AB Emerging Markets Multi-Asset Portfolio
Portfolio of Investments
June 30, 2021 (unaudited)
| Company | Shares | U.S. $ Value | ||||||||||
| COMMON STOCKS – 55.9% |
||||||||||||
| Information Technology – 13.2% |
||||||||||||
| Electronic Equipment, Instruments & Components – 2.1% |
||||||||||||
| Hon Hai Precision Industry Co., Ltd. |
747,000 | $ | 2,999,210 | |||||||||
| Kingboard Holdings Ltd. |
19,000 | 105,342 | ||||||||||
| Sinbon Electronics Co., Ltd. |
49,000 | 481,462 | ||||||||||
| Synnex Technology International Corp. |
65,000 | 118,715 | ||||||||||
| WPG Holdings Ltd. |
66,000 | 121,066 | ||||||||||
| Zhen Ding Technology Holding Ltd. |
92,000 | 346,686 | ||||||||||
|
|
|
|||||||||||
| 4,172,481 | ||||||||||||
|
|
|
|||||||||||
| IT Services – 1.0% |
||||||||||||
| GDS Holdings Ltd. (ADR)(a) (b) |
12,360 | 970,137 | ||||||||||
| Infosys Ltd. (Sponsored ADR) |
26,770 | 567,256 | ||||||||||
| Network International Holdings PLC(b) (c) |
72,705 | 368,363 | ||||||||||
|
|
|
|||||||||||
| 1,905,756 | ||||||||||||
|
|
|
|||||||||||
| Semiconductors & Semiconductor Equipment – 6.8% |
||||||||||||
| ASE Technology Holding Co., Ltd. |
15,000 | 60,184 | ||||||||||
| Daqo New Energy Corp. (ADR)(b) |
1,803 | 117,231 | ||||||||||
| MediaTek, Inc. |
64,000 | 2,207,119 | ||||||||||
| Novatek Microelectronics Corp. |
72,000 | 1,286,861 | ||||||||||
| Parade Technologies Ltd. |
3,000 | 148,878 | ||||||||||
| Phison Electronics Corp. |
5,000 | 85,995 | ||||||||||
| SK Hynix, Inc. |
16,280 | 1,837,501 | ||||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. |
234,000 | 5,039,900 | ||||||||||
| United Microelectronics Corp. |
1,367,000 | 2,592,246 | ||||||||||
|
|
|
|||||||||||
| 13,375,915 | ||||||||||||
|
|
|
|||||||||||
| Technology Hardware, Storage & Peripherals – 3.3% |
||||||||||||
| Acer, Inc. |
78,000 | 81,976 | ||||||||||
| Asustek Computer, Inc.(b) |
9,000 | 120,006 | ||||||||||
| Compal Electronics, Inc. |
116,000 | 93,040 | ||||||||||
| Lenovo Group Ltd. |
102,000 | 117,137 | ||||||||||
| Lite-On Technology Corp. |
50,000 | 103,294 | ||||||||||
| Micro-Star International Co., Ltd. |
19,000 | 107,336 | ||||||||||
| Quanta Computer, Inc. |
32,000 | 100,436 | ||||||||||
| Samsung Electronics Co., Ltd. |
64,281 | 4,601,630 | ||||||||||
| Samsung Electronics Co., Ltd. (Preference Shares) |
20,050 | 1,312,274 | ||||||||||
|
|
|
|||||||||||
| 6,637,129 | ||||||||||||
|
|
|
|||||||||||
| 26,091,281 | ||||||||||||
|
|
|
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| Financials – 13.1% |
||||||||||||
| Banks – 9.4% |
||||||||||||
| Agricultural Bank of China Ltd. - Class H |
9,966,000 | 3,458,252 | ||||||||||
| Bank of Beijing Co., Ltd. - Class A |
153,500 | 115,571 | ||||||||||
| Bank of China Ltd. - Class H |
1,242,000 | 445,956 | ||||||||||
| Bank of Communications Co., Ltd. - Class A |
86,600 | 65,597 | ||||||||||
| Bank of Communications Co., Ltd. - Class H |
1,033,000 | 693,895 | ||||||||||
| China CITIC Bank Corp., Ltd. - Class H |
2,055,000 | 972,958 | ||||||||||
| China Construction Bank Corp. - Class H |
964,000 | 756,454 | ||||||||||
| China Everbright Bank Co., Ltd. - Class H |
283,000 | 115,534 | ||||||||||
| China Merchants Bank Co., Ltd. - Class H |
15,000 | 127,773 | ||||||||||
| China Minsheng Banking Corp., Ltd. - Class A |
133,700 | 91,132 | ||||||||||
| Commercial Bank PSQC |
59,039 | 85,453 | ||||||||||
1
| Company | Shares | U.S. $ Value | ||||||||||
| Grupo Elektra SAB de CV |
1,457 | $ | 117,940 | |||||||||
| Grupo Financiero Banorte SAB de CV - Class O |
33,236 | 214,015 | ||||||||||
| Habib Bank Ltd. |
81,241 | 62,941 | ||||||||||
| Halyk Savings Bank of Kazakhstan JSC (GDR)(c) |
23,000 | 356,500 | ||||||||||
| Hana Financial Group, Inc. |
76,688 | 3,142,782 | ||||||||||
| HDFC Bank Ltd. |
47,547 | 960,348 | ||||||||||
| Industrial Bank Co., Ltd. - Class A |
465,960 | 1,479,891 | ||||||||||
| Itau Unibanco Holding SA |
13,400 | 72,041 | ||||||||||
| Kasikornbank PCL (Foreign Shares) |
36,200 | 133,844 | ||||||||||
| KB Financial Group, Inc. |
21,876 | 1,085,707 | ||||||||||
| Malayan Banking Bhd |
60,700 | 118,578 | ||||||||||
| Masraf Al Rayan |
12,134 | 14,860 | ||||||||||
| MCB Bank Ltd. |
25,483 | 26,057 | ||||||||||
| Metropolitan Bank & Trust Co. |
678,620 | 677,021 | ||||||||||
| Sberbank of Russia PJSC (Sponsored ADR) |
113,887 | 1,899,806 | ||||||||||
| Shanghai Pudong Development Bank Co., Ltd. - Class A |
44,300 | 68,450 | ||||||||||
| SinoPac Financial Holdings Co., Ltd.(b) |
29,000 | 14,305 | ||||||||||
| State Bank of India |
46,392 | 262,280 | ||||||||||
| TCS Group Holding PLC (GDR)(c) |
12,277 | 1,074,771 | ||||||||||
|
|
|
|||||||||||
| 18,710,712 | ||||||||||||
|
|
|
|||||||||||
| Capital Markets – 0.3% |
||||||||||||
| China Cinda Asset Management Co., Ltd. - Class H |
579,000 | 110,308 | ||||||||||
| Korea Investment Holdings Co., Ltd. |
1,243 | 113,718 | ||||||||||
| Meritz Securities Co., Ltd. |
27,147 | 114,190 | ||||||||||
| NH Investment & Securities Co., Ltd. |
10,411 | 119,245 | ||||||||||
| Samsung Securities Co., Ltd. |
880 | 35,108 | ||||||||||
| Up Fintech Holding Ltd. (ADR)(b) |
4,211 | 122,035 | ||||||||||
|
|
|
|||||||||||
| 614,604 | ||||||||||||
|
|
|
|||||||||||
| Consumer Finance – 0.1% |
||||||||||||
| 360 DigiTech, Inc. (ADR)(b) |
2,859 | 119,621 | ||||||||||
|
|
|
|||||||||||
| Diversified Financial Services – 1.1% |
||||||||||||
| Far East Horizon Ltd.(a) |
111,000 | 116,147 | ||||||||||
| Fubon Financial Holding Co., Ltd. |
496,000 | 1,314,932 | ||||||||||
| Haci Omer Sabanci Holding AS |
448,359 | 457,762 | ||||||||||
| REC Ltd. |
64,313 | 128,983 | ||||||||||
| Yuanta Financial Holding Co., Ltd. |
126,000 | 121,325 | ||||||||||
|
|
|
|||||||||||
| 2,139,149 | ||||||||||||
|
|
|
|||||||||||
| Insurance – 1.7% |
||||||||||||
| AIA Group Ltd. |
77,600 | 962,673 | ||||||||||
| Bupa Arabia for Cooperative Insurance Co. |
3,478 | 115,173 | ||||||||||
| Cathay Financial Holding Co., Ltd. |
211,000 | 407,956 | ||||||||||
| Co. for Cooperative Insurance (The) |
5,328 | 117,624 | ||||||||||
| PICC Property & Casualty Co., Ltd. - Class H |
1,312,000 | 1,147,641 | ||||||||||
| Ping An Insurance Group Co. of China Ltd. - Class H |
57,500 | 562,085 | ||||||||||
| Powszechny Zaklad Ubezpieczen SA(b) |
11,707 | 112,735 | ||||||||||
|
|
|
|||||||||||
| 3,425,887 | ||||||||||||
|
|
|
|||||||||||
| Thrifts & Mortgage Finance – 0.5% |
||||||||||||
| Housing Development Finance Corp., Ltd. |
28,076 | 937,912 | ||||||||||
|
|
|
|||||||||||
| 25,947,885 | ||||||||||||
|
|
|
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2
| Company | Shares | U.S. $ Value | ||||||||||
| Consumer Discretionary – 7.8% |
||||||||||||
| Auto Components – 0.5% |
||||||||||||
| Fuyao Glass Industry Group Co., Ltd. - Class H(c) |
16,800 | $ | 118,271 | |||||||||
