AB Cap Fund, Inc.
AB International Strategic Core Portfolio
Portfolio of Investments
March 31, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 97.2% | ||||||||
Financials – 19.3% | ||||||||
Banks – 10.7% | ||||||||
Bank Leumi Le-Israel BM | 1,065,450 | $ | 7,018,183 | |||||
DBS Group Holdings Ltd. | 571,400 | 12,251,611 | ||||||
Hang Seng Bank Ltd. | 183,500 | 3,563,237 | ||||||
KBC Group NV(a) | 119,970 | 8,729,188 | ||||||
Oversea-Chinese Banking Corp., Ltd. | 1,122,280 | 9,818,836 | ||||||
Royal Bank of Canada | 142,859 | 13,171,857 | ||||||
Toronto-Dominion Bank (The) | 121,780 | 7,942,300 | ||||||
Westpac Banking Corp. | 164,130 | 3,044,440 | ||||||
|
| |||||||
65,539,652 | ||||||||
|
| |||||||
Capital Markets – 4.2% | ||||||||
Euronext NV(b) | 27,931 | 2,811,248 | ||||||
Partners Group Holding AG | 12,041 | 15,387,505 | ||||||
Singapore Exchange Ltd. | 1,043,600 | 7,740,096 | ||||||
|
| |||||||
25,938,849 | ||||||||
|
| |||||||
Insurance – 4.4% | ||||||||
Admiral Group PLC | 74,850 | 3,199,157 | ||||||
Allianz SE (REG) | 25,470 | 6,478,425 | ||||||
Sampo Oyj - Class A | 156,740 | 7,067,437 | ||||||
Swiss Re AG | 41,390 | 4,070,421 | ||||||
Zurich Insurance Group AG | 15,360 | 6,538,009 | ||||||
|
| |||||||
27,353,449 | ||||||||
|
| |||||||
118,831,950 | ||||||||
|
| |||||||
Information Technology – 17.0% | ||||||||
IT Services – 5.6% | ||||||||
Amadeus IT Group SA - Class A(a) | 141,623 | 10,087,535 | ||||||
Capgemini SE | 65,100 | 11,068,754 | ||||||
Nomura Research Institute Ltd. | 182,200 | 5,660,565 | ||||||
Otsuka Corp. | 169,900 | 7,966,432 | ||||||
|
| |||||||
34,783,286 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 1.4% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 401,000 | 8,444,744 | ||||||
|
| |||||||
Software – 7.6% | ||||||||
Avast PLC(b) | 1,042,900 | 6,554,923 | ||||||
Check Point Software Technologies Ltd.(a) | 35,013 | 3,920,406 | ||||||
Constellation Software, Inc./Canada | 10,663 | 14,891,375 | ||||||
Nice Ltd.(a) | 14,278 | 3,104,063 | ||||||
Open Text Corp. | 77,010 | 3,671,870 | ||||||
Oracle Corp. Japan | 63,100 | 6,177,198 | ||||||
SAP SE | 66,723 | 8,184,022 | ||||||
|
| |||||||
46,503,857 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 2.4% | ||||||||
Logitech International SA | 55,320 | 5,801,640 |
1
Company | Shares | U.S. $ Value | ||||||
Samsung Electronics Co., Ltd. | 122,978 | $ | 8,896,797 | |||||
|
| |||||||
14,698,437 | ||||||||
|
| |||||||
104,430,324 | ||||||||
|
| |||||||
Industrials – 11.7% | ||||||||
Aerospace & Defense – 0.5% | ||||||||
BAE Systems PLC | 478,050 | 3,329,175 | ||||||
|
| |||||||
Air Freight & Logistics – 1.4% | ||||||||
Kuehne & Nagel International AG | 22,131 | 6,321,194 | ||||||
SG Holdings Co., Ltd. | 90,400 | 2,075,522 | ||||||
|
| |||||||
8,396,716 | ||||||||
|
| |||||||
Commercial Services & Supplies – 1.0% | ||||||||
Secom Co., Ltd. | 73,900 | 6,229,895 | ||||||
|
| |||||||
Electrical Equipment – 1.4% | ||||||||
Schneider Electric SE (Paris) | 55,688 | 8,483,241 | ||||||
|
| |||||||
Professional Services – 7.4% | ||||||||
Experian PLC | 100,580 | 3,465,082 | ||||||
Intertek Group PLC | 26,730 | 2,063,985 | ||||||
Intertrust NV(a) | 392,544 | 6,498,278 | ||||||
Meitec Corp. | 116,400 | 6,438,791 | ||||||
RELX PLC | 609,288 | 15,281,428 | ||||||
Wolters Kluwer NV | 137,990 | 11,985,103 | ||||||
|
| |||||||
45,732,667 | ||||||||
|
| |||||||
72,171,694 | ||||||||
|
| |||||||
Consumer Staples – 10.0% | ||||||||
Beverages – 0.7% | ||||||||
Diageo PLC | 110,840 | 4,553,475 | ||||||
|
| |||||||
