NPORT-EX 2 NPORT_64V2_57436205_0323.htm HTML

AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

Portfolio of Investments

March 31, 2023 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 65.4%

 

Information Technology – 13.5%

 

Communications Equipment – 0.5%

 

Arista Networks, Inc.(a)

     2,661        $ 446,675  

Cisco Systems, Inc.

     44,167          2,308,830  

F5, Inc.(a)

     646          94,116  

Juniper Networks, Inc.

     3,483          119,885  

Motorola Solutions, Inc.

     1,798          514,462  

Nokia Oyj

     55,525          272,566  

Telefonaktiebolaget LM Ericsson - Class B

     30,232          177,214  
       

 

 

 
          3,933,748  
       

 

 

 

Electronic Equipment, Instruments & Components – 0.6%

 

Amphenol Corp. - Class A

     6,393          522,436  

Azbil Corp.

     1,243          34,045  

CDW Corp./DE

     1,456          283,760  

Corning, Inc.

     8,184          288,732  

Halma PLC

     4,008          110,647  

Hamamatsu Photonics KK

     1,510          81,452  

Hexagon AB - Class B

     20,161          232,041  

Hirose Electric Co., Ltd.

     326          42,650  

Ibiden Co., Ltd.(b)

     1,205          48,325  

Keyence Corp.

     2,028          993,940  

Keysight Technologies, Inc.(a)

     1,917          309,557  

Kyocera Corp.

     3,322          173,295  

Murata Manufacturing Co., Ltd.

     5,966          363,599  

Omron Corp.

     1,974          115,532  

Shimadzu Corp.

     2,409          75,625  

TDK Corp.

     4,060          145,738  

TE Connectivity Ltd.

     3,402          446,172  

Teledyne Technologies, Inc.(a)

     504          225,469  

Trimble, Inc.(a)

     2,652          139,018  

Venture Corp. Ltd.

     2,790          37,133  

Yaskawa Electric Corp.

     2,574          112,895  

Yokogawa Electric Corp.

     2,300          37,452  

Zebra Technologies Corp. - Class A(a)

     555          176,490  
       

 

 

 
                  4,996,003  
       

 

 

 

IT Services – 0.7%

 

Accenture PLC - Class A

     6,770          1,934,934  

Akamai Technologies, Inc.(a)

     1,691          132,405  

Bechtle AG

     825          39,507  

Capgemini SE

     1,709          317,593  

Cognizant Technology Solutions Corp. - Class A

     5,472          333,409  

DXC Technology Co.(a)

     2,448          62,571  

EPAM Systems, Inc.(a)

     618          184,782  

Fujitsu Ltd.

     2,052          277,287  

Gartner, Inc.(a)

     850          276,904  

International Business Machines Corp.

     9,720          1,274,195  

Itochu Techno-Solutions Corp.

     967          23,827  

NEC Corp.

     2,617          101,030  

Nomura Research Institute Ltd.

     4,139          96,802  

NTT Data Corp.

     6,358          83,586  

Obic Co., Ltd.(b)

     736          116,578  

Otsuka Corp.

     1,148          40,771  

SCSK Corp.

     1,574          23,046  

 

1


Company    Shares        U.S. $ Value  

TIS, Inc.

     2,330        $ 61,618  

VeriSign, Inc.(a)

     985          208,160  

Wix.com Ltd.(a)

     641          63,972  
       

 

 

 
                  5,652,977  
       

 

 

 

Semiconductors & Semiconductor Equipment – 3.6%

 

Advanced Micro Devices, Inc.(a)

     17,335          1,699,003  

Advantest Corp.

     1,896          175,771  

Analog Devices, Inc.

     5,449          1,074,652  

Applied Materials, Inc.

     9,064          1,113,331  

ASM International NV

     488          198,080  

ASML Holding NV

     4,200          2,862,081  

Broadcom, Inc.

     4,493          2,882,439  

Disco Corp.

     930          108,188  

Enphase Energy, Inc.(a)

     1,461          307,219  

Infineon Technologies AG

     13,669          561,320  

Intel Corp.

     44,477          1,453,064  

KLA Corp.

     1,489          594,364  

Lam Research Corp.

     1,451          769,204  

Lasertec Corp.(b)

     797          141,610  

Microchip Technology, Inc.

     5,889          493,380  

Micron Technology, Inc.

     11,731          707,849  

Monolithic Power Systems, Inc.

     481          240,760  

NVIDIA Corp.

     26,448          7,346,461  

NXP Semiconductors NV

     2,786          519,519  

ON Semiconductor Corp.(a)

     4,644          382,294  

Qorvo, Inc.(a)

     1,074          109,086  

QUALCOMM, Inc.

     11,987          1,529,302  

Renesas Electronics Corp.(a)

     11,966          173,277  

Rohm Co., Ltd.

     951          79,263  

Skyworks Solutions, Inc.

     1,709          201,628  

SolarEdge Technologies, Inc.(a)

     601          182,674  

STMicroelectronics NV

     7,142          380,552  

SUMCO Corp.

     3,351          50,412  

Teradyne, Inc.

     1,675          180,079  

Texas Instruments, Inc.

     9,743          1,812,296  

Tokyo Electron Ltd.

     4,701          574,303  

Tower Semiconductor Ltd.(a)

     1,109          47,274  
       

 

 

 
          28,950,735  
       

 

 

 

Software – 4.6%

       

Adobe, Inc.(a)

     4,922          1,896,791  

ANSYS, Inc.(a)

     937          311,834  

Autodesk, Inc.(a)

     2,320          482,931  

Cadence Design Systems, Inc.(a)

     2,949          619,555  

Ceridian HCM Holding, Inc.(a)

     1,654          121,106  

Check Point Software Technologies Ltd.(a)

     1,070          139,100  

CyberArk Software Ltd.(a)

     434          64,223  

Dassault Systemes SE

     6,957          286,983  

Fair Isaac Corp.(a)

     270          189,726  

Fortinet, Inc.(a)

     6,971          463,293  

Gen Digital, Inc.

     6,116          104,950  

Intuit, Inc.

     3,020          1,346,407  

Microsoft Corp.

     80,029          23,072,361  

Nemetschek SE

     581          40,107  

 

2


Company    Shares        U.S. $ Value  

Nice Ltd.(a)

     661        $ 150,575  

Oracle Corp.

     16,523          1,535,317  

Oracle Corp. Japan

     387          27,949  

Paycom Software, Inc.(a)

     518          157,477  

PTC, Inc.(a)

     1,144          146,695  

Roper Technologies, Inc.

     1,140          502,387  

Sage Group PLC (The)

     10,307          98,910  

Salesforce, Inc.(a)

     10,751          2,147,835  

SAP SE

     10,877          1,373,444  

ServiceNow, Inc.(a)

     2,182          1,014,019  

Synopsys, Inc.(a)

     1,639          633,064  

Temenos AG (REG)

     677          47,110  

Trend Micro, Inc./Japan

     1,437          70,500  

Tyler Technologies, Inc.(a)

     448          158,879  

WiseTech Global Ltd.

     1,608          70,838  

Xero Ltd.(a)

     1,438          87,217  
       

 

 

 
                37,361,583  
       

 

 

 

Technology Hardware, Storage & Peripherals – 3.5%

 

Apple, Inc.

     159,897          26,367,015  

Brother Industries Ltd.

     2,377          35,812  

Canon, Inc.

     10,295          229,268  

FUJIFILM Holdings Corp.

     3,723          188,991  

Hewlett Packard Enterprise Co.

     13,781          219,531  

HP, Inc.

     9,292          272,720  

Logitech International SA (REG)

     1,847          107,803  

NetApp, Inc.

     2,318          148,004  

Ricoh Co., Ltd.

     5,188          38,916  

Seagate Technology Holdings PLC

     2,065          136,538  

Seiko Epson Corp.(b)

     2,818          40,264  

Western Digital Corp.(a)

     3,433          129,321  
       

 

 

 
          27,914,183  
       

 

 

 
          108,809,229  
       

 

 

 

Financials – 9.5%

       

Banks – 3.3%

 

ABN AMRO Bank NV(c)

     4,207          66,712  

AIB Group PLC

     11,076          44,831  

ANZ Group Holdings Ltd.

     30,969          477,236  

Banco Bilbao Vizcaya Argentaria SA(b)

     62,170          444,476  

Banco Santander SA

     174,931          651,877  

Bank Hapoalim BM

     12,904          107,394  

Bank Leumi Le-Israel BM

     15,840          119,826  

Bank of America Corp.

     75,038          2,146,087  

Bank of Ireland Group PLC

     11,086          112,171  

Banque Cantonale Vaudoise (REG)(b)

     312          29,442  

Barclays PLC

     164,047          295,269  

BNP Paribas Emissions- und Handelsgesellschaft mbH

     38,654          459,029  

BNP Paribas SA

     11,601          692,783  

BOC Hong Kong Holdings Ltd.

     37,283          116,071  

 

3


Company    Shares        U.S. $ Value  

CaixaBank SA

     46,177        $ 180,180  

Chiba Bank Ltd. (The)

     5,340          34,466  

Citigroup, Inc.

     20,823          976,390  

Citizens Financial Group, Inc.

     5,295          160,809  

Comerica, Inc.

     1,408          61,135  

Commerzbank AG(a)

     10,819          113,905  

Commonwealth Bank of Australia(b)

     17,699          1,168,586  

Concordia Financial Group Ltd.

     10,968          40,427  

Credit Agricole SA

     12,536          141,421  

Danske Bank A/S(a)

     7,184          144,533  

DBS Group Holdings Ltd.

     18,878          469,340  

DNB Bank ASA

     9,637          172,461  

Erste Group Bank AG

     3,629          120,226  

Fifth Third Bancorp

     7,347          195,724  

FinecoBank Banca Fineco SpA

     6,144          94,133  

First International Bank Of Israel Ltd.

