AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares			U.S. $ Value
COMMON STOCKS – 66.6%
Information Technology – 16.0%
Communications Equipment – 0.5%
Arista Networks, Inc.(a)			7,264	$	562,815
Cisco Systems, Inc.			28,005		1,728,189
F5, Inc.(a)			405		107,839
Juniper Networks, Inc.			2,328		84,250
Motorola Solutions, Inc.			1,175		514,427
Nokia Oyj			34,236		180,314
Telefonaktiebolaget LM Ericsson - Class B			18,849		146,659
					3,324,493
Electronic Equipment, Instruments & Components – 0.5%
Amphenol Corp. - Class A			8,516		558,565
CDW Corp./DE			937		150,164
Corning, Inc.			5,421		248,173
Halma PLC			2,576		86,429
Hexagon AB - Class B			14,089		150,608
Jabil, Inc.			770		104,774
Keyence Corp.			1,302		511,959
Keysight Technologies, Inc.(a)			1,216		182,120
Kyocera Corp.			8,695		98,210
Murata Manufacturing Co., Ltd.			11,327		174,718
Omron Corp.			1,173		33,122
Shimadzu Corp.			1,585		39,591
TDK Corp.			13,210		138,429
TE Connectivity PLC			2,098		296,489
Teledyne Technologies, Inc.(a)			328		163,249
Trimble, Inc.(a)			1,728		113,443
Yaskawa Electric Corp.			1,506		37,738
Yokogawa Electric Corp.			1,528		29,821
Zebra Technologies Corp. - Class A(a)			361		102,004
					3,219,606
IT Services – 0.7%
Accenture PLC - Class A			4,398		1,372,352
Akamai Technologies, Inc.(a)			1,056		85,008
Capgemini SE			1,046		157,170
Cognizant Technology Solutions Corp. - Class A			3,478		266,067
EPAM Systems, Inc.(a)			399		67,367
Fujitsu Ltd.			11,992		238,651
Gartner, Inc.(a)			540		226,660
GoDaddy, Inc. - Class A(a)			993		178,879
International Business Machines Corp.			6,502		1,616,787
NEC Corp.			8,215		174,985
Nomura Research Institute Ltd.			2,529		82,325
NTT Data Group Corp.			4,325		78,348
Obic Co., Ltd.			2,165		62,423
Otsuka Corp.			1,526		33,040
SCSK Corp.			1,046		25,865
TIS, Inc.			1,423		39,379
VeriSign, Inc.(a)			572		145,214
Wix.com Ltd.(a)			359		58,653
					4,909,173

1

Company	Shares			U.S. $ Value
Semiconductors & Semiconductor Equipment – 5.4%
Advanced Micro Devices, Inc.(a)			11,394	$	1,170,620
Advantest Corp.			5,228		233,046
Analog Devices, Inc.			3,488		703,425
Applied Materials, Inc.			5,715		829,361
ASM International NV			318		144,910
ASML Holding NV			2,675		1,770,243
BE Semiconductor Industries NV			551		57,583
Broadcom, Inc.			32,959		5,518,325
Disco Corp.			616		125,801
Enphase Energy, Inc.(a)			931		57,769
First Solar, Inc.(a)			753		95,202
Infineon Technologies AG			8,863		295,447
Intel Corp.(a)			30,447		691,451
KLA Corp.			934		634,933
Lam Research Corp.			9,026		656,190
Lasertec Corp.			536		46,069
Microchip Technology, Inc.			3,782		183,087
Micron Technology, Inc.			7,834		680,696
Monolithic Power Systems, Inc.			336		194,873
Nova Ltd.(a)			199		36,946
NVIDIA Corp.			172,204		18,663,470
NXP Semiconductors NV			1,787		339,637
ON Semiconductor Corp.(a)			2,963		120,565
QUALCOMM, Inc.			7,777		1,194,625
Renesas Electronics Corp.			11,470		153,843
SCREEN Holdings Co., Ltd.			544		35,491
Skyworks Solutions, Inc.			1,130		73,032
STMicroelectronics NV			4,594		100,735
Teradyne, Inc.			1,145		94,577
Texas Instruments, Inc.			6,401		1,150,260
Tokyo Electron Ltd.			2,999		411,260
					36,463,472
Software – 5.2%
Adobe, Inc.(a)			3,061		1,173,985
ANSYS, Inc.(a)			615		194,684
Autodesk, Inc.(a)			1,512		395,842
Cadence Design Systems, Inc.(a)			1,928		490,348
Check Point Software Technologies Ltd.(a)			597		136,068
Crowdstrike Holdings, Inc. - Class A(a)			1,732		610,669
CyberArk Software Ltd.(a)			318		107,484
Dassault Systemes SE			4,541		172,888
Fair Isaac Corp.(a)			172		317,195
Fortinet, Inc.(a)			4,473		430,571
Gen Digital, Inc.			3,813		101,197
Intuit, Inc.			1,968		1,208,332
Microsoft Corp.			52,272		19,622,386
Monday.com Ltd.(a)			254		61,763
Nemetschek SE			392		45,698
Nice Ltd.(a)			427		65,912
Oracle Corp.			11,407		1,594,813
Oracle Corp. Japan			257		27,045
Palantir Technologies, Inc. - Class A(a)			14,413		1,216,457
Palo Alto Networks, Inc.(a)			4,656		794,500

2

Company	Shares			U.S. $ Value
PTC, Inc.(a)			846	$	131,088
Roper Technologies, Inc.			754		444,543
Sage Group PLC (The)			6,803		106,809
Salesforce, Inc.			6,729		1,805,794
SAP SE			7,091		1,900,031
ServiceNow, Inc.(a)			1,448		1,152,811
Synopsys, Inc.(a)			1,087		466,160
Temenos AG (REG)			383		29,737
Trend Micro, Inc./Japan			848		57,247
Tyler Technologies, Inc.(a)			301		174,998
WiseTech Global Ltd.			1,249		64,408
Workday, Inc. - Class A(a)			1,505		351,463
Xero Ltd.(a)			987		96,473
					35,549,399
Technology Hardware, Storage & Peripherals – 3.7%
Apple, Inc.			105,629		23,463,370
Canon, Inc.(b)			6,350		198,013
Dell Technologies, Inc. - Class C			2,194		199,983
FUJIFILM Holdings Corp.			7,594		145,493
Hewlett Packard Enterprise Co.			9,310		143,653
HP, Inc.			6,594		182,588
Logitech International SA (REG)			1,032		87,447
NetApp, Inc.			1,430		125,611
Ricoh Co., Ltd.			3,572		37,785
Seagate Technology Holdings PLC			1,489		126,490
Seiko Epson Corp.			1,933		30,968
Super Micro Computer, Inc.(a)			3,541		121,244
Western Digital Corp.(a)			2,446		98,892
					24,961,537
					108,427,680
Financials – 11.3%
Banks – 3.9%
ABN AMRO Bank NV			3,110		65,532
AIB Group PLC			14,220		91,850
ANZ Group Holdings Ltd.			20,222		370,246
Banco Bilbao Vizcaya Argentaria SA(b)			39,130		534,029
Banco BPM SpA			8,742		88,959
Banco de Sabadell SA			36,917		103,650
Banco Santander SA			102,900		693,228
Bank Hapoalim BM			8,542		115,838
Bank Leumi Le-Israel BM			10,196		137,305
Bank of America Corp.			46,559		1,942,907
Bank of Ireland Group PLC			6,811		80,474
Banque Cantonale Vaudoise (REG)			204		22,292
Barclays PLC			99,634		374,627
BNP Paribas SA			6,910		577,533
BOC Hong Kong Holdings Ltd. - Class H(a)			25,272		102,324
BPER Banca SpA			6,753		53,009
CaixaBank SA			26,779		208,601
Chiba Bank Ltd. (The)			3,848		36,424
Citigroup, Inc.			13,199		936,997
Citizens Financial Group, Inc.			3,074		125,942
Commerzbank AG			6,431		147,173
Commonwealth Bank of Australia			11,365		1,080,741

