NPORT-EX 2 NPORT_3104_BBH_32807998_0624.htm HTML

AB Emerging Markets Multi-Asset Portfolio

Portfolio of Investments

June 30, 2024 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 67.4%

        

Information Technology – 19.4%

        

Communications Equipment – 0.2%

        

Accton Technology Corp.

      14,000        $ 238,273  

ZTE Corp. - Class H

      5,400          11,895  
       

 

 

  
          250,168  
       

 

 

  

Electronic Equipment, Instruments & Components – 1.8%

        

Hon Hai Precision Industry Co., Ltd.

      323,000          2,126,607  

Largan Precision Co., Ltd.

      1,000          84,390  

Synnex Technology International Corp.

      3,000          6,752  

Tripod Technology Corp.

      10,000          67,128  

WPG Holdings Ltd.(a)

     30,000          82,968  
       

 

 

  
          2,367,845  
       

 

 

  

IT Services – 0.2%

        

Arabian Internet & Communications Services Co.

      137          10,668  

Tata Consultancy Services Ltd.

      6,514          304,314  
       

 

 

  
          314,982  
       

 

 

  

Semiconductors & Semiconductor Equipment – 10.5%

        

Broadcom, Inc.

      1,277          2,050,262  

King Yuan Electronics Co., Ltd.

      58,000          211,908  

MediaTek, Inc.

      66,000          2,842,515  

Novatek Microelectronics Corp.

      73,000          1,361,435  

Realtek Semiconductor Corp.(a)

     44,000          738,374  

SK Hynix, Inc.

      2,742          465,341  

Taiwan Semiconductor Manufacturing Co., Ltd.

      216,000          6,399,567  
       

 

 

  
            14,069,402  
       

 

 

  

Software – 0.1%

        

Oracle Financial Services Software Ltd.

      875          103,560  
       

 

 

  

Technology Hardware, Storage & Peripherals – 6.6%

        

Advantech Co., Ltd.

      39,000          444,007  

Asia Vital Components Co., Ltd.

      20,000          468,322  

Asustek Computer, Inc.

      113,000          1,729,565  

Catcher Technology Co., Ltd.

      11,000          78,578  

Chicony Electronics Co., Ltd.

      13,000          68,396  

Compal Electronics, Inc.(a)

     71,000          75,686  

Lenovo Group Ltd. - Class H

      54,000          75,783  

Samsung Electronics Co., Ltd.

      80,477          4,736,379  

Samsung Electronics Co., Ltd. (Preference Shares)

      1,856          85,222  

Shenzhen Transsion Holdings Co., Ltd. - Class A

      39,101          409,152  

Wiwynn Corp.

      9,000          728,887  
       

 

 

  
          8,899,977  
       

 

 

  
          26,005,934  
       

 

 

  

Financials – 17.7%

        

Banks – 13.4%

        

Absa Group Ltd.

      9,909          86,298  

Abu Dhabi Islamic Bank PJSC

      112,798          355,622  

Agricultural Bank of China Ltd. - Class H

      774,000          330,372  

Akbank TAS

      40,177          78,804  

Banco de Chile

      297,947          33,893  

Banco del Bajio SA(a) (b)

      23,600          71,980  

Banco do Brasil SA

      353,800          1,690,488  

Bancolombia SA

      2,786          23,693  

Bancolombia SA (Preference Shares)

      9,410          77,261  

Bank Mandiri Persero Tbk PT

      445,500          166,668  

Bank of Baroda

      26,000          85,586  

Bank of Chengdu Co., Ltd. - Class A

      37,500          77,996  

Bank of China Ltd. - Class H

      169,000          83,284  

Bank of Hangzhou Co., Ltd. - Class A(a)

     6,800          12,144  

Bank Polska Kasa Opieki SA

      4,554          189,487  

Canara Bank

      58,759          84,031  

China CITIC Bank Corp., Ltd. - Class H

      132,000          84,572  

 

1

Company    Shares        U.S. $ Value  

China Construction Bank Corp. - Class A(a)

     78,100        $ 79,131  

China Construction Bank Corp. - Class H

      3,382,000          2,500,049  

China Everbright Bank Co., Ltd. - Class H

      255,000          79,262  

China Merchants Bank Co., Ltd. - Class A(a)

     197,400          923,405  

China Merchants Bank Co., Ltd. - Class H

      274,000          1,245,095  

Credicorp Ltd.

      494          79,697  

Emirates NBD Bank PJSC

      212,389          954,103  

Grupo Financiero Banorte SAB de CV

      8,600          66,929  

Huaxia Bank Co., Ltd. - Class A

      83,100          72,808  

ICICI Bank Ltd.(a)

     187,313          2,690,790  

Industrial Bank of Korea

      8,357          85,079  

ING Bank Slaski SA(a)

     869          65,623  

Itau Unibanco Holding SA

      2,000          10,050  

Itau Unibanco Holding SA (Preference Shares)

      175,600          1,018,085  

KB Financial Group, Inc.

      32,232          1,833,361  

Komercni Banka AS

      2,110          70,490  

Metropolitan Bank & Trust Co.

      14,600          16,852  

Nedbank Group Ltd.

      6,348          89,868  

OTP Bank Nyrt

      1,656          82,142  

Sberbank of Russia PJSC(c)

     138,696          0  

SCB X PCL

      28,400          79,711  

SinoPac Financial Holdings Co., Ltd.(a)

     224          176  

Standard Bank Group Ltd.

      8,158          94,991  

State Bank of India

      216,482          2,198,925  

Turkiye Is Bankasi AS - Class C

      106,408          51,648  

Yapi ve Kredi Bankasi AS

      77,038          79,740  
       

 

 

  
          18,000,189  
       

 

 

  

Capital Markets – 1.2%

        

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

      793,000          65,917  

China Galaxy Securities Co., Ltd. - Class A(a)

     1,000          1,484  

HDFC Asset Management Co., Ltd.(b)

     26,817          1,285,262  

Korea Investment Holdings Co., Ltd.

      1,635          82,662  

NH Investment & Securities Co., Ltd.

      9,200          84,508  

Samsung Securities Co., Ltd.

      2,850          82,038  
       

 

 

  
          1,601,871  
       

 

 

  

Financial Services – 0.2%

        

Far East Horizon Ltd. - Class H

      105,000          68,305  

Meritz Financial Group, Inc.

      864          49,471  

Power Finance Corp., Ltd.(a)

     13,426          77,947  

REC Ltd.

      12,042          75,686  
       

 

 

  
          271,409  
       

 

 

  

Insurance – 2.9%

        

BB Seguridade Participacoes SA

      244,500          1,440,294  

Bupa Arabia for Cooperative Insurance Co.

