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

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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.

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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

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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.

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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.

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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.

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