AB Emerging Markets Multi-Asset Portfolio

Portfolio of Investments

June 30, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 66.5%

        

Financials – 19.4%

        

Banks – 11.6%

        

Absa Group Ltd.

      8,700        $ 86,595  

Abu Dhabi Islamic Bank PJSC

      107,599          629,968  

Agricultural Bank of China Ltd. - Class H

      117,000          83,610  

Alior Bank SA

      1,016          26,712  

Banco de Chile

      571,283          86,401  

Banco del Bajio SA(a)

     35,700          86,185  

Banco Santander Chile

      1,411,174          88,628  

Bank of Baroda

      288,387          836,802  

Bank of Changsha Co., Ltd. - Class A

      60,700          84,317  

Bank of Jiangsu Co., Ltd. - Class A

      50,900          84,918  

Bank of Ningbo Co., Ltd. - Class A

      3,700          14,147  

Bank Polska Kasa Opieki SA

      27,665          1,424,871  

Canara Bank

      65,198          86,687  

China Construction Bank Corp. - Class H

      354,000          358,229  

China Everbright Bank Co., Ltd. - Class A

      211,500          122,664  

Credicorp Ltd.

      39          8,717  

Emirates NBD Bank PJSC

      178,679          1,109,264  

Grupo Financiero Banorte SAB de CV

      237,610          2,180,397  

Hana Financial Group, Inc.

      3,350          213,388  

HDFC Bank Ltd.

      3,719          86,674  

Huaxia Bank Co., Ltd. - Class A

      73,100          80,794  

ICICI Bank Ltd.

      146,069          2,468,529  

Indian Bank

      11,970          89,841  

Industrial Bank Co., Ltd. - Class A

      12,900          42,075  

Industrial Bank of Korea

      6,384          86,222  

ING Bank Slaski SA(b)

     1,016          87,986  

Itau Unibanco Holding SA (Preference Shares)

      358,910          2,440,913  

Moneta Money Bank AS(a)

     12,455          85,904  

Ping An Bank Co., Ltd. - Class A

      50,800          85,682  

Piraeus Financial Holdings SA(b)

     98,960          685,573  

Punjab National Bank

      10,508          13,531  

Regional SAB de CV

      4,500          37,171  

Sberbank of Russia PJSC(c)(d)(e)

      138,696          0  

SCB X PCL

      23,300          84,216  

SinoPac Financial Holdings Co., Ltd.

      229          190  

Standard Bank Group Ltd.

      5,039          64,699  

State Bank of India

      210,155          2,008,938  

Turkiye Garanti Bankasi AS

      29,126          98,843  

Union Bank of India Ltd.

      50,933          91,182  
       

 

 

  
            16,251,463  
       

 

 

  

Capital Markets – 1.4%

        

HDFC Asset Management Co., Ltd.(a)

     26,164          1,585,309  

Korea Investment Holdings Co., Ltd.

      777          80,181  

NH Investment & Securities Co., Ltd.

      5,598          82,783  

Samsung Securities Co., Ltd.

      3,043          165,504  
       

 

 

  
          1,913,777  
       

 

 

  

Consumer Finance – 1.5%

        

Muthoot Finance Ltd.

      5,916          181,374  

Qifu Technology, Inc. (ADR)

      41,833          1,813,879  

Shriram Finance Ltd.

      10,768          88,844  
       

 

 

  
          2,084,097  
       

 

 

  

Financial Services – 0.1%

        

Power Finance Corp., Ltd.

      17,311          86,367  

REC Ltd.

      3,993          18,761  
       

 

 

  
          105,128  
       

 

 

  

Insurance – 4.8%

        

BB Seguridade Participacoes SA

      256,500          1,690,140  

China Life Insurance Co., Ltd. - Class H

      34,000          82,041  

China Pacific Insurance Group Co., Ltd. - Class A

      6,200          32,510  

DB Insurance Co., Ltd.

      1,976          180,315  

Hyundai Marine & Fire Insurance Co., Ltd.(b)

     18,276          358,032  

 

1

Company    Shares        U.S. $ Value  

New China Life Insurance Co., Ltd. - Class A

      20,800        $ 170,183  

Old Mutual Ltd.

      50,912          34,711  

OUTsurance Group Ltd.

      173,029          765,564  

People’s Insurance Co. Group of China Ltd. (The) - Class H

      235,000          179,376  

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

      1,030,000          2,001,470  

Samsung Fire & Marine Insurance Co., Ltd.

      3,936          1,262,029  
       

 

 

  
          6,756,371  
       

 

 

  
          27,110,836  
       

 

 

  

Information Technology – 18.2%

        

Communications Equipment – 2.6%

        

Accton Technology Corp.

      12,000          299,925  

Xiaomi Corp. - Class H(b)

     426,800             3,285,394  
       

 

 

  
          3,585,319  
       

 

 

  

Electronic Equipment, Instruments & Components – 0.2%

        

Elite Material Co., Ltd.

      3,000          90,716  

Largan Precision Co., Ltd.

      1,000          81,670  

Synnex Technology International Corp.

      38,000          83,747  
       

 

 

  
          256,133  
       

 

 

  

IT Services – 1.8%

        

Arabian Internet & Communications Services Co.

      1,011          71,794  

HCL Technologies Ltd.

      81,394          1,641,064  

Infosys Ltd.

      47,194          881,711  
       

 

 

  
          2,594,569  
       

 

 

  

Semiconductors & Semiconductor Equipment – 9.1%

        

MediaTek, Inc.

      56,200          2,408,095  

Novatek Microelectronics Corp.

      5,000          93,254  

Realtek Semiconductor Corp.

      40,000          776,840  

SK Hynix, Inc.

      6,509          1,402,570  

Taiwan Semiconductor Manufacturing Co., Ltd.