Food & Staples Retailing – 1.8% | ||||||||
Koninklijke Ahold Delhaize NV | 394,340 | 10,999,266 | ||||||
|
| |||||||
Food Products – 4.5% | ||||||||
Calbee, Inc. | 99,000 | 2,523,633 | ||||||
Morinaga & Co., Ltd./Japan | 86,000 | 3,077,220 | ||||||
Nestle SA (REG) | 103,175 | 11,501,577 | ||||||
Salmar ASA | 150,700 | 10,394,826 | ||||||
|
| |||||||
27,497,256 | ||||||||
|
| |||||||
Tobacco – 3.0% | ||||||||
Philip Morris International, Inc. | 87,900 | 7,800,246 | ||||||
Swedish Match AB | 136,460 | 10,645,406 | ||||||
|
| |||||||
18,445,652 | ||||||||
|
| |||||||
61,495,649 | ||||||||
|
| |||||||
Consumer Discretionary – 9.5% | ||||||||
Hotels, Restaurants & Leisure – 3.2% | ||||||||
Aristocrat Leisure Ltd. | 389,627 | 10,222,112 | ||||||
Compass Group PLC(a) | 473,420 | 9,564,874 | ||||||
|
| |||||||
19,786,986 | ||||||||
|
|
2
Company | Shares | U.S. $ Value | ||||||
Household Durables – 1.5% | ||||||||
Sony Corp. | 87,400 | $ | 9,249,845 | |||||
|
| |||||||
Leisure Products – 1.0% | ||||||||
Bandai Namco Holdings, Inc. | 87,200 | 6,233,705 | ||||||
|
| |||||||
Specialty Retail – 1.9% | ||||||||
Hikari Tsushin, Inc. | 33,500 | 6,754,164 | ||||||
Nitori Holdings Co., Ltd. | 26,600 | 5,152,534 | ||||||
|
| |||||||
11,906,698 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods – 1.9% | ||||||||
adidas AG(a) | 10,050 | 3,139,529 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 5,560 | 3,713,811 | ||||||
Pandora A/S(a) | 44,120 | 4,718,608 | ||||||
|
| |||||||
11,571,948 | ||||||||
|
| |||||||
58,749,182 | ||||||||
|
| |||||||
Health Care – 9.4% | ||||||||
Health Care Equipment & Supplies – 0.6% | ||||||||
ConvaTec Group PLC(b) | 1,507,800 | 4,076,239 | ||||||
|
| |||||||
Health Care Providers & Services – 0.5% | ||||||||
Galenica AG(b) | 48,850 | 3,045,827 | ||||||
|
| |||||||
Pharmaceuticals – 8.3% | ||||||||
Astellas Pharma, Inc. | 146,100 | 2,250,568 | ||||||
GlaxoSmithKline PLC | 481,271 | 8,519,855 | ||||||
Novo Nordisk A/S - Class B | 131,390 | 8,853,536 | ||||||
Roche Holding AG | 64,132 | 20,775,138 | ||||||
Sanofi | 106,561 | 10,537,194 | ||||||
|
| |||||||
50,936,291 | ||||||||
|
| |||||||
58,058,357 | ||||||||
|
| |||||||
Communication Services – 9.4% | ||||||||
Diversified Telecommunication Services – 3.7% | ||||||||
HKT Trust & HKT Ltd. - Class SS | 3,532,000 | 5,041,439 | ||||||
Nippon Telegraph & Telephone Corp. | 526,600 | 13,587,291 | ||||||
TELUS Corp. | 219,910 | 4,380,001 | ||||||
|
| |||||||
23,008,731 | ||||||||
|
| |||||||
Entertainment – 1.0% | ||||||||
Ubisoft Entertainment SA(a) | 81,290 | 6,178,503 | ||||||
|
| |||||||
Interactive Media & Services – 3.0% | ||||||||
Auto Trader Group PLC(a) | 1,377,330 | 10,531,106 | ||||||
Kakaku.com, Inc. | 285,200 | 7,806,609 | ||||||
|
| |||||||
18,337,715 | ||||||||
|
| |||||||
Media – 1.7% | ||||||||
Cogeco Communications, Inc. | 51,708 | 4,855,211 | ||||||
Informa PLC(a) | 733,030 | 5,659,849 | ||||||
|
| |||||||
10,515,060 | ||||||||
|
| |||||||
58,040,009 | ||||||||
|
|
3
Company | Shares | U.S. $ Value | ||||||
Utilities – 4.1% | ||||||||
Electric Utilities – 3.8% | ||||||||
EDP - Energias de Portugal SA | 1,938,980 | $ | 11,074,826 | |||||
Enel SpA | 1,251,563 | 12,449,743 | ||||||
|
| |||||||
23,524,569 | ||||||||
|
| |||||||
Gas Utilities – 0.3% | ||||||||
Tokyo Gas Co., Ltd. | 69,700 | 1,552,828 | ||||||
|
| |||||||
25,077,397 | ||||||||
|
| |||||||
Real Estate – 2.8% | ||||||||
Equity Real Estate Investment Trusts (REITs) – 1.9% | ||||||||
Merlin Properties Socimi SA | 537,100 | 5,498,224 | ||||||
