AB Cap Fund, Inc.
AB Select US Long/Short Portfolio
Portfolio of Investments
March 31, 2022 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 52.2% | ||||||||
Information Technology – 12.5% | ||||||||
Communications Equipment – 0.4% | ||||||||
F5, Inc.(a) | 32,618 | $ | 6,815,531 | |||||
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| |||||||
IT Services – 1.2% | ||||||||
PayPal Holdings, Inc.(a) | 36,715 | 4,246,090 | ||||||
Stripe, Inc.(b) (c) | 24,598 | 918,735 | ||||||
Visa, Inc. - Class A | 69,522 | 15,417,894 | ||||||
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20,582,719 | ||||||||
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Semiconductors & Semiconductor Equipment – 2.7% | ||||||||
Advanced Micro Devices, Inc.(a) | 86,476 | 9,455,286 | ||||||
Broadcom, Inc. | 12,953 | 8,156,245 | ||||||
NVIDIA Corp. | 46,548 | 12,701,087 | ||||||
NXP Semiconductors NV | 37,188 | 6,882,755 | ||||||
QUALCOMM, Inc. | 66,182 | 10,113,933 | ||||||
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47,309,306 | ||||||||
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Software – 4.8% | ||||||||
Adobe, Inc.(a) | 21,840 | 9,950,741 | ||||||
Microsoft Corp. | 200,941 | 61,952,120 | ||||||
Oracle Corp. | 104,063 | 8,609,132 | ||||||
salesforce.com, Inc.(a) | 22,754 | 4,831,129 | ||||||
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85,343,122 | ||||||||
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Technology Hardware, Storage & Peripherals – 3.4% | ||||||||
Apple, Inc. | 350,921 | 61,274,316 | ||||||
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221,324,994 | ||||||||
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Financials – 7.9% | ||||||||
Banks – 4.2% | ||||||||
Fifth Third Bancorp | 620,880 | 26,722,675 | ||||||
JPMorgan Chase & Co. | 45,917 | 6,259,405 | ||||||
PNC Financial Services Group, Inc. (The) | 99,021 | 18,264,424 | ||||||
Wells Fargo & Co. | 489,905 | 23,740,796 | ||||||
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74,987,300 | ||||||||
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Capital Markets – 2.0% | ||||||||
Charles Schwab Corp. (The) | 194,543 | 16,401,920 | ||||||
Goldman Sachs Group, Inc. (The) | 25,559 | 8,437,026 | ||||||
Jefferies Financial Group, Inc. | 302,419 | 9,934,464 | ||||||
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34,773,410 | ||||||||
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Diversified Financial Services – 1.7% | ||||||||
Berkshire Hathaway, Inc. - Class B(a) | 87,140 | 30,752,578 | ||||||
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140,513,288 | ||||||||
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Health Care – 7.0% | ||||||||
Health Care Equipment & Supplies – 0.7% | ||||||||
Abbott Laboratories | 102,267 | 12,104,322 | ||||||
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Health Care Providers & Services – 2.5% | ||||||||
Humana, Inc. | 39,236 | 17,074,330 | ||||||
UnitedHealth Group, Inc. | 55,498 | 28,302,315 | ||||||
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45,376,645 | ||||||||
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1
Company | Shares | U.S. $ Value | ||||||
Life Sciences Tools & Services – 0.9% | ||||||||
Danaher Corp. | 29,215 | $ | 8,569,636 | |||||
Thermo Fisher Scientific, Inc. | 12,480 | 7,371,312 | ||||||
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15,940,948 | ||||||||
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Pharmaceuticals – 2.9% | ||||||||
Eli Lilly & Co. | 19,760 | 5,658,671 | ||||||
Johnson & Johnson | 157,639 | 27,938,360 | ||||||
Pfizer, Inc. | 339,985 | 17,601,024 | ||||||
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51,198,055 | ||||||||
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124,619,970 | ||||||||
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Industrials – 7.0% | ||||||||
Aerospace & Defense – 2.1% | ||||||||
Boeing Co. (The)(a) | 21,336 | 4,085,844 | ||||||
Northrop Grumman Corp. | 34,257 | 15,320,416 | ||||||
Raytheon Technologies Corp. | 182,536 | 18,083,841 | ||||||
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37,490,101 | ||||||||
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Commercial Services & Supplies – 0.7% | ||||||||
Republic Services, Inc. - Class A | 95,901 | 12,706,882 | ||||||
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Industrial Conglomerates – 1.5% | ||||||||
