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
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

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

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
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
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

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 (cost $84,530,080)					110,671,684
	Principal Amount (000)
FIXED INCOME – 34.3%
Sovereign Bonds – 18.7%
Angolan Government International Bond 9.125%, 11/26/2049(c)		U.S.$	979		1,002,469
9.375%, 05/08/2048(c)			448		467,964
Argentine Republic Government International Bond 0.125%, 07/09/2030-07/09/2041			5,068		1,703,561
1.00%, 07/09/2029			236		89,432
Bahamas Government International Bond 8.95%, 10/15/2032(c)			319		359,473
Bahrain Government International Bond 5.625%, 09/30/2031(c)			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 3.125%, 04/15/2031			315		307,676
3.25%, 04/22/2032			535		522,962
5.00%, 06/15/2045			302		320,177
Dominican Republic International Bond 5.50%, 01/27/2025(c)			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 Zero Coupon, 07/31/2030(c)			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 3.875%, 02/16/2026(c)		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 5.875%, 01/30/2025(c)			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 6.625%, 02/06/2031(c)			600		602,175
Ghana Government International Bond 7.75%, 04/07/2029(c)			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 7.50%, 03/15/2024(c)			290		310,717
Indonesia Government International Bond 2.85%, 02/14/2030			200		206,975
4.125%, 01/15/2025(c)			380		418,951
Ivory Coast Government International Bond 6.125%, 06/15/2033(c)			1,058		1,116,719
6.375%, 03/03/2028(c)			295		324,279
Jamaica Government International Bond 6.75%, 04/28/2028			200		233,975
8.00%, 03/15/2039			108		151,085
Kenya Government International Bond 8.00%, 05/22/2032(c)			346		388,558
Lebanon Government International Bond 6.00%, 01/27/2023(b) (c) (d)			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 4.75%, 03/08/2044			140		155,033
5.00%, 04/27/2051			249		283,129
Mongolia Government International Bond 5.625%, 05/01/2023(c)			200		210,975

9

	Principal Amount (000)			U.S. $ Value
Nigeria Government International Bond 6.50%, 11/28/2027(c)		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 4.875%, 02/01/2025(c)			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 6.875%, 12/05/2027(c)			325		336,842
7.375%, 04/08/2031(c)			200		205,500
Panama Government International Bond 3.16%, 01/23/2030			447		468,456
4.00%, 09/22/2024			200		218,162
Paraguay Government International Bond 4.95%, 04/28/2031(c)			208		238,914
5.40%, 03/30/2050(c)			200		233,412
Perusahaan Penerbit SBSN Indonesia III 4.15%, 03/29/2027(c)			200		223,975
Peruvian Government International Bond 2.78%, 12/01/2060			313		278,922
2.783%, 01/23/2031			566		575,834
3.23%, 07/28/2121			148		129,805
Philippine Government International Bond 3.20%, 07/06/2046			281		281,263
Qatar Government International Bond 4.40%, 04/16/2050(c)			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 5.00%, 10/12/2046			995		944,504
Russian Foreign Bond - Eurobond 4.375%, 03/21/2029(c)			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 3.25%, 10/22/2030(c)			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 4.75%, 03/13/2028(c)		EUR	400		494,695
6.75%, 03/13/2048(c)		U.S$	200		201,413
Sri Lanka Government International Bond 6.20%, 05/11/2027(c)			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 6.25%, 06/24/2028(c)		U.S.$	360	$	359,100
Turkey Government International Bond 4.75%, 01/26/2026			574		564,493
4.875%, 04/16/2043			893		709,780
5.875%, 06/26/2031			200		194,438
Ukraine Government International Bond 6.75%, 06/20/2026(c)		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 4.375%, 01/23/2031			269		312,835
4.975%, 04/20/2055			17		22,482
5.10%, 06/18/2050			49		64,121
Venezuela Government International Bond 11.95%, 08/05/2031(b) (c) (d)			265		26,781
12.75%, 08/23/2022(b) (c) (d)			564		56,410
Zambia Government International Bond 8.97%, 07/30/2027(c)			273		170,762
Total Sovereign Bonds (cost $36,225,952)					37,016,737
Corporate Bonds – 8.1%
AES Gener SA 6.35%, 10/07/2079(c)			200		211,938
AES Panama Generation Holdings SRL 4.375%, 05/31/2030(c)			315		327,663
Banco de Credito del Peru 3.125%, 07/01/2030(c)			93		92,037
Bangkok Bank PCL/Hong Kong 3.733%, 09/25/2034(c)			200		207,413
Braskem Idesa SAPI 7.45%, 11/15/2029(c)			219		232,044
Braskem Netherlands Finance BV 4.50%, 01/10/2028(c)			200		210,601
BRF SA 5.75%, 09/21/2050(c)			200		205,100
Cemex SAB de CV 3.875%, 07/11/2031(c)			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 9.25%, 12/05/2024(c)			200		230,100
Central American Bottling Corp. 5.75%, 01/31/2027(c)			135		140,468
Chile Electricity Pec SpA Zero Coupon, 01/25/2028(c)			446		361,344