     575          20,354  

First Republic Bank/CA(b)

     1,997          27,938  

Hang Seng Bank Ltd.

     8,009          113,851  

HSBC Holdings PLC

     207,990          1,413,603  

Huntington Bancshares, Inc./OH

     15,515          173,768  

Intesa Sanpaolo SpA

     168,119          431,467  

Israel Discount Bank Ltd. - Class A

     12,463          61,221  

Japan Post Bank Co., Ltd.(b)

     15,555          127,045  

JPMorgan Chase & Co.

     31,535          4,109,326  

KBC Group NV

     2,598          178,511  

KeyCorp

     10,034          125,626  

Lloyds Banking Group PLC

     698,140          410,469  

M&T Bank Corp.

     1,820          217,617  

Mediobanca Banca di Credito Finanziario SpA

     5,771          57,992  

Mitsubishi UFJ Financial Group, Inc.

     123,817          793,502  

Mizrahi Tefahot Bank Ltd.

     1,577          49,437  

Mizuho Financial Group, Inc.

     25,126          355,974  

National Australia Bank Ltd.

     32,757          610,373  

NatWest Group PLC

     54,918          179,199  

Nordea Bank Abp (Stockholm)

     34,111          364,247  

Oversea-Chinese Banking Corp., Ltd.

     34,743          323,867  

PNC Financial Services Group, Inc. (The)

     4,311          547,928  

Regions Financial Corp.

     10,042          186,380  

Resona Holdings, Inc.

     22,172          106,961  

Shizuoka Financial Group, Inc.

     4,497          32,293  

Skandinaviska Enskilda Banken AB - Class A(a)

     16,831          185,785  

Societe Generale SA

     8,389          189,015  

Standard Chartered PLC

     25,099          190,227  

Sumitomo Mitsui Financial Group, Inc.

     13,603          544,359  

Sumitomo Mitsui Trust Holdings, Inc.(b)

     3,421          117,532  

Svenska Handelsbanken AB - Class A

     15,192          131,576  

Swedbank AB - Class A

     9,433          155,122  

Truist Financial Corp.

     14,265          486,437  

UniCredit SpA

     19,898          375,035  

United Overseas Bank Ltd.

     12,375          277,559  

US Bancorp

     14,979          539,993  

Wells Fargo & Co.

     40,967          1,531,346  

Westpac Banking Corp.

     36,265          528,004  

Zions Bancorp NA

     1,609          48,157  
       

 

 

 
                26,156,036  
       

 

 

 

 

4


Company    Shares        U.S. $ Value  

Capital Markets – 1.8%

 

3i Group PLC

     10,138        $ 211,311  

Abrdn PLC

     19,986          50,302  

Ameriprise Financial, Inc.

     1,132          346,958  

Amundi SA(c)

     691          43,539  

ASX Ltd.(b)

     2,054          89,700  

Bank of New York Mellon Corp. (The)

     7,908          359,340  

BlackRock, Inc.

     1,610          1,077,283  

Cboe Global Markets, Inc.

     1,141          153,168  

Charles Schwab Corp. (The)

     16,399          858,980  

CME Group, Inc.

     3,867          740,608  

Credit Suisse Group AG (REG)

     37,517          33,691  

Daiwa Securities Group, Inc.(b)

     13,519          63,466  

Deutsche Bank AG (REG)

     21,407          217,692  

Deutsche Boerse AG

     2,002          389,809  

EQT AB(b)

     3,703          75,643  

Euronext NV(c)

     936          71,674  

FactSet Research Systems, Inc.

     411          170,602  

Franklin Resources, Inc.

     3,066          82,598  

Futu Holdings Ltd. (ADR)(a)

     656          34,014  

Goldman Sachs Group, Inc. (The)

     3,641          1,191,008  

Hargreaves Lansdown PLC

     3,584          35,505  

Hong Kong Exchanges & Clearing Ltd.

     12,530          555,388  

Intercontinental Exchange, Inc.

     6,008          626,574  

Invesco Ltd.

     4,890          80,196  

Japan Exchange Group, Inc.(b)

     5,165          78,993  

Julius Baer Group Ltd.

     2,215          151,303  

London Stock Exchange Group PLC

     3,971          385,702  

Macquarie Group Ltd.

     3,843          455,010  

MarketAxess Holdings, Inc.

     405          158,472  

Moody’s Corp.

     1,694          518,398  

Morgan Stanley

     14,046          1,233,239  

MSCI, Inc.

     860          481,333  

Nasdaq, Inc.

     3,644          199,217  

Nomura Holdings, Inc.

     29,578          114,033  

Northern Trust Corp.

     2,241          197,499  

Partners Group Holding AG

     239          225,072  

Raymond James Financial, Inc.

     2,084          194,375  

S&P Global, Inc.

     3,539          1,220,141  

SBI Holdings, Inc./Japan(b)

     2,467          48,994  

Schroders PLC

     9,235          52,662  

Singapore Exchange Ltd.

     8,880          62,884  

St. James’s Place PLC

     5,443          81,675  

State Street Corp.

     3,752          283,989  

T. Rowe Price Group, Inc.

     2,411          272,202  

UBS Group AG (REG)

     34,918          738,892  
       

 

 

 
                14,713,134  
       

 

 

 

Consumer Finance – 0.2%

 

American Express Co.

     6,401          1,055,845  

Capital One Financial Corp.

     4,099          394,160  

Discover Financial Services

     2,871          283,769  

Synchrony Financial

     4,699          136,647  
       

 

 

 
          1,870,421  
       

 

 

 

 

5


Company    Shares        U.S. $ Value  

Financial Services – 2.2%

 

Adyen NV(a) (b) (c)

     229        $ 364,895  

Berkshire Hathaway, Inc. - Class B(a)

     19,370          5,980,875  

Edenred

     2,613          154,650  

Eurazeo SE

     464          33,028  

EXOR NV(a)

     1,169          96,395  

Fidelity National Information Services, Inc.

     6,379          346,571  

Fiserv, Inc.(a)

     6,827          771,656  

FleetCor Technologies, Inc.(a)

     793          167,204  

Global Payments, Inc.

     2,828          297,619  

GMO Payment Gateway, Inc.

     481          41,644  

Groupe Bruxelles Lambert NV

     1,033          88,156  

Industrivarden AB - Class A

     1,313          35,487  

Industrivarden AB - Class C

     1,637          44,141  

Investor AB - Class A

     5,024          102,514  

Investor AB - Class B

     18,977          378,033  

Jack Henry & Associates, Inc.

     785          118,315  

Kinnevik AB - Class B(a) (b)

     2,439          36,470  

L E Lundbergforetagen AB - Class B

     765          34,645  

M&G PLC

     22,056          54,060  

Mastercard, Inc. - Class A

     9,071          3,296,492  

Mitsubishi HC Capital, Inc.

     6,650          34,339  

Nexi SpA(a) (c)

     6,113          49,681  

ORIX Corp.

     12,381          204,138  

PayPal Holdings, Inc.(a)

     12,163          923,658  

Sofina SA

     177          39,754  

Visa, Inc. - Class A

     17,470          3,938,786  

Wendel SE

     317          33,519  

Worldline SA/France(a) (c)

     2,518          107,011  
       

 

 

 
                17,773,736  
       

 

 

 

Insurance – 2.0%

 

Admiral Group PLC

     1,972          49,519  

Aegon NV

     18,038          77,440  

Aflac, Inc.

     6,019          388,346  

Ageas SA/NV

     1,677          72,544  

AIA Group Ltd.

     123,105          1,291,046  

Allianz SE (REG)

     4,201          969,742  

Allstate Corp. (The)

     2,828          313,371  

American International Group, Inc.

     7,988          402,276  

Aon PLC - Class A

     2,208          696,160  

Arch Capital Group Ltd.(a)

     3,977          269,919  

Arthur J Gallagher & Co.

     2,280          436,187  

Assicurazioni Generali SpA

     11,505          229,233  

Assurant, Inc.

     568          68,200  

Aviva PLC

     29,197          145,843  

AXA SA

     19,592          597,900  

Baloise Holding AG (REG)

     490          76,301  

Brown & Brown, Inc.

     2,527          145,100  

Chubb Ltd.

     4,462          866,431  

Cincinnati Financial Corp.

     1,690          189,415  

Dai-ichi Life Holdings, Inc.(b)

     10,208          187,659  

Everest Re Group Ltd.

     421          150,726  

Gjensidige Forsikring ASA

     2,015          32,950  

Globe Life, Inc.

     973          107,050  

 

6


Company    Shares        U.S. $ Value  

Hannover Rueck SE

     641        $ 125,367  

Hartford Financial Services Group, Inc. (The)

     3,388          236,110  

Insurance Australia Group Ltd.

     24,836          78,176  

Japan Post Holdings Co., Ltd.

     24,626          199,864  

Japan Post Insurance Co., Ltd.

     2,013          31,374  

Legal & General Group PLC

     61,865          182,972  

Lincoln National Corp.

     1,656          37,210  

Loews Corp.

     2,097          121,668  

Marsh & McLennan Cos., Inc.

     5,322          886,379  

Medibank Pvt Ltd.(b)

     27,747          62,616  

MetLife, Inc.

     7,086          410,563  

MS&AD Insurance Group Holdings, Inc.

     4,466          138,405  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)

     1,467          512,915  

NN Group NV

     2,908          105,589  

Phoenix Group Holdings PLC

     7,768          52,484  

Poste Italiane SpA(c)

     5,263          53,670  

Principal Financial Group, Inc.

     2,446          181,787  

Progressive Corp. (The)

     6,288          899,561  

Prudential Financial, Inc.

     3,956          327,319  

Prudential PLC

     28,637          392,087  

QBE Insurance Group Ltd.