      218,200          7,979,433  

United Microelectronics Corp.

      55,000          82,956  

WAAREE Energies Ltd.(b)

     946          34,649  
       

 

 

  
          12,777,797  
       

 

 

  

Software – 0.1%

        

Oracle Financial Services Software Ltd.

      796          83,369  
       

 

 

  

Technology Hardware, Storage & Peripherals – 4.4%

        

Advantech Co., Ltd.

      29,000          336,433  

Asustek Computer, Inc.

      89,000          1,967,556  

Catcher Technology Co., Ltd.

      12,000          87,135  

Samsung Electronics Co., Ltd.

      85,051          3,761,093  

Samsung Electronics Co., Ltd. (Preference Shares)

      1,781          65,336  
       

 

 

  
          6,217,553  
       

 

 

  
          25,514,740  
       

 

 

  

Consumer Discretionary – 10.4%

        

Automobiles – 2.3%

        

BYD Co., Ltd. - Class A

      35,276          1,636,823  

Geely Automobile Holdings Ltd. - Class H

      39,000          79,607  

Kia Corp.

      19,624          1,404,184  

TVS Motor Co., Ltd.

      1,359          46,244  
       

 

 

  
          3,166,858  
       

 

 

  

Broadline Retail – 4.0%

        

Alibaba Group Holding Ltd. - Class H

      220,000          3,114,309  

JD.com, Inc. - Class H

      40,104          654,991  

MercadoLibre, Inc.(b)

     664          1,735,450  

PDD Holdings, Inc. (ADR)(b)

     1,369          143,280  
       

 

 

  
          5,648,030  
       

 

 

  

Hotels, Restaurants & Leisure – 1.4%

        

Haidilao International Holding Ltd. - Class H(a)

     33,000          62,917  

Meituan - Class H(a)(b)

      40,400          649,876  

OPAP SA

      57,509          1,304,047  
       

 

 

  
          2,016,840  
       

 

 

  

Household Durables – 1.6%

        

Coway Co., Ltd.

      1,185          84,678  

Gree Electric Appliances, Inc. of Zhuhai - Class A

      271,800          1,706,370  

 

2

Company    Shares        U.S. $ Value  

Hisense Home Appliances Group Co., Ltd. - Class H

      17,000        $ 46,440  

Hisense Visual Technology Co., Ltd. - Class A

      109,200          351,359  

Nien Made Enterprise Co., Ltd.

      6,000          83,647  
       

 

 

  
          2,272,494  
       

 

 

  

Specialty Retail – 0.2%

        

Chow Tai Fook Jewellery Group Ltd. - Class H

      36,200          62,071  

Jarir Marketing Co.

      24,844          83,052  

Zhongsheng Group Holdings Ltd. - Class H

      37,500          58,001  
       

 

 

  
          203,124  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.9%

        

Bosideng International Holdings Ltd. - Class H

      1,698,000          1,006,351  

Page Industries Ltd.

      326          187,243  
       

 

 

  
          1,193,594  
       

 

 

  
          14,500,940  
       

 

 

  

Communication Services – 9.5%

        

Diversified Telecommunication Services – 0.4%

        

Emirates Integrated Telecommunications Co. PJSC

      24,111          65,126  

KT Corp. (Sponsored ADR)

      18,260          379,443  

LG Uplus Corp.

      8,620          91,260  
       

 

 

  
          535,829  
       

 

 

  

Entertainment – 1.8%

        

37 Interactive Entertainment Network Technology Group Co., Ltd. - Class A

      36,200          87,483  

International Games System Co., Ltd.

      6,000          176,135  

Krafton, Inc.(b)

     318          85,380  

Kuaishou Technology - Class H(a)(b)

      11,100          90,105  

NetEase, Inc. - Class H

      78,300             2,110,135  
       

 

 

  
          2,549,238  
       

 

 

  

Interactive Media & Services – 5.6%

        

NAVER Corp.

      8,925          1,733,101  

Tencent Holdings Ltd. - Class H

      95,500          6,153,601  
       

 

 

  
          7,886,702  
       

 

 

  

Media – 0.1%

        

Cheil Worldwide, Inc.

      5,639          83,629  
       

 

 

  

Wireless Telecommunication Services – 1.6%

        

Etihad Etisalat Co.

      19,359          306,090  

SK Telecom Co., Ltd.

      45,605          1,918,764  
       

 

 

  
          2,224,854  
       

 

 

  
          13,280,252  
       

 

 

  

Real Estate – 2.4%

        

Real Estate Management & Development – 2.4%

        

Aldar Properties PJSC

      58,058          141,081  

Emaar Development PJSC

      317,763          1,169,874  

Emaar Properties PJSC

      534,996          1,984,643  

Zhejiang China Commodities City Group Co., Ltd. - Class A

      7,000          20,242  
       

 

 

  
          3,315,840  
       

 

 

  

Industrials – 2.3%

        

Aerospace & Defense – 0.2%

        

Bharat Electronics Ltd.

      17,395          85,791  

Hanwha Aerospace Co., Ltd.

      73          45,810  

Hindustan Aeronautics Ltd.(a)

     1,489          84,705  

Mazagon Dock Shipbuilders Ltd.

      2,219          84,020  
       

 

 

  
          300,326  
       

 

 

  

Air Freight & Logistics – 0.0%

        

Hyundai Glovis Co., Ltd.

      180          17,921  
       

 

 

  

Electrical Equipment – 0.0%

        

Polycab India Ltd.

      379          28,932  
       

 

 

  

Ground Transportation – 0.1%

        

Vamos Locacao de Caminhoes Maquinas e

        

Equipamentos SA

      99,000          76,166  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Industrial Conglomerates – 0.1%

        

Astra International Tbk PT

      290,600        $ 80,588  

Sime Darby Bhd

      160,100          62,746  
       

 

 

  
          143,334  
       

 

 

  

Machinery – 1.3%

        

Ashok Leyland Ltd.