11

	Principal Amount (000)			U.S. $ Value
Colbun SA 3.95%, 10/11/2027(c)		U.S.$	263	$	287,377
CSN Resources SA 4.625%, 06/10/2031(c)			287		291,885
Digicel Group Holdings Ltd. 7.00%, 07/16/2021(f) (g)			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 6.875%, 04/29/2030			401		482,507
7.375%, 09/18/2043			185		227,353
Embraer Netherlands Finance BV 5.40%, 02/01/2027			155		164,593
6.95%, 01/17/2028(c)			314		358,790
Empresa Electrica Cochrane SpA 5.50%, 05/14/2027(c)			170		176,567
Empresas Publicas de Medellin ESP 4.25%, 07/18/2029(c)			200		197,475
8.375%, 11/08/2027		COP	418,000		105,043
Gran Tierra Energy International Holdings Ltd. 6.25%, 02/15/2025(c)		U.S.$	400		355,160
Gran Tierra Energy, Inc. 7.75%, 05/23/2027(c)			200		177,654
Grupo Energia Bogota SA ESP 4.875%, 05/15/2030(c)			268		292,539
Huarong Finance II Co., Ltd. 5.00%, 11/19/2025(c)			861		619,920
5.50%, 01/16/2025(c)			427		311,710
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(c)			250		265,000
Industrias Penoles SAB de CV 4.15%, 09/12/2029(c)			200		216,788
Infraestructura Energetica Nova SAB de CV 3.75%, 01/14/2028(c)			334		359,321
Intercorp Financial Services, Inc. 4.125%, 10/19/2027(c)			200		197,938
Intercorp Peru Ltd. 3.875%, 08/15/2029(c)			200		192,600
Inversiones CMPC SA 3.85%, 01/13/2030(c)			200		213,225
4.375%, 04/04/2027(c)			220		244,172
Investment Energy Resources Ltd. 6.25%, 04/26/2029(c)			246		265,987
Klabin Austria GmbH 3.20%, 01/12/2031(c)			359		353,230
Kosmos Energy Ltd. 7.50%, 03/01/2028(c)			200		198,751
Leviathan Bond Ltd. 6.75%, 06/30/2030(c)			87		98,604

12

	Principal Amount (000)		U.S. $ Value
Light Servicos de Eletricidade SA/Light Energia SA 7.25%, 05/03/2023(c)	U.S.$	200	$	207,225
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(c)		346		356,272
Minsur SA 6.25%, 02/07/2024(c)		170		181,263
Nexa Resources SA 6.50%, 01/18/2028(c)		329		369,937
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(g)		132		1,323
OEC Finance Ltd. 7.125%, 12/26/2046		5		556
7.125%, 12/26/2046(c) (f)		108		12,015
Oleoducto Central SA 4.00%, 07/14/2027(c)		285		294,227
Peru LNG Srl 5.375%, 03/22/2030(c)		294		252,289
Petrobras Global Finance BV 5.50%, 06/10/2051		116		116,571
6.90%, 03/19/2049		77		92,106
8.75%, 05/23/2026		158		202,763
Prosus NV 3.68%, 01/21/2030(c)		318		339,862
Qatar Petroleum 3.30%, 07/12/2051		386		386,000
SEPLAT Petroleum Development Co. PLC 7.75%, 04/01/2026(c)		200		208,938
SierraCol Energy Andina LLC 6.00%, 06/15/2028(c)		200		202,967
Suzano Austria GmbH 3.75%, 01/15/2031		72		75,467
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(c)		305		310,488
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(b) (d) (f) (g) (h) (i)		105		1,060
TransJamaican Highway Ltd. 5.75%, 10/10/2036(c)		159		158,008
Transportadora de Gas Internacional SA ESP 5.55%, 11/01/2028(c)		200		222,725
Trust Fibra Uno 4.869%, 01/15/2030(c)		200		220,160
Tullow Oil PLC 10.25%, 05/15/2026(c)		238		249,729
Turkiye Vakiflar Bankasi TAO 6.50%, 01/08/2026(c)		350		357,437
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(c)		355		387,314
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022(b) (d) (g)		202		1,007