Nippon Building Fund, Inc. | 1,014 | 5,975,283 | ||||||
|
| |||||||
11,473,507 | ||||||||
|
| |||||||
Real Estate Management & Development – 0.9% | ||||||||
Vonovia SE | 86,030 | 5,621,998 | ||||||
|
| |||||||
17,095,505 | ||||||||
|
| |||||||
Materials – 2.2% | ||||||||
Chemicals – 2.2% | ||||||||
Akzo Nobel NV | 94,360 | 10,534,907 | ||||||
Johnson Matthey PLC | 67,570 | 2,806,858 | ||||||
|
| |||||||
13,341,765 | ||||||||
|
| |||||||
Energy – 1.8% | ||||||||
Oil, Gas & Consumable Fuels – 1.8% | ||||||||
Royal Dutch Shell PLC - Class B | 587,956 | 10,822,775 | ||||||
|
| |||||||
Total Common Stocks | 598,114,607 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS – 2.6% | ||||||||
Investment Companies – 2.6% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) | 15,909,100 | 15,909,100 | ||||||
|
| |||||||
Total Investments – 99.8% | 614,023,707 | |||||||
Other assets less liabilities – 0.2% | 1,159,847 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 615,183,554 | ||||||
|
|
FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
Purchased Contracts |
| |||||||||||||||||||
MSCI EAFE Futures | 33 | June 2021 | $ | 3,616,800 | $ | (35,640) |
4
FORWARD CURRENCY EXCHANGE CONTRACTS
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
Bank of America, NA | GBP | 958 | USD | 1,335 | 04/09/2021 | $ | 13,965 | |||||||||||||||||||||||
Bank of America, NA | JPY | 187,233 | USD | 1,716 | 05/20/2021 | 24,298 | ||||||||||||||||||||||||
Bank of America, NA | USD | 11,336 | JPY | 1,216,251 | 05/20/2021 | (346,969 | ) | |||||||||||||||||||||||
Bank of America, NA | USD | 1,489 | EUR | 1,252 | 05/27/2021 | (19,633 | ) | |||||||||||||||||||||||
Bank of America, NA | USD | 1,235 | AUD | 1,619 | 06/04/2021 | (5,207 | ) | |||||||||||||||||||||||
Bank of America, NA | USD | 2,186 | ILS | 7,198 | 06/23/2021 | (30,429 | ) | |||||||||||||||||||||||
Barclays Bank PLC | USD | 1,011 | GBP | 726 | 04/09/2021 | (9,999 | ) | |||||||||||||||||||||||
Barclays Bank PLC | USD | 27,626 | AUD | 36,288 | 06/04/2021 | (55,703 | ) | |||||||||||||||||||||||
BNP Paribas SA | USD | 3,856 | JPY | 411,820 | 05/20/2021 | (135,002 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | GBP | 1,847 | USD | 2,571 | 04/09/2021 | 24,740 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 5,232 | GBP | 3,813 | 04/09/2021 | 24,749 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 4,660 | GBP | 3,368 | 04/09/2021 | (17,132 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | NOK | 15,362 | USD | 1,823 | 04/15/2021 | 26,881 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 1,236 | SEK | 10,249 | 04/15/2021 | (62,436 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | CAD | 8,886 | USD | 7,102 | 04/22/2021 | 30,898 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | CAD | 14,941 | USD | 11,810 | 04/22/2021 | (80,062 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | CHF | 1,195 | USD | 1,346 | 05/06/2021 | 80,566 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | JPY | 389,304 | USD | 3,588 | 05/20/2021 | 70,218 | ||||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 10,623 | JPY | 1,152,427 | 05/20/2021 | (210,834 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | SGD | 1,598 | USD | 1,187 | 05/21/2021 | (854 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | USD | 1,501 | HKD | 11,644 | 05/21/2021 | (3,469 | ) | |||||||||||||||||||||||
Brown Brothers Harriman & Co. | EUR | 8,357 | USD | 9,936 | 05/27/2021 | 125,206 | ||||||||||||||||||||||||
Citibank, NA | KRW | 6,346,966 | USD | 5,823 | 04/22/2021 | 194,383 | ||||||||||||||||||||||||
