AB Global Risk Allocation Fund, Inc.

Consolidated Portfolio of Investments

August 31, 2020 (unaudited)

	Principal Amount (000)		U.S. $ Value
INFLATION-LINKED SECURITIES – 47.0%
Japan – 11.2%
Japanese Government CPI Linked Bond
Series 21
0.10%, 03/10/2026	JPY	2,435,887	$	23,056,009
United States – 35.8%
U.S. Treasury Inflation Index
0.375%, 07/15/2025 (TIPS)(a) (b) (c)	U.S.$	61,417		67,252,117
0.375%, 01/15/2027 (TIPS)(c)		6,007		6,677,577
				73,929,694
Total Inflation-Linked Securities (cost $91,598,871)				96,985,703
	Shares
COMMON STOCKS – 27.7%
Information Technology – 4.7%
Communications Equipment – 0.2%
Cisco Systems, Inc.		2,148		90,689
F5 Networks, Inc.(d)		462		61,136
Juniper Networks, Inc.		2,077		51,925
Motorola Solutions, Inc.		840		129,990
Nokia Oyj		5,115		24,935
Telefonaktiebolaget LM Ericsson - Class B		4,594		53,566
				412,241
Electronic Equipment, Instruments & Components – 0.4%
Amphenol Corp. - Class A		1,084		119,023
Arrow Electronics, Inc.(d)		775		60,884
Avnet, Inc.		1,566		43,081
CDW Corp./DE		1,016		115,468
Corning, Inc.		2,176		70,633
Flex Ltd.(d)		3,294		35,773
FLIR Systems, Inc.		1,824		67,306
Hexagon AB - Class B(d)		836		60,710
Ingenico Group SA(d)		325		55,492
TE Connectivity Ltd.		878		84,815
Trimble, Inc.(d)		1,320		69,181
				782,366
IT Services – 1.4%
Accenture PLC - Class A		613		147,077
Akamai Technologies, Inc.(d)		806		93,842
Alliance Data Systems Corp.		215		9,699
Amadeus IT Group SA - Class A		787		44,211
Atos SE(d)		247		21,407
Automatic Data Processing, Inc.		831		115,584
Black Knight, Inc.(d)		362		30,444
Broadridge Financial Solutions, Inc.		1,174		161,308
Capgemini SE		360		49,939

1

Company	Shares		U.S. $ Value
CGI, Inc.(d)		1,595	$	112,036
Cognizant Technology Solutions Corp. - Class A		1,099		73,479
DXC Technology Co.		635		12,687
Edenred		463		23,900
Fidelity National Information Services, Inc.		1,949		294,007
Fiserv, Inc.(d)		2,368		235,805
FleetCor Technologies, Inc.(d)		249		62,611
Gartner, Inc.(d)		575		74,646
Global Payments, Inc.		1,430		252,567
International Business Machines Corp.		502		61,902
Mastercard, Inc. - Class A		649		232,465
Paychex, Inc.		1,472		112,564
PayPal Holdings, Inc.(d)		1,263		257,829
Perspecta, Inc.		317		6,584
Sabre Corp.		2,420		16,916
VeriSign, Inc.(d)		824		176,995
Visa, Inc. - Class A		718		152,209
Western Union Co. (The) - Class W		3,117		73,530
Worldline SA/France(d) (e)		98		9,020
				2,915,263
Semiconductors & Semiconductor Equipment – 0.9%
Advanced Micro Devices, Inc.(d)		2,015		183,002
Analog Devices, Inc.		607		70,946
Applied Materials, Inc.		967		59,567
ASML Holding NV		269		100,527
Broadcom, Inc.		205		71,166
Infineon Technologies AG		1,599		44,463
Intel Corp.		1,884		95,990
KLA Corp.		609		124,930
Lam Research Corp.		384		129,155
Marvell Technology Group Ltd.		2,554		99,044
Maxim Integrated Products, Inc.		1,384		94,721
Microchip Technology, Inc.		789		86,553
Micron Technology, Inc.(d)		1,172		53,338
NVIDIA Corp.		256		136,955
NXP Semiconductors NV		516		64,892
Qorvo, Inc.(d)		444		56,952
QUALCOMM, Inc.		984		117,194
Skyworks Solutions, Inc.		431		62,430
STMicroelectronics NV		1,365		41,285
Texas Instruments, Inc.		847		120,401
Xilinx, Inc.		811		84,474
				1,897,985
Software – 1.5%
Adobe, Inc.(d)		449		230,512
ANSYS, Inc.(d)		635		215,271
Autodesk, Inc.(d)		395		97,051
BlackBerry Ltd.(d)		2,745		14,311
Cadence Design Systems, Inc.(d)		1,796		199,194
CDK Global, Inc.		1,015		47,319
Cerence, Inc.(d)		343		18,248
Citrix Systems, Inc.		604		87,701
Constellation Software, Inc./Canada		106		122,712
Dassault Systemes SE		646		121,898

2

Company	Shares		U.S. $ Value
Fortinet, Inc.(d)		1,023	$	135,041
Intuit, Inc.		570		196,872
Micro Focus International PLC (ADR)(f)		345		1,408
Microsoft Corp.		995		224,402
NortonLifeLock, Inc.		1,835		43,159
Nuance Communications, Inc.(d)		2,749		82,360
Open Text Corp.		1,658		75,200
Oracle Corp.		1,536		87,890
Palo Alto Networks, Inc.(d)		297		76,451
Sage Group PLC (The)		5,404		53,358
salesforce.com, Inc.(d)		534		145,595
SAP SE		466		77,051
ServiceNow, Inc.(d)		428		206,304
Splunk, Inc.(d)		575		126,115
Synopsys, Inc.(d)		974		215,546
VMware, Inc. - Class A(d) (f)		527		76,120
Workday, Inc. - Class A(d)		384		92,049
				3,069,138
Technology Hardware, Storage & Peripherals – 0.3%
Apple, Inc.		1,628		210,077
Dell Technologies, Inc. - Class C(d)		1,368		90,397
Hewlett Packard Enterprise Co.		3,043		29,426
HP, Inc.		2,579		50,420
NetApp, Inc.		1,082		51,276
Seagate Technology PLC		978		46,934
Western Digital Corp.		465		17,865
Xerox Holdings Corp.		1,717		32,383
				528,778
				9,605,771
Financials – 4.0%
Banks – 1.1%
ABN AMRO Bank NV (GDR)(d) (e)		1,125		10,685
Agricultural Bank of China Ltd. - Class H		420,000		140,270
Banco Bilbao Vizcaya Argentaria SA		3,189		9,339
Banco de Sabadell SA		16,277		6,576
Banco Santander SA(d)		3,802		8,465
Bank of America Corp.		1,350		34,749
Bank of China Ltd. - Class H		357,000		116,093
Bank of Communications Co., Ltd. - Class H		226,000		118,019
Bank of Ireland Group PLC(d)		2,334		5,229
Bank of Montreal		747		47,408
Bank of Nova Scotia (The)		862		37,253
Bankia SA		6,083		7,663
Bankinter SA		3,395		18,264
Barclays PLC(d)		10,110		14,802
BNP Paribas SA(d)		331		14,421
CaixaBank SA		4,609		10,125
Canadian Imperial Bank of Commerce		584		46,367
China CITIC Bank Corp., Ltd. - Class H		265,000		110,699
China Construction Bank Corp. - Class H		233,000		164,198
China Everbright Bank Co., Ltd. - Class H		345,000		123,607
China Minsheng Banking Corp., Ltd. - Class H		212,400		129,292
CIT Group, Inc.		697		13,710

3

Company	Shares		U.S. $ Value
Citigroup, Inc.		564	$	28,832
Citizens Financial Group, Inc.		745		19,273
Comerica, Inc.		403		15,931
Commerzbank AG(d)		2,045		11,878
Credit Agricole SA(d)		1,641		16,825
Danske Bank A/S(d)		858		13,276
DNB ASA(d)		1,818		29,123
Erste Group Bank AG(d)		821		19,937
Fifth Third Bancorp		1,167		24,110
First Republic Bank/CA		402		45,390
HSBC Holdings PLC		5,317		22,806
Huntington Bancshares, Inc./OH		2,387		22,462
ING Groep NV(d)		1,574		12,847
Intesa Sanpaolo SpA(d)		18,206		39,189
JPMorgan Chase & Co.		448		44,885
KBC Group NV		411		23,474
KeyCorp		1,685		20,759
Lloyds Banking Group PLC(d)		36,308		13,690
M&T Bank Corp.		381		39,342
National Bank of Canada		1,132		62,226
Natwest Group PLC(d)		6,922		10,305
Nedbank Group Ltd.		313		1,765
Nordea Bank Abp (Finland)(d)		88		709
Nordea Bank Abp (Sweden)(d)		3,090		24,911
People’s United Financial, Inc.		2,269		24,006
PNC Financial Services Group, Inc. (The)		291		32,359
Raiffeisen Bank International AG(d)		1,044		18,654
Regions Financial Corp.		1,804		20,854
Royal Bank of Canada		718		54,678
Signature Bank/New York NY		215		20,861
Skandinaviska Enskilda Banken AB - Class A(d)		3,315		32,873
Societe Generale SA(d)		422		6,831
Standard Chartered PLC(d)		2,940		15,322
Svenska Handelsbanken AB - Class A(d)		2,923		29,405
Swedbank AB - Class A(d)		1,696		28,821
Toronto-Dominion Bank (The)		1,045		52,132
Truist Financial Corp.		1,653		64,153
UniCredit SpA(d)		1,079		10,613
US Bancorp		800		29,120
Wells Fargo & Co.		690		16,663
				2,208,524
Capital Markets – 1.0%
3i Group PLC		4,463		54,844
Affiliated Managers Group, Inc.		225		15,446
Ameriprise Financial, Inc.		250		39,200
Bank of New York Mellon Corp. (The)		853		31,544
BlackRock, Inc. - Class A		109		64,767
Brookfield Asset Management, Inc. - Class A		1,867		63,009
Charles Schwab Corp. (The)		729		25,901
CI Financial Corp.		2,261		32,103
CITIC Securities Co., Ltd. - Class H		80,000		191,963
CME Group, Inc. - Class A		377		66,303
Credit Suisse Group AG		1,310		14,414
Deutsche Bank AG(d)		1,113		10,672

