AB Tax-Managed Wealth Appreciation Strategy
Portfolio of Investments
November 30, 2022 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 55.8% | ||||||||
Information Technology – 15.3% | ||||||||
Communications Equipment – 0.1% | ||||||||
Cisco Systems, Inc. | 14,232 | $ | 707,615 | |||||
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Electronic Equipment, Instruments & Components – 0.5% | ||||||||
CDW Corp./DE | 20,234 | 3,816,942 | ||||||
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IT Services – 2.5% | ||||||||
Genpact Ltd. | 21,759 | 1,003,308 | ||||||
PayPal Holdings, Inc.(a) | 37,084 | 2,907,756 | ||||||
Visa, Inc. - Class A | 62,787 | 13,624,779 | ||||||
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17,535,843 | ||||||||
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Semiconductors & Semiconductor Equipment – 2.6% | ||||||||
Advanced Micro Devices, Inc.(a) | 4,089 | 317,429 | ||||||
Analog Devices, Inc. | 5,100 | 876,741 | ||||||
KLA Corp. | 5,270 | 2,071,900 | ||||||
Micron Technology, Inc. | 13,989 | 806,466 | ||||||
NVIDIA Corp. | 30,472 | 5,156,777 | ||||||
NXP Semiconductors NV | 21,441 | 3,770,185 | ||||||
QUALCOMM, Inc. | 29,459 | 3,726,269 | ||||||
Texas Instruments, Inc. | 8,454 | 1,525,609 | ||||||
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18,251,376 | ||||||||
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Software – 6.8% | ||||||||
Adobe, Inc.(a) | 10,775 | 3,716,621 | ||||||
Autodesk, Inc.(a) | 11,903 | 2,403,811 | ||||||
Microsoft Corp. | 109,039 | 27,820,210 | ||||||
NortonLifeLock, Inc. | 190,908 | 4,383,248 | ||||||
Oracle Corp. | 95,384 | 7,919,734 | ||||||
ServiceNow, Inc.(a) | 4,631 | 1,927,885 | ||||||
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48,171,509 | ||||||||
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Technology Hardware, Storage & Peripherals – 2.8% | ||||||||
Apple, Inc. | 123,767 | 18,321,229 | ||||||
Western Digital Corp.(a) | 36,534 | 1,342,624 | ||||||
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19,663,853 | ||||||||
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108,147,138 | ||||||||
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Health Care – 9.0% | ||||||||
Biotechnology – 1.4% | ||||||||
Gilead Sciences, Inc. | 412 | 36,186 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 3,505 | 2,634,709 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 21,755 | 6,883,282 | ||||||
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9,554,177 | ||||||||
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Health Care Equipment & Supplies – 1.6% | ||||||||
Align Technology, Inc.(a) | 5,098 | 1,002,573 | ||||||
Edwards Lifesciences Corp.(a) | 45,491 | 3,514,180 | ||||||
Intuitive Surgical, Inc.(a) | 2,352 | 635,957 | ||||||
Medtronic PLC | 70,556 | 5,576,746 | ||||||
Zimmer Biomet Holdings, Inc. | 6,717 | 806,712 | ||||||
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11,536,168 | ||||||||
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1
Company | Shares | U.S. $ Value | ||||||
Health Care Providers & Services – 3.3% | ||||||||
Elevance Health, Inc. | 13,112 | $ | 6,987,647 | |||||
UnitedHealth Group, Inc. | 29,088 | 15,933,243 | ||||||
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22,920,890 | ||||||||
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Life Sciences Tools & Services – 0.6% | ||||||||
IQVIA Holdings, Inc.(a) | 20,468 | 4,462,433 | ||||||
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Pharmaceuticals – 2.1% | ||||||||
Johnson & Johnson | 15,937 | 2,836,786 | ||||||
Merck & Co., Inc. | 10,156 | 1,118,379 | ||||||
Organon & Co. | 1,015 | 26,410 | ||||||
Pfizer, Inc. | 8,730 | 437,635 | ||||||
Roche Holding AG (Sponsored ADR) | 160,588 | 6,571,261 | ||||||
Viatris, Inc. | 779 | 8,592 | ||||||
Zoetis, Inc. | 25,494 | 3,929,645 | ||||||
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14,928,708 | ||||||||
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63,402,376 | ||||||||
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Financials – 6.9% | ||||||||
