AB International Low Volatility Equity Portfolio
Portfolio of Investments
September 30, 2023 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 98.0% | ||||||||
Financials – 21.5% | ||||||||
Banks – 11.1% | ||||||||
Bank Leumi Le-Israel BM | 956,629 | $ | 7,926,485 | |||||
DBS Group Holdings Ltd. | 286,800 | 7,043,709 | ||||||
KBC Group NV | 60,172 | 3,746,105 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 743,200 | 6,297,992 | ||||||
Nordea Bank Abp | 614,622 | 6,738,551 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 1,139,880 | 10,660,219 | ||||||
Royal Bank of Canada | 111,078 | 9,707,314 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 303,800 | 14,924,493 | ||||||
Toronto-Dominion Bank (The) | 81,973 | 4,938,598 | ||||||
|
| |||||||
71,983,466 | ||||||||
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| |||||||
Capital Markets – 3.3% | ||||||||
Euronext NV(a) | 80,965 | 5,631,858 | ||||||
IG Group Holdings PLC | 376,073 | 2,944,132 | ||||||
London Stock Exchange Group PLC | 79,828 | 8,000,836 | ||||||
Singapore Exchange Ltd. | 734,200 | 5,223,111 | ||||||
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| |||||||
21,799,937 | ||||||||
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| |||||||
Insurance – 7.1% | ||||||||
AIA Group Ltd. | 606,800 | 4,907,281 | ||||||
AXA SA | 325,615 | 9,660,628 | ||||||
Medibank Pvt Ltd. | 2,128,317 | 4,697,478 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG) | 26,514 | 10,325,952 | ||||||
NN Group NV | 172,715 | 5,536,930 | ||||||
Sampo Oyj - Class A | 248,788 | 10,755,479 | ||||||
|
| |||||||
45,883,748 | ||||||||
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| |||||||
139,667,151 | ||||||||
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| |||||||
Industrials – 16.6% | ||||||||
Aerospace & Defense – 0.9% | ||||||||
BAE Systems PLC | 514,728 | 6,254,894 | ||||||
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| |||||||
Commercial Services & Supplies – 0.6% | ||||||||
Secom Co., Ltd. | 60,400 | 4,097,585 | ||||||
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| |||||||
Electrical Equipment – 3.3% | ||||||||
Prysmian SpA | 251,977 | 10,113,927 | ||||||
Schneider Electric SE | 68,109 | 11,223,831 | ||||||
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| |||||||
21,337,758 | ||||||||
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| |||||||
Ground Transportation – 1.1% | ||||||||
Canadian National Railway Co. | 64,608 | 6,996,643 | ||||||
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Industrial Conglomerates – 0.7% | ||||||||
Siemens AG (REG) | 31,300 | 4,473,044 | ||||||
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Machinery – 0.5% | ||||||||
ANDRITZ AG | 66,890 | 3,370,763 | ||||||
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| |||||||
Marine Transportation – 1.0% | ||||||||
Kuehne & Nagel International AG (REG) | 23,293 | 6,618,260 | ||||||
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| |||||||
Professional Services – 8.5% | ||||||||
Experian PLC | 268,925 | 8,795,883 | ||||||
MEITEC Group Holdings, Inc. | 603,600 | 10,916,289 |
1
Company | Shares | U.S. $ Value | ||||||
RELX PLC (London) | 486,211 | $ | 16,404,726 | |||||
Wolters Kluwer NV | 157,735 | 19,097,846 | ||||||
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| |||||||
55,214,744 | ||||||||
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| |||||||
108,363,691 | ||||||||
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| |||||||
Health Care – 14.1% | ||||||||
Health Care Equipment & Supplies – 0.5% | ||||||||
ConvaTec Group PLC(a) | 1,163,500 | 3,083,358 | ||||||
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| |||||||
Health Care Providers & Services – 2.5% | ||||||||
Fresenius SE & Co. KGaA | 218,749 | 6,794,394 | ||||||
Galenica AG(a) | 127,791 | 9,440,653 | ||||||
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| |||||||
16,235,047 | ||||||||
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| |||||||
Pharmaceuticals – 11.1% | ||||||||
Chugai Pharmaceutical Co., Ltd. | 331,300 | 10,215,320 | ||||||
Novartis AG (REG) | 99,744 | 10,186,719 | ||||||
Novo Nordisk A/S - Class B | 249,444 | 22,712,191 | ||||||
Roche Holding AG (Genusschein) | 40,707 | 11,113,057 | ||||||
Sanofi | 167,350 | 17,969,250 | ||||||
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72,196,537 | ||||||||
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91,514,942 | ||||||||