      1,725          118,170  

China Taiping Insurance Holdings Co., Ltd. - Class H

      72,400          73,807  

DB Insurance Co., Ltd.

      931          77,136  

Hyundai Marine & Fire Insurance Co., Ltd.

      26,192          654,544  

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

      140,000          173,566  

Samsung Fire & Marine Insurance Co., Ltd.

      4,726          1,329,368  
       

 

 

  
          3,866,885  
       

 

 

  
            23,740,354  
       

 

 

  

Consumer Discretionary – 11.1%

        

Automobile Components – 0.1%

        

Hankook Tire & Technology Co., Ltd.

      2,529          82,645  
       

 

 

  

Automobiles – 3.8%

        

Bajaj Auto Ltd.

      18,242          2,073,928  

Hero MotoCorp Ltd.

      1,332          89,119  

Hyundai Motor Co.

      383          81,678  

Hyundai Motor Co. (Preference Shares)

      1,427          188,494  

Kia Corp.

      24,788          2,319,447  

Tata Motors Ltd.

      6,613          78,334  

Tata Motors Ltd. (A-DVR)

      10,837          86,381  

TVS Motor Co., Ltd.

      3,039          85,887  

Yadea Group Holdings Ltd. - Class H(b)

     36,000          45,291  
       

 

 

  
          5,048,559  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Broadline Retail – 2.9%

        

Alibaba Group Holding Ltd. - Class H

      20,100        $ 181,158  

JD.com, Inc. - Class H

      26,604          345,513  

MercadoLibre, Inc.(a)

     553          908,800  

MINISO Group Holding Ltd. - Class H

      7,400          35,240  

PDD Holdings, Inc. (ADR)(a)

     18,638          2,477,922  
       

 

 

  
          3,948,633  
       

 

 

  

Diversified Consumer Services – 0.2%

        

New Oriental Education & Technology Group, Inc. - Class H(a)

     35,600          273,626  
       

 

 

  

Hotels, Restaurants & Leisure – 0.9%

        

H World Group Ltd. - Class H

      17,100          56,884  

Haidilao International Holding Ltd. - Class H(b)

     36,000          64,663  

Indian Hotels Co., Ltd.

      3,855          28,745  

Meituan - Class H(a) (b)

      71,600          1,017,743  

Trip.com Group Ltd. (ADR)(a)

     1,153          54,191  
       

 

 

  
          1,222,226  
       

 

 

  

Household Durables – 0.7%

        

Coway Co., Ltd.

      357          16,548  

Gree Electric Appliances, Inc. of Zhuhai - Class A(a)

     29,400          157,875  

Hisense Visual Technology Co., Ltd. - Class A(a)

     114,300          387,145  

Midea Group Co., Ltd. - Class A

      46,900          413,847  

Zhejiang Supor Co., Ltd. - Class A

      4,400          30,196  
       

 

 

  
          1,005,611  
       

 

 

  

Specialty Retail – 1.3%

        

HLA Group Corp., Ltd. - Class A

      958,900          1,211,626  

Jarir Marketing Co.

      21,839          73,828  

Topsports International Holdings Ltd. - Class H(b)

     95,000          50,445  

Vibra Energia SA

      93,700          350,321  
       

 

 

  
          1,686,220  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.2%

        

ANTA Sports Products Ltd. - Class H

      65,800          629,311  

Bosideng International Holdings Ltd. - Class H

      1,490,000          927,392  
       

 

 

  
          1,556,703  
       

 

 

  
            14,824,223  
       

 

 

  

Communication Services – 6.8%

        

Diversified Telecommunication Services – 0.0%

        

LG Uplus Corp.

      10,060          71,646  
       

 

 

  

Entertainment – 1.9%

        

International Games System Co., Ltd.(a)

     21,000          874,782  

NetEase, Inc. - Class H

      87,400          1,668,984  
       

 

 

  
          2,543,766  
       

 

 

  

Interactive Media & Services – 2.8%

        

Tencent Holdings Ltd. - Class H

      79,200          3,757,274  

Yandex NV - Class A(a) (c) (d)

      11,500          0  
       

 

 

  
          3,757,274  
       

 

 

  

Media – 0.1%

        

Cheil Worldwide, Inc.

      6,026          80,298  
       

 

 

  

Wireless Telecommunication Services – 2.0%

        

Etihad Etisalat Co.

      44,913          638,859  

PLDT, Inc.

      665          16,305  

SK Telecom Co., Ltd.

      43,878          1,638,281  

Tencent Music Entertainment Group (ADR)

      25,312          355,633  
       

 

 

  
          2,649,078  
       

 

 

  
          9,102,062  
       

 

 

  

Industrials – 2.6%

        

Aerospace & Defense – 0.1%

        

Bharat Electronics Ltd.(a)

     23,442          86,757  

Hindustan Aeronautics Ltd.(b)

     1,356          85,585  
       

 

 

  
          172,342  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Air Freight & Logistics – 0.0%

        

Hyundai Glovis Co., Ltd.

      287        $ 45,522  
       

 

 

  

Electrical Equipment – 0.1%

        

Polycab India Ltd.

      706          56,974  

Sungrow Power Supply Co., Ltd. - Class A

      2,660          22,571  
       

 

 

  
          79,545  
       

 

 

  

Industrial Conglomerates – 0.2%

        

Astra International Tbk PT

      297,700          80,927  

CITIC Ltd. - Class H

      60,000          54,527  

GS Holdings Corp.

      2,566          87,126  

Quinenco SA

      1,783          5,845  

Sime Darby Bhd

      133,900          74,281  
       

 

 

  
          302,706  
       

 

 

  

Machinery – 1.7%

        

Ashok Leyland Ltd.

      30,898          89,439  

Cummins India Ltd.

      1,786          84,811  

Doosan Bobcat, Inc.

      1,036          38,355  

Weichai Power Co., Ltd. - Class A

      37,100          82,502  

Yutong Bus Co., Ltd. - Class A

      531,300          1,877,642  

Zhejiang Dingli Machinery Co., Ltd. - Class A

      8,800          72,668  
       

 

 

  
             2,245,417  
       

 

 

  

Marine Transportation – 0.1%

        

COSCO SHIPPING Holdings Co., Ltd. - Class A

      38,200          81,081  

COSCO SHIPPING Holdings Co., Ltd. - Class H

      5,100          8,902  

Evergreen Marine Corp. Taiwan Ltd.

      12,000          71,390  
       

 

 

  
          161,373  
       

 

 

  

Passenger Airlines – 0.1%

        

Eva Airways Corp.