     15,464          151,401  

Sampo Oyj - Class A

     5,015          236,633  

Sompo Holdings, Inc.

     3,270          129,574  

Suncorp Group Ltd.

     12,721          103,360  

Swiss Life Holding AG (REG)

     326          201,177  

Swiss Re AG

     3,156          324,227  

T&D Holdings, Inc.(b)

     5,340          66,183  

Tokio Marine Holdings, Inc.

     19,081          367,213  

Travelers Cos., Inc. (The)

     2,485          425,954  

Tryg A/S

     3,627          79,306  

Willis Towers Watson PLC

     1,148          266,772  

WR Berkley Corp.

     2,190          136,349  

Zurich Insurance Group AG

     1,570          752,342  
       

 

 

 
          16,039,965  
       

 

 

 
                76,553,292  
       

 

 

 

Health Care – 9.1%

 

Biotechnology – 1.2%

 

AbbVie, Inc.

     19,013          3,030,102  

Amgen, Inc.

     5,741          1,387,887  

Argenx SE(a)

     578          213,565  

Biogen, Inc.(a)

     1,548          430,390  

CSL Ltd.

     5,023          972,806  

Genmab A/S(a)

     690          260,824  

Gilead Sciences, Inc.

     13,407          1,112,379  

Grifols SA(a) (b)

     3,005          29,744  

Incyte Corp.(a)

     1,990          143,817  

Moderna, Inc.(a)

     3,552          545,516  

Regeneron Pharmaceuticals, Inc.(a)

     1,156          949,851  

Swedish Orphan Biovitrum AB(a)

     1,717          40,007  

Vertex Pharmaceuticals, Inc.(a)

     2,764          870,853  
       

 

 

 
          9,987,741  
       

 

 

 

 

7


Company    Shares        U.S. $ Value  

Health Care Equipment & Supplies – 1.7%

 

Abbott Laboratories

     18,745        $ 1,898,119  

Alcon, Inc.

     5,250          372,684  

Align Technology, Inc.(a)

     781          260,963  

Asahi Intecc Co., Ltd.(b)

     2,189          38,676  

Baxter International, Inc.

     5,426          220,079  

Becton Dickinson and Co.

     3,052          755,492  

BioMerieux

     475          50,073  

Boston Scientific Corp.(a)

     15,399          770,412  

Carl Zeiss Meditec AG Class BR

     450          62,681  

Cochlear Ltd.

     695          110,644  

Coloplast A/S - Class B

     1,240          163,267  

Cooper Cos., Inc. (The)

     531          198,254  

Demant A/S(a)

     964          33,843  

DENTSPLY SIRONA, Inc.

     2,311          90,776  

Dexcom, Inc.(a)

     4,154          482,612  

DiaSorin SpA

     292          30,772  

Edwards Lifesciences Corp.(a)

     6,647          549,906  

EssilorLuxottica SA

     3,042          548,542  

Fisher & Paykel Healthcare Corp., Ltd.

     5,813          97,175  

GE Healthcare, Inc.(a)

     3,904          320,245  

Getinge AB - Class B

     2,304          56,191  

Hologic, Inc.(a)

     2,651          213,936  

Hoya Corp.

     3,718          410,884  

IDEXX Laboratories, Inc.(a)

     890          445,071  

Insulet Corp.(a)

     747          238,263  

Intuitive Surgical, Inc.(a)

     3,767          962,355  

Koninklijke Philips NV

     9,290          170,628  

Medtronic PLC

     14,301          1,152,947  

Olympus Corp.

     12,545          220,325  

ResMed, Inc.

     1,579          345,785  

Siemens Healthineers AG(c)

     2,928          168,805  

Smith & Nephew PLC

     8,859          123,145  

Sonova Holding AG (REG)

     556          164,014  

STERIS PLC

     1,067          204,096  

Straumann Holding AG (REG)

     1,185          177,732  

Stryker Corp.

     3,625          1,034,829  

Sysmex Corp.

     1,777          116,627  

Teleflex, Inc.

     504          127,668  

Terumo Corp.

     6,668          180,338  

Zimmer Biomet Holdings, Inc.

     2,256          291,475  
       

 

 

 
                13,860,329  
       

 

 

 

Health Care Providers & Services – 1.5%

 

AmerisourceBergen Corp.

     1,740          278,591  

Amplifon SpA

     1,254          43,464  

Cardinal Health, Inc.

     2,770          209,135  

Centene Corp.(a)

     5,921          374,266  

Cigna Group (The)

     3,211          820,507  

CVS Health Corp.

     13,806          1,025,924  

DaVita, Inc.(a)

     591          47,936  

EBOS Group Ltd.

     1,688          49,188  

Elevance Health, Inc.

     2,568          1,180,792  

 

8


Company    Shares        U.S. $ Value  

Fresenius Medical Care AG & Co. KGaA

     2,193        $ 93,080  

Fresenius SE & Co. KGaA

     4,406          118,976  

HCA Healthcare, Inc.

     2,280          601,190  

Henry Schein, Inc.(a)

     1,457          118,804  

Humana, Inc.

     1,344          652,458  

Laboratory Corp. of America Holdings

     953          218,637  

McKesson Corp.

     1,472          524,106  

Molina Healthcare, Inc.(a)

     628          167,984  

Quest Diagnostics, Inc.

     1,193          168,786  

Ramsay Health Care Ltd.(b)

     1,960          87,579  

Sonic Healthcare Ltd.

     4,591          107,627  

UnitedHealth Group, Inc.

     10,045          4,747,167  

Universal Health Services, Inc. - Class B

     690          87,699  
       

 

 

 
                11,723,896  
       

 

 

 

Health Care Technology – 0.0%

 

M3, Inc.

     4,607          115,954  
       

 

 

 

Life Sciences Tools & Services – 1.0%

 

Agilent Technologies, Inc.

     3,181          440,060  

Bachem Holding AG (REG)(b)

     344          34,593  

Bio-Rad Laboratories, Inc. - Class A(a)

     231          110,654  

Bio-Techne Corp.

     1,691          125,455  

Charles River Laboratories International, Inc.(a)

     547          110,396  

Danaher Corp.

     7,047          1,776,126  

Eurofins Scientific SE

     1,409          94,346  

Illumina, Inc.(a)

     1,691          393,242  

IQVIA Holdings, Inc.

     1,996          396,984  

Lonza Group AG (REG)

     777          467,754  

Mettler-Toledo International, Inc.(a)

     238          364,190  

PerkinElmer, Inc.

     1,358          180,967  

QIAGEN NV(a)

     2,427          110,541  

Sartorius AG (Preference Shares)

     261          110,000  

Sartorius Stedim Biotech

     294          90,198  

Thermo Fisher Scientific, Inc.

     4,217          2,430,552  

Waters Corp.(a)

     639          197,854  

West Pharmaceutical Services, Inc.

     796          275,790  
       

 

 

 
          7,709,702  
       

 

 

 

Pharmaceuticals – 3.7%

       

Astellas Pharma, Inc.

     19,122          271,672  

AstraZeneca PLC

     16,140          2,236,266  

Bayer AG (REG)

     10,257          655,234  

Bristol-Myers Squibb Co.

     22,859          1,584,357  

Catalent, Inc.(a)

     1,936          127,215  

Chugai Pharmaceutical Co., Ltd.

     6,969          172,083  

Daiichi Sankyo Co., Ltd.

     18,319          668,234  

Eisai Co., Ltd.

     2,635          149,667  

Eli Lilly & Co.

     8,479          2,911,858  

GSK PLC

     42,420          749,532  

Hikma Pharmaceuticals PLC

     1,710          35,444  

Ipsen SA

     431          47,458  

Johnson & Johnson

     28,109          4,356,895  

Kyowa Kirin Co., Ltd.

     2,720          59,382  

Merck & Co., Inc.

     27,258          2,899,979  

Merck KGaA

     1,357          252,992  

Nippon Shinyaku Co., Ltd.

     495          21,842  

 

9


Company    Shares        U.S. $ Value  

Novartis AG (REG)

     22,534        $ 2,069,038  

Novo Nordisk A/S - Class B

     17,243          2,738,555  

Ono Pharmaceutical Co., Ltd.

     3,726          77,643  

Organon & Co.

     2,735          64,327  

Orion Oyj - Class B

     1,167          52,163  

Otsuka Holdings Co., Ltd.

     4,092          129,919  

Pfizer, Inc.

     60,349          2,462,239  

Recordati Industria Chimica e Farmaceutica SpA

     1,053          44,541  

Roche Holding AG (BR)

     285          85,640  

Roche Holding AG (Genusschein)

     7,318          2,091,063  

Sanofi

     11,882          1,288,944  

Shionogi & Co., Ltd.

     2,770          124,942  

Takeda Pharmaceutical Co., Ltd.

     15,635          513,509  

Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)

     11,113          98,350  

UCB SA

     1,330          118,870  

Viatris, Inc.

     13,038          125,426  

Zoetis, Inc.

     5,011          834,031  
       

 

 

 
          30,119,310  
       

 

 

 
                73,516,932  
       

 

 

 

Industrials – 7.0%

 

Aerospace & Defense – 1.1%

 

Airbus SE

     6,162          823,043  

BAE Systems PLC

     31,961          386,604  

Boeing Co. (The)(a)

     6,046          1,284,352  

Dassault Aviation SA

     287          56,777  

Elbit Systems Ltd.

     293          49,901  

General Dynamics Corp.

     2,419          552,040  

Howmet Aerospace, Inc.

     3,959          167,743  

Huntington Ingalls Industries, Inc.

     429          88,812  

Kongsberg Gruppen ASA

     909          36,744  

L3Harris Technologies, Inc.

     2,047          401,703  

Lockheed Martin Corp.

     2,443          1,154,879  

MTU Aero Engines AG

     564          141,135  

Northrop Grumman Corp.

