NPORT-EX 2 NPORT_ZX17_59711544_0523.htm HTML

AB Tax-Managed Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 56.6%

 

Information Technology – 15.4%

 

Communications Equipment – 0.1%

 

Cisco Systems, Inc.

      14,232        $ 706,903  
       

 

 

  

Electronic Equipment, Instruments & Components – 0.5%

 

CDW Corp./DE

      20,234          3,473,975  
       

 

 

  

IT Services – 0.4%

 

EPAM Systems, Inc.(a)

      7,411          1,901,811  

Genpact Ltd.

      21,759          800,296  
       

 

 

  
          2,702,107  
       

 

 

  

Semiconductors & Semiconductor Equipment – 3.0%

 

Advanced Micro Devices, Inc.(a)

      4,089          483,361  

KLA Corp.

      2,753          1,219,551  

NVIDIA Corp.

      29,137          11,023,693  

NXP Semiconductors NV

      21,441          3,840,083  

QUALCOMM, Inc.

      27,634          3,133,972  

Texas Instruments, Inc.

      8,454          1,469,981  
       

 

 

  
              21,170,641  
       

 

 

  

Software – 8.0%

 

Adobe, Inc.(a)

      11,318          4,728,547  

Autodesk, Inc.(a)

      8,276          1,650,152  

Gen Digital, Inc.

      203,921          3,576,774  

Microsoft Corp.

      108,266          35,553,472  

Oracle Corp.

      81,293          8,612,181  

ServiceNow, Inc.(a)

      3,535          1,925,797  
       

 

 

  
          56,046,923  
       

 

 

  

Technology Hardware, Storage & Peripherals – 3.4%

 

Apple, Inc.

      123,767          21,937,701  

Western Digital Corp.(a)

      47,674          1,846,414  
       

 

 

  
          23,784,115  
       

 

 

  
          107,884,664  
       

 

 

  

Health Care – 9.5%

 

Biotechnology – 1.3%

 

Gilead Sciences, Inc.

      412          31,699  

Regeneron Pharmaceuticals, Inc.(a)

      3,505          2,578,138  

Vertex Pharmaceuticals, Inc.(a)

      20,503          6,634,156  
       

 

 

  
          9,243,993  
       

 

 

  

Health Care Equipment & Supplies – 1.9%

 

Align Technology, Inc.(a)

      5,098          1,441,001  

Edwards Lifesciences Corp.(a)

      49,828          4,197,012  

Intuitive Surgical, Inc.(a)

      2,352          724,040  

Medtronic PLC

      71,375          5,906,995  

Zimmer Biomet Holdings, Inc.

      6,717          855,343  
       

 

 

  
          13,124,391  
       

 

 

  

Health Care Providers & Services – 2.8%

 

Elevance Health, Inc.

      12,386          5,546,698  

UnitedHealth Group, Inc.

      28,653          13,960,888  
       

 

 

  
          19,507,586  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Life Sciences Tools & Services – 1.5%

        

Illumina, Inc.(a)

      15,460        $ 3,040,209  

IQVIA Holdings, Inc.(a)

      31,685          6,239,093  

Waters Corp.(a)

      5,391          1,354,327  
       

 

 

  
                10,633,629  
       

 

 

  

Pharmaceuticals – 2.0%

        

Johnson & Johnson

      15,937          2,471,191  

Merck & Co., Inc.

      10,156          1,121,324  

Organon & Co.

      1,015          19,681  

Pfizer, Inc.

      8,730          331,915  

Roche Holding AG (Sponsored ADR)

      151,602          6,001,923  

Viatris, Inc.

      779          7,128  

Zoetis, Inc.

      25,494          4,155,777  
       

 

 

  
          14,108,939  
       

 

 

  
          66,618,538  
       

 

 

  

Financials – 7.2%

        

Banks – 2.1%

        

Bank of America Corp.

      220,137          6,117,607  

JPMorgan Chase & Co.

      7,890          1,070,752  

PNC Financial Services Group, Inc. (The)

      12,300          1,424,709  

Wells Fargo & Co.

      152,915          6,087,546  
       

 

 

  
          14,700,614  
       

 

 

  

Capital Markets – 1.8%

        

Charles Schwab Corp. (The)

      51,764          2,727,445  

Goldman Sachs Group, Inc. (The)

      21,319          6,905,224  

LPL Financial Holdings, Inc.

      11,718          2,282,432  

S&P Global, Inc.