      72,000          84,516  

Latam Airlines Group SA

      3,492,032          47,646  
       

 

 

  
          132,162  
       

 

 

  

Professional Services – 0.0%

        

HeadHunter Group PLC (ADR)(a) (c) (d)

      18,930          0  
       

 

 

  

Trading Companies & Distributors – 0.1%

        

BOC Aviation Ltd. - Class H(b)

     6,700          47,858  

Horizon Construction Development Ltd. - Class H(a)

     19,444          3,735  
       

 

 

  
          51,593  
       

 

 

  

Transportation Infrastructure – 0.2%

        

Grupo Aeroportuario del Pacifico SAB de CV

      1,805          28,367  

Grupo Aeroportuario del Sureste SAB de CV

      460          13,868  

International Container Terminal Services, Inc.

      14,000          83,557  

Salik Co. PJSC

      71,795          65,843  

Zhejiang Expressway Co., Ltd. - Class H

      122,000          82,104  
       

 

 

  
          273,739  
       

 

 

  
          3,464,399  
       

 

 

  

Real Estate – 2.4%

        

Real Estate Management & Development – 2.4%

        

Aldar Properties PJSC

      328,908          560,567  

Emaar Development PJSC

      235,827          513,645  

Emaar Properties PJSC

      963,452          2,150,914  
       

 

 

  
          3,225,126  
       

 

 

  

Materials – 2.2%

        

Chemicals – 0.7%

        

PhosAgro PJSC (GDR REG S)(a) (c) (d) (e)

      4,393          0  

PhosAgro PJSC (GDR)(a) (c) (d) (e)

      28          0  

SABIC Agri-Nutrients Co.

      2,864          86,174  

Saudi Aramco Base Oil Co.

      2,324          81,510  

Yunnan Yuntianhua Co., Ltd. - Class A

      288,400          766,297  
       

 

 

  
          933,981  
       

 

 

  

Construction Materials – 0.4%

        

GCC SAB de CV

      48,519          457,370  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

Metals & Mining – 1.1%

        

Aluminum Corp. of China Ltd. - Class H

      776,000        $ 528,537  

China Hongqiao Group Ltd. - Class H

      50,395          76,051  

Henan Shenhuo Coal Industry & Electricity Power Co., Ltd. - Class A

      25,700          71,041  

Hunan Valin Steel Co., Ltd. - Class A

      68,400          41,465  

Jiangxi Copper Co., Ltd. - Class A(a)

     21,900          70,850  

Jiangxi Copper Co., Ltd. - Class H

      37,000          73,647  

Kumba Iron Ore Ltd.

      2,884          69,688  

MMC Norilsk Nickel PJSC (ADR)(a) (c) (d)

      3,568          0  

NMDC Ltd.(a)

     26,027          76,869  

Polyus PJSC (GDR)(a) (c) (d) (e)

      284          0  

Vale SA

      6,700          74,574  

Vedanta Ltd.

      15,077          82,013  

Western Mining Co., Ltd. - Class A

      132,700          325,531  

YongXing Special Materials Technology Co., Ltd. - Class A

      2,200          10,758  
       

 

 

  
          1,501,024  
       

 

 

  
          2,892,375  
       

 

 

  

Consumer Staples – 2.1%

        

Consumer Staples Distribution & Retail – 0.5%

        

BIM Birlesik Magazalar AS

      37,150          620,025  

Nahdi Medical Co.

      2,306          80,653  
       

 

 

  
          700,678  
       

 

 

  

Food & Staples Retailing – 0.0%

        

Magnit PJSC(a) (c) (d)

      1,178          0  
       

 

 

  

Food Products – 0.1%

        

China Feihe Ltd. - Class H(b)

     162,384          74,911  
       

 

 

  

Household Products – 0.4%

        

Colgate-Palmolive Co.

      5,507          534,399  

Kimberly-Clark de Mexico SAB de CV

      14,500          25,006  
       

 

 

  
          559,405  
       

 

 

  

Personal Care Products – 1.1%

        

Colgate-Palmolive India Ltd.

      44,375          1,506,844  
       

 

 

  

Tobacco – 0.0%

        

Eastern Co. SAE

      51,947          19,663  
       

 

 

  
             2,861,501  
       

 

 

  

Energy – 1.6%

        

Oil, Gas & Consumable Fuels – 1.6%

        

Adaro Energy Indonesia Tbk PT

      495,400          84,407  

Bharat Petroleum Corp., Ltd.(a)

     46,636          169,706  

China Coal Energy Co., Ltd. - Class H

      67,000          78,254  

Coal India Ltd.(a)

     14,545          82,458  

Gazprom PJSC(a) (c) (d)

      153,780          0  

Hindustan Petroleum Corp., Ltd.

      19,105          75,973  

Indian Oil Corp., Ltd.

      41,493          82,094  

LUKOIL PJSC(c) (d) (f)

      18,789          0  

Motor Oil Hellas Corinth Refineries SA

      1,315          33,011  

Oil India Ltd.(a)

     1,851          15,998  

PetroChina Co., Ltd. - Class H

      838,000          846,175  

Petroleo Brasileiro SA

      8,300          59,955  

Petroleo Brasileiro SA (Preference Shares)

      52,200          355,309  

Turkiye Petrol Rafinerileri AS

      14,271          72,328  

United Tractors Tbk PT

      58,900          78,974  

Yankuang Energy Group Co., Ltd. - Class H

      44,200          63,045  
       

 

 

  
          2,097,687  
       

 

 

  

Utilities – 1.2%

        

Electric Utilities – 0.6%

        

CPFL Energia SA

      11,700          68,503  

Enel Chile SA

      1,402,178          79,120  

Manila Electric Co.

      13,010          81,245  

Power Grid Corp. of India Ltd.(a)

     158,956          630,180  
       

 

 

  
          859,048  
       

 

 

  

Gas Utilities – 0.2%

        

ENN Natural Gas Co., Ltd. - Class A(a)

     32,000          91,097  

 

5

Company    Shares        U.S. $ Value  

GAIL India Ltd.

