AB Select US Long/Short Portfolio
Portfolio of Investments
March 31, 2024 (unaudited)
Company | Shares | U.S. $ Value | ||||||
COMMON STOCKS – 77.6% | ||||||||
Information Technology – 19.6% | ||||||||
Communications Equipment – 1.1% | ||||||||
Motorola Solutions, Inc. | 44,507 | $ | 15,799,095 | |||||
|
| |||||||
IT Services – 0.7% | ||||||||
International Business Machines Corp. | 48,860 | 9,330,305 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment – 6.6% | ||||||||
Advanced Micro Devices, Inc.(a) | 34,035 | 6,142,977 | ||||||
Applied Materials, Inc. | 38,813 | 8,004,405 | ||||||
Broadcom, Inc. | 15,217 | 20,168,764 | ||||||
NVIDIA Corp. | 50,921 | 46,010,179 | ||||||
NXP Semiconductors NV | 61,885 | 15,333,246 | ||||||
|
| |||||||
95,659,571 | ||||||||
|
| |||||||
Software – 7.2% | ||||||||
Adobe, Inc.(a) | 17,934 | 9,049,497 | ||||||
Microsoft Corp.(b) | 168,931 | 71,072,650 | ||||||
Oracle Corp.(b) | 63,849 | 8,020,073 | ||||||
Salesforce, Inc. | 49,645 | 14,952,081 | ||||||
|
| |||||||
103,094,301 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals – 4.0% | ||||||||
Apple, Inc.(b) | 304,669 | 52,244,640 | ||||||
Dell Technologies, Inc. - Class C | 24,675 | 2,815,664 | ||||||
Epic Games, Inc.(a) (c) (d) | 5,074 | 3,199,589 | ||||||
|
| |||||||
58,259,893 | ||||||||
|
| |||||||
282,143,165 | ||||||||
|
| |||||||
Financials – 13.6% | ||||||||
Banks – 3.8% | ||||||||
Bank of America Corp. | 269,162 | 10,206,623 | ||||||
Fifth Third Bancorp | 175,763 | 6,540,141 | ||||||
JPMorgan Chase & Co. | 90,029 | 18,032,809 | ||||||
Wells Fargo & Co.(b) | 336,605 | 19,509,626 | ||||||
|
| |||||||
54,289,199 | ||||||||
|
| |||||||
Capital Markets – 3.0% | ||||||||
Charles Schwab Corp. (The) | 97,117 | 7,025,444 | ||||||
Goldman Sachs Group, Inc. (The) | 59,496 | 24,850,884 | ||||||
Jefferies Financial Group, Inc. | 249,597 | 11,007,228 | ||||||
|
| |||||||
42,883,556 | ||||||||
|
| |||||||
Consumer Finance – 0.9% | ||||||||
American Express Co. | 22,679 | 5,163,782 | ||||||
Capital One Financial Corp. | 51,805 | 7,713,246 | ||||||
Stripe, Inc.(a) (c) (d) | 24,598 | 640,778 | ||||||
|
| |||||||
13,517,806 | ||||||||
|
| |||||||
Financial Services – 4.6% | ||||||||
Apollo Global Management, Inc. | 83,189 | 9,354,603 | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 94,414 | 39,702,975 |
1
Company | Shares | U.S. $ Value | ||||||
Visa, Inc. - Class A(b) | 64,010 | $ | 17,863,911 | |||||
|
| |||||||
66,921,489 | ||||||||
|
| |||||||
Insurance – 1.3% | ||||||||
Allstate Corp. (The) | 34,788 | 6,018,672 | ||||||
American International Group, Inc. | 63,914 | 4,996,157 | ||||||
Progressive Corp. (The) | 36,162 | 7,479,025 | ||||||
|
| |||||||
18,493,854 | ||||||||
|
| |||||||
196,105,904 | ||||||||
|
| |||||||
Health Care – 10.5% | ||||||||
Biotechnology – 1.3% | ||||||||
AbbVie, Inc. | 66,303 | 12,073,776 | ||||||
Amgen, Inc. | 25,493 | 7,248,170 | ||||||
|
| |||||||
19,321,946 | ||||||||
|
| |||||||
Health Care Equipment & Supplies – 2.0% | ||||||||
Abbott Laboratories | 152,241 | 17,303,712 | ||||||
Stryker Corp. | 31,515 | 11,278,273 | ||||||
|
| |||||||
28,581,985 | ||||||||
|
| |||||||
Health Care Providers & Services – 3.0% | ||||||||