      29,621          86,220  

Cummins India Ltd.

      2,198          87,164  

HD Korea Shipbuilding & Offshore Engineering Co., Ltd.

      28          7,561  

Yutong Bus Co., Ltd. - Class A

      453,099          1,574,113  
       

 

 

  
          1,755,058  
       

 

 

  

Marine Transportation – 0.3%

        

COSCO SHIPPING Holdings Co., Ltd. - Class A

      37,500          78,848  

COSCO SHIPPING Holdings Co., Ltd. - Class H

      47,500          82,693  

Evergreen Marine Corp. Taiwan Ltd.

      12,000          81,716  

Orient Overseas International Ltd. - Class H

      5,000          85,095  

Yang Ming Marine Transport Corp.

      34,000          82,652  
       

 

 

  
          411,004  
       

 

 

  

Passenger Airlines – 0.1%

        

China Airlines Ltd.

      118,000          87,191  

Eva Airways Corp.

      64,000          87,356  

InterGlobe Aviation Ltd.(a)

     448          31,170  
       

 

 

  
          205,717  
       

 

 

  

Professional Services – 0.0%

        

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

      18,930          0  
       

 

 

  

Trading Companies & Distributors – 0.0%

        

BOC Aviation Ltd. - Class H(a)

     3,900          32,337  
       

 

 

  

Transportation Infrastructure – 0.2%

        

Grupo Aeroportuario del Centro Norte SAB de CV

      6,600          86,806  

International Container Terminal Services, Inc.

      14,960          109,064  

Salik Co. PJSC

      19,812          32,632  

Zhejiang Expressway Co., Ltd. - Class H

      92,000          84,730  
       

 

 

  
          313,232  
       

 

 

  
             3,284,027  
       

 

 

  

Materials – 1.5%

        

Chemicals – 1.0%

        

Coromandel International Ltd.

      3,047          88,731  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

      10,835          70,048  

PhosAgro PJSC (GDR REG S)(b)(c)(d)(f)

      4,393          0  

PhosAgro PJSC (GDR)(b)(c)(d)(f)

      28          0  

SABIC Agri-Nutrients Co.

      2,819          80,604  

Saudi Aramco Base Oil Co.

      3,151          85,878  

Solar Industries India Ltd.

      425          87,224  

Yanbu National Petrochemical Co.

      2,399          19,328  

Yunnan Yuntianhua Co., Ltd. - Class A

      298,900          917,645  
       

 

 

  
          1,349,458  
       

 

 

  

Construction Materials – 0.1%

        

Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - Class A

      51,900          77,838  
       

 

 

  

Metals & Mining – 0.4%

        

China Hongqiao Group Ltd. - Class H

      84,000          193,419  

Harmony Gold Mining Co., Ltd.

      3,441          47,878  

Hindustan Zinc Ltd.

      16,015          84,307  

Kumba Iron Ore Ltd.

      5,368          86,428  

Lloyds Metals & Energy Ltd.

      1,084          20,043  

MMC Norilsk Nickel PJSC (ADR)(b)(c)(d)(e)

      3,568          0  

NMDC Ltd.

      104,792          85,584  

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

      284          0  

Vedanta Ltd.

      16,330          87,939  
       

 

 

  
          605,598  
       

 

 

  
          2,032,894  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

Utilities – 1.2%

        

Electric Utilities – 1.2%

        

CEZ AS

      1,518        $ 89,169  

Cia Energetica de Minas Gerais (Preference Shares)

      687,100             1,365,828  

CPFL Energia SA

      11,600          87,239  

Korea Electric Power Corp.

      3,381          97,702  

Manila Electric Co.

      8,960          85,655  
       

 

 

  
          1,725,593  
       

 

 

  

Consumer Staples – 1.2%

        

Consumer Staples Distribution & Retail – 0.1%

        

Nahdi Medical Co.

      2,562          87,233  
       

 

 

  

Food & Staples Retailing – 0.0%

        

Magnit PJSC(c)(d)(e)

      1,178          0  
       

 

 

  

Food Products – 0.6%

        

AVI Ltd.

      76,500          406,747  

Britannia Industries Ltd.

      2,804          191,309  

China Feihe Ltd. - Class H(a)

     116,384          84,895  

Marico Ltd.

      14,908          125,526  
       

 

 

  
          808,477  
       

 

 

  

Personal Care Products – 0.5%

        

Colgate-Palmolive India Ltd.

      26,521          745,756  
       

 

 

  

Tobacco – 0.0%

        

Eastern Co. SAE

      32,231          19,494  

KT&G Corp.

      502          47,382  
       

 

 

  
          66,876  
       

 

 

  
          1,708,342  
       

 

 

  

Energy – 0.2%

        

Oil, Gas & Consumable Fuels – 0.2%

        

Alamtri Resources Indonesia Tbk PT

      82,700          9,336  

Bharat Petroleum Corp., Ltd.

      22,803          88,181  

Coal India Ltd.

      18,540          84,770  

Gazprom PJSC(b)(c)(d)(e)

      153,780          0  

Hindustan Petroleum Corp., Ltd.