Banks – 3.0% | ||||||||
Bank of America Corp. | 220,137 | 8,332,185 | ||||||
JPMorgan Chase & Co. | 7,890 | 1,090,240 | ||||||
PNC Financial Services Group, Inc. (The) | 19,148 | 3,221,843 | ||||||
Wells Fargo & Co. | 183,945 | 8,820,163 | ||||||
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21,464,431 | ||||||||
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Capital Markets – 2.5% | ||||||||
Charles Schwab Corp. (The) | 42,741 | 3,527,842 | ||||||
Goldman Sachs Group, Inc. (The) | 22,032 | 8,507,657 | ||||||
LPL Financial Holdings, Inc. | 21,016 | 4,974,697 | ||||||
S&P Global, Inc. | 957 | 337,630 | ||||||
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17,347,826 | ||||||||
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Insurance – 1.4% | ||||||||
Progressive Corp. (The) | 37,894 | 5,007,692 | ||||||
Willis Towers Watson PLC | 18,936 | 4,661,286 | ||||||
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9,668,978 | ||||||||
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48,481,235 | ||||||||
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Consumer Discretionary – 5.6% | ||||||||
Auto Components – 0.2% | ||||||||
Goodyear Tire & Rubber Co. (The)(a) | 121,686 | 1,365,317 | ||||||
Magna International, Inc. - Class A (United States) | 4,191 | 258,124 | ||||||
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1,623,441 | ||||||||
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Automobiles – 0.3% | ||||||||
Stellantis NV | 127,208 | 1,986,989 | ||||||
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Hotels, Restaurants & Leisure – 0.6% | ||||||||
Booking Holdings, Inc.(a) | 1,611 | 3,349,994 | ||||||
Starbucks Corp. | 8,298 | 848,055 | ||||||
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4,198,049 | ||||||||
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2
Company | Shares | U.S. $ Value | ||||||
Internet & Direct Marketing Retail – 1.6% | ||||||||
Amazon.com, Inc.(a) | 113,058 | $ | 10,914,620 | |||||
Etsy, Inc.(a) | 1,692 | 223,496 | ||||||
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11,138,116 | ||||||||
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Specialty Retail – 2.2% | ||||||||
AutoZone, Inc.(a) | 2,336 | 6,024,544 | ||||||
Home Depot, Inc. (The) | 29,596 | 9,588,808 | ||||||
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15,613,352 | ||||||||
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Textiles, Apparel & Luxury Goods – 0.7% | ||||||||
NIKE, Inc. - Class B | 47,114 | 5,167,935 | ||||||
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39,727,882 | ||||||||
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Communication Services – 5.3% | ||||||||
Diversified Telecommunication Services – 0.8% | ||||||||
Comcast Corp. - Class A | 145,918 | 5,346,435 | ||||||
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Entertainment – 0.7% | ||||||||
Electronic Arts, Inc. | 1,749 | 228,734 | ||||||
Walt Disney Co. (The)(a) | 45,057 | 4,409,729 | ||||||
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4,638,463 | ||||||||
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Interactive Media & Services – 3.0% | ||||||||
Alphabet, Inc. - Class A(a) | 12,280 | 1,240,157 | ||||||
Alphabet, Inc. - Class C(a) | 151,620 | 15,381,849 | ||||||
Meta Platforms, Inc. - Class A(a) | 38,494 | 4,546,142 | ||||||
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21,168,148 | ||||||||
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Wireless Telecommunication Services – 0.8% | ||||||||
T-Mobile US, Inc.(a) | 39,055 | 5,915,270 | ||||||
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37,068,316 | ||||||||
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Industrials – 5.1% | ||||||||
Aerospace & Defense – 0.9% | ||||||||
Raytheon Technologies Corp. | 67,748 | 6,688,083 | ||||||
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Building Products – 0.4% | ||||||||
Otis Worldwide Corp. | 36,388 | 2,841,539 | ||||||
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Construction & Engineering – 0.8% | ||||||||