4

Company	Shares		U.S. $ Value
Deutsche Boerse AG		355	$	67,161
E*TRADE Financial Corp.		742		40,142
Eaton Vance Corp.		655		26,868
Franklin Resources, Inc.		837		17,627
Goldman Sachs Group, Inc. (The)		162		33,189
Haitong Securities Co., Ltd. - Class H(d)		98,800		89,703
Hargreaves Lansdown PLC		1,868		40,212
IGM Financial, Inc.		1,289		31,456
Intercontinental Exchange, Inc.		727		77,229
Invesco Ltd.		1,109		11,312
Investec PLC		4,737		9,338
Julius Baer Group Ltd.		634		30,398
London Stock Exchange Group PLC		1,249		147,533
Moody’s Corp.		325		95,758
Morgan Stanley		735		38,411
MSCI, Inc. - Class A		361		134,751
Nasdaq, Inc.		753		101,218
Natixis SA(d)		3,393		9,352
Ninety One PLC(d)		2,368		6,857
Northern Trust Corp.		412		33,739
Partners Group Holding AG		68		69,272
Quilter PLC(e)		3,254		6,170
Raymond James Financial, Inc.		418		31,651
S&P Global, Inc.		311		113,957
Schroders PLC		944		36,550
SEI Investments Co.		695		36,390
St. James’s Place PLC		2,130		27,602
Standard Life Aberdeen PLC		11,793		36,901
State Street Corp.		421		28,666
T. Rowe Price Group, Inc.		627		87,285
TD Ameritrade Holding Corp.		771		29,591
UBS Group AG		1,814		22,068
				2,178,523
Consumer Finance – 0.1%
Ally Financial, Inc.		1,228		28,097
American Express Co.		516		52,420
Capital One Financial Corp.		376		25,955
Discover Financial Services		568		30,149
Navient Corp.		1,339		12,172
Provident Financial PLC(d)		1,368		4,531
Synchrony Financial		1,033		25,629
				178,953
Diversified Financial Services – 0.3%
Berkshire Hathaway, Inc. - Class B(d)		231		50,367
Element Fleet Management Corp.		3,194		26,275
EXOR NV		480		28,310
Groupe Bruxelles Lambert SA		600		55,365
IHS Markit Ltd.		1,109		88,631
Industrivarden AB - Class C(d)		1,828		48,308
Investor AB - Class B		902		57,697
Jefferies Financial Group, Inc.		1,464		25,679
Kinnevik AB(d)		1,368		1,099
Kinnevik AB - Class B		1,368		53,061
L E Lundbergforetagen AB - Class B(d)		856		39,192
M&G PLC		1,555		3,594

5

Company	Shares		U.S. $ Value
Onex Corp.		648	$	31,462
Pargesa Holding SA		691		58,437
Voya Financial, Inc.(f)		775		40,230
Wendel SA		294		30,163
				637,870
Insurance – 1.5%
Admiral Group PLC		1,243		43,370
Aegon NV		4,545		12,585
Aflac, Inc.		1,388		50,412
Ageas		832		34,670
Alleghany Corp.		66		36,601
Allianz SE		222		48,171
Allstate Corp. (The)		643		59,799
American International Group, Inc.		720		20,981
Aon PLC		435		86,996
Arch Capital Group Ltd.(d)		1,779		56,110
Arthur J Gallagher & Co.		958		100,877
Assicurazioni Generali SpA		1,915		29,747
Assurant, Inc.		420		51,055
Aviva PLC		5,185		19,542
Axis Capital Holdings Ltd.		710		33,910
Baloise Holding AG		288		44,867
Brighthouse Financial, Inc.(d)		60		1,822
China Life Insurance Co., Ltd. - Class H		44,000		107,185
Chubb Ltd.		371		46,375
Cincinnati Financial Corp.		705		55,984
CNP Assurances(d)		1,623		21,760
Direct Line Insurance Group PLC		8,791		34,742
Everest Re Group Ltd.		214		47,097
Fairfax Financial Holdings Ltd.		85		26,203
Fidelity National Financial, Inc.		1,183		38,838
Gjensidige Forsikring ASA(d)		2,409		51,283
Globe Life, Inc.		598		49,323
Great-West Lifeco, Inc.		2,017		41,149
Hannover Rueck SE		383		65,312
Hartford Financial Services Group, Inc. (The)		878		35,515
iA Financial Corp., Inc.		1,008		36,283
Intact Financial Corp.		960		102,826
Legal & General Group PLC		13,473		38,727
Lincoln National Corp.		446		16,078
Loews Corp.		1,014		36,362
Manulife Financial Corp.		2,171		32,024
Mapfre SA		8,898		16,869
Markel Corp.(d)		39		42,386
Marsh & McLennan Cos., Inc.		753		86,527
MetLife, Inc.		661		25,422
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		212		61,236
New China Life Insurance Co., Ltd. - Class H		37,000		147,419
NN Group NV		985		37,028
Old Mutual Ltd.		9,763		6,737
Poste Italiane SpA(e)		5,111		46,900
Power Corp. of Canada		3,725		74,366
Principal Financial Group, Inc.		589		24,803
Progressive Corp. (The)		1,147		109,011
Prudential Financial, Inc.		336		22,771
Prudential PLC		1,555		25,069

6

Company	Shares		U.S. $ Value
Reinsurance Group of America, Inc. - Class A		376	$	34,472
RenaissanceRe Holdings Ltd.		388		71,291
RSA Insurance Group PLC		5,407		32,271
Sampo Oyj - Class A		886		35,691
SCOR SE(d)		791		21,199
Sun Life Financial, Inc.		1,344		56,095
Swiss Life Holding AG		132		53,364
Swiss Re AG		469		37,757
Travelers Cos., Inc. (The)		464		53,843
Trisura Group Ltd.(d)		7		472
Tryg A/S		1,864		57,200
UnipolSai Assicurazioni SpA		12,165		34,912
Unum Group		830		15,338
Willis Towers Watson PLC		352		72,347
WR Berkley Corp.		1,102		68,379
Zurich Insurance Group AG		154		56,941
				3,042,697
Mortgage Real Estate Investment Trusts (REITs) – 0.0%
AGNC Investment Corp.		2,408		33,977
Annaly Capital Management, Inc.		3,658		26,886
				60,863
Thrifts & Mortgage Finance – 0.0%
New York Community Bancorp, Inc.		3,312		29,974
				8,337,404
Health Care – 3.3%
Biotechnology – 0.4%
AbbVie, Inc.		1,379		132,067
Alexion Pharmaceuticals, Inc.(d)		232		26,499
Alkermes PLC(d)		331		5,475
Amgen, Inc.		320		81,062
Biogen, Inc.(d)		169		48,611
BioMarin Pharmaceutical, Inc.(d)		341		26,608
Genmab A/S(d)		279		105,288
Gilead Sciences, Inc.		703		46,925
Grifols SA		2,271		61,569
Idorsia Ltd.(d)		213		6,338
Incyte Corp.(d)		189		18,210
Regeneron Pharmaceuticals, Inc.(d)		66		40,915
Seattle Genetics, Inc.(d)		303		47,977
United Therapeutics Corp.(d)		217		23,210
Vertex Pharmaceuticals, Inc.(d)		246		68,664
				739,418
Health Care Equipment & Supplies – 1.2%
Abbott Laboratories		1,269		138,917
Alcon, Inc.(d)		184		10,469
Align Technology, Inc.(d)		301		89,391
Arjo AB - Class B		2,759		16,411
Baxter International, Inc.		1,040		90,553
Becton Dickinson and Co.		362		87,883
Boston Scientific Corp.(d)		1,769		72,564
Coloplast A/S - Class B		742		125,859

7

Company	Shares		U.S. $ Value
Cooper Cos., Inc. (The)		246	$	77,337
Danaher Corp.		776		160,221
Demant A/S(d)		2,432		72,539
DENTSPLY SIRONA, Inc.		989		44,376
DexCom, Inc.(d)		430		182,926
Edwards Lifesciences Corp.(d)		960		82,406
Getinge AB - Class B		2,759		61,474
Hologic, Inc.(d)		1,129		67,424
IDEXX Laboratories, Inc.(d)		330		129,050
Intuitive Surgical, Inc.(d)		183		133,744
Koninklijke Philips NV(d)		488		23,093
Medtronic PLC		683		73,402
ResMed, Inc.		778		140,647
Smith & Nephew PLC		4,175		84,254
Sonova Holding AG(d)		435		101,706
Stryker Corp.		486		96,306
Teleflex, Inc.		270		106,097
Varian Medical Systems, Inc.(d)		475		82,493
Zimmer Biomet Holdings, Inc.		375		52,830
				2,404,372
Health Care Providers & Services – 0.5%
AmerisourceBergen Corp. - Class A		482		46,768
Anthem, Inc.		274		77,137
Cardinal Health, Inc.		702		35,634
Centene Corp.(d)		956		58,622
Cigna Corp.		492		87,266
Covetrus, Inc.(d) (f)		280		6,415
CVS Health Corp.		1,161		72,121
DaVita, Inc.(d)		632		54,832
Fresenius Medical Care AG & Co. KGaA		755		64,153
Fresenius SE & Co. KGaA		693		32,158
HCA Healthcare, Inc.		514		69,760
Henry Schein, Inc.(d)		702		46,641
Humana, Inc.		169		70,164
Laboratory Corp. of America Holdings(d)		407		71,530
McKesson Corp.		241		36,979
Mediclinic International PLC		5,230		18,211
MEDNAX, Inc.(d)		637		11,835
Patterson Cos., Inc.		1,039		30,141
Quest Diagnostics, Inc.		556		61,849
UnitedHealth Group, Inc.		310		96,891
Universal Health Services, Inc. - Class B		362		39,947
				1,089,054
Health Care Technology – 0.0%
Cerner Corp.		701		51,432
Life Sciences Tools & Services – 0.5%
Agilent Technologies, Inc.		816		81,943
Eurofins Scientific SE(d)		116		93,342
Illumina, Inc.(d)		183		65,371
IQVIA Holdings, Inc.(d)		646		105,783
Lonza Group AG		278		172,753
Mettler-Toledo International, Inc.(d)		105		101,932