         73,288        $ 192,829  
          

 

 

  
             283,926  
          

 

 

  

Independent Power and Renewable Electricity Producers – 0.3%

           

Adani Power Ltd.(a)

        10,083          86,496  

NTPC Ltd.(a)

        47,157          214,327  

Shenergy Co., Ltd. - Class A

         67,200          81,250  
          

 

 

  
             382,073  
          

 

 

  

Multi-Utilities – 0.1%

           

YTL Corp. Bhd

         51,700          37,705  

YTL Power International Bhd

         33,800          34,416  
          

 

 

  
             72,121  
          

 

 

  
                1,597,168  
          

 

 

  

Health Care – 0.3%

           

Health Care Equipment & Supplies – 0.2%

           

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A

         6,700          266,794  
          

 

 

  

Pharmaceuticals – 0.1%

           

CSPC Pharmaceutical Group Ltd. - Class H

         96,000          76,454  

Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A

         15,600          67,684  
          

 

 

  
             144,138  
          

 

 

  
             410,932  
          

 

 

  

Total Common Stocks
(cost $70,769,935)

              90,221,761  
          

 

 

  
     Principal
Amount
(000)		           

FIXED INCOME – 24.4%

           

Sovereign Bonds – 12.2%

           

Abu Dhabi Government International Bond
3.125%, 09/30/2049(b)

   U.S.$          390          272,147  

Angolan Government International Bond
8.00%, 11/26/2029(b)

        205          184,244  

9.125%, 11/26/2049(b)

        320          262,500  

Argentine Republic Government International Bond
0.75%, 07/09/2030(g)

        155          86,955  

1.00%, 07/09/2029

         236          135,049  

3.50%, 07/09/2041(g)

        90          35,273  

3.625%, 07/09/2035(g)

        131          55,182  

4.25%, 01/09/2038(g)

        897          411,678  

Chile Government International Bond
5.33%, 01/05/2054

         319          301,455  

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

         282          222,216  

4.125%, 02/22/2042

         203          132,863  

5.00%, 06/15/2045

         200          140,500  

7.50%, 02/02/2034

         350          350,175  

8.00%, 11/14/2035

         205          210,535  

Costa Rica Government International Bond
7.16%, 03/12/2045(b)

        200          206,375  

Dominican Republic International Bond
4.875%, 09/23/2032(b)

        380          340,813  

6.875%, 01/29/2026(b)

        270          273,037  

8.625%, 04/20/2027(b)

        200          206,812  

Ecuador Government International Bond
2.50%, 07/31/2040(b) (g)

         250          113,203  

3.50%, 07/31/2035(b) (g)

         1,242          618,963  

Egypt Government International Bond
7.50%, 01/31/2027(b)

        215          206,467  

7.60%, 03/01/2029(b) (g)

         400          362,875  

8.15%, 11/20/2059(b)

        305          216,645  

8.50%, 01/31/2047(b)

        305          225,700  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

8.875%, 05/29/2050(b)

   U.S.$             327        $      248,929  

El Salvador Government International Bond
6.375%, 01/18/2027(b)

        134          118,858  

8.625%, 02/28/2029(b)

        416          366,912  

Ghana Government International Bond
7.875%, 02/11/2035(a) (b) (h)

         200          102,188  

8.63%, 06/16/2049(a) (e) (h)

         279          139,500  

8.95%, 03/26/2051(a) (b) (h)

         211          107,610  

Hungary Government International Bond
5.25%, 06/16/2029(b)

        295          289,469  

6.75%, 09/25/2052(b)

        200          214,475  

Ivory Coast Government International Bond
6.125%, 06/15/2033(b)

        515          453,844  

6.375%, 03/03/2028(b)

        200          193,250  

Jamaica Government International Bond
8.00%, 03/15/2039

         208          243,360  

Lebanon Government International Bond
6.00%, 01/27/2023(a) (b) (i)

         36          2,430  

6.65%, 04/22/2024(a) (b) (i)

         57          3,848  

6.85%, 03/23/2027(a) (b) (h)

         481          32,468  

Series E
6.10%, 10/04/2022(a) (b) (i)

         216          14,580  

Series G
1.00%, 11/27/2026(a) (b) (h)

         170          11,475  

6.20%, 02/26/2025(a) (b) (h)

         206          13,905  

Nigeria Government International Bond
6.125%, 09/28/2028(b)

        326          285,861  

6.50%, 11/28/2027(b)

        222          205,419  

7.375%, 09/28/2033(b)

        363          296,639  

8.375%, 03/24/2029(b)

        207          194,063  

Oman Government International Bond
6.25%, 01/25/2031(b)

        275          283,078  

7.375%, 10/28/2032(b)

        200          220,750  

Pakistan Government International Bond
8.875%, 04/08/2051(b)

        259          194,278  

Panama Government International Bond
3.87%, 07/23/2060

         370          210,784  

6.85%, 03/28/2054

         200          183,600  

Paraguay Government International Bond
3.85%, 06/28/2033(b)

        223          192,756  

5.40%, 03/30/2050(b)

        249          215,229  

Peruvian Government International Bond
5.625%, 11/18/2050

         65          63,375  

Philippine Government International Bond
3.56%, 09/29/2032

         450          400,922  

4.20%, 03/29/2047

         273          227,443  

Republic of Kenya Government International Bond
8.00%, 05/22/2032(b)

        240          207,360  

Republic of Poland Government International Bond
4.875%, 10/04/2033

         98          95,569  

Republic of South Africa Government International Bond
5.875%, 04/20/2032

         370          342,713  

6.30%, 06/22/2048

         220          178,750  

Romanian Government International Bond
3.00%, 02/14/2031(b)

        94          78,020  

3.625%, 03/27/2032(b)

        238          201,333  

4.00%, 02/14/2051(b)

        210          145,031  

5.875%, 01/30/2029(b)

        60          59,569  

6.00%, 05/25/2034(b)

        230          225,903  

Saudi Government International Bond
3.45%, 02/02/2061(b)

        262          170,955  

5.00%, 01/18/2053(b)

        313          275,440  

5.75%, 01/16/2054(b)

        200          194,800  

Senegal Government International Bond
6.25%, 05/23/2033(b)

        205          171,431  

Serbia International Bond
6.50%, 09/26/2033(b)

        390          395,484  

 

7

     

Principal
Amount
(000)

        U.S. $ Value  

Sri Lanka Government International Bond
7.85%, 03/14/2029(a) (b) (h)

      U.S.$        578        $ 339,394  

Trinidad & Tobago Government International Bond
6.40%, 06/26/2034(b)

        200          198,625  

Turkiye Government International Bond
5.875%, 06/26/2031

         755          695,072  

6.125%, 10/24/2028

         270          263,503  

Ukraine Government International Bond
6.75%, 06/20/2028(b) (g)

      EUR        173          51,877  

7.75%, 09/01/2025(b) (g)

      U.S.$        343          108,217  

7.75%, 09/01/2026(b) (g)

         371          114,268  

Uruguay Government International Bond
4.975%, 04/20/2055

         62          56,972  

5.10%, 06/18/2050

         124          117,001  

Venezuela Government International Bond
11.95%, 08/05/2031(a) (b) (h)

