AB Cap Fund, Inc.
AB Select US Long/Short Portfolio
Portfolio of Investments
September 30, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||||||
COMMON STOCKS – 67.7% | ||||||||||||
Information Technology – 14.8% | ||||||||||||
Communications Equipment – 0.6% | ||||||||||||
Cisco Systems, Inc./Delaware | 77,321 | $ | 4,208,582 | |||||||||
F5 Networks, Inc.(a) | 27,170 | 5,400,853 | ||||||||||
|
| |||||||||||
9,609,435 | ||||||||||||
|
| |||||||||||
IT Services – 2.2% | ||||||||||||
International Business Machines Corp. | 25,417 | 3,531,184 | ||||||||||
PayPal Holdings, Inc.(a) | 27,948 | 7,272,349 | ||||||||||
Stripe, Inc.(b) (c) | 24,598 | 974,942 | ||||||||||
Visa, Inc. - Class A | 90,966 | 20,262,676 | ||||||||||
|
| |||||||||||
32,041,151 | ||||||||||||
|
| |||||||||||
Semiconductors & Semiconductor Equipment – 3.7% | ||||||||||||
Advanced Micro Devices, Inc.(a) | 121,123 | 12,463,557 | ||||||||||
Broadcom, Inc. | 19,808 | 9,605,493 | ||||||||||
Intel Corp. | 92,837 | 4,946,355 | ||||||||||
NVIDIA Corp. | 37,728 | 7,815,732 | ||||||||||
NXP Semiconductors NV | 51,871 | 10,159,973 | ||||||||||
QUALCOMM, Inc. | 74,867 | 9,656,346 | ||||||||||
|
| |||||||||||
54,647,456 | ||||||||||||
|
| |||||||||||
Software – 4.9% | ||||||||||||
Adobe, Inc.(a) | 9,004 | 5,183,783 | ||||||||||
Clearwater Analytics Holdings, Inc.(a) | 17,401 | 445,640 | ||||||||||
Microsoft Corp. | 180,049 | 50,759,414 | ||||||||||
Oracle Corp. | 101,464 | 8,840,558 | ||||||||||
salesforce.com, Inc.(a) | 24,955 | 6,768,295 | ||||||||||
|
| |||||||||||
71,997,690 | ||||||||||||
|
| |||||||||||
Technology Hardware, Storage & Peripherals – 3.4% | ||||||||||||
Apple, Inc. | 359,459 | 50,863,449 | ||||||||||
|
| |||||||||||
219,159,181 | ||||||||||||
|
| |||||||||||
Financials – 10.5% | ||||||||||||
Banks – 4.5% | ||||||||||||
Fifth Third Bancorp | 430,650 | 18,276,786 | ||||||||||
JPMorgan Chase & Co. | 117,345 | 19,208,203 | ||||||||||
PNC Financial Services Group, Inc. (The) | 88,417 | 17,297,902 | ||||||||||
Wells Fargo & Co. | 246,557 | 11,442,710 | ||||||||||
|
| |||||||||||
66,225,601 | ||||||||||||
|
| |||||||||||
Capital Markets – 3.2% | ||||||||||||
Apollo Global Management, Inc.(d) | 17,119 | 1,054,359 | ||||||||||
Charles Schwab Corp. (The) | 144,565 | 10,530,115 | ||||||||||
Goldman Sachs Group, Inc. (The) | 80,536 | 30,445,024 | ||||||||||
Jefferies Financial Group, Inc. | 139,583 | 5,182,717 | ||||||||||
|
| |||||||||||
47,212,215 | ||||||||||||
|
| |||||||||||
Diversified Financial Services – 2.6% | ||||||||||||
Berkshire Hathaway, Inc. - Class B(a) | 142,378 | 38,860,652 | ||||||||||
|
|
1
Company | Shares | U.S. $ Value | ||||||||||
Insurance – 0.2% | ||||||||||||
Arch Capital Group Ltd.(a) | 66,935 | $ | 2,555,578 | |||||||||
|
| |||||||||||
154,854,046 | ||||||||||||
|
| |||||||||||