| Hankook Tire & Technology Co., Ltd. |
2,473 | 113,472 | ||||||||||
| Hyundai Mobis Co., Ltd. |
2,810 | 728,721 | ||||||||||
|
|
|
|||||||||||
| 960,464 | ||||||||||||
|
|
|
|||||||||||
| Automobiles – 2.4% |
||||||||||||
| Dongfeng Motor Group Co., Ltd. - Class H |
248,000 | 222,613 | ||||||||||
| Ford Otomotiv Sanayi AS |
19,392 | 378,317 | ||||||||||
| Great Wall Motor Co., Ltd. - Class H |
36,500 | 117,622 | ||||||||||
| Guangzhou Automobile Group Co., Ltd. - Class H |
344,000 | 308,760 | ||||||||||
| Kia Corp. |
31,909 | 2,542,920 | ||||||||||
| NIO, Inc. (ADR)(b) |
2,414 | 128,425 | ||||||||||
| SAIC Motor Corp., Ltd. - Class A(b) |
252,000 | 855,364 | ||||||||||
| XPeng, Inc. (ADR)(b) |
1,753 | 77,868 | ||||||||||
| Yadea Group Holdings Ltd.(c) |
56,928 | 122,275 | ||||||||||
|
|
|
|||||||||||
| 4,754,164 | ||||||||||||
|
|
|
|||||||||||
| Hotels, Restaurants & Leisure – 1.2% |
||||||||||||
| Despegar.com Corp.(b) |
34,080 | 450,197 | ||||||||||
| OPAP SA |
113,030 | 1,704,743 | ||||||||||
| Shenzhen Overseas Chinese Town Co., Ltd. - Class A |
71,100 | 81,786 | ||||||||||
| Yum China Holdings, Inc. |
1,815 | 120,244 | ||||||||||
|
|
|
|||||||||||
| 2,356,970 | ||||||||||||
|
|
|
|||||||||||
| Internet & Direct Marketing Retail – 2.7% |
||||||||||||
| Alibaba Group Holding Ltd.(b) |
92,720 | 2,628,967 | ||||||||||
| HengTen Networks Group Ltd.(b) |
132,000 | 105,481 | ||||||||||
| JD.com, Inc. - Class A(b) |
53,870 | 2,145,269 | ||||||||||
| Meituan - Class B(b) (c) |
10,900 | 449,638 | ||||||||||
| Naspers Ltd. - Class N |
59 | 12,440 | ||||||||||
| Trip.com Group Ltd. (ADR)(b) |
2,037 | 72,232 | ||||||||||
|
|
|
|||||||||||
| 5,414,027 | ||||||||||||
|
|
|
|||||||||||
| Specialty Retail – 0.1% |
||||||||||||
| Abu Dhabi National Oil Co. Fo |
80,125 | 94,453 | ||||||||||
| Jarir Marketing Co. |
787 | 44,317 | ||||||||||
| Mr Price Group Ltd. |
8,286 | 122,155 | ||||||||||
|
|
|
|||||||||||
| 260,925 | ||||||||||||
|
|
|
|||||||||||
| Textiles, Apparel & Luxury Goods – 0.9% |
||||||||||||
| ANTA Sports Products Ltd. |
13,000 | 305,119 | ||||||||||
| Li Ning Co., Ltd. |
30,500 | 372,048 | ||||||||||
| Zhejiang Semir Garment Co., Ltd. - Class A |
542,100 | 1,001,562 | ||||||||||
|
|
|
|||||||||||
| 1,678,729 | ||||||||||||
|
|
|
|||||||||||
| 15,425,279 | ||||||||||||
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|
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3
| Company | Shares | U.S. $ Value | ||||||||||
| Materials – 6.3% |
||||||||||||
| Chemicals – 0.7% |
||||||||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. - Class A |
128,400 | $ | 101,016 | |||||||||
| Kumho Petrochemical Co., Ltd. |
491 | 95,665 | ||||||||||
| Orbia Advance Corp. SAB de CV |
88,088 | 230,273 | ||||||||||
| Petronas Chemicals Group Bhd |
22,300 | 43,324 | ||||||||||
| PhosAgro PJSC (GDR)(c) |
5,685 | 115,065 | ||||||||||
| Saudi Basic Industries Corp. |
1,095 | 35,598 | ||||||||||
| Tosoh Corp. |
50,500 | 870,762 | ||||||||||
|
|
|
|||||||||||
| 1,491,703 | ||||||||||||
|
|
|
|||||||||||
| Construction Materials – 0.3% |
||||||||||||
| Asia Cement Corp. |
65,000 | 118,270 | ||||||||||
| China National Building Material Co., Ltd. - Class H |
72,000 | 84,545 | ||||||||||
| Taiwan Cement Corp. |
176,610 | 323,255 | ||||||||||
|
|
|
|||||||||||
| 526,070 | ||||||||||||
|
|
|
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| Metals & Mining – 5.3% |
||||||||||||
| China Hongqiao Group Ltd. |
670,096 | 907,378 | ||||||||||
| Cia Siderurgica Nacional SA |
14,600 | 129,127 | ||||||||||
| CSN Mineracao SA |
175,800 | 323,762 | ||||||||||
| Eregli Demir ve Celik Fabrikalari TAS |
57,076 | 118,099 | ||||||||||
| Fortescue Metals Group Ltd. |
48,250 | 842,876 | ||||||||||
| Gerdau SA |
10,900 | 55,729 | ||||||||||
| Hindalco Industries Ltd. |
448,873 | 2,253,210 | ||||||||||
| Hindustan Zinc Ltd. |
26,835 | 122,683 | ||||||||||
| Hunan Valin Steel Co., Ltd. - Class A |
88,200 | 89,948 | ||||||||||
| Jiangxi Copper Co., Ltd. - Class H |
675,000 | 1,378,475 | ||||||||||
| JSW Steel Ltd. |
12,725 | 117,583 | ||||||||||
| Kumba Iron Ore Ltd. |
2,537 | 113,370 | ||||||||||
| MMC Norilsk Nickel PJSC (ADR) |
7,167 | 243,105 | ||||||||||
| NMDC Ltd. |
48,589 | 120,789 | ||||||||||
| Polyus PJSC |
275 | 26,606 | ||||||||||
| Polyus PJSC (GDR)(c) |
78 | 7,555 | ||||||||||
| POSCO |
5,010 | 1,548,339 | ||||||||||
| Southern Copper Corp. |
1,851 | 119,056 | ||||||||||
| Steel Authority of India Ltd. |
66,427 | 117,025 | ||||||||||
| Tata Steel Ltd. |
99,857 | 1,571,182 | ||||||||||
| Vale SA |
5,300 | 120,677 | ||||||||||
| Vedanta Ltd. |
33,046 | 117,125 | ||||||||||
| Zijin Mining Group Co., Ltd. - Class H |
60,000 | 80,513 | ||||||||||
|
|
|
|||||||||||
| 10,524,212 | ||||||||||||
|
|
|
|||||||||||
| 12,541,985 | ||||||||||||
|
|
|
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| Communication Services – 4.0% |
||||||||||||
| Diversified Telecommunication Services – 0.2% |
||||||||||||
| Emirates Telecommunications Group Co. PJSC |
19,732 | 118,183 | ||||||||||
| KT Corp. |
4,560 | 128,695 | ||||||||||
| MultiChoice Group |
14,535 | 119,435 | ||||||||||
| Telekom Malaysia Bhd |
53,500 | 78,254 | ||||||||||
| Tower Bersama Infrastructure Tbk PT |
547,000 | 121,226 | ||||||||||
|
|
|
|||||||||||
| 565,793 | ||||||||||||
|
|
|
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4
| Company | Shares | U.S. $ Value | ||||||||||
| Entertainment – 0.1% |
||||||||||||
| Bilibili, Inc. (Sponsored ADR)(b) |
557 | $ | 67,865 | |||||||||
| NetEase, Inc. (ADR) |
1,500 | 172,875 | ||||||||||
|
|
|
|||||||||||
| 240,740 | ||||||||||||
|
|
|
|||||||||||
| Interactive Media & Services – 3.5% |
||||||||||||
| NAVER Corp. |
5,360 | 1,988,928 | ||||||||||
| Tencent Holdings Ltd. |
65,100 | 4,901,542 | ||||||||||
| Weibo Corp. (Sponsored ADR)(b) |
1,233 | 64,881 | ||||||||||
|
|
|
|||||||||||
| 6,955,351 | ||||||||||||
|
|
|
|||||||||||
| Media – 0.1% |
||||||||||||
| Cheil Worldwide, Inc. |
5,860 | 130,798 | ||||||||||
|
|
|
|||||||||||
| Wireless Telecommunication Services – 0.1% |
||||||||||||
| Globe Telecom, Inc. |
1,560 | 58,802 | ||||||||||
| PLDT, Inc. |
1,655 | 43,748 | ||||||||||
| Vodacom Group Ltd. |
1,336 | 12,047 | ||||||||||
|
|
|
|||||||||||
| 114,597 | ||||||||||||
|
|
|
|||||||||||
| 8,007,279 | ||||||||||||
|
|
|
|||||||||||
| Industrials – 3.2% |
||||||||||||
| Aerospace & Defense – 0.1% |
||||||||||||
| Bharat Electronics Ltd. |
50,924 | 122,244 | ||||||||||
|
|
|
|||||||||||
| Commercial Services & Supplies – 0.8% |
||||||||||||
| A-Living Smart City Services Co., Ltd. - Class H(a) (c) |
262,750 | 1,304,169 | ||||||||||
| Sunny Friend Environmental Technology Co., Ltd. |
52,000 | 391,923 | ||||||||||
|
|
|
|||||||||||
| 1,696,092 | ||||||||||||
|
|
|
|||||||||||
| Construction & Engineering – 0.2% |
||||||||||||