         265          48,139  

12.75%, 08/23/2022(a) (b) (i)

         254          46,246  

Zambia Government International Bond
0.50%, 12/31/2053(b)

        132          64,685  

5.75%, 06/30/2033(b) (g)

         159          140,140  
          

 

 

  
               16,289,457  
          

 

 

  

Corporate Bonds – 5.7%

           

Adani Electricity Mumbai Ltd.
3.95%, 02/12/2030(b)

        210          179,663  

Adani Green Energy Ltd.
4.375%, 09/08/2024(b)

        200          198,510  

AES Andes SA
6.30%, 03/15/2029(b)

        200          200,380  

8.15%, 06/10/2055(b)

        200          200,255  

Akbank TAS
7.50%, 01/20/2030(b)

        200          198,976  

Banco de Credito del Peru SA
5.85%, 01/11/2029(b)

        64          64,811  

Bank Leumi Le-Israel BM
7.13%, 07/18/2033(b)

        200          194,680  

Braskem Idesa SAPI
6.99%, 02/20/2032(b)

        219          166,659  

Braskem Netherlands Finance BV
4.50%, 01/31/2030(b)

        200          169,300  

Canacol Energy Ltd.
5.75%, 11/24/2028(b)

        200          106,312  

CIBANCO SA Institucion de Banca Multiple Trust

           

CIB/3332
4.375%, 07/22/2031(b)

        200          160,437  

Credicorp Capital Sociedad Titulizadora SA
10.10%, 12/15/2043(b)

     PEN        500          132,539  

CSN Resources SA
4.625%, 06/10/2031(b)

     U.S.$        200          157,000  

Ecopetrol SA
8.625%, 01/19/2029

         516          543,142  

Empresa Generadora de Electricidad Haina SA
5.625%, 11/08/2028(b)

        200          184,500  

Empresas Publicas de Medellin ESP
8.375%, 11/08/2027(b)

     COP        418,000          88,202  

Engie Energia Chile SA
6.375%, 04/17/2034(b)

     U.S.$        200          202,750  

Falabella SA
3.75%, 10/30/2027(b)

        200          185,300  

First Quantum Minerals Ltd.
9.375%, 03/01/2029(b)

        200          209,177  

Globo Comunicacao e Participacoes SA
5.50%, 01/14/2032(b)

        200          175,438  

Greenko Dutch BV
3.85%, 03/29/2026(b)

        182          171,819  

Huarong Finance II Co., Ltd.
Series E
4.625%, 06/03/2026(b)

        220          211,750  

India Clean Energy Holdings
4.50%, 04/18/2027(b)

        200          183,625  

 

8

     

Principal
Amount
(000)

        U.S. $ Value  

Israel Electric Corp., Ltd.
Series G
4.25%, 08/14/2028(b)

   U.S.$             200        $ 184,125  

JSW Steel Ltd.
3.95%, 04/05/2027(b)

        200          187,125  

Lenovo Group Ltd.
3.42%, 11/02/2030(b)

        245          216,289  

Leviathan Bond Ltd.
6.125%, 06/30/2025(b)

        6          5,492  

6.75%, 06/30/2030(b)

        42          37,840  

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

        294          267,461  

Melco Resorts Finance Ltd.
5.75%, 07/21/2028(b)

        200          187,000  

Mersin Uluslararasi Liman Isletmeciligi AS
8.25%, 11/15/2028(b)

        200          204,688  

Minejesa Capital BV
5.625%, 08/10/2037(b)

        215          195,314  

Nexa Resources SA
6.75%, 04/09/2034(b)

        200          202,248  

OCP SA
7.50%, 05/02/2054(b)

        200          203,784  

Odebrecht Holdco Finance Ltd.
Zero Coupon, 09/10/2058(b)

        132          165  

OEC Finance Ltd.
7.125%, 12/26/2046(b) (d) (g) (j)

         146          8,534  

Prosus NV
3.06%, 07/13/2031(b)

        200          165,750  

Raizen Fuels Finance SA
6.45%, 03/05/2034(b)

        200          203,437  

Sands China Ltd.
5.40%, 08/08/2028(g)

        200          195,887  

Stillwater Mining Co.
4.00%, 11/16/2026(b)

        200          182,750  

Studio City Finance Ltd.
6.50%, 01/15/2028(b)

        200          190,250  

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

        260          214,663  

Tonon Luxembourg SA
6.50%, 10/31/2024(a) (e) (h)

         105          11  

UEP Penonome II SA
6.50%, 10/01/2038(b)

        233          195,086  

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

         202          20  

Volcan Cia Minera SAA
4.375%, 02/11/2026(b)

        191          148,084  
          

 

 

  
                7,681,228  
          

 

 

  

Quasi-Sovereign Bonds – 4.1%

           

Aeropuerto Internacional de Tocumen SA
4.00%, 08/11/2041(b)

        235          177,498  

Banco Nacional de Panama
2.50%, 08/11/2030(b)

        200          153,500  

Bank Gospodarstwa Krajowego
5.375%, 05/22/2033(b)

        200          198,080  

Bapco Energies BSC Closed
7.50%, 10/25/2027(b)

        259          263,937  

CNAC HK Finbridge Co., Ltd.
5.125%, 03/14/2028(b)

        200          197,875  

Comision Federal de Electricidad
5.00%, 09/29/2036(b)

        212          185,014  

Corp. Nacional del Cobre de Chile
5.95%, 01/08/2034(b)

        518          515,669  

DP World Ltd./United Arab Emirates
6.85%, 07/02/2037(b)

        200          217,500  

Gaci First Investment Co.
4.875%, 02/14/2035(b)

        200          188,454  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT
5.45%, 05/15/2030(b)

        200          196,000  

 

9

      Principal
Amount
(000)		        U.S. $ Value  

NAK Naftogaz Ukraine via Kondor Finance PLC
7.625%, 11/08/2028(e) (g)

      U.S.$        200        $      150,096  

7.65%, 07/19/2025(d) (e) (g)

         190          174,800  

Pertamina Persero PT
2.30%, 02/09/2031(b)

        200          166,062  

Petroleos de Venezuela SA
5.375%, 04/12/2027(a) (b) (h)

         1,271          148,583  

9.00%, 11/17/2021(a) (b) (i)

         128          16,120  

Petroleos Mexicanos
6.35%, 02/12/2048

         480          304,464  

6.50%, 03/13/2027

         901          858,112  

6.75%, 09/21/2047

         40          26,355  

8.75%, 06/02/2029

         175          171,828  

QatarEnergy
3.30%, 07/12/2051(b)