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Information Technology – 12.8% | ||||||||
IT Services – 4.7% | ||||||||
Amdocs Ltd. | 81,832 | 6,913,986 | ||||||
CGI, Inc.(b) | 48,199 | 4,750,879 | ||||||
Nomura Research Institute Ltd. | 311,000 | 8,083,425 | ||||||
Otsuka Corp. | 253,400 | 10,720,975 | ||||||
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30,469,265 | ||||||||
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Semiconductors & Semiconductor Equipment – 2.1% | ||||||||
ASML Holding NV | 11,461 | 6,747,668 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 400,000 | 6,522,498 | ||||||
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13,270,166 | ||||||||
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Software – 5.1% | ||||||||
Constellation Software, Inc./Canada | 8,849 | 18,268,519 | ||||||
Nice Ltd.(b) | 32,940 | 5,618,213 | ||||||
SAP SE | 73,552 | 9,520,719 | ||||||
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33,407,451 | ||||||||
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Technology Hardware, Storage & Peripherals – 0.9% | ||||||||
Logitech International SA (REG) | 87,240 | 6,001,977 | ||||||
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83,148,859 | ||||||||
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Communication Services – 8.6% | ||||||||
Diversified Telecommunication Services – 4.4% | ||||||||
BCE, Inc. | 208,334 | 7,952,967 | ||||||
Deutsche Telekom AG (REG) | 346,351 | 7,265,338 | ||||||
HKT Trust & HKT Ltd. - Class SS | 6,669,000 | 6,954,232 | ||||||
Telstra Group Ltd. | 2,635,966 | 6,512,532 | ||||||
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28,685,069 | ||||||||
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2
Company | Shares | U.S. $ Value | ||||||
Entertainment – 1.4% | ||||||||
GungHo Online Entertainment, Inc. | 372,800 | $ | 5,884,680 | |||||
Ubisoft Entertainment SA(b) | 99,779 | 3,233,521 | ||||||
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9,118,201 | ||||||||
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Interactive Media & Services – 1.6% | ||||||||
Auto Trader Group PLC(a) | 969,134 | 7,282,047 | ||||||
Kakaku.com, Inc. | 344,600 | 3,489,634 | ||||||
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10,771,681 | ||||||||
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Media – 1.2% | ||||||||
Informa PLC | 838,987 | 7,661,190 | ||||||
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56,236,141 | ||||||||
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Consumer Staples – 8.4% | ||||||||
Beverages – 0.6% | ||||||||
Heineken NV | 42,548 | 3,751,097 | ||||||
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Consumer Staples Distribution & Retail – 5.5% | ||||||||
Jeronimo Martins SGPS SA | 346,786 | 7,788,193 | ||||||
Koninklijke Ahold Delhaize NV | 467,476 | 14,089,581 | ||||||
Lawson, Inc. | 137,800 | 6,335,045 | ||||||
Loblaw Cos., Ltd. | 87,424 | 7,427,741 | ||||||
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35,640,560 | ||||||||
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Food Products – 0.9% | ||||||||
Nestle SA (REG) | 52,637 | 5,958,299 | ||||||
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Tobacco – 1.4% | ||||||||
Philip Morris International, Inc. | 100,070 | 9,264,480 | ||||||
|
| |||||||
54,614,436 | ||||||||
|
| |||||||
Consumer Discretionary – 6.5% | ||||||||
Automobiles – 1.6% | ||||||||
Honda Motor Co., Ltd. | 941,100 | 10,587,089 | ||||||
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Hotels, Restaurants & Leisure – 1.2% | ||||||||
Compass Group PLC | 308,037 | 7,498,112 | ||||||
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Leisure Products – 1.3% | ||||||||
Bandai Namco Holdings, Inc. | 411,800 | 8,376,211 | ||||||
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Specialty Retail – 1.2% | ||||||||
ZOZO, Inc.(c) | 444,700 | 8,142,984 | ||||||
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| |||||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,635 | 8,027,624 | ||||||
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| |||||||
42,632,020 | ||||||||
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Energy – 5.1% | ||||||||
Oil, Gas & Consumable Fuels – 5.1% | ||||||||
Equinor ASA | 354,110 | 11,604,911 | ||||||
Shell PLC | 681,151 | 21,588,550 | ||||||
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33,193,461 | ||||||||
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Materials – 1.7% | ||||||||
Metals & Mining – 1.7% | ||||||||