| China Communications Services Corp., Ltd. - Class H |
338,000 | 168,784 | ||||||||||
| China Railway Group Ltd. - Class H |
422,000 | 219,978 | ||||||||||
| Sinopec Engineering Group Co., Ltd. - Class H |
28,000 | 18,123 | ||||||||||
|
|
|
|||||||||||
| 406,885 | ||||||||||||
|
|
|
|||||||||||
| Electrical Equipment – 0.0% |
||||||||||||
| ElSewedy Electric Co. |
74,666 | 40,326 | ||||||||||
|
|
|
|||||||||||
| Industrial Conglomerates – 0.4% |
||||||||||||
| CITIC Ltd. |
116,000 | 124,908 | ||||||||||
| Industries Qatar QSC |
33,121 | 120,636 | ||||||||||
| Refrigeration Electrical Engineering Corp.(b) |
107,680 | 270,044 | ||||||||||
| Siemens Ltd. |
4,399 | 119,810 | ||||||||||
| Sime Darby Bhd |
232,100 | 121,878 | ||||||||||
|
|
|
|||||||||||
| 757,276 | ||||||||||||
|
|
|
|||||||||||
| Machinery – 0.4% |
||||||||||||
| China Yuchai International Ltd. |
23,050 | 369,722 | ||||||||||
| Zoomlion Heavy Industry Science and Technology Co., Ltd. - Class H |
485,400 | 508,077 | ||||||||||
|
|
|
|||||||||||
| 877,799 | ||||||||||||
|
|
|
|||||||||||
5
| Company | Shares | U.S. $ Value | ||||||||||
| Marine – 0.3% |
||||||||||||
| COSCO SHIPPING Holdings Co., Ltd. - Class H(b) |
47,000 | $ | 118,105 | |||||||||
| Evergreen Marine Corp. Taiwan Ltd.(b) |
60,000 | 423,808 | ||||||||||
|
|
|
|||||||||||
| 541,913 | ||||||||||||
|
|
|
|||||||||||
| Professional Services – 0.6% |
||||||||||||
| HeadHunter Group PLC (ADR) |
29,890 | 1,266,397 | ||||||||||
|
|
|
|||||||||||
| Road & Rail – 0.1% |
||||||||||||
| Daqin Railway Co., Ltd. - Class A |
108,200 | 110,066 | ||||||||||
|
|
|
|||||||||||
| Trading Companies & Distributors – 0.1% |
||||||||||||
| Xiamen C & D, Inc.(b) |
86,500 | 108,304 | ||||||||||
|
|
|
|||||||||||
| Transportation Infrastructure – 0.2% |
||||||||||||
| China Merchants Port Holdings Co., Ltd. |
82,000 | 119,757 | ||||||||||
| International Container Terminal Services, Inc. |
35,920 | 120,457 | ||||||||||
| Zhejiang Expressway Co., Ltd. - Class H |
136,000 | 121,036 | ||||||||||
|
|
|
|||||||||||
| 361,250 | ||||||||||||
|
|
|
|||||||||||
| 6,288,552 | ||||||||||||
|
|
|
|||||||||||
| Energy – 3.1% |
||||||||||||
| Oil, Gas & Consumable Fuels – 3.1% |
||||||||||||
| Bharat Petroleum Corp., Ltd. |
6,776 | 42,754 | ||||||||||
| China Shenhua Energy Co., Ltd. - Class A(b) |
37,600 | 113,385 | ||||||||||
| China Shenhua Energy Co., Ltd. - Class H |
57,500 | 112,631 | ||||||||||
| Coal India Ltd. |
64,308 | 127,009 | ||||||||||
| Exxaro Resources Ltd. |
9,527 | 112,363 | ||||||||||
| GS Holdings Corp. |
2,862 | 117,673 | ||||||||||
| Hindustan Petroleum Corp., Ltd. |
29,766 | 117,559 | ||||||||||
| Indian Oil Corp. Ltd. |
79,819 | 116,048 | ||||||||||
| LUKOIL PJSC (Sponsored ADR) |
30,250 | 2,782,908 | ||||||||||
| PetroChina Co., Ltd. - Class H |
1,832,000 | 897,148 | ||||||||||
| Petroleo Brasileiro SA |
11,600 | 70,643 | ||||||||||
| Petroleo Brasileiro SA (ADR) |
32,910 | 402,489 | ||||||||||
| Petroleo Brasileiro SA (Preference Shares) |
110,300 | 652,646 | ||||||||||
| Polskie Gornictwo Naftowe i Gazownictwo SA |
64,089 | 112,142 | ||||||||||
| Saudi Arabian Oil Co.(c) |
12,743 | 119,255 | ||||||||||
| Yanzhou Coal Mining Co., Ltd. |
37,300 | 88,520 | ||||||||||
| Yanzhou Coal Mining Co., Ltd. - Class H |
90,000 | 120,860 | ||||||||||
|
|
|
|||||||||||
| 6,106,033 | ||||||||||||
|
|
|
|||||||||||
| Utilities – 1.6% |
||||||||||||
| Electric Utilities – 0.6% |
||||||||||||
| Centrais Eletricas Brasileiras SA |
5,000 | 43,397 | ||||||||||
| CEZ AS |
4,000 | 118,620 | ||||||||||
| Cia Energetica de Minas Gerais (Preference Shares) |
47,000 | 114,623 | ||||||||||
| CPFL Energia SA |
21,600 | 116,864 | ||||||||||
| Equatorial Energia SA |
165,800 | 826,700 | ||||||||||
| Manila Electric Co. |
2,790 | 15,842 | ||||||||||
|
|
|
|||||||||||
| 1,236,046 | ||||||||||||
|
|
|
|||||||||||
| Gas Utilities – 1.0% |
||||||||||||
| GAIL India Ltd. |
952,933 | 1,921,859 | ||||||||||
| Petronas Gas Bhd |
18,300 | 68,325 | ||||||||||
|
|
|
|||||||||||
| 1,990,184 | ||||||||||||
|
|
|
|||||||||||
6
| Company | Shares | U.S. $ Value | ||||||||||
| Independent Power and Renewable Electricity Producers – 0.0% |
||||||||||||
| NTPC Ltd. |
17,371 | $ | 27,239 | |||||||||
|
|
|
|||||||||||
| 3,253,469 | ||||||||||||
|
|
|
|||||||||||
| Real Estate – 1.3% |
||||||||||||
| Equity Real Estate Investment Trusts (REITs) – 0.7% |
||||||||||||
| Fibra Uno Administracion SA de CV |
1,203,550 | 1,298,100 | ||||||||||
|
|
|
|||||||||||
| Real Estate Management & Development – 0.6% |
||||||||||||
| Agile Group Holdings Ltd. |
90,000 | 116,634 | ||||||||||
| Aldar Properties PJSC |
114,970 | 119,611 | ||||||||||
| China Fortune Land Development Co., Ltd. |
110,296 | 89,280 | ||||||||||
| Country Garden Services Holdings Co., Ltd. |
23,000 | 248,170 | ||||||||||
| Guangzhou R&F Properties Co., Ltd. - Class H(a) |
29,600 | 33,805 | ||||||||||
| Hopson Development Holdings Ltd. |
26,400 | 120,991 | ||||||||||
| Logan Group Co. Ltd. |
28,000 | 41,883 | ||||||||||
| Vincom Retail JSC(b) |
308,840 | 426,122 | ||||||||||
|
|
|
|||||||||||
| 1,196,496 | ||||||||||||
|
|
|
|||||||||||
| 2,494,596 | ||||||||||||
|
|
|
|||||||||||
| Health Care – 1.2% |
||||||||||||
| Biotechnology – 0.0% |
||||||||||||
| I-Mab (Sponsored ADR)(b) |
746 | 62,627 | ||||||||||
|
|
|
|||||||||||
| Health Care Providers & Services – 0.3% |
||||||||||||
| Sinopharm Group Co., Ltd. - Class H |
39,200 | 116,296 | ||||||||||
| Universal Vision Biotechnology Co., Ltd. |
42,000 | 520,038 | ||||||||||
|
|
|
|||||||||||
| 636,334 | ||||||||||||
|
|
|
|||||||||||
| Life Sciences Tools & Services – 0.1% |
||||||||||||
| Divi’s Laboratories Ltd.(b) |
2,051 | 121,618 | ||||||||||
| Pharmaron Beijing Co., Ltd.(c) |
793 | 21,114 | ||||||||||
|
|
|
|||||||||||
| 142,732 | ||||||||||||
|
|
|
|||||||||||
| Pharmaceuticals – 0.8% |
||||||||||||
| Cadila Healthcare Ltd.(b) |
6,295 | 54,674 | ||||||||||
| China Medical System Holdings Ltd. |
339,000 | 891,036 | ||||||||||
| CSPC Pharmaceutical Group Ltd. |
80,000 | 115,556 | ||||||||||
| Richter Gedeon Nyrt |
10,720 | 285,394 | ||||||||||
| Shanghai Fosun Pharmaceutical Group Co., Ltd. - Class H |
14,500 | 117,035 | ||||||||||
|
|
|
|||||||||||
| 1,463,695 | ||||||||||||
|
|
|
|||||||||||
| 2,305,388 | ||||||||||||
|
|
|
|||||||||||
| Consumer Staples – 1.1% |
||||||||||||
| Beverages – 0.6% |
||||||||||||
| Tsingtao Brewery Co., Ltd. - Class A(b) |
62,100 | 1,109,485 | ||||||||||
|
|
|
|||||||||||
| Food & Staples Retailing – 0.3% |
||||||||||||
| Atacadao SA |
36,600 | 154,530 | ||||||||||
| Magnit PJSC (Sponsored GDR)(c) |
8,086 | 117,287 | ||||||||||
| X5 Retail Group NV (GDR)(c) |
8,020 | 281,181 | ||||||||||
|
|
|
|||||||||||
| 552,998 | ||||||||||||
|
|
|
|||||||||||
7
| Company | Shares | U.S. $ Value | ||||||||||