Cigna Group (The) | 37,700 | 13,692,263 | ||||||
HCA Healthcare, Inc. | 50,332 | 16,787,232 | ||||||
UnitedHealth Group, Inc. | 26,083 | 12,903,260 | ||||||
|
| |||||||
43,382,755 | ||||||||
|
| |||||||
Life Sciences Tools & Services – 1.2% | ||||||||
Thermo Fisher Scientific, Inc. | 30,566 | 17,765,265 | ||||||
|
| |||||||
Pharmaceuticals – 3.0% | ||||||||
Eli Lilly & Co. | 18,228 | 14,180,655 | ||||||
Johnson & Johnson(b) | 84,204 | 13,320,231 | ||||||
Merck & Co., Inc. | 114,180 | 15,066,051 | ||||||
|
| |||||||
42,566,937 | ||||||||
|
| |||||||
151,618,888 | ||||||||
|
| |||||||
Communication Services – 10.4% | ||||||||
Diversified Telecommunication Services – 1.0% | ||||||||
AT&T, Inc. | 334,622 | 5,889,347 | ||||||
Comcast Corp. - Class A | 176,491 | 7,650,885 | ||||||
|
| |||||||
13,540,232 | ||||||||
|
| |||||||
Entertainment – 2.7% | ||||||||
Cinemark Holdings, Inc.(a) (e) | 413,851 | 7,436,903 | ||||||
Electronic Arts, Inc. | 62,866 | 8,340,432 | ||||||
Netflix, Inc.(a) | 13,483 | 8,188,630 | ||||||
Walt Disney Co. (The)(b) | 122,886 | 15,036,331 | ||||||
|
| |||||||
39,002,296 | ||||||||
|
| |||||||
Interactive Media & Services – 5.2% | ||||||||
Alphabet, Inc. - Class A(a) | 266,422 | 40,211,072 | ||||||
Meta Platforms, Inc. - Class A(b) | 59,758 | 29,017,290 |
2
Company | Shares | U.S. $ Value | ||||||
Pinterest, Inc. - Class A(a) | 91,142 | $ | 3,159,893 | |||||
ZoomInfo Technologies, Inc.(a) | 183,461 | 2,940,880 | ||||||
|
| |||||||
75,329,135 | ||||||||
|
| |||||||
Media – 0.6% | ||||||||
Liberty Media Corp-Liberty SiriusXM - Class A(a) | 298,689 | 8,871,063 | ||||||
|
| |||||||
Wireless Telecommunication Services – 0.9% | ||||||||
T-Mobile US, Inc. | 82,076 | 13,396,445 | ||||||
|
| |||||||
150,139,171 | ||||||||
|
| |||||||
Industrials – 5.9% | ||||||||
Aerospace & Defense – 1.5% | ||||||||
Howmet Aerospace, Inc. | 56,485 | 3,865,269 | ||||||
Northrop Grumman Corp. | 23,661 | 11,325,574 | ||||||
RTX Corp. | 65,053 | 6,344,619 | ||||||
|
| |||||||
21,535,462 | ||||||||
|
| |||||||
Building Products – 0.3% | ||||||||
Trane Technologies PLC | 12,599 | 3,782,220 | ||||||
|
| |||||||
Construction & Engineering – 0.2% | ||||||||
WillScot Mobile Mini Holdings Corp.(a) | 76,349 | 3,550,229 | ||||||
|
| |||||||
Electrical Equipment – 0.2% | ||||||||
Rockwell Automation, Inc. | 10,374 | 3,022,257 | ||||||
|
| |||||||
Ground Transportation – 2.0% | ||||||||
CSX Corp. | 224,827 | 8,334,337 | ||||||
Norfolk Southern Corp. | 38,584 | 9,833,904 | ||||||
Uber Technologies, Inc.(a) | 35,868 | 2,761,477 | ||||||
Union Pacific Corp. | 31,777 | 7,814,918 | ||||||
|
| |||||||
28,744,636 | ||||||||
|
| |||||||
Industrial Conglomerates – 0.9% | ||||||||
Honeywell International, Inc. | 62,670 | 12,863,017 | ||||||
|
| |||||||
Machinery – 0.8% | ||||||||
Parker-Hannifin Corp. | 20,290 | 11,276,979 | ||||||
|
| |||||||
84,774,800 | ||||||||
|
| |||||||
Consumer Discretionary – 5.0% | ||||||||
Broadline Retail – 2.4% | ||||||||
Amazon.com, Inc.(a) (b) | 192,134 | 34,657,131 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure – 1.1% | ||||||||
Booking Holdings, Inc. | 4,255 | 15,436,629 | ||||||
|
| |||||||
Household Durables – 0.2% | ||||||||