      17,919          91,393  

LUKOIL PJSC(b)(c)(d)(e)

      18,789          0  

PTT Exploration & Production PCL

      8,600          28,968  

United Tractors Tbk PT

      5,600          7,398  

Yankuang Energy Group Co., Ltd. - Class H

      8,000          7,963  
       

 

 

  
          318,009  
       

 

 

  

Health Care – 0.2%

        

Biotechnology – 0.1%

        

Imeik Technology Development Co., Ltd. - Class A

      3,493          85,335  
       

 

 

  

Life Sciences Tools & Services – 0.0%

        

WuXi AppTec Co., Ltd. - Class H(a)

     7,000          70,423  
       

 

 

  

Pharmaceuticals – 0.1%

        

CSPC Pharmaceutical Group Ltd. - Class H

      80,000          78,693  
       

 

 

  
          234,451  
       

 

 

  

Total Common Stocks
(cost $71,313,761)

           93,025,924  
       

 

 

  

 

     Principal
Amount
(000)		           

FIXED INCOME – 24.0%

           

Sovereign Bonds – 13.2%

           

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

   U.S.$          390          264,420  

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

        740                669,700  

 

 

5

      Principal
Amount
(000)		        U.S. $ Value  

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

   U.S.$          198        $       156,935  

1.00%, 07/09/2029

         195          162,365  

5.00%, 01/09/2038(g)

        993          705,458  

Brazilian Government International Bond
7.125%, 05/13/2054

         200          191,100  

Chile Electricity Lux Mpc II SARL
5.58%, 10/20/2035(a)

        196          195,794  

Colombia Government International Bond
4.125%, 02/22/2042

         203          128,702  

5.00%, 06/15/2045

         223          150,302  

8.00%, 11/14/2035

         625          628,906  

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

        200          207,250  

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

        405          373,612  

5.95%, 01/25/2027(a)

        355          358,195  

6.00%, 02/22/2033(a)

        219          216,700  

6.95%, 03/15/2037(a)

        410          418,251  

8.625%, 04/20/2027(a)

        133          137,867  

Ecuador Government International Bond
5.50%, 07/31/2035(a)(g)

         790          573,968  

6.90%, 07/31/2030(a)(g)

         229          198,741  

Egypt Government International Bond
7.05%, 01/15/2032(a)

        200          182,042  

7.30%, 09/30/2033(a)

        353          312,934  

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

         400          402,876  

8.625%, 02/04/2030(a)

        260          262,730  

El Salvador Government International Bond
8.625%, 02/28/2029(a)

        456          475,551  

9.65%, 11/21/2054(a)

        200          207,000  

Ghana Government International Bond
Zero Coupon, 07/03/2026(a)

        17          16,024  

Zero Coupon, 01/03/2030(a)

        37          30,915  

5.00%, 07/03/2029(a)(g)

         167          155,918  

5.00%, 07/03/2035(a)(g)

         262          202,686  

Guatemala Government Bond
6.05%, 08/06/2031(a)

        200          203,200  

Hazine Mustesarligi Varlik Kiralama AS
6.75%, 09/01/2030(a)

        200          199,935  

Hungary Government International Bond
5.50%, 03/26/2036(a)

        577          554,941  

6.75%, 09/25/2052(a)

        400          407,092  

6.75%, 09/23/2055(a)

        200          201,600  

Israel Government International Bond
Series 5Y
5.375%, 02/19/2030

         250          255,322  

Ivory Coast Government International Bond
5.75%, 12/31/2032(a)(g)

         55          52,675  

6.125%, 06/15/2033(a)

        200          181,876  

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

         208          245,060  

Jordan Government International Bond
7.75%, 01/15/2028(a)

        330          340,098  

Lebanon Government International Bond
Series 10Y
6.00%, 01/27/2023(a)(b)(h)

         36          6,804  

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

         481          90,909  

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

         216          40,824  

Morocco Government International Bond
4.00%, 12/15/2050(a)

        463          314,261  

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

        787          749,130  

8.375%, 03/24/2029(a)

        207          208,294  

Oman Government International Bond
7.375%, 10/28/2032(a)

        200          226,120  

Oriental Republic of Uruguay
5.25%, 09/10/2060

         160          144,914  

 

6

      Principal
Amount
(000)		        U.S. $ Value  

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

    U.S.$          370        $ 210,900  

6.85%, 03/28/2054

         200          183,175  

Paraguay Government International Bond
5.40%, 03/30/2050(a)

        249          213,019  

Peruvian Government International Bond
2.78%, 12/01/2060

         45          24,165  

5.625%, 11/18/2050

         65          61,872  

Philippine Government International Bond
4.20%, 03/29/2047

         273          223,177  

Republic of South Africa Government International Bond
Series 10Y
5.875%, 04/20/2032

         370          361,052  

Series 30Y
6.30%, 06/22/2048

         220          178,200  

7.95%, 11/19/2054(a)

        200          190,600  

Republic of Uzbekistan International Bond
6.95%, 05/25/2032(a)

        448          460,880  

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

        94          80,323  

3.625%, 03/27/2032(a)

        238          204,011  

4.00%, 02/14/2051(a)

        210          131,612  

5.875%, 01/30/2029(a)

        60          60,295  

7.50%, 02/10/2037(a)

        280          290,606  

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

        262          161,623  

Senegal Government International Bond
Series 7Y
7.75%, 06/10/2031(a)

        282          207,183  

6.75%, 03/13/2048(a)

        200          119,750  

Sri Lanka Government International Bond
3.35%, 03/15/2033(a)(g)

         377          304,785  

3.60%, 05/15/2036(a)(g)

         55          44,717  

3.60%, 02/15/2038(a)(g)

         110          89,706  

4.00%, 04/15/2028(a)

        60          55,777  

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

        200          196,400  

Turkiye Government International Bond
Series 10Y
5.875%, 06/26/2031

         755          718,382  

7.25%, 05/29/2032

         200          200,800  

Ukraine Government International Bond
Zero Coupon, 02/01/2030(a)(g)

         33          15,566  

Zero Coupon, 02/01/2035(a)(g)

         326          152,577  

Zero Coupon, 02/01/2036(a)(g)