3

Company	Shares			U.S. $ Value
Concordia Financial Group Ltd.			7,134	$	47,363
Credit Agricole SA			7,222		131,491
Danske Bank A/S			4,680		153,183
DBS Group Holdings Ltd.			13,338		458,044
DNB Bank ASA			6,077		159,902
Erste Group Bank AG			2,089		144,498
Fifth Third Bancorp			4,710		184,632
FinecoBank Banca Fineco SpA			4,147		82,138
Hang Seng Bank Ltd. - Class H			5,068		69,020
HSBC Holdings PLC			121,381		1,376,032
Huntington Bancshares, Inc./OH			10,222		153,432
ING Groep NV			21,360		418,470
Intesa Sanpaolo SpA			102,747		529,524
Israel Discount Bank Ltd. - Class A			8,367		58,286
Japan Post Bank Co., Ltd.			9,787		99,373
JPMorgan Chase & Co.			19,661		4,822,843
KBC Group NV			1,558		142,002
KeyCorp			7,004		111,994
Lloyds Banking Group PLC			411,388		385,847
M&T Bank Corp.			1,167		208,601
Mediobanca Banca di Credito Finanziario SpA			3,393		63,645
Mitsubishi UFJ Financial Group, Inc.			77,835		1,061,188
Mizrahi Tefahot Bank Ltd.			1,053		47,357
Mizuho Financial Group, Inc.			16,349		448,677
National Australia Bank Ltd.			20,877		449,037
NatWest Group PLC			51,928		306,603
Nordea Bank Abp			21,392		273,613
Oversea-Chinese Banking Corp., Ltd.			22,668		290,514
PNC Financial Services Group, Inc. (The)			2,784		489,344
Regions Financial Corp.			6,392		138,898
Resona Holdings, Inc.			14,198		123,974
Skandinaviska Enskilda Banken AB			10,768		177,147
Societe Generale SA			4,888		220,517
Standard Chartered PLC			13,957		207,113
Sumitomo Mitsui Financial Group, Inc.			25,334		651,454
Sumitomo Mitsui Trust Group, Inc.			4,446		111,911
Svenska Handelsbanken AB - Class A(b)			9,897		111,851
Swedbank AB - Class A(b)			5,761		131,204
Truist Financial Corp.			9,253		380,761
UniCredit SpA			9,480		532,132
United Overseas Bank Ltd.			8,464		238,825
US Bancorp			10,969		463,111
Wells Fargo & Co.			23,126		1,660,216
Westpac Banking Corp.			23,300		464,310
					26,669,758
Capital Markets – 2.2%
3i Group PLC			6,606		310,618
Ameriprise Financial, Inc.			676		327,258
Amundi SA			418		32,748
ASX Ltd.			1,316		53,935
Bank of New York Mellon Corp. (The)			5,046		423,208
Blackrock, Inc.			1,024		969,196
Blackstone, Inc.			5,147		719,448
Cboe Global Markets, Inc.			736		166,549
Charles Schwab Corp. (The)			11,983		938,029
CME Group, Inc.			2,534		672,245
CVC Capital Partners PLC(c)			1,443		28,627
Daiwa Securities Group, Inc.			9,030		60,801

4

Company	Shares			U.S. $ Value
Deutsche Bank AG (REG)			12,560	$	299,394
Deutsche Boerse AG			1,278		377,086
EQT AB(b)			2,527		77,056
Euronext NV(a)			531		77,065
FactSet Research Systems, Inc.			267		121,389
Franklin Resources, Inc.			2,180		41,965
Futu Holdings Ltd. (ADR)			375		38,381
Goldman Sachs Group, Inc. (The)			2,194		1,198,560
Hong Kong Exchanges & Clearing Ltd. - Class H			8,163		363,125
Intercontinental Exchange, Inc.			4,040		696,900
Invesco Ltd.			3,150		47,786
Japan Exchange Group, Inc.			6,742		69,381
Julius Baer Group Ltd.			1,398		96,904
KKR & Co., Inc.			4,747		548,801
London Stock Exchange Group PLC			3,247		482,268
Macquarie Group Ltd.			2,457		305,765
MarketAxess Holdings, Inc.			265		57,333
Moody’s Corp.			1,088		506,671
Morgan Stanley			8,701		1,015,146
MSCI, Inc.			546		308,763
Nasdaq, Inc.			2,910		220,753
Nomura Holdings, Inc.			20,419		125,820
Northern Trust Corp.			1,378		135,940
Partners Group Holding AG			154		219,173
Raymond James Financial, Inc.			1,297		180,166
S&P Global, Inc.			2,215		1,125,441
SBI Holdings, Inc.			1,819		49,118
Schroders PLC			5,448		24,666
Singapore Exchange Ltd.			5,739		56,816
State Street Corp.			2,028		181,567
T. Rowe Price Group, Inc.			1,565		143,777
UBS Group AG (REG)			22,335		686,010
					14,581,648
Consumer Finance – 0.3%
American Express Co.			3,903		1,050,102
Capital One Financial Corp.			2,680		480,524
Discover Financial Services			1,765		301,286
Synchrony Financial			2,733		144,685
					1,976,597
Financial Services – 2.7%
Adyen NV(a)			150		229,919
Apollo Global Management, Inc.			3,143		430,402
Berkshire Hathaway, Inc. - Class B(a)			12,888		6,863,891
Corpay, Inc.(a)			490		170,873
Edenred SE			1,642		53,359
Eurazeo SE			284		21,032
EXOR NV(d)			675		61,299
Fidelity National Information Services, Inc.			3,725		278,183
Fiserv, Inc.(a)			4,000		883,320
Global Payments, Inc.			1,741		170,479
Groupe Bruxelles Lambert NV			564		42,085
Industrivarden AB - Class A			809		29,724
Industrivarden AB - Class C			1,051		38,611
Infratil Ltd.			6,241		36,780
Investor AB - Class B			11,747		350,344
Jack Henry & Associates, Inc.			513		93,674

5

Company	Shares			U.S. $ Value
L E Lundbergforetagen AB - Class B			516	$	25,855
M&G PLC			15,496		39,917
Mastercard, Inc. - Class A			5,726		3,138,535
Mitsubishi HC Capital, Inc.			6,001		40,665
Nexi SpA(b)			3,339		17,809
ORIX Corp.			7,826		163,398
PayPal Holdings, Inc.(a)			6,956		453,879
Sofina SA(a)			105		26,890
Visa, Inc. - Class A			12,118		4,246,874
Wise PLC - Class A(a)			4,522		55,507
					17,963,304
Insurance – 2.2%
Admiral Group PLC			1,767		65,238
Aegon Ltd.(a)			8,974		58,940
Aflac, Inc.			3,480		386,941
Ageas SA/NV(a)			1,021		61,202
AIA Group Ltd. - Class H			73,395		555,590
Allianz SE (REG)			2,623		1,003,847
Allstate Corp. (The)			1,863		385,771
American International Group, Inc.			4,172		362,714
Aon PLC - Class A			1,521		607,016
Arch Capital Group Ltd.			2,636		253,530
Arthur J Gallagher & Co.			1,789		617,634
ASR Nederland NV			1,076		61,857
Assurant, Inc.			361		75,720
Aviva PLC			18,170		130,953
AXA SA			12,030		513,991
Baloise Holding AG (REG)			280		58,765
Brown & Brown, Inc.			1,669		207,624
Chubb Ltd.			2,620		791,214
Cincinnati Financial Corp.			1,093		161,458
Dai-ichi Life Holdings, Inc.			24,632		188,078
Erie Indemnity Co. - Class A			175		73,334
Everest Group Ltd.			302		109,726
Generali			6,390		224,475
Gjensidige Forsikring ASA			1,357		31,188
Globe Life, Inc.			590		77,715
Hannover Rueck SE			409		121,905
Hartford Insurance Group, Inc. (The)			2,022		250,182
Helvetia Holding AG (REG)			252		52,268
Insurance Australia Group Ltd.			16,054		78,095
Japan Post Holdings Co., Ltd.			13,078		131,139
Japan Post Insurance Co., Ltd.			1,282		26,127
Legal & General Group PLC			39,989		126,111
Loews Corp.			1,242		114,152
Marsh & McLennan Cos., Inc.			3,453		842,636
Medibank Pvt. Ltd.			18,689		52,233
MetLife, Inc.			4,071		326,861
MS&AD Insurance Group Holdings, Inc.			8,712		189,467
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)			908		573,602
NN Group NV			1,825		101,553
Phoenix Group Holdings PLC			4,765		35,372
Poste Italiane SpA			3,102		55,341
Principal Financial Group, Inc.			1,480		124,868
Progressive Corp. (The)			4,119		1,165,718
Prudential Financial, Inc.			2,489		277,971
Prudential PLC			17,979		194,012

6

Company	Shares			U.S. $ Value
QBE Insurance Group Ltd.			10,215	$	141,142
Sampo Oyj - Class A			16,430		157,451
Sompo Holdings, Inc.			6,099		185,722
Suncorp Group Ltd.(a)			7,348		88,996
Swiss Life Holding AG (REG)			195		177,900
Swiss Re AG			2,047		348,356
T&D Holdings, Inc.			3,277		70,138
Talanx AG			438		46,067
Tokio Marine Holdings, Inc.			12,079		469,907
Travelers Cos., Inc. (The)			1,594		421,549
Tryg A/S			2,301		54,737
Unipol Assicurazioni SpA(a)			2,434		38,963
W R Berkley Corp.			2,111		150,219
Willis Towers Watson PLC			702		237,241
Zurich Insurance Group AG			994		693,820
					15,186,342
					76,377,649
Health Care – 7.6%
Biotechnology – 1.1%
AbbVie, Inc.			12,413		2,600,772
Amgen, Inc.			3,777		1,176,724
Argenx SE(a)			410		241,939
Biogen, Inc.(a)			1,029		140,809
CSL Ltd.			3,288		517,496
Genmab A/S(a)			427		83,188
Gilead Sciences, Inc.			8,763		981,894
Grifols SA(a) (b)			2,024		18,020
Incyte Corp.(a)			1,129		68,361
Moderna, Inc.(a)			2,381		67,501
Regeneron Pharmaceuticals, Inc.			740		469,330
Swedish Orphan Biovitrum AB(a) (b)			1,329		38,084
Vertex Pharmaceuticals, Inc.(a)			1,806		875,585
Zealand Pharma A/S(a)			434		32,591
					7,312,294
Health Care Equipment & Supplies – 1.5%
Abbott Laboratories			12,196		1,617,799
Alcon AG(a)			3,391		321,755
Align Technology, Inc.(a)			493		78,318
Baxter International, Inc.			3,590		122,886
Becton Dickinson & Co.			2,019		462,472
BioMerieux			281		34,734
Boston Scientific Corp.(a)			10,363		1,045,420
Cochlear Ltd.			444		73,175
Coloplast A/S - Class B			856		89,780
Cooper Cos., Inc. (The)(a)			1,403		118,343
Demant A/S(a)			600		20,164
Dexcom, Inc.(a)			2,747		187,593
DiaSorin SpA			152		15,095
Edwards Lifesciences Corp.(a)			4,147		300,575
EssilorLuxottica SA			2,020		582,100
Fisher & Paykel Healthcare Corp., Ltd.			3,978		75,918
GE HealthCare Technologies, Inc.			3,215		259,483