Industrials – 8.7% | ||||||||||||
Aerospace & Defense – 1.9% | ||||||||||||
Howmet Aerospace, Inc. | 132,407 | 4,131,098 | ||||||||||
Northrop Grumman Corp. | 17,274 | 6,221,231 | ||||||||||
Raytheon Technologies Corp. | 211,423 | 18,173,921 | ||||||||||
|
| |||||||||||
28,526,250 | ||||||||||||
|
| |||||||||||
Commercial Services & Supplies – 0.4% | ||||||||||||
Republic Services, Inc. - Class A | 51,590 | 6,193,895 | ||||||||||
|
| |||||||||||
Industrial Conglomerates – 1.9% | ||||||||||||
Honeywell International, Inc. | 128,349 | 27,245,926 | ||||||||||
|
| |||||||||||
Professional Services – 1.1% | ||||||||||||
Jacobs Engineering Group, Inc. | 75,253 | 9,973,280 | ||||||||||
KBR, Inc. | 135,914 | 5,355,012 | ||||||||||
|
| |||||||||||
15,328,292 | ||||||||||||
|
| |||||||||||
Road & Rail – 3.4% | ||||||||||||
Canadian National Railway Co. | 55,033 | 6,364,566 | ||||||||||
Norfolk Southern Corp. | 109,982 | 26,313,194 | ||||||||||
Union Pacific Corp. | 92,168 | 18,065,850 | ||||||||||
|
| |||||||||||
50,743,610 | ||||||||||||
|
| |||||||||||
128,037,973 | ||||||||||||
|
| |||||||||||
Communication Services – 8.6% | ||||||||||||
Diversified Telecommunication Services – 1.7% | ||||||||||||
AT&T, Inc. | 246,215 | 6,650,267 | ||||||||||
Comcast Corp. - Class A | 327,224 | 18,301,638 | ||||||||||
|
| |||||||||||
24,951,905 | ||||||||||||
|
| |||||||||||
Entertainment – 2.4% | ||||||||||||
Activision Blizzard, Inc. | 56,692 | 4,387,394 | ||||||||||
Epic Games, Inc.(b) (c) | 16,766 | 14,830,617 | ||||||||||
Netflix, Inc.(a) | 12,455 | 7,601,785 | ||||||||||
Walt Disney Co. (The)(a) | 54,885 | 9,284,895 | ||||||||||
|
| |||||||||||
36,104,691 | ||||||||||||
|
| |||||||||||
Interactive Media & Services – 4.2% | ||||||||||||
Alphabet, Inc. - Class A(a) | 13,478 | 36,033,703 | ||||||||||
Facebook, Inc. - Class A(a) | 74,841 | 25,400,287 | ||||||||||
|
| |||||||||||
61,433,990 | ||||||||||||
|
| |||||||||||
Media – 0.3% | ||||||||||||
Discovery, Inc. - Class C(a) | 66,497 | 1,613,882 | ||||||||||
ViacomCBS, Inc. - Class B | 65,403 | 2,584,073 | ||||||||||
|
| |||||||||||
4,197,955 | ||||||||||||
|
| |||||||||||
126,688,541 | ||||||||||||
|
|
2
Company | Shares | U.S. $ Value | ||||||||||
Health Care – 7.8% | ||||||||||||
Biotechnology – 0.1% | ||||||||||||
Vertex Pharmaceuticals, Inc.(a) | 7,394 | $ | 1,341,198 | |||||||||
|
| |||||||||||
Health Care Equipment & Supplies – 1.7% | ||||||||||||
Abbott Laboratories | 107,611 | 12,712,087 | ||||||||||
Danaher Corp. | 28,359 | 8,633,614 | ||||||||||
Zimmer Biomet Holdings, Inc. | 21,216 | 3,105,174 | ||||||||||
|
| |||||||||||
24,450,875 | ||||||||||||
|
| |||||||||||
Health Care Providers & Services – 2.1% | ||||||||||||
Humana, Inc. | 13,527 | 5,264,032 | ||||||||||
Quest Diagnostics, Inc. | 31,472 | 4,573,196 | ||||||||||