         147          68,559  

1.75%, 02/01/2029(a)(g)

         152          93,941  

1.75%, 02/01/2034(a)(g)

         209          107,401  

1.75%, 02/01/2035(a)(g)

         143          72,510  

1.75%, 02/01/2036(a)(g)

         282          140,138  

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

         62          55,279  

5.10%, 06/18/2050

         124          114,305  

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

         265          49,858  

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

         254          46,373  

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

        132          89,665  

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

         118          108,116  
          

 

 

  
               18,497,295  
          

 

 

  

Corporate Bonds – 5.3%

           

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

        210          187,425  

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

        200          204,691  

AES Panama Generation Holdings SRL
4.375%, 05/31/2030(a)

        188          171,233  

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

        200          202,750  

 

7

     

Principal
Amount

(000)

        U.S. $ Value  

Ambipar Lux SARL
10.875%, 02/05/2033(a)

   U.S.$          200        $ 189,883  

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

        200          204,895  

Braskem Netherlands Finance BV
4.50%, 01/10/2028(a)

        200          171,740  

4.50%, 01/31/2030(a)

        200          154,000  

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

         200          69,786  

China Cinda 2020 I Management Ltd.
Series E
3.25%, 01/28/2027(a)

        200          195,688  

CIBANCO SA Institucion de Banca Multiple Trust CIB/3332
4.375%, 07/22/2031(a)

        200          155,900  

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

   PEN        500          146,436  

Ecopetrol SA
8.625%, 01/19/2029

    U.S.$          716          756,368  

Empresas Publicas de Medellin ESP
4.375%, 02/15/2031(a)

        200          175,454  

8.375%, 11/08/2027(a)

   COP        418,000          93,111  

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

   U.S.$          200          206,200  

Eregli Demir ve Celik Fabrikalari TAS
8.375%, 07/23/2029(a)

        200          205,000  

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

        176          172,568  

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

        200          192,610  

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

        245          228,095  

Leviathan Bond Ltd.
6.75%, 06/30/2030(a)

        42          41,820  

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

        274          258,046  

Limak Yenilenebilir Enerji AS
9.625%, 08/12/2030(a)

        200          197,562  

Ma’aden Sukuk Ltd.
5.25%, 02/13/2030(a)

        200          203,334  

Medco Cypress Tree Pte. Ltd.
8.625%, 05/19/2030(a)

        250          256,062  

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

        200          195,676  

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

        200          207,750  

Navoi Mining & Metallurgical Combinat
6.70%, 10/17/2028(a)

        200          204,511  

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

        200          199,294  

Port Of Spain Waterfront Development
7.875%, 02/19/2040(a)

        200          198,137  

Raizen Fuels Finance SA
6.25%, 07/08/2032(a)

        200          198,003  

Sasol Financing USA LLC
8.75%, 05/03/2029(a)

        200          197,817  

Sociedad Quimica y Minera de Chile SA
5.50%, 09/10/2034(a)

        200          195,250  

Sorik Marapi Geothermal Power PT
7.75%, 08/05/2031(a)

        197          197,954  

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

        200          194,344  

Vedanta Resources Finance II PLC
10.875%, 09/17/2029(a)

        200          207,256  

Volcan Cia Minera SAA
8.75%, 01/24/2030(a)

        132          130,762  
          

 

 

  
                7,367,411  
          

 

 

  

 

8

     

Principal
Amount

(000)

        U.S. $ Value  

Quasi-Sovereign Bonds – 4.5%

           

Abu Dhabi Crude Oil Pipeline LLC
4.60%, 11/02/2047(a)

   U.S.$          200        $ 178,750  

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

        200          166,800  

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

        200          201,048  

6.25%, 07/09/2054(a)

        230          226,578  

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

        259          264,483  

Caixa Economica Federal
5.625%, 05/13/2030(a)

        200          200,000  

Comision Federal de Electricidad
Series E
5.00%, 09/29/2036(f)

        199          177,260  

Corp. Nacional del Cobre de Chile
3.70%, 01/30/2050(a)

        200          134,480  

5.95%, 01/08/2034(a)

        518          527,712  

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

        200          173,750  

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

         706          88,616  

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

         128          16,788  

Petroleos Mexicanos
5.50%, 06/27/2044

         81          54,189  

5.625%, 01/23/2046

         88          58,080  

6.35%, 02/12/2048

         910          633,269  

6.375%, 01/23/2045

         300          210,714  

6.50%, 01/23/2029

         1,091          1,067,969  

7.69%, 01/23/2050

         135          105,975  

8.75%, 06/02/2029

         175          180,877  

Petronas Capital Ltd.
3.40%, 04/28/2061(a)

        322          209,992  

5.34%, 04/03/2035(a)

        310          317,288  

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

        200          205,342  

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

        404          418,015  

Turkiye Ihracat Kredi Bankasi AS
6.875%, 07/03/2028(a)

        200          200,394  

9.00%, 01/28/2027(a)

        200          208,876  
          

 

 

  
                6,227,245  
          

 

 

  

Treasury Bonds – 0.5%

           

Peru Government Bond
7.30%, 08/12/2033(a)(g)

    PEN        1,864          572,804  

U.S. Treasury Bonds
4.50%, 11/15/2054

    U.S.$          120          114,558  
          

 

 

  
             687,362  
          

 

 

  

Inflation-Linked Securities – 0.2%

           

Brazil Notas do Tesouro Nacional
Series B
6.00%, 08/15/2050

    BRL        425          320,666  
          

 

 

  

Emerging Markets - Treasuries – 0.2%

           

Colombian TES
Series B
6.25%, 07/09/2036

    COP        341,600          53,900  

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

    ZAR        4,633          209,925  
          

 

 