8

Company	Shares		U.S. $ Value
QIAGEN NV(d)		1,521	$	77,268
Thermo Fisher Scientific, Inc.		346		148,427
Waters Corp.(d)		286		61,850
				908,669
Pharmaceuticals – 0.7%
AstraZeneca PLC		729		80,919
Bausch Health Cos., Inc.(d)		834		13,843
Bayer AG		526		34,985
Bristol-Myers Squibb Co.		1,220		75,884
Eli Lilly & Co.		693		102,834
GlaxoSmithKline PLC		3,649		71,277
Hikma Pharmaceuticals PLC		2,641		83,705
Jazz Pharmaceuticals PLC(d)		223		29,969
Johnson & Johnson		554		84,989
Mallinckrodt PLC(d) (f)		476		752
Merck & Co., Inc.		863		73,588
Merck KGaA		536		72,850
Mylan NV(d) (f)		1,027		16,822
Novartis AG		923		79,551
Novo Nordisk A/S - Class B		1,284		84,890
Orion Oyj - Class B		948		44,515
Perrigo Co. PLC		428		22,384
Pfizer, Inc.		2,016		76,185
Roche Holding AG		268		93,752
Sanofi		604		61,178
Takeda Pharmaceutical Co., Ltd. (Sponsored ADR)(d)		1,184		22,034
UCB SA		558		66,227
Vifor Pharma AG		380		56,168
Zoetis, Inc.		996		159,460
				1,508,761
				6,701,706
Industrials – 2.9%
Aerospace & Defense – 0.4%
Airbus SE(d)		181		14,885
BAE Systems PLC		2,639		18,320
Boeing Co. (The)		219		37,629
Bombardier, Inc. - Class B(d)		7,317		2,300
CAE, Inc.		2,809		44,536
Dassault Aviation SA(d)		11		9,964
General Dynamics Corp.		241		35,993
Howmet Aerospace, Inc.		824		14,436
Huntington Ingalls Industries, Inc.		180		27,274
L3Harris Technologies, Inc.		1,019		184,174
Leonardo SpA		684		4,628
Lockheed Martin Corp.		198		77,272
Meggitt PLC		2,664		10,259
Northrop Grumman Corp.		198		67,837
Raytheon Technologies Corp.		1,280		78,080
Rolls-Royce Holdings PLC(d)		1,271		4,013
Safran SA(d)		174		20,094
Textron, Inc.		720		28,390
Thales SA		192		14,994

9

Company	Shares		U.S. $ Value
TransDigm Group, Inc.		93	$	46,469
				741,547
Air Freight & Logistics – 0.2%
CH Robinson Worldwide, Inc.(f)		534		52,492
Deutsche Post AG		500		22,792
DSV PANALPINA A/S		295		46,053
Expeditors International of Washington, Inc.		744		65,762
FedEx Corp.		189		41,550
Kuehne & Nagel International AG(d)		139		26,951
Royal Mail PLC		3,581		8,555
United Parcel Service, Inc. - Class B		471		77,065
				341,220
Airlines – 0.0%
American Airlines Group, Inc.		507		6,616
Delta Air Lines, Inc.		566		17,461
Deutsche Lufthansa AG(d)		656		6,863
easyJet PLC		784		6,659
International Consolidated Airlines Group SA		1,885		5,051
Southwest Airlines Co.		528		19,842
United Airlines Holdings, Inc.(d)		315		11,340
				73,832
Building Products – 0.2%
AO Smith Corp.		711		34,818
Assa Abloy AB - Class B		848		19,645
Carrier Global Corp.		587		17,522
Cie de Saint-Gobain(d)		254		10,268
Fortune Brands Home & Security, Inc.		681		57,258
Geberit AG		50		28,780
Johnson Controls International PLC		1,024		41,708
Masco Corp.		1,061		61,856
Otis Worldwide Corp.		293		18,430
Resideo Technologies, Inc.(d)		63		842
				291,127
Commercial Services & Supplies – 0.2%
Babcock International Group PLC		1,434		5,190
Cintas Corp.		386		128,631
G4S PLC		3,969		7,651
ISS A/S(d)		413		6,360
Republic Services, Inc. - Class A		966		89,567
Securitas AB - Class B(d)		1,405		20,001
Societe BIC SA		160		9,235
Stericycle, Inc.(d)		372		23,849
Waste Connections, Inc.		891		89,127
Waste Management, Inc.		916		104,424
				484,035
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios SA		482		11,795
Boskalis Westminster(d)		549		11,498
Bouygues SA(d)		319		12,622

10

Company	Shares		U.S. $ Value
China Communications Construction Co., Ltd. - Class H		124,000	$	69,507
China Railway Construction Corp., Ltd. - Class H		112,500		86,351
China Railway Group Ltd. - Class H		179,000		91,807
Eiffage SA(d)		192		17,657
Epiroc AB - Class A		436		6,503
Epiroc AB - Class B		520		7,474
Ferrovial SA		1,032		27,575
Fluor Corp.		716		6,816
HOCHTIEF AG		79		7,005
Jacobs Engineering Group, Inc.		615		55,516
Metso Outotec Oyj		1,685		12,482
Orascom Construction PLC		173		856
Skanska AB - Class B(d)		763		15,518
SNC-Lavalin Group, Inc.		1,097		19,411
Vinci SA		175		16,396
				476,789
Electrical Equipment – 0.2%
ABB Ltd.		788		20,093
Acuity Brands, Inc.		140		15,301
AMETEK, Inc.		672		67,671
Eaton Corp. PLC		547		55,849
Emerson Electric Co.		688		47,795
Legrand SA		296		24,707
Melrose Industries PLC		9,810		13,089
nVent Electric PLC		481		9,197
OSRAM Licht AG(d)		209		10,911
Prysmian SpA		537		15,007
Rockwell Automation, Inc.		235		54,175
Schneider Electric SE		198		24,487
Sensata Technologies Holding PLC(d)		858		35,727
Vestas Wind Systems A/S		152		22,981
				416,990
Industrial Conglomerates – 0.1%
3M Co.		284		46,298
DCC PLC		173		15,369
General Electric Co.		1,596		10,118
Honeywell International, Inc.		378		62,578
Roper Technologies, Inc.		184		78,603
Siemens AG		118		16,351
Smiths Group PLC		1,381		25,632
				254,949
Machinery – 0.5%
AGCO Corp.		496		35,266
Alfa Laval AB(d)		849		20,752
Alstom SA(d)		518		28,917
ANDRITZ AG		354		11,841
Atlas Copco AB - Class A		436		20,180
Atlas Copco AB - Class B		520		20,894
Caterpillar, Inc.		323		45,966
CNH Industrial NV(d)		1,193		9,450
Cummins, Inc.		221		45,802
Deere & Co.		289		60,707
Dover Corp.		428		47,012

11

Company	Shares		U.S. $ Value
Electrolux Professional AB - Class B(d)		748	$	3,321
Flowserve Corp.		599		17,778
Fortive Corp.		674		48,602
GEA Group AG		378		13,803
Illinois Tool Works, Inc.		349		68,945
IMI PLC		1,187		16,516
Ingersoll Rand, Inc.(d)		413		14,480
Kone Oyj - Class B		326		27,961
MAN SE(d)		62		3,847
Middleby Corp. (The)(d)		251		24,573
Neles Oyj		392		5,358
PACCAR, Inc.		502		43,092
Parker-Hannifin Corp.		211		43,468
Pentair PLC		481		21,712
Sandvik AB(d)		907		17,860
Schindler Holding AG		78		20,855
Schindler Holding AG (REG)		81		21,332
SKF AB - Class B		706		14,121
Snap-on, Inc.		233		34,547
Stanley Black & Decker, Inc.		329		53,068
Trane Technologies PLC		469		55,525
Volvo AB - Class B(d)		910		17,431
Wartsila Oyj Abp		732		6,267
Weir Group PLC (The)		503		8,583
Westinghouse Air Brake Technologies Corp.		457		30,413
Xylem, Inc./NY		796		63,823
Zardoya Otis SA		1,731		12,003
				1,056,071
Marine – 0.0%
AP Moller - Maersk A/S - Class A		10		14,204
AP Moller - Maersk A/S - Class B		9		13,790
				27,994
Professional Services – 0.4%
Adecco Group AG		233		12,199
Bureau Veritas SA(d)		963		21,867
Capita PLC(d)		1,612		658
CoStar Group, Inc.(d)		287		243,548
Equifax, Inc.		383		64,448
Experian PLC		1,125		42,033
Intertek Group PLC		254		19,901
ManpowerGroup, Inc.		340		24,925
Nielsen Holdings PLC		827		12,637
Randstad NV		258		13,427
RELX PLC		1,139		25,611
RELX PLC (London)		1,122		25,461
Robert Half International, Inc.		701		37,293
SGS SA		10		25,914
Thomson Reuters Corp.		1,197		91,504
Verisk Analytics, Inc. - Class A		637		118,909
Wolters Kluwer NV		490		40,196
				820,531
Road & Rail – 0.2%
AMERCO		94		33,360
Canadian National Railway Co.		661		69,457

12

Company	Shares		U.S. $ Value
Canadian Pacific Railway Ltd.		280	$	82,838
CSX Corp.		526		40,218
Garrett Motion, Inc.(d)		37		102
JB Hunt Transport Services, Inc.		438		61,556
Kansas City Southern		333		60,619
Norfolk Southern Corp.		311		66,097
Union Pacific Corp.		324		62,351
				476,598
Trading Companies & Distributors – 0.2%
AerCap Holdings NV(d)		317		9,374
Ashtead Group PLC		560		19,417
Brenntag AG		322		20,175
Bunzl PLC		677		21,839
Fastenal Co.		1,510		73,779
Ferguson PLC		296		29,027
Finning International, Inc.		1,846		28,178
Rexel SA(d)		970		12,960
Travis Perkins PLC		782		12,801
United Rentals, Inc.(d)		195		34,525
WW Grainger, Inc.		196		71,624
				333,699
Transportation Infrastructure – 0.1%
Aena SME SA(d) (e)		131		19,558
Aeroports de Paris		132		13,780
Atlantia SpA(d)		613		9,733
Fraport AG Frankfurt Airport Services Worldwide(d)		264		12,042
Getlink SE(d)		1,705		26,080
Macquarie Infrastructure Corp.		570		15,971
				97,164
				5,892,546
Consumer Staples – 2.8%
Beverages – 0.5%
Anheuser-Busch InBev SA/NV		336		19,528
Brown-Forman Corp. - Class B		1,553		113,633
Carlsberg A/S - Class B		434		61,008
Coca-Cola Co. (The)		2,349		116,346
Coca-Cola European Partners PLC		1,012		41,807
Coca-Cola HBC AG		1,304		34,639
Constellation Brands, Inc. - Class A		321		59,218
Diageo PLC		1,525		50,952
Heineken Holding NV		450		36,820
Heineken NV		502		46,426
Keurig Dr Pepper, Inc.		924		27,563
Molson Coors Beverage Co. - Class B		775		29,171
Monster Beverage Corp.(d)		1,264		105,999
PepsiCo, Inc.		845		118,351
Pernod Ricard SA		347		59,434
Remy Cointreau SA		337		55,504
				976,399
Food & Staples Retailing – 0.7%
Alimentation Couche-Tard, Inc. - Class B		3,374		110,117
Carrefour SA		1,249		20,091