UnitedHealth Group, Inc. | 53,631 | 20,955,777 | ||||||||||
|
| |||||||||||
30,793,005 | ||||||||||||
|
| |||||||||||
Life Sciences Tools & Services – 1.1% | ||||||||||||
IQVIA Holdings, Inc.(a) | 46,503 | 11,139,329 | ||||||||||
Thermo Fisher Scientific, Inc. | 10,197 | 5,825,852 | ||||||||||
|
| |||||||||||
16,965,181 | ||||||||||||
|
| |||||||||||
Pharmaceuticals – 2.8% | ||||||||||||
Eli Lilly & Co. | 32,916 | 7,605,242 | ||||||||||
Johnson & Johnson | 114,242 | 18,450,083 | ||||||||||
Merck & Co., Inc. | 93,706 | 7,038,257 | ||||||||||
Pfizer, Inc. | 210,369 | 9,047,971 | ||||||||||
|
| |||||||||||
42,141,553 | ||||||||||||
|
| |||||||||||
115,691,812 | ||||||||||||
|
| |||||||||||
Consumer Discretionary – 6.9% | ||||||||||||
Hotels, Restaurants & Leisure – 1.1% | ||||||||||||
Booking Holdings, Inc.(a) | 2,019 | 4,792,844 | ||||||||||
McDonald’s Corp. | 45,192 | 10,896,243 | ||||||||||
|
| |||||||||||
15,689,087 | ||||||||||||
|
| |||||||||||
Internet & Direct Marketing Retail – 2.2% | ||||||||||||
Amazon.com, Inc.(a) | 8,761 | 28,780,235 | ||||||||||
eBay, Inc. | 58,131 | 4,049,987 | ||||||||||
|
| |||||||||||
32,830,222 | ||||||||||||
|
| |||||||||||
Multiline Retail – 0.7% | ||||||||||||
Dollar General Corp. | 21,107 | 4,477,639 | ||||||||||
Target Corp. | 27,902 | 6,383,141 | ||||||||||
|
| |||||||||||
10,860,780 | ||||||||||||
|
| |||||||||||
Specialty Retail – 2.4% | ||||||||||||
Home Depot, Inc. (The) | 48,259 | 15,841,499 | ||||||||||
Lowe’s Cos., Inc. | 56,025 | 11,365,232 | ||||||||||
Ross Stores, Inc. | 69,087 | 7,520,120 | ||||||||||
|
| |||||||||||
34,726,851 | ||||||||||||
|
| |||||||||||
Textiles, Apparel & Luxury Goods – 0.5% | ||||||||||||
NIKE, Inc. - Class B | 44,801 | 6,506,449 |
3
Company | Shares | U.S. $ Value | ||||||||||
PLBY Group, Inc.(a) | 44,388 | $ | 1,046,225 | |||||||||
|
| |||||||||||
7,552,674 | ||||||||||||
|
| |||||||||||
101,659,614 | ||||||||||||
|
| |||||||||||
Consumer Staples – 6.2% | ||||||||||||
Beverages – 1.1% | ||||||||||||
PepsiCo, Inc. | 108,348 | 16,296,623 | ||||||||||
|
| |||||||||||
Food & Staples Retailing – 2.4% | ||||||||||||
Albertsons Cos., Inc.(d) | 232,474 | 7,236,916 | ||||||||||
Costco Wholesale Corp. | 8,495 | 3,817,228 | ||||||||||
Kroger Co. (The) | 185,896 | 7,515,775 | ||||||||||
Walmart, Inc. | 124,217 | 17,313,366 | ||||||||||
|
| |||||||||||
35,883,285 | ||||||||||||
|
| |||||||||||
Food Products – 0.4% | ||||||||||||
General Mills, Inc. | 105,274 | 6,297,491 | ||||||||||
|
| |||||||||||
Household Products – 1.6% | ||||||||||||
Procter & Gamble Co. (The) | 169,249 | 23,661,010 | ||||||||||
|
| |||||||||||
Personal Products – 0.5% | ||||||||||||
Estee Lauder Cos., Inc. (The) - Class A | 13,596 | 4,077,848 | ||||||||||
Honest Co., Inc. (The)(a) | 43,898 | 455,661 | ||||||||||
Olaplex Holdings, Inc. | 75,976 | 1,861,412 | ||||||||||