Citibank, NA | TWD | 33,513 | USD | 1,213 | 04/27/2021 | 33,323 | ||||||||||||||||||||||||
Citibank, NA | CHF | 10,625 | USD | 11,963 | 05/06/2021 | 711,913 | ||||||||||||||||||||||||
Citibank, NA | SGD | 26,274 | USD | 19,531 | 05/21/2021 | 4,355 | ||||||||||||||||||||||||
Goldman Sachs Bank USA | GBP | 858 | USD | 1,187 | 04/09/2021 | 3,767 | ||||||||||||||||||||||||
Goldman Sachs Bank USA | USD | 1,381 | GBP | 1,010 | 04/09/2021 | 11,312 | ||||||||||||||||||||||||
Goldman Sachs Bank USA | CHF | 1,322 | USD | 1,426 | 05/06/2021 | 26,165 | ||||||||||||||||||||||||
Goldman Sachs Bank USA | SGD | 1,750 | USD | 1,301 | 05/21/2021 | (52 | ) | |||||||||||||||||||||||
Goldman Sachs Bank USA | USD | 42,968 | EUR | 35,990 | 05/27/2021 | (715,403 | ) | |||||||||||||||||||||||
HSBC Bank USA | ILS | 39,851 | USD | 12,083 | 06/23/2021 | 148,510 | ||||||||||||||||||||||||
JPMorgan Chase Bank, NA | NOK | 38,084 | USD | 4,496 | 04/15/2021 | 43,337 | ||||||||||||||||||||||||
JPMorgan Chase Bank, NA | TWD | 47,741 | USD | 1,722 | 04/27/2021 | 41,358 | ||||||||||||||||||||||||
JPMorgan Chase Bank, NA | JPY | 393,200 | USD | 3,681 | 05/20/2021 | 128,294 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 3,326 | GBP | 2,429 | 04/09/2021 | 22,627 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 2,588 | GBP | 1,859 | 04/09/2021 | (24,666 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 10,072 | SEK | 84,310 | 04/15/2021 | (417,219 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | CAD | 36,715 | USD | 28,946 | 04/22/2021 | (270,727 | ) | |||||||||||||||||||||||
Morgan Stanley Capital Services LLC | TWD | 102,314 | USD | 3,714 | 04/27/2021 | 111,010 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | CHF | 1,602 | USD | 1,805 | 05/06/2021 | 108,744 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | JPY | 219,832 | USD | 2,071 | 05/20/2021 | 84,413 | ||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 1,655 | JPY | 183,168 | 05/20/2021 | 223 |
5
Counterparty | Contracts to Deliver (000) | In Exchange For (000) | Settlement Date | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
Morgan Stanley Capital Services LLC | USD | 40,197 | JPY | 4,264,238 | 05/20/2021 | $ | (1,667,757 | ) | ||||||||||||||||||||||
Morgan Stanley Capital Services LLC | EUR | 834 | USD | 995 | 05/27/2021 | 15,644 | ||||||||||||||||||||||||
Royal Bank of Scotland PLC | GBP | 10,330 | USD | 14,130 | 04/09/2021 | (111,112 | ) | |||||||||||||||||||||||
Royal Bank of Scotland PLC | KRW | 1,414,499 | USD | 1,294 | 04/22/2021 | 39,471 | ||||||||||||||||||||||||
Royal Bank of Scotland PLC | KRW | 1,341,480 | USD | 1,178 | 04/22/2021 | (11,592 | ) | |||||||||||||||||||||||
Standard Chartered Bank | TWD | 33,510 | USD | 1,211 | 04/27/2021 | 30,602 | ||||||||||||||||||||||||
UBS AG | USD | 9,452 | HKD | 73,277 | 05/21/2021 | (25,140 | ) | |||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
$ | (2,040,425 | ) | ||||||||||||||||||||||||||||
|
|
(a) | Non-income producing security. |
(b) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate market value of these securities amounted to $16,488,237 or 2.7% of net assets. |
(c) | The rate shown represents the 7-day yield as of period end. |
(d) | Affiliated investments. |
(e) | 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. |
(f) | As of March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $91,617,790 and gross unrealized depreciation of investments was $(13,993,631), resulting in net unrealized appreciation of $77,624,159. |