        706          493,317  

State Agency of Roads of Ukraine
6.25%, 06/24/2030(e) (g)

         360          97,200  

TC Ziraat Bankasi AS
8.00%, 01/16/2029(b)

        200          202,563  

Transnet SOC Ltd.
8.25%, 02/06/2028(b)

        204          203,044  

Turkiye Ihracat Kredi Bankasi AS
9.00%, 01/28/2027(b)

        200          207,813  
          

 

 

  
             5,513,884  
          

 

 

  

Emerging Markets - Treasuries – 1.2%

           

Brazil Notas do Tesouro Nacional

           

Series F
10.00%, 01/01/2027

      BRL        1,614          277,185  

10.00%, 01/01/2029

         930          154,325  

Dominican Republic International Bond
10.75%, 06/01/2036(b)

     DOP        8,850          148,533  

11.25%, 09/15/2035(b)

        11,500          203,347  

Republic of South Africa Government Bond
Series 2048
8.75%, 02/28/2048

      ZAR        11,400          466,522  

Turkiye Government Bond
12.60%, 10/01/2025

      TRY        7,790          180,020  

26.20%, 10/05/2033

         5,598          169,072  
          

 

 

  
             1,599,004  
          

 

 

  

Treasury Bonds – 1.2%

           

Colombian TES
Series B
7.25%, 10/26/2050

      COP        4,309,400          670,760  

Hungary Government Bond
Series 32/A
4.75%, 11/24/2032

      HUF        79,250          186,994  

Series 34/A
2.25%, 06/22/2034

         92,230          169,114  

Series 38/A
3.00%, 10/27/2038

         31,820          56,546  

India Government Bond
7.18%, 08/14/2033

      INR        42,270          511,118  
          

 

 

  
             1,594,532  
          

 

 

  

Total Fixed Income
(cost $35,459,227)

              32,678,105  
          

 

 

  

 

10

     

Principal
Amount
(000)

        U.S. $ Value  

SHORT-TERM INVESTMENTS – 6.5%

           

Treasury Bills – 5.2%

           

United States – 5.0%

           

U.S. Treasury Bill
Zero Coupon, 08/01/2024

      U.S.$        180        $ 179,189  

Zero Coupon, 08/22/2024

         6,400          6,351,790  

Zero Coupon, 09/03/2024

         180          178,320  
          

 

 

  

Egypt – 0.2%

           

Egypt Treasury Bills
Series 364D
Zero Coupon, 09/10/2024

         12,425,000          245,298  
          

 

 

  

Total Treasury Bills
(cost $6,948,188)

              6,954,597  
          

 

 

  
     Shares           

Investment Companies – 0.9%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio -
Class AB, 5.22%(k) (l) (m)
(cost $1,221,617)

         1,221,617          1,221,617  
          

 

 

  
     Principal
Amount
(000)		           

Time Deposits – 0.4%

           

ANZ, Hong Kong
3.11%, 07/01/2024

      AUD        12          7,764  

BBH, New York
3.13%, 07/01/2024

      NOK        2          169  

6.08%, 07/01/2024

      ZAR        46          2,548  

Citibank, London
2.59%, 07/01/2024

      EUR        16          16,679  

Citibank, New York
4.68%, 07/01/2024

      U.S.$        398          398,372  

HSBC, Hong Kong
3.68%, 07/02/2024

      HKD        259          33,229  

HSBC, Singapore
2.35%, 07/01/2024

      SGD        1          694  

Royal Bank of Canada, London
4.15%, 07/01/2024

      GBP        5          6,817  

Royal Bank of Canada, Toronto
3.52%, 07/02/2024

      CAD        12          9,051  

SEB, Stockholm
0.32%, 07/01/2024

      CHF        1          1,395  

2.51%, 07/01/2024

      SEK        10          905  

SMBC, Tokyo
(0.14)%, 07/01/2024

      JPY        4,954          30,792  
          

 

 

  

Total Time Deposits
(cost $508,415)

              508,415  
          

 

 

  

Total Short-Term Investments
(cost $8,678,220)

              8,684,629  
          

 

 

  

Total Investments – 98.3%
(cost $114,907,382)(n)

             131,584,495  

Other assets less liabilities - 1.7%

              2,244,524  
          

 

 

  

Net Assets – 100.0%

            $  133,829,019  
          

 

 

  

 

11

FUTURES

 

Description    Number
of
Contracts		   

Expiration

Month

    Current
Notional		    Value and
Unrealized
Appreciation
(Depreciation)
Purchased Contracts

 

          
MSCI Emerging Markets Index Futures        195        September 2024      $  10,609,950      $ 56,550
U.S. T-Note 2 Yr (CBT) Futures        4        September 2024        816,875        (406 )
U.S. T-Note 5 Yr (CBT) Futures        15        September 2024        1,598,672        9,297
U.S. T-Note 10 Yr (CBT) Futures        23        September 2024        2,529,641        22,281
U.S. Ultra Bond (CBT) Futures        14        September 2024        1,754,812        31,719
                   

 

 

  
                    $  119,441
                   

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver
(000)

     

In Exchange

For
(000)