|
| |||||||||||
6,394,921 | ||||||||||||
|
| |||||||||||
Tobacco – 0.2% | ||||||||||||
Philip Morris International, Inc. | 27,776 | 2,632,887 | ||||||||||
|
| |||||||||||
91,166,217 | ||||||||||||
|
| |||||||||||
Energy – 3.1% | ||||||||||||
Energy Equipment & Services – 0.3% | ||||||||||||
Schlumberger NV | 140,076 | 4,151,852 | ||||||||||
|
| |||||||||||
Oil, Gas & Consumable Fuels – 2.8% | ||||||||||||
Chevron Corp. | 91,898 | 9,323,052 | ||||||||||
EOG Resources, Inc. | 153,319 | 12,306,915 | ||||||||||
Exxon Mobil Corp. | 180,801 | 10,634,715 | ||||||||||
Pioneer Natural Resources Co. | 55,017 | 9,160,881 | ||||||||||
|
| |||||||||||
41,425,563 | ||||||||||||
|
| |||||||||||
45,577,415 | ||||||||||||
|
| |||||||||||
Utilities – 0.5% | ||||||||||||
Electric Utilities – 0.5% | ||||||||||||
NextEra Energy, Inc. | 91,014 | 7,146,419 | ||||||||||
|
| |||||||||||
Diversified – 0.4% | ||||||||||||
Special Purpose Acquisition Company – 0.4% | ||||||||||||
HealthCor Catalio Acquisition Corp.(a) | 601,605 | 5,955,889 | ||||||||||
|
| |||||||||||
Real Estate – 0.2% | ||||||||||||
Equity Real Estate Investment Trusts (REITs) – 0.2% | ||||||||||||
SBA Communications Corp. | 11,631 | 3,844,859 | ||||||||||
|
|
4
Company | Shares | U.S. $ Value | ||||||||
Materials – 0.0% | ||||||||||
Containers & Packaging – 0.0% | ||||||||||
Berry Global Group, Inc.(a) | 5,716 | $ | 347,990 | |||||||
|
| |||||||||
Total Common Stocks | 1,000,129,956 | |||||||||
|
| |||||||||
WARRANTS – 0.0% | ||||||||||
Financials – 0.0% | ||||||||||
Diversified Financial Services – 0.0% | ||||||||||
Pershing Square Tontine Holdings Ltd., expiring 07/24/2021(a) | 9,228 | 11,904 | ||||||||
|
| |||||||||
SHORT-TERM INVESTMENTS – 32.1% | ||||||||||
Investment Companies – 31.6% | ||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, | 467,383,581 | 467,383,581 | ||||||||
|
| |||||||||
Principal | ||||||||||
U.S. Treasury Bills – 0.5% | ||||||||||
U.S. Treasury Bill | U.S.$ | 7,000 | 6,999,592 | |||||||
|
| |||||||||
Total Short-Term Investments | 474,383,173 | |||||||||
|
| |||||||||
Total Investments Before Securities Lending Collateral – 99.9% | 1,474,525,033 | |||||||||
|
| |||||||||
Shares | ||||||||||
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5% | ||||||||||
Investment Companies – 0.5% | ||||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio Class AB, | 7,537,380 | 7,537,380 | ||||||||
|
| |||||||||
Total Investments Before Securities Sold Short – 100.4% | 1,482,062,413 | |||||||||
|
| |||||||||
SECURITIES SOLD SHORT – (0.1)% | ||||||||||
COMMON STOCKS – (0.1)% | ||||||||||
Real Estate – (0.1)% | ||||||||||
Equity Real Estate Investment Trusts (REITs) – (0.1)% | ||||||||||
Acadia Realty Trust | (10,167 | ) | (207,508 | ) | ||||||
Agree Realty Corp. | (1,921 | ) | (127,228 | ) | ||||||
