720          269,025  

Yuhan Corp.

      1,922          133,085  
       

 

 

  
          810,242  
       

 

 

  
          1,461,384  
       

 

 

  

Real Estate – 0.7%

 

Equity Real Estate Investment Trusts (REITs) – 0.1%

 

Fibra Uno Administracion SA de CV

      102,930          116,433  
       

 

 

  

Real Estate Management & Development – 0.6%

 

Agile Group Holdings Ltd.

      72,000          95,833  

Aldar Properties PJSC

      133,015          114,308  

Guangzhou R&F Properties Co., Ltd. - Class H

      84,000          108,187  

Jinke Properties Group Co., Ltd. - Class A

      70,100          76,413  

KWG Group Holdings Ltd.

      77,500          105,886  

Logan Group Co. Ltd.

      66,000          108,120  

NEPI Rockcastle PLC

      813          5,173  

Powerlong Real Estate Holdings Ltd.

      313,000          216,416  

 

7

Company   Shares        U.S. $ Value  

Vincom Retail JSC(a)

        308,840        $ 420,844  
         

 

 

  
            1,251,180  
         

 

 

  
            1,367,613  
         

 

 

  

Total Common Stocks
(cost $80,947,321)

                 102,228,593  
         

 

 

  
    Principal
Amount
(000)		           

FIXED INCOME – 36.6%

          

Sovereign Bonds – 21.2%

          

Abu Dhabi Government International Bond
1.70%, 03/02/2031(c)

   U.S.$      348          347,130  

3.875%, 04/16/2050(c)

        341          414,208  

Angolan Government International Bond
9.125%, 11/26/2049(c)

        779          719,114  

9.375%, 05/08/2048(c)

        743          701,438  

Argentine Republic Government International Bond
0.125%, 07/09/2030-07/09/2041

        5,068          1,941,450  

1.00%, 07/09/2029

        236          102,782  

Bahrain Government International Bond
5.625%, 09/30/2031(c)

        200          211,500  

6.00%, 09/19/2044(c)

        692          715,139  

6.75%, 09/20/2029(c)

        244          279,838  

7.00%, 10/12/2028(c)

        334          385,770  

Bermuda Government International Bond
3.375%, 08/20/2050(c)

        365          394,383  

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

        315          334,372  

5.00%, 06/15/2045

        302          369,101  

Costa Rica Government International Bond
7.158%, 03/12/2045(c)

        355          328,264  

Dominican Republic International Bond
5.50%, 01/27/2025(c)

        100          112,781  

5.875%, 01/30/2060(c)

        377          413,286  

6.40%, 06/05/2049(c)

        364          427,359  

6.50%, 02/15/2048(c)

        298          351,174  

6.85%, 01/27/2045(c)

        155          188,567  

Ecuador Government International Bond
Zero Coupon, 07/31/2030(c)

        106          50,203  

0.50%, 07/31/2030-07/31/2040(c)

        1,628          903,171  

Egypt Government International Bond
5.875%, 06/11/2025(c)

        313          339,018  

7.903%, 02/21/2048(c)

        300          326,062  

8.15%, 11/20/2059(c)

        280          307,562  

8.50%, 01/31/2047(c)

        305          345,794  

8.875%, 05/29/2050(c)

        211          247,332  

 

8

     Principal
Amount
(000)		        U.S. $ Value  

El Salvador Government International Bond
5.875%, 01/30/2025(c)

   U.S.$      19        $ 17,896  

7.125%, 01/20/2050(c)

        1,114          992,156  

7.65%, 06/15/2035(c)

        108          101,655  

7.75%, 01/24/2023(c)

        63          62,173  

8.625%, 02/28/2029(c)

        200          199,375  

Gabon Government International Bond
6.625%, 02/06/2031(c)

        600          617,812  

Ghana Government International Bond
7.875%, 03/26/2027-02/11/2035(c)

        936          981,455  

8.125%, 03/26/2032(c)

        200          211,188  

8.627%, 06/16/2049(c)

        220          224,125  

8.95%, 03/26/2051(c)

        200          208,563  

Guatemala Government Bond
4.375%, 06/05/2027(c)

        200          222,375  

4.50%, 05/03/2026(c)

        200          221,188  

5.375%, 04/24/2032(c)

        264          321,090  

6.125%, 06/01/2050(c)

        532                     701,575  

Honduras Government International Bond
5.625%, 06/24/2030(c)

        173          196,463  

6.25%, 01/19/2027(c)

        180          208,013  

7.50%, 03/15/2024(c)

        290          323,259  

Indonesia Government International Bond
2.85%, 02/14/2030

        200          215,625  

3.375%, 04/15/2023(c)

        450          477,141  

4.125%, 01/15/2025(c)

