AB Global Core Equity Portfolio
Portfolio of Investments
September 30, 2023 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 99.4% | ||||||||
Financials – 18.5% | ||||||||
Banks – 2.9% | ||||||||
ABN AMRO Bank NV (GDR)(a) | 1,561,899 | $ | 22,073,624 | |||||
BNP Paribas SA | 477,334 | 30,351,891 | ||||||
Wells Fargo & Co. | 433,111 | 17,696,916 | ||||||
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70,122,431 | ||||||||
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Capital Markets – 8.5% | ||||||||
BlackRock, Inc. | 25,718 | 16,626,430 | ||||||
EQT AB | 1,076,516 | 21,210,580 | ||||||
Euronext NV(a) | 267,985 | 18,640,815 | ||||||
Goldman Sachs Group, Inc. (The) | 313,927 | 101,577,359 | ||||||
Julius Baer Group Ltd. | 805,883 | 51,582,884 | ||||||
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209,638,068 | ||||||||
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Consumer Finance – 2.5% | ||||||||
American Express Co. | 413,626 | 61,708,863 | ||||||
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Financial Services – 4.6% | ||||||||
PayPal Holdings, Inc.(b) | 546,237 | 31,933,015 | ||||||
Visa, Inc. - Class A | 349,208 | 80,321,332 | ||||||
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112,254,347 | ||||||||
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453,723,709 | ||||||||
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Information Technology – 17.7% | ||||||||
Electronic Equipment, Instruments & Components – 0.6% | ||||||||
Zebra Technologies Corp. - Class A(b) | 58,771 | 13,901,105 | ||||||
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IT Services – 2.0% | ||||||||
Akamai Technologies, Inc.(b) | 459,827 | 48,989,968 | ||||||
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Semiconductors & Semiconductor Equipment – 7.1% | ||||||||
Analog Devices, Inc. | 388,388 | 68,002,855 | ||||||
Applied Materials, Inc. | 106,333 | 14,721,804 | ||||||
Infineon Technologies AG | 1,355,786 | 44,904,647 | ||||||
QUALCOMM, Inc. | 426,474 | 47,364,202 | ||||||
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174,993,508 | ||||||||
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Software – 5.9% | ||||||||
Microsoft Corp. | 457,473 | 144,447,100 | ||||||
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Technology Hardware, Storage & Peripherals – 2.1% | ||||||||
Samsung Electronics Co., Ltd. | 1,039,907 | 52,571,598 | ||||||
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434,903,279 | ||||||||
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Health Care – 15.6% | ||||||||
Biotechnology – 0.6% | ||||||||
Alnylam Pharmaceuticals, Inc.(b) | 83,198 | 14,734,366 | ||||||
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Health Care Equipment & Supplies – 3.3% | ||||||||
Koninklijke Philips NV(b) | 946,964 | 18,894,066 | ||||||
Medtronic PLC | 785,422 | 61,545,668 | ||||||
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80,439,734 | ||||||||
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1
Company | Shares | U.S. $ Value | ||||||
Health Care Providers & Services – 4.2% | ||||||||
Elevance Health, Inc. | 238,127 | $ | 103,685,258 | |||||
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Life Sciences Tools & Services – 2.8% | ||||||||
Thermo Fisher Scientific, Inc. | 122,557 | 62,034,677 | ||||||
WuXi AppTec Co., Ltd. - Class A | 681,700 | 8,109,060 | ||||||
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70,143,737 | ||||||||
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Pharmaceuticals – 4.7% | ||||||||
AstraZeneca PLC (Sponsored ADR) | 274,547 | 18,592,323 | ||||||
Roche Holding AG (Genusschein) | 170,855 | 46,643,606 | ||||||
Sanofi | 243,859 | 26,184,423 | ||||||
Takeda Pharmaceutical Co., Ltd. | 772,800 | 23,954,108 | ||||||
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115,374,460 | ||||||||
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384,377,555 | ||||||||
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Consumer Discretionary – 13.7% | ||||||||
Broadline Retail – 3.0% | ||||||||
Alibaba Group Holding Ltd.(b) | 1,657,400 | 17,969,840 | ||||||
Alibaba Group Holding Ltd. (Sponsored ADR)(b) | 505,369 | 43,835,707 | ||||||
Prosus NV(b) | 443,431 | 13,066,151 | ||||||
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74,871,698 | ||||||||