     1,547          714,281  

Raytheon Technologies Corp.

     15,750          1,542,398  

Rheinmetall AG

     472          139,830  

Rolls-Royce Holdings PLC(a)

     84,306          155,280  

Safran SA

     3,578          529,675  

Singapore Technologies Engineering Ltd.

     15,730          43,303  

Textron, Inc.

     2,245          158,564  

Thales SA

     1,114          164,701  

TransDigm Group, Inc.

     558          411,274  
       

 

 

 
          9,003,039  
       

 

 

 

Air Freight & Logistics – 0.4%

 

CH Robinson Worldwide, Inc.

     1,266          125,802  

Deutsche Post AG (REG)

     10,380          486,154  

DSV A/S

     1,952          378,488  

Expeditors International of Washington, Inc.

     1,711          188,415  

FedEx Corp.

     2,496          570,311  

Kuehne & Nagel International AG (REG)

     566          168,575  

Nippon Express Holdings, Inc.

     859          51,832  

 

10


Company    Shares        U.S. $ Value  

SG Holdings Co., Ltd.

     2,929        $ 43,432  

United Parcel Service, Inc. - Class B

     7,846          1,522,046  

Yamato Holdings Co., Ltd.(b)

     2,936          50,397  
       

 

 

 
                  3,585,452  
       

 

 

 

Building Products – 0.4%

 

A O Smith Corp.

     1,364          94,320  

AGC, Inc.

     2,082          77,619  

Allegion PLC

     944          100,753  

Assa Abloy AB - Class B

     10,352          247,956  

Carrier Global Corp.

     8,968          410,286  

Cie de Saint-Gobain

     5,097          289,732  

Daikin Industries Ltd.(b)

     2,604          467,175  

Geberit AG (REG)

     382          213,327  

Johnson Controls International PLC

     7,389          444,965  

Kingspan Group PLC

     1,616          110,737  

Lixil Corp.

     3,018          49,815  

Masco Corp.

     2,421          120,372  

Nibe Industrier AB - Class B

     15,403          175,581  

Otis Worldwide Corp.

     4,460          376,424  

ROCKWOOL A/S - Class B

     103          25,257  

TOTO Ltd.

     1,426          47,776  

Xinyi Glass Holdings Ltd.

     18,257          32,660  
       

 

 

 
          3,284,755  
       

 

 

 

Commercial Services & Supplies – 0.3%

 

Brambles Ltd.

     14,464          130,411  

Cintas Corp.

     929          429,830  

Copart, Inc.(a)

     4,609          346,643  

Dai Nippon Printing Co., Ltd.(b)

     2,237          62,632  

Rentokil Initial PLC

     25,987          189,927  

Republic Services, Inc.

     2,208          298,566  

Rollins, Inc.

     2,489          93,412  

Secom Co., Ltd.

     2,191          135,026  

Securitas AB - Class B

     4,956          44,087  

TOPPAN, Inc.

     2,642          53,242  

Waste Management, Inc.

     3,993          651,538  
       

 

 

 
          2,435,314  
       

 

 

 

Construction & Engineering – 0.2%

 

ACS Actividades de Construccion y Servicios SA

     2,351          74,879  

Bouygues SA

     2,312          77,975  

Eiffage SA

     896          96,962  

Epiroc AB - Class A

     6,819          135,357  

Epiroc AB - Class B

     3,929          66,991  

Ferrovial SA

     5,030          148,120  

Kajima Corp.

     4,067          49,078  

Metso Outotec Oyj

     6,907          75,420  

Obayashi Corp.

     6,542          50,062  

Quanta Services, Inc.

     1,536          255,959  

Shimizu Corp.

     5,561          31,516  

Skanska AB - Class B

     3,427          52,490  

Taisei Corp.

     1,922          59,465  

Vinci SA

     5,616          643,831  
       

 

 

 
          1,818,105  
       

 

 

 

 

11


Company    Shares        U.S. $ Value  

Electrical Equipment – 0.6%

 

ABB Ltd. (REG)

     16,433        $ 565,320  

AMETEK, Inc.

     2,469          358,820  

Eaton Corp. PLC

     4,276          732,650  

Emerson Electric Co.

     6,143          535,301  

First Solar, Inc.(a)

     1,066          231,855  

Fuji Electric Co., Ltd.

     1,278          50,469  

Generac Holdings, Inc.(a)

     681          73,555  

Legrand SA

     2,813          257,030  

Mitsubishi Electric Corp.

     20,128          240,532  

Nidec Corp.

     4,664          242,719  

Prysmian SpA

     2,709          113,753  

Rockwell Automation, Inc.

     1,234          362,117  

Schneider Electric SE

     5,652          944,583  

Siemens Energy AG(a)

     4,431          97,710  

Vestas Wind Systems A/S

     10,580          308,348  
       

 

 

 
                  5,114,762  
       

 

 

 

Ground Transportation – 0.5%

 

Aurizon Holdings Ltd.(b)

     18,545          41,770  

Central Japan Railway Co.

     1,537          183,394  

CSX Corp.

     22,603          676,734  

East Japan Railway Co.(b)

     3,140          173,772  

Grab Holdings Ltd. - Class A(a)

     13,321          40,096  

Hankyu Hanshin Holdings, Inc.

     2,305          68,348  

JB Hunt Transport Services, Inc.

     892          156,510  

Keio Corp.(b)

     1,036          36,379  

Keisei Electric Railway Co., Ltd.(b)

     1,302          40,105  

Kintetsu Group Holdings Co., Ltd.(b)

     1,728          55,666  

MTR Corp., Ltd.

     15,600          75,290  

Norfolk Southern Corp.

     2,449          519,188  

Odakyu Electric Railway Co., Ltd.(b)

     2,970          38,641  

Old Dominion Freight Line, Inc.

     974          331,978  

Tobu Railway Co., Ltd.(b)

     1,902          45,535  

Tokyu Corp.(b)

     5,501          73,230  

Union Pacific Corp.

     6,578          1,323,888  

West Japan Railway Co.

     2,337          96,265  
       

 

 

 
          3,976,789  
       

 

 

 

Industrial Conglomerates – 0.7%

 

3M Co.

     5,918          622,041  

CK Hutchison Holdings Ltd.

     27,958          172,966  

DCC PLC

     1,088          63,421  

General Electric Co.

     11,711          1,119,571  

Hitachi Ltd.

     10,153          558,016  

Honeywell International, Inc.

     7,183          1,372,815  

Investment AB Latour - Class B(b)

     1,491          30,354  

Jardine Cycle & Carriage Ltd.(b)

     1,023          24,091  

Jardine Matheson Holdings Ltd.

     1,634          79,481  

Keppel Corp., Ltd.

     14,674          62,258  

Lifco AB - Class B

     2,348          50,629  

Melrose Industries PLC

     40,856          84,145  

Siemens AG (REG)

     7,969          1,291,009  

Smiths Group PLC

     3,730          79,109  

 

12


Company    Shares        U.S. $ Value  

Toshiba Corp.(b)

     4,068        $ 136,602  
       

 

 

 
                  5,746,508  
       

 

 

 

Machinery – 1.4%

 

Alfa Laval AB

     2,958          105,622  

Alstom SA

     3,393          92,379  

Atlas Copco AB - Class A

     27,822          352,459  

Atlas Copco AB - Class B

     16,258          187,011  

Caterpillar, Inc.

     5,595          1,280,360  

CNH Industrial NV

     10,624          162,560  

Cummins, Inc.

     1,519          362,859  

Daifuku Co., Ltd.

     3,354          62,274  

Daimler Truck Holding AG(a)

     4,757          160,544  

Deere & Co.

     2,907          1,200,242  

Dover Corp.

     1,502          228,214  

FANUC Corp.

     9,990          360,761  

Fortive Corp.

     3,794          258,637  

GEA Group AG

     1,545          70,479  

Hitachi Construction Machinery Co., Ltd.

     1,083          25,242  

Hoshizaki Corp.(b)

     1,094          40,417  

Husqvarna AB - Class B

     4,217          36,603  

IDEX Corp.

     811          187,365  

Illinois Tool Works, Inc.

     2,985          726,698  

Indutrade AB

     2,776          59,076  

Ingersoll Rand, Inc.

     4,353          253,257  

Knorr-Bremse AG

     748          49,825  

Komatsu Ltd.

     9,617          238,743  

Kone Oyj - Class B

     3,413          178,002  

Kubota Corp.

     10,350          156,920  

Kurita Water Industries Ltd.(b)

     1,130          51,762  

Makita Corp.(b)

     2,257          56,210  

MINEBEA MITSUMI, Inc.(b)

     3,657          69,836  

MISUMI Group, Inc.

     2,864          71,967  

Mitsubishi Heavy Industries Ltd.

     3,370          124,154  

NGK Insulators Ltd.(b)

     2,207          29,266  

Nordson Corp.

     578          128,466  

PACCAR, Inc.

     5,612          410,798  

Parker-Hannifin Corp.

     1,379          463,496  

Pentair PLC

     1,769          97,773  

Rational AG

     60          40,331  

Sandvik AB

     11,112          235,861  

Schindler Holding AG

     435          96,386  

Schindler Holding AG (REG)

     244          51,635  

Sembcorp Marine Ltd.(a)

     280,053          25,135  

SKF AB - Class B

     3,852          75,872  

SMC Corp.

     598          317,010  

Snap-on, Inc.

     571          140,974  

Spirax-Sarco Engineering PLC

     782          114,815  

Stanley Black & Decker, Inc.

     1,591          128,203  

Techtronic Industries Co., Ltd.

     13,862          150,196  

Toyota Industries Corp.