13

Company	Shares		U.S. $ Value
Casino Guichard Perrachon SA(d)		448	$	11,614
Colruyt SA		915		57,673
Costco Wholesale Corp.		505		175,568
Distribuidora Internacional de Alimentacion SA(d)		6,300		874
Empire Co., Ltd. - Class A		3,731		97,112
George Weston Ltd.		1,283		92,688
ICA Gruppen AB		1,334		65,468
J Sainsbury PLC		10,711		26,318
Jeronimo Martins SGPS SA		2,095		34,477
Koninklijke Ahold Delhaize NV		1,925		57,915
Kroger Co. (The)		1,741		62,119
Loblaw Cos., Ltd.		1,937		100,106
METRO AG		963		9,549
Metro, Inc./CN		3,499		158,057
Rite Aid Corp.(d) (f)		91		1,185
Sysco Corp.		1,355		81,490
Tesco PLC		14,259		41,640
Walgreens Boots Alliance, Inc.		793		30,150
Walmart, Inc.		1,159		160,927
Wm Morrison Supermarkets PLC		13,410		34,315
				1,429,453
Food Products – 0.8%
Archer-Daniels-Midland Co.		1,514		67,767
Aryzta AG(d)		6,292		4,486
Associated British Foods PLC		933		25,229
Barry Callebaut AG		33		73,161
Bunge Ltd.		891		40,647
Campbell Soup Co.		1,279		67,288
Chocoladefabriken Lindt & Spruengli AG		9		76,727
Chocoladefabriken Lindt & Spruengli AG (REG)		1		88,374
Conagra Brands, Inc.		1,969		75,531
Danone SA		580		38,139
General Mills, Inc.		1,305		83,455
Hershey Co. (The)		758		112,669
Hormel Foods Corp.(f)		1,930		98,391
Ingredion, Inc.		628		50,516
JM Smucker Co. (The)		614		73,791
Kellogg Co.		1,053		74,668
Kerry Group PLC - Class A		503		66,054
Kraft Heinz Co. (The)		886		31,045
McCormick & Co., Inc./MD		900		185,580
Mondelez International, Inc. - Class A		1,174		68,585
Mowi ASA		1,945		38,049
Nestle SA		608		73,232
Orkla ASA		3,826		38,916
Saputo, Inc.		2,289		57,104
Tate & Lyle PLC		4,685		42,478
Tyson Foods, Inc. - Class A		1,060		66,568
				1,718,450
Household Products – 0.5%
Church & Dwight Co., Inc.		1,639		157,065
Clorox Co. (The)		669		149,522
Colgate-Palmolive Co.		1,207		95,667
Edgewell Personal Care Co.(d)		667		19,150
Essity AB - Class B(d)		1,288		44,357
Henkel AG & Co. KGaA		338		30,411

14

Company	Shares		U.S. $ Value
Henkel AG & Co. KGaA (Preference Shares)		356	$	36,397
Kimberly-Clark Corp.		706		111,379
Procter & Gamble Co. (The)		1,192		164,889
Reckitt Benckiser Group PLC		499		50,089
Spectrum Brands Holdings, Inc.		587		34,985
				893,911
Personal Products – 0.2%
Beiersdorf AG		471		54,443
Coty, Inc. - Class A		2,104		7,532
Estee Lauder Cos., Inc. (The) - Class A		855		189,570
L’Oreal SA		228		75,662
Unilever NV		860		49,972
Unilever PLC		811		47,948
				425,127
Tobacco – 0.1%
Altria Group, Inc.		1,060		46,364
British American Tobacco PLC		579		19,515
British American Tobacco PLC (Sponsored ADR)(f)		643		21,714
Imperial Brands PLC		987		16,468
Philip Morris International, Inc.		715		57,050
Swedish Match AB		1,345		102,153
				263,264
				5,706,604
Materials – 2.2%
Chemicals – 1.2%
Air Liquide SA		447		74,124
Air Products & Chemicals, Inc.		522		152,560
Akzo Nobel NV		408		40,271
Albemarle Corp.		546		49,691
Arkema SA		294		32,549
Axalta Coating Systems Ltd.(d)		2,149		51,254
BASF SE		444		27,113
Celanese Corp. - Class A		722		73,030
CF Industries Holdings, Inc.		1,192		38,895
Chr Hansen Holding A/S		469		53,831
Corteva, Inc.		701		20,013
Covestro AG(e)		458		21,835
Croda International PLC		632		49,745
Dow, Inc.		701		31,629
DuPont de Nemours, Inc.		701		39,088
Eastman Chemical Co.		794		58,049
Ecolab, Inc.		833		164,168
EMS-Chemie Holding AG		47		42,476
Evonik Industries AG		1,232		35,779
FMC Corp.		742		79,290
FUCHS PETROLUB SE (Preference Shares)		915		43,281
Givaudan SA		25		105,077
International Flavors & Fragrances, Inc.		533		65,980
Johnson Matthey PLC		1,127		35,545
K&S AG		1,009		7,035
Koninklijke DSM NV		642		102,817
LANXESS AG		442		25,876
Linde PLC		436		108,887

15

Company	Shares		U.S. $ Value
Livent Corp.(d) (f)		693	$	5,877
LyondellBasell Industries NV - Class A		645		42,234
Methanex Corp.		1,103		24,599
Mosaic Co. (The)		2,007		36,588
Novozymes A/S - Class B		559		33,034
Nutrien Ltd.		3,184		117,928
PPG Industries, Inc.		660		79,464
Sherwin-Williams Co. (The)		231		155,012
Sika AG		360		86,079
Solvay SA		330		28,433
Symrise AG		710		98,192
Umicore SA		1,130		51,867
WR Grace & Co.		870		35,418
Yara International ASA		866		36,282
				2,460,895
Construction Materials – 0.1%
CRH PLC		1,075		40,093
HeidelbergCement AG		356		22,585
Imerys SA		563		22,922
LafargeHolcim Ltd.		595		28,247
Martin Marietta Materials, Inc.		237		48,080
Vulcan Materials Co.		393		47,160
				209,087
Containers & Packaging – 0.3%
Avery Dennison Corp.		978		112,851
Ball Corp.		1,802		144,827
CCL Industries, Inc. - Class B		1,790		66,160
Crown Holdings, Inc.(d)		1,332		102,364
International Paper Co.		1,270		46,063
Packaging Corp. of America		678		68,641
Sealed Air Corp.		1,509		59,304
Westrock Co.		1,050		31,846
				632,056
Metals & Mining – 0.5%
Agnico Eagle Mines Ltd.		888		73,213
Anglo American PLC		1,415		34,773
Antofagasta PLC		2,036		29,191
ArcelorMittal SA(d)		987		12,433
Arconic Corp.(d)		206		4,584
Barrick Gold Corp. (London)		1,911		56,212
Barrick Gold Corp. (Toronto)		2,364		70,031
BHP Group PLC		1,449		32,983
Boliden AB		977		29,190
Eldorado Gold Corp.(d)		1,427		16,301
First Quantum Minerals Ltd.		3,202		31,692
Franco-Nevada Corp.		739		111,143
Freeport-McMoRan, Inc.		2,604		40,649
Fresnillo PLC		1,276		21,666
Glencore PLC(d)		5,705		14,028
Kinross Gold Corp.(d)		6,730		59,749
Newmont Corp.		1,386		93,250
Newmont Corp. (Toronto)		1,053		71,099
Norsk Hydro ASA(d)		4,362		13,913
Nucor Corp.		910		41,369

16

Company	Shares		U.S. $ Value
Rio Tinto PLC		669	$	41,605
Teck Resources Ltd. - Class B		2,652		30,579
thyssenkrupp AG(d)		1,007		7,253
Turquoise Hill Resources Ltd.(d)		6,412		7,079
voestalpine AG		636		15,804
Wheaton Precious Metals Corp.		1,870		99,869
Yamana Gold, Inc.		7,199		44,595
				1,104,253
Paper & Forest Products – 0.1%
Mondi PLC		1,889		37,169
Stora Enso Oyj - Class R		2,477		36,532
Svenska Cellulosa AB SCA - Class B(d)		1,288		16,632
UPM-Kymmene Oyj		1,348		40,914
West Fraser Timber Co., Ltd.		1,065		57,114
				188,361
				4,594,652
Consumer Discretionary – 2.1%
Auto Components – 0.1%
Aptiv PLC		302		26,008
Autoliv, Inc.		287		22,484
BorgWarner, Inc.		633		25,693
Cie Generale des Etablissements Michelin SCA - Class B		199		22,539
Continental AG		107		11,740
Delphi Technologies PLC(d)		100		1,737
Goodyear Tire & Rubber Co. (The)		816		7,830
Lear Corp.		199		22,672
Linamar Corp.		630		19,755
Magna International, Inc. - Class A (Canada)		729		35,501
Nokian Renkaat Oyj		578		16,118
Schaeffler AG (Preference Shares)		1,288		8,661
Valeo SA		282		8,660
Veoneer, Inc.(d) (f)		287		3,984
				233,382
Automobiles – 0.2%
Bayerische Motoren Werke AG		252		18,159
Bayerische Motoren Werke AG (Preference Shares)		288		16,239
Daimler AG		349		17,894
Ferrari NV		303		59,148
Fiat Chrysler Automobiles NV(d)		1,290		14,298
Ford Motor Co.		2,754		18,782
General Motors Co.		869		25,749
Harley-Davidson, Inc.(f)		457		12,664
Peugeot SA(d)		996		17,172
Porsche Automobil Holding SE (Preference Shares)(d)		377		23,184
Renault SA(d)		203		5,790
Tesla, Inc.(d)		270		134,546
Volkswagen AG(d)		151		27,207

17

Company	Shares		U.S. $ Value
Volkswagen AG (Preference Shares)(d)		138	$	23,082
				413,914
Distributors – 0.0%
Genuine Parts Co.		435		41,081
LKQ Corp.(d)		877		27,836
				68,917
Diversified Consumer Services – 0.0%
H&R Block, Inc.(f)		830		12,035
Hotels, Restaurants & Leisure – 0.4%
Accor SA(d)		515		15,787
Aramark		1,174		32,355
Carnival Corp.		557		9,179
Carnival PLC		409		5,607
Chipotle Mexican Grill, Inc. - Class A(d)		57		74,686
Compass Group PLC		1,758		28,448
Darden Restaurants, Inc.		368		31,895
Domino’s Pizza, Inc.		151		61,753
Flutter Entertainment PLC(d)		226		37,988
Hilton Worldwide Holdings, Inc.		532		48,072
InterContinental Hotels Group PLC(d)		470		27,137
Las Vegas Sands Corp.		477		24,189
Marriott International, Inc./MD - Class A		350		36,018
McDonald’s Corp.		324		69,180
MGM Resorts International		769		17,302
Norwegian Cruise Line Holdings Ltd.(d)		485		8,298
Restaurant Brands International, Inc.		668		36,192
Royal Caribbean Cruises Ltd.		277		19,069
Sodexo SA		224		15,990
Starbucks Corp.		666		56,257
TUI AG		1,641		7,131
Whitbread PLC(d)		756		25,496
William Hill PLC		6,112		14,086
Wyndham Destinations, Inc.		277		8,030
Wyndham Hotels & Resorts, Inc.		277		14,504
Wynn Resorts Ltd.		179		15,654
Yum! Brands, Inc.		630		60,385
				800,688
Household Durables – 0.2%
Barratt Developments PLC		2,559		17,870
Berkeley Group Holdings PLC		550		33,238
DR Horton, Inc.		836		59,665
Electrolux AB - Class B		748		16,238
Garmin Ltd.		605		62,684
Husqvarna AB - Class B		2,521		27,450
Leggett & Platt, Inc.		679		27,839
Lennar Corp. - Class A		555		41,525
Lennar Corp. - Class B		11		652
Mohawk Industries, Inc.(d)		156		14,404
Newell Brands, Inc.		610		9,748
Persimmon PLC		763		26,513
PulteGroup, Inc.		1,261		56,228
SEB SA		162		28,415
Taylor Wimpey PLC		9,372		15,152