        380          424,656  

Israel Government International Bond
3.875%, 07/03/2050

        375          451,270  

Ivory Coast Government International Bond
5.875%, 10/17/2031(c)

   EUR      425          573,555  

6.125%, 06/15/2033(c)

   U.S.$      669          753,670  

6.375%, 03/03/2028(c)

        295          336,669  

Jamaica Government International Bond
6.75%, 04/28/2028

        200          243,313  

7.875%, 07/28/2045

        260          371,719  

8.00%, 03/15/2039

        108          157,173  

Kazakhstan Government International Bond
5.125%, 07/21/2025(c)

        200          236,000  

Kenya Government International Bond
8.00%, 05/22/2032(c)

        346          403,198  

Lebanon Government International Bond
6.00%, 01/27/2023(a)(c)(e)

        36          4,320  

6.65%, 04/22/2024(a)(c)(e)

        57          6,840  

6.85%, 03/23/2027(a)(c)(e)

        481          57,720  

Series E
6.10%, 10/04/2022(a)(c)(e)

        216          25,920  

Series G
1.00%, 11/27/2026(a)(c)(e)

        170          20,400  

6.20%, 02/26/2025(a)(c)(e)

        206          24,720  

 

9

     Principal
Amount
(000)		        U.S. $ Value  

Mexico Government International Bond
4.75%, 03/08/2044

   U.S.$      140        $ 166,565  

5.00%, 04/27/2051

        249          310,441  

Mongolia Government International Bond
5.625%, 05/01/2023(c)

        200          210,750  

Nigeria Government International Bond
6.50%, 11/28/2027(c)

        272          292,995  

7.625%, 11/28/2047(c)

        433          455,056  

7.696%, 02/23/2038(c)

        240          255,075  

Oman Government International Bond
5.625%, 01/17/2028(c)

        211          214,998  

6.50%, 03/08/2047(c)

        294          287,936  

6.75%, 01/17/2048(c)

        616          608,493  

Pakistan Government International Bond
6.875%, 12/05/2027(c)

        325          337,391  

Panama Government International Bond
2.252%, 09/29/2032

        242          249,018  

3.16%, 01/23/2030

        447          494,913  

4.00%, 09/22/2024

        200          220,938  

4.50%, 04/16/2050

        311                     399,635  

Panama Notas del Tesoro
3.75%, 04/17/2026

        113          123,099  

Paraguay Government International Bond
4.95%, 04/28/2031(c)

        208          251,160  

5.40%, 03/30/2050(c)

        200          252,438  

Perusahaan Penerbit SBSN Indonesia III
4.15%, 03/29/2027(c)

        200          229,313  

Peruvian Government International Bond
2.78%, 12/01/2060

        280          281,820  

2.783%, 01/23/2031

        566          620,619  

3.23%, 07/28/2121

        148          147,926  

Philippine Government International Bond
3.70%, 02/02/2042

        266          308,061  

Qatar Government International Bond
4.40%, 04/16/2050(c)

        864          1,123,200  

4.50%, 04/23/2028(c)

        300          363,750  

5.103%, 04/23/2048(c)

        484          680,020  

Republic of South Africa Government International Bond
5.00%, 10/12/2046

        995          929,081  

5.75%, 09/30/2049

        760          758,575  

Russian Foreign Bond - Eurobond
5.25%, 06/23/2047(c)

        600          828,000  

5.625%, 04/04/2042(c)

        200          278,063  

5.875%, 09/16/2043(c)

        200          288,375  

Saudi Government International Bond
3.25%, 10/22/2030(c)

        260          286,325  

4.625%, 10/04/2047(c)

        310          382,753  

5.25%, 01/16/2050(c)

        201          273,863  

Senegal Government International Bond
4.75%, 03/13/2028(c)

   EUR      400          521,339  

6.75%, 03/13/2048(c)

   U.S.$      200          219,750  

 

10

     Principal
Amount
(000)		        U.S. $ Value  

Sri Lanka Government International Bond
6.20%, 05/11/2027(c)

   U.S.$      200        $ 113,063  

7.85%, 03/14/2029(c)

        240          136,575  

Turkey Government International Bond
4.875%, 04/16/2043

        893          779,152  

Ukraine Government International Bond
6.75%, 06/20/2026(c)

   EUR      173          232,810  

7.253%, 03/15/2033(c)

   U.S.$      553          602,770  

7.375%, 09/25/2032(c)

        230          252,713  

7.75%, 09/01/2023-09/01/2026(c)

        1,167          1,298,233  

Series GDP
Zero Coupon, 05/31/2040(c)