AECOM | 66,087 | 5,617,395 | ||||||
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Electrical Equipment – 1.1% | ||||||||
Eaton Corp. PLC | 32,989 | 5,392,052 | ||||||
Regal Rexnord Corp. | 19,008 | 2,492,139 | ||||||
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7,884,191 | ||||||||
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Machinery – 0.1% | ||||||||
Ingersoll Rand, Inc. | 10,221 | 551,627 | ||||||
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Professional Services – 0.5% | ||||||||
Booz Allen Hamilton Holding Corp. | 20,495 | 2,180,668 | ||||||
Robert Half International, Inc. | 13,388 | 1,054,707 | ||||||
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3,235,375 | ||||||||
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3
Company | Shares | U.S. $ Value | ||||||
Road & Rail – 1.3% | ||||||||
CSX Corp. | 161,298 | $ | 5,272,831 | |||||
Knight-Swift Transportation Holdings, Inc. | 61,662 | 3,417,925 | ||||||
Norfolk Southern Corp. | 3,002 | 770,013 | ||||||
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9,460,769 | ||||||||
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36,278,979 | ||||||||
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Consumer Staples – 3.3% | ||||||||
Beverages – 1.0% | ||||||||
Coca-Cola Co. (The) | 65,065 | 4,138,785 | ||||||
Constellation Brands, Inc. - Class A | 10,435 | 2,685,447 | ||||||
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6,824,232 | ||||||||
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Food & Staples Retailing – 1.6% | ||||||||
Costco Wholesale Corp. | 7,999 | 4,313,461 | ||||||
Walmart, Inc. | 46,273 | 7,052,930 | ||||||
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11,366,391 | ||||||||
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Household Products – 0.7% | ||||||||
Procter & Gamble Co. (The) | 34,119 | 5,089,190 | ||||||
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23,279,813 | ||||||||
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Energy – 2.2% | ||||||||
Energy Equipment & Services – 0.5% | ||||||||
Baker Hughes Co. | 115,842 | 3,361,735 | ||||||
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Oil, Gas & Consumable Fuels – 1.7% |
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Chevron Corp. | 26,222 | 4,806,755 | ||||||
EOG Resources, Inc. | 49,061 | 6,963,227 | ||||||
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11,769,982 | ||||||||
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15,131,717 | ||||||||
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Utilities – 1.2% | ||||||||
Electric Utilities – 1.2% | ||||||||
American Electric Power Co., Inc. | 53,822 | 5,209,970 | ||||||
Edison International | 4,800 | 319,968 | ||||||
NextEra Energy, Inc. | 37,269 | 3,156,684 | ||||||
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8,686,622 | ||||||||
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Real Estate – 1.0% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 1.0% | ||||||||
American Tower Corp. | 11,596 | 2,565,615 | ||||||
Mid-America Apartment Communities, Inc. | 14,408 | 2,375,591 | ||||||
Prologis, Inc. | 15,294 | 1,801,480 | ||||||
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6,742,686 | ||||||||
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Real Estate Management & Development – 0.0% | ||||||||
CBRE Group, Inc. - Class A(a) | 450 | 35,820 | ||||||
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6,778,506 | ||||||||
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Materials – 0.9% | ||||||||
Chemicals – 0.9% | ||||||||
Linde PLC | 13,474 | 4,533,731 | ||||||
LyondellBasell Industries NV - Class A | 18,088 | 1,537,661 | ||||||
Westlake Corp. | 1,866 | 200,875 | ||||||
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6,272,267 | ||||||||
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Total Common Stocks | 393,254,851 | |||||||
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4
Company | Shares | U.S. $ Value | ||||||
INVESTMENT COMPANIES – 43.5% | ||||||||
Funds and Investment Trusts – 43.5%(b) (c) | ||||||||