      957          351,631  
       

 

 

  
          12,266,732  
       

 

 

  

Financial Services – 2.2%

        

PayPal Holdings, Inc.(a)

      33,342          2,066,871  

Visa, Inc. - Class A

      60,668          13,409,448  
       

 

 

  
          15,476,319  
       

 

 

  

Insurance – 1.1%

        

Progressive Corp. (The)

      43,853          5,609,237  

Willis Towers Watson PLC

      9,728          2,128,973  
       

 

 

  
          7,738,210  
       

 

 

  
          50,181,875  
       

 

 

  

Communication Services – 6.0%

        

Diversified Telecommunication Services – 0.7%

        

Comcast Corp. - Class A

      127,047          4,999,299  
       

 

 

  

Entertainment – 0.4%

        

Walt Disney Co. (The)(a)

      33,588          2,954,401  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Interactive Media & Services – 4.3%

        

Alphabet, Inc. - Class A(a)

      12,280        $ 1,508,844  

Alphabet, Inc. - Class C(a)

      151,620          18,705,359  

Meta Platforms, Inc. - Class A(a)

      36,670          9,707,282  
       

 

 

  
                29,921,485  
       

 

 

  

Wireless Telecommunication Services – 0.6%

 

T-Mobile US, Inc.(a)

      29,275          4,017,994  
       

 

 

  
          41,893,179  
       

 

 

  

Consumer Discretionary – 5.7%

 

Automobile Components – 0.0%

 

Magna International, Inc.

      4,191          202,677  
       

 

 

  

Automobiles – 0.2%

 

Stellantis NV

      88,244          1,350,133  
       

 

 

  

Broadline Retail – 1.7%

 

Amazon.com, Inc.(a)

      98,101          11,829,018  
       

 

 

  

Hotels, Restaurants & Leisure – 1.3%

 

Booking Holdings, Inc.(a)

      1,541          3,866,015  

Hyatt Hotels Corp. - Class A

      14,109          1,516,435  

Restaurant Brands International, Inc.

      40,422          2,947,168  

Starbucks Corp.

      8,298          810,217  
       

 

 

  
          9,139,835  
       

 

 

  

Specialty Retail – 1.8%

 

AutoZone, Inc.(a)

      1,837          4,384,625  

Home Depot, Inc. (The)

      28,845          8,176,115  
       

 

 

  
          12,560,740  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.7%

 

NIKE, Inc. - Class B

      45,064          4,743,437  
       

 

 

  
          39,825,840  
       

 

 

  

Industrials – 4.6%

 

Aerospace & Defense – 0.8%

 

Raytheon Technologies Corp.

      60,218          5,548,486  
       

 

 

  

Building Products – 0.4%

 

Otis Worldwide Corp.

      31,448          2,500,430  
       

 

 

  

Construction & Engineering – 0.5%

 

AECOM

      42,911          3,349,204  
       

 

 

  

Electrical Equipment – 1.3%

 

Eaton Corp. PLC

      32,989          5,802,765  

Regal Rexnord Corp.

      26,014          3,378,959  
       

 

 

  
          9,181,724  
       

 

 

  

Ground Transportation – 0.8%

 

CSX Corp.

      146,271          4,486,132  

Knight-Swift Transportation Holdings, Inc.

      6,641          365,189  

Norfolk Southern Corp.

      3,002          624,956  
       

 

 

  
          5,476,277  
       

 

 

  

Machinery – 0.6%

 

Ingersoll Rand, Inc.

      10,221          579,122  

PACCAR, Inc.

      50,892          3,500,352  
       

 

 

  
          4,079,474  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Professional Services – 0.2%

        

Booz Allen Hamilton Holding Corp.

      11,833        $ 1,190,163  

Robert Half International, Inc.

      7,406          481,538  
       

 

 

  
          1,671,701  
       

 

 

  
                31,807,296  
       

 

 

  

Consumer Staples – 3.2%

        

Beverages – 0.9%

        

Coca-Cola Co. (The)

      68,587          4,091,900  

Constellation Brands, Inc. - Class A

      9,580          2,327,653  
       

 

 

  
          6,419,553  
       

 

 

  

Consumer Staples Distribution & Retail – 1.6%

        

Costco Wholesale Corp.

      7,999          4,091,968  

Walmart, Inc.

      46,273          6,796,116  
       

 

 

  
          10,888,084  
       

 

 

  

Household Products – 0.7%

        

Procter & Gamble Co. (The)

      34,119          4,861,957  
       

 

 

  
          22,169,594  
       

 

 

  

Energy – 1.8%

        

Energy Equipment & Services – 0.5%

        

Baker Hughes Co.