        308          316,566  

Uruguay Government International Bond
4.375%, 01/23/2031

        269          329,402  

4.975%, 04/20/2055

        17          24,213  

5.10%, 06/18/2050

        49          68,534  

Venezuela Government International Bond
11.95%, 08/05/2031(a)(c)(e)

        265          23,805  

12.75%, 08/23/2022(a)(c)(e)

        564          50,769  

Zambia Government International Bond
8.50%, 04/14/2024(a)(c)(e)

        200          105,750  
         

 

 

  

Total Sovereign Bonds
(cost $36,929,738)

                   39,837,157  
         

 

 

  

Corporate Bonds – 6.6%

          

AES Gener SA
6.35%, 10/07/2079(c)

        200          221,000  

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

        315          340,102  

Banco de Credito del Peru
3.125%, 07/01/2030(c)

        93          95,558  

Bangkok Bank PCL/Hong Kong
3.733%, 09/25/2034(c)

        200          207,750  

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

        200          209,759  

BRF SA
5.75%, 09/21/2050(c)

        200          221,938  

Celulosa Arauco y Constitucion SA
4.20%, 01/29/2030(c)

        200          225,625  

Cemex SAB de CV
7.375%, 06/05/2027(c)

        200          227,187  

Cemig Geracao e Transmissao SA
9.25%, 12/05/2024(c)

        200          231,375  

Central American Bottling Corp.
5.75%, 01/31/2027(c)

        135          143,016  

Colbun SA
3.95%, 10/11/2027(c)

        263          295,464  

CSN Resources SA
7.625%, 02/13/2023(c)

        200          207,250  

 

11

     Principal
Amount
(000)		        U.S. $ Value  

Digicel Group 0.5 Ltd.
7.00%, 01/15/2021(f) (g) (h)

   U.S.$      16        $ 4,337  

8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(c) (g)

        95          50,213  

10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(g)

        53          46,297  

Ecopetrol SA
7.375%, 09/18/2043

        185          251,311  

Embraer Netherlands Finance BV
5.40%, 02/01/2027

        155          164,397  

6.95%, 01/17/2028(c)

        314          355,259  

Empresa Electrica Cochrane SpA
5.50%, 05/14/2027(c)

        181          190,378  

Empresas Publicas de Medellin ESP
4.25%, 07/18/2029(c)

        200                     214,063  

8.375%, 11/08/2027

   COP      418,000          125,940  

Enel Americas SA
4.00%, 10/25/2026

   U.S.$      248          277,837  

Enel Chile SA
4.875%, 06/12/2028

        140          164,981  

Enel Generacion Chile SA
4.25%, 04/15/2024

        40          43,388  

Geopark Ltd.
5.50%, 01/17/2027(c)

        200          200,313  

GNL Quintero SA
4.634%, 07/31/2029(c)

        200          221,813  

Gran Tierra Energy International Holdings Ltd.
6.25%, 02/15/2025(c)

        400          272,340  

Gran Tierra Energy, Inc.
7.75%, 05/23/2027(c)

        200          137,288  

Grupo Energia Bogota SA ESP
4.875%, 05/15/2030(c)

        268          315,570  

Indika Energy Capital IV Pte Ltd.
8.25%, 10/22/2025(c)

        250          270,312  

Industrias Penoles SAB de CV
4.15%, 09/12/2029(c)

        200          225,687  

Infraestructura Energetica Nova SAB de CV
3.75%, 01/14/2028(c)

        334          356,023  

Intercorp Financial Services, Inc.
4.125%, 10/19/2027(c)

        200          211,250  

Intercorp Peru Ltd.
3.875%, 08/15/2029(c)

        200          207,250  

Inversiones CMPC SA
3.85%, 01/13/2030(c)

        200          223,937  

4.375%, 04/04/2027(c)

        220          250,044  

Leviathan Bond Ltd.
6.75%, 06/30/2030(c)

        87          99,488  

 

12

     Principal
Amount
(000)		        U.S. $ Value  

Light Servicos de Eletricidade SA/Light Energia SA
7.25%, 05/03/2023(c)

   U.S.$      200        $ 209,938  

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

        346          383,299  

MV24 Capital BV
6.748%, 06/01/2034(c)

        189          207,599  

OCP SA
5.625%, 04/25/2024(c)

        200          221,375  

Odebrecht Finance Ltd.
7.125%, 06/26/2042(a)(c)(e)

        200          8,875  

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

        285          309,047  

Orbia Advance Corp SAB de CV
4.00%, 10/04/2027(c)

        393                     433,897  

Peru LNG Srl
5.375%, 03/22/2030(c)

        279          245,171  

Prosus NV
3.68%, 01/21/2030(c)

        318          345,229  

PTTEP Treasury Center Co., Ltd.
3.903%, 12/06/2059(c)