     1,574          87,689  

Trane Technologies PLC

     2,463          453,143  

VAT Group AG(b) (c)

     291          105,134  

Volvo AB - Class A

     2,017          43,385  

Volvo AB - Class B

     15,630          322,082  

Wartsila OYJ Abp(b)

     4,769          45,006  

 

13


Company    Shares        U.S. $ Value  

Westinghouse Air Brake Technologies Corp.

     1,955        $ 197,572  

Xylem, Inc./NY

     1,938          202,909  
       

 

 

 
                11,173,615  
       

 

 

 

Marine Transportation – 0.1%

 

AP Moller - Maersk A/S - Class A

     33          58,543  

AP Moller - Maersk A/S - Class B

     55          99,974  

Mitsui OSK Lines Ltd.(b)

     3,652          91,584  

Nippon Yusen KK(b)

     5,061          118,217  

SITC International Holdings Co., Ltd.

     13,511          29,037  
       

 

 

 
          397,355  
       

 

 

 

Passenger Airlines – 0.1%

 

Alaska Air Group, Inc.(a)

     1,371          57,527  

American Airlines Group, Inc.(a)

     6,995          103,176  

ANA Holdings, Inc.(a)

     1,610          34,993  

Delta Air Lines, Inc.(a)

     6,894          240,738  

Deutsche Lufthansa AG (REG)(a)

     6,022          66,980  

Japan Airlines Co., Ltd.

     1,453          28,331  

Qantas Airways Ltd.(a)

     9,311          41,559  

Singapore Airlines Ltd.(b)

     13,499          58,228  

Southwest Airlines Co.

     6,389          207,898  

United Airlines Holdings, Inc.(a)

     3,515          155,539  
       

 

 

 
          994,969  
       

 

 

 

Professional Services – 0.7%

 

Adecco Group AG (REG)

     1,749          63,707  

Automatic Data Processing, Inc.

     4,455          991,817  

BayCurrent Consulting, Inc.

     1,376          57,129  

Broadridge Financial Solutions, Inc.

     1,265          185,411  

Bureau Veritas SA

     3,139          90,191  

Computershare Ltd.

     5,474          79,511  

CoStar Group, Inc.(a)

     4,372          301,012  

Equifax, Inc.

     1,317          267,140  

Experian PLC

     9,591          315,810  

Intertek Group PLC

     1,729          86,596  

Jacobs Solutions, Inc.

     1,362          160,049  

Leidos Holdings, Inc.

     1,470          135,328  

Nihon M&A Center Holdings, Inc.

     3,051          22,868  

Paychex, Inc.

     3,449          395,221  

Persol Holdings Co., Ltd.

     1,788          36,001  

Randstad NV

     1,290          76,581  

Recruit Holdings Co., Ltd.

     14,972          411,865  

RELX PLC (London)

     19,883          643,949  

Robert Half International, Inc.

     1,158          93,300  

SGS SA (REG)

     68          149,991  

Teleperformance

     630          152,230  

Verisk Analytics, Inc.

     1,681          322,517  

Wolters Kluwer NV

     2,683          338,692  
       

 

 

 
          5,376,916  
       

 

 

 

Trading Companies & Distributors – 0.4%

 

AerCap Holdings NV(a)

     1,441          81,027  

Ashtead Group PLC

     4,598          282,340  

 

14


Company    Shares        U.S. $ Value  

Brenntag SE

     1,621        $ 121,990  

Bunzl PLC

     3,534          133,488  

Fastenal Co.

     6,137          331,030  

ITOCHU Corp.

     12,312          400,958  

Marubeni Corp.

     15,764          214,386  

Mitsubishi Corp.

     13,031          468,288  

Mitsui & Co., Ltd.

     15,022          468,233  

MonotaRO Co., Ltd.(b)

     2,525          31,804  

Reece Ltd.(b)

     2,297          26,921  

Sumitomo Corp.

     11,667          206,685  

Toyota Tsusho Corp.

     2,273          96,915  

United Rentals, Inc.

     746          295,237  

WW Grainger, Inc.

     483          332,695  
       

 

 

 
                  3,491,997  
       

 

 

 

Transportation Infrastructure – 0.1%

 

Aena SME SA(a) (c)

     788          127,426  

Aeroports de Paris(a)

     341          48,681  

Auckland International Airport Ltd.(a)

     12,611          68,629  

Getlink SE

     4,433          73,010  

Transurban Group(b)

     31,507          300,841  
       

 

 

 
          618,587  
       

 

 

 
          57,018,163  
       

 

 

 

Consumer Discretionary – 7.0%

 

Automobile Components – 0.2%

 

Aisin Corp.

     1,484          40,903  

Aptiv PLC(a)

     2,913          326,809  

BorgWarner, Inc.

     2,517          123,610  

Bridgestone Corp.

     6,010          244,142  

Cie Generale des Etablissements Michelin SCA

     7,150          218,563  

Continental AG

     1,197          89,691  

Denso Corp.(b)

     4,542          256,384  

Koito Manufacturing Co., Ltd.(b)

     2,104          39,884  

Sumitomo Electric Industries Ltd.

     7,148          91,830  

Valeo

     2,088          42,845  
       

 

 

 
          1,474,661  
       

 

 

 

Automobiles – 1.5%

 

Bayerische Motoren Werke AG

     3,452          378,334  

Bayerische Motoren Werke AG (Preference Shares)

     653          66,749  

Dr Ing hc F Porsche AG (Preference Shares)(a)

     1,214          155,816  

Ferrari NV

     1,318          357,156  

Ford Motor Co.

     42,094          530,384  

General Motors Co.

     14,994          549,980  

Honda Motor Co., Ltd.(b)

     16,887          446,681  

Isuzu Motors Ltd.

     5,874          70,200  

Mazda Motor Corp.

     5,729          52,844  

Mercedes-Benz Group AG

     8,389          645,137  

Nissan Motor Co., Ltd.

     23,388          88,514  

 

15


Company    Shares        U.S. $ Value  

Porsche Automobil Holding SE (Preference Shares)

     1,606        $ 92,196  

Renault SA(a)

     2,081          84,814  

Stellantis NV (Milan)

     23,429          426,086  

Subaru Corp.

     6,199          98,958  

Suzuki Motor Corp.

     3,856          140,426  

Tesla, Inc.(a)

     28,915          5,998,706  

Toyota Motor Corp.(b)

     110,459          1,572,428  

Volkswagen AG

     326          55,917  

Volkswagen AG (Preference Shares)

     1,935          264,074  

Volvo Car AB - Class B(a)

     6,056          26,493  

Yamaha Motor Co., Ltd.

     2,999          78,486  
       

 

 

 
                12,180,379  
       

 

 

 

Broadline Retail – 1.5%

 

Amazon.com, Inc.(a)

     95,847          9,900,037  

Cie Financiere Richemont SA (REG)

     5,441          872,497  

eBay, Inc.

     5,834          258,854  

Etsy, Inc.(a)

     1,351          150,407  

Next PLC

     1,339          108,834  

Pan Pacific International Holdings Corp.

     3,794          73,400  

Prosus NV

     8,349          653,760  

Rakuten Group, Inc.(b)

     8,758          40,845  

Wesfarmers Ltd.

     11,901          402,236  
       

 

 

 
          12,460,870  
       

 

 

 

Distributors – 0.1%

 

D’ieteren Group

     280          54,483  

Genuine Parts Co.

     1,516          253,642  

LKQ Corp.

     2,729          154,898  

Pool Corp.

     420          143,825  
       

 

 

 
          606,848  
       

 

 

 

Diversified Consumer Services – 0.0%

 

IDP Education Ltd.(b)

     2,103          38,755  

Pearson PLC

     6,404          67,018  
       

 

 

 
          105,773  
       

 

 

 

Hotels, Restaurants & Leisure – 1.3%

 

Accor SA(a)

     1,864          60,601  

Amadeus IT Group SA(a)

     4,712          316,097  

Aristocrat Leisure Ltd.

     6,079          151,990  

Booking Holdings, Inc.(a)

     417          1,106,055  

Caesars Entertainment, Inc.(a)

     2,307          112,605  

Carnival Corp.(a) (b)

     10,774          109,356  

Chipotle Mexican Grill, Inc.(a)

     297          507,362  

Compass Group PLC

     18,199          457,369  

Darden Restaurants, Inc.

     1,308          202,949  

Delivery Hero SE(a) (c)

     1,764          60,179  

Domino’s Pizza, Inc.

     381          125,680  

Entain PLC

     5,908          91,752  

Evolution AB(c)

     1,922          257,506  

Expedia Group, Inc.(a)

     1,589          154,181  

Flutter Entertainment PLC Class DI(a)

     1,757          319,724  

 

16


Company    Shares        U.S. $ Value  

Galaxy Entertainment Group Ltd.(a)

     22,738        $ 152,098  

Genting Singapore Ltd.

     60,925          51,421  

Hilton Worldwide Holdings, Inc.

     2,865          403,592  

InterContinental Hotels Group PLC

     1,827          119,606  

Just Eat Takeaway.com NV(a) (b) (c)

     1,820          34,731  

La Francaise des Jeux SAEM(c)

     1,096          45,679  

Las Vegas Sands Corp.(a)

     3,533          202,971  

Lottery Corp. Ltd. (The)

     22,425          77,128  

Marriott International, Inc./MD - Class A

     2,893          480,354  

McDonald’s Corp.

     7,874          2,201,649  

McDonald’s Holdings Co. Japan Ltd.(b)

     929          38,622  

MGM Resorts International

     3,383          150,273  

Norwegian Cruise Line Holdings Ltd.(a)

     4,531          60,942  

Oriental Land Co., Ltd./Japan(b)

     10,420          356,773  

Royal Caribbean Cruises Ltd.(a)

     2,360          154,108  

Sands China Ltd.(a)

     24,462          84,981  

Sodexo SA

     953          93,080  

Starbucks Corp.