Lennar Corp. - Class A | 20,683 | 3,557,062 | ||||||
|
| |||||||
Leisure Products – 0.2% | ||||||||
Mattel, Inc.(a) | 171,418 | 3,395,791 | ||||||
|
| |||||||
Specialty Retail – 1.1% | ||||||||
Home Depot, Inc. (The)(b) | 30,501 | 11,700,183 |
3
Company | Shares | U.S. $ Value | ||||||
Wayfair, Inc. - Class A(a) (e) | 63,095 | $ | 4,282,889 | |||||
|
| |||||||
15,983,072 | ||||||||
|
| |||||||
73,029,685 | ||||||||
|
| |||||||
Energy – 5.0% | ||||||||
Energy Equipment & Services – 0.7% | ||||||||
Schlumberger NV | 193,083 | 10,582,879 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels – 4.3% | ||||||||
Chevron Corp.(b) | 86,069 | 13,576,524 | ||||||
EOG Resources, Inc.(b) | 131,460 | 16,805,847 | ||||||
Exxon Mobil Corp. | 171,676 | 19,955,618 | ||||||
Occidental Petroleum Corp. | 168,922 | 10,978,241 | ||||||
|
| |||||||
61,316,230 | ||||||||
|
| |||||||
71,899,109 | ||||||||
|
| |||||||
Consumer Staples – 4.7% | ||||||||
Beverages – 1.4% | ||||||||
PepsiCo, Inc. | 113,258 | 19,821,283 | ||||||
|
| |||||||
Consumer Staples Distribution & Retail – 1.9% | ||||||||
Costco Wholesale Corp. | 11,487 | 8,415,721 | ||||||
Target Corp. | 65,382 | 11,586,344 | ||||||
Walmart, Inc. | 124,358 | 7,482,621 | ||||||
|
| |||||||
27,484,686 | ||||||||
|
| |||||||
Household Products – 1.2% | ||||||||
Procter & Gamble Co. (The) | 102,137 | 16,571,728 | ||||||
|
| |||||||
Personal Care Products – 0.2% | ||||||||
Estee Lauder Cos., Inc. (The) - Class A | 22,810 | 3,516,161 | ||||||
|
| |||||||
67,393,858 | ||||||||
|
| |||||||
Utilities – 2.0% | ||||||||
Electric Utilities – 2.0% | ||||||||
NextEra Energy, Inc. | 159,689 | 10,205,724 | ||||||
PPL Corp. | 702,493 | 19,339,632 | ||||||
|
| |||||||
29,545,356 | ||||||||
|
| |||||||
Materials – 0.9% | ||||||||
Chemicals – 0.9% | ||||||||
Sherwin-Williams Co. (The) | 36,097 | 12,537,571 | ||||||
|
| |||||||
Total Common Stocks | 1,119,187,507 | |||||||
|
| |||||||
WARRANTS – 0.0% | ||||||||
Financials – 0.0% | ||||||||
Financial Services – 0.0% | ||||||||
Pershing Square Holdings Ltd., - Class A, expiring 07/24/2025(a) (c) (d) | 9,228 | 0 | ||||||
|
|
4
Company | Shares | U.S. $ Value | ||||||
RIGHTS – 0.0% | ||||||||
Financials – 0.0% | ||||||||
Financial Services – 0.0% | ||||||||
Pershing Square Holdings Ltd.(a) (c) (d) | 4,614 | $ | 0 | |||||
|
| |||||||
SHORT-TERM INVESTMENTS – 21.9% | ||||||||
Investment Companies – 21.9% | ||||||||
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(f) (g) (h) | 315,557,479 | 315,557,479 | ||||||
|
| |||||||
Total Investments Before Securities Sold Short – 99.5% | 1,434,744,986 | |||||||
|
| |||||||
SECURITIES SOLD SHORT – (2.4)% | ||||||||
INVESTMENT COMPANIES – (1.4)% | ||||||||
Funds and Investment Trusts – (1.4)%(g) | ||||||||
Invesco CurrencyShares Euro Currency Trust | (46,569 | ) | (4,643,395 | ) | ||||
iShares 20+ Year Treasury Bond ETF | (165,626 | ) | (15,671,532 | ) | ||||
|
| |||||||
Total Investment Companies | (20,314,927 | ) | ||||||
|
| |||||||
COMMON STOCKS – (1.0)% | ||||||||
Consumer Discretionary – (0.2)% | ||||||||
Automobiles – (0.1)% | ||||||||
Lucid Group, Inc.(a) | (120,889 | ) | (344,534 | ) | ||||
Rivian Automotive, Inc. - Class A(a) | (39,435 | ) | (431,813 | ) | ||||