  
             263,825  
          

 

 

  

Sovereign Agencies – 0.1%

           

Baiterek National Managing Holding JSC
5.45%, 05/08/2028(a)

   U.S.$          200          202,148  
          

 

 

  

Total Fixed Income
(cost $33,505,891)

              33,565,952  
          

 

 

  

 

9

     

Principal
Amount

(000)

        U.S. $ Value  

SHORT-TERM INVESTMENTS – 8.9%

           

Treasury Bills – 6.8%

           

United States – 6.8%

           

U.S. Treasury Bill
Zero Coupon, 07/01/2025

    U.S.$          170        $ 169,980  

Zero Coupon, 07/17/2025

         170          169,686  

Zero Coupon, 07/24/2025

         9,100          9,075,697  
          

 

 

  

Total Treasury Bills
(cost $9,415,249)

              9,415,363  
          

 

 

  
     Shares           

Investment Companies – 1.6%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.17%(j)(k)(l)
(cost $2,231,640)

         2,231,640          2,231,640  
          

 

 

  
     Principal
Amount
(000)		           

Time Deposits – 0.5%

           

ANZ, London
2.61%, 07/01/2025

    AUD        12          7,897  

Citibank, London
0.86%, 07/01/2025

    EUR        10          12,025  

3.17%, 07/01/2025

    GBP        6          7,683  

Citibank, New York
3.68%, 07/01/2025

    U.S.$          399          399,331  

HSBC, Hong Kong
0.02%, 07/02/2025

    HKD        63          8,000  

HSBC, Singapore
0.46%, 07/01/2025

    SGD        1          753  

Nordea, Oslo
2.94%, 07/01/2025

    NOK        2          185  

Royal Bank of Canada, Toronto
1.55%, 07/02/2025

    CAD        14          10,264  

SEB, Stockholm
(0.31)%, 07/01/2025

    CHF        1          1,584  

0.80%, 07/01/2025

    SEK        10          1,031  

SMBC, Tokyo
0.12%, 07/01/2025

    JPY        4,955          34,411  

Standard Chartered Bank, Johannesburg
5.16%, 07/01/2025

    ZAR        4,055          229,070  
          

 

 

  

Total Time Deposits
(cost $712,234)

              712,234  
          

 

 

  

Total Short-Term Investments
(cost $12,359,123)

              12,359,237  
          

 

 

  

Total Investments – 99.4%
(cost $117,178,775)(m)

             138,951,113  

Other assets less liabilities – 0.6%

              873,326  
          

 

 

  

Net Assets – 100.0%

            $   139,824,439  
          

 

 

  

 

10

FUTURES

 

Description

     

Number

of

Contracts

        Expiration
Month		        Current
Notional		        Value and
Unrealized
Appreciation
(Depreciation)		  
Purchased Contracts

 

MSCI Emerging Markets Index Futures        198          September 2025        $  12,211,650        $ 259,974  
U.S. 10 Yr Ultra Futures        10          September 2025          1,142,656             19,531  
U.S. T-Note 2 Yr (CBT) Futures        17          September 2025          3,536,399          11,531  
U.S. T-Note 5 Yr (CBT) Futures        1          September 2025          109,000          1,281  
U.S. T-Note 10 Yr (CBT) Futures        12          September 2025          1,345,500          24,094  
U.S. Ultra Bond (CBT) Futures        11          September 2025          1,310,375          39,899  
Sold Contracts

 

U.S. Long Bond (CBT) Futures        1          September 2025          115,469          (2,930 ) 
                   

 

 

  
                    $ 353,380  
                   

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

       

In Exchange

For

(000)