18

Company	Shares		U.S. $ Value
Toll Brothers, Inc.		690	$	29,132
Whirlpool Corp.		167		29,679
				496,432
Internet & Direct Marketing Retail – 0.2%
Amazon.com, Inc.(d)		29		100,078
Booking Holdings, Inc.(d)		17		32,478
eBay, Inc.		1,712		93,783
Expedia Group, Inc.		215		21,102
MercadoLibre, Inc.(d)		134		156,591
Qurate Retail, Inc.(d)		1,207		13,337
Zalando SE(d) (e)		491		43,016
				460,385
Leisure Products – 0.0%
Hasbro, Inc.		367		28,971
Mattel, Inc.(d) (f)		1,058		11,368
Nordic Entertainment Group AB - Class B(d)		65		2,712
Polaris, Inc.		248		25,058
				68,109
Multiline Retail – 0.2%
Canadian Tire Corp., Ltd. - Class A		300		31,383
Dollar General Corp.		382		77,118
Dollar Tree, Inc.(d)		304		29,266
Dollarama, Inc.		1,356		52,936
Kohl’s Corp.		485		10,360
Macy’s, Inc.		699		4,872
Marks & Spencer Group PLC		4,897		7,252
Next PLC		400		32,051
Nordstrom, Inc.(f)		496		7,936
Target Corp.		562		84,980
				338,154
Specialty Retail – 0.4%
Advance Auto Parts, Inc.		173		27,042
AutoNation, Inc.(d)		587		33,377
AutoZone, Inc.(d)		47		56,227
Bed Bath & Beyond, Inc.(f)		660		8,039
Best Buy Co., Inc.		397		44,031
CarMax, Inc.(d)		276		29,513
CECONOMY AG(d)		963		4,435
Dick’s Sporting Goods, Inc.		553		29,928
Dixons Carphone PLC		4,868		6,022
Dufry AG(d)		127		3,846
Foot Locker, Inc.		407		12,344
Gap, Inc. (The)		852		14,816
Hennes & Mauritz AB - Class B		936		14,982
Home Depot, Inc. (The)		245		69,835
Industria de Diseno Textil SA		757		21,285
Kingfisher PLC		6,282		22,845
L Brands, Inc.		409		12,025
Lowe’s Cos., Inc.		362		59,618
O’Reilly Automotive, Inc.(d)		119		55,410
Ross Stores, Inc.		451		41,077

19

Company	Shares		U.S. $ Value
Signet Jewelers Ltd.(f)		287	$	4,956
Tiffany & Co.		315		38,588
TJX Cos., Inc. (The)		1,056		57,858
Tractor Supply Co.		570		84,833
Ulta Beauty, Inc.(d)		91		21,128
				774,060
Textiles, Apparel & Luxury Goods – 0.4%
adidas AG(d)		138		41,993
Burberry Group PLC		981		18,730
Capri Holdings Ltd.(d)		474		7,508
Christian Dior SE		102		43,682
Cie Financiere Richemont SA		285		18,975
EssilorLuxottica SA(d)		493		65,995
Gildan Activewear, Inc.		1,287		24,954
Hanesbrands, Inc.		1,331		20,351
Hermes International		67		57,582
HUGO BOSS AG		261		6,933
Kering SA		75		46,017
Kontoor Brands, Inc.(d) (f)		82		1,812
Lululemon Athletica, Inc.(d)		362		135,992
LVMH Moet Hennessy Louis Vuitton SE		90		42,266
NIKE, Inc. - Class B		676		75,638
Pandora A/S		240		17,519
Puma SE(d)		60		4,971
PVH Corp.		229		12,769
Ralph Lauren Corp.		379		26,087
Swatch Group AG (The)		56		11,850
Swatch Group AG (The) (REG)		301		11,904
Tapestry, Inc.		597		8,794
Under Armour, Inc. - Class A(d)		1,122		11,007
Under Armour, Inc. - Class C(d)		1,242		10,992
VF Corp.		576		37,872
				762,193
				4,428,269
Utilities – 2.1%
Electric Utilities – 1.1%
Alliant Energy Corp.		1,649		89,293
American Electric Power Co., Inc.		1,054		83,087
Duke Energy Corp.(f)		865		69,494
Edison International		797		41,827
EDP - Energias de Portugal SA		19,584		99,557
Electricite de France SA		3,570		37,553
Emera, Inc.		2,500		102,062
Endesa SA		3,408		94,605
Enel SpA		10,639		96,338
Entergy Corp.		880		87,243
Evergy, Inc.		973		51,783
Eversource Energy		1,141		97,795
Exelon Corp.		1,491		55,033
FirstEnergy Corp.		1,915		54,750
Fortis, Inc./Canada		2,662		106,472
Fortum Oyj		4,004		84,749
Hydro One Ltd.(e)		3,582		74,147
Iberdrola SA		8,209		103,572

20

Company	Shares		U.S. $ Value
NextEra Energy, Inc.		539	$	150,473
OGE Energy Corp.		1,973		62,860
Orsted A/S(e)		1,497		211,916
Pinnacle West Capital Corp.		753		55,232
PPL Corp.		1,790		49,458
Red Electrica Corp. SA		3,748		71,730
Southern Co. (The)		1,397		72,895
SSE PLC		3,489		58,807
Terna Rete Elettrica Nazionale SpA		13,636		98,653
Xcel Energy, Inc.		1,190		82,675
				2,344,059
Gas Utilities – 0.2%
AltaGas Ltd.		3,076		39,784
Atmos Energy Corp.		860		85,845
Enagas SA		3,496		85,609
Naturgy Energy Group SA		2,625		50,675
Snam SpA		22,765		116,585
UGI Corp.		1,317		45,476
				423,974
Independent Power and Renewable Electricity Producers – 0.0%
AES Corp (The)		4,046		71,817
Multi-Utilities – 0.7%
Ameren Corp.		1,162		91,926
Atco Ltd./Canada - Class I		1,665		50,728
Canadian Utilities Ltd. - Class A		2,932		73,595
CenterPoint Energy, Inc.		2,121		42,569
Centrica PLC		23,244		14,127
CMS Energy Corp.		1,535		92,852
Consolidated Edison, Inc.		866		61,780
Dominion Energy, Inc.		1,315		103,149
DTE Energy Co.		687		81,526
E.ON SE		6,694		79,282
Engie SA(d)		3,398		47,272
National Grid PLC		4,604		51,565
NiSource, Inc.		2,608		57,793
Public Service Enterprise Group, Inc.		1,187		62,009
RWE AG		2,734		108,867
Sempra Energy		547		67,637
Suez		3,280		56,641
United Utilities Group PLC		6,181		67,915
Veolia Environnement SA		2,624		63,309
WEC Energy Group, Inc.		1,055		99,254
				1,373,796
Water Utilities – 0.1%
American Water Works Co., Inc.		869		122,825
Severn Trent PLC		2,353		72,983
				195,808
				4,409,454
Communication Services – 1.5%
Diversified Telecommunication Services – 0.6%
Altice Europe NV - Class A(d)		704		3,108
Altice Europe NV - Class B(d)		1,011		4,456

21

Company	Shares		U.S. $ Value
Altice USA, Inc. - Class A(d)		713	$	19,664
AT&T, Inc.		2,772		82,633
BCE, Inc.		3,032		130,313
BT Group PLC		7,665		10,673
CenturyLink, Inc.(f)		3,838		41,258
Charter Communications, Inc. - Class A(d)		83		51,096
Comcast Corp. - Class A		824		36,923
Deutsche Telekom AG		2,256		39,767
Elisa Oyj		1,116		65,683
Eurazeo SE(d)		635		33,520
Eutelsat Communications SA		1,132		11,350
Frontier Communications Corp.(d)		2,474		476
Iliad SA		138		29,434
Koninklijke KPN NV		12,242		32,125
Liberty Global PLC(d)		1,811		41,671
Liberty Global PLC - Class A(d)		813		19,000
Liberty Latin America Ltd. - Class C(d)		937		8,939
Orange SA		2,176		24,308
Proximus SADP		1,770		34,956
Shaw Communications, Inc. - Class B		2,404		44,952
Sirius XM Holdings, Inc.(f)		4,633		27,196
Swisscom AG		114		63,121
Telecom Italia SpA/Milano		31,583		15,043
Telecom Italia SpA/Milano (Savings Shares)		39,625		18,736
Telefonica Deutschland Holding AG		7,772		21,503
Telefonica SA		3,363		13,250
Telenet Group Holding NV		522		20,240
Telenor ASA		2,325		37,839
Telia Co. AB		12,753		49,165
TELUS Corp.		6,684		123,088
United Internet AG		623		30,664
Verizon Communications, Inc.		1,696		100,522
				1,286,672
Entertainment – 0.2%
Activision Blizzard, Inc.		841		70,240
Bollore SA		3,319		12,477
Electronic Arts, Inc.(d)		495		69,038
Modern Times Group MTG AB - Class B(d)		65		889
Netflix, Inc.(d)		129		68,313
Vivendi SA		1,098		31,260
Walt Disney Co. (The)		1,074		141,628
				393,845
Interactive Media & Services – 0.3%
Adevinta ASA - Class B(d)		2,027		37,746
Alphabet, Inc. - Class A(d)		78		127,103
Alphabet, Inc. - Class C(d)		76		124,198
Auto Trader Group PLC		4,579		34,232
Cars.com, Inc.(d)		283		2,456
Facebook, Inc. - Class A(d)		387		113,468
TripAdvisor, Inc.		426		9,956
Twitter, Inc.(d)		1,866		75,722