|
| |||||||
(776,347 | ) | |||||||
|
| |||||||
Hotels, Restaurants & Leisure – (0.1)% | ||||||||
Airbnb, Inc. - Class A(a) | (12,632 | ) | (2,083,775 | ) | ||||
|
| |||||||
Specialty Retail – 0.0% | ||||||||
GameStop Corp. - Class A(a) | (26,443 | ) | (331,066 | ) | ||||
Stitch Fix, Inc. - Class A(a) | (138,856 | ) | (366,580 | ) | ||||
|
| |||||||
(697,646 | ) | |||||||
|
| |||||||
(3,557,768 | ) | |||||||
|
| |||||||
Financials – (0.2)% | ||||||||
Capital Markets – (0.1)% | ||||||||
Ares Capital Corp. | (59,267 | ) | (1,233,939 | ) | ||||
|
| |||||||
Financial Services – 0.0% | ||||||||
Western Union Co. (The) | (35,998 | ) | (503,252 | ) | ||||
|
| |||||||
Insurance – 0.0% | ||||||||
Lemonade, Inc.(a) | (31,711 | ) | (520,377 | ) | ||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) – (0.1)% | ||||||||
Blackstone Mortgage Trust, Inc. - Class A | (51,281 | ) | (1,021,005 | ) | ||||
|
| |||||||
(3,278,573 | ) | |||||||
|
|
5
Company | Shares | U.S. $ Value | ||||||
Industrials – (0.2)% | ||||||||
Machinery – (0.1)% | ||||||||
Snap-on, Inc. | (3,076 | ) | $ | (911,173 | ) | |||
Stanley Black & Decker, Inc. | (6,578 | ) | (644,183 | ) | ||||
|
| |||||||
(1,555,356 | ) | |||||||
|
| |||||||
Trading Companies & Distributors – (0.1)% | ||||||||
Watsco, Inc. | (2,651 | ) | (1,145,153 | ) | ||||
|
| |||||||
(2,700,509 | ) | |||||||
|
| |||||||
Real Estate – (0.2)% | ||||||||
Hotel & Resort REITs – (0.1)% | ||||||||
Chatham Lodging Trust | (70,132 | ) | (709,034 | ) | ||||
|
| |||||||
Retail REITs – (0.1)% | ||||||||
Acadia Realty Trust | (52,918 | ) | (900,135 | ) | ||||
Agree Realty Corp. | (10,538 | ) | (601,931 | ) | ||||
|
| |||||||
(1,502,066 | ) | |||||||
|
| |||||||
(2,211,100 | ) | |||||||
|
| |||||||
Information Technology – (0.2)% | ||||||||
Electronic Equipment, Instruments & Components – (0.1)% | ||||||||
Amphenol Corp. - Class A | (10,767 | ) | (1,241,974 | ) | ||||
|
| |||||||
Software – (0.1)% | ||||||||
Unity Software, Inc.(a) | (34,886 | ) | (931,456 | ) | ||||
|
| |||||||
(2,173,430 | ) | |||||||
|
| |||||||
Communication Services – 0.0% | ||||||||
Interactive Media & Services – 0.0% | ||||||||
Snap, Inc. - Class A(a) | (54,030 | ) | (620,264 | ) | ||||
|
| |||||||
Total Common Stocks | (14,541,644 | ) | ||||||
|
| |||||||
Total Securities Sold Short | (34,856,571 | ) | ||||||
|
| |||||||
Total Investments, Net of Securities Sold Short – 97.1% | 1,399,888,415 | (j) | ||||||
Other assets less liabilities – 2.9% | 42,216,986 | |||||||
|
| |||||||
Net Assets – 100.0% | $ | 1,442,105,401 | ||||||
|
|
FUTURES
Description | Number of Contracts | Expiration Month | Current Notional | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
Sold Contracts | ||||||||||||||||||||
S&P 500 E-Mini Futures | 65 | June 2024 | $ | 17,252,625 | $ | (63,082) |
(a) | Non-income producing security. |
(b) | Position, or a portion thereof, has been segregated to collateralize short sales. |
(c) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
6
(d) | Fair valued by the Adviser. |
(e) | Represents entire or partial securities out on loan. |
(f) | Affiliated investments. |
(g) | To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618. |
