AB Cap Fund, Inc.
AB All China Equity Portfolio
Portfolio of Investments
August 31, 2021 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 96.2% |
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Consumer Discretionary – 23.4% |
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Auto Components – 1.4% |
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Huayu Automotive Systems Co., Ltd. - Class A | 432,000 | $ | 1,551,912 | |||||
Nexteer Automotive Group Ltd. | 1,132,000 | 1,274,846 | ||||||
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2,826,758 | ||||||||
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Automobiles – 3.3% |
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Great Wall Motor Co., Ltd. - Class H | 1,406,500 | 6,487,232 | ||||||
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Diversified Consumer Services – 0.9% |
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Fu Shou Yuan International Group Ltd. | 1,911,000 | 1,723,764 | ||||||
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Hotels, Restaurants & Leisure – 5.3% |
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Galaxy Entertainment Group Ltd.(a) | 489,000 | 3,135,272 | ||||||
Jiumaojiu International Holdings Ltd.(b) | 896,000 | 3,007,241 | ||||||
Melco Resorts & Entertainment Ltd. (ADR)(a) | 63,840 | 878,438 | ||||||
Shenzhen Overseas Chinese Town Co., Ltd. - Class A | 1,143,400 | 1,193,154 | ||||||
Tongcheng-Elong Holdings Ltd.(a) (b) | 1,040,400 | 2,425,364 | ||||||
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10,639,469 | ||||||||
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Internet & Direct Marketing Retail – 5.6% |
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Alibaba Group Holding Ltd.(a) | 534,560 | 11,193,469 | ||||||
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Specialty Retail – 2.5% |
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China Tourism Group Duty Free Corp., Ltd. - Class A | 38,831 | 1,375,076 | ||||||
Topsports International Holdings Ltd.(b) | 1,071,000 | 1,412,136 | ||||||
Zhongsheng Group Holdings Ltd. | 271,500 | 2,270,011 | ||||||
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5,057,223 | ||||||||
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Textiles, Apparel & Luxury Goods – 4.4% |
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Li Ning Co., Ltd. | 426,000 | 5,712,567 | ||||||
Shenzhou International Group Holdings Ltd. | 61,000 | 1,322,244 | ||||||
Stella International Holdings Ltd.(a) | 1,222,000 | 1,643,485 | ||||||
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8,678,296 | ||||||||
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46,606,211 | ||||||||
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Materials – 12.5% |
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Chemicals – 5.2% |
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LB Group Co., Ltd. - Class A | 476,300 | 2,766,998 | ||||||
Luxi Chemical Group Co., Ltd. - Class A | 662,900 | 2,376,068 | ||||||
Shanghai Putailai New Energy Technology Co., Ltd. - Class A | 218,850 | 5,187,407 | ||||||
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10,330,473 | ||||||||
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Metals & Mining – 7.3% |
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Baoshan Iron & Steel Co., Ltd. - Class A | 3,160,279 | 4,988,364 | ||||||
Ganfeng Lithium Co., Ltd. - Class A | 64,400 | 2,197,723 | ||||||
Shandong Nanshan Aluminum Co., Ltd. - Class A | 3,908,800 | 3,493,912 | ||||||
Zijin Mining Group Co., Ltd. - Class A | 2,219,750 | 3,826,285 | ||||||
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14,506,284 | ||||||||
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24,836,757 | ||||||||
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Company | Shares | U.S. $ Value | ||||||
Financials – 12.4% |
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Banks – 9.0% |
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Bank of Hangzhou Co., Ltd. - Class A | 917,300 | $ | 1,901,380 | |||||
Bank of Nanjing Co., Ltd. - Class A | 1,295,000 | 1,880,806 | ||||||
China Construction Bank Corp. - Class H | 7,004,000 | 5,046,789 | ||||||
China Merchants Bank Co., Ltd. - Class H | 365,000 | 3,010,378 | ||||||
Industrial Bank Co., Ltd. - Class A | 1,212,300 | 3,472,600 | ||||||
Ping An Bank Co., Ltd. - Class A | 908,473 | 2,503,632 | ||||||
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17,815,585 | ||||||||
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Capital Markets – 2.6% |
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CITIC Securities Co., Ltd. - Class A | 441,610 | 1,757,206 | ||||||
GF Securities Co., Ltd. - Class H | 679,000 | 1,206,609 | ||||||
Hithink RoyalFlush Information Network Co., Ltd. - Class A | 54,600 | 978,301 | ||||||
Huatai Securities Co., Ltd. - Class H(b) | 880,800 | 1,263,439 | ||||||
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5,205,555 | ||||||||
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Insurance – 0.8% |
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Ping An Insurance Group Co. of China, Ltd. - Class A | 200,093 | 1,548,340 | ||||||
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24,569,480 | ||||||||
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Information Technology – 11.4% |
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Electronic Equipment, Instruments & Components – 6.5% |
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GoerTek, Inc. - Class A | 305,200 | 2,200,909 | ||||||
Kingboard Laminates Holdings Ltd. | 844,000 | 1,659,701 | ||||||
Lens Technology Co., Ltd. - Class A | 348,300 | 1,271,909 | ||||||