22

Company	Shares		U.S. $ Value
Zillow Group, Inc. - Class C(d) (f)		848	$	72,725
				597,606
Media – 0.2%
Discovery, Inc. - Class A(d) (f)		1,012		22,330
Discovery, Inc. - Class C(d)		1,427		28,497
DISH Network Corp. - Class A(d)		297		10,549
Fox Corp. - Class A		338		9,417
Fox Corp. - Class B(d)		340		9,452
Interpublic Group of Cos., Inc. (The)		1,393		24,740
ITV PLC		7,799		6,242
JCDecaux SA(d)		889		16,977
Lagardere SCA(d)		819		16,243
Liberty Broadband Corp.(d)		346		48,471
Liberty Media Corp.-Liberty SiriusXM - Class A(d)		944		34,277
Liberty Media Corp.-Liberty SiriusXM - Class C(d)		855		30,776
News Corp. - Class A		2,510		37,951
Omnicom Group, Inc.		460		24,881
Pearson PLC		1,740		12,820
ProSiebenSat.1 Media SE(d)		638		7,246
Publicis Groupe SA(d)		351		12,276
RTL Group SA(d)		319		10,599
Schibsted ASA(d)		973		42,383
Schibsted ASA - Class B(d)		1,054		41,680
SES SA		1,380		9,808
TEGNA, Inc.		850		10,642
ViacomCBS, Inc. - Class B(f)		829		23,088
WPP PLC		1,472		12,468
				503,813
Wireless Telecommunication Services – 0.2%
Millicom International Cellular SA		591		17,580
Rogers Communications, Inc. - Class B		2,193		91,227
T-Mobile US, Inc.(d)		970		113,180
Tele2 AB - Class B		4,849		68,827
Vodafone Group PLC		17,886		26,225
				317,039
				3,098,975
Energy – 1.1%
Energy Equipment & Services – 0.1%
Baker Hughes Co. - Class A		758		10,824
ChampionX Corp.(d)		214		2,191
Core Laboratories NV(f)		280		5,860
Drilling Co. of 1972 A/S (The)(d)		38		900
Halliburton Co.		747		12,087
Helmerich & Payne, Inc.		490		8,075
National Oilwell Varco, Inc.		851		10,212
Petrofac Ltd.		6,919		14,994
Saipem SpA		858		1,838
Schlumberger NV		606		11,520
TechnipFMC PLC		994		7,654
Tenaris SA		3,797		22,246

23

Company	Shares		U.S. $ Value
Weatherford International PLC(d) (f)		1	$	3
				108,404
Oil, Gas & Consumable Fuels – 1.0%
Antero Resources Corp.(d)		1,271		4,093
Apache Corp.		607		8,984
ARC Resources Ltd.		2,540		12,813
BP PLC		13,599		47,444
Cabot Oil & Gas Corp.		1,013		19,217
Cameco Corp.		2,728		31,602
Canadian Natural Resources Ltd.		1,035		20,409
Cenovus Energy, Inc.		2,621		12,378
Cheniere Energy, Inc.(d)		609		31,698
Chevron Corp.		461		38,692
China Petroleum & Chemical Corp. - Class H		230,000		105,603
China Shenhua Energy Co., Ltd. - Class H		99,000		164,399
Cimarex Energy Co.		268		7,445
Concho Resources, Inc.		241		12,527
ConocoPhillips		716		27,129
Continental Resources, Inc./OK(f)		603		10,360
Crescent Point Energy Corp.		2,365		4,152
Devon Energy Corp.		669		7,272
Diamondback Energy, Inc.		286		11,143
Enbridge, Inc.		1,314		42,039
Eni SpA		4,936		45,857
EOG Resources, Inc.		364		16,504
EQT Corp.		539		8,554
Equinor ASA		4,590		74,274
Equitrans Midstream Corp.		431		4,431
Exxon Mobil Corp.		713		28,477
Galp Energia SGPS SA		4,711		50,587
Hess Corp.		565		26,013
HollyFrontier Corp.		1,019		24,324
Husky Energy, Inc.		3,080		10,413
Imperial Oil Ltd.		1,534		25,297
Inter Pipeline Ltd.		3,237		34,173
Keyera Corp.		1,731		31,611
Kinder Morgan, Inc.		1,880		25,982
Koninklijke Vopak NV		1,705		93,635
Lundin Energy AB		2,787		68,214
Marathon Oil Corp.		1,390		7,339
Marathon Petroleum Corp.		1,407		49,892
Murphy Oil Corp.(f)		914		12,558
Neste Oyj		4,680		250,545
Noble Energy, Inc.		924		9,194
Occidental Petroleum Corp.		864		11,007
OMV AG(d)		1,553		50,271
ONEOK, Inc.		703		19,318
Ovintiv, Inc.(f)		398		4,410
Ovintiv, Inc. (Canada)		403		4,458
Parsley Energy, Inc. - Class A		749		8,052
Pembina Pipeline Corp.		2,130		52,746
Peyto Exploration & Development Corp.		1,639		3,581
Phillips 66		607		35,491
Pioneer Natural Resources Co.		178		18,500
PrairieSky Royalty Ltd.		1,883		13,628
Range Resources Corp.		940		7,012
Royal Dutch Shell PLC - Class A		3,106		45,719

24

Company	Shares		U.S. $ Value
Royal Dutch Shell PLC - Class B		3,120	$	43,894
Seven Generations Energy Ltd.(d)		1,456		4,599
Southwestern Energy Co.(d)		2,381		6,619
Suncor Energy, Inc.		1,483		23,797
Targa Resources Corp.		621		10,563
TC Energy Corp.		1,444		67,520
TOTAL SE		1,632		64,745
Tourmaline Oil Corp.		1,532		19,462
Valero Energy Corp.		618		32,501
Vermilion Energy, Inc.		920		3,654
Williams Cos., Inc. (The)		1,051		21,819
				2,090,639
				2,199,043
Real Estate – 1.0%
Equity Real Estate Investment Trusts (REITs) – 0.9%
Alexandria Real Estate Equities, Inc.		370		62,301
American Tower Corp.		354		88,199
AvalonBay Communities, Inc.		234		36,986
Boston Properties, Inc.		360		31,273
British Land Co. PLC (The)		5,156		25,164
Brixmor Property Group, Inc.		1,101		12,992
Camden Property Trust		472		42,924
Colony Capital, Inc.(f)		3,138		8,504
Covivio		424		31,359
Crown Castle International Corp.		494		80,646
Digital Realty Trust, Inc.		378		58,836
Duke Realty Corp.		1,323		51,002
Equinix, Inc.		91		71,870
Equity Residential		641		36,184
Essex Property Trust, Inc.		185		40,054
Extra Space Storage, Inc.		489		52,103
Federal Realty Investment Trust		282		22,346
Gecina SA		296		40,699
H&R Real Estate Investment Trust		3,643		28,153
Hammerson PLC(d)		5,647		3,651
Healthpeak Properties, Inc.		1,144		31,620
Host Hotels & Resorts, Inc.		1,706		19,158
ICADE		547		35,408
Intu Properties PLC(d) (g)		9,375		216
Iron Mountain, Inc.(f)		1,144		34,423
JBG SMITH Properties		232		6,419
Kimco Realty Corp.		1,471		17,637
Klepierre SA		1,062		17,483
Land Securities Group PLC		3,092		23,965
Macerich Co. (The)(f)		518		4,108
Mid-America Apartment Communities, Inc.		487		57,037
National Retail Properties, Inc.		864		30,620
Prologis, Inc.		1,398		142,400
Public Storage		203		43,117
Realty Income Corp.		678		42,056
Regency Centers Corp.		664		26,367
RioCan Real Estate Investment Trust		3,105		36,207
SBA Communications Corp.		280		85,700
Segro PLC		5,086		64,665
Simon Property Group, Inc.		199		13,502
SL Green Realty Corp.(f)		359		16,787

25

Company	Shares		U.S. $ Value
SmartCentres Real Estate Investment Trust		1,619	$	25,495
UDR, Inc.		1,200		41,772
Ventas, Inc.		613		25,262
VEREIT, Inc.		3,437		23,097
Vornado Realty Trust		465		16,661
Welltower, Inc.		621		35,720
Weyerhaeuser Co.		1,110		33,644
				1,775,792
Real Estate Management & Development – 0.1%
Brookfield Property REIT, Inc. - Class A(f)		456		5,258
CBRE Group, Inc. - Class A(d)		938		44,114
Deutsche Wohnen SE		1,099		58,629
First Capital Real Estate Investment Trust		2,575		27,007
Jones Lang LaSalle, Inc.		249		25,657
Swiss Prime Site AG		732		65,985
Unibail-Rodamco-Westfield		156		7,259
Vonovia SE		1,235		88,384
				322,293
				2,098,085
Total Common Stocks (cost $41,710,423)				57,072,509
INVESTMENT COMPANIES – 1.9%
Funds and Investment Trusts – 1.9%(h)
Altaba, Inc.(g) (i)		1,120		0
iShares Global Energy ETF(f)		47,190		897,082
VanEck Vectors JP Morgan EM Local Currency Bond ETF - Class E		98,020		3,087,630
Total Investment Companies (cost $3,947,011)				3,984,712
	Principal Amount (000)
GOVERNMENTS – SOVEREIGN BONDS – 0.7%
Mexico – 0.7%
Mexico Government International Bond
4.125%, 01/21/2026
(cost $1,171,759)	U.S.$	1,174		1,309,597
	Shares
PREFERRED STOCKS – 0.3%
Financials – 0.3%
Equity Real Estate Investment Trusts (REITs) – 0.3%
Hersha Hospitality Trust
Series C
6.875% (f)
(cost $1,107,500)		44,300		677,790

26

Company	Notional Amount				U.S. $ Value
OPTIONS PURCHASED – PUTS – 0.0%
Options on Funds and Investment Trusts – 0.0%
iShares Silver Trust
Expiration: Sep 2020, Contracts: 2,649;
Exercise Price: USD 20.00;
Counterparty: Deutsche Bank AG (d)
(premiums paid $121,957)		USD		5,298,000	$	9,272
			Shares
RIGHTS – 0.0%
Health Care – 0.0%
Pharmaceuticals – 0.0%
Bristol-Myers Squibb Co., expiring 11/19/2024(d) (cost $745)				350		938
WARRANTS – 0.0%
Energy Equipment & Services – 0.0%
Weatherford Intl PLC, expiring 11/26/2023(d)				20		2
Oil, Gas & Consumable Fuels – 0.0%
Occidental Petroleum Corp., expiring 08/03/2027(d)				108		319
Total Warrants (cost $610)						321
SHORT-TERM INVESTMENTS – 13.5%
Investment Companies – 13.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(h) (j) (k) (cost $27,895,412)				27,895,412		27,895,412
Total Investments Before Security Lending Collateral for Securities Loaned – 91.1% (cost $167,554,288)						187,936,254
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.08%(h) (j) (k) (cost $791,878)				791,878		791,878
Total Investments – 91.5% (cost $168,346,166)(l)						188,728,132
Other assets less liabilities – 8.5%						17,498,004
Net Assets – 100.0%					$	206,226,136