7

Company	Shares			U.S. $ Value
Hologic, Inc.(a)			1,578	$	97,473
Hoya Corp.			2,349		265,104
IDEXX Laboratories, Inc.(a)			576		241,891
Insulet Corp.(a)			493		129,467
Intuitive Surgical, Inc.(a)			2,508		1,242,137
Koninklijke Philips NV(a)			5,421		138,008
Medtronic PLC			9,016		810,178
Olympus Corp.			7,584		99,280
ResMed, Inc.			1,033		231,237
Siemens Healthineers AG			1,914		103,261
Smith & Nephew PLC			5,638		79,285
Solventum Corp.(a)			972		73,911
Sonova Holding AG (REG)			344		100,441
STERIS PLC			691		156,615
Straumann Holding AG (REG)			757		91,645
Stryker Corp.			2,415		898,984
Sysmex Corp.			3,370		64,333
Terumo Corp.			9,081		170,868
Zimmer Biomet Holdings, Inc.			1,400		158,452
					10,558,180
Health Care Providers & Services – 1.2%
Amplifon SpA			845		17,154
Cardinal Health, Inc.			1,699		234,071
Cencora, Inc.			1,214		337,601
Centene Corp.(a)			3,487		211,696
Cigna Group (The)			1,925		633,325
CVS Health Corp.			8,865		600,604
DaVita, Inc.(a)			309		47,268
Elevance Health, Inc.			1,631		709,420
Fresenius Medical Care AG			1,394		69,365
Fresenius SE & Co. KGaA			2,866		122,360
HCA Healthcare, Inc.			1,257		434,356
Henry Schein, Inc.(a)			877		60,066
Humana, Inc.			848		224,381
Labcorp Holdings, Inc.			586		136,386
McKesson Corp.			881		592,904
Molina Healthcare, Inc.(a)			390		128,462
Quest Diagnostics, Inc.			780		131,976
Sonic Healthcare Ltd.			3,097		50,286
UnitedHealth Group, Inc.			6,471		3,389,186
Universal Health Services, Inc. - Class B			413		77,603
					8,208,470
Health Care Technology – 0.0%
M3, Inc.			2,954		33,745
Pro Medicus Ltd.			390		49,364
					83,109
Life Sciences Tools & Services – 0.6%
Agilent Technologies, Inc.			2,006		234,662
Bio-Techne Corp.			1,112		65,197
Charles River Laboratories International, Inc.(a)			360		54,187
Danaher Corp.			4,500		922,500
Eurofins Scientific SE(a)			917		48,915
IQVIA Holdings, Inc.(a)			1,176		207,329

8

Company	Shares			U.S. $ Value
Lonza Group AG (REG)(a)			490	$	302,707
Mettler-Toledo International, Inc.(a)			147		173,594
QIAGEN NV(a)			1,464		58,161
Revvity, Inc.			856		90,565
Sartorius AG (Preference Shares)			178		41,496
Sartorius Stedim Biotech			198		39,227
Thermo Fisher Scientific, Inc.			2,690		1,338,544
Waters Corp.(a)			418		154,062
West Pharmaceutical Services, Inc.			509		113,955
					3,845,101
Pharmaceuticals – 3.2%
Astellas Pharma, Inc.			12,314		119,871
AstraZeneca PLC			10,530		1,546,274
Bayer AG (REG)			6,666		159,797
Bristol-Myers Squibb Co.			14,269		870,266
Chugai Pharmaceutical Co., Ltd.			4,596		210,550
Daiichi Sankyo Co., Ltd.			11,882		282,956
Eisai Co., Ltd.			1,787		49,745
Eli Lilly & Co.			5,540		4,575,541
Galderma Group AG(a)			565		59,757
GSK PLC			28,144		537,837
Haleon PLC			58,365		294,755
Hikma Pharmaceuticals PLC			1,129		28,521
Ipsen SA(a)			256		29,486
Johnson & Johnson			16,929		2,807,505
Kyowa Kirin Co., Ltd.			1,626		23,734
Merck & Co., Inc.			17,787		1,596,561
Merck KGaA			877		120,684
Novartis AG (REG)			13,385		1,486,669
Novo Nordisk A/S - Class B			21,872		1,495,570
Ono Pharmaceutical Co., Ltd.			2,503		26,929
Orion Oyj - Class B(b)			735		43,657
Otsuka Holdings Co., Ltd.			3,000		156,330
Pfizer, Inc.			39,848		1,009,748
Recordati Industria Chimica e Farmaceutica SpA			781		44,258
Roche Holding AG (BR)			217		75,323
Roche Holding AG (Genusschein)			4,771		1,570,268
Sandoz Group AG			2,836		118,925
Sanofi SA			7,720		854,773
Shionogi & Co., Ltd.			5,161		77,904
Takeda Pharmaceutical Co., Ltd.			10,750		318,617
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)			7,602		116,843
UCB SA			858		151,063
Viatris, Inc.			8,393		73,103
Zoetis, Inc.			3,149		518,483
					21,452,303
					51,459,457
Industrials – 7.2%
Aerospace & Defense – 1.5%
Airbus SE			4,035		710,505
Axon Enterprise, Inc.(a)			509		267,709
BAE Systems PLC			20,427		412,472
Boeing Co. (The)(a)			5,274		899,481

9

Company	Shares			U.S. $ Value
Dassault Aviation SA(a)			133	$	43,854
Elbit Systems Ltd.			181		69,413
General Dynamics Corp.			1,784		486,283
General Electric Co.			7,547		1,510,532
Howmet Aerospace, Inc.			2,848		369,471
Huntington Ingalls Industries, Inc.			275		56,111
Kongsberg Gruppen ASA			597		87,529
L3Harris Technologies, Inc.			1,324		277,126
Leonardo SpA			2,746		133,727
Lockheed Martin Corp.			1,473		658,004
Melrose Industries PLC			8,726		53,864
MTU Aero Engines AG			365		126,827
Northrop Grumman Corp.			957		489,994
Rheinmetall AG			296		423,553
Rolls-Royce Holdings PLC			57,728		561,079
RTX Corp.			9,367		1,240,753
Saab AB - Class B			2,174		85,480
Safran SA			2,445		643,728
Singapore Technologies Engineering Ltd.			10,451		52,486
Textron, Inc.			1,284		92,769
Thales SA			629		167,202
TransDigm Group, Inc.			394		545,016
					10,464,968
Air Freight & Logistics – 0.3%
CH Robinson Worldwide, Inc.			835		85,504
Deutsche Post AG			6,515		279,710
DSV A/S			1,387		268,219
Expeditors International of Washington, Inc.			984		118,326
FedEx Corp.			1,558		379,809
InPost SA(a)			1,527		22,411
SG Holdings Co., Ltd.			2,143		21,372
United Parcel Service, Inc. - Class B			5,143		565,679
					1,741,030
Building Products – 0.4%
A O Smith Corp.			830		54,249
AGC, Inc.			1,310		39,880
Allegion PLC			611		79,711
Assa Abloy AB - Class B			6,802		204,205
Builders FirstSource, Inc.(a)			809		101,076
Carrier Global Corp.			5,678		359,985
Cie de Saint-Gobain SA			3,048		303,632
Daikin Industries Ltd.			1,766		191,644
Geberit AG (REG)			227		142,212
Johnson Controls International PLC			4,621		370,188
Kingspan Group PLC			1,049		84,736
Lennox International, Inc.			225		126,187
Masco Corp.			1,491		103,684
Nibe Industrier AB - Class B			10,284		39,115
Otis Worldwide Corp.			2,788		287,722
ROCKWOOL A/S - Class B			64		26,529
Trane Technologies PLC			1,577		531,323
					3,046,078
Commercial Services & Supplies – 0.4%
Brambles Ltd.			9,383		118,538
Cintas Corp.			2,412		495,738

10

Company	Shares			U.S. $ Value
Copart, Inc.(a)			6,165	$	348,877
Dai Nippon Printing Co., Ltd.			2,598		36,989
Rentokil Initial PLC			17,130		77,738
Republic Services, Inc.			1,427		345,562
Rollins, Inc.			1,975		106,709
Secom Co., Ltd.			2,810		95,706
Securitas AB - Class B			3,338		47,236
TOPPAN Holdings, Inc.			1,600		43,740
Veralto Corp.			1,739		169,466
Waste Management, Inc.			2,568		594,518
					2,480,817
Construction & Engineering – 0.2%
ACS Actividades de Construccion y Servicios SA			1,210		69,252
Bouygues SA			1,286		50,694
Eiffage SA			466		54,256
Ferrovial SE			3,218		143,934
Kajima Corp.			2,654		54,289
Obayashi Corp.			4,447		59,324
Quanta Services, Inc.			1,038		263,839
Skanska AB - Class B(b)			2,309		50,962
Taisei Corp.			1,113		49,541
Vinci SA			3,356		423,058
					1,219,149
Electrical Equipment – 0.7%
ABB Ltd. (REG)			10,740		554,162
AMETEK, Inc.			1,626		279,900
Eaton Corp. PLC			2,779		755,416
Emerson Electric Co.			3,965		434,723
Fuji Electric Co., Ltd.			899		38,432
Fujikura Ltd.			1,700		62,959
GE Vernova, Inc.			1,940		592,243
Generac Holdings, Inc.(a)			419		53,066
Hubbell, Inc.			377		124,753
Legrand SA			1,780		188,508
Mitsubishi Electric Corp.			12,932		238,495
NIDEC Corp.			5,688		95,458
Prysmian SpA			1,907		104,975
Rockwell Automation, Inc.			795		205,412
Schneider Electric SE			3,714		857,359
Siemens Energy AG(a)			4,339		257,224
Vestas Wind Systems A/S			6,853		94,808
					4,937,893
Ground Transportation – 0.5%
Central Japan Railway Co.			5,271		100,540
CSX Corp.			13,560		399,071
East Japan Railway Co.			6,175		121,713
Grab Holdings Ltd. - Class A(a)			15,646		70,876
Hankyu Hanshin Holdings, Inc.			1,532		41,222
JB Hunt Transport Services, Inc.			559		82,704
MTR Corp., Ltd. - Class H			10,418		34,131
Norfolk Southern Corp.			1,592		377,065
Old Dominion Freight Line, Inc.			1,321		218,559
Tokyo Metro Co., Ltd.			2,000		24,304
Tokyu Corp.			3,646		41,047
Uber Technologies, Inc.(a)			14,689		1,070,240

