NPORT-EX 2 NPORT_ZX11_58391656_0523.htm HTML

AB Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 56.9%

        

Information Technology – 15.3%

        

Electronic Equipment, Instruments & Components – 0.4%

 

     

CDW Corp./DE

      25,714        $ 4,414,837  
       

 

 

  

IT Services – 0.3%

        

EPAM Systems, Inc.(a)

     14,036          3,601,918  
       

 

 

  

Semiconductors & Semiconductor Equipment – 3.1%

        

KLA Corp.

      6,948          3,077,895  

NVIDIA Corp.

      48,280          18,266,255  

NXP Semiconductors NV

      37,323          6,684,549  

QUALCOMM, Inc.

      52,334          5,935,199  
       

 

 

  
                33,963,898  
       

 

 

  

Software – 8.2%

        

Adobe, Inc.(a)

     21,347          8,918,563  

Autodesk, Inc.(a)

     13,590          2,709,710  

Gen Digital, Inc.

      344,056          6,034,742  

Microsoft Corp.

      160,201          52,608,406  

Oracle Corp.

      131,450          13,925,813  

ServiceNow, Inc.(a)

     8,761          4,772,818  
       

 

 

  
          88,970,052  
       

 

 

  

Technology Hardware, Storage & Peripherals – 3.3%

        

Apple, Inc.

      179,184          31,760,364  

Western Digital Corp.(a)

     93,263          3,612,076  
       

 

 

  
          35,372,440  
       

 

 

  
          166,323,145  
       

 

 

  

Health Care – 9.5%

        

Biotechnology – 1.3%

        

Regeneron Pharmaceuticals, Inc.(a)

     5,897          4,337,598  

Vertex Pharmaceuticals, Inc.(a)

     31,639          10,237,431  
       

 

 

  
          14,575,029  
       

 

 

  

Health Care Equipment & Supplies – 1.9%

        

Edwards Lifesciences Corp.(a)

     79,884          6,728,629  

Medtronic PLC

      119,126          9,858,868  

Zimmer Biomet Holdings, Inc.

      31,255          3,980,012  
       

 

 

  
          20,567,509  
       

 

 

  

Health Care Providers & Services – 2.9%

        

Elevance Health, Inc.

      17,326          7,758,929  

UnitedHealth Group, Inc.

      48,178          23,474,249  
       

 

 

  
          31,233,178  
       

 

 

  

Life Sciences Tools & Services – 1.7%

        

Illumina, Inc.(a)

     25,575          5,029,324  

IQVIA Holdings, Inc.(a)

     52,348          10,307,844  

Waters Corp.(a)

     10,977          2,757,642  
       

 

 

  
          18,094,810  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Pharmaceuticals – 1.7%

        

Johnson & Johnson

      24,548        $ 3,806,413  

Roche Holding AG (Sponsored ADR)

      256,140          10,140,582  

Zoetis, Inc.

      29,503          4,809,284  
       

 

 

  
          18,756,279  
       

 

 

  
          103,226,805  
       

 

 

  

Financials – 7.2%

        

Banks – 1.9%

        

Bank of America Corp.

      276,659          7,688,354  

PNC Financial Services Group, Inc. (The)

      28,222          3,268,954  

Wells Fargo & Co.

      243,530          9,694,929  
       

 

 

  
                20,652,237  
       

 

 

  

Capital Markets – 1.6%

        

Charles Schwab Corp. (The)

      81,636          4,301,401  

Goldman Sachs Group, Inc. (The)

      33,719          10,921,584  

LPL Financial Holdings, Inc.