27

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Brent Crude Futures		37		September 2020		$	1,675,360		$	36,563
Canadian 10 Yr Bond Futures		71		December 2020			8,216,154			(23,507	)
Cattle Feeder Futures		11		October 2020			773,438			(38,646	)
Cocoa Futures		43		December 2020			1,141,220			100,238
Coffee Robusta Futures		60		November 2020			857,400			50,590
Coffee ‘C’ Futures		14		December 2020			677,513			86,579
Copper Futures		34		December 2020			2,602,275			84,745
Corn Futures		112		December 2020			2,003,400			(54,238	)
Cotton No.2 Futures		55		December 2020			1,791,900			54,152
Gasoline RBOB Futures		27		October 2020			1,347,192			34,288
Gold 100 OZ Futures		24		December 2020			4,748,640			574,113
Hang Seng Index Futures		10		September 2020			1,617,700			(25,851	)
KC HRW Wheat Futures		65		December 2020			1,544,562			96,495
Lean Hogs Futures		43		October 2020			921,920			57,109
Live Cattle Futures		38		December 2020			1,656,420			(30,636	)
LME Lead Futures		36		September 2020			1,757,250			56,163
LME Nickel Futures		29		September 2020			2,669,856			331,135
LME Nickel Futures		8		December 2020			738,384			151,200
LME Primary Aluminum Futures		74		September 2020			3,277,275			130,065
LME Zinc Futures		30		September 2020			1,873,688			231,043
LME Zinc Futures		36		November 2020			2,263,275			249,104
Long Gilt Futures		43		December 2020			7,760,409			(69,024	)
Low SU Gasoil Futures		24		September 2020			868,800			146,481
MSCI Emerging Markets Futures		147		September 2020			8,087,940			790,066
MSCI Singapore IX ETS Futures		56		September 2020			1,198,368			(11,026	)
Natural Gas Futures		59		November 2020			1,919,860			181,296
Nikkei 225 (CME) Futures		6		September 2020			693,150			13,433
NY Harbor ULSD Futures		28		November 2020			1,485,523			(57,652	)
Palladium Futures		9		December 2020			2,051,370			84,105
Platinum Futures		44		October 2020			2,063,380			27,645
S&P 500 E-Mini Futures		19		September 2020			3,323,955			190,831
Silver Futures		30		December 2020			4,289,100			242,744
Soybean Futures		52		November 2020			2,479,100			267,895
Soybean Meal Futures		75		December 2020			2,343,750			123,666
Soybean Oil Futures		112		December 2020			2,208,192			247,945
SPI 200 Futures		15		September 2020			1,667,785			46,711
Sugar 11 (World) Futures		56		September 2020			794,035			29,922
TOPIX Index Futures		43		September 2020			6,560,733			(42,496	)
U.S. T-Note 5 Yr (CBT) Futures		82		December 2020			10,334,563			13,348
U.S. T-Note 10 Yr (CBT) Futures		277		December 2020			38,572,250			(30,421	)
Wheat (CBT) Futures		58		December 2020			1,601,525			80,415
WTI Crude Futures		38		November 2020			1,641,980			14,724
Sold Contracts
Coffee ‘C’ Futures		8		December 2020			387,150			(43,063	)
Euro STOXX 50 Index Futures		8		September 2020			311,703			11,824
FTSE 100 Index Futures		15		September 2020			1,195,356			10,140
Japan 10 Yr Bond (OSE) Futures		9		September 2020			12,881,178			40,307
KC HRW Wheat Futures		8		December 2020			190,100			(20,542	)
LME Nickel Futures		8		December 2020			738,384			(190,343	)
LME Nickel Futures		10		September 2020			920,640			(117,823	)
LME Zinc Futures		3		November 2020			188,606			(8,035	)
S&P TSX 60 Index Futures		17		September 2020			2,577,989			(231,063	)
SPI 200 Futures		8		September 2020			889,486			8,318
U.S. T-Note 10 Yr (CBT) Futures		22		December 2020			3,063,500			1,313
Wheat (CBT) Futures		7		December 2020			193,288			(18,571	)
									$	3,883,774

28

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		SEK	7,062		USD	806		10/16/2020		$	(10,971	)
Bank of America, NA		USD	3,288		CAD	4,345		10/09/2020			43,315
Bank of America, NA		USD	400		CLP	313,385		09/17/2020			3,283
Bank of America, NA		USD	1,479		KRW	1,755,170		11/10/2020			(362	)
Barclays Bank PLC		TWD	116,879		USD	4,008		10/19/2020			15,679
Barclays Bank PLC		CNY	14,156		USD	2,004		10/19/2020			(55,557	)
Barclays Bank PLC		USD	824		MYR	3,448		10/27/2020			4,975
Barclays Bank PLC		USD	2,901		CNY	20,022		10/21/2020			12,478
Barclays Bank PLC		USD	844		NOK	7,429		10/16/2020			7,126
Barclays Bank PLC		USD	2,040		TWD	59,228		10/19/2020			(16,550	)
BNP Paribas SA		EUR	7,366		USD	8,649		10/15/2020			(149,588	)
BNP Paribas SA		AUD	4,936		USD	3,535		10/29/2020			(106,364	)
BNP Paribas SA		NZD	1,256		USD	825		10/27/2020			(20,605	)
BNP Paribas SA		USD	1,226		CNY	8,535		10/21/2020			15,887
Citibank, NA		CZK	18,058		USD	814		10/22/2020			(6,844	)
Citibank, NA		ZAR	15,840		USD	914		09/03/2020			(20,430	)
Citibank, NA		CHF	1,746		USD	1,922		11/19/2020			(13,769	)
Citibank, NA		PEN	1,404		USD	399		09/17/2020			2,469
Citibank, NA		GBP	1,268		EUR	1,399		09/18/2020			(25,938	)
Citibank, NA		USD	819		PLN	3,047		10/22/2020			8,825
Citibank, NA		USD	510		ZAR	8,537		09/03/2020			(6,194	)
Citibank, NA		USD	1,602		SEK	14,462		10/16/2020			70,709
Citibank, NA		USD	412		RUB	30,219		09/14/2020			(5,388	)
Citibank, NA		USD	1,622		CLP	1,270,688		09/17/2020			11,850
Citibank, NA		USD	799		COP	2,917,607		09/17/2020			(19,617	)
Credit Suisse International		CNY	13,656		USD	1,955		10/19/2020			(32,492	)
Credit Suisse International		USD	3,962		CNY	27,812		10/19/2020			85,786
Deutsche Bank AG		EUR	1,042		USD	1,229		09/18/2020			(14,634	)
Deutsche Bank AG		USD	397		PEN	1,404		09/17/2020			(958	)
Goldman Sachs Bank USA		CLP	1,280,597		USD	1,639		09/17/2020			(8,356	)
Goldman Sachs Bank USA		INR	61,113		USD	813		10/15/2020			(17,335	)
Goldman Sachs Bank USA		BRL	4,519		USD	839		09/02/2020			13,940
Goldman Sachs Bank USA		EUR	1,047		USD	1,241		09/18/2020			(8,714	)
Goldman Sachs Bank USA		EUR	698		USD	822		10/16/2020			(11,606	)
Goldman Sachs Bank USA		USD	858		BRL	4,519		09/02/2020			(32,781	)
Goldman Sachs Bank USA		USD	1,597		MYR	6,775		10/27/2020			32,679
Goldman Sachs Bank USA		USD	831		NOK	7,452		10/16/2020			22,210
Goldman Sachs Bank USA		USD	1,289		MXN	29,198		10/08/2020			39,562
Goldman Sachs Bank USA		USD	1,556		INR	118,081		10/15/2020			47,488
Goldman Sachs Bank USA		USD	2,089		CZK	46,555		10/22/2020			26,384
Goldman Sachs Bank USA		USD	840		HUF	246,838		10/22/2020			(11,342	)
Goldman Sachs Bank USA		USD	448		CLP	343,368		09/17/2020			(6,685	)
HSBC Bank USA		HKD	88,907		USD	11,469		10/21/2020			2,152
HSBC Bank USA		NZD	8,939		USD	5,898		10/27/2020			(123,113	)
HSBC Bank USA		EUR	4,868		USD	5,723		10/15/2020			(91,515	)
HSBC Bank USA		CAD	1,630		USD	1,235		10/09/2020			(14,698	)
HSBC Bank USA		BRL	1,304		USD	238		09/02/2020			313
HSBC Bank USA		BRL	1,304		USD	234		10/02/2020			(3,377	)
HSBC Bank USA		USD	235		BRL	1,304		09/02/2020			3,362
HSBC Bank USA		USD	2,911		EUR	2,476		10/15/2020			46,550
HSBC Bank USA		USD	834		PLN	3,119		10/22/2020			12,730
HSBC Bank USA		HUF	246,838		EUR	706		10/22/2020			15,395
JPMorgan Chase Bank, NA		CAD	15,828		USD	11,803		10/09/2020			(332,864	)
JPMorgan Chase Bank, NA		USD	798		CAD	1,054		10/09/2020			9,732
JPMorgan Chase Bank, NA		NZD	1,241		AUD	1,141		10/29/2020			5,775
Morgan Stanley Capital Services, Inc.		COP	1,478,001		USD	401		09/17/2020			6,087
Morgan Stanley Capital Services, Inc.		RUB	30,219		USD	410		09/14/2020			3,179
Morgan Stanley Capital Services, Inc.		ILS	13,423		USD	3,946		11/12/2020			(59,279	)
Morgan Stanley Capital Services, Inc.		NOK	7,383		USD	829		10/16/2020			(15,956	)