        210          233,231  

Rumo Luxembourg SARL
7.375%, 02/09/2024(c)

        200          208,313  

Southern Copper Corp.
5.25%, 11/08/2042

        95          127,389  

5.875%, 04/23/2045

        88          127,470  

Suzano Austria GmbH
3.75%, 01/15/2031

        41          43,578  

Tengizchevroil Finance Co. International Ltd.
3.25%, 08/15/2030(c)

        305          323,606  

Tonon Luxembourg SA
6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(d)(g)(h)(i)

        105          3,158  

TransJamaican Highway Ltd.
5.75%, 10/10/2036(c)

        160          164,650  

Transportadora de Gas Internacional SA ESP
5.55%, 11/01/2028(c)

        200          235,937  

Trust Fibra Uno
4.869%, 01/15/2030(c)

        200          228,125  

Turkiye Vakiflar Bankasi TAO
6.50%, 01/08/2026(c)

        350          358,312  

Vedanta Resources Finance II PLC
13.875%, 01/21/2024(c)

        355          374,236  

Virgolino de Oliveira Finance SA
11.75%, 02/09/2022(a)(e)(h)

        202          1,010  

 

13

     Principal
Amount
(000)		        U.S. $ Value  

Wijaya Karya Persero Tbk PT
7.70%, 01/31/2021(c)

   IDR      2,000,000        $ 135,798  
         

 

 

  

Total Corporate Bonds
(cost $12,178,829)

                   12,434,983  
         

 

 

  

Quasi-Sovereign Bonds – 6.2%

          

Aeropuerto Internacional de Tocumen SA
6.00%, 11/18/2048(b)(c)

   U.S.$      198          235,120  

Corp. Nacional del Cobre de Chile
3.75%, 01/15/2031(c)

        200          227,250  

DP World PLC
4.70%, 09/30/2049(c)

        200          230,375  

Empresa de Transmision Electrica SA
5.125%, 05/02/2049(c)

        200          247,625  

Empresa de Transporte de Pasajeros Metro SA
3.65%, 05/07/2030(c)

        200          224,500  

5.00%, 01/25/2047(c)

        200          254,375  

Eskom Holdings SOC Ltd.
5.75%, 01/26/2021(c)

        340          339,150  

6.35%, 08/10/2028(c)

        304          337,060  

7.125%, 02/11/2025(c)

        485          495,458  

Indonesia Asahan Aluminium Persero PT
5.45%, 05/15/2030(c)

        200          240,625  

5.80%, 05/15/2050(c)

        200          248,875  

KazMunayGas National Co. JSC
5.75%, 04/19/2047(c)

        200          267,687  

MDGH - GMTN BV
2.875%, 11/07/2029(c)

        612          660,004  

NAK Naftogaz Ukraine via Kondor Finance PLC
7.625%, 11/08/2026(c)

        200          206,500  

Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/2027(c)

        200          228,000  

7.625%, 11/07/2024(c)

        200          223,688  

Pertamina Persero PT
4.15%, 02/25/2060(c)

        200          212,313  

5.625%, 05/20/2043(c)

        200          245,750  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
3.375%, 02/05/2030(c)

        1,399          1,481,628  

3.875%, 07/17/2029(c)

        200          220,000  

5.45%, 05/21/2028(c)

        220          263,175  

6.15%, 05/21/2048(c)

        200          262,375  

Petroleos de Venezuela SA
Zero Coupon, 11/17/2021(a)(c)(e)

        128          4,110  

5.375%, 04/12/2027(a)(c)(e)

        226          7,222  

6.00%, 11/15/2026(a)(c)(e)

        220          7,150  

Petroleos Mexicanos
5.95%, 01/28/2031

        321          320,197  

6.50%, 03/13/2027

        154          162,730  

 

14

     Principal
Amount
(000)		        U.S. $ Value  

6.75%, 09/21/2047

   U.S.$      408        $ 382,500  

6.84%, 01/23/2030

        655          681,855  

6.875%, 08/04/2026

        60          65,460  

6.95%, 01/28/2060

        744          698,356  

7.69%, 01/23/2050

        175          176,444  

Petronas Capital Ltd.