      12,905          2,513,636  
       

 

 

  
          17,736,621  
       

 

 

  

Financial Services – 2.4%

        

PayPal Holdings, Inc.(a)

     58,229          3,609,616  

Visa, Inc. - Class A

      104,324          23,058,734  
       

 

 

  
          26,668,350  
       

 

 

  

Insurance – 1.3%

        

Progressive Corp. (The)

      77,797          9,951,014  

Willis Towers Watson PLC

      18,633          4,077,832  
       

 

 

  
          14,028,846  
       

 

 

  
          79,086,054  
       

 

 

  

Communication Services – 6.3%

        

Diversified Telecommunication Services – 0.7%

        

Comcast Corp. - Class A

      195,045          7,675,021  
       

 

 

  

Entertainment – 0.5%

        

Walt Disney Co. (The)(a)

     64,466          5,670,429  
       

 

 

  

Interactive Media & Services – 4.5%

        

Alphabet, Inc. - Class C(a)

     273,602          33,754,279  

Meta Platforms, Inc. - Class A(a)

     56,028          14,831,732  
       

 

 

  
          48,586,011  
       

 

 

  

Wireless Telecommunication Services – 0.6%

        

T-Mobile US, Inc.(a)

     48,242          6,621,215  
       

 

 

  
          68,552,676  
       

 

 

  

Consumer Discretionary – 5.5%

        

Automobiles – 0.3%

        

Stellantis NV(b)

     188,645          2,886,268  
       

 

 

  

Broadline Retail – 1.9%

        

Amazon.com, Inc.(a)

     173,596          20,932,206  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Hotels, Restaurants & Leisure – 1.3%

        

Booking Holdings, Inc.(a)

     1,449        $ 3,635,208  

Hyatt Hotels Corp. - Class A

      40,277          4,328,972  

Restaurant Brands International, Inc.

      84,813          6,183,716  
       

 

 

  
                14,147,896  
       

 

 

  

Specialty Retail – 1.4%

        

AutoZone, Inc.(a)

     2,029          4,842,898  

Home Depot, Inc. (The)

      35,771          10,139,290  
       

 

 

  
          14,982,188  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.6%

        

NIKE, Inc. - Class B

      62,443          6,572,750  
       

 

 

  
          59,521,308  
       

 

 

  

Industrials – 4.7%

        

Aerospace & Defense – 0.8%

        

Raytheon Technologies Corp.

      98,176          9,045,937  
       

 

 

  

Building Products – 0.5%

        

Otis Worldwide Corp.

      70,163          5,578,660  
       

 

 

  

Construction & Engineering – 0.2%

        

AECOM

      20,797          1,623,206  
       

 

 

  

Electrical Equipment – 1.4%

        

Eaton Corp. PLC

      55,590          9,778,281  

Regal Rexnord Corp.

      43,186          5,609,429  
       

 

 

  
          15,387,710  
       

 

 

  

Ground Transportation – 0.8%

        

CSX Corp.

      280,634          8,607,045  
       

 

 

  

Machinery – 0.6%

        

PACCAR, Inc.

      102,551          7,053,458  
       

 

 

  

Professional Services – 0.4%

        

Booz Allen Hamilton Holding Corp.

      29,574          2,974,553  

Robert Half International, Inc.

      21,935          1,426,213  
       

 

 

  
          4,400,766  
       

 

 

  
          51,696,782  
       

 

 

  

Consumer Staples – 3.3%

        

Beverages – 1.2%

        

Coca-Cola Co. (The)

      143,807          8,579,525  

Constellation Brands, Inc. - Class A

      18,406          4,472,106  
       

 

 

  
          13,051,631  
       

 

 

  

Consumer Staples Distribution & Retail – 1.7%

        

Costco Wholesale Corp.

      11,035          5,645,065  

Walmart, Inc.

      91,998          13,511,746  
       

 

 

  
          19,156,811  
       

 

 

  

Household Products – 0.4%

        

Procter & Gamble Co. (The)

      27,727          3,951,098  
       

 

 

  
          36,159,540  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Energy – 1.8%

        

Energy Equipment & Services – 0.5%

        

Baker Hughes Co.

      211,634        $ 5,767,027  
       

 

 

  

Oil, Gas & Consumable Fuels – 1.3%

        

Chevron Corp.

      37,059          5,581,826  

EOG Resources, Inc.