Endeavour Mining PLC | 174,530 | 3,369,114 | ||||||
Rio Tinto Ltd. | 103,113 | 7,437,322 | ||||||
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| |||||||
10,806,436 | ||||||||
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3
Company | Shares | U.S. $ Value | ||||||
Real Estate – 1.4% | ||||||||
Diversified REITs – 0.6% | ||||||||
Merlin Properties Socimi SA | 478,535 | $ | 4,026,316 | |||||
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Retail REITs – 0.8% | ||||||||
Link REIT | 1,032,134 | 5,046,654 | ||||||
|
| |||||||
9,072,970 | ||||||||
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Utilities – 1.3% | ||||||||
Electric Utilities – 1.3% | ||||||||
EDP - Energias de Portugal SA | 589,661 | 2,451,779 | ||||||
Enel SpA | 980,823 | 6,015,138 | ||||||
8,466,917 | ||||||||
|
| |||||||
Total Common Stocks | 637,717,024 | |||||||
|
| |||||||
WARRANTS – 0.0% | ||||||||
Information Technology – 0.0% | ||||||||
Software – 0.0% | ||||||||
Constellation Software, Inc., expiring 03/31/2040(b) | 9,807 | 0 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 1.4% | ||||||||
Investment Companies – 1.4% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(d) (e) (f) | 9,213,236 | 9,213,236 | ||||||
|
| |||||||
Total Investments – 99.4% | 646,930,260 | |||||||
Other assets less liabilities – 0.6% | 3,918,164 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 650,848,424 | ||||||
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FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Bank of America, NA | USD | 1,421 | EUR | 1,288 | 10/12/2023 | $ | (58,597 | ) | ||||||||||||||||||||||
Bank of America, NA | JPY | 386,459 | USD | 2,648 | 10/19/2023 | 54,974 | ||||||||||||||||||||||||
Bank of America, NA | USD | 5,496 | JPY | 808,131 | 10/19/2023 | (73,214 | ) | |||||||||||||||||||||||
Bank of America, NA | CAD | 1,815 | USD | 1,343 | 10/27/2023 | 5,926 | ||||||||||||||||||||||||
Barclays Bank PLC | JPY | 439,137 | USD | 2,979 | 10/19/2023 | 32,458 | ||||||||||||||||||||||||
Barclays Bank PLC | USD | 25,490 | AUD | 39,388 | 11/08/2023 | (132,325 | ) | |||||||||||||||||||||||
Barclays Bank PLC | SGD | 18,678 | USD | 13,726 | 11/16/2023 | 34,429 | ||||||||||||||||||||||||
Barclays Bank PLC | USD | 12,859 | SEK | 141,664 | 12/07/2023 | 146,045 | ||||||||||||||||||||||||
BNP Paribas SA | USD | 991 | CAD | 1,345 | 10/27/2023 | (414 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | EUR | 7,261 | USD | 7,904 | 10/12/2023 | 224,143 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 2,522 | EUR | 2,396 | 10/12/2023 | 12,345 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 3,212 | EUR | 2,943 | 10/12/2023 | (99,126 | ) |
4
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
Brown Brothers Harriman & Co. | JPY | 1,421,148 | USD | 9,654 | 10/19/2023 | $ | 118,007 | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 2,002 | JPY | 291,474 | 10/19/2023 | (46,410 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 7,489 | CAD | 10,117 | 10/27/2023 | (37,576 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 1,749 | AUD | 2,736 | 11/08/2023 | 12,194 | ||||||||||||||||||||||||
Citibank, NA | TWD | 195,064 | USD | 6,147 | 11/29/2023 | 72,767 | ||||||||||||||||||||||||
Deutsche Bank AG | ILS | 34,882 | USD | 9,463 | 10/18/2023 | 311,074 | ||||||||||||||||||||||||
Deutsche Bank AG | USD | 3,493 | CHF | 3,115 | 11/16/2023 | (73,008 | ) | |||||||||||||||||||||||
Goldman Sachs Bank USA | USD | 1,934 | EUR | 1,750 | 10/12/2023 | (83,268 | ) | |||||||||||||||||||||||
Goldman Sachs Bank USA | USD | 10,441 | CHF | 9,320 | 11/16/2023 | (209,297 | ) | |||||||||||||||||||||||
HSBC Bank USA | EUR | 921 | USD | 1,006 | 10/12/2023 | 32,291 | ||||||||||||||||||||||||
HSBC Bank USA | USD | 1,962 | EUR | 1,803 | 10/12/2023 | (54,847 | ) | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 3,546 | JPY | 517,907 | 10/19/2023 | (70,683 | ) | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | CAD | 91,924 | USD | 67,922 | 10/27/2023 | 220,306 | ||||||||||||||||||||||||
JPMorgan Chase Bank, NA | USD | 1,380 | CAD | 1,858 | 10/27/2023 | (11,820 | ) | |||||||||||||||||||||||