| Food Products – 0.1% |
||||||||||||
| Henan Shuanghui Investment & Development Co., Ltd. - Class A |
4,400 | $ | 21,614 | |||||||||
| JBS SA |
20,000 | 117,013 | ||||||||||
| Tiger Brands Ltd. |
6,353 | 92,982 | ||||||||||
|
|
|
|||||||||||
| 231,609 | ||||||||||||
|
|
|
|||||||||||
| Personal Products – 0.1% |
||||||||||||
| Amorepacific Corp. |
531 | 118,800 | ||||||||||
| Colgate-Palmolive India Ltd. |
5,302 | 120,382 | ||||||||||
|
|
|
|||||||||||
| 239,182 | ||||||||||||
|
|
|
|||||||||||
| Tobacco – 0.0% |
||||||||||||
| Eastern Co. SAE |
72,399 | 54,639 | ||||||||||
| Hanjaya Mandala Sampoerna Tbk PT |
262,500 | 22,024 | ||||||||||
|
|
|
|||||||||||
| 76,663 | ||||||||||||
|
|
|
|||||||||||
| 2,209,937 | ||||||||||||
|
|
|
|||||||||||
| Total Common Stocks |
110,671,684 | |||||||||||
|
|
|
|||||||||||
| Principal Amount (000) |
||||||||||||
| FIXED INCOME – 34.3% |
||||||||||||
| Sovereign Bonds – 18.7% |
||||||||||||
| Angolan Government International Bond |
U.S.$ | 979 | 1,002,469 | |||||||||
| 9.375%, 05/08/2048(c) |
448 | 467,964 | ||||||||||
| Argentine Republic Government International Bond |
5,068 | 1,703,561 | ||||||||||
| 1.00%, 07/09/2029 |
236 | 89,432 | ||||||||||
| Bahamas Government International Bond |
319 | 359,473 | ||||||||||
| Bahrain Government International Bond |
200 | 201,975 | ||||||||||
| 6.00%, 09/19/2044(c) |
480 | 455,040 | ||||||||||
| 6.75%, 09/20/2029(c) |
244 | 267,531 | ||||||||||
| 7.00%, 10/12/2028(c) |
334 | 374,915 | ||||||||||
| Colombia Government International Bond |
315 | 307,676 | ||||||||||
| 3.25%, 04/22/2032 |
535 | 522,962 | ||||||||||
| 5.00%, 06/15/2045 |
302 | 320,177 | ||||||||||
| Dominican Republic International Bond |
100 | 109,988 | ||||||||||
| 5.875%, 01/30/2060(c) |
377 | 375,657 | ||||||||||
| 6.40%, 06/05/2049(c) |
364 | 391,823 | ||||||||||
| 6.50%, 02/15/2048(c) |
298 | 324,969 | ||||||||||
| Ecuador Government International Bond |
106 | 58,670 | ||||||||||
| 0.50%, 07/31/2030-07/31/2040(c) |
1,904 | 1,371,323 | ||||||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Egypt Government International Bond |
U.S.$ | 359 | $ | 352,605 | ||||||||
| 5.875%, 06/11/2025(c) |
313 | 334,186 | ||||||||||
| 7.50%, 02/16/2061(c) |
253 | 235,843 | ||||||||||
| 7.903%, 02/21/2048(c) |
300 | 296,212 | ||||||||||
| 8.15%, 11/20/2059(c) |
280 | 279,790 | ||||||||||
| 8.50%, 01/31/2047(c) |
305 | 317,638 | ||||||||||
| 8.875%, 05/29/2050(c) |
211 | 227,326 | ||||||||||
| El Salvador Government International Bond |
113 | 104,243 | ||||||||||
| 6.375%, 01/18/2027(c) |
294 | 265,335 | ||||||||||
| 7.125%, 01/20/2050(c) |
938 | 799,645 | ||||||||||
| 7.65%, 06/15/2035(c) |
57 | 52,013 | ||||||||||
| 7.75%, 01/24/2023(c) |
63 | 62,213 | ||||||||||
| 8.625%, 02/28/2029(c) |
200 | 195,500 | ||||||||||
| Gabon Government International Bond |
600 | 602,175 | ||||||||||
| Ghana Government International Bond |
243 | 248,088 | ||||||||||
| 7.875%, 03/26/2027-02/11/2035(c) |
936 | 941,150 | ||||||||||
| 8.125%, 03/26/2032(c) |
200 | 202,788 | ||||||||||
| 8.627%, 06/16/2049(c) |
432 | 415,206 | ||||||||||
| 8.95%, 03/26/2051(c) |
200 | 197,600 | ||||||||||
| Honduras Government International Bond |
290 | 310,717 | ||||||||||
| Indonesia Government International Bond |
200 | 206,975 | ||||||||||
| 4.125%, 01/15/2025(c) |
380 | 418,951 | ||||||||||
| Ivory Coast Government International Bond |
1,058 | 1,116,719 | ||||||||||
| 6.375%, 03/03/2028(c) |
295 | 324,279 | ||||||||||
| Jamaica Government International Bond |
200 | 233,975 | ||||||||||
| 8.00%, 03/15/2039 |
108 | 151,085 | ||||||||||
| Kenya Government International Bond |
346 | 388,558 | ||||||||||
| Lebanon Government International Bond |
36 | 4,484 | ||||||||||
| 6.65%, 04/22/2024(b) (c) (d) |
57 | 7,011 | ||||||||||
| 6.85%, 03/23/2027(b) (c) (d) |
481 | 59,313 | ||||||||||
| Series E 6.10%, 10/04/2022(b) (c) (d) |
216 | 26,906 | ||||||||||
| Series G 1.00%, 11/27/2026(b) (c) (d) |
170 | 20,910 | ||||||||||
| 6.20%, 02/26/2025(b) (c) (d) |
206 | 25,081 | ||||||||||
| Mexico Government International Bond |
140 | 155,033 | ||||||||||
| 5.00%, 04/27/2051 |
249 | 283,129 | ||||||||||
| Mongolia Government International Bond |
200 | 210,975 | ||||||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Nigeria Government International Bond |
U.S.$ | 272 | $ | 287,861 | ||||||||
| 7.625%, 11/28/2047(c) |
433 | 431,593 | ||||||||||
| 7.696%, 02/23/2038(c) |
240 | 245,895 | ||||||||||
| Oman Government International Bond |
205 | 214,712 | ||||||||||
| 5.625%, 01/17/2028(c) |
211 | 220,957 | ||||||||||
| 6.25%, 01/25/2031(c) |
282 | 301,652 | ||||||||||
| 6.50%, 03/08/2047(c) |
294 | 286,797 | ||||||||||
| 6.75%, 01/17/2048(c) |
616 | 612,266 | ||||||||||
| Pakistan Government International Bond |
325 | 336,842 | ||||||||||
| 7.375%, 04/08/2031(c) |
200 | 205,500 | ||||||||||
| Panama Government International Bond |
447 | 468,456 | ||||||||||
| 4.00%, 09/22/2024 |
200 | 218,162 | ||||||||||
| Paraguay Government International Bond |
208 | 238,914 | ||||||||||
| 5.40%, 03/30/2050(c) |
200 | 233,412 | ||||||||||
| Perusahaan Penerbit SBSN Indonesia III |
200 | 223,975 | ||||||||||
| Peruvian Government International Bond |
313 | 278,922 | ||||||||||
| 2.783%, 01/23/2031 |
566 | 575,834 | ||||||||||
| 3.23%, 07/28/2121 |
148 | 129,805 | ||||||||||
| Philippine Government International Bond |
281 | 281,263 | ||||||||||
| Qatar Government International Bond |
864 | 1,051,920 | ||||||||||
| 4.50%, 04/23/2028(c) |
300 | 354,300 | ||||||||||
| 5.103%, 04/23/2048(c) |
484 | 642,147 | ||||||||||
| Republic of South Africa Government International Bond |
995 | 944,504 | ||||||||||
| Russian Foreign Bond - Eurobond |
1,000 | 1,126,500 | ||||||||||
| 5.25%, 06/23/2047(c) |
600 | 754,612 | ||||||||||
| 5.625%, 04/04/2042(c) |
200 | 256,975 | ||||||||||
| 5.875%, 09/16/2043(c) |
200 | 266,475 | ||||||||||
| Saudi Government International Bond |
260 | 279,890 | ||||||||||
| 4.625%, 10/04/2047(c) |
310 | 370,837 | ||||||||||
| 5.25%, 01/16/2050(c) |
201 | 263,034 | ||||||||||
| Senegal Government International Bond |
EUR | 400 | 494,695 | |||||||||
| 6.75%, 03/13/2048(c) |
U.S$ | 200 | 201,413 | |||||||||
| Sri Lanka Government International Bond |
200 | 123,725 | ||||||||||
| 7.85%, 03/14/2029(c) |
240 | 151,845 | ||||||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| State Agency of Roads of Ukraine |
U.S.$ | 360 | $ | 359,100 | ||||||||
| Turkey Government International Bond |
574 | 564,493 | ||||||||||
| 4.875%, 04/16/2043 |
893 | 709,780 | ||||||||||
| 5.875%, 06/26/2031 |
200 | 194,438 | ||||||||||
| Ukraine Government International Bond |
EUR | 173 | 223,571 | |||||||||
| 6.876%, 05/21/2029(c) |
U.S.$ | 284 | 295,360 | |||||||||
| 7.253%, 03/15/2033(c) |
274 | 284,926 | ||||||||||
| 7.375%, 09/25/2032(c) |
230 | 241,399 | ||||||||||