11

Company	Shares			U.S. $ Value
Union Pacific Corp.			4,249	$	1,003,784
West Japan Railway Co.			3,040		59,303
					3,644,559
Industrial Conglomerates – 0.6%
3M Co.			3,817		560,565
CK Hutchison Holdings Ltd. - Class H			17,948		101,172
DCC PLC			672		44,911
Hikari Tsushin, Inc.			118		30,455
Hitachi Ltd.			31,439		738,169
Honeywell International, Inc.			4,572		968,121
Investment AB Latour - Class B			1,005		27,356
Jardine Matheson Holdings Ltd.			1,070		45,189
Keppel Ltd.(b)			9,750		49,734
Lifco AB - Class B(b)			1,582		56,120
Sekisui Chemical Co., Ltd.			2,529		43,134
Siemens AG (REG)			5,161		1,191,913
Smiths Group PLC			2,327		58,391
Swire Pacific Ltd. - Class H			2,777		24,482
					3,939,712
Machinery – 1.3%
Alfa Laval AB			1,964		84,207
Alstom SA(a)			2,349		52,032
Atlas Copco AB - Class A			18,229		291,180
Atlas Copco AB - Class B			10,591		148,932
Caterpillar, Inc.			3,361		1,108,458
Cummins, Inc.			967		303,096
Daifuku Co., Ltd.			2,161		53,121
Daimler Truck Holding AG			3,224		130,603
Deere & Co.			1,781		835,912
Dover Corp.			965		169,531
Epiroc AB - Class A(b)			4,472		90,041
Epiroc AB - Class B			2,646		46,605
FANUC Corp.			6,430		175,190
Fortive Corp.			2,399		175,559
GEA Group AG			1,053		64,011
Hoshizaki Corp.			727		28,141
IDEX Corp.			532		96,276
Illinois Tool Works, Inc.			1,878		465,763
Indutrade AB(b)			1,854		51,378
Ingersoll Rand, Inc.			2,833		226,725
Knorr-Bremse AG			492		44,774
Komatsu Ltd.			6,093		178,422
Kone Oyj - Class B			2,306		127,235
Kubota Corp.			6,595		81,497
Makita Corp.			1,593		52,782
Metso Oyj			4,219		43,744
MINEBEA MITSUMI, Inc.			2,430		35,518
Mitsubishi Heavy Industries Ltd.			21,755		373,611
Nordson Corp.			381		76,855
PACCAR, Inc.			3,687		359,003
Parker-Hannifin Corp.			905		550,104
Pentair PLC			1,162		101,652
Rational AG			35		29,160
Sandvik AB			7,235		152,163
Schindler Holding AG			276		86,502
Schindler Holding AG (REG)			159		48,185

12

Company	Shares			U.S. $ Value
SKF AB - Class B			2,315	$	46,899
SMC Corp.			383		137,054
Snap-on, Inc.			368		124,020
Spirax Group PLC			500		40,307
Stanley Black & Decker, Inc.			1,084		83,338
Techtronic Industries Co., Ltd. - Class H			9,200		110,255
Toyota Industries Corp.			1,081		92,455
Trelleborg AB - Class B			1,446		53,779
VAT Group AG(c)			183		65,964
Volvo AB - Class B			10,780		316,267
Wartsila Oyj Abp			3,414		60,917
Westinghouse Air Brake Technologies Corp.			1,201		217,801
Xylem, Inc./NY			1,708		204,038
Yangzijiang Shipbuilding Holdings Ltd.(a)			18,000		31,590
					8,522,652
Marine Transportation – 0.1%
AP Moller - Maersk A/S - Class A			20		34,260
AP Moller - Maersk A/S - Class B			31		53,953
Kawasaki Kisen Kaisha Ltd.			2,531		34,402
Kuehne & Nagel International AG (REG)			328		75,745
Mitsui OSK Lines Ltd.			2,304		80,219
Nippon Yusen KK			2,986		98,682
SITC International Holdings Co., Ltd. - Class H			8,980		24,408
					401,669
Passenger Airlines – 0.1%
ANA Holdings, Inc.			1,069		19,732
Delta Air Lines, Inc.			4,512		196,723
Deutsche Lufthansa AG (REG)			4,071		29,662
Japan Airlines Co., Ltd.			965		16,530
Qantas Airways Ltd.			5,031		28,682
Singapore Airlines Ltd.(b)			9,966		50,204
Southwest Airlines Co.			4,167		139,928
United Airlines Holdings, Inc.(a)			2,312		159,644
					641,105
Professional Services – 0.6%
Automatic Data Processing, Inc.			2,861		874,121
Broadridge Financial Solutions, Inc.			823		199,545
Bureau Veritas SA			2,156		65,413
Computershare Ltd.			3,577		88,169
Dayforce, Inc.(a)			1,118		65,213
Equifax, Inc.			872		212,384
Experian PLC			6,242		289,225
Intertek Group PLC			1,095		71,202
Jacobs Solutions, Inc.			862		104,207
Leidos Holdings, Inc.			922		124,415
Paychex, Inc.			2,253		347,593
Paycom Software, Inc.			331		72,317
Randstad NV(b)			736		30,593
Recruit Holdings Co., Ltd.			9,540		494,279
RELX PLC			12,629		634,362
SGS SA (REG)			1,029		102,528
Teleperformance SE			366		36,802
Verisk Analytics, Inc.			993		295,537
Wolters Kluwer NV			1,619		252,072
					4,359,977

13

Company	Shares			U.S. $ Value
Trading Companies & Distributors – 0.4%
AddTech AB - Class B			1,764	$	51,663
AerCap Holdings NV			1,319		134,762
Ashtead Group PLC			2,960		160,038
Beijer Ref AB(b)			2,612		36,744
Brenntag SE			833		53,993
Bunzl PLC			2,244		86,319
Fastenal Co.			4,032		312,682
ITOCHU Corp.			8,057		374,030
Marubeni Corp.			9,538		153,007
Mitsubishi Corp.			23,181		409,255
Mitsui & Co., Ltd.			17,126		322,880
MonotaRO Co., Ltd.			1,678		31,346
Reece Ltd.(b)			1,534		15,220
Rexel SA			1,518		40,911
SGH Ltd.			1,381		43,351
Sumitomo Corp.			7,359		167,916
Toyota Tsusho Corp.			4,366		73,558
United Rentals, Inc.			459		287,655
WW Grainger, Inc.			312		308,203
					3,063,533
Transportation Infrastructure – 0.1%
Aena SME SA			509		119,414
Aeroports de Paris SA			235		23,924
Auckland International Airport Ltd.			11,414		52,944
Getlink SE			2,053		35,457
Transurban Group			21,064		177,415
					409,154
					48,872,296
Consumer Discretionary – 6.9%
Automobile Components – 0.1%
Aisin Corp.			3,549		38,765
Aptiv PLC(a)			1,613		95,974
Bridgestone Corp.			3,922		157,558
Cie Generale des Etablissements Michelin SCA			4,549		159,882
Continental AG			747		52,678
Denso Corp.			12,859		159,536
Sumitomo Electric Industries Ltd.			4,883		81,497
					745,890
Automobiles – 1.3%
Bayerische Motoren Werke AG			1,967		158,614
Bayerische Motoren Werke AG (Preference Shares)(a)			380		28,667
Dr. Ing hc F Porsche AG (Preference Shares)(c)			773		38,714
Ferrari NV			856		365,564
Ford Motor Co.			27,371		274,531
General Motors Co.			6,996		329,022
Honda Motor Co., Ltd.			30,444		275,505
Isuzu Motors Ltd.			3,821		51,956
Mercedes-Benz Group AG			4,901		289,510