      Settlement
Date		      Unrealized
Appreciation
(Depreciation)
Bank of America NA        BRL        36,393          USD        7,041          07/02/2024        $  530,906
Bank of America NA        USD        6,547          BRL        36,393          07/02/2024          (36,539 )
Bank of America NA        USD        604          PLN        2,466          07/11/2024          8,840
Bank of America NA        COP        2,046,543          USD        530          07/19/2024          38,557
Bank of America NA        IDR        52,052,607          USD        3,240          07/19/2024          57,719
Bank of America NA        CNH        135,623          USD        18,790          07/23/2024          179,448
Barclays Bank PLC        CZK        23,278          USD        981          07/11/2024          (14,047 )
Barclays Bank PLC        KRW        3,479,317          USD        2,525          07/18/2024          2,245
Barclays Bank PLC        USD        2,070          IDR        33,136,865          07/19/2024          (44,797 )
Barclays Bank PLC        MYR        14,689          USD        3,154          08/21/2024          37,897
Barclays Bank PLC        USD        1,948          MYR        9,241          08/21/2024          12,276
Barclays Bank PLC        USD        9,272          MYR        43,586          08/21/2024          (24,574 )
Barclays Bank PLC        USD        1,804          ZAR        33,522          08/22/2024          31,576
Brown Brothers Harriman & Co.        PLN        643          USD        162          07/11/2024          2,689
Brown Brothers Harriman & Co.        THB        61,974          USD        1,697          07/12/2024          6,350
Brown Brothers Harriman & Co.        USD        677          THB        24,371          07/12/2024          (12,706 )
Brown Brothers Harriman & Co.        MXN        7,449          USD        400          07/25/2024          (5,935 )
Deutsche Bank AG        BRL        26,796          USD        4,820          07/02/2024          26,904
Deutsche Bank AG        USD        4,931          BRL        26,796          07/02/2024          (137,065 )
Deutsche Bank AG        HUF        182,955          USD        506          07/11/2024          9,959
Deutsche Bank AG        COP        5,842,022          USD        1,479          07/19/2024          76,620
Deutsche Bank AG        USD        130          IDR        2,151,976          07/19/2024          1,132
Deutsche Bank AG        CNH        16,291          USD        2,246          07/23/2024          10,476
Deutsche Bank AG        USD        1,054          PHP        61,859          07/25/2024          4,650
Deutsche Bank AG        USD        3,096          PHP        177,668          07/25/2024          (56,221 )
Deutsche Bank AG        BRL        26,796          USD        4,914          08/02/2024          138,225
Deutsche Bank AG        ZAR        12,248          USD        667          08/22/2024          (3,513 )
Goldman Sachs Bank USA        BRL        3,337          USD        600          07/02/2024          3,350
Goldman Sachs Bank USA        USD        631          BRL        3,337          07/02/2024          (34,496 )
Goldman Sachs Bank USA        USD        6,095          MXN        102,013          07/25/2024          (538,785 )
Goldman Sachs Bank USA        USD        909          PHP        51,305          07/25/2024          (31,287 )
Goldman Sachs Bank USA        MYR        8,117          USD        1,739          08/21/2024          16,710
HSBC Bank USA        KRW        458,698          USD        338          07/18/2024          5,631
HSBC Bank USA        IDR        15,176,033          USD        931          07/19/2024          3,169
HSBC Bank USA        USD        942          IDR        15,090,626          07/19/2024          (19,486 )
HSBC Bank USA        TRY        43,372          USD        1,274          07/24/2024          (21,882 )
HSBC Bank USA        PHP        8,343          USD        142          07/25/2024          (1,209 )
JPMorgan Chase Bank NA        IDR        3,320,879          USD        204          07/19/2024          703
JPMorgan Chase Bank NA        CNH        17,463          USD        2,421          07/23/2024          24,305
JPMorgan Chase Bank NA        USD        5,938          INR        497,272          09/13/2024          12,031
Morgan Stanley Capital Services LLC        HUF        387,802          USD        1,042          07/11/2024          (8,838 )
Morgan Stanley Capital Services LLC        KRW        1,800,903          USD        1,323          07/18/2024          17,035
Morgan Stanley Capital Services LLC        USD        1,121          KRW        1,529,055          07/18/2024          (11,854 )
Morgan Stanley Capital Services LLC        CLP        1,040,954          USD        1,116          07/19/2024          9,622
Morgan Stanley Capital Services LLC        PEN        4,894          USD        1,310          07/19/2024          36,858
Morgan Stanley Capital Services LLC        USD        35          PEN        128          07/19/2024          (1,229 )
Morgan Stanley Capital Services LLC        USD        870          PHP        50,503          07/25/2024          (6,092 )
Morgan Stanley Capital Services LLC        MYR        6,237          USD        1,311          08/21/2024          (11,939 )

 

12

Counterparty   

Contracts to

Deliver
(000)

     

In Exchange

For
(000)

      Settlement
Date		      Unrealized
Appreciation
(Depreciation)
Morgan Stanley Capital Services LLC        USD        3,410          TWD        108,760          08/23/2024        $ (59,011 )
UBS AG        BRL        6,260          USD        1,126          07/02/2024          6,285
UBS AG        USD        1,153          BRL        6,260          07/02/2024          (32,915 )
UBS AG        MXN        12,476          USD        694          07/25/2024          14,560
UBS AG        PHP        207,540          USD        3,625          07/25/2024          73,570
UBS AG        TWD        13,986          USD        433          08/23/2024          2,324
UBS AG        USD        2,043          TWD           65,557          08/23/2024          (23,357 )
UBS AG        INR        202,001          USD        2,411          09/13/2024          (5,636 )
                                   

 

 

  
                                    $  259,209  
                                   

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description    Fixed
Rate
(Pay)
Receive		     Payment
Frequency		      Implied
Credit
Spread at
June 30,
2024		     Notional
Amount
(000)		      Market
Value		     Upfront
Premiums
Paid
(Received)		     Unrealized
Appreciation
(Depreciation)		  
Buy Contracts                    

Qatar Government International Bond,
9.75%, 06/15/2030, 06/20/2029*

        1.00%       Quarterly          0.42%       USD        2,540      $  (66,197 )    $ (66,888 )    $ 691  
Sale Contracts                    

Brazilian Government International Bond,
4.250%, 01/07/2025, 06/20/2029*

      1.00       Quarterly        1.69       USD        110        (3,272 )      (1,877 )      (1,395 ) 

CDX-EM Series 41, 5 Year Index,
06/20/2029*

      1.00       Quarterly        1.75       USD        110        (3,491 )      (3,468 )      (23 ) 

Columbia Government International Bond, 10.375%, 01/28/2033, 06/20/2029*

      1.00       Quarterly        1.95       USD        120        (4,884 )      (3,962 )      (922 ) 

Indonesia Government International Bond, 4.125%, 01/15/2025, 06/20/2029*

      1.00       Quarterly        0.79       USD        110        1,069       1,167       (98 ) 

People’s Republic of China,
7.500%, 10/28/2027, 06/20/2029*

      1.00       Quarterly        0.67       USD        110        1,646       1,387       259  

South Africa Government International Bond, 5.875%, 09/16/2025, 06/20/2029*

      1.00       Quarterly        2.08       USD        140        (6,511 )      (8,575 )      2,064  

Turkey Government International Bond, 11.875%, 01/15/2030, 06/20/2029*

      1.00       Quarterly        2.75       USD        150        (11,037 )      (14,367 )      3,330  

United Mexican States,
4.150%, 03/28/2027, 06/20/2029*

      1.00       Quarterly        1.11       USD        110        (488 )      390       (878 ) 
               

 

 

    

 

 

    

 

 

  
                $  (93,165 )    $  (96,193 )    $  3,028  
               

 

 

    

 

 

    

 

 

  

 

*

Termination date

 

13

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      5,420      06/06/2028      1 Day
SOFR		      3.630%      Annual        $ (110,073 )       $  -0-        $  (110,073 ) 

 

(a)

Non-income producing security.