AB Discovery Growth Fund, Inc. - Class Z | 1,710,828 | $ | 17,142,492 | |||||
AB Discovery Value Fund - Class Z | 1,049,928 | 23,077,422 | ||||||
AB International Small Cap Portfolio - Class Z | 3,561,321 | 37,073,353 | ||||||
Bernstein International Strategic Equities Portfolio - Class Z | 17,558,302 | 196,828,570 | ||||||
Bernstein Small Cap Core Portfolio - Class Z | 1,195,188 | 15,848,189 | ||||||
Sanford C Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z | 685,861 | 16,892,746 | ||||||
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Total Investment Companies | 306,862,772 | |||||||
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SHORT-TERM INVESTMENTS – 0.8% | ||||||||
Investment Companies – 0.8% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.50%(b) (c) (d) | 6,103,924 | 6,103,924 | ||||||
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Total Investments – 100.1% | 706,221,547 | |||||||
Other assets less liabilities – (0.1)% | (1,056,210 | ) | ||||||
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Net Assets – 100.0% | $ | 705,165,337 | ||||||
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(a) | Non-income producing security. |
(b) | Affiliated investments. |
(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) | The rate shown represents the 7-day yield as of period end. |
(e) | As of November 30, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $184,496,976 and gross unrealized depreciation of investments was $(34,367,796), resulting in net unrealized appreciation of $150,129,180. |
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:
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
5
AB Tax-Managed Wealth Appreciation Strategy
November 30, 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 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.
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of November 30, 2022:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks(a) | $ | 393,254,851 | $ | — | $ | — | $ | 393,254,851 | ||||||||
Investment Companies | 306,862,772 | — | — | 306,862,772 | ||||||||||||
Short-Term Investments | 6,103,924 | — | — | 6,103,924 | ||||||||||||
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|
|
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Total Investments in Securities | 706,221,547 | — | — | 706,221,547 | ||||||||||||
Other Financial Instruments(b) | — | — | — | — | ||||||||||||
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|
|
|
|
|
|
| |||||||||
Total | $ | 706,221,547 | $ | — | $ | — | $ | 706,221,547 | ||||||||
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|
|
|
|
|
|
(a) | See Portfolio of Investments for sector classifications. |
(b) | 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 November 30, 2022 is as follows:
Distributions | ||||||||||||||||||||||||||||||||
Affiliated Issuer | Market Value 08/31/2022 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Realized Gain (Loss) (000) | Change in Unrealized Appr (Depr) (000) | Market Value 11/30/2022 (000) | Dividend Income (000) | Realized Gains (000) | ||||||||||||||||||||||||
AB Discovery Growth Fund, Inc. | $ | 17,211 | $ | 0 | $ | 0 | $ | 0 | $ | (69 | ) | $ | 17,142 | $ | 0 | $ | 0 | |||||||||||||||
AB Trust - AB Discovery Value Fund | 22,311 | 0 | 0 | 0 | 766 | 23,077 | 0 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc. - International Small Cap Portfolio | 35,898 | 0 | 0 | 0 | 1,175 | 37,073 | 0 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc. - International Strategic Equities Portfolio | 188,928 | 0 | 0 | 0 | 7,901 | 196,829 | 0 | 0 | ||||||||||||||||||||||||
Bernstein Fund, Inc. - Small Cap Core Portfolio | 15,071 | 0 | 0 | 0 | 777 | 15,848 | 0 | 0 | ||||||||||||||||||||||||
Government Money Market Portfolio | 7,145 | 20,427 | 21,468 | 0 | 0 | 6,104 | 29 | 0 | ||||||||||||||||||||||||
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio | 16,927 | 0 | 0 | 0 | (34 | ) | 16,893 | 0 | 0 | |||||||||||||||||||||||
Total | $ | 303,491 | $ | 20,427 | $ | 21,468 | $ | 0 | $ | 10,516 | $ | 312,966 | $ | 29 | $ | 0 |
7