     12,356          1,286,630  

Whitbread PLC

     2,170          80,162  

Wynn Resorts Ltd.(a)

     1,109          124,108  

Yum! Brands, Inc.

     3,010          397,561  
       

 

 

 
                10,629,875  
       

 

 

 

Household Durables – 0.4%

 

Barratt Developments PLC

     10,300          59,274  

Berkeley Group Holdings PLC

     1,131          58,595  

DR Horton, Inc.

     3,360          328,238  

Electrolux AB - Class B

     2,277          27,676  

Garmin Ltd.

     1,648          166,316  

Iida Group Holdings Co., Ltd.

     1,483          24,212  

Lennar Corp. - Class A

     2,726          286,530  

Mohawk Industries, Inc.(a)

     567          56,825  

Newell Brands, Inc.

     4,047          50,345  

NVR, Inc.(a)

     33          183,882  

Open House Group Co., Ltd.(b)

     825          30,938  

Panasonic Holdings Corp.(b)

     22,877          204,683  

Persimmon PLC

     3,215          49,922  

PulteGroup, Inc.

     2,425          141,329  

SEB SA

     278          31,632  

Sekisui Chemical Co., Ltd.

     3,800          53,969  

Sekisui House Ltd.

     6,477          132,009  

Sharp Corp./Japan(a) (b)

     2,157          15,251  

Sony Group Corp.

     13,136          1,196,471  

Taylor Wimpey PLC

     36,789          54,123  

Whirlpool Corp.

     586          77,364  
       

 

 

 
          3,229,584  
       

 

 

 

Leisure Products – 0.1%

 

Bandai Namco Holdings, Inc.

     6,240          134,529  

Hasbro, Inc.

     1,396          74,951  

Shimano, Inc.

     773          134,027  

Yamaha Corp.

     1,474          56,932  
       

 

 

 
          400,439  
       

 

 

 

 

17


Company    Shares        U.S. $ Value  

Specialty Retail – 1.1%

 

Advance Auto Parts, Inc.

     637        $ 77,466  

AutoZone, Inc.(a)

     202          496,546  

Bath & Body Works, Inc.

     2,456          89,840  

Best Buy Co., Inc.

     2,117          165,698  

CarMax, Inc.(a)

     1,699          109,212  

Fast Retailing Co., Ltd.

     1,848          404,550  

H & M Hennes & Mauritz AB - Class B

     7,358          105,201  

Hikari Tsushin, Inc.

     211          29,651  

Home Depot, Inc. (The)

     10,957          3,233,630  

Industria de Diseno Textil SA

     11,382          382,381  

JD Sports Fashion PLC

     25,984          57,223  

Kingfisher PLC

     19,545          63,179  

Lowe’s Cos., Inc.

     6,501          1,300,005  

Nitori Holdings Co., Ltd.(b)

     863          104,217  

O’Reilly Automotive, Inc.(a)

     670          568,817  

Ross Stores, Inc.

     3,702          392,893  

TJX Cos., Inc. (The)

     12,423          973,466  

Tractor Supply Co.

     1,188          279,228  

Ulta Beauty, Inc.(a)

     547          298,482  

USS Co., Ltd.

     1,906          33,068  

Zalando SE(a) (c)

     2,410          101,004  

ZOZO, Inc.

     1,255          28,704  
       

 

 

 
                  9,294,461  
       

 

 

 

Textiles, Apparel & Luxury Goods – 0.8%

 

adidas AG

     1,688          299,236  

Burberry Group PLC

     4,080          130,641  

Hermes International

     332          672,385  

Kering SA

     785          512,156  

LVMH Moet Hennessy Louis Vuitton SE

     2,884          2,647,248  

Moncler SpA

     2,183          150,783  

NIKE, Inc. - Class B

     13,392          1,642,395  

Pandora A/S

     987          94,740  

Puma SE

     1,150          71,291  

Ralph Lauren Corp.

     442          51,568  

Swatch Group AG (The) (REG)

     610          38,678  

Swatch Group AG (The)

     313          107,794  

Tapestry, Inc.

     2,538          109,413  

VF Corp.

     3,552          81,376  
       

 

 

 
          6,609,704  
       

 

 

 
          56,992,594  
       

 

 

 

Consumer Staples – 5.4%

 

Beverages – 1.2%

 

Anheuser-Busch InBev SA/NV

     9,111          607,338  

Asahi Group Holdings Ltd.

     4,750          176,786  

Brown-Forman Corp. - Class B

     1,966          126,355  

Budweiser Brewing Co. APAC Ltd.(c)

     17,346          52,790  

Carlsberg AS - Class B

     1,039          161,218  

Coca-Cola Co. (The)

     41,844          2,595,583  

Coca-Cola Europacific Partners PLC

     2,174          128,679  

Coca-Cola HBC AG(a)

     2,025          55,435  

 

18


Company    Shares        U.S. $ Value  

Constellation Brands, Inc. - Class A

     1,746        $ 394,404  

Davide Campari-Milano NV

     5,266          64,255  

Diageo PLC

     23,703          1,057,856  

Heineken Holding NV

     1,200          110,098  

Heineken NV

     2,717          291,944  

Keurig Dr Pepper, Inc.

     9,136          322,318  

Kirin Holdings Co., Ltd.

     8,287          131,107  

Molson Coors Beverage Co. - Class B

     2,021          104,445  

Monster Beverage Corp.(a)

     8,190          442,342  

PepsiCo, Inc.

     14,807          2,699,316  

Pernod Ricard SA

     2,162          489,543  

Remy Cointreau SA

     258          46,977  

Suntory Beverage & Food Ltd.

     1,400          52,148  

Treasury Wine Estates Ltd.

     7,272          63,839  
       

 

 

 
                10,174,776  
       

 

 

 

Consumer Staples Distribution & Retail – 1.2%

 

Aeon Co., Ltd.

     6,832          132,546  

Carrefour SA

     6,221          125,774  

Coles Group Ltd.

     13,940          168,432  

Costco Wholesale Corp.

     4,771          2,370,567  

Dollar General Corp.

     2,404          505,946  

Dollar Tree, Inc.(a)

     2,235          320,834  

Endeavour Group Ltd./Australia(b)

     14,923          67,800  

HelloFresh SE(a)

     1,664          39,682  

J Sainsbury PLC

     17,625          60,651  

Jeronimo Martins SGPS SA

     2,853          66,968  

Kesko Oyj - Class B

     2,751          59,123  

Kobe Bussan Co., Ltd.

     1,597          44,592  

Koninklijke Ahold Delhaize NV

     10,902          372,468  

Kroger Co. (The)

     7,003          345,738  

MatsukiyoCocokara & Co.

     1,192          63,142  

Ocado Group PLC(a) (b)

     5,923          39,218  

Seven & i Holdings Co., Ltd.

     7,835          353,939  

Sysco Corp.

     5,457          421,444  

Target Corp.

     4,949          819,703  

Tesco PLC

     75,669          248,075  

Walgreens Boots Alliance, Inc.

     7,697          266,162  

Walmart, Inc.

     15,077          2,223,104  

Welcia Holdings Co., Ltd.(b)

     950          20,338  

Woolworths Group Ltd.(b)

     12,671          322,131  
       

 

 

 
          9,458,377  
       

 

 

 

Food Products – 1.2%

 

Ajinomoto Co., Inc.

     4,703          163,607  

Archer-Daniels-Midland Co.

     5,882          468,560  

Associated British Foods PLC

     3,589          86,128  

Barry Callebaut AG (REG)

     38          80,513  

Bunge Ltd.

     1,611          153,883  

Campbell Soup Co.

     2,157          118,592  

Chocoladefabriken Lindt & Spruengli AG (REG)

     1          118,436  

Chocoladefabriken Lindt & Spruengli AG

     11          129,917  

Conagra Brands, Inc.

     5,124          192,458  

Danone SA

     6,752          420,134  

General Mills, Inc.

     6,339          541,731  

Hershey Co. (The)

     1,580          401,968  

 

19


Company    Shares        U.S. $ Value  

Hormel Foods Corp.

     3,114        $ 124,186  

JDE Peet’s NV

     1,011          29,406  

JM Smucker Co. (The)

     1,147          180,503  

Kellogg Co.

     2,752          184,274  

Kerry Group PLC - Class A

     1,652          164,746  

Kikkoman Corp.

     1,552          79,235  

Kraft Heinz Co. (The)

     8,560          331,015  

Lamb Weston Holdings, Inc.

     1,547          161,692  

McCormick & Co., Inc./MD

     2,696          224,334  

MEIJI Holdings Co., Ltd.(b)

     2,438          57,984  

Mondelez International, Inc. - Class A

     14,657          1,021,886  

Mowi ASA

     4,205          77,776  

Nestle SA (REG)

     28,644          3,492,577  

Nisshin Seifun Group, Inc.(b)

     1,993          23,324  

Nissin Foods Holdings Co., Ltd.

     638          58,339  

Orkla ASA

     7,567          53,669  

Salmar ASA

     747          32,539  

Tyson Foods, Inc. - Class A

     3,071          182,172  

WH Group Ltd.(c)

     84,024          50,091  

Wilmar International Ltd.

     19,354          61,316  

Yakult Honsha Co., Ltd.

     1,381          100,344  
       

 

 

 
                  9,567,335  
       

 

 

 

Household Products – 0.8%

 

Church & Dwight Co., Inc.

     2,622          231,811  

Clorox Co. (The)

     1,328          210,143  

Colgate-Palmolive Co.

     8,979          674,772  

Essity AB - Class B

     6,338          181,038  

Henkel AG & Co. KGaA

     1,131          82,276  

Henkel AG & Co. KGaA (Preference Shares)

     1,875          146,689  

Kimberly-Clark Corp.

     3,629          487,084  

Procter & Gamble Co. (The)

     25,363          3,771,224  

Reckitt Benckiser Group PLC

     7,485          569,440  

Unicharm Corp.