Honeywell International, Inc. | 134,790 | 26,227,438 | ||||||
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Machinery – 0.5% | ||||||||
Deere & Co. | 23,510 | 9,767,465 | ||||||
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Professional Services – 0.5% | ||||||||
Jacobs Engineering Group, Inc. | 59,690 | 8,225,879 | ||||||
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Road & Rail – 1.7% | ||||||||
CSX Corp.(d) | 214,303 | 8,025,648 | ||||||
Norfolk Southern Corp. | 29,719 | 8,476,453 | ||||||
Union Pacific Corp. | 46,673 | 12,751,530 | ||||||
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29,253,631 | ||||||||
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123,671,396 | ||||||||
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Communication Services – 5.5% | ||||||||
Diversified Telecommunication Services – 0.5% | ||||||||
Comcast Corp. - Class A | 177,241 | 8,298,424 | ||||||
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Entertainment – 0.9% | ||||||||
Endeavor Group Holdings, Inc.(a) | 42,514 | 1,255,013 | ||||||
Epic Games, Inc.(b) (c) | 5,074 | 5,185,628 | ||||||
Walt Disney Co. (The)(a) | 69,805 | 9,574,454 | ||||||
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16,015,095 | ||||||||
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Interactive Media & Services – 3.4% | ||||||||
Alphabet, Inc. - Class A(a) | 16,955 | 47,157,789 | ||||||
Meta Platforms, Inc. - Class A(a) | 55,971 | 12,445,712 | ||||||
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59,603,501 | ||||||||
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Wireless Telecommunication Services – 0.7% | ||||||||
T-Mobile US, Inc.(a) | 100,943 | 12,956,034 | ||||||
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96,873,054 | ||||||||
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2
Company | Shares | U.S. $ Value | ||||||
Consumer Discretionary – 4.9% | ||||||||
Hotels, Restaurants & Leisure – 0.5% | ||||||||
Booking Holdings, Inc.(a) | 1,765 | $ | 4,145,015 | |||||
McDonald’s Corp. | 17,333 | 4,286,104 | ||||||
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8,431,119 | ||||||||
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Internet & Direct Marketing Retail – 1.6% | ||||||||
Amazon.com, Inc.(a) | 8,541 | 27,843,233 | ||||||
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Multiline Retail – 0.6% | ||||||||
Dollar Tree, Inc.(a) | 27,229 | 4,360,724 | ||||||
Target Corp. | 31,736 | 6,735,014 | ||||||
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11,095,738 | ||||||||
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Specialty Retail – 2.2% | ||||||||
Home Depot, Inc. (The) | 64,512 | 19,310,377 | ||||||
Lowe’s Cos., Inc. | 98,926 | 20,001,848 | ||||||
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39,312,225 | ||||||||
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86,682,315 | ||||||||
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Energy – 3.9% | ||||||||
Energy Equipment & Services – 0.3% | ||||||||
Schlumberger NV | 143,016 | 5,907,991 | ||||||
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Oil, Gas & Consumable Fuels – 3.6% | ||||||||
Chevron Corp. | 28,364 | 4,618,510 | ||||||
EOG Resources, Inc.(d) | 213,673 | 25,476,232 | ||||||
EQT Corp. | 98,642 | 3,394,271 | ||||||
Exxon Mobil Corp. | 125,872 | 10,395,768 | ||||||
Pioneer Natural Resources Co. | 80,427 | 20,109,163 | ||||||
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63,993,944 | ||||||||
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69,901,935 | ||||||||
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Consumer Staples – 2.2% | ||||||||
Beverages – 0.8% | ||||||||
PepsiCo, Inc. | 85,564 | 14,321,702 | ||||||
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Food & Staples Retailing – 0.4% | ||||||||
Costco Wholesale Corp. | 11,178 | 6,436,851 | ||||||
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Household Products – 1.0% | ||||||||
Procter & Gamble Co. (The) | 117,047 | 17,884,782 | ||||||
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38,643,335 | ||||||||
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Utilities – 0.5% | ||||||||
Electric Utilities – 0.5% | ||||||||
NextEra Energy, Inc. | 104,441 | 8,847,197 | ||||||
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Materials – 0.4% | ||||||||