JPMorgan Chase Bank, NA | NOK | 62,568 | USD | 5,804 | 12/07/2023 | (56,077 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | EUR | 7,808 | USD | 8,426 | 10/12/2023 | 168,431 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 22,058 | EUR | 20,002 | 10/12/2023 | (902,519 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | JPY | 144,130 | USD | 967 | 10/19/2023 | (93 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 47,401 | JPY | 6,798,465 | 10/19/2023 | (1,780,490 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 1,978 | GBP | 1,609 | 11/17/2023 | (14,061 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 989 | TWD | 31,516 | 11/29/2023 | (7,785 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
$ (2,266,220 | ) | |||||||||||||||||||||||||||||
|
|
(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 September 30, 2023, the aggregate market value of these securities amounted to $25,437,916 or 3.9% of net assets. |
(b) | Non-income producing security. |
(c) | Represents entire or partial securities out on loan. |
(d) | 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. |
(e) | Affiliated investments. |
(f) | The rate shown represents the 7-day yield as of period end. |
(g) | As of September 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $89,252,219 and gross unrealized depreciation of investments was $(40,585,291), resulting in net unrealized appreciation of $48,666,928. |
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. |
Currency Abbreviations:
AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
EUR – Euro
GBP – Great British Pound
ILS – Israeli Shekel
5
JPY – Japanese Yen
NOK – Norwegian Krone
SEK – Swedish Krona
SGD – Singapore Dollar
TWD – New Taiwan Dollar
USD – United States Dollar
Glossary:
REG – Registered Shares
REIT – Real Estate Investment Trust
COUNTRY BREAKDOWN1
September 30, 2023 (unaudited)
16.7 | % | Japan | ||
13.0 | % | United Kingdom | ||
9.3 | % | Canada | ||
8.5 | % | Netherlands | ||
7.6 | % | Switzerland | ||
6.0 | % | France | ||
5.9 | % | Germany | ||
5.6 | % | United States | ||
3.6 | % | Singapore | ||
3.5 | % | Denmark | ||
2.9 | % | Australia | ||
2.7 | % | Finland | ||
2.6 | % | Hong Kong | ||
10.7 | % | Other | ||
1.4 | % | 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 2.5% or less in the following: Austria, Belgium, Israel, Italy, Norway, Portugal, Spain and Taiwan. |
6
AB International Low Volatility Equity Portfolio
September 30, 2023 (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.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of September 30, 2023:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Financials | $ | 14,645,912 | $ | 125,021,239 | $ | -0- | $ | 139,667,151 | ||||||||
Industrials | 6,996,643 | 101,367,048 | -0- | 108,363,691 | ||||||||||||
Health Care | -0- | 91,514,942 | -0- | 91,514,942 | ||||||||||||
Information Technology | 29,933,384 | 53,215,475 | -0- | 83,148,859 | ||||||||||||
Communication Services | 7,952,967 | 48,283,174 | -0- | 56,236,141 | ||||||||||||
Consumer Staples | 16,692,221 | 37,922,215 | -0- | 54,614,436 | ||||||||||||
Consumer Discretionary | -0- | 42,632,020 | -0- | 42,632,020 | ||||||||||||
Energy | -0- | 33,193,461 | -0- | 33,193,461 | ||||||||||||
Materials | -0- | 10,806,436 | -0- | 10,806,436 | ||||||||||||
Real Estate | -0- | 9,072,970 | -0- | 9,072,970 | ||||||||||||
Utilities | -0- | 8,466,917 | -0- | 8,466,917 | ||||||||||||
Fixed Income Securities: | ||||||||||||||||
Warrants | -0- | -0- | 0# | -0- | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 9,213,236 | -0- | -0- | 9,213,236 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 85,434,363 | 561,495,897 | † | -0- | 646,930,260 | |||||||||||
Other Financial Instruments*: | ||||||||||||||||
Assets | ||||||||||||||||
Forward Currency Exchange Contracts | -0- | 1,445,390 | -0- | 1,445,390 | ||||||||||||
Liabilities | ||||||||||||||||
Forward Currency Exchange Contracts | -0- | (3,711,610 | ) | -0- | (3,711,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 85,434,363 | $ | 559,229,677 | $ | -0- | $ | 644,664,040 | ||||||||
|
|
|
|
|
|
|
|
7
# | The Fund held securities with zero market value at period end. |
† | A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available. |
* | Other financial instruments 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, 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 September 30, 2023 is as follows:
Fund | Market Value 6/30/23 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 9/30/23 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 16,958 | $ | 39,543 | $ | 47,288 | $ | 9,213 | $ | 6 | ||||||||||
Government Money Market Portfolio* | 8,781 | 45,094 | 53,875 | -0- | 11 | |||||||||||||||
Total | $ | 9,213 | $ | 17 |
* | Investment of cash collateral for securities lending transactions. |
8