     4,216          173,302  
       

 

 

 
          6,527,779  
       

 

 

 

Personal Care Products – 0.5%

 

Beiersdorf AG

     1,065          138,543  

Estee Lauder Cos., Inc. (The) - Class A

     2,491          613,932  

Haleon PLC

     51,669          205,252  

Kao Corp.

     4,903          190,851  

Kobayashi Pharmaceutical Co., Ltd.

     537          32,842  

Kose Corp.

     385          45,760  

L’Oreal SA

     2,516          1,124,256  

Shiseido Co., Ltd.

     4,168          195,409  

Unilever PLC (London)

     26,465          1,371,390  
       

 

 

 
          3,918,235  
       

 

 

 

Tobacco – 0.5%

 

Altria Group, Inc.

     19,196          856,525  

British American Tobacco PLC

     22,128          775,683  

Imperial Brands PLC

     9,372          215,515  

Japan Tobacco, Inc.

     12,430          262,566  

 

20


Company    Shares        U.S. $ Value  

Philip Morris International, Inc.

     16,667        $ 1,620,866  
       

 

 

 
          3,731,155  
       

 

 

 
                43,377,657  
       

 

 

 

Communication Services – 4.6%

 

Diversified Telecommunication Services – 1.1%

 

AT&T, Inc.

     76,634          1,475,204  

Bezeq The Israeli Telecommunication Corp., Ltd.

     21,484          29,249  

BT Group PLC

     70,623          127,215  

Cellnex Telecom SA(c)

     5,887          228,931  

Charter Communications, Inc. - Class A(a)

     1,132          404,814  

Comcast Corp. - Class A

     45,226          1,714,518  

Deutsche Telekom AG (REG)

     33,799          819,027  

Elisa Oyj

     1,530          92,276  

HKT Trust & HKT Ltd.

     38,163          50,661  

Infrastrutture Wireless Italiane SpA(c)

     3,386          44,486  

Koninklijke KPN NV

     34,215          120,901  

Nippon Telegraph & Telephone Corp.

     12,381          369,978  

Orange SA

     20,664          245,492  

Singapore Telecommunications Ltd.

     86,008          159,362  

Spark New Zealand Ltd.

     18,834          59,670  

Swisscom AG (REG)

     278          177,412  

Telecom Italia SpA/Milano(a) (b)

     100,391          33,107  

Telefonica Deutschland Holding AG

     10,489          32,288  

Telefonica SA

     54,139          233,167  

Telenor ASA

     7,049          82,651  

Telia Co. AB

     26,782          68,006  

Telstra Group Ltd.

     40,108          113,562  

United Internet AG (REG)

     977          16,842  

Verizon Communications, Inc.

     45,153          1,756,000  

Washington H Soul Pattinson & Co., Ltd.(b)

     2,181          44,202  
       

 

 

 
          8,499,021  
       

 

 

 

Entertainment – 0.8%

 

Activision Blizzard, Inc.

     7,657          655,363  

Bollore SE

     8,908          55,066  

Capcom Co., Ltd.

     1,774          63,493  

Electronic Arts, Inc.

     2,801          337,380  

Embracer Group AB(a) (b)

     6,492          30,430  

Koei Tecmo Holdings Co., Ltd.(b)

     1,184          21,399  

Konami Group Corp.

     1,050          48,193  

Live Nation Entertainment, Inc.(a)

     1,533          107,310  

Netflix, Inc.(a)

     4,788          1,654,158  

Nexon Co., Ltd.(b)

     4,977          118,845  

Nintendo Co., Ltd.

     11,478          445,823  

Sea Ltd. (ADR)(a)

     3,814          330,102  

Square Enix Holdings Co., Ltd.

     864          41,520  

Take-Two Interactive Software, Inc.(a)

     1,705          203,407  

 

21


Company    Shares        U.S. $ Value  

Toho Co., Ltd./Tokyo

     1,127        $ 43,208  

Universal Music Group NV

     7,524          190,543  

Walt Disney Co. (The)(a)

     19,640          1,966,553  

Warner Bros Discovery, Inc.(a)

     23,758          358,746  
       

 

 

 
                  6,671,539  
       

 

 

 

Interactive Media & Services – 2.2%

 

Adevinta ASA(a)

     2,936          20,843  

Alphabet, Inc. - Class A(a)

     64,034          6,642,247  

Alphabet, Inc. - Class C(a)

     55,821          5,805,384  

Auto Trader Group PLC(c)

     9,578          73,058  

Match Group, Inc.(a)

     3,003          115,285  

Meta Platforms, Inc. - Class A(a)

     23,929          5,071,512  

REA Group Ltd.(b)

     593          55,293  

Scout24 SE(c)

     842          50,081  

SEEK Ltd.(b)

     3,387          54,751  

Z Holdings Corp.(b)

     26,998          76,552  
       

 

 

 
          17,965,006  
       

 

 

 

Media – 0.2%

 

CyberAgent, Inc.

     4,076          34,535  

Dentsu Group, Inc.

     2,179          76,806  

DISH Network Corp. - Class A(a)

     2,702          25,210  

Fox Corp. - Class A

     3,192          108,688  

Fox Corp. - Class B

     1,482          46,401  

Hakuhodo DY Holdings, Inc.

     2,354          26,688  

Informa PLC

     14,350          123,000  

Interpublic Group of Cos., Inc. (The)

     4,177          155,552  

News Corp. - Class A

     4,111          70,997  

News Corp. - Class B

     1,267          22,084  

Omnicom Group, Inc.

     2,179          205,567  

Paramount Global - Class B

     5,430          121,143  

Publicis Groupe SA

     2,394          186,875  

Vivendi SE

     7,323          74,047  

WPP PLC

     10,905          129,561  
       

 

 

 
          1,407,154  
       

 

 

 

Wireless Telecommunication Services – 0.3%

 

KDDI Corp.

     16,730          515,915  

SoftBank Corp.(b)

     29,917          345,356  

SoftBank Group Corp.

     12,643          497,041  

T-Mobile US, Inc.(a)

     6,368          922,341  

Tele2 AB - Class B

     5,769          57,419  

Vodafone Group PLC

     267,672          295,268  
       

 

 

 
          2,633,340  
       

 

 

 
          37,176,060  
       

 

 

 

Energy – 3.0%

 

Energy Equipment & Services – 0.2%

 

Baker Hughes Co.

     10,816          312,149  

 

22


Company    Shares        U.S. $ Value  

Halliburton Co.

     9,720        $ 307,541  

Schlumberger NV

     15,269          749,708  

Tenaris SA

     4,757          67,403  
       

 

 

 
          1,436,801  
       

 

 

 

Oil, Gas & Consumable Fuels – 2.8%

 

Aker BP ASA

     3,337          81,840  

Ampol Ltd.

     2,400          48,931  

APA Corp.

     3,457          124,659  

BP PLC

     189,022          1,194,717  

Chevron Corp.

     19,126          3,120,598  

ConocoPhillips

     13,158          1,305,405  

Coterra Energy, Inc.

     8,477          208,026  

Devon Energy Corp.

     7,028          355,687  

Diamondback Energy, Inc.

     1,976          267,096  

ENEOS Holdings, Inc.

     30,918          108,476  

Eni SpA(b)

     25,897          361,169  

EOG Resources, Inc.

     6,315          723,888  

EQT Corp.

     3,946          125,917  

Equinor ASA

     10,006          284,455  

Exxon Mobil Corp.

     44,273          4,854,977  

Galp Energia SGPS SA

     5,050          57,142  

Hess Corp.

     2,983          394,770  

Idemitsu Kosan Co., Ltd.(b)

     2,100          45,975  

Inpex Corp.

     10,772          113,995  

Kinder Morgan, Inc.

     21,268          372,403  

Marathon Oil Corp.

     6,828          163,599  

Marathon Petroleum Corp.

     4,881          658,105  

Neste Oyj

     4,479          221,280  

Occidental Petroleum Corp.

     7,817          488,015  

OMV AG

     1,582          72,650  

ONEOK, Inc.

     4,805          305,310  

Phillips 66

     5,010          507,914  

Pioneer Natural Resources Co.

     2,554          521,629  

Repsol SA

     14,284          219,657  

Santos Ltd.

     32,417          149,196  

Shell PLC

     73,514          2,095,044  

Targa Resources Corp.

     2,434          177,560  

TotalEnergies SE

     25,917          1,528,162  

Valero Energy Corp.

     4,145          578,642  

Williams Cos., Inc. (The)

     13,095          391,017  

Woodside Energy Group Ltd.(b)

     19,685          439,766  
       

 

 

 
                22,667,672  
       

 

 

 
          24,104,473  
       

 

 

 

Materials – 2.7%

 

Chemicals – 1.4%

 

Air Liquide SA

     5,454          912,937  

Air Products and Chemicals, Inc.

     2,388          685,858  

Akzo Nobel NV

     1,888          147,669  

Albemarle Corp.

     1,260          278,510  

Arkema SA

     668          65,956  

Asahi Kasei Corp.

     12,639          88,525  

BASF SE

     9,565          502,150  

Celanese Corp.

     1,072          116,730  

CF Industries Holdings, Inc.

     2,109          152,881  

Chr Hansen Holding A/S

     1,143          86,949  

Clariant AG (REG)(a)

     2,173          36,049  

 

23


Company    Shares        U.S. $ Value  

Corteva, Inc.

     7,664        $ 462,216  

Covestro AG(c)

     2,076          85,974  

Croda International PLC

     1,464          117,667  

Dow, Inc.

     7,578          415,426  

DuPont de Nemours, Inc.

     4,925          353,467  

Eastman Chemical Co.

     1,277          107,702  

Ecolab, Inc.

