NPORT-EX 2 6406.htm HTML

AB Small Cap Growth Portfolio

Portfolio of Investments

October 31, 2019 (unaudited)

 

Company

    Shares        U.S. $ Value  

COMMON STOCKS - 96.2%

        

Health Care - 25.3%

        

Biotechnology - 12.2%

        

Aimmune Therapeutics, Inc. (a)(b)

      440,346        $ 12,250,426  

Allakos, Inc. (a)(b)

      147,422          10,113,149  

Allogene Therapeutics, Inc. (a)(b)

      340,493          9,806,198  

Arena Pharmaceuticals, Inc. (b)

      222,760          10,851,753  

Ascendis Pharma A/S (Sponsored ADR) (b)

      112,250          12,412,605  

BeiGene Ltd. (Sponsored ADR) (a)(b)

      84,339          11,667,457  

Biohaven Pharmaceutical Holding Co., Ltd. (b)

      364,240          16,725,901  

Blueprint Medicines Corp. (a)(b)

      234,989          16,176,643  

Deciphera Pharmaceuticals, Inc. (b)

      301,933          13,387,709  

Gossamer Bio, Inc. (a)(b)

      403,942          8,311,107  

Invitae Corp. (a)(b)

      921,618          14,847,266  

Iovance Biotherapeutics, Inc. (a)(b)

      686,360          14,502,787  

Madrigal Pharmaceuticals, Inc. (a)(b)

      67,250          6,215,918  

Mirum Pharmaceuticals, Inc. (b)

      259,683          1,864,524  

Neurocrine Biosciences, Inc. (b)

      156,260          15,546,307  

NextCure, Inc. (a)(b)

      264,902          6,622,550  

Ra Pharmaceuticals, Inc. (b)

      377,113          17,750,709  

Rubius Therapeutics, Inc. (a)(b)

      632,949          5,595,269  

Sage Therapeutics, Inc. (a)(b)

      51,883          7,037,929  

Stemline Therapeutics, Inc. (a)(b)

      852,145          8,521,450  

Turning Point Therapeutics, Inc.-Class I (a)(b)

      218,825          8,394,127  

Ultragenyx Pharmaceutical, Inc. (a)(b)

      292,809          11,753,353  

Y-mAbs Therapeutics, Inc. (a)(b)

      351,735          10,956,545  
       

 

 

  
          251,311,682  
       

 

 

  

Health Care Equipment & Supplies - 5.4%

        

Insulet Corp. (a)(b)

      138,190          20,081,771  

iRhythm Technologies, Inc. (a)(b)

      381,533          25,494,035  

Penumbra, Inc. (a)(b)

      165,793          25,858,734  

Silk Road Medical, Inc. (a)(b)

      553,793          18,341,624  

Tactile Systems Technology, Inc. (a)(b)

      469,567          21,327,733  
       

 

 

  
          111,103,897  
       

 

 

  

Health Care Providers & Services - 2.4%

        

Guardant Health, Inc. (b)

      236,799          16,457,531  

LHC Group, Inc. (a)(b)

      289,660          32,143,570  
       

 

 

  
          48,601,101  
       

 

 

  

Health Care Technology - 2.4%

        

Health Catalyst, Inc. (a)(b)

      260,754          8,385,849  

Teladoc Health, Inc. (a)(b)

      532,446          40,785,363  
       

 

 

  
          49,171,212  
       

 

 

  

Life Sciences Tools & Services - 1.6%

        

10X Genomics, Inc. (b)

      124,134          7,199,772  

ICON PLC (b)

      177,384          26,057,710  
       

 

 

  
          33,257,482  
       

 

 

  

Company

    Shares        U.S. $ Value  

Pharmaceuticals - 1.3%

        

Aerie Pharmaceuticals, Inc. (a)(b)

      242,308        $ 5,376,814  

Axsome Therapeutics, Inc. (a)(b)

      357,470          8,607,878  

GW Pharmaceuticals PLC (Sponsored ADR) (a)(b)

      40,380          5,403,652  

Revance Therapeutics, Inc. (a)(b)

      428,858          6,715,916  
       

 

 

  
          26,104,260  
       

 

 

  
          519,549,634  
       

 

 

  

Information Technology - 21.0%

        

Communications Equipment - 1.0%

        

Ciena Corp. (b)

      560,034          20,788,462  
       

 

 

  

Electronic Equipment, Instruments & Components - 3.7%

        

Littelfuse, Inc.