13

	Principal Amount (000)			U.S. $ Value
Volcan Cia Minera SAA 4.375%, 02/11/2026(c)		U.S.$	282	$	277,770
Weibo Corp. 3.375%, 07/08/2030			200		205,613
Zorlu Yenilenebilir Enerji AS 9.00%, 06/01/2026(c)			285		284,287
Total Corporate Bonds (cost $16,026,299)					16,028,969
Quasi-Sovereign Bonds – 5.4%
Aeropuerto Internacional de Tocumen SA 6.00%, 11/18/2048(c)			197		214,508
Comision Federal de Electricidad 3.348%, 02/09/2031(c)			200		198,188
4.677%, 02/09/2051(c)			200		192,538
Corp. Nacional del Cobre de Chile 3.75%, 01/15/2031(c)			200		218,250
DP World PLC 4.70%, 09/30/2049(c)			200		221,600
Empresa de Transmision Electrica SA 5.125%, 05/02/2049(c)			200		220,063
Empresa de Transporte de Pasajeros Metro SA 3.65%, 05/07/2030(c)			200		214,100
5.00%, 01/25/2047(c)			200		230,850
Eskom Holdings SOC Ltd. 6.35%, 08/10/2028(c)			304		337,592
7.125%, 02/11/2025(c)			485		511,917
Indonesia Asahan Aluminium Persero PT 5.45%, 05/15/2030(c)			200		232,662
5.80%, 05/15/2050(c)			200		236,475
KazMunayGas National Co. JSC 5.75%, 04/19/2047(c)			200		248,500
NAK Naftogaz Ukraine via Kondor Finance PLC 7.625%, 11/08/2026(c)			200		206,288
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027(c)			200		222,787
7.625%, 11/07/2024(c)			200		222,725
Pertamina Persero PT 5.625%, 05/20/2043(c)			200		234,948
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%, 02/05/2030(c)			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 5.375%, 04/12/2027(b) (c) (d)			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 5.95%, 01/28/2031		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. 4.55%, 04/21/2050(c)			395		486,612
4.80%, 04/21/2060(c)			395		522,028
Sinopec Group Overseas Development 2018 Ltd. 2.70%, 05/13/2030(c)			347		356,933
State Oil Co. of the Azerbaijan Republic 6.95%, 03/18/2030(c)			321		403,617
State Savings Bank of Ukraine Via SSB #1 PLC 9.625%, 03/20/2025(c)			96		104,016
Trinidad Generation UnLtd. 5.25%, 11/04/2027(c)			200		204,475
Total Quasi-Sovereign Bonds (cost $9,801,920)					10,608,147
Emerging Markets - Treasuries – 1.1%
Egypt Government Bond Series 5YR 14.06%, 01/12/2026		EGP	11,243		689,680
Series 7Y 14.292%, 01/05/2028			5,777		351,325
Republic of South Africa Government Bond Series 2030 8.00%, 01/31/2030		ZAR	15,823		1,050,936
Total Emerging Markets - Treasuries (cost $2,123,918)					2,091,941
Treasury Bonds – 1.0%
Mexican Bonos Series M 8.00%, 11/07/2047		MXN	12,154		640,579
Panama Bonos Del 3.362%, 06/30/2031		USD	350		349,234
Peru Government Bond 5.94%, 02/12/2029		PEN	2,030		576,458
Russian Federal Bond - OFZ Series 6228 7.65%, 04/10/2030		RUB	24,167		343,470
Total Treasury Bonds (cost $1,974,117)					1,909,741

15

	Principal Amount (000)			U.S. $ Value
Regional Bonds – 0.0%
Provincia de Neuquen Argentina 2.50%, 04/27/2030(c)		U.S.$	70	$	44,851
Total Regional Bonds (cost $70,230)					44,851
Total Fixed Income (cost $66,222,436)					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) (cost $735,561)			405,332		1,549,757
FUNDS AND INVESTMENT TRUSTS – 0.1%
VFMVN30 ETF Fund(b) (j) (cost $ 97,798)			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) (cost $13,731,523)			13,731,523		13,731,523
	Principal Amount (000)
Time Deposits – 0.2%
BBH, Grand Cayman (0.78)%, 07/01/2021		EUR	10		11,661
(0.44)%, 07/01/2021		AUD	3		1,934
3.65%, 07/01/2021		ZAR	60		4,175
Citibank, London 0.00%, 07/01/2021		GBP	2		3,363
Hong Kong & Shanghai Bank, Hong Kong 0.00%, 07/02/2021		HKD	514		66,204
Hong Kong & Shanghai Bank, Singapore 0.00%, 07/01/2021		SGD	1		670
Nordea Bank Norge, Oslo (1.08)%, 07/01/2021		NOK	2		201
Royal Bank of Canada, Toronto 0.01%, 07/02/2021		CAD	1		635
SEB, Stockholm (0.61)%, 07/01/2021		SEK	9		1,086
Sumitomo Trust Bank, London 0.01%, 07/01/2021		U.S.$	379		379,035

16

Company	Principal Amount (000)			U.S. $ Value
Sumitomo, Tokyo (0.31)%, 07/01/2021		JPY	2,969	$	26,724
Total Time Deposits (cost $495,688)					495,688
Total Short-Term Investments (cost $14,227,211)					14,227,211
Total Investments Before Security Lending Collateral for Securities Loaned – 98.2% (cost $165,813,086)					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) (cost $265,863)			265,863		265,863
Total Investments – 98.4% (cost $166,078,949)(m)					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 Credit Spread at June 30, 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

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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. 7.00%, 07/16/2021		01/14/2019-04/01/2021		$	12,445		$	12,610		0.01	%
Odebrecht Holdco Finance Ltd. 0.0%, 09/10/2058		01/22/2021			20,206			1,323		0.00	%
Tonon Luxembourg SA 6.50%, 10/31/2024		05/03/2019-10/31/2020			198,834			1,060		0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022		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.

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(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

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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
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	)
Total	$	31,996,715		$	164,707,444		$	1,060	$	196,705,219

* 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 3/31/21 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/21 (000)		Dividend Income (000)
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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