        Settlement
Date		        Unrealized
Appreciation
(Depreciation)		  
Bank of America NA      BRL        7,059          USD        1,268          07/02/2025        $ (30,793 ) 
Bank of America NA      USD        1,293          BRL        7,059          07/02/2025              5,714  
Bank of America NA      PEN        969          USD        272          07/15/2025          (1,730 ) 
Bank of America NA      KRW        1,034,880          USD        755          07/17/2025          (10,278 ) 
Bank of America NA      CZK        26,149          USD        1,194          07/18/2025          (52,639 ) 
Bank of America NA      USD        1,259          BRL        7,059          08/04/2025          29,382  
Bank of America NA      USD        1,287          CNH        9,195          08/07/2025          1,056  
Bank of America NA      ZAR        10,539          USD        592          08/07/2025          (1,552 ) 
Barclays Bank PLC      PEN        5,498          USD        1,498          07/15/2025          (53,661 ) 
Barclays Bank PLC      USD        1,337          KRW        1,810,474          07/17/2025          2,596  
Barclays Bank PLC      IDR        19,105,737          USD        1,178          07/24/2025          (2,341 ) 
Barclays Bank PLC      USD        1,737          INR        149,471          08/14/2025          3,226  
Barclays Bank PLC      MYR        14,570          USD        3,454          09/17/2025          (13,015 ) 
Brown Brothers Harriman & Co.      TRY        2,709          USD        67          07/17/2025          (418 ) 
Brown Brothers Harriman & Co.      HUF        234,965          USD        668          07/18/2025          (24,155 ) 
Brown Brothers Harriman & Co.      PLN        918          USD        243          07/18/2025          (11,478 ) 
Brown Brothers Harriman & Co.      USD        811          THB        26,851          07/24/2025          16,194  
Brown Brothers Harriman & Co.      MXN        14,818          USD        774          08/22/2025          (11,085 ) 
Citibank NA      KRW        7,334,671          USD        5,151          07/17/2025          (275,128 ) 
Citibank NA      USD        256          IDR        4,319,575          07/24/2025          10,975  
Citibank NA      USD        4,450          PHP        252,152          07/29/2025          24,375  
Citibank NA      TWD        109,536          USD        3,676          08/22/2025          (136,554 ) 
Citibank NA      USD        1,892          TWD        53,972          08/22/2025          (13,597 ) 
Deutsche Bank AG      USD        2,449          KRW        3,312,178          07/17/2025          1,278  
Deutsche Bank AG      USD        705          HUF        248,897          07/18/2025          28,135  
Deutsche Bank AG      USD        2,405          CNH        17,173          08/07/2025          990  
Deutsche Bank AG      INR        66,881          USD        777          08/14/2025          (2,242 ) 
Goldman Sachs Bank USA      USD        1,406          COP        5,688,622          07/15/2025          (16,073 ) 
Goldman Sachs Bank USA      PHP        52,766          USD        947          07/29/2025          10,576  
Goldman Sachs Bank USA      USD        1,416          INR        121,722          08/14/2025          1,698  
Goldman Sachs Bank USA      USD        4,276          MYR        17,995          09/17/2025          6,546  
HSBC Bank USA      USD        52          PEN        188          07/15/2025          1,470  
HSBC Bank USA      KRW        1,432,422          USD        1,012          07/17/2025          (47,311 ) 
HSBC Bank USA      IDR        53,636,473          USD        3,212          07/24/2025          (100,173 ) 
HSBC Bank USA      USD        5,923          IDR        100,321,296          07/24/2025          272,995  
HSBC Bank USA      USD        640          PHP        35,547          07/29/2025          (9,657 ) 
HSBC Bank USA      USD        715          ZAR        12,749          08/07/2025          3,305  
HSBC Bank USA      USD        1,686          INR        145,720          08/14/2025          10,887  
HSBC Bank USA      TWD        6,160          USD        209          08/22/2025          (5,580 ) 
JPMorgan Chase Bank NA      USD        416          PHP        23,570          07/29/2025          2,300  
JPMorgan Chase Bank NA      TWD        26,175          USD        888          08/22/2025          (22,947 ) 
Morgan Stanley Capital Services LLC      BRL        10,116          USD        1,854          07/02/2025          (8,189 ) 
Morgan Stanley Capital Services LLC      USD        1,777          BRL        10,116          07/02/2025          85,316  
Morgan Stanley Capital Services LLC      CLP        960,538          USD        1,018          07/15/2025          (13,266 ) 

 

11

Counterparty   

Contracts to
Deliver

(000)

       

In Exchange

For

(000)

        Settlement
Date		        Unrealized
Appreciation
(Depreciation)		  
Morgan Stanley Capital Services LLC      COP        5,780,396          USD        1,349          07/15/2025        $ (63,042 ) 
Morgan Stanley Capital Services LLC      USD        1,044          HUF        371,683          07/18/2025            50,185  
Morgan Stanley Capital Services LLC      IDR        2,846,624          USD        174          07/24/2025          (2,099 ) 
Morgan Stanley Capital Services LLC      USD        1,116          ZAR        20,076          08/07/2025          14,760  
Standard Chartered Bank      KRW        3,355,064          USD        2,423          07/17/2025          (58,793 ) 
Standard Chartered Bank      PHP        26,283          USD        471          07/29/2025          4,897  
Standard Chartered Bank      USD        259          PHP        14,737          07/29/2025          2,093  
UBS AG      BRL        3,058          USD        543          07/02/2025          (19,364 ) 
UBS AG      USD        560          BRL        3,058          07/02/2025          2,475  
UBS AG      PLN        8,347          USD        2,229          07/18/2025          (85,431 ) 
UBS AG      CNH        116,019          USD        16,198          08/07/2025          (57,994 ) 
                       

 

 

  
                        $ (557,161 ) 
                       

 

 

  

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

 

Description   

Fixed

Rate
(Pay)
Receive

     Payment
Frequency		      Implied
Credit
Spread at
June 30,
2025		     Notional
Amount
(000)		      Market
Value		      Upfront
Premiums
Paid
(Received)		      Unrealized
Appreciation
(Depreciation)		  
Buy Contracts                   

CDX-EM Series 43,
5 Year Index, 6/20/2030*

      1.00%       Quarterly        1.56 %      USD 2,180      $  53,373      $  74,100      $ (20,727)  

 

*

Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

 

                   Rate Type                                  

Notional
Amount

(000)

      Termination
Date		      Payments
made
by the
Fund		      Payments
received
by the
Fund		      Payment
Frequency
Paid/
Received		      Market
Value		        Upfront
Premiums
Paid
(Received)		       

Unrealized
Appreciation

(Depreciation)

  
USD      5,420      06/06/2028      1 Day SOFR      3.630%      Annual      $   30,831        $    -0-        $   30,831  
USD      1,910      09/13/2029      1 Day SOFR      3.138%      Annual        (42,150 )         -0-          (42,150 ) 
                         

 

 

       

 

 

       

 

 

  
     $ (11,319 )       $ -0-        $ (11,319 ) 
                         

 

 

       

 

 

       

 

 

  

 

(a)

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, 2025, the aggregate market value of these securities amounted to $27,385,657 or 19.59% of net assets.

(b)

Non-income producing security.

(c)

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

(d)

Fair valued by the Adviser.

 

12

(e)

Restricted and illiquid security.