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
HKD – Hong Kong Dollar
ILS – Israeli Shekel
JPY – Japanese Yen
KRW – South Korean Won
NOK – Norwegian Krone
SEK – Swedish Krona
SGD – Singapore Dollar
TWD – New Taiwan Dollar
USD – United States Dollar
Glossary:
EAFE – Europe, Australia, and Far East
MSCI – Morgan Stanley Capital International
REG – Registered Shares
REIT – Real Estate Investment Trust
6
COUNTRY BREAKDOWN1 | ||||||||
March 31, 2021 (unaudited) | ||||||||
16.1 | % | Japan | ||||||
14.7 | % | United Kingdom | ||||||
12.0 | % | Switzerland | ||||||
8.0 | % | Canada | ||||||
7.0 | % | Netherlands | ||||||
6.5 | % | France | ||||||
4.8 | % | Singapore | ||||||
3.8 | % | Germany | ||||||
2.5 | % | Spain | ||||||
2.3 | % | Israel | ||||||
2.2 | % | Denmark | ||||||
2.2 | % | Australia | ||||||
2.0 | % | Italy | ||||||
13.3 | % | Other | ||||||
2.6 | % | Short-Term | ||||||
|
| |||||||
100.0 | % | |||||||
|
| |||||||
1 All data are as of March 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.8% or less in the following: Belgium, Finland, Hong Kong, Norway, Portugal, South Korea, Sweden, Taiwan and United States. |
7
AB Cap Fund, Inc.
AB International Strategic Core Portfolio
March 31, 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) |
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 is 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. In addition, non-agency rated investments are 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 March 31, 2021:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks: | ||||||||||||||||
Financials | $ | 21,114,157 | $ | 97,717,793 | $ | -0- | $ | 118,831,950 | ||||||||
Information Technology | 22,483,651 | 81,946,673 | -0- | 104,430,324 | ||||||||||||
Industrials | -0- | 72,171,694 | -0- | 72,171,694 | ||||||||||||
Consumer Staples | 7,800,246 | 53,695,403 | -0- | 61,495,649 | ||||||||||||
Consumer Discretionary | -0- | 58,749,182 | -0- | 58,749,182 | ||||||||||||
Health Care | 4,076,239 | 53,982,118 | -0- | 58,058,357 | ||||||||||||
Communication Services | 9,235,212 | 48,804,797 | -0- | 58,040,009 | ||||||||||||
Utilities | -0- | 25,077,397 | -0- | 25,077,397 | ||||||||||||
Real Estate | -0- | 17,095,505 | -0- | 17,095,505 | ||||||||||||
Materials | -0- | 13,341,765 | -0- | 13,341,765 | ||||||||||||
Energy | -0- | 10,822,775 | -0- | 10,822,775 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 15,909,100 | -0- | -0- | 15,909,100 | ||||||||||||
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Total Investments in Securities | 80,618,605 | 533,405,102 | † | -0- | 614,023,707 | |||||||||||
Other Financial Instruments*: | ||||||||||||||||
Assets | ||||||||||||||||
Forward Currency Exchange Contracts | -0- | 2,180,972 | -0- | 2,180,972 | ||||||||||||
Liabilities | ||||||||||||||||
Futures | (35,640 | ) | -0- | -0- | (35,640 | ) | ||||||||||
Forward Currency Exchange Contracts | -0- | (4,221,397 | ) | -0- | (4,221,397 | ) | ||||||||||
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Total | $ | 80,582,965 | $ | 531,364,677 | $ | -0- | $ | 611,947,642 | ||||||||
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† | 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, 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, 2021 is as follows:
Fund | Market Value 6/30/20 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value 3/31/21 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 22,863 | $ | 114,973 | $ | 121,927 | $ | 15,909 | $ | 9 |
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