      141,897          3,866,694  
       

 

 

  

Oil, Gas & Consumable Fuels – 1.3%

        

Chevron Corp.

      26,222          3,949,558  

EOG Resources, Inc.

      47,271          5,071,705  
       

 

 

  
          9,021,263  
       

 

 

  
          12,887,957  
       

 

 

  

Materials – 1.2%

        

Chemicals – 1.2%

        

Linde PLC

      12,058          4,264,432  

LyondellBasell Industries NV - Class A

      43,134          3,689,682  

Westlake Corp.

      1,866          193,971  
       

 

 

  
          8,148,085  
       

 

 

  

Utilities – 1.1%

        

Electric Utilities – 1.1%

        

American Electric Power Co., Inc.

      48,975          4,070,802  

Edison International

      4,800          324,096  

NextEra Energy, Inc.

      42,042          3,088,405  
       

 

 

  
          7,483,303  
       

 

 

  

Real Estate – 0.9%

        

Industrial REITs – 0.4%

        

Prologis, Inc.

      23,167          2,885,450  
       

 

 

  

Real Estate Management & Development – 0.0%

        

CBRE Group, Inc. - Class A(a)

      450          33,714  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

Specialized REITs – 0.5%

        

American Tower Corp.

      17,304        $ 3,191,550  
       

 

 

  
          6,110,714  
       

 

 

  

Total Common Stocks
(cost $213,711,852)

           395,011,045  
       

 

 

  

INVESTMENT COMPANIES – 42.9%

        

Funds and Investment Trusts – 42.9%(b) (c)

        

AB Discovery Growth Fund, Inc. - Class Z(a)

      1,665,102          16,517,812  

AB Trust – AB Discovery Value Fund - Class Z

      1,190,957          22,509,088  

Bernstein Fund, Inc. – International Small Cap - Class Z

      3,492,636          37,021,945  

Bernstein Fund, Inc. – International Strategic - Class Z

      17,474,124          190,293,210  

Bernstein Fund, Inc. – Small Cap Core Portfolio - Class Z

      1,329,802          15,412,405  

Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio - Class Z

      724,432          17,538,507  
       

 

 

  

Total Investment Companies
(cost $330,860,704)

           299,292,967  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.5%

        

Investment Companies – 0.5%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio -
Class AB, 5.03%(b) (c) (d)
(cost $3,444,670)

      3,444,670          3,444,670  
       

 

 

  

Total Investments – 100.0%
(cost $548,017,226)(e)

               697,748,682  

Other assets less liabilities – 0.0%

           227,962  
       

 

 

  

Net Assets – 100.0%

         $ 697,976,644  
       

 

 

  

 

(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 May 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $188,381,587 and gross unrealized depreciation of investments was $(38,650,131), resulting in net unrealized appreciation of $149,731,456.

 

  

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

May 31, 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, 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 May 31, 2023:

 

Investments in Securities:

    Level 1      Level 2      Level 3      Total  
Assets:

 

Common Stocks(a)    $ 395,011,045      $ —      $ —      $ 395,011,045  
Investment Companies      299,292,967        —        —        299,292,967  
Short-Term Investments      3,444,670        —        —        3,444,670  
Total Investments in Securities      697,748,682        —        —        697,748,682  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     697,748,682      $                 —      $                 —      $     697,748,682  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 nine months ended May 31, 2023 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
05/31/2023
(000)

     

Dividend

Income
(000)

      Realized
Gains
(000)		  
AB Discovery Growth Fund, Inc.    $ 17,211      $ 119      $ 595      $ (255 )    $ 38     $ 16,518      $ 0      $ 0  
AB Trust - AB Discovery Value Fund      22,311        3,221        499        (64 )      (2,460 )      22,509        1,631        0  
Bernstein Fund, Inc. - International Small Cap Portfolio      35,898        510        1,283        (241 )      2,138       37,022        386        0  
Bernstein Fund, Inc. - International Strategic Equities Portfolio      188,928        9,971        11,317        (2,220 )      4,931       190,293        7,605        0  
Bernstein Fund, Inc. - Small Cap Core Portfolio      15,071        1,686        112        (23 )      (1,210 )      15,412        1,159        0  
Government Money Market Portfolio      7,145        63,037        66,737        0       0       3,445        144        0  
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio      16,927        1,138        201        (57 )      (268 )      17,539        0        0  
Total    $   303,491      $   79,682      $   80,744      $   (2,860 )    $   3,169     $   302,738      $   10,925      $   0  

 

7