      77,761          8,342,978  
       

 

 

  
          13,924,804  
       

 

 

  
          19,691,831  
       

 

 

  

Materials – 1.2%

        

Chemicals – 1.2%

        

Linde PLC

      20,176          7,135,444  

LyondellBasell Industries NV - Class A

      73,369          6,275,985  
       

 

 

  
                13,411,429  
       

 

 

  

Real Estate – 1.1%

        

Industrial REITs – 0.6%

        

Prologis, Inc.

      51,270          6,385,678  
       

 

 

  

Specialized REITs – 0.5%

        

American Tower Corp.

      29,077          5,362,962  
       

 

 

  
          11,748,640  
       

 

 

  

Utilities – 1.0%

        

Electric Utilities – 1.0%

        

American Electric Power Co., Inc.

      58,331          4,848,473  

NextEra Energy, Inc.

      84,473          6,205,386  
       

 

 

  
          11,053,859  
       

 

 

  

Total Common Stocks
(cost $437,132,621)

           620,472,069  
       

 

 

  

INVESTMENT COMPANIES – 42.8%

        

Funds and Investment Trusts – 42.8%(c) (d)

        

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

     2,605,348          25,845,053  

AB Trust – AB Discovery Value Fund - Class Z

      1,845,626          34,882,326  

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

      5,530,109          58,619,158  

Bernstein Fund, Inc. – International Strategic - Class Z

      27,246,824          296,717,916  

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

      1,976,823          22,911,374  

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

      1,121,933          27,161,992  
       

 

 

  

Total Investment Companies
(cost $513,092,316)

           466,137,819  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.1%

        

Investment Companies – 0.1%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio -
Class AB, 5.03%(c) (d) (e)
(cost $403,891)

      403,891          403,891  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.8%
(cost $950,628,828)

           1,087,013,779  
       

 

 

  

 

4

Company    Shares        U.S. $ Value  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%

        

Investment Companies – 0.0%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio -
Class AB, 5.03%(c) (d) (e)
(cost $255,060)

      255,060        $ 255,060  
       

 

 

  

Total Investments – 99.8%
(cost $950,883,888)(f)

              1,087,268,839  

Other assets less liabilities – 0.2%

           2,687,659  
       

 

 

  

Net Assets – 100.0%

         $ 1,089,956,498  
       

 

 

  

 

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(c)

Affiliated investments.

(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)

The rate shown represents the 7-day yield as of period end.

(f)

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 $204,127,859 and gross unrealized depreciation of investments was $(67,742,908), resulting in net unrealized appreciation of $136,384,951.

 

  

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 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)    $ 620,472,069      $ —      $ —      $ 620,472,069  
Investment Companies      466,137,819        —        —        466,137,819  
Short-Term Investments      403,891        —        —        403,891  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      255,060        —        —        255,060  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities      1,087,268,839        —        —        1,087,268,839  
Other Financial Instruments(b)      —        —        —        —  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $     1,087,268,839      $                 —      $                 —      $     1,087,268,839  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

See Portfolio of Investments for sector classifications.

 

6

(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 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.    $ 27,394      $ 712      $ 1,942      $ (885 )    $ 566     $ 25,845      $ 0      $ 0  
AB Trust - AB Discovery Value Fund      35,332        4,933        1,417        (267 )      (3,699 )      34,882        2,583        0  
Bernstein Fund, Inc. - International Small Cap Portfolio      57,699        1,397        3,547        (599 )      3,669       58,619        620        0  
Bernstein Fund, Inc. - International Strategic Equities Portfolio      301,249        16,141        24,738        (4,720 )      8,786       296,718        12,126        0  
Bernstein Fund, Inc. - Small Cap Core Portfolio      24,065        2,700        1,961        (359 )      (1,534 )      22,911        1,850        0  
Government Money Market Portfolio      7,151        64,192        70,939        0       0       404        111        0  
Government Money Market Portfolio*      0        27,351        27,096        0       0       255        24        0  
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio      27,032        639        0        0       (509 )      27,162        0        0  
Total    $   479,922      $   118,065      $   131,640      $     (6,830)    $   7,279     $   466,796      $   17,314      $   0  

 

*

Investments of cash collateral for securities lending transactions

 

7