Chemicals – 0.4% | ||||||||
FMC Corp. | 52,126 | 6,858,218 | ||||||
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Real Estate – 0.4% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 0.4% | ||||||||
SBA Communications Corp. | 18,909 | 6,506,587 | ||||||
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Total Common Stocks | 924,442,289 | |||||||
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3
Company | Shares | U.S. $ Value | ||||||
WARRANTS – 0.0% | ||||||||
Financials – 0.0% | ||||||||
Capital Markets – 0.0% | ||||||||
Pershing Square Tontine Holdings Ltd., expiring 07/24/2021(a) | 9,228 | $ | 8,674 | |||||
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SHORT-TERM INVESTMENTS – 46.0% | ||||||||
Investment Companies – 45.6% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - | 807,576,873 | 807,576,873 | ||||||
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Principal Amount (000) | ||||||||
U.S. Treasury Bills – 0.4% | ||||||||
U.S. Treasury Bill | U.S.$ | 7,000 | 6,998,406 | |||||
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Total Short-Term Investments | 814,575,279 | |||||||
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Total Investments Before Securities Sold Short – 98.2% | 1,739,026,242 | |||||||
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Shares | ||||||||
SECURITIES SOLD SHORT – (0.1)% | ||||||||
COMMON STOCKS – (0.1)% | ||||||||
Consumer Discretionary – (0.1)% | ||||||||
Hotels, Restaurants & Leisure – 0.0% | ||||||||
DraftKings, Inc.(a) | (11,566 | ) | (225,190 | ) | ||||
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Textiles, Apparel & Luxury Goods – (0.1)% | ||||||||
Rent the Runway, Inc.(a) | (146,955 | ) | (1,012,520 | ) | ||||
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(1,237,710 | ) | |||||||
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Real Estate – 0.0% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 0.0% | ||||||||
Acadia Realty Trust | (11,818 | ) | (256,096 | ) | ||||
Agree Realty Corp. | (2,238 | ) | (148,514 | ) | ||||
Chatham Lodging Trust(a) | (18,247 | ) | (251,626 | ) | ||||
Regency Centers Corp. | (3,971 | ) | (283,291 | ) | ||||
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(939,527 | ) | |||||||
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Health Care – 0.0% | ||||||||
Health Care Equipment & Supplies – 0.0% | ||||||||
Stryker Corp. | (630 | ) | (168,431 | ) | ||||
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Health Care Providers & Services – 0.0% | ||||||||
Laboratory Corp. of America Holdings(a) | (788 | ) | (207,764 | ) | ||||
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(376,195 | ) | |||||||
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4
Company | Shares | U.S. $ Value | ||||||
Financials – 0.0% | ||||||||
Banks – 0.0% | ||||||||
HSBC Holdings PLC | (19,563 | ) | $ | (134,498 | ) | |||
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Insurance – 0.0% | ||||||||
Lemonade, Inc.(a) | (2,332 | ) | (61,495 | ) | ||||
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(195,993 | ) | |||||||
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Industrials – 0.0% | ||||||||
Machinery – 0.0% | ||||||||
Snap-on, Inc. | (630 | ) | (129,452 | ) | ||||
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Total Securities Sold Short | (2,878,877 | ) | ||||||
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Total Investments, Net of Securities Sold Short – 98.1% | 1,736,147,365 | |||||||
Other assets less liabilities – 1.9% | 33,927,860 | |||||||
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Net Assets – 100.0% | $ | 1,770,075,225 | ||||||
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FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||
Sold Contracts | ||||||||||||||||
S&P 500 E-Mini Futures | 189 | June 2022 | $ | 42,815,588 | $ | (2,196,897 | ) |
(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) | Position, or a portion thereof, has been segregated to collateralize short sales. |
(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. |
(h) | As of March 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $60,873,624 and gross unrealized depreciation of investments was $(23,441,901), resulting in net unrealized appreciation of $37,431,723. |
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
5
AB Cap Fund, Inc.