| 7.75%, 09/01/2023-09/01/2026(c) |
1,167 | 1,271,156 | ||||||||||
| Series GDP |
||||||||||||
| 1.258%, 05/31/2040(c) |
308 | 364,171 | ||||||||||
| Uruguay Government International Bond |
269 | 312,835 | ||||||||||
| 4.975%, 04/20/2055 |
17 | 22,482 | ||||||||||
| 5.10%, 06/18/2050 |
49 | 64,121 | ||||||||||
| Venezuela Government International Bond |
265 | 26,781 | ||||||||||
| 12.75%, 08/23/2022(b) (c) (d) |
564 | 56,410 | ||||||||||
| Zambia Government International Bond |
273 | 170,762 | ||||||||||
|
|
|
|||||||||||
| Total Sovereign Bonds |
37,016,737 | |||||||||||
|
|
|
|||||||||||
| Corporate Bonds – 8.1% |
||||||||||||
| AES Gener SA |
200 | 211,938 | ||||||||||
| AES Panama Generation Holdings SRL |
315 | 327,663 | ||||||||||
| Banco de Credito del Peru |
93 | 92,037 | ||||||||||
| Bangkok Bank PCL/Hong Kong |
200 | 207,413 | ||||||||||
| Braskem Idesa SAPI |
219 | 232,044 | ||||||||||
| Braskem Netherlands Finance BV |
200 | 210,601 | ||||||||||
| BRF SA |
200 | 205,100 | ||||||||||
| Cemex SAB de CV |
308 | 311,542 | ||||||||||
| 5.125%, 06/08/2026(c) (e) |
251 | 258,605 | ||||||||||
| 7.375%, 06/05/2027(c) |
200 | 225,010 | ||||||||||
| Cemig Geracao e Transmissao SA |
200 | 230,100 | ||||||||||
| Central American Bottling Corp. |
135 | 140,468 | ||||||||||
| Chile Electricity Pec SpA |
446 | 361,344 | ||||||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Colbun SA |
U.S.$ | 263 | $ | 287,377 | ||||||||
| CSN Resources SA |
287 | 291,885 | ||||||||||
| Digicel Group Holdings Ltd. |
16 | 12,610 | ||||||||||
| 8.00% (5.00% Cash and 3.00% PIK), 04/01/2025(c) (f) |
99 | 84,002 | ||||||||||
| 10.00% (8.00% Cash and 2.00% PIK), 04/01/2024(f) |
296 | 288,924 | ||||||||||
| Ecopetrol SA |
401 | 482,507 | ||||||||||
| 7.375%, 09/18/2043 |
185 | 227,353 | ||||||||||
| Embraer Netherlands Finance BV |
155 | 164,593 | ||||||||||
| 6.95%, 01/17/2028(c) |
314 | 358,790 | ||||||||||
| Empresa Electrica Cochrane SpA |
170 | 176,567 | ||||||||||
| Empresas Publicas de Medellin ESP |
200 | 197,475 | ||||||||||
| 8.375%, 11/08/2027 |
COP | 418,000 | 105,043 | |||||||||
| Gran Tierra Energy International Holdings Ltd. |
U.S.$ | 400 | 355,160 | |||||||||
| Gran Tierra Energy, Inc. |
200 | 177,654 | ||||||||||
| Grupo Energia Bogota SA ESP |
268 | 292,539 | ||||||||||
| Huarong Finance II Co., Ltd. |
861 | 619,920 | ||||||||||
| 5.50%, 01/16/2025(c) |
427 | 311,710 | ||||||||||
| Indika Energy Capital IV Pte Ltd. |
250 | 265,000 | ||||||||||
| Industrias Penoles SAB de CV |
200 | 216,788 | ||||||||||
| Infraestructura Energetica Nova SAB de CV |
334 | 359,321 | ||||||||||
| Intercorp Financial Services, Inc. |
200 | 197,938 | ||||||||||
| Intercorp Peru Ltd. |
200 | 192,600 | ||||||||||
| Inversiones CMPC SA |
200 | 213,225 | ||||||||||
| 4.375%, 04/04/2027(c) |
220 | 244,172 | ||||||||||
| Investment Energy Resources Ltd. |
246 | 265,987 | ||||||||||
| Klabin Austria GmbH |
359 | 353,230 | ||||||||||
| Kosmos Energy Ltd. |
200 | 198,751 | ||||||||||
| Leviathan Bond Ltd. |
87 | 98,604 | ||||||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Light Servicos de Eletricidade SA/Light Energia SA |
U.S.$ | 200 | $ | 207,225 | ||||||||
| Lima Metro Line 2 Finance Ltd. |
346 | 356,272 | ||||||||||
| Minsur SA |
170 | 181,263 | ||||||||||
| Nexa Resources SA |
329 | 369,937 | ||||||||||
| Odebrecht Holdco Finance Ltd. |
132 | 1,323 | ||||||||||
| OEC Finance Ltd. |
5 | 556 | ||||||||||
| 7.125%, 12/26/2046(c) (f) |
108 | 12,015 | ||||||||||
| Oleoducto Central SA |
285 | 294,227 | ||||||||||
| Peru LNG Srl |
294 | 252,289 | ||||||||||
| Petrobras Global Finance BV |
116 | 116,571 | ||||||||||
| 6.90%, 03/19/2049 |
77 | 92,106 | ||||||||||
| 8.75%, 05/23/2026 |
158 | 202,763 | ||||||||||
| Prosus NV |
318 | 339,862 | ||||||||||
| Qatar Petroleum |
386 | 386,000 | ||||||||||
| SEPLAT Petroleum Development Co. PLC |
200 | 208,938 | ||||||||||
| SierraCol Energy Andina LLC |
200 | 202,967 | ||||||||||
| Suzano Austria GmbH |
72 | 75,467 | ||||||||||
| Tengizchevroil Finance Co. International Ltd. |
305 | 310,488 | ||||||||||
| Tonon Luxembourg SA |
105 | 1,060 | ||||||||||
| TransJamaican Highway Ltd. |
159 | 158,008 | ||||||||||
| Transportadora de Gas Internacional SA ESP |
200 | 222,725 | ||||||||||
| Trust Fibra Uno |
200 | 220,160 | ||||||||||
| Tullow Oil PLC |
238 | 249,729 | ||||||||||
| Turkiye Vakiflar Bankasi TAO |
350 | 357,437 | ||||||||||
| Vedanta Resources Finance II PLC |
355 | 387,314 | ||||||||||
| Virgolino de Oliveira Finance SA |
202 | 1,007 | ||||||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Volcan Cia Minera SAA |
U.S.$ | 282 | $ | 277,770 | ||||||||
| Weibo Corp. |
200 | 205,613 | ||||||||||
| Zorlu Yenilenebilir Enerji AS |
285 | 284,287 | ||||||||||
|
|
|
|||||||||||
| Total Corporate Bonds |
16,028,969 | |||||||||||
|
|
|
|||||||||||
| Quasi-Sovereign Bonds – 5.4% |
||||||||||||
| Aeropuerto Internacional de Tocumen SA |
197 | 214,508 | ||||||||||
| Comision Federal de Electricidad |
200 | 198,188 | ||||||||||
| 4.677%, 02/09/2051(c) |
200 | 192,538 | ||||||||||
| Corp. Nacional del Cobre de Chile |
200 | 218,250 | ||||||||||
| DP World PLC |
200 | 221,600 | ||||||||||
| Empresa de Transmision Electrica SA |
200 | 220,063 | ||||||||||
| Empresa de Transporte de Pasajeros Metro SA |
200 | 214,100 | ||||||||||
| 5.00%, 01/25/2047(c) |
200 | 230,850 | ||||||||||
| Eskom Holdings SOC Ltd. |
304 | 337,592 | ||||||||||
| 7.125%, 02/11/2025(c) |
485 | 511,917 | ||||||||||
| Indonesia Asahan Aluminium Persero PT |
200 | 232,662 | ||||||||||
| 5.80%, 05/15/2050(c) |
200 | 236,475 | ||||||||||
| KazMunayGas National Co. JSC |
200 | 248,500 | ||||||||||
| NAK Naftogaz Ukraine via Kondor Finance PLC |
200 | 206,288 | ||||||||||
| Oil and Gas Holding Co. BSCC (The) |
200 | 222,787 | ||||||||||
| 7.625%, 11/07/2024(c) |
200 | 222,725 | ||||||||||
| Pertamina Persero PT |
200 | 234,948 | ||||||||||
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
1,399 | 1,436,423 | ||||||||||
| 3.875%, 07/17/2029(c) |
200 | 212,350 | ||||||||||
| 5.45%, 05/21/2028(c) |
220 | 256,547 | ||||||||||
| Petroleos de Venezuela SA |
226 | 9,592 | ||||||||||
| 6.00%, 11/15/2026(b) (c) (d) |
220 | 9,350 | ||||||||||
| 9.00%, 11/17/2021(b) (c) (d) |
128 | 5,138 | ||||||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||||||
| Petroleos Mexicanos |
U.S.$ | 321 | $ | 310,648 | ||||||||
| 6.50%, 03/13/2027 |
154 | 163,702 | ||||||||||
| 6.75%, 09/21/2047 |
408 | 358,020 | ||||||||||
| 6.84%, 01/23/2030 |
655 | 674,159 | ||||||||||
| 6.875%, 08/04/2026 |
60 | 65,355 | ||||||||||
| 6.95%, 01/28/2060 |
979 | 865,191 | ||||||||||
| Petronas Capital Ltd. |
395 | 486,612 | ||||||||||
| 4.80%, 04/21/2060(c) |
395 | 522,028 | ||||||||||
| Sinopec Group Overseas Development 2018 Ltd. |
347 | 356,933 | ||||||||||