Luxshare Precision Industry Co., Ltd. - Class A | 553,110 | 2,897,880 | ||||||
Wuxi Lead Intelligent Equipment Co., Ltd. - Class A | 423,880 | 4,891,816 | ||||||
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12,922,215 | ||||||||
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IT Services – 2.5% |
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21Vianet Group, Inc. (ADR)(a) | 165,120 | 3,267,725 | ||||||
GDS Holdings Ltd.(a) | 247,540 | 1,790,814 | ||||||
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5,058,539 | ||||||||
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Semiconductors & Semiconductor Equipment – 1.5% |
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LONGi Green Energy Technology Co., Ltd. - Class A | 217,680 | 3,020,536 | ||||||
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Software – 0.9% |
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Shanghai Baosight Software Co., Ltd. - Class A | 161,130 | 1,754,447 | ||||||
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22,755,737 | ||||||||
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Communication Services – 8.3% |
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Entertainment – 1.9% |
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G-bits Network Technology Xiamen Co., Ltd. - Class A | 29,600 | 1,682,978 | ||||||
NetEase, Inc. | 114,100 | 2,184,308 | ||||||
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3,867,286 | ||||||||
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Company | Shares | U.S. $ Value | ||||||
Interactive Media & Services – 5.6% |
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Tencent Holdings Ltd. | 180,050 | $ | 11,120,392 | |||||
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Media – 0.8% |
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Chinese Universe Publishing and Media Group Co., Ltd. | 955,500 | 1,534,668 | ||||||
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16,522,346 | ||||||||
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Consumer Staples – 7.6% |
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Beverages – 4.6% |
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Anhui Yingjia Distillery Co., Ltd. Class A | 226,400 | 1,562,454 | ||||||
Kweichow Moutai Co., Ltd. - Class A | 18,063 | 4,364,241 | ||||||
Tsingtao Brewery Co., Ltd. - Class A | 146,455 | 1,958,483 | ||||||
Wuliangye Yibin Co., Ltd. - Class A | 41,936 | 1,313,316 | ||||||
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9,198,494 | ||||||||
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Food & Staples Retailing – 0.6% |
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Yixintang Pharmaceutical Group Co., Ltd. - Class A | 237,000 | 1,105,861 | ||||||
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Food Products – 1.4% |
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Tongwei Co., Ltd. - Class A | 301,687 | 2,854,674 | ||||||
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Personal Products – 1.0% |
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L’Occitane International SA | 575,750 | 1,957,470 | ||||||
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15,116,499 | ||||||||
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Industrials – 6.2% |
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Building Products – 1.1% |
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Zhuzhou Kibing Group Co., Ltd. - Class A | 502,500 | 2,122,066 | ||||||
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Electrical Equipment – 4.6% |
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Contemporary Amperex Technology Co., Ltd. - Class A | 69,349 | 5,327,926 | ||||||
NARI Technology Co., Ltd. - Class A | 260,680 | 1,413,101 | ||||||
TBEA Co., Ltd. - Class A | 657,566 | 2,498,497 | ||||||
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9,239,524 | ||||||||
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Road & Rail – 0.5% |
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Daqin Railway Co., Ltd. - Class A | 974,237 | 916,103 | ||||||
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12,277,693 | ||||||||
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Health Care – 5.4% |
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Health Care Equipment & Supplies – 0.7% |
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Shenzhen Mindray Bio-Medical Electronics Co., Ltd. | 28,600 | 1,456,824 | ||||||
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Health Care Providers & Services – 1.2% |
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Aier Eye Hospital Group Co., Ltd. - Class A | 120,250 | 787,472 | ||||||
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H | 778,800 | 1,545,006 | ||||||
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2,332,478 | ||||||||
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Life Sciences Tools & Services – 1.7% |
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Maccura Biotechnology Co., Ltd. | 327,100 | 1,437,548 | ||||||
Wuxi Biologics Cayman, Inc.(a) (b) | 120,500 | 1,865,576 | ||||||
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3,303,124 | ||||||||
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Company | Shares | U.S. $ Value | ||||||
Pharmaceuticals – 1.8% |
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Jiangsu Hengrui Medicine Co., Ltd. - Class A | 167,492 | $ | 1,173,687 | |||||
Livzon Pharmaceutical Group, Inc. - Class A | 203,675 | 1,243,835 | ||||||
Yunnan Baiyao Group Co., Ltd. - Class A | 91,603 | 1,258,805 | ||||||
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3,676,327 | ||||||||