14

Company	Shares			U.S. $ Value
Nissan Motor Co., Ltd.(a)			15,103	$	38,734
Porsche Automobil Holding SE (Preference Shares)			1,039		39,127
Renault SA			1,305		66,107
Stellantis NV(b)			13,757		154,300
Subaru Corp.			3,937		70,508
Suzuki Motor Corp.			10,621		130,374
Tesla, Inc.(a)			19,677		5,099,491
Toyota Motor Corp.			64,330		1,137,181
Volkswagen AG (Preference Shares)			1,399		142,751
Yamaha Motor Co., Ltd.			6,226		49,847
					8,740,503
Broadline Retail – 2.2%
Amazon.com, Inc.(a)			66,322		12,618,424
Cie Financiere Richemont SA (REG) - Class A			3,651		637,340
eBay, Inc.			3,368		228,114
Global-e Online Ltd.(a)			680		24,242
Next PLC			797		114,828
Pan Pacific International Holdings Corp.			2,550		70,044
Prosus NV(a)			9,285		431,373
Rakuten Group, Inc.(a)			10,268		58,907
Wesfarmers Ltd.			7,701		349,117
					14,532,389
Distributors – 0.0%
D’ieteren Group			146		25,150
Genuine Parts Co.			978		116,519
LKQ Corp.			1,828		77,763
Pool Corp.			268		85,318
					304,750
Diversified Consumer Services – 0.0%
Pearson PLC			4,070		64,385
Hotels, Restaurants & Leisure – 1.3%
Accor SA			1,323		60,336
Airbnb, Inc. - Class A(a)			3,044		363,636
Amadeus IT Group SA			3,057		234,114
Aristocrat Leisure Ltd.			3,831		154,938
Booking Holdings, Inc.			233		1,073,410
Caesars Entertainment, Inc.(a)			1,494		37,350
Carnival Corp.(a)			7,367		143,878
Chipotle Mexican Grill, Inc.(a)			9,530		478,501
Compass Group PLC			11,521		381,072
Darden Restaurants, Inc.			824		171,194
Delivery Hero SE(a)			1,278		30,643
Domino’s Pizza, Inc.			243		111,646
DoorDash, Inc. - Class A(a)			2,385		435,907
Entain PLC			4,121		31,136
Evolution AB			1,078		80,321
Expedia Group, Inc.			867		145,743
FDJ United			691		21,743
Galaxy Entertainment Group Ltd. - Class H			14,639		57,209
Genting Singapore Ltd.			41,481		23,017
Hilton Worldwide Holdings, Inc.			1,692		385,015

15

Company	Shares			U.S. $ Value
InterContinental Hotels Group PLC			1,075	$	115,745
Las Vegas Sands Corp.			2,416		93,330
Lottery Corp., Ltd. (The)			15,105		45,194
Marriott International, Inc./MD - Class A			1,609		383,264
McDonald’s Corp.			5,039		1,574,032
MGM Resorts International(a)			1,573		46,624
Norwegian Cruise Line Holdings Ltd.(a)			3,092		58,624
Oriental Land Co., Ltd./Japan			7,304		144,040
Royal Caribbean Cruises Ltd.			1,741		357,671
Sands China Ltd. - Class H(a)			16,654		33,409
Sodexo SA			600		38,538
Starbucks Corp.			7,987		783,445
Whitbread PLC			1,197		38,132
Wynn Resorts Ltd.			630		52,605
Yum! Brands, Inc.			1,962		308,740
Zensho Holdings Co., Ltd.			645		34,781
					8,528,983
Household Durables – 0.4%
Barratt Redrow PLC			9,355		51,460
D.R. Horton, Inc.			1,994		253,497
Garmin Ltd.			1,080		234,501
Lennar Corp. - Class A			1,642		188,469
Mohawk Industries, Inc.(a)			368		42,018
NVR, Inc.(a)			21		152,132
Panasonic Holdings Corp.			15,809		188,594
PulteGroup, Inc.			1,424		146,387
Sekisui House Ltd.			4,094		91,632
Sony Group Corp.			41,790		1,057,412
					2,406,102
Leisure Products – 0.0%
Bandai Namco Holdings, Inc.			4,076		136,739
Hasbro, Inc.			922		56,694
Shimano, Inc.			511		71,751
					265,184
Specialty Retail – 1.1%
AutoZone, Inc.(a)			118		449,908
Avolta AG(a)			596		26,107
Best Buy Co., Inc.			1,368		100,698
CarMax, Inc.(a)			1,081		84,232
Fast Retailing Co., Ltd.			1,278		380,449
H & M Hennes & Mauritz AB - Class B(b)			3,844		50,703
Home Depot, Inc. (The)			6,985		2,559,933
Industria de Diseno Textil SA			7,404		368,659
JD Sports Fashion PLC			17,585		15,549
Kingfisher PLC			12,303		40,526
Lowe’s Cos., Inc.			3,970		925,923
Nitori Holdings Co., Ltd.			536		52,442
O’Reilly Automotive, Inc.(a)			404		578,762
Ross Stores, Inc.			2,320		296,473
TJX Cos., Inc. (The)			7,905		962,829
Tractor Supply Co.			3,756		206,956
Ulta Beauty, Inc.(a)			326		119,492
Williams-Sonoma, Inc.			866		136,915

16

Company	Shares			U.S. $ Value
Zalando SE(a)			1,523	$	52,826
ZOZO, Inc.			2,715		26,004
					7,435,386
Textiles, Apparel & Luxury Goods – 0.5%
adidas AG			1,160		273,598
Asics Corp.			4,375		92,783
Deckers Outdoor Corp.(a)			1,067		119,301
Hermes International SCA			215		565,691
Kering SA			505		105,060
Lululemon Athletica, Inc.(a)			788		223,051
LVMH Moet Hennessy Louis Vuitton SE			1,869		1,157,431
Moncler SpA			1,585		97,631
NIKE, Inc. - Class B			8,306		527,265
Pandora A/S			556		85,213
Puma SE			711		17,343
Ralph Lauren Corp.			280		61,807
Swatch Group AG (The)(b)			196		33,800
Tapestry, Inc.			1,456		102,517
					3,462,491
					46,486,063
Communication Services – 5.4%
Diversified Telecommunication Services – 0.9%
AT&T, Inc.			50,474		1,427,405
BT Group PLC(b)			43,929		94,226
Cellnex Telecom SA			3,595		127,798
Charter Communications, Inc. - Class A(a)			679		250,232
Comcast Corp. - Class A			26,520		978,588
Deutsche Telekom AG (REG)			23,705		875,188
Elisa Oyj			965		47,039
HKT Trust & HKT Ltd. - Class H			25,371		33,894
Infrastrutture Wireless Italiane SpA			2,213		23,427
Koninklijke KPN NV			26,390		111,779
Nippon Telegraph & Telephone Corp.			202,742		195,944
Orange SA			12,635		163,675
Singapore Telecommunications Ltd.			50,450		127,959
Swisscom AG (REG)(a)			176		101,420
Telecom Italia SpA/Milano(a)			67,611		22,839
Telefonica SA			26,933		126,945
Telenor ASA			4,179		59,713
Telia Co. AB			16,011		57,804
Telstra Group Ltd.			27,448		72,512
Verizon Communications, Inc.			29,601		1,342,701
Washington H Soul Pattinson & Co., Ltd.(b)			1,622		35,341
					6,276,429
Entertainment – 1.0%
Bollore SE			4,838		28,343
Capcom Co., Ltd.			2,319		57,237
CTS Eventim AG & Co. KGaA			423		42,436
Electronic Arts, Inc.			1,668		241,059
Konami Group Corp.			672		79,351
Live Nation Entertainment, Inc.(a)			1,103		144,030
Netflix, Inc.(a)			3,008		2,805,050
Nexon Co., Ltd.			2,252		30,844

17

Company	Shares			U.S. $ Value
Nintendo Co., Ltd.			7,455	$	506,774
Sea Ltd. (ADR)(a)			2,486		324,398
Spotify Technology SA(a)			1,046		575,331
Take-Two Interactive Software, Inc.(a)			1,154		239,167
TKO Group Holdings, Inc.			468		71,515
Toho Co., Ltd./Tokyo			749		37,218
Universal Music Group NV(a) (b)			5,586		154,246
Walt Disney Co. (The)			12,712		1,254,674
Warner Bros Discovery, Inc.(a)			15,697		168,429
					6,760,102
Interactive Media & Services – 3.1%
Alphabet, Inc. - Class A			41,015		6,342,560
Alphabet, Inc. - Class C			33,241		5,193,242
Auto Trader Group PLC			6,029		58,298
CAR Group Ltd.			2,563		51,082
LY Corp.			19,394		65,671
Match Group, Inc.			1,766		55,099
Meta Platforms, Inc. - Class A			15,398		8,874,791
REA Group Ltd.(b)			359		49,809
Scout24 SE			509		53,304
					20,743,856
Media – 0.1%
Dentsu Group, Inc.			1,356		29,947
Fox Corp. - Class A			1,532		86,711
Fox Corp. - Class B			928		48,915
Informa PLC			9,027		90,513
Interpublic Group of Cos., Inc. (The)			2,619		71,132
News Corp. - Class A			2,658		72,351
News Corp. - Class B			785		23,840
Omnicom Group, Inc.			1,382		114,582
Paramount Global - Class B			4,183		50,029
Publicis Groupe SA(a)			1,553		146,523
WPP PLC			7,322		55,640
					790,183
Wireless Telecommunication Services – 0.3%
KDDI Corp.			20,742		327,634
SoftBank Corp.			194,170		270,862
SoftBank Group Corp.			6,488		331,861
T-Mobile US, Inc.			3,372		899,346
Tele2 AB - Class B(b)			3,710		50,030
Vodafone Group PLC			137,984		129,652
					2,009,385
					36,579,955
Consumer Staples – 4.4%
Beverages – 0.9%
Anheuser-Busch InBev SA/NV			6,099		374,975
Asahi Group Holdings Ltd.			9,772		124,853
Brown-Forman Corp. - Class B			1,281		43,477
Carlsberg AS - Class B			648		82,022
Coca-Cola Co. (The)			27,225		1,949,855
Coca-Cola Europacific Partners PLC			1,406		122,364
Coca-Cola HBC AG(a)			1,475		66,802