 

Restricted & Illiquid Securities   

Acquisition

Date

    Cost      Market
Value		     

Percentage
of

Net Assets

Gazprom PJSC

    10/27/2021  - 02/15/2022    $  759,951      $     -0-      0.00%

LUKOIL PJSC

    01/11/2016 - 02/15/2022      959,078        -0-      0.00%

Magnit PJSC

    04/15/2020 - 06/30/2021      46,303        -0-      0.00%

MMC Norilsk Nickel PJSC (ADR)

    04/12/2021 - 09/22/2021      114,460        -0-      0.00%

Polyus PJSC (GDR)

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

Sberbank of Russia PJSC

    04/07/2020 - 08/18/2020      405,713        -0-      0.00%

 

(f)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.13% of net assets as of June 30, 2025, are considered illiquid and restricted. Additional information regarding such securities follows:

 

144A/Restricted & Illiquid Securities    Acquisition Date    Cost      Market
Value		     

Percentage
of

Net Assets

Comision Federal de Electricidad
Series E
5.00%, 09/29/2036

    09/15/2021    $  210,035      $  177,260      0.13%

PhosAgro PJSC (GDR)

    06/30/2021      447        -0-      0.00%

PhosAgro PJSC (GDR REG S)

    06/30/2021      89,310        -0-      0.00%

 

(g)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2025.

(h)

Defaulted matured security.

(i)

Defaulted.

(j)

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

(k)

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.

(l)

Affiliated investments.

(m)

As of June 30, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $27,905,649 and gross unrealized depreciation of investments was $(6,369,138), resulting in net unrealized appreciation of $21,536,511.

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

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

 

13

Glossary:

ADR – American Depositary Receipt

CBT – Chicago Board of Trade

CDX-EM – Emerging Market Credit Default Swap Index

GDR – Global Depositary Receipt

JSC – Joint Stock Company

MSCI – Morgan Stanley Capital International

PJSC – Public Joint Stock Company

REG – Registered Shares

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN1

June 30, 2025 (unaudited)

 

  21.8 %       China
  10.7 %       Taiwan
  9.8 %       South Korea
  9.8 %       India
  6.3 %       Brazil
  4.0 %       United Arab Emirates
  3.6 %       Mexico
  2.3 %       South Africa
  1.9 %       Turkey
  1.5 %       Colombia
  1.4 %       Greece
  1.4 %       Poland
  1.2 %       Chile
  15.4 %       Other
  8.9 %       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 1.1% or less in the following: Angola, Argentina, Bahrain, Costa Rica, Cote D’Ivoire, Czech Republic, Dominican Republic, Ecuador, Egypt, El Salvador, Ghana, Guatemala, Hong Kong, Hungary, Indonesia, Israel, Jamaica, Jordan, Kazakhstan, Lebanon, Malaysia, Morocco, Nigeria, Oman, Panama, Paraguay, Peru, Philippines, Romania, Russia, Saudi Arabia, Senegal, Sri Lanka, Thailand, Trinidad and Tobago, Ukraine, United States, Uruguay, Uzbekistan, Venezuela and Zambia.

 

14

AB Emerging Markets Multi-Asset Portfolio

June 30, 2025 (unaudited)

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

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

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

  •  

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

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

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

 

15

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of June 30, 2025:

 

Investments in Securities

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

Financials

    $  10,341,970     $  16,768,866      $     0#      $  27,110,836  

Information Technology

      -0-       25,514,740        -0-        25,514,740  

Consumer Discretionary

      3,182,777       11,318,163        -0-        14,500,940  

Communication Services

      750,659       12,529,593        -0-        13,280,252  

Real Estate

      -0-       3,315,840        -0-        3,315,840  

Industrials

      162,972       3,121,055        0#        3,284,027  

Materials

      86,428       1,946,466        0#        2,032,894  

Utilities

      1,627,891       97,702        -0-        1,725,593  

Consumer Staples

      513,474       1,194,868        0#        1,708,342  

Energy

      -0-       318,009        0#        318,009  

Health Care

      -0-       234,451        -0-        234,451  
Fixed Income Securities:           

Sovereign Bonds

      -0-       18,497,295        -0-        18,497,295  

Corporate Bonds

      -0-       7,367,411        -0-        7,367,411  

Quasi-Sovereign Bonds

      -0-       6,227,245        -0-        6,227,245  

Treasury Bonds

      -0-       687,362        -0-        687,362  

Inflation-Linked Securities

      -0-       320,666        -0-        320,666  

Emerging Markets - Treasuries

      -0-       263,825        -0-        263,825  

Sovereign Agencies

      -0-       202,148        -0-        202,148  
Short-Term Investments:           

Treasury Bills

      -0-       9,415,363        -0-        9,415,363  

Investment Companies

      2,231,640       -0-        -0-        2,231,640  

Time Deposits

      712,234       -0-        -0-        712,234  
  

 

 

    

 

 

     

 

 

     

 

 

  
Total Investments in Securities      19,610,045       119,341,068+        0#        138,951,113  
Other Financial Instruments*:           
Assets           
Futures      356,310       -0-        -0-        356,310  
Forward Currency Exchange Contracts      -0-       593,424        -0-        593,424  
Centrally Cleared Credit Default Swaps      -0-       53,373        -0-        53,373  
Centrally Cleared Interest Rate Swaps      -0-       30,831        -0-        30,831  
Liabilities           
Futures      (2,930 )      -0-        -0-        (2,930 ) 
Forward Currency Exchange Contracts      -0-       (1,150,585)        -0-        (1,150,585 ) 
Centrally Cleared Interest Rate Swaps      -0-       (42,150)        -0-        (42,150 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  
Total    $ 19,963,425     $ 118,825,961      $ 0#      $ 138,789,386  
  

 

 

    

 

 

     

 

 

     

 

 

  

 

# 

The Fund heId 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 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, 2025 is as follows:

 

Fund    Market
Value
3/31/25
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market
Value
6/30/25
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $   8,310      $  15,438      $  21,516      $   2,232      $ 46  
AB Government Money Market Portfolio*      -0-        1,600        1,600        -0-        0 ** 
Total                               $ 2,232      $       46  

 

*

Investment of cash collateral for securities lending transactions.

**

Amount is less than $500.

 

16