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Diversified Consumer Services – 1.4% | ||||||||
Service Corp. International/US | 627,627 | 35,862,607 | ||||||
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Hotels, Restaurants & Leisure – 7.0% | ||||||||
Compass Group PLC | 1,223,371 | 29,778,801 | ||||||
Galaxy Entertainment Group Ltd. | 3,812,000 | 22,809,564 | ||||||
InterContinental Hotels Group PLC | 318,573 | 23,559,858 | ||||||
Starbucks Corp. | 625,069 | 57,050,048 | ||||||
Yum China Holdings, Inc. | 689,549 | 38,421,670 | ||||||
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171,619,941 | ||||||||
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Textiles, Apparel & Luxury Goods – 2.3% | ||||||||
Kering SA | 44,057 | 20,017,875 | ||||||
NIKE, Inc. - Class B | 372,355 | 35,604,585 | ||||||
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55,622,460 | ||||||||
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337,976,706 | ||||||||
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Consumer Staples – 8.6% | ||||||||
Beverages – 8.6% | ||||||||
Asahi Group Holdings Ltd. | 2,173,135 | 81,176,513 | ||||||
Carlsberg AS - Class B | 139,143 | 17,543,847 | ||||||
Coca-Cola Co. (The) | 2,022,532 | 113,221,341 | ||||||
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211,941,701 | ||||||||
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Industrials – 8.0% | ||||||||
Building Products – 3.5% | ||||||||
Otis Worldwide Corp. | 1,065,448 | 85,566,129 | ||||||
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Commercial Services & Supplies – 1.2% | ||||||||
Republic Services, Inc. | 203,740 | 29,034,987 | ||||||
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Ground Transportation – 1.0% | ||||||||
CSX Corp. | 775,116 | 23,834,817 | ||||||
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Company | Shares | U.S. $ Value | ||||||
Machinery – 1.2% | ||||||||
Deere & Co. | 37,630 | $ | 14,200,809 | |||||
Dover Corp. | 109,911 | 15,333,684 | ||||||
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29,534,493 | ||||||||
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Professional Services – 1.1% | ||||||||
RELX PLC (Amsterdam) | 84,570 | 2,858,824 | ||||||
RELX PLC (London) | 727,588 | 24,548,770 | ||||||
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27,407,594 | ||||||||
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195,378,020 | ||||||||
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Communication Services – 6.5% | ||||||||
Entertainment – 2.2% | ||||||||
Electronic Arts, Inc. | 319,887 | 38,514,395 | ||||||
Universal Music Group NV | 592,231 | 15,454,968 | ||||||
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53,969,363 | ||||||||
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Interactive Media & Services – 4.3% | ||||||||
Alphabet, Inc. - Class C(b) | 802,639 | 105,827,952 | ||||||
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159,797,315 | ||||||||
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Energy – 5.7% | ||||||||
Energy Equipment & Services – 1.3% | ||||||||
Schlumberger NV | 551,971 | 32,179,909 | ||||||
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Oil, Gas & Consumable Fuels – 4.4% | ||||||||
Cheniere Energy, Inc. | 230,945 | 38,327,632 | ||||||
Shell PLC | 2,227,216 | 70,589,876 | ||||||
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108,917,508 | ||||||||
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141,097,417 | ||||||||
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Materials – 2.9% | ||||||||
Chemicals – 2.0% | ||||||||
Linde PLC | 133,282 | 49,627,553 | ||||||
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Metals & Mining – 0.9% | ||||||||
Teck Resources Ltd. - Class B | 515,629 | 22,193,021 | ||||||
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71,820,574 | ||||||||
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Real Estate – 2.2% | ||||||||
Real Estate Management & Development – 2.2% | ||||||||
CBRE Group, Inc. - Class A(b) | 746,477 | 55,134,791 | ||||||
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Total Common Stocks | 2,446,151,067 | |||||||
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SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Investment Companies – 0.3% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(c) (d) (e) | 6,988,471 | 6,988,471 | ||||||