(h) | The rate shown represents the 7-day yield as of period end. |
(i) | As of March 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $181,179,133 and gross unrealized depreciation of investments was $(7,847,806), resulting in net unrealized appreciation of $173,331,327. |
(j) | On March 29, 2024, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund valued its foreign securities using the closing market prices from the respective foreign markets as of March 28, 2024 for financial reporting purposes. |
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:
ETF – Exchange Traded Fund
REIT – Real Estate Investment Trust
7
AB Select US Long/Short Portfolio
March 31, 2024 (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 March 31, 2024:
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: |
| |||||||||||||||
Common Stocks: | ||||||||||||||||
Information Technology | $ | 278,943,576 | $ | — | $ | 3,199,589 | $ | 282,143,165 | ||||||||
Financials | 195,465,126 | — | 640,778 | 196,105,904 | ||||||||||||
Health Care | 151,618,888 | — | — | 151,618,888 | ||||||||||||
Communication Services | 150,139,171 | — | — | 150,139,171 | ||||||||||||
Industrials | 84,774,800 | — | — | 84,774,800 | ||||||||||||
Consumer Discretionary | 73,029,685 | — | — | 73,029,685 | ||||||||||||
Energy | 71,899,109 | — | — | 71,899,109 | ||||||||||||
Consumer Staples | 67,393,858 | — | — | 67,393,858 | ||||||||||||
Utilities | 29,545,356 | — | — | 29,545,356 | ||||||||||||
Materials | 12,537,571 | — | — | 12,537,571 | ||||||||||||
Warrants | — | — | 0 | (a) | — | |||||||||||
Rights | — | — | 0 | (a) | — | |||||||||||
Short-Term Investments | 315,557,479 | — | — | 315,557,479 |
8
Investments in Securities: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Liabilities: | ||||||||||||||||
Investment Companies | $ | (20,314,927 | ) | $ | — | $ | — | $ | (20,314,927 | ) | ||||||
Common Stocks: | ||||||||||||||||
Consumer Discretionary | (3,557,768 | ) | — | — | (3,557,768 | ) | ||||||||||
Financials | (3,278,573 | ) | — | — | (3,278,573 | ) | ||||||||||
Industrials | (2,700,509 | ) | — | — | (2,700,509 | ) | ||||||||||
Real Estate | (2,211,100 | ) | — | — | (2,211,100 | ) | ||||||||||
Information Technology | (2,173,430 | ) | — | — | (2,173,430 | ) | ||||||||||
Communication Services | (620,264 | ) | — | — | (620,264 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | 1,396,048,048 | — | 3,840,367 | (a) | 1,399,888,415 | |||||||||||
Other Financial Instruments(b): | ||||||||||||||||
Assets | — | — | — | — | ||||||||||||
Liabilities: |
| |||||||||||||||
Futures | (63,082 | ) | — | — | (63,082 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,395,984,966 | $ | — | $ | 3,840,367 | (a) | $ | 1,399,825,333 | |||||||
|
|
|
|
|
|
|
|
(a) | The Fund held securities with zero market value at period end. |
(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. |
A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2024 is as follows:
Fund | Market Value 06/30/2023 (000) | Purchases (000) | Sales Proceeds (000) | Market Value 03/31/2024 (000) | Dividend Income (000) | |||||||||||||||
Government Money Market Portfolio | $ | 388,787 | $ | 911,145 | $ | 984,375 | $ | 315,557 | $ | 17,676 |
9