| State Oil Co. of the Azerbaijan Republic |
321 | 403,617 | ||||||||||
| State Savings Bank of Ukraine Via SSB #1 PLC |
96 | 104,016 | ||||||||||
| Trinidad Generation UnLtd. |
200 | 204,475 | ||||||||||
|
|
|
|||||||||||
| Total Quasi-Sovereign Bonds |
10,608,147 | |||||||||||
|
|
|
|||||||||||
| Emerging Markets - Treasuries – 1.1% |
||||||||||||
| Egypt Government Bond |
EGP | 11,243 | 689,680 | |||||||||
| Series 7Y |
5,777 | 351,325 | ||||||||||
| Republic of South Africa Government Bond |
ZAR | 15,823 | 1,050,936 | |||||||||
|
|
|
|||||||||||
| Total Emerging Markets - Treasuries |
2,091,941 | |||||||||||
|
|
|
|||||||||||
| Treasury Bonds – 1.0% |
||||||||||||
| Mexican Bonos |
MXN | 12,154 | 640,579 | |||||||||
| Panama Bonos Del |
USD | 350 | 349,234 | |||||||||
| Peru Government Bond |
PEN | 2,030 | 576,458 | |||||||||
| Russian Federal Bond - OFZ |
RUB | 24,167 | 343,470 | |||||||||
|
|
|
|||||||||||
| Total Treasury Bonds |
1,909,741 | |||||||||||
|
|
|
|||||||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||||
| Regional Bonds – 0.0% |
||||||||||
| Provincia de Neuquen Argentina |
U.S.$ | 70 | $ | 44,851 | ||||||
|
|
|
|||||||||
| Total Regional Bonds |
44,851 | |||||||||
|
|
|
|||||||||
| Total Fixed Income |
67,700,386 | |||||||||
|
|
|
|||||||||
| Shares | ||||||||||
| EQUITY LINKED NOTES – 0.8% |
||||||||||
| Information Technology – 0.8% |
||||||||||
| Electronic Equipment, Instruments & Components – 0.8% |
||||||||||
| FPT Corp., Macquarie Bank Ltd., expiring
04/05/2023(b) |
405,332 | 1,549,757 | ||||||||
|
|
|
|||||||||
| FUNDS AND INVESTMENT TRUSTS – 0.1% |
||||||||||
| VFMVN30 ETF Fund(b) (j) |
239,030 | 268,356 | ||||||||
|
|
|
|||||||||
| SHORT-TERM INVESTMENTS – 7.1% |
||||||||||
| Investment Companies – 6.9% |
||||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(j) (k) (l) |
13,731,523 | 13,731,523 | ||||||||
|
|
|
|||||||||
| Principal Amount (000) |
||||||||||
| Time Deposits – 0.2% |
||||||||||
| BBH, Grand Cayman |
EUR | 10 | 11,661 | |||||||
| (0.44)%, 07/01/2021 |
AUD | 3 | 1,934 | |||||||
| 3.65%, 07/01/2021 |
ZAR | 60 | 4,175 | |||||||
| Citibank, London |
GBP | 2 | 3,363 | |||||||
| Hong Kong & Shanghai Bank, Hong Kong |
HKD | 514 | 66,204 | |||||||
| Hong Kong & Shanghai Bank, Singapore |
SGD | 1 | 670 | |||||||
| Nordea Bank Norge, Oslo |
NOK | 2 | 201 | |||||||
| Royal Bank of Canada, Toronto |
CAD | 1 | 635 | |||||||
| SEB, Stockholm |
SEK | 9 | 1,086 | |||||||
| Sumitomo Trust Bank, London |
U.S.$ | 379 | 379,035 | |||||||
16
| Company | Principal Amount (000) |
U.S. $ Value | ||||||||||
| Sumitomo, Tokyo |
JPY | 2,969 | $ | 26,724 | ||||||||
|
|
|
|||||||||||
| Total Time Deposits |
495,688 | |||||||||||
|
|
|
|||||||||||
| Total Short-Term Investments |
14,227,211 | |||||||||||
|
|
|
|||||||||||
| Total Investments Before Security Lending Collateral for Securities Loaned – 98.2% |
194,417,394 | |||||||||||
|
|
|
|||||||||||
| Shares | ||||||||||||
| INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2% |
||||||||||||
| Investment Companies – 0.2% |
||||||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, 0.01%(j) (k) (l) |
265,863 | 265,863 | ||||||||||
|
|
|
|||||||||||
| Total Investments – 98.4% |
194,683,257 | |||||||||||
| Other assets less liabilities – 1.6% |
3,264,996 | |||||||||||
|
|
|
|||||||||||
| Net Assets – 100.0% |
$ | 197,948,253 | ||||||||||
|
|
|
|||||||||||
FUTURES
| Description | Number of Contracts |
Expiration Month |
Current Notional |
Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| Purchased Contracts | ||||||||||||||||||||
| FTSE China A50 Index Futures | 137 | July 2021 | $ | 2,368,481 | $ | 4,340 | ||||||||||||||
| MSCI Emerging Markets Index Futures | 319 | September 2021 | 21,768,560 | (151,751 | ) | |||||||||||||||
| Sold Contracts | ||||||||||||||||||||
| U.S. 10 Yr Ultra Bond Futures | 8 | September 2021 | 1,177,625 | (20,625 | ) | |||||||||||||||
|
|
|
|||||||||||||||||||
| $ | (168,036 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||
FORWARD CURRENCY EXCHANGE CONTRACTS
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Settlement Date |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
| Bank of America, NA | USD | 2,386 | PEN | 9,270 | 07/15/2021 | $ | 24,216 | |||||||||||||||||||||||
| Bank of America, NA | RUB | 259,314 | USD | 3,533 | 07/28/2021 | 2,845 | ||||||||||||||||||||||||
| Bank of America, NA | USD | 5,529 | RUB | 410,398 | 07/28/2021 | 58,216 | ||||||||||||||||||||||||
| Bank of America, NA | USD | 1,215 | RUB | 88,648 | 07/28/2021 | (8,423 | ) | |||||||||||||||||||||||
| Bank of America, NA | CZK | 136,120 | USD | 6,347 | 09/17/2021 | 21,986 | ||||||||||||||||||||||||
| Barclays Bank PLC | KRW | 16,403,445 | USD | 14,692 | 07/22/2021 | 176,016 | ||||||||||||||||||||||||
| Barclays Bank PLC | USD | 1,808 | PHP | 88,828 | 07/22/2021 | 8,154 | ||||||||||||||||||||||||
| Barclays Bank PLC | USD | 1,928 | ZAR | 27,858 | 09/16/2021 | 3,280 | ||||||||||||||||||||||||
| Barclays Bank PLC | MYR | 9,596 | USD | 2,314 | 09/23/2021 | 8,855 | ||||||||||||||||||||||||
17
| Counterparty | Contracts to Deliver (000) |
In Exchange For (000) |
Settlement Date |
Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
| Barclays Bank PLC | USD | 3,454 | MYR | 14,386 | 09/23/2021 | $ | 1,577 | |||||||||||||||||||||||
| Barclays Bank PLC | USD | 1,712 | MYR | 7,075 | 09/23/2021 | (12,380 | ) | |||||||||||||||||||||||
| BNP Paribas SA | HUF | 1,651,408 | USD | 5,589 | 09/17/2021 | 24,747 | ||||||||||||||||||||||||
| Brown Brothers Harriman & Co. | THB | 44,583 | USD | 1,429 | 07/15/2021 | 37,780 | ||||||||||||||||||||||||
| Brown Brothers Harriman & Co. | THB | 399,583 | USD | 12,467 | 07/15/2021 | (306 | ) | |||||||||||||||||||||||
| Brown Brothers Harriman & Co. | USD | 7,124 | THB | 222,423 | 07/15/2021 | (184,034 | ) | |||||||||||||||||||||||
| Brown Brothers Harriman & Co. | HKD | 13,056 | USD | 1,682 | 08/19/2021 | (166 | ) | |||||||||||||||||||||||
| Citibank, NA | BRL | 31,875 | USD | 6,344 | 07/02/2021 | (65,033 | ) | |||||||||||||||||||||||
| Citibank, NA | USD | 6,170 | BRL | 31,875 | 07/02/2021 | 238,795 | ||||||||||||||||||||||||
| Citibank, NA | CLP | 2,463,821 | USD | 3,373 | 07/15/2021 | 19,736 | ||||||||||||||||||||||||
| Citibank, NA | COP | 15,804,404 | USD | 4,265 | 07/15/2021 | 56,782 | ||||||||||||||||||||||||
| Citibank, NA | COP | 4,735,862 | USD | 1,261 | 07/15/2021 | (453 | ) | |||||||||||||||||||||||
| Citibank, NA | PEN | 6,324 | USD | 1,730 | 07/15/2021 | 86,022 | ||||||||||||||||||||||||
| Citibank, NA | PEN | 21,477 | USD | 5,557 | 07/15/2021 | (27,148 | ) | |||||||||||||||||||||||
| Citibank, NA | USD | 5,402 | CLP | 3,898,616 | 07/15/2021 | (95,078 | ) | |||||||||||||||||||||||
| Citibank, NA | USD | 1,194 | COP | 4,490,122 | 07/15/2021 | 1,637 | ||||||||||||||||||||||||