29

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services, Inc.		SEK	7,245		EUR	698		10/16/2020		$	(4,401	)
Morgan Stanley Capital Services, Inc.		USD	835		CLP	651,239		09/17/2020			2,433
Natwest Markets PLC		COP	2,915,725		USD	797		09/17/2020			18,601
Natwest Markets PLC		JPY	174,266		USD	1,639		10/08/2020			(7,302	)
Natwest Markets PLC		USD	826		NZD	1,264		10/27/2020			25,506
Natwest Markets PLC		USD	984		CAD	1,304		10/09/2020			15,677
Natwest Markets PLC		USD	1,390		TWD	40,879		11/10/2020			9,590
Natwest Markets PLC		USD	835		CLP	664,563		09/17/2020			20,147
Standard Chartered Bank		KRW	969,484		USD	820		11/10/2020			2,659
Standard Chartered Bank		JPY	86,545		USD	821		10/08/2020			3,088
Standard Chartered Bank		GBP	628		EUR	690		09/18/2020			(16,632	)
State Street Bank & Trust Co.		JPY	3,786,251		USD	35,463		09/14/2020			(289,918	)
State Street Bank & Trust Co.		THB	38,247		USD	1,211		10/27/2020			(17,855	)
State Street Bank & Trust Co.		JPY	37,281		USD	353		10/08/2020			1,245
State Street Bank & Trust Co.		SEK	9,652		USD	1,057		10/16/2020			(59,633	)
State Street Bank & Trust Co.		NOK	10,228		USD	1,104		10/16/2020			(66,825	)
State Street Bank & Trust Co.		ZAR	6,927		USD	417		09/03/2020			7,934
State Street Bank & Trust Co.		DKK	4,350		USD	665		10/16/2020			(32,934	)
State Street Bank & Trust Co.		GBP	5,632		USD	7,109		09/18/2020			(421,236	)
State Street Bank & Trust Co.		NZD	612		USD	404		10/27/2020			(7,709	)
State Street Bank & Trust Co.		EUR	352		USD	418		10/15/2020			(1,986	)
State Street Bank & Trust Co.		CHF	136		USD	150		11/19/2020			(1,182	)
State Street Bank & Trust Co.		USD	198		CHF	180		11/19/2020			1,563
State Street Bank & Trust Co.		USD	824		CAD	1,094		10/09/2020			14,707
State Street Bank & Trust Co.		USD	405		AUD	566		10/29/2020			12,212
State Street Bank & Trust Co.		USD	1,040		GBP	824		09/18/2020			61,624
State Street Bank & Trust Co.		USD	2,455		SGD	3,359		10/27/2020			14,060
State Street Bank & Trust Co.		USD	1,818		NOK	16,722		10/16/2020			96,603
State Street Bank & Trust Co.		USD	817		ZAR	14,230		09/03/2020			22,486
State Street Bank & Trust Co.		USD	93		JPY	9,813		10/08/2020			(328	)
State Street Bank & Trust Co.		USD	1,776		SEK	16,225		10/16/2020			100,244
UBS AG		TWD	40,879		USD	1,392		11/10/2020			(7,849	)
UBS AG		NOK	9,381		USD	1,022		10/16/2020			(52,556	)
UBS AG		BRL	3,215		USD	594		09/02/2020			7,521
UBS AG		EUR	1,381		USD	1,633		10/15/2020			(16,242	)
UBS AG		USD	588		BRL	3,215		09/02/2020			(772	)
UBS AG		USD	407		TWD	11,794		10/19/2020			(4,135	)
										$	(1,245,557	)

30

CALL OPTIONS WRITTEN

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

iShares Silver Trust(m)

Morgan Stanley & Co., Inc.

2,649

USD

28.00

September 2020

USD

7,417

$

124,406

$

(182,781

)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at August 31, 2020		Notional Amount (000)			Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 26, 5 Year Index, 06/20/2021*		5.00	%	Quarterly		1.87%		USD	4,420	$	155,884	$	20,342	$	135,542
CDX-NAIG Series 26, 5 Year Index, 06/20/2021*		1.00		Quarterly		0.70		USD	12,340		55,031		21,372		33,659
										$	210,915	$	41,714	$	169,201

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
USD	45,290	02/15/2024	3 Month LIBOR	2.605%	Quarterly/ Semi-Annual	$	3,721,281	$	—	$	3,721,281
AUD	15,000	07/09/2025	6 Month BBSW	3.168%	Semi-Annual/ Semi-Annual		1,540,347		—		1,540,347
AUD	4,740	02/23/2027	6 Month BBSW	3.040%	Semi-Annual/ Semi-Annual		560,316		—		560,316
NZD	20,260	02/24/2027	3 Month BKBM	3.508%	Quarterly/ Semi-Annual		2,816,911		—		2,816,911
AUD	9,490	02/27/2027	6 Month BBSW	2.975%	Semi-Annual/ Semi-Annual		1,091,932		—		1,091,932
NZD	10,120	02/28/2027	3 Month BKBM	3.445%	Quarterly/ Semi-Annual		1,376,011		—		1,376,011
						$	11,106,798	$	—	$	11,106,798

31

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at August 31, 2020		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Deutsche Bank AG
iTraxxx Australia Series 24, 5 Year Index, 12/20/2020*		1.00	%		Quarterly		0.05%		USD	2,600	$	12,877		$	(1,876	)	$	14,753
Buy Contracts
Goldman Sachs International
iTraxxx Australia Series 24, 5 Year Index, 12/20/2020*		(1.00	)		Quarterly		0.05		USD	1,110		(5,497	)		731			(6,228	)
iTraxxx Australia Series 24, 5 Year Index, 12/20/2020*		(1.00	)		Quarterly		0.05		USD	1,490		(7,379	)		981			(8,360	)
											$	1		$	(164	)	$	165

* Termination date

INFLATION (CPI) SWAPS

					Rate Type
Swap Counterparty	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)
Citibank, NA		10,470		03/02/2025		1.418%		CPI#		Maturity	$	98,027		$	—	$	98,027
Citibank, NA		9,950		03/11/2025		0.843%		CPI#		Maturity		388,332			—		388,332
Goldman Sachs International		7,650		07/15/2021		2.293%		CPI#		Maturity		(180,837	)		—		(180,837	)
Goldman Sachs International		26,160		01/04/2022		1.650%		CPI#		Maturity		(218,465	)		—		(218,465	)
JPMorgan Chase Bank, NA		27,930		10/26/2021		2.102%		CPI#		Maturity		(590,981	)		—		(590,981	)
											$	(503,924	)	$	—	$	(503,924	)

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation

Rate Paid/ Received

Payment Frequency

Current Notional (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

Bank of America, NA

MSCI China A Net Return Index USD

LIBOR Minus 7.35

%

Quarterly

USD

2,494

12/15/2020

$

530,127

32

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
JPMorgan Chase Bank, NA
USD/CAD 10/26/2020*		6.40	%		Maturity		USD	390	$	(6,342)	$	—	$	(6,342)

* Termination date

(a) Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-traded derivatives.

(b) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

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

(d) Non-income producing security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2020, the aggregate market value of these securities amounted to $443,247 or 0.2% of net assets.

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

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

(h) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(i) Fair valued by the Adviser.

(j) Affiliated investments.

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

(l) As of August 31, 2020, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $47,285,268 and gross unrealized depreciation of investments was $(13,027,435), resulting in net unrealized appreciation of $34,257,833.

(m) One contract relates to 100 shares.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNY – Chinese Yuan Renminbi

COP – Colombian Peso

CZK – Czech Koruna

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

HUF – Hungarian Forint

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

33

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

BBSW – Bank Bill Swap Reference Rate (Australia)

BKBM – Bank Bill Benchmark (New Zealand)

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CDX-NAIG – North American Investment Grade Credit Default Swap Index

CME – Chicago Mercantile Exchange

CPI – Consumer Price Index

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

GDR – Global Depositary Receipt

KC HRW – Kansas City Hard Red Winter

LIBOR – London Interbank Offered Rate

LME – London Metal Exchange

MSCI – Morgan Stanley Capital International

OSE – Osaka Securities Exchange

RBOB – Reformulated Gasoline Blend-Stock for Oxygen Blending (Unleaded Gas)

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

ULSD – Ultra-Low Sulfur Diesel

WTI – West Texas Intermediate

COUNTRY BREAKDOWN¹

August 31, 2020 (unaudited)

60.4%	United States
12.3%	Japan
2.4%	Canada
1.6%	United Kingdom
1.2%	France
1.0%	China
1.0%	Switzerland
1.0%	Germany
0.7%	Mexico
0.6%	Sweden
0.5%	Denmark
0.4%	Netherlands
0.4%	Spain
1.7%	Other
14.8%	Short-Term
100.0%	Total Investments

1 All data are as of August 31, 2020. The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.4% or less in the following: Argentina, Australia, Austria, Belgium, Bermuda, Brazil, Chile, Colombia, Finland, Ireland, Italy, Jordan, Luxembourg, Mongolia, Norway, Portugal, South Africa, Turkey and United Arab Emirates.

34

AB Global Risk Allocation Fund, Inc.

August 31, 2020 (unaudited)

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

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

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

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

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

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.

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, by pricing vendors, 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.

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Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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

Investments in Securities:	Level 1			Level 2			Level 3			Total
Assets:
Inflation-Linked Securities	$	—		$	96,985,703		$	—		$	96,985,703
Common Stocks:
Information Technology		8,824,009			781,762			—			9,605,771
Financials		4,474,181			3,863,223			—			8,337,404
Health Care		4,922,188			1,779,518			—			6,701,706
Industrials		4,232,400			1,660,146			—			5,892,546
Consumer Staples		3,849,166			1,857,438			—			5,706,604
Materials		3,009,266			1,585,386			—			4,594,652
Consumer Discretionary		3,260,342			1,167,927			—			4,428,269
Utilities		2,637,144			1,772,310			—			4,409,454
Communication Services		2,123,052			975,923			—			3,098,975
Energy		1,147,513			1,051,530			—			2,199,043
Real Estate		1,635,218			462,651			216			2,098,085
Investment Companies		3,984,712			—			0	(a)		3,984,712
Governments—Sovereign Bonds		—			1,309,597			—			1,309,597
Preferred Stocks		677,790			—			—			677,790
Options Purchased—Puts		—			9,272			—			9,272
Rights		938			—			—			938
Warrants		321			—			—			321
Short-Term Investments		27,895,412			—			—			27,895,412
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		791,878			—			—			791,878
Total Investments in Securities		73,465,530			115,262,386			216			188,728,132
Other Financial Instruments(b):
Assets:
Futures		4,806,285			90,426			—			4,896,711
Forward Currency Exchange Contracts		—			1,007,820			—			1,007,820
Centrally Cleared Credit Default Swaps		—			210,915			—			210,915
Centrally Cleared Interest Rate Swaps		—			11,106,798			—			11,106,798
Credit Default Swaps		—			12,877			—			12,877
Inflation (CPI) Swaps		—			486,359			—			486,359
Total Return Swaps		—			530,127			—			530,127
Liabilities:
Futures		(933,564	)		(79,373	)		—			(1,012,937	)
Forward Currency Exchange Contracts		—			(2,253,377	)		—			(2,253,377	)
Call Options Written		—			(182,781	)		—			(182,781	)
Credit Default Swaps		—			(12,876	)		—			(12,876	)
Inflation (CPI) Swaps		—			(990,283	)		—			(990,283	)
Variance Swaps		—			(6,342	)		—			(6,342	)
Total	$	77,338,251		$	125,182,676		$	216		$	202,521,143

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^(a)  The Fund held securities with zero market value at period end.

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

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

Fund	Market Value 11/30/2019 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2020 (000)		Dividend Income (000)
Government Money Market Portfolio	$	4,193	$	128,383	$	104,681	$	27,895	$	33
Government Money Market Portfolio*		61		5,994		5,263		792		2
Total	$	4,254	$	134,377	$	109,944	$	28,687	$	35

* Investments of cash collateral for securities lending transactions

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