Chatham Lodging Trust(a) | (15,712 | ) | (192,472 | ) | ||||||
Regency Centers Corp. | (3,405 | ) | (229,259 | ) | ||||||
|
| |||||||||
(756,467 | ) | |||||||||
|
|
5
Company | Shares | U.S. $ Value | ||||||||||
Consumer Discretionary – 0.0% | ||||||||||||
Hotels, Restaurants & Leisure – 0.0% | ||||||||||||
DraftKings, Inc.(a) | (9,987 | ) | $ | (480,974 | ) | |||||||
|
| |||||||||||
Health Care – 0.0% | ||||||||||||
Health Care Equipment & Supplies – 0.0% | ||||||||||||
Stryker Corp. | (535 | ) | (141,091 | ) | ||||||||
|
| |||||||||||
Health Care Providers & Services – 0.0% | ||||||||||||
Laboratory Corp. of America Holdings(a) | (657 | ) | (184,906 | ) | ||||||||
|
| |||||||||||
(325,997 | ) | |||||||||||
|
| |||||||||||
Financials – 0.0% | ||||||||||||
Banks – 0.0% | ||||||||||||
HSBC Holdings PLC | (15,163 | ) | (79,506 | ) | ||||||||
|
| |||||||||||
Insurance – 0.0% | ||||||||||||
Lemonade, Inc.(a) | (1,994 | ) | (133,618 | ) | ||||||||
|
| |||||||||||
(213,124 | ) | |||||||||||
|
| |||||||||||
Communication Services – 0.0% | ||||||||||||
Entertainment – 0.0% | ||||||||||||
AMC Entertainment Holdings, Inc. - Class A(a) | (4,135 | ) | (157,378 | ) | ||||||||
|
| |||||||||||
Industrials – 0.0% | ||||||||||||
Machinery – 0.0% | ||||||||||||
Snap-on, Inc. | (535 | ) | (111,788 | ) | ||||||||
|
| |||||||||||
Total Securities Sold Short | (2,045,728 | ) | ||||||||||
|
| |||||||||||
Total Investments, Net of Securities Sold Short – 100.2% | 1,480,016,685 | |||||||||||
Other assets less liabilities – (0.2)% | (3,296,470 | ) | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 1,476,720,215 | ||||||||||
|
|
FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Sold Contracts | ||||||||||||||||||||
S&P 500 E-Mini Futures | 171 | December 2021 | $ | 36,745,763 | $ | 1,757,184 |
(a) | Non-income producing security. |
(b) | Fair valued by the Adviser. |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(d) | Represents entire or partial securities out on loan. |
(e) | Affiliated investments. |
(f) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618. |
(g) | The rate shown represents the 7-day yield as of period end. |
6
(h) | As of September 30, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $77,443,309 and gross unrealized depreciation of investments was $(16,434,993), resulting in net unrealized appreciation of $61,008,316. |
Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.
Glossary:
REIT – Real Estate Investment Trust
7
AB Cap Fund, Inc.
AB Select US Long/Short Portfolio
September 30, 2021 (unaudited)
In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.
• | Level 1 - quoted prices in active markets for identical investments |
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
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.