          

4.55%, 04/21/2050(c)

        395          530,090  

4.80%, 04/21/2060(c)

        395          572,750  

State Oil Co. of the Azerbaijan Republic
6.95%, 03/18/2030(c)

        321          410,515  

State Savings Bank of Ukraine Via SSB #1 PLC
9.625%, 03/20/2025(c)

        108          116,100  

Trinidad Generation UnLtd.
5.25%, 11/04/2027(c)

        200          212,200  
         

 

 

  

Total Quasi-Sovereign Bonds
(cost $10,374,748)

                   11,699,212  
         

 

 

  

Treasury Bonds – 2.6%

          

Peru Government Bond
5.94%, 02/12/2029

   PEN      2,030          698,519  

U.S. Treasury Notes
0.625%, 08/15/2030(j)

   U.S.$      4,280          4,173,376  
         

 

 

  

Total Treasury Bonds
(cost $4,827,721)

             4,871,895  
         

 

 

  

Regional Bonds – 0.0%

          

Provincia de Neuquen Argentina
2.50%, 04/27/2030(c)
(cost $70,232)

        72          45,605  
         

 

 

  

Emerging Markets - Treasuries – 0.0%

          

Argentine Bonos del Tesoro
15.50%, 10/17/2026(a)(e)
(cost $5,390)

   ARS      77          168  
         

 

 

  

Total Fixed Income
(cost $64,386,658)

             68,889,020  
         

 

 

  
   

Shares

           

EQUITY LINKED NOTES – 0.6%

          

Information Technology – 0.6%

          

Electronic Equipment, Instruments & Components – 0.6%

          

FPT Corp., Macquarie Bank Ltd., expiring 03/31/2021(a)
(cost $735,561)

        405,332          1,037,804  
         

 

 

  

INVESTMENT COMPANIES – 0.1%

          

Funds and Investment Trusts – 0.1%

          

VFMVN30 ETF Fund(a)(k)
(cost $97,798)

        239,030          186,442  
         

 

 

  

Total Equity
(cost $833,359)

             1,224,246  
         

 

 

  

 

15

Company   Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 6.1%

          

Investment Companies – 5.3%

          

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.03%(k)(l)(m)
(cost $10,034,660)

        10,034,660        $ 10,034,660  
         

 

 

  
   

Principal
Amount
(000)

           

Time Deposits – 0.6%

          

ANZ, London
(1.69)%, 01/04/2021

   AUD      41          31,268  

BBH, Grand Cayman
(7.00)%, 01/04/2021

   NOK      2          202  

(4.52)%, 01/04/2021

   SEK      9          1,132  

0.01%, 01/04/2021

   CAD      1          619  

0.01%, 01/04/2021

   GBP      2          2,646  

0.01%, 01/04/2021

   SGD      1          682  

7.70%, 01/04/2021

   ZAR      147          10,001  

Citibank, London
(0.72)%, 01/04/2021

   EUR      56          68,245  

Citibank, New York
0.01%, 01/04/2021

   U.S.$      755          754,851  

Hong Kong & Shanghai Bank, Hong Kong
0.00%, 01/04/2021

   HKD      449          57,862  

Sumitomo, Tokyo
(0.31)%, 01/04/2021

   JPY      13,457          130,328  
         

 

 

  

Total Time Deposits
(cost $1,057,836)

             1,057,836  
         

 

 

  

Treasury Bill – 0.2%

          

Egypt – 0.2%

          

Egypt Treasury Bills
Series 182D
Zero Coupon, 03/09/2021
(cost $358,493)

   EGP      5,750          357,535  
         

 

 

  

Total Short-Term Investments
(cost $11,450,989)

             11,450,031  
         

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 97.7%
(cost $157,618,327)

                 183,791,890  
         

 

 

  
   

Shares

           

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%

          

Investment Companies – 0.1%

          

AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.03%(k)(l)(m)
(cost $243,322)

        243,322          243,322  
         

 

 

  

Total Investments – 97.8%
(cost $157,861,649)(n)

             184,035,212  

Other assets less liabilities – 2.2%

             4,063,095  
         

 

 

  

Net Assets – 100.0%

           $ 188,098,307  
         

 

 

  

 

16

FUTURES

 

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

 

FTSE China A50 Index Futures        137        January 2021      $ 2,427,929      $ 96,189
MSCI Emerging Markets Index Futures        382        March 2021        24,604,620            694,146
Sold Contracts

 

U.S. Ultra Bond (CBT) Futures        6        March 2021        1,281,375        24,891
                   

 

 