18

Company	Shares			U.S. $ Value
Constellation Brands, Inc. - Class A			1,093	$	200,587
Davide Campari-Milano NV(b)			4,177		24,552
Diageo PLC			15,327		400,535
Heineken Holding NV			880		63,689
Heineken NV			1,954		159,330
Keurig Dr. Pepper, Inc.			8,395		287,277
Kirin Holdings Co., Ltd.			5,300		73,438
Molson Coors Beverage Co. - Class B			1,211		73,714
Monster Beverage Corp.(a)			4,924		288,152
PepsiCo, Inc.			9,644		1,446,021
Pernod Ricard SA			1,369		135,247
Suntory Beverage & Food Ltd.			930		30,682
Treasury Wine Estates Ltd.(b)			5,506		33,759
					5,981,331
Consumer Staples Distribution & Retail – 1.2%
Aeon Co., Ltd.			4,477		112,283
Carrefour SA			3,681		52,645
Coles Group Ltd.			9,095		111,330
Costco Wholesale Corp.			3,121		2,951,779
Dollar General Corp.			1,546		135,940
Dollar Tree, Inc.(a) (b)			1,421		106,674
J Sainsbury PLC			11,904		36,284
Jeronimo Martins SGPS SA(a)			1,922		40,734
Kesko Oyj - Class B			1,853		37,876
Kobe Bussan Co., Ltd.			1,007		23,445
Koninklijke Ahold Delhaize NV			6,247		233,357
Kroger Co. (The)			4,681		316,857
Marks & Spencer Group PLC			13,923		64,280
MatsukiyoCocokara & Co.			2,297		35,934
Seven & i Holdings Co., Ltd.			15,120		218,951
Sysco Corp.			3,440		258,138
Target Corp.			3,222		336,248
Tesco PLC			45,744		196,804
Walgreens Boots Alliance, Inc.(a)			5,043		56,330
Walmart, Inc.			30,587		2,685,233
Woolworths Group Ltd.(b)			8,289		153,905
					8,165,027
Food Products – 0.8%
Ajinomoto Co., Inc.			6,214		123,023
Archer-Daniels-Midland Co.			3,365		161,554
Associated British Foods PLC			2,226		55,185
Barry Callebaut AG (REG)(b)			24		31,786
Bunge Global SA			939		71,758
Chocoladefabriken Lindt & Spruengli AG			6		81,117
Chocoladefabriken Lindt & Spruengli AG (REG)			1		131,226
Conagra Brands, Inc.			3,356		89,504
Danone SA			4,381		335,082
General Mills, Inc.			3,876		231,746
Hershey Co. (The)			1,039		177,700
Hormel Foods Corp.			2,046		63,303
J M Smucker Co. (The)			748		88,571
JDE Peet’s NV			1,159		25,340
Kellanova			1,891		155,989
Kerry Group PLC - Class A			1,015		106,285
Kikkoman Corp.			4,642		44,780
Kraft Heinz Co. (The)			6,134		186,658

19

Company	Shares			U.S. $ Value
Lamb Weston Holdings, Inc.			1,003	$	53,460
Lotus Bakeries NV(b)			3		26,670
McCormick & Co., Inc./MD			1,776		146,182
MEIJI Holdings Co., Ltd.			1,671		36,207
Mondelez International, Inc. - Class A			9,095		617,096
Mowi ASA			3,159		58,560
Nestle SA (REG)			17,793		1,798,100
Nissin Foods Holdings Co., Ltd.			1,342		27,391
Orkla ASA			4,757		52,167
Salmar ASA			448		21,538
The Campbell’s Co.			1,383		55,209
Tyson Foods, Inc. - Class A			2,012		128,386
WH Group Ltd. - Class H			56,829		52,181
Wilmar International Ltd.			12,860		31,888
Yakult Honsha Co., Ltd.			1,717		32,672
					5,298,314
Household Products – 0.7%
Church & Dwight Co., Inc.			1,730		190,456
Clorox Co. (The)			866		127,519
Colgate-Palmolive Co.			5,706		534,652
Essity AB - Class B			4,141		117,651
Henkel AG & Co. KGaA			705		50,792
Henkel AG & Co. KGaA (Preference Shares)			1,149		91,423
Kimberly-Clark Corp.			2,332		331,657
Procter & Gamble Co. (The)			16,488		2,809,885
Reckitt Benckiser Group PLC			4,655		314,773
Unicharm Corp.			7,603		60,556
					4,629,364
Personal Care Products – 0.3%
Beiersdorf AG			673		86,941
Estee Lauder Cos., Inc. (The) - Class A			1,647		108,702
Kao Corp.			3,118		134,968
Kenvue, Inc.			13,481		323,275
L’Oreal SA			1,633		606,974
Shiseido Co., Ltd.			2,677		50,769
Unilever PLC			16,973		1,012,728
					2,324,357
Tobacco – 0.5%
Altria Group, Inc.			11,917		715,258
British American Tobacco PLC			13,494		553,582
Imperial Brands PLC(a)			5,381		199,107
Japan Tobacco, Inc.			8,133		223,545
Philip Morris International, Inc.			10,933		1,735,395
					3,426,887
					29,825,280
Energy – 2.5%
Energy Equipment & Services – 0.2%
Baker Hughes Co.			6,962		305,980
Halliburton Co.			6,104		154,858
Schlumberger NV			9,850		411,730
Tenaris SA			2,804		54,871
					927,439

20

Company	Shares			U.S. $ Value
Oil, Gas & Consumable Fuels – 2.3%
Aker BP ASA			2,145	$	50,856
APA Corp.			2,601		54,673
BP PLC			109,482		614,353
Chevron Corp.			11,752		1,965,992
ConocoPhillips			8,971		942,134
Coterra Energy, Inc.			5,178		149,644
Devon Energy Corp.			4,619		172,751
Diamondback Energy, Inc.			1,314		210,082
ENEOS Holdings, Inc.			18,488		97,506
Eni SpA			14,488		224,079
EOG Resources, Inc.			3,955		507,189
EQT Corp.			4,196		224,192
Equinor ASA			5,685		150,134
Expand Energy Corp.			1,479		164,642
Exxon Mobil Corp.			30,608		3,640,209
Galp Energia SGPS SA(a)			2,832		49,617
Hess Corp.			1,943		310,355
Idemitsu Kosan Co., Ltd.			6,126		43,331
Inpex Corp.			6,021		83,516
Kinder Morgan, Inc.			13,593		387,808
Marathon Petroleum Corp.			2,222		323,723
Neste Oyj(b)			2,871		26,555
Occidental Petroleum Corp.			4,751		234,509
OMV AG			999		51,445
ONEOK, Inc.			4,363		432,897
Phillips 66			2,904		358,586
Repsol SA			7,854		104,282
Santos Ltd.			22,038		92,349
Shell PLC			41,395		1,506,790
Targa Resources Corp.			1,533		307,320
Texas Pacific Land Corp.			132		174,899
TotalEnergies SE			14,655		944,265
Valero Energy Corp.			2,226		293,988
Williams Cos., Inc. (The)			8,571		512,203
Woodside Energy Group Ltd.(b) (d)			12,885		187,192
					15,594,066
					16,521,505
Materials – 2.0%
Chemicals – 1.1%
Air Liquide SA			3,927		745,914
Air Products & Chemicals, Inc.			1,564		461,255
Akzo Nobel NV			1,159		71,378
Albemarle Corp.(b)			827		59,561
Arkema SA			387		29,633
Asahi Kasei Corp.			8,498		59,577
BASF SE			6,057		303,630
CF Industries Holdings, Inc.			1,224		95,656
Corteva, Inc.			4,820		303,323
Covestro AG(a)			1,219		78,295
Croda International PLC			900		34,192
Dow, Inc.			4,949		172,819
DSM-Firmenich AG			1,262		124,936
DuPont de Nemours, Inc.			2,940		219,559
Eastman Chemical Co.			810		71,369
Ecolab, Inc.			1,772		449,237
EMS-Chemie Holding AG(a)			48		32,704

21

Company	Shares			U.S. $ Value
Evonik Industries AG			1,739	$	37,700
Givaudan SA (REG)			63		270,458
ICL Group Ltd.			5,254		29,838
IMCD NV			401		53,366
International Flavors & Fragrances, Inc.			1,807		140,241
Linde PLC			3,348		1,558,963
LyondellBasell Industries NV - Class A			1,823		128,339
Mitsubishi Chemical Group Corp.			9,175		45,338
Mosaic Co. (The)			2,234		60,340
Nippon Paint Holdings Co., Ltd.			6,447		48,414
Nippon Sanso Holdings Corp.			1,159		35,158
Nitto Denko Corp.			4,830		89,338
Novonesis (Novozymes) B - Class B			2,391		139,219
PPG Industries, Inc.			1,631		178,350
Sherwin-Williams Co. (The)			1,629		568,830
Shin-Etsu Chemical Co., Ltd.			12,160		346,987
Sika AG (REG)(a)			1,035		252,110
Syensqo SA(a)			500		34,121
Symrise AG			901		93,410
Toray Industries, Inc.			9,383		64,123
Yara International ASA			1,124		33,906
					7,521,587
Construction Materials – 0.2%
Heidelberg Materials AG			927		159,794
Holcim AG(a)			3,537		380,627
James Hardie Industries PLC(a)			2,917		69,612
Martin Marietta Materials, Inc.			430		205,596
Vulcan Materials Co.			929		216,736
					1,032,365
Containers & Packaging – 0.1%
Amcor PLC			10,163		98,581
Avery Dennison Corp.			565		100,553
Ball Corp.			2,098		109,243
International Paper Co.			3,707		197,768
Packaging Corp. of America			627		124,159
SIG Group AG(a)			2,075		38,365
Smurfit WestRock PLC			3,477		156,674
					825,343
Metals & Mining – 0.6%
Anglo American PLC			8,623		241,689
Antofagasta PLC			2,676		58,261
ArcelorMittal SA			3,183		91,946
BHP Group Ltd.			34,458		836,059
BlueScope Steel Ltd.(b)			2,977		39,874
Boliden AB(a)			1,856		60,900
Fortescue Ltd.(b)			11,491		111,222
Freeport-McMoRan, Inc.			10,105		382,575
Glencore PLC(a)			70,374		257,578
JFE Holdings, Inc.			3,952		48,517
Newmont Corp.			8,005		386,481
Nippon Steel Corp.			6,596		141,161
Norsk Hydro ASA			9,544		55,174
Northern Star Resources Ltd.			7,768		89,683
Nucor Corp.			1,651		198,681