      136,380          23,944,237  

Novanta, Inc. (b)

      354,457          31,564,396  

OSI Systems, Inc. (b)

      211,731          21,012,184  
       

 

 

  
          76,520,817  
       

 

 

  

IT Services - 0.3%

        

International Money Express, Inc. (b)

      362,343          5,551,095  
       

 

 

  

Semiconductors & Semiconductor Equipment - 6.3%

        

Cree, Inc. (b)

      222,593          10,624,364  

Inphi Corp. (b)

      258,360          18,570,917  

Lattice Semiconductor Corp. (b)

      1,489,430          29,177,934  

Monolithic Power Systems, Inc. (a)

      182,829          27,409,724  

Silicon Laboratories, Inc. (b)

      365,652          38,846,868  

Universal Display Corp. (a)

      23,373          4,678,807  
       

 

 

  
          129,308,614  
       

 

 

  

Software - 9.7%

        

Anaplan, Inc. (b)

      396,554          18,717,349  

Aspen Technology, Inc. (b)

      231,690          26,669,836  

Avalara, Inc. (b)

      302,250          21,459,750  

Everbridge, Inc. (a)(b)

      346,170          24,062,277  

Five9, Inc. (b)

      492,138          27,318,580  

HubSpot, Inc. (b)

      172,536          26,760,333  

Rapid7, Inc. (a)(b)

      497,030          24,896,233  

RingCentral, Inc.-Class A (b)

      73,075          11,803,074  

Smartsheet, Inc.-Class A (b)

      366,502          14,440,179  

Trade Desk, Inc. (The)-Class A (a)(b)

      22,592          4,536,473  
       

 

 

  
          200,664,084  
       

 

 

  
          432,833,072  
       

 

 

  

Industrials - 19.6%

        

Aerospace & Defense - 4.2%

        

Axon Enterprise, Inc. (a)(b)

      557,410          28,500,373  

Hexcel Corp.

      325,409          24,282,020  

Mercury Systems, Inc. (a)(b)

      448,774          33,056,693  
       

 

 

  
          85,839,086  
       

 

 

  

Company

    Shares        U.S. $ Value  

Building Products - 2.3%

        

Armstrong World Industries, Inc.

      242,082        $ 22,641,929  

Trex Co., Inc. (a)(b)

      277,810          24,416,721  
       

 

 

  
          47,058,650  
       

 

 

  

Commercial Services & Supplies - 1.6%

        

Tetra Tech, Inc.

      376,038          32,892,044  
       

 

 

  

Industrial Conglomerates - 1.2%

        

Carlisle Cos., Inc.

      159,502          24,287,370  
       

 

 

  

Machinery - 5.6%

        

Chart Industries, Inc. (a)(b)

      491,053          28,790,437  

Gardner Denver Holdings, Inc. (a)(b)

      528,955          16,836,638  

IDEX Corp.

      127,106          19,768,796  

Nordson Corp.

      162,220          25,437,718  

RBC Bearings, Inc. (a)(b)

      149,168          23,932,514  
       

 

 

  
          114,766,103  
       

 

 

  

Road & Rail - 2.1%

        

Knight-Swift Transportation Holdings, Inc. (a)

      591,337          21,560,147  

Saia, Inc. (a)(b)

      248,786          22,191,711  
       

 

 

  
          43,751,858  
       

 

 

  

Trading Companies & Distributors - 2.6%

        

H&E Equipment Services, Inc.

      673,033          22,842,740  

SiteOne Landscape Supply, Inc. (a)(b)

      353,111          31,094,955  
       

 

 

  
          53,937,695  
       

 

 

  
          402,532,806  
       

 

 

  

Consumer Discretionary - 16.6%

        

Distributors - 1.3%

        

Pool Corp.

      126,828          26,304,127  
       

 

 

  

Diversified Consumer Services - 4.3%

        

Bright Horizons Family Solutions, Inc. (b)

      203,315          30,196,344  

Chegg, Inc. (b)

      967,360          29,659,258  

Grand Canyon Education, Inc. (b)

      73,665          6,774,233  

Strategic Education, Inc.

      185,830          22,862,665  
       

 

 

  
          89,492,500  
       

 

 

  

Hotels, Restaurants & Leisure - 3.6%

        

OneSpaWorld Holdings Ltd. (a)(b)

      1,345,410          20,921,126  

Planet Fitness, Inc. (b)

      450,129          28,655,212  

Wingstop, Inc.

      301,544          25,157,816  
       

 

 

  
          74,734,154  
       

 

 

  

Household Durables - 1.8%

        

Lovesac Co. (The) (a)(b)

      727,435          11,879,013  

Skyline Champion Corp. (b)

      876,151          24,733,743  
       

 

 

  
          36,612,756  
       

 

 

  

Company

    Shares        U.S. $ Value  

Internet & Direct Marketing Retail - 2.0%

        

Etsy, Inc. (b)

      308,062        $ 13,705,678  

RealReal, Inc. (The) (a)(b)

      1,152,635          26,637,395  
       

 

 

  
          40,343,073  
       

 

 

  

Specialty Retail - 3.6%

        

Dynatrace, Inc. (b)

      785,893          15,898,616  

Five Below, Inc. (b)

      229,892          28,761,788  

Sleep Number Corp. (b)

      611,076          29,404,977  
       

 

 

  
          74,065,381  
       

 

 

  
          341,551,991  
       

 

 

  

Financials - 7.4%

        

Banks - 1.1%

        

Western Alliance Bancorp

      471,423          23,255,297  
       

 

 

  

Capital Markets - 4.3%

        

Assetmark Financial Holdings, Inc. (a)(b)

      568,920          15,611,165  

Hamilton Lane, Inc.-Class A (a)

      472,975          28,198,770  

Houlihan Lokey, Inc. (a)

      495,817          23,432,311  

Stifel Financial Corp.