  
                    $ 815,226
                   

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)		    In Exchange
For
(000)		    Settlement
Date		    Unrealized
Appreciation/
(Depreciation)
Barclays Bank PLC        IDR        13,951,077        USD        938        01/15/2021      $ (63,995 )
Barclays Bank PLC        HUF        320,028        USD        1,085        03/24/2021        7,010
Barclays Bank PLC        INR        147,822        USD        1,998        01/15/2021        (24,178 )
Barclays Bank PLC        TWD        50,038        USD        1,772        01/27/2021        (14,673 )
Barclays Bank PLC        MYR        3,772        USD        914        03/25/2021        (28,514 )
Barclays Bank PLC        USD        2,915        MYR        11,944        03/25/2021        68,665
Barclays Bank PLC        USD        1,979        PHP        95,529        01/14/2021        8,881
BNP Paribas SA        EUR        2,074        USD        2,535        03/17/2021        (2,487 )
Brown Brothers Harriman & Co.        THB        37,614        USD        1,212        01/07/2021        (43,479 )
Brown Brothers Harriman & Co.        HKD        13,487        USD        1,740        02/24/2021        (142 )
Brown Brothers Harriman & Co.        MXN        5,987        USD        301        02/25/2021        1,781
Brown Brothers Harriman & Co.        PLN        4,335        USD        1,178        03/24/2021        17,426
Brown Brothers Harriman & Co.        ZAR        2,741        USD        177        02/04/2021        (8,822 )
Brown Brothers Harriman & Co.        USD        907        ZAR        13,698        02/04/2021        21,033
Brown Brothers Harriman & Co.        USD        4,289        THB        133,793        01/07/2021        177,161
Citibank, NA        KRW        8,076,875        USD        7,100        01/14/2021        (323,726 )
Credit Suisse International        BRL        2,907        USD        559        01/05/2021        (269 )
Credit Suisse International        USD        539        BRL        2,907        01/05/2021        21,162
Deutsche Bank AG        PEN        5,343        USD        1,484        01/14/2021        8,404
Deutsche Bank AG        USD        5,756        INR        426,779        01/15/2021        81,473
Goldman Sachs Bank USA        TWD        230,166        USD        8,193        01/27/2021        (26,000 )
Goldman Sachs Bank USA        RUB        82,956        USD        1,077        01/22/2021        (42,339 )
Goldman Sachs Bank USA        BRL        961        USD        187        01/05/2021        2,425
Goldman Sachs Bank USA        USD        185        BRL        961        01/05/2021        89
Goldman Sachs Bank USA        USD        4,319        IDR        64,693,689        01/15/2021        327,125
HSBC Bank USA        PHP        50,156        USD        1,033        01/14/2021        (10,230 )
JPMorgan Chase Bank, NA        USD        519        IDR        7,711,856        01/15/2021        35,236
Morgan Stanley & Co. LLC        CLP        831,445        USD        1,099        01/14/2021        (70,760 )
Morgan Stanley & Co. LLC        MYR        6,445        USD        1,547        03/25/2021        (63,298 )
Morgan Stanley & Co. LLC        BRL        1,946        USD        371        01/05/2021        (3,770 )
Morgan Stanley & Co. LLC        CNH        1,785        USD        272        02/10/2021        (1,545 )
Morgan Stanley & Co. LLC        PEN        741        USD        205        01/14/2021        (226 )
Morgan Stanley & Co. LLC        USD        371        BRL        1,946        02/02/2021        3,800

 

17

Counterparty    Contracts to
Deliver
(000)		    In Exchange
For
(000)		    Settlement
Date		    Unrealized
Appreciation/
(Depreciation)
Morgan Stanley & Co. LLC        USD        374        BRL        1,946        01/05/2021      $ 180
Morgan Stanley & Co. LLC        USD        3,939        TRY        31,479        01/21/2021        273,600
Royal Bank of Scotland PLC        KRW        671,071        USD        591        01/14/2021        (26,283 )
Royal Bank of Scotland PLC        MXN        15,118        USD        758        02/25/2021        2,760
Standard Chartered Bank        IDR        65,965,245        USD        4,619        01/15/2021        (119,087 )
Standard Chartered Bank        KRW        2,008,655        USD        1,814        01/14/2021        (32,300 )
Standard Chartered Bank        INR        496,087        USD        6,661        01/15/2021        (124,470 )
Standard Chartered Bank        PHP        75,943        USD        1,573        01/14/2021        (7,223 )
Standard Chartered Bank        TWD        40,927        USD        1,450        01/27/2021        (11,693 )
Standard Chartered Bank        USD        2,912        PHP        141,632        01/14/2021        35,009
Standard Chartered Bank        USD        4,498        INR        332,628        01/15/2021        51,396
Standard Chartered Bank        USD        1,193        KRW        1,295,933        01/14/2021        (1,566 )
Standard Chartered Bank        USD        3,628        KRW        4,059,440        01/14/2021        103,296
Standard Chartered Bank        USD        736        IDR        10,434,678        01/15/2021        13,318
UBS AG        COP        4,073,409        USD        1,087        01/14/2021        (105,230 )
UBS AG        CZK        22,463        USD        1,048        03/24/2021        1,660
UBS AG        USD        531        RUB        39,189        01/22/2021        (2,085 )
UBS AG        USD        913        INR        68,672        01/15/2021        26,078
                             

 

 