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10,768,753 | ||||||||
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Utilities – 4.4% |
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Gas Utilities – 3.2% |
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ENN Energy Holdings Ltd. | 70,000 | 1,385,135 | ||||||
Kunlun Energy Co., Ltd. | 4,724,000 | 4,996,297 | ||||||
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6,381,432 | ||||||||
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Independent Power and Renewable Electricity Producers – 1.2% |
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China Longyuan Power Group Corp., Ltd. - Class H | 1,164,000 | 2,372,406 | ||||||
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8,753,838 | ||||||||
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Real Estate – 3.5% |
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Real Estate Management & Development – 3.5% |
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China Resources Land Ltd. | 312,000 | 1,158,868 | ||||||
CIFI Holdings Group Co., Ltd. | 3,567,083 | 2,397,874 | ||||||
KWG Living Group Holdings Ltd.(b) | 1,680,600 | 1,409,901 | ||||||
Midea Real Estate Holding Ltd.(b) (c) | 788,400 | 1,562,312 | ||||||
Times Neighborhood Holdings Ltd.(b) | 695,000 | 437,027 | ||||||
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6,965,982 | ||||||||
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Energy – 1.1% |
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Oil, Gas & Consumable Fuels – 1.1% |
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PetroChina Co., Ltd. - Class H | 5,134,000 | 2,242,634 | ||||||
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Total Common Stocks | 191,415,930 | |||||||
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SHORT-TERM INVESTMENTS – 3.7% |
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Investment Companies – 3.7% |
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AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(d) (e) (f) | 7,355,970 | 7,355,970 | ||||||
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Total Investments – 99.9% |
| 198,771,900 | ||||||
Other assets less liabilities – 0.1% | 230,931 | |||||||
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Net Assets – 100.0% | $ | 199,002,831 | ||||||
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(a) | Non-income producing security. |
(b) | 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 August 31, 2021, the aggregate market value of these securities amounted to $13,382,996 or 6.7% of net assets. |
(c) | Represents entire or partial securities out on loan. |
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(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 August 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $36,083,504 and gross unrealized depreciation of investments was $(11,957,458), resulting in net unrealized appreciation of $24,126,046. |
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
COUNTRY BREAKDOWN1
August 31, 2021 (unaudited)
91.6 | % | China | ||||
2.1 | % | Hong Kong | ||||
1.6 | % | Macau | ||||
1.0 | % | Luxembourg | ||||
3.7 | % | Short-Term | ||||
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100.0 | % | Total Investments | ||||
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1 | All data are as of August 31, 2021. The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. |
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AB All China Equity Portfolio
August 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) |
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 August 31, 2021:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
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Common Stocks: | ||||||||||||||||
Consumer Discretionary | $ | 2,521,923 | $ | 44,084,288 | $ | -0- | $ | 46,606,211 | ||||||||
Materials | -0- | 24,836,757 | -0- | 24,836,757 | ||||||||||||
Financials | -0- | 24,569,480 | -0- | 24,569,480 | ||||||||||||
Information Technology | 3,267,725 | 19,488,012 | -0- | 22,755,737 | ||||||||||||
Communication Services | -0- | 16,522,346 | -0- | 16,522,346 | ||||||||||||
Consumer Staples | -0- | 15,116,499 | -0- | 15,116,499 | ||||||||||||
Industrials | -0- | 12,277,693 | -0- | 12,277,693 | ||||||||||||
Health Care | -0- | 10,768,753 | -0- | 10,768,753 | ||||||||||||
Utilities | -0- | 8,753,838 | -0- | 8,753,838 | ||||||||||||
Real Estate | -0- | 6,965,982 | -0- | 6,965,982 | ||||||||||||
Energy | -0- | 2,242,634 | -0- | 2,242,634 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Investment Companies | 7,355,970 | -0- | -0- | 7,355,970 | ||||||||||||
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Total Investments in Securities | 13,145,618 | 185,626,282 | + | -0- | 198,771,900 | |||||||||||
Other Financial Instruments* | -0- | -0- | -0- | -0- | ||||||||||||
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Total | $ | 13,145,618 | $ | 185,626,282 | $ | -0- | $ | 198,771,900 | ||||||||
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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. |
6
A summary of the Fund’s transactions in AB mutual funds for the nine months ended August 31, 2021 is as follows:
Fund | Market Value 11/30/20 (000) | Purchases at Cost (000) | Sales Proceeds (000) | Market Value (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 4,210 | $ | 49,556 | $ | 46,410 | $ | 7,356 | $ | 0 | * | |||||||||
Government Money Market Portfolio** | 3,221 | 5,240 | 8,461 | -0- | 0 | * | ||||||||||||||
Total | $ | 7,356 | $ | 0 | * |
* | Amount is less than $500. |
** | Investments of cash collateral for securities lending transactions. |
7