| Citibank, NA | TWD | 90,472 | USD | 3,269 | 07/22/2021 | 24,526 | ||||||||||||||||||||||||
| Citibank, NA | USD | 1,683 | HKD | 13,056 | 08/19/2021 | (904 | ) | |||||||||||||||||||||||
| Citibank, NA | USD | 780 | MXN | 15,586 | 08/27/2021 | (3,900 | ) | |||||||||||||||||||||||
| Citibank, NA | CNH | 137,906 | USD | 21,178 | 09/16/2021 | (25,300 | ) | |||||||||||||||||||||||
| Credit Suisse International | CNH | 23,646 | USD | 3,641 | 09/16/2021 | 5,167 | ||||||||||||||||||||||||
| Deutsche Bank AG | BRL | 27,209 | USD | 5,508 | 07/02/2021 | 37,430 | ||||||||||||||||||||||||
| Deutsche Bank AG | USD | 5,440 | BRL | 27,209 | 07/02/2021 | 31,059 | ||||||||||||||||||||||||
| Deutsche Bank AG | USD | 3,965 | INR | 295,104 | 07/15/2021 | (2,109 | ) | |||||||||||||||||||||||
| Deutsche Bank AG | USD | 5,491 | BRL | 27,209 | 08/03/2021 | (39,543 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | BRL | 20,425 | USD | 4,083 | 07/02/2021 | (23,315 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 3,834 | BRL | 20,425 | 07/02/2021 | 272,064 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | IDR | 18,824,154 | USD | 1,289 | 07/15/2021 | (2,488 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | KRW | 610,903 | USD | 547 | 07/22/2021 | 6,801 | ||||||||||||||||||||||||
| Goldman Sachs Bank USA | TWD | 435,211 | USD | 15,517 | 07/22/2021 | (91,152 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | BRL | 2,295 | USD | 457 | 08/03/2021 | (2,479 | ) | |||||||||||||||||||||||
| Goldman Sachs Bank USA | USD | 1,767 | PLN | 6,715 | 09/17/2021 | (6,085 | ) | |||||||||||||||||||||||
| HSBC Bank USA | USD | 1,523 | IDR | 22,520,503 | 07/15/2021 | 21,955 | ||||||||||||||||||||||||
| HSBC Bank USA | USD | 3,939 | EUR | 3,211 | 08/03/2021 | (128,974 | ) | |||||||||||||||||||||||
| JPMorgan Chase Bank, NA | INR | 67,581 | USD | 923 | 07/15/2021 | 15,316 | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | CLP | 1,013,437 | USD | 1,426 | 07/15/2021 | 46,564 | ||||||||||||||||||||||||
| Morgan Stanley Capital Services LLC | USD | 1,798 | HUF | 532,201 | 09/17/2021 | (4,665 | ) | |||||||||||||||||||||||
| Royal Bank of Scotland PLC | USD | 1,430 | IDR | 20,513,989 | 07/15/2021 | (22,498 | ) | |||||||||||||||||||||||
| Royal Bank of Scotland PLC | USD | 1,329 | KRW | 1,485,980 | 07/22/2021 | (14,322 | ) | |||||||||||||||||||||||
| Royal Bank of Scotland PLC | ZAR | 40,732 | USD | 2,928 | 09/16/2021 | 103,892 | ||||||||||||||||||||||||
| Standard Chartered Bank | USD | 7,001 | INR | 518,810 | 07/15/2021 | (32,869 | ) | |||||||||||||||||||||||
| Standard Chartered Bank | PHP | 256,651 | USD | 5,326 | 07/22/2021 | 78,486 | ||||||||||||||||||||||||
| Standard Chartered Bank | TWD | 141,979 | USD | 5,128 | 07/22/2021 | 36,636 | ||||||||||||||||||||||||
| Standard Chartered Bank | USD | 7,314 | PHP | 352,388 | 07/22/2021 | (109,729 | ) | |||||||||||||||||||||||
| Standard Chartered Bank | USD | 7,434 | TWD | 206,634 | 07/22/2021 | (23,607 | ) | |||||||||||||||||||||||
| UBS AG | INR | 208,317 | USD | 2,802 | 07/15/2021 | 4,313 | ||||||||||||||||||||||||
| UBS AG | USD | 1,088 | INR | 79,582 | 07/15/2021 | (19,450 | ) | |||||||||||||||||||||||
| UBS AG | USD | 2,056 | KRW | 2,321,695 | 07/22/2021 | (1,184 | ) | |||||||||||||||||||||||
| UBS AG | USD | 1,476 | MXN | 29,788 | 08/27/2021 | 8,260 | ||||||||||||||||||||||||
| UBS AG | USD | 5,007 | CZK | 107,275 | 09/17/2021 | (22,269 | ) | |||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| $ | 493,250 | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
18
CENTRALLY CLEARED CREDIT DEFAULT SWAPS
| Description | Fixed Rate (Pay) Receive |
Payment Frequency |
Implied 2021 |
Notional Amount (000) |
Market Value |
Upfront Premiums Paid/ (Received) |
Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||||||||||||||
| Buy Contracts | ||||||||||||||||||||||||||||||||||||||||
| CDX-EM Series 35, 5 Year Index, 06/20/2026* |
(1.00 | )% | Quarterly | 1.55% | USD | 23,030 | $ | 594,686 | $ | 690,005 | $ | (95,319 | ) | |||||||||||||||||||||||||||
| * | Termination date |
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid/ (Received) |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
| USD | 490 | 02/22/2051 | CPI# | 2.348% | Maturity | $ | (17,797 | ) | $ | — | $ | (17,797 | ) | |||||||||||
| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
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 | 4,290 | 10/02/2029 | 3 Month LIBOR |
1.589% | Quarterly/ Semi-Annual |
$ | 104,191 | $ | — | $ | 104,191 | |||||||||||||
| USD | 1,580 | 05/21/2031 | 1.645% | 3 Month LIBOR |
Semi-Annual/ Quarterly |
(33,847 | ) | — | (33,847 | ) | ||||||||||||||
| USD | 770 | 02/22/2051 | 1.854% | 3 Month LIBOR |
Semi-Annual/ Quarterly |
(23,936 | ) | — | (23,936 | ) | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 46,408 | $ | — | $ | 46,408 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
TOTAL RETURN SWAPS
| Counterparty & Referenced Obligation |
Rate Paid/ Received |
Payment Frequency |
Current Notional (000) |
Maturity Date |
Unrealized Appreciation/ (Depreciation) |
|||||||||||||||||
| Pay Total Return on Reference Obligation | ||||||||||||||||||||||
| Goldman Sachs International | ||||||||||||||||||||||
| MSCI Emerging Markets Growth |
3 Month LIBOR plus 0.48% | Maturity | USD | 16,140 | 11/15/2021 | $ | 923,237 | |||||||||||||||
| MSCI Emerging Markets Growth |
3 Month LIBOR plus 0.46% | Maturity | USD | 4,238 | 05/16/2022 | 242,593 | ||||||||||||||||
|
|
|
|||||||||||||||||||||
| $ | 1,165,830 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||
19
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 | ||||||||||||||||||||||||||||
| Goldman Sachs International | ||||||||||||||||||||||||||||
| Nikkei 225 Index 09/10/2021* |
22.49 | % | Maturity | JPY | 1,186 | $ | (22,786 | ) | $ | — | $ | (22,786 | ) | |||||||||||||||
| JPMorgan Chase Bank, NA | ||||||||||||||||||||||||||||
| Hang Seng China Enterprises Index 12/30/2021* |
22.54 | Maturity | HKD | 155 | (13,316 | ) | — | (13,316 | ) | |||||||||||||||||||
| UBS AG | ||||||||||||||||||||||||||||
| Nikkei 225 Index 08/13/2021* |
24.35 | Maturity | JPY | 1,348 | (53,803 | ) | — | (53,803 | ) | |||||||||||||||||||
| S&P/ASX 200 Index 09/16/2021* |
17.30 | Maturity | AUD | 16 | (9,674 | ) | — | (9,674 | ) | |||||||||||||||||||
| Sale Contracts | ||||||||||||||||||||||||||||
| Goldman Sachs International | ||||||||||||||||||||||||||||
| Nikkei 225 Index 08/13/2021* |
20.15 | Maturity | JPY | 1,107 | 7,200 | — | 7,200 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $ | (92,379 | ) | $ | — | $ | (92,379 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| * | Termination date |
| (a) | Represents entire or partial securities out on loan. |
| (b) | Non-income producing security. |
| (c) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $54,614,477 or 27.6% of net assets. |