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3
Principal Amount (000) | U.S. $ Value | |||||||||||
Time Deposits – 0.1% | ||||||||||||
BBH, Grand Cayman | DKK | 1,772 | $ | 251,259 | ||||||||
2.81%, 10/02/2023 | SEK | 68 | 6,257 | |||||||||
Hong Kong & Shanghai Bank, Hong Kong | HKD | 1,932 | 246,651 | |||||||||
Royal Bank of Canada, Toronto | CAD | 384 | 282,734 | |||||||||
SEB, Stockholm | CHF | 227 | 248,085 | |||||||||
2.81%, 10/02/2023 | EUR | 234 | 247,228 | |||||||||
4.17%, 10/02/2023 | GBP | 223 | 271,979 | |||||||||
Sumitomo, Tokyo | JPY | 37,359 | 249,994 | |||||||||
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Total Time Deposits | 1,804,187 | |||||||||||
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Total Short-Term Investments | 8,792,658 | |||||||||||
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Total Investments – 99.8% | 2,454,943,725 | |||||||||||
Other assets less liabilities – 0.2% | 5,402,131 | |||||||||||
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Net Assets – 100.0% | $ | 2,460,345,856 | ||||||||||
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(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 $40,714,439 or 1.7% of net assets. |
(b) | Non-income producing security. |
(c) | 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. |
(d) | Affiliated investments. |
(e) | The rate shown represents the 7-day yield as of period end. |
(f) | 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 $368,448,648 and gross unrealized depreciation of investments was $(128,495,103), resulting in net unrealized appreciation of $239,953,545. |
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:
CAD – Canadian Dollar
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – Great British Pound
HKD – Hong Kong Dollar
JPY – Japanese Yen
SEK – Swedish Krona
4
Glossary:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
COUNTRY BREAKDOWN1
September 30, 2023 (unaudited)
65.9 | % | United States | ||
6.9 | % | United Kingdom | ||
5.0 | % | China | ||
4.3 | % | Japan | ||
4.0 | % | Switzerland | ||
3.1 | % | France | ||
3.1 | % | Netherlands | ||
2.1 | % | South Korea | ||
1.8 | % | Germany | ||
0.9 | % | Macau | ||
0.9 | % | Canada | ||
0.9 | % | Sweden | ||
0.7 | % | Denmark | ||
0.4 | % | Short-Term Investments | ||
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100.0 | % | Total Investments | ||
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1 | The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. |
5
AB Global Core 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) |
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 | $ | 309,863,915 | $ | 143,859,794 | $ | -0- | $ | 453,723,709 | ||||||||
Information Technology | 337,427,034 | 97,476,245 | -0- | 434,903,279 | ||||||||||||
Health Care | 260,592,292 | 123,785,263 | -0- | 384,377,555 | ||||||||||||
Consumer Discretionary | 210,774,617 | 127,202,089 | -0- | 337,976,706 | ||||||||||||
Consumer Staples | 113,221,341 | 98,720,360 | -0- | 211,941,701 | ||||||||||||
Industrials | 167,970,426 | 27,407,594 | -0- | 195,378,020 | ||||||||||||
Communication Services | 144,342,347 | 15,454,968 | -0- | 159,797,315 | ||||||||||||
Energy | 70,507,541 | 70,589,876 | -0- | 141,097,417 | ||||||||||||
Materials | 71,820,574 | -0- | -0- | 71,820,574 | ||||||||||||
Real Estate | 55,134,791 | -0- | -0- | 55,134,791 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 6,988,471 | -0- | -0- | 6,988,471 | ||||||||||||
Time Deposits | -0- | 1,804,187 | -0- | 1,804,187 | ||||||||||||
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Total Investments in Securities | 1,748,643,349 | 706,300,376 | -0- | 2,454,943,725 | ||||||||||||
Other Financial Instruments* | -0- | -0- | -0- | -0- | ||||||||||||
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Total | $ | 1,748,643,349 | $ | 706,300,376 | $ | -0- | $ | 2,454,943,725 | ||||||||
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* | 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. |
6
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 | $ | 6,412 | $ | 71,168 | $ | 70,592 | $ | 6,988 | $ | 23 | ||||||||||
Government Money Market Portfolio* | -0- | 42,162 | 42,162 | -0- | 6 | |||||||||||||||
Total | $ | 6,988 | $ | 29 |
* | Investment of cash collateral for securities lending transactions. |
7