22

Company	Shares			U.S. $ Value
Rio Tinto Ltd.(b)			2,519	$	182,778
Rio Tinto PLC			7,656		459,438
South32 Ltd.			30,660		61,766
Steel Dynamics, Inc.			996		124,580
Sumitomo Metal Mining Co., Ltd.			1,654		36,154
					3,864,517
Paper & Forest Products – 0.0%
Holmen AB - Class B(b)			517		20,474
Mondi PLC			2,996		44,692
Stora Enso Oyj - Class R			3,952		37,450
Svenska Cellulosa AB SCA - Class B			4,118		54,334
UPM-Kymmene Oyj(b)			3,622		97,172
					254,122
					13,497,934
Utilities – 1.8%
Electric Utilities – 1.1%
Acciona SA(a)			168		21,988
Alliant Energy Corp.			1,804		116,087
American Electric Power Co., Inc.			3,749		409,653
BKW AG			143		25,011
Chubu Electric Power Co., Inc.			4,413		47,847
CK Infrastructure Holdings Ltd. - Class H			4,216		25,243
CLP Holdings Ltd. - Class H			10,993		89,492
Constellation Energy Corp.			2,200		443,586
Contact Energy Ltd.			5,414		28,191
Duke Energy Corp.			5,456		665,468
Edison International			2,722		160,380
EDP SA			21,299		71,671
Endesa SA			2,156		57,117
Enel SpA			55,206		447,528
Entergy Corp.			3,015		257,752
Evergy, Inc.			1,617		111,492
Eversource Energy			2,579		160,182
Exelon Corp.			7,068		325,694
FirstEnergy Corp.			3,607		145,795
Fortum Oyj(b)			3,045		49,863
Iberdrola SA			39,569		638,963
Kansai Electric Power Co., Inc. (The)			6,413		76,110
NextEra Energy, Inc.			14,460		1,025,069
NRG Energy, Inc.			1,424		135,935
Origin Energy Ltd.			11,693		77,377
PG&E Corp.			15,424		264,984
Pinnacle West Capital Corp.			799		76,105
Power Assets Holdings Ltd. - Class H			9,273		55,532
PPL Corp.			5,191		187,447
Redeia Corp. SA			2,754		55,276
Southern Co. (The)			7,704		708,383
SSE PLC			7,488		154,241
Terna - Rete Elettrica Nazionale			9,550		86,306
Verbund AG			462		32,696
Xcel Energy, Inc.			4,038		285,850
					7,520,314

23

Company	Shares			U.S. $ Value
Gas Utilities – 0.1%
APA Group(b)			8,788	$	43,534
Atmos Energy Corp.			1,116		172,511
Hong Kong & China Gas Co., Ltd. - Class H			75,951		65,361
Osaka Gas Co., Ltd.			2,469		55,867
Snam SpA			13,686		70,960
Tokyo Gas Co., Ltd.			2,412		76,727
					484,960
Independent Power and Renewable Electricity Producers – 0.1%
AES Corp. (The)			5,000		62,100
EDP Renovaveis SA			2,117		17,638
Meridian Energy Ltd.			8,842		28,112
Orsted AS(a)			1,141		49,829
RWE AG			4,290		153,172
Vistra Corp.			2,392		280,917
					591,768
Multi-Utilities – 0.5%
Ameren Corp.			1,898		190,559
CenterPoint Energy, Inc.			4,583		166,042
Centrica PLC			34,463		66,729
CMS Energy Corp.			2,101		157,806
Consolidated Edison, Inc.			2,436		269,397
Dominion Energy, Inc.			5,907		331,206
DTE Energy Co.			1,457		201,459
E.ON SE			15,236		229,983
Engie SA			12,395		241,527
National Grid PLC			33,206		433,146
NiSource, Inc.			3,304		132,457
Public Service Enterprise Group, Inc.			3,503		288,297
Sembcorp Industries Ltd.			5,983		28,000
Sempra			4,454		317,838
Veolia Environnement SA			4,775		164,221
WEC Energy Group, Inc.			2,234		243,461
					3,462,128
Water Utilities – 0.0%
American Water Works Co., Inc.			1,370		202,102
Severn Trent PLC			1,834		60,041
United Utilities Group PLC			4,628		60,386
					322,529
					12,381,699
Real Estate – 1.5%
Diversified REITs – 0.0%
Covivio SA/France			379		21,215
GPT Group (The)(b)			12,999		35,654
Land Securities Group PLC			4,802		34,226
Stockland			16,200		49,986
					141,081
Health Care REITs – 0.2%
Alexandria Real Estate Equities, Inc.			1,083		100,188
Healthpeak Properties, Inc.			4,919		99,462
Ventas, Inc.			3,074		211,368
Welltower, Inc.			4,284		656,352
					1,067,370

24

Company	Shares			U.S. $ Value
Hotel & Resort REITs – 0.0%
Host Hotels & Resorts, Inc.			4,915	$	69,842
Industrial REITs – 0.2%
CapitaLand Ascendas REIT(a)			25,020		49,436
Goodman Group			13,783		247,358
Prologis, Inc.			6,517		728,535
Segro PLC			8,723		78,017
					1,103,346
Office REITs – 0.0%
BXP, Inc.			1,023		68,735
Gecina SA			303		28,432
Nippon Building Fund, Inc.			52		44,168
					141,335
Real Estate Management & Development – 0.3%
Azrieli Group Ltd.			288		19,438
CapitaLand Investment Ltd./Singapore			15,674		31,701
CBRE Group, Inc. - Class A(a)			2,078		271,761
CK Asset Holdings Ltd. - Class H			12,887		52,140
CoStar Group, Inc.(a)			2,963		234,759
Daito Trust Construction Co., Ltd.			392		40,111
Daiwa House Industry Co., Ltd.			3,851		127,370
Fastighets AB Balder - Class B(a) (b)			4,872		30,487
Henderson Land Development Co., Ltd. - Class H			9,723		27,966
Hongkong Land Holdings Ltd.			7,486		32,340
Hulic Co., Ltd.			3,170		30,430
LEG Immobilien SE			505		35,696
Mitsubishi Estate Co., Ltd.			7,259		118,655
Mitsui Fudosan Co., Ltd.			17,975		160,967
Sagax AB - Class B			1,491		31,283
Sino Land Co., Ltd. - Class H			28,057		28,086
Sumitomo Realty & Development Co., Ltd.			2,112		79,355
Sun Hung Kai Properties Ltd. - Class H			9,699		92,409
Swiss Prime Site AG (REG)(a)			525		64,427
Unibail-Rodamco-Westfield			823		69,387
Vonovia SE			5,025		135,224
Wharf Holdings Ltd. (The) - Class H(b)			7,160		17,004
Wharf Real Estate Investment Co., Ltd. - Class H			11,179		27,144
					1,758,140
Residential REITs – 0.1%
AvalonBay Communities, Inc.			999		214,405
Camden Property Trust			750		91,725
Equity Residential			2,403		172,007
Essex Property Trust, Inc.			452		138,570
Invitation Homes, Inc.			4,006		139,609
Mid-America Apartment Communities, Inc.			822		137,751
UDR, Inc.			2,117		95,625
					989,692
Retail REITs – 0.2%
CapitaLand Integrated Commercial Trust(a)			39,468		61,331
Federal Realty Investment Trust			542		53,018
Kimco Realty Corp.			4,778		101,485

25

Company	Shares			U.S. $ Value
Klepierre SA(a)			1,460	$	48,869
Link REIT - Class H			17,596		82,458
Realty Income Corp.			6,154		356,994
Regency Centers Corp.			1,148		84,676
Scentre Group			35,305		74,698
Simon Property Group, Inc.			2,157		358,235
Vicinity Ltd.			26,257		36,358
					1,258,122
Specialized REITs – 0.5%
American Tower Corp.			3,286		715,034
Crown Castle, Inc.			3,056		318,527
Digital Realty Trust, Inc.			2,225		318,820
Equinix, Inc.			684		557,699
Extra Space Storage, Inc.			1,491		221,399
Iron Mountain, Inc.			2,065		177,673
Public Storage			1,108		331,613
SBA Communications Corp.			756		166,327
VICI Properties, Inc.			7,412		241,779
Weyerhaeuser Co.			5,102		149,387
					3,198,258
					9,727,186
Total Common Stocks (cost $358,202,298)					450,156,704
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 2.8%
Japan – 2.8%
Japan Government Ten Year Bond Series 374 0.80%, 03/20/2034		JPY	1,260,000		7,980,868
Japan Government Twenty Year Bond Series 188 1.60%, 03/20/2044			1,367,000		8,308,997
Japan Government Thirty Year Bond Series 82 1.80%, 03/20/2054			504,000		2,890,969
Total Governments - Treasuries (cost $19,494,057)					19,180,834
	Notional Amount
PURCHASED OPTIONS - PUTS – 0.2%
Options on Equity Indices – 0.2%
Euro STOXX 50 Price EUR Index Expiration: Apr 2025; Contracts: 293; Exercise Price: EUR 5,275.00; Counterparty: Morgan Stanley & Co., Inc.(a)		EUR	15,455,750		328,543
FTSE 100 Index Expiration: Apr 2025; Contracts: 69; Exercise Price: GBP 8,450.00; Counterparty: Morgan Stanley & Co., Inc.(a)		GBP	5,830,500		40,555