| (d) | Defaulted. |
| (e) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (f) | Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at June 30, 2021. |
| (g) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.01% of net assets as of June 30, 2021, 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 Holdings Ltd. |
01/14/2019-04/01/2021 | $ | 12,445 | $ | 12,610 | 0.01 | % | |||||||||||||
| Odebrecht Holdco Finance Ltd. |
01/22/2021 | 20,206 | 1,323 | 0.00 | % | |||||||||||||||
| Tonon Luxembourg SA |
05/03/2019-10/31/2020 | 198,834 | 1,060 | 0.00 | % | |||||||||||||||
| Virgolino de Oliveira Finance SA |
07/12/2013 | 172,628 | 1,007 | 0.00 | % | |||||||||||||||
| (h) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (i) | Fair valued by the Adviser. |
| (j) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
| (k) | Affiliated investments. |
| (l) | The rate shown represents the 7-day yield as of period end. |
20
| (m) | As of June 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $36,452,274 and gross unrealized depreciation of investments was $(6,516,009), resulting in net unrealized appreciation of $29,936,265. |
Currency Abbreviations:
AUD – Australian Dollar
BRL – Brazilian Real
CAD – Canadian Dollar
CLP – Chilean Peso
CNH – Chinese Yuan Renminbi (Offshore)
COP – Colombian Peso
CZK – Czech Koruna
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
HUF – Hungarian Forint
IDR – Indonesian Rupiah
INR – Indian Rupee
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
PEN – Peruvian Sol
PHP – Philippine Peso
PLN – Polish Zloty
RUB – Russian Ruble
SEK – Swedish Krona
SGD – Singapore Dollar
THB – Thailand Baht
TWD – New Taiwan Dollar
USD – United States Dollar
ZAR – South African Rand
Glossary:
ADR – American Depositary Receipt
ASX – Australian Stock Exchange
CDX-EM – Emerging Market Credit Default Swap Index
CPI – Consumer Price 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
21
COUNTRY BREAKDOWN1
June 30, 2021 (unaudited)
| 17.9 | % | China | ||
| 10.3 | % | South Korea | ||
| 10.2 | % | Taiwan | ||
| 4.6 | % | India | ||
| 4.5 | % | Russia | ||
| 3.7 | % | Mexico | ||
| 2.8 | % | Brazil | ||
| 1.9 | % | Peru | ||
| 1.9 | % | South Africa | ||
| 1.8 | % | Egypt | ||
| 1.7 | % | Indonesia | ||
| 1.7 | % | Ukraine | ||
| 1.5 | % | Colombia | ||
| 28.2 | % | Other | ||
| 7.3 | % | Short-Term | ||
|
|
|
|||
| 100.0 | % | Total Investments | ||
|
|
|
| 1 | All data are as of June 30, 2021. 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, Bahamas, Bahrain, Bermuda, Canada, Cayman Islands, Chile, Costa Rica, Czech Republic, Dominican Republic, Ecuador, 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, United States, Uruguay, Venezuela, Vietnam, Virgin Islands (BVI) and Zambia. |
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AB Emerging Markets Multi-Asset Portfolio
June 30, 2021 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.
Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2021:
| Investments in Securities |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks: | ||||||||||||||||
| Information Technology |
$ | 1,654,624 | $ | 24,436,657 | $ | -0- | $ | 26,091,281 | ||||||||
| Financials |
3,996,279 | 21,951,606 | -0- | 25,947,885 | ||||||||||||
| Consumer Discretionary |
1,109,891 | 14,315,388 | -0- | 15,425,279 | ||||||||||||
| Materials |
1,363,400 | 11,178,585 | -0- | 12,541,985 | ||||||||||||
| Communication Services |
614,088 | 7,393,191 | -0- | 8,007,279 | ||||||||||||
| Industrials |
1,999,490 | 4,289,062 | -0- | 6,288,552 | ||||||||||||
| Energy |
4,140,304 | 1,965,729 | -0- | 6,106,033 | ||||||||||||
| Utilities |
1,169,909 | 2,083,560 | -0- | 3,253,469 | ||||||||||||
| Real Estate |
1,298,100 | 1,196,496 | -0- | 2,494,596 | ||||||||||||
| Health Care |
62,627 | 2,242,761 | -0- | 2,305,388 | ||||||||||||
| Consumer Staples |
762,993 | 1,446,944 | -0- | 2,209,937 | ||||||||||||
| Fixed Income Securities: | ||||||||||||||||
| Sovereign Bonds |
-0- | 37,016,737 | -0- | 37,016,737 | ||||||||||||
| Corporate Bonds |
-0- | 16,027,909 | 1,060 | 16,028,969 | ||||||||||||
| Quasi-Sovereign Bonds |
-0- | 10,608,147 | -0- | 10,608,147 | ||||||||||||
| Emerging Markets - Treasuries |
-0- | 2,091,941 | -0- | 2,091,941 | ||||||||||||
| Treasury Bonds |
-0- | 1,909,741 | -0- | 1,909,741 | ||||||||||||
| Regional Bonds |
-0- | 44,851 | -0- | 44,851 | ||||||||||||
| Equity Linked Notes | -0- | 1,549,757 | -0- | 1,549,757 | ||||||||||||
| Investment Companies | -0- | 268,356 | -0- | 268,356 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
| Investment Companies |
13,731,523 | -0- | -0- | 13,731,523 | ||||||||||||
| Time Deposits |
-0- | 495,688 | -0- | 495,688 | ||||||||||||
| Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 265,863 | -0- | -0- | 265,863 | ||||||||||||
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| Total Investments in Securities | 32,169,091 | 162,513,106 | 1,060 | 194,683,257 | ||||||||||||
| Other Financial Instruments*: | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures | -0- | 4,340 | -0- | 4,340 | ||||||||||||
| Forward Currency Exchange Contracts | -0- | 1,463,113 | -0- | 1,463,113 | ||||||||||||
| Centrally Cleared Credit Default Swaps | -0- | 594,686 | -0- | 594,686 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | 104,191 | -0- | 104,191 | ||||||||||||
| Total Return Swaps | -0- | 1,165,830 | -0- | 1,165,830 | ||||||||||||
| Variance Swaps | -0- | 7,200 | -0- | 7,200 | ||||||||||||
| Liabilities | ||||||||||||||||
| Futures | (172,376 | ) | -0- | -0- | (172,376 | ) | ||||||||||
| Forward Currency Exchange Contracts | -0- | (969,863 | ) | -0- | (969,863 | ) | ||||||||||
| Centrally Cleared Inflation Swaps | -0- | (17,797 | ) | -0- | (17,797 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | (57,783 | ) | -0- | (57,783 | ) | ||||||||||
| Variance Swaps | -0- | (99,579 | ) | -0- | (99,579 | ) | ||||||||||
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| Total | $ | 31,996,715 | $ | 164,707,444 | $ | 1,060 | $ | 196,705,219 | ||||||||
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| * | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2021 is as follows:
| Fund | Market Value (000) |
Purchases at Cost (000) |
Sales Proceeds (000) |
Market Value (000) |
Dividend Income (000) |
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| Government Money Market Portfolio | $ | 12,729 | $ | 25,234 | $ | 24,231 | $ | 13,732 | $ | 0 | ** | |||||||||||||
| Government Money Market Portfolio* | 634 | 2,798 | 3,166 | 266 | 0 | ** | ||||||||||||||||||
| Total | $ | 13,998 | $ | 0 | ** | |||||||||||||||||||
| * | Investment of cash collateral for securities lending transactions. |
| ** | Amount is less than $500. |
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