(b)

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, 2024, the aggregate market value of these securities amounted to $24,757,827 or 18.50% of net assets.

(c)

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

(d)

Fair valued by the Adviser.

(e)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.41% of net assets as of June 30, 2024, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition
Date		      Cost      Market
Value		      Percentage
of
Net Assets

Ghana Government International Bond
8.63%, 06/16/2049

      08/31/2022        $ 100,635        $ 139,500      0.10%

NAK Naftogaz Ukraine via Kondor Finance PLC
7.625%, 11/08/2028

      11/04/2019        200,000        150,096      0.11%

NAK Naftogaz Ukraine via Kondor Finance PLC
7.65%, 07/19/2025

      12/08/2021        190,777        174,800      0.13%

PhosAgro PJSC (GDR REG S)

      06/30/2021        89,310        0      0.00%

PhosAgro PJSC (GDR)

      06/30/2021        447        0      0.00%

Polyus PJSC (GDR)

     
 09/06/2019 -
04/27/2022		  
 		      4,388        0      0.00%

State Agency of Roads of Ukraine
6.25%, 06/24/2030

      06/17/2021        360,000        97,200      0.07%

Tonon Luxembourg SA
6.50%, 10/31/2024

     
 05/03/2019 -
10/31/2021		  
 		      199,358        11      0.00%

Virgolino de Oliveira Finance SA
11.75%, 02/09/2022

      07/12/2013        172,628        20      0.00%

(f) Restricted and illiquid security.

 

Restricted & Illiquid Securities    Acquisition
Date		    Cost      Market
Value		     

Percentage
of
Net Assets

LUKOIL PJSC

    01/11/2016 -
02/15/2022		      $ 959,077        $ 0      0.00%

 

(g)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2024.

(h)

Defaulted.

(i)

Defaulted matured security.

 

14

(j)

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, 2024.

(k)

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

(l)

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.

(m)

Affiliated investments.

(n)

As of June 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $27,210,221 and gross unrealized depreciation of investments was $(10,261,503), resulting in net unrealized appreciation of $16,948,718.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

DOP – Dominican Peso

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

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TRY – Turkish Lira

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CDX-EM – Emerging Market Credit Default Swap Index

GDR – Global Depositary Receipt

MSCI – Morgan Stanley Capital International

PJSC – Public Joint Stock Company

REG – Registered Shares

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN1

June 30, 2024 (unaudited)

 

  20.7 %       China
  14.3 %       Taiwan
  10.9 %       India
  10.8 %       South Korea
  5.4 %       Brazil
  3.9 %       United Arab Emirates
  2.3 %       United States
  2.3 %       Turkey
  1.9 %       Colombia
  1.6 %       Mexico
  1.5 %       Saudi Arabia
  1.3 %       Chile
  1.3 %       South Africa
  15.3 %       Other
  6.5 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1 

The Fund’s country breakdown is expressed as a percentage of total investments 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 1.0% or less in the following: Angola, Argentina, Bahrain, Costa Rica, Cote D’Ivoire, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Greece, Hong Kong, Hungary, Indonesia, Israel, Jamaica, Kazakhstan, Kenya, Lebanon, Macau, Malaysia, Morocco, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Qatar, Romania, Russia, Senegal, Serbia, Sri Lanka, Thailand, Trinidad and Tobago, Ukraine, Uruguay, Venezuela and Zambia.

 

15

AB Emerging Markets Multi-Asset Portfolio

June 30, 2024 (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.

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 an 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.

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.

 

16

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2024:

 

Investments in Securities

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

Information Technology

    $ 2,050,262     $ 23,955,672     $ -0-      $ 26,005,934  

Financials

      6,450,394       17,289,960       0#        23,740,354  

Consumer Discretionary

      3,821,430       11,002,793       -0-        14,824,223  

Communication Services

      371,938       8,730,124       0#        9,102,062  

Industrials

      2,132,050       1,332,349       0#        3,464,399  

Real Estate

      3,225,126       -0-       -0-        3,225,126  

Materials

      601,632       2,290,743       0#        2,892,375  

Consumer Staples

      1,179,430       1,682,071       0#        2,861,501  

Energy

      715,366       1,382,321       0#        2,097,687  

Utilities

      228,868       1,368,300       -0-        1,597,168  

Health Care

      -0-       410,932       -0-        410,932  
Fixed Income Securities:          

Sovereign Bonds

      -0-       16,289,457       -0-        16,289,457  

Corporate Bonds

      -0-       7,681,208       20        7,681,228  

Quasi-Sovereign Bonds

      -0-       5,513,884       -0-        5,513,884  

Emerging Markets - Treasuries

      -0-       1,599,004       -0-        1,599,004  

Treasury Bonds

      -0-       1,594,532       -0-        1,594,532  
Short-Term Investments:          

Treasury Bills

      -0-       6,954,597       -0-        6,954,597  

Investment Companies

      1,221,617       -0-       -0-        1,221,617  

Time Deposits

      508,415       -0-       -0-        508,415  
  

 

 

    

 

 

    

 

 

     

 

 

  
Total Investments in Securities      22,506,528       109,077,947 +      20        131,584,495  
Other Financial Instruments*:          
Assets          
Futures      119,847       -0-       -0-        119,847  
Forward Currency Exchange Contracts      -0-       1,402,622       -0-        1,402,622  
Centrally Cleared Credit Default Swaps      -0-       2,715       -0-        2,715  
Liabilities          
Futures      (406 )      -0-       -0-        (406 ) 
Forward Currency Exchange Contracts      -0-       (1,143,413 )      -0-        (1,143,413 ) 
Centrally Cleared Credit Default Swaps      -0-       (95,880 )      -0-        (95,880 ) 
Centrally Cleared Interest Rate Swaps      -0-       (110,073 )      -0-        (110,073 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  
Total    $  22,625,969     $  109,133,918     $  20      $  131,759,907  
  

 

 

    

 

 

    

 

 

     

 

 

  

 

#

The Fund held securities with zero market value at period end.

+

A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

*

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

A summary of the Fund’s transactions in AB mutual funds for the three months ended June 30, 2024 is as follows:

 

Fund    Market Value
3/31/24
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
6/30/24
(000)		      Dividend
Income
(000)		  
Government Money Market Portfolio    $  1,550      $  17,601      $  17,929      $ 1,222      $ 25  
Government Money Market Portfolio*      -0-        848        848        -0-        1  
           

 

 

     

 

 

  
Total             $  1,222      $  26  
           

 

 

     

 

 

  

 

*

Investment of cash collateral for securities lending transactions.

 

17