      359,347          20,116,245  
       

 

 

  
          87,358,491  
       

 

 

  

Insurance - 2.0%

        

Palomar Holdings, Inc. (a)(b)

      392,338          17,714,061  

Trupanion, Inc. (a)(b)

      1,008,371          23,898,392  
       

 

 

  
          41,612,453  
       

 

 

  
          152,226,241  
       

 

 

  

Consumer Staples - 4.0%

        

Food & Staples Retailing - 2.3%

        

Chefs’ Warehouse, Inc. (The) (a)(b)

      838,153          27,763,818  

Grocery Outlet Holding Corp. (a)(b)

      639,324          20,394,436  
       

 

 

  
          48,158,254  
       

 

 

  

Food Products - 1.7%

        

Freshpet, Inc. (b)

      668,108          34,915,324  
       

 

 

  
          83,073,578  
       

 

 

  

Materials - 1.7%

        

Chemicals - 1.4%

        

Ingevity Corp. (b)

      336,820          28,363,612  
       

 

 

  

Containers & Packaging - 0.3%

        

Ranpak Holdings Corp. (a)(b)

      1,161,560          6,934,513  
       

 

 

  
          35,298,125  
       

 

 

  

Company

    Shares        U.S. $ Value  

Energy - 0.6%

        

Energy Equipment & Services - 0.6%

        

DMC Global, Inc. (a)

      249,450        $ 11,160,393  
       

 

 

  

Total Common Stocks
(cost $1,625,647,611)

           1,978,225,840  
       

 

 

  

INVESTMENT COMPANIES - 1.7%

        

Funds and Investment Trusts - 1.7%

        

iShares Russell 2000 Growth ETF (a)(c)
(cost $30,627,812)

      171,090          33,963,076  
       

 

 

  

PREFERRED STOCKS - 0.0%

        

Consumer Discretionary - 0.0%

        

Household Durables - 0.0%

        

Honest Co., Inc. (The)- Series D 0.00% (b)(d)(e)

      29,639          852,895  

Honest Co., Inc. (The)- Series E 0.00% (b)(d)(e)

      7,460          146,599  
       

 

 

  

Total Preferred Stocks
(cost $1,502,384)

           999,494  
       

 

 

  

SHORT-TERM INVESTMENTS - 2.8%

        

Investment Companies - 2.8%

        

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB,
1.78% (c)(f)(g)
(cost $58,335,233)

      58,335,233          58,335,233  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned - 100.7%
(cost $1,716,113,040)

           2,071,523,643  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 6.5%

        

Investment Companies - 6.5%

        

AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB,
1.78% (c)(f)(g)
(cost $133,294,703)

      133,294,703          133,294,703  
       

 

 

  

Total Investments - 107.2%
(cost $1,849,407,743) (h)

           2,204,818,346  

Other assets less liabilities - (7.2)%

           (147,506,644 ) 
       

 

 

  

Net Assets - 100.0%

         $   2,057,311,702  
       

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(d)

Fair valued by the Adviser.

(e)

Illiquid security.

(f)

Affiliated investments.

(g)

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

(h)

As of October 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $454,714,092 and gross unrealized depreciation of investments was $(99,303,489), resulting in net unrealized appreciation of $355,410,603.

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
ETF    -    Exchange Traded Fund

Small Cap Growth Portfolio

October 31, 2019 (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 October 31, 2019:

 

Investments in Securities:

    Level 1     Level 2     Level 3     Total  

Assets:

 

Common Stocks(a)

    $ 1,978,225,840     $             – 0  –    $ – 0  –    $ 1,978,225,840  

Investment Companies

      33,963,076       – 0  –      – 0  –      33,963,076  

Preferred Stocks

      – 0  –      – 0  –      999,494       999,494  

Short-Term Investments

      58,335,233       – 0  –      – 0  –      58,335,233  

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

      133,294,703       – 0  –      – 0  –      133,294,703  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Investments in Securities

      2,203,818,852       – 0  –      999,494       2,204,818,346  

Other Financial Instruments(b)

      – 0  –      – 0  –      – 0  –      – 0  – 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $   2,203,818,852     $ – 0  –    $   999,494     $   2,204,818,346  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2019 is as follows:

 

Fund

    Market Value
7/31/19
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
10/31/19
(000)		      Dividend
Income
(000)		  

Government Money Market Portfolio

    $ 63,100      $ 140,777      $ 145,542      $ 58,335      $ 196  

Government Money Market Portfolio*

      103,925        171,001        141,631        133,295        1,294  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 167,025      $ 311,778      $ 287,173      $ 191,630      $ 1,490  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Investments of cash collateral for securities lending transactions