26

	Notional Amount			U.S. $ Value
Nikkei 225 Index Expiration: Apr 2025; Contracts: 44; Exercise Price: JPY 36,000.00; Counterparty: Morgan Stanley & Co., Inc.(a)		JPY	1,584,000,000	$	276,485
S&P 500 Index Expiration: Apr 2025; Contracts: 186; Exercise Price: USD 5,490.00; Counterparty: Morgan Stanley & Co., Inc.(a)		USD	102,114,000		1,031,370
Total Purchased Options - Puts (premiums paid $1,588,297)					1,676,953
	Shares
SHORT-TERM INVESTMENTS – 28.5%
Investment Companies – 28.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(e) (f) (g) (cost $192,479,994)			192,479,994		192,479,994
Total Investments Before Security Lending Collateral for Securities Loaned – 98.1% (cost $571,764,646)					663,494,485
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(e) (f) (g) (cost $534,482)			534,482		534,482
Total Investments – 98.2% (cost $572,299,128)(h)					664,028,967
Other assets less liabilities – 1.8%					12,019,354
Net Assets – 100.0%				$	676,048,321

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Canadian 10 Yr Bond Futures		85		June 2025		$	7,333,136		$	108,539
Euro STOXX 50 Index Futures		3		June 2025			168,326			(4,871	)
Euro-BTP Futures		119		June 2025			15,121,846			(303,622	)
Euro-Bund Futures		110		June 2025			15,323,422			(314,158	)
Euro-OAT Futures		134		June 2025			17,777,064			(353,723	)
FTSE 100 Index Futures		13		June 2025			1,442,832			(6,366	)
Long Gilt Futures		192		June 2025			22,740,575			(128,678	)
MSCI EAFE Futures		3		June 2025			362,445			(7,772	)
OMXS 30 Index Futures		13		April 2025			320,157			(25,186	)
S&P Mid 400 E-Mini Futures		13		June 2025			3,820,180			53,930
S&P/TSX 60 Index Futures		40		June 2025			8,325,493			164,346
SPI 200 Futures		6		June 2025			738,292			(2,260	)

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Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
TOPIX Index Futures		27		June 2025		$	4,791,919		$	(22,203	)
U.S. Long Bond (CBT) Futures		262		June 2025			30,727,688			322,941
U.S. T-Note 2 Yr (CBT) Futures		97		June 2025			20,095,672			140,068
U.S. T-Note 5 Yr (CBT) Futures		710		June 2025			76,790,938			1,147,090
U.S. Ultra Bond (CBT) Futures		118		June 2025			14,425,500			110,409
Sold Contracts
MSCI Singapore ETS Index Futures		11		April 2025			319,099			2,644
Nikkei 225 (CME) Futures		29		June 2025			5,238,850			118,436
S&P 500 E-Mini Futures		130		June 2025			36,746,125			340,098
U.S. 10 Yr Ultra Futures		69		June 2025			7,874,625			(159,678	)
U.S. T-Note 10 Yr (CBT) Futures		62		June 2025			6,895,563			(113,449	)
									$	1,066,535

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)				Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		AUD	7,281		USD	4,510			04/09/2025		$	(39,804	)
Bank of America NA		CHF	7,416		USD	8,378			05/09/2025			(42,062	)
Bank of America NA		SGD	1,930		USD	1,428			05/09/2025			(11,435	)
Bank of America NA		GBP	14,227		USD	18,386			05/16/2025			9,179
Bank of America NA		USD	10		TWD	331			05/23/2025			(188	)
Barclays Capital, Inc.		SEK	40,747		USD	3,680			04/16/2025			(377,255	)
Citibank NA		JPY	5,857,252		USD	38,902			04/24/2025			(244,886	)
Deutsche Bank AG		USD	2		KRW	2,942			04/17/2025			(15	)
Deutsche Bank AG		USD	14,406		EUR	13,534			05/09/2025			257,539
Morgan Stanley Capital Services, Inc.		USD	2,415		CAD	3,512			04/11/2025			26,253
Morgan Stanley Capital Services, Inc.		EUR	36,895		USD	38,939			05/09/2025			(1,036,463	)
NatWest Markets PLC		EUR	1,720		USD	1,865			05/09/2025			1,937
State Street Bank & Trust Co.		NZD	310		USD	173			04/09/2025			(3,495	)
State Street Bank & Trust Co.		NOK	7,823		USD	682			04/16/2025			(61,129	)
State Street Bank & Trust Co.		USD	1,739		SEK	18,130			04/16/2025			65,729
State Street Bank & Trust Co.		CNH	2		USD	0	**		06/05/2025			1
UBS		USD	1,643		CHF	1,450			05/09/2025			3,003
											$	(1,453,091	)

PUT WRITTEN OPTIONS

Description	Counterparty	Contracts	Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Price EUR Index (i)	Morgan Stanley & Co., Inc.	293		EUR	5,025.00		April 2025		EUR	14,723	$	61,977	$	(88,551	)
FTSE 100 Index (i)	Morgan Stanley & Co., Inc.	69		GBP	8,100.00		April 2025		GBP	5,589		14,580		(8,468	)
Nikkei 225 Index (j)	Morgan Stanley & Co., Inc.	44		JPY	34,500.00		April 2025		JPY	1,518,000		52,926		(105,607	)
S&P 500 Index (k)	Morgan Stanley & Co., Inc.	186		USD	5,220.00		April 2025		USD	97,092		387,822		(282,720	)
											$	517,305	$	(485,346	)

** Contract amount less than 500.

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(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2025, the aggregate market value of these securities amounted to $133,305 or 0.0% of net assets.

(d) Fair valued by the Adviser.

(e) Affiliated investments.

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

(g) 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.

(h) As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $126,037,983 and gross unrealized depreciation of investments was $(35,180,046), resulting in net unrealized appreciation of $90,857,937.

(i) One contract relates to 10 shares.

(j) One contract relates to 1000 shares.

(k) One contract relates to 100 shares.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

KRW – South Korean Won

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

BTP – Buoni del Tesoro Poliennali

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

EAFE – Europe, Australia, and Far East

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

OAT – Obligations Assimilables du Trésor

OMXS – Stockholm Stock Exchange

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

29

COUNTRY BREAKDOWN¹

March 31, 2025 (unaudited)

51.2	%	United States
6.7	%	Japan
2.3	%	United Kingdom
1.9	%	France
1.8	%	Germany
1.4	%	Switzerland
1.2	%	Australia
0.7	%	Netherlands
0.6	%	Sweden
0.5	%	Spain
0.5	%	Italy
0.4	%	Denmark
0.3	%	Hong Kong
1.5	%	Other
29.0	%	Short-Term Investments
100.0	%	Total Investments

1 The Portfolio’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 0.3% or less in the following: Austria, Belgium, Brazil, Chile, China, Eurozone, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Poland, Portugal, Singapore, South Africa and South Korea.

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AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

March 31, 2025 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’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.

31

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 Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2025:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	99,430,568		$	8,997,112		$	—	$	108,427,680
Financials		49,201,419			27,176,230			—		76,377,649
Health Care		37,545,917			13,913,540			—		51,459,457
Industrials		28,612,793			20,259,503			—		48,872,296
Consumer Discretionary		34,522,311			11,963,752			—		46,486,063
Communication Services		31,833,477			4,746,478			—		36,579,955
Consumer Staples		20,439,502			9,385,778			—		29,825,280
Energy		12,240,364			4,281,141			—		16,521,505
Materials		7,118,222			6,379,712			—		13,497,934
Utilities		9,357,270			3,024,429			—		12,381,699
Real Estate		7,707,359			2,019,827			—		9,727,186
Governments - Treasuries		—			19,180,834			—		19,180,834
Purchased Options - Puts		—			1,676,953			—		1,676,953
Short-Term Investments		192,479,994			—			—		192,479,994
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		534,482			—			—		534,482
Total Investments in Securities		531,023,678			133,005,289			—		664,028,967
Other Financial Instruments(a):
Assets:
Futures		2,508,501			—			—		2,508,501
Forward Currency Exchange Contracts		—			363,641			—		363,641
Liabilities:
Futures		(1,441,966	)		—			—		(1,441,966	)
Forward Currency Exchange Contracts		—			(1,816,732	)		—		(1,816,732	)
Put Written Options		—			(485,346	)		—		(485,346	)
Total	$	532,090,213		$	131,066,852		$	—	$	663,157,065

^(a)  Other financial instruments include 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.

32

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2025 is as follows:

Portfolio	Market Value 12/31/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2025 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	223,885	$	14,773	$	46,178	$	192,480	$	2,150
AB Government Money Market Portfolio*		2,321		5,496		7,283		534		20
Total	$	226,206	$	20,269	$	53,461	$	193,014	$	2,170

* Investments of cash collateral for securities lending transactions.

33