AB Select US Long/Short Portfolio
March 31, 2022 (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 Portfolio’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.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2022:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 220,406,259 | $ | — | $ | 918,735 | $ | 221,324,994 | ||||||||
Financials | 140,513,288 | — | — | 140,513,288 | ||||||||||||
Health Care | 124,619,970 | — | — | 124,619,970 | ||||||||||||
Industrials | 123,671,396 | — | — | 123,671,396 | ||||||||||||
Communication Services | 91,687,426 | — | 5,185,628 | 96,873,054 | ||||||||||||
Consumer Discretionary | 86,682,315 | — | — | 86,682,315 | ||||||||||||
Energy | 69,901,935 | — | — | 69,901,935 | ||||||||||||
Consumer Staples | 38,643,335 | — | — | 38,643,335 | ||||||||||||
Utilities | 8,847,197 | — | — | 8,847,197 | ||||||||||||
Materials | 6,858,218 | — | — | 6,858,218 | ||||||||||||
Real Estate | 6,506,587 | — | — | 6,506,587 | ||||||||||||
Warrants | 8,674 | — | — | 8,674 |
6
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 807,576,873 | — | — | 807,576,873 | ||||||||||||
U.S. Treasury Bills | — | 6,998,406 | — | 6,998,406 | ||||||||||||
Liabilities: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | (1,237,710 | ) | — | — | (1,237,710 | ) | ||||||||||
Real Estate | (939,527 | ) | — | — | (939,527 | ) | ||||||||||
Health Care | (376,195 | ) | — | — | (376,195 | ) | ||||||||||
Financials | (61,495 | ) | (134,498 | ) | — | (195,993 | ) | |||||||||
Industrials | (129,452 | ) | — | — | (129,452 | ) | ||||||||||
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|
|
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|
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| |||||||||
Total Investments in Securities | 1,723,179,094 | 6,863,908 | 6,104,363 | 1,736,147,365 | ||||||||||||
Other Financial Instruments(a): | ||||||||||||||||
Assets | — | — | — | — | ||||||||||||
Liabilities: | ||||||||||||||||
Futures | (2,196,897 | ) | — | — | (2,196,897 | ) | ||||||||||
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Total | $ | 1,720,982,197 | $ | 6,863,908 | $ | 6,104,363 | $ | 1,733,950,468 | ||||||||
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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. |
A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2022 is as follows:
Fund | Market Value 06/30/2021 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 03/31/2022 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 408,365 | $ | 716,510 | $ | 317,298 | $ | 807,577 | $ | 95 | ||||||||||
Government Money Market Portfolio* | 5,144 | 25,101 | 30,245 | 0 | 0 | ** | ||||||||||||||
Total | $ | 413,509 | $ | 741,611 | $ | 347,543 | $ | 807,577 | $ | 95 |
* | Investments of cash collateral for securities lending transactions. |
** | Amount less than $500. |
7