  
                              $ 130,578
                             

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description    Fixed
Rate
(Pay)
Receive		   Payment
Frequency		    Implied
Credit
Spread at
December 31,
2020		   Notional
Amount
(000)		    Market
Value		    Upfront
Premiums
Paid
(Received)		    Unrealized
Appreciation/
(Depreciation)
Buy Contracts

 

CDX-EM Series 34, 5 Year Index, 12/20/2025*        (1.00 )%       Quarterly        1.50 %       USD        30,220      $ 716,046      $ 1,029,395      $ (313,349 )

 

*

Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

 

              Rate Type                                  
Notional
Amount (000)		      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		        Upfront
Premiums
Paid
(Received)		        Unrealized
Appreciation/
(Depreciation)		  
USD      6,000      10/02/2029      3 Month
LIBOR		      1.589%      Quarterly/
Semi-Annual		      $ 409,449        $             —        $ 409,449  

 

18

CREDIT DEFAULT SWAPS

 

Swap Counterparty &
Referenced Obligation		    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		      Implied
Credit
Spread at
December 31,
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        3.69 %    $ 56      $ (6,157 )    $ (13,770 )    $ 7,613  

 

*

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      LIBOR Plus 0.48 %      Maturity        USD        19,739        11/15/2021      $ 549,697  

VARIANCE SWAPS

 

Swap Counterparty &
Referenced Obligation		    Volatility
Strike
Rate		     Payment
Frequency		      Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
(Paid)
Received		      Unrealized
Appreciation/
(Depreciation)		  
Buy Contracts

 

Bank of America, NA

 

Euro STOXX 50 Price EUR Index 03/19/2021*

      24.00 %      Maturity        EUR        3      $ 2,563     $         —      $ 2,563  

FTSE 100 Index 03/19/2021*

      22.90       Maturity        GBP        4        9,831       —        9,831  
Goldman Sachs International

 

Euro STOXX 50 Price EUR Index 01/15/2021*

      27.30       Maturity        EUR        4        (41,554 )      —        (41,554 ) 

S&P/ASX 200 Index 01/21/2021*

      24.20       Maturity        AUD        9        (48,041 )      —        (48,041 ) 
JPMorgan Chase Bank, NA

 

Hang Seng China Enterprises Index 03/30/2021*

      24.69       Maturity        HKD        40        (23,173 )      —        (23,173 ) 

Hang Seng China Enterprises Index 03/30/2021*

      26.58       Maturity        HKD        134        (101,048 )      —        (101,048 ) 

Nikkei 225 Index 02/12/2021*

      23.79       Maturity        JPY        451        (18,549 )      —        (18,549 ) 
UBS AG

 

Hang Seng China Enterprises Index 06/29/2021*

      24.50       Maturity        HKD        137        (9,131 )      —        (9,131 ) 

S&P/ASX 200 Index 03/18/2021*

      21.06       Maturity        AUD        5        4,167       —        4,167  
Sale Contracts

 

Bank of America, NA

 

Euro STOXX 50 Price EUR Index 01/15/2021*

      22.55       Maturity        EUR        3        21,139       —        21,139  

 

19

Swap Counterparty &
Referenced Obligation		    Volatility
Strike
Rate		     Payment
Frequency		      Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
(Paid)
Received		      Unrealized
Appreciation/
(Depreciation)		  
Goldman Sachs International

 

Nikkei 225 Index 02/12/2021*

      21.11 %      Maturity        JPY        398      $ 7,456     $         —      $ 7,456  
JPMorgan Securities, LLC

 

Hang Seng China Enterprises Index 01/28/2021*

      20.20       Maturity        HKD        20        83       —        83  
UBS AG

 

Hang Seng China Enterprises Index 03/30/2021*

      22.85       Maturity           110        28,430       —        28,430  

S&P/ASX 200 Index 01/21/2021*

      19.11       Maturity        AUD        7        16,888       —        16,888  
             

 

 

    

 

 

     

 

 

  
              $ (150,939 )    $ —      $ (150,939 ) 
             

 

 

    

 

 

     

 

 

  

 

*

Termination date

**

Notional amount less than $500.

 

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(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 December 31, 2020, the aggregate market value of these securities amounted to $53,137,104 or 28.2% of net assets.

(d)

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

(e)

Defaulted.

(f)

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

(g)

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 December 31, 2020.

(h)

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.00% of net assets as of December 31, 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%, 01/15/2021		      01/14/2019      $ 11,893      $ 4,337        0.00 % 
Tonon Luxembourg SA
6.50%, 10/31/2024		      05/03/2019        198,834        3,158        0.00 % 
Virgolino de Oliveira Finance SA
11.75%, 02/09/2022		      07/12/2013        172,629        1,010        0.00 % 

 

(i)

Fair valued by the Adviser.