8
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2021:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 218,184,239 | $ | — | $ | 974,942 | $ | 219,159,181 | ||||||||
Financials | 154,854,046 | — | — | 154,854,046 | ||||||||||||
Industrials | 128,037,973 | — | — | 128,037,973 | ||||||||||||
Communication Services | 111,857,924 | — | 14,830,617 | 126,688,541 | ||||||||||||
Health Care | 115,691,812 | — | — | 115,691,812 | ||||||||||||
Consumer Discretionary | 101,659,614 | — | — | 101,659,614 | ||||||||||||
Consumer Staples | 91,166,217 | — | — | 91,166,217 | ||||||||||||
Energy | 45,577,415 | — | — | 45,577,415 | ||||||||||||
Utilities | 7,146,419 | — | — | 7,146,419 | ||||||||||||
Diversified | 5,955,889 | — | — | 5,955,889 | ||||||||||||
Real Estate | 3,844,859 | — | — | 3,844,859 | ||||||||||||
Materials | 347,990 | — | — | 347,990 | ||||||||||||
Warrants | 11,904 | — | — | 11,904 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 467,383,581 | — | — | 467,383,581 | ||||||||||||
U.S. Treasury Bills | — | 6,999,592 | — | 6,999,592 | ||||||||||||
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 7,537,380 | — | — | 7,537,380 | ||||||||||||
Liabilities: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Real Estate | (756,467 | ) | — | — | (756,467 | ) | ||||||||||
Consumer Discretionary | (480,974 | ) | — | — | (480,974 | ) | ||||||||||
Health Care | (325,997 | ) | — | — | (325,997 | ) | ||||||||||
Financials | (133,618 | ) | (79,506 | ) | — | (213,124 | ) | |||||||||
Communication Services | (157,378 | ) | — | — | (157,378 | ) | ||||||||||
Industrials | (111,788 | ) | — | — | (111,788 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 1,457,291,040 | 6,920,086 | 15,805,559 | 1,480,016,685 | ||||||||||||
Other Financial Instruments(a): | ||||||||||||||||
Assets: | ||||||||||||||||
Futures | 1,757,184 | — | — | 1,757,184 | ||||||||||||
Liabilities | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,459,048,224 | $ | 6,920,086 | $ | 15,805,559 | $ | 1,481,773,869 | ||||||||
|
|
|
|
|
|
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(a) | Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value. |
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
Common Stocks | Total | |||||||
Balance as of 06/30/2021 | $ | 15,817,612 | $ | 15,817,612 | ||||
Accrued discounts/(premiums) | — | — | ||||||
Realized gain (loss) | — | — | ||||||
Change in unrealized appreciation/depreciation | (12,053 | ) | (12,053 | ) | ||||
Purchases | — | — | ||||||
Sales/Paydowns | — | — | ||||||
Transfers in to Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
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Balance as of 09/30/2021 | $ | 15,805,559 | $ | 15,805,559 | ||||
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Net change in unrealized appreciation/depreciation from investments held as of 09/30/2021 | $ | (12,053 | ) | $ | (12,053 | ) | ||
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The following presents information about significant unobservable inputs related to the Fund’s Level 3 investments at September 30, 2021.
Quantitative Information about Level 3 Fair Value Measurements
Fair Value at | Valuation | Unobservable | ||||||||
09/30/2021 | Technique | Input | Input | |||||||
Common Stocks | $ | 974,942 | Market Approach | EBITDA* Projection | $2,602mm - $3,934mm | |||||
EBITDA* Multiples | 22.8X – 37.0X | |||||||||
$ | 14,830,617 | Market Approach | EBITDA* Projection | $1,025mm - $1,736mm | ||||||
EBITDA* Multiples | 12.5X – 24.5X | |||||||||
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$ | 15,805,559 | |||||||||
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* | Earnings before Interest, Taxes, Depreciation and Amortization. |
Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in discount rates, cumulative loss and delinquency rate in isolation would be expected to result in a significantly lower (higher) fair value measurement. A significant increase (decrease) in collateral value and EBITDA projections/multiples in isolation would be expected to result in a significant higher (lower) fair value measurement.
A summary of the Fund’s transactions in AB mutual funds for the three months ended September 30, 2021 is as follows:
Market Value | Purchases | Sales | Market Value | Dividend | ||||||||||||||||
06/30/2021 | at Cost | Proceeds | 09/30/2021 | Income | ||||||||||||||||
Fund | (000) | (000) | (000) | (000) | (000) | |||||||||||||||
Government Money Market Portfolio | $ | 408,365 | $ | 123,851 | $ | 64,830 | $ | 467,384 | $ | 11 | ||||||||||
Government Money Market Portfolio* | 5,144 | 17,850 | 15,457 | 7,537 | 0 | ** | ||||||||||||||
Total | $ | 413,509 | $ | 141,701 | $ | 80,287 | $ | 474,921 | $ | 11 |
* | Investments of cash collateral for securities lending transactions. |
** | Amount less than $500. |
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