(j)

Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(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)

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

(m)

Affiliated investments.

(n)

As of December 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $34,032,687 and gross unrealized depreciation of investments was $(6,410,849), resulting in net unrealized appreciation of $27,621,838.

 

20

Currency Abbreviations:

ARS – Argentine Peso

AUD – Australian Dollar

BRL – Brazilian Real

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

EGP – Egyptian Pound

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

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

ASX – Australian Stock Exchange

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 Rate

MSCI – Morgan Stanley Capital International

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

 

21

COUNTRY BREAKDOWN1

December 31, 2020 (unaudited)

 

    21.7 %    China
      9.7 %    South Korea
      9.3 %    Taiwan
      4.3 %    Russia
      4.1 %    India
      2.9 %    Indonesia
      2.8 %    Mexico
      2.7 %    United States
      2.6 %    Brazil
      2.0 %    South Africa
      1.6 %    Ukraine
      1.6 %    Peru
      1.6 %    Chile
    26.9 %    Other
      6.2 %    Short-Term

 

 

    
  100.0 %    Total Investments

 

 

    

 

1

All data are as of December 31, 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 1.4% 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, Qatar, Romania, Saudi Arabia, Senegal, Sri Lanka, Thailand, Trinidad & Tobago, Turkey, United Arab Emirates, Uruguay, Venezuela, Vietnam, Virgin Islands (BVI) and Zambia.

 

22

AB Emerging Markets Multi-Asset Portfolio

December 31, 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.

 

23

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2020:

 

Investments in Securities

    Level 1      Level 2     Level 3      Total  
Assets:           
Common Stocks:           

Information Technology

    $ 1,325,889      $ 23,724,952     $ -0-      $ 25,050,841  

Financials

      2,366,262        20,134,549       -0-        22,500,811  

Consumer Discretionary

      3,204,963        15,038,370       -0-        18,243,333  

Materials

      365,869        9,784,364       -0-        10,150,233  

Communication Services

      1,795,673        5,950,058       -0-        7,745,731  

Energy

      3,292,353        1,974,118       -0-        5,266,471  

Industrials

      898,029        3,476,947       283,543        4,658,519  

Utilities

      -0-        3,248,883       -0-        3,248,883  

Consumer Staples

      636,133        1,898,641       -0-        2,534,774  

Health Care

      -0-        1,461,384       -0-        1,461,384  

Real Estate

      121,606        1,246,007       -0-        1,367,613  
Fixed Income Securities:           

Sovereign Bonds

      -0-        39,837,157       -0-        39,837,157  

Corporate Bonds

      -0-        12,431,825       3,158        12,434,983  

Quasi-Sovereign Bonds

      -0-        11,699,212       -0-        11,699,212  

Treasury Bonds

      -0-        4,871,895       -0-        4,871,895  

Regional Bonds

      -0-        45,605       -0-        45,605  

Emerging Markets - Treasuries

      -0-        168       -0-        168  
Equity Linked Notes      -0-        1,037,804       -0-        1,037,804  
Investment Companies      -0-        186,442       -0-        186,442  
Short-Term Investments:           

Investment Companies

      10,034,660        -0-       -0-        10,034,660  

Time Deposits

      -0-        1,057,836       -0-        1,057,836  

Treasury Bill

      -0-        357,535       -0-        357,535  
Investments of Cash Collateral for           

Securities Loaned in Affiliated

           

Money Market Fund

      243,322        -0-       -0-        243,322  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities      24,284,759        159,463,752       286,701        184,035,212  
Other Financial Instruments*:           
Assets           
Futures      719,037        96,189       -0-        815,226  
Forward Currency Exchange Contracts      -0-        1,288,968       -0-        1,288,968  
Centrally Cleared Credit Default Swaps      -0-        716,046       -0-        716,046  
Centrally Cleared Interest Rate Swaps      -0-        409,449       -0-        409,449  
Total Return Swaps      -0-        549,697       -0-        549,697  
Variance Swaps      -0-        90,557       -0-        90,557  
Liabilities           
Forward Currency Exchange Contracts      -0-        (1,158,390 )      -0-        (1,158,390 ) 
Credit Default Swaps      -0-        (6,157 )      -0-        (6,157 ) 
Variance Swaps      -0-        (241,496 )      -0-        (241,496 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $     25,003,796      $     161,208,615     $     286,701      $     186,499,112  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

*

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

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2020 is as follows:

 

Fund   

Market Value
3/31/20

(000)

      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
12/31/20
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $   14,137      $ 70,810      $ 74,912      $ 10,035      $ 12  
Government Money Market Portfolio*      326        11,323        11,406        243        1  
Total                               $   10,278      $   13  

 

*

Investment of cash collateral for securities lending transactions.

 

24