     2,664          440,972  

EMS-Chemie Holding AG (REG)

     77          63,650  

Evonik Industries AG

     2,112          44,435  

FMC Corp.

     1,354          165,364  

Givaudan SA (REG)

     97          315,714  

ICL Group Ltd.

     6,562          44,461  

IMCD NV

     609          99,581  

International Flavors & Fragrances, Inc.

     2,741          252,062  

Johnson Matthey PLC

     1,949          47,782  

JSR Corp.(b)

     1,839          43,504  

Koninklijke DSM NV

     1,834          217,043  

Linde PLC

     5,295          1,882,055  

LyondellBasell Industries NV - Class A

     2,731          256,414  

Mitsubishi Chemical Group Corp.

     12,899          76,716  

Mitsui Chemicals, Inc.

     1,855          47,897  

Mosaic Co. (The)

     3,661          167,967  

Nippon Paint Holdings Co., Ltd.(b)

     8,359          78,600  

Nippon Sanso Holdings Corp.(b)

     1,792          32,375  

Nissan Chemical Corp.(b)

     1,313          59,633  

Nitto Denko Corp.

     1,516          98,117  

Novozymes A/S - Class B

     2,164          110,804  

OCI NV

     1,071          36,307  

Orica Ltd.

     4,655          48,088  

PPG Industries, Inc.

     2,527          337,557  

Sherwin-Williams Co. (The)

     2,535          569,792  

Shin-Etsu Chemical Co., Ltd.

     19,265          625,362  

Sika AG (REG)

     1,523          427,195  

Solvay SA

     809          92,522  

Sumitomo Chemical Co., Ltd.

     15,011          50,542  

Symrise AG

     1,383          150,504  

Toray Industries, Inc.

     13,972          79,930  

Tosoh Corp.

     2,620          35,604  

Umicore SA

     2,129          72,218  

Yara International ASA

     1,775          77,143  
       

 

 

 
                11,764,576  
       

 

 

 

Construction Materials – 0.2%

 

CRH PLC

     7,783          393,199  

HeidelbergCement AG

     1,499          109,453  

Holcim AG(a)

     5,826          375,726  

James Hardie Industries PLC

     4,721          101,614  

Martin Marietta Materials, Inc.

     668          237,180  

Vulcan Materials Co.

     1,429          245,159  
       

 

 

 
          1,462,331  
       

 

 

 

Containers & Packaging – 0.1%

 

Amcor PLC

     15,974          181,784  

Avery Dennison Corp.

     871          155,848  

Ball Corp.

     3,375          185,996  

International Paper Co.

     3,824          137,893  

Packaging Corp. of America

     995          138,136  

Sealed Air Corp.

     1,555          71,390  

 

24


Company    Shares        U.S. $ Value  

SIG Group AG

     3,105        $ 79,995  

Smurfit Kappa Group PLC

     2,618          94,955  

Westrock Co.

     2,738          83,427  
       

 

 

 
          1,129,424  
       

 

 

 

Metals & Mining – 0.9%

 

Anglo American PLC

     13,324          443,176  

Antofagasta PLC

     3,973          77,821  

ArcelorMittal SA

     5,575          168,902  

BHP Group Ltd.

     52,766          1,668,140  

BlueScope Steel Ltd.

     4,518          61,153  

Boliden AB

     2,899          113,885  

Fortescue Metals Group Ltd.

     17,540          263,654  

Freeport-McMoRan, Inc.

     15,367          628,664  

Glencore PLC

     107,286          617,347  

IGO Ltd.

     7,059          60,532  

JFE Holdings, Inc.

     4,952          62,853  

Mineral Resources Ltd.(b)

     1,825          98,654  

Newcrest Mining Ltd.

     9,309          166,169  

Newmont Corp. (New York)

     8,534          418,337  

Nippon Steel Corp.

     8,433          198,863  

Norsk Hydro ASA

     13,549          101,122  

Northern Star Resources Ltd.

     12,068          98,959  

Nucor Corp.

     2,720          420,158  

Pilbara Minerals Ltd.(b)

     26,278          69,910  

Rio Tinto Ltd.

     3,876          311,436  

Rio Tinto PLC

     11,721          795,597  

South32 Ltd.

     46,987          137,706  

Steel Dynamics, Inc.

     1,793          202,716  

Sumitomo Metal Mining Co., Ltd.

     2,644          101,170  

voestalpine AG

     1,169          39,749  
       

 

 

 
          7,326,673  
       

 

 

 

Paper & Forest Products – 0.1%

 

Holmen AB - Class B

     954          36,779  

Mondi PLC

     4,892          77,670  

Oji Holdings Corp.

     8,176          32,372  

Stora Enso Oyj - Class R

     5,601          72,868  

Svenska Cellulosa AB SCA - Class B

     6,104          80,393  

UPM-Kymmene Oyj(a)

     5,520          185,406  
       

 

 

 
          485,488  
       

 

 

 
                22,168,492  
       

 

 

 

Utilities – 2.0%

 

Electric Utilities – 1.2%

 

Acciona SA

     276          55,377  

Alliant Energy Corp.

     2,699          144,127  

American Electric Power Co., Inc.

     5,525          502,720  

BKW AG

     219          34,433  

Chubu Electric Power Co., Inc.

     6,491          68,476  

CK Infrastructure Holdings Ltd.

     5,927          32,248  

CLP Holdings Ltd.

     16,545          119,556  

Constellation Energy Corp.

     3,516          276,006  

Duke Energy Corp.

     8,278          798,579  

 

25


Company    Shares        U.S. $ Value  

Edison International

     4,106        $ 289,843  

EDP - Energias de Portugal SA

     27,968          152,395  

Elia Group SA/NV

     363          47,936  

Endesa SA

     3,200          69,503  

Enel SpA

     84,717          516,685  

Entergy Corp.

     2,188          235,735  

Evergy, Inc.

     2,468          150,844  

Eversource Energy

     3,745          293,084  

Exelon Corp.

     10,684          447,553  

FirstEnergy Corp.

     5,840          233,950  

Fortum Oyj(a)

     4,474          68,535  

Iberdrola SA

     63,646          792,889  

Kansai Electric Power Co., Inc. (The)(b)

     7,093          69,078  

Mercury NZ Ltd.

     6,864          27,150  

NextEra Energy, Inc.

     21,364          1,646,737  

NRG Energy, Inc.

     2,477          84,936  

Origin Energy Ltd.

     17,744          98,818  

Orsted AS(c)

     2,009          171,303  

PG&E Corp.(a)

     17,310          279,903  

Pinnacle West Capital Corp.

     1,216          96,356  

Power Assets Holdings Ltd.

     13,977          74,984  

PPL Corp.

     7,916          219,986  

Red Electrica Corp. SA

     4,124          72,567  

Southern Co. (The)

     11,704          814,364  

SSE PLC

     11,258          251,209  

Terna - Rete Elettrica Nazionale

     14,175          116,340  

Tokyo Electric Power Co. Holdings, Inc.(a)

     15,381          54,944  

Verbund AG

     742          64,541  

Xcel Energy, Inc.

     5,884          396,817  
       

 

 

 
                  9,870,507  
       

 

 

 

Gas Utilities – 0.1%

 

APA Group

     11,887          80,751  

Atmos Energy Corp.

     1,539          172,922  

Enagas SA

     2,507          48,174  

Hong Kong & China Gas Co., Ltd.

     112,802          99,312  

Naturgy Energy Group SA(b)

     1,478          44,493  

Osaka Gas Co., Ltd.

     3,778          62,064  

Snam SpA

     20,316          107,716  

Tokyo Gas Co., Ltd.

     4,034          75,812  
       

 

 

 
          691,244  
       

 

 

 

Independent Power and Renewable Electricity Producers – 0.1%

 

AES Corp. (The)

     7,181          172,918  

Corp. ACCIONA Energias Renovables SA(b)

     682          26,449  

EDP Renovaveis SA

     2,903          66,496  

Meridian Energy Ltd.

     12,972          42,676  

RWE AG

     6,698          288,204  
       

 

 

 
          596,743  
       

 

 

 

Multi-Utilities – 0.5%

 

Ameren Corp.

     2,779          240,078  

CenterPoint Energy, Inc.

     6,768          199,385  

CMS Energy Corp.

     3,131          192,181  

Consolidated Edison, Inc.

     3,815          364,981  

 

26


Company    Shares        U.S. $ Value  

Dominion Energy, Inc.

     8,959        $ 500,898  

DTE Energy Co.

     2,083          228,172  

E.ON SE

     23,255          290,099  

Engie SA

     18,918          299,371  

National Grid PLC

     37,911          512,822  

NiSource, Inc.

     4,366          122,073  

Public Service Enterprise Group, Inc.

     5,364          334,982  

Sempra Energy

     3,379          510,770  

United Utilities Group PLC

     6,870          89,911  

Veolia Environnement SA

     6,977          215,290  

WEC Energy Group, Inc.

     3,391          321,433  
       

 

 

 
                  4,422,446  
       

 

 

 

Water Utilities – 0.1%

 

American Water Works Co., Inc.

     2,075          303,967  

Severn Trent PLC

     2,673          94,953  
       

 

 

 
          398,920  
       

 

 

 
          15,979,860  
       

 

 

 

Real Estate – 1.6%

 

Diversified REITs – 0.0%

 

British Land Co. PLC (The)

     8,871          42,551  

Daiwa House REIT Investment Corp.

     25          51,225  

GPT Group (The)(b)

     19,300          55,155  

Land Securities Group PLC

     7,097          54,480  

Mirvac Group(b)

     39,723          55,637  

Nomura Real Estate Master Fund, Inc.

     46          51,547  

Stockland

     24,051          64,404  
       

 

 

 
          374,999  
       

 

 

 

Health Care REITs – 0.1%

 

Healthpeak Properties, Inc.

     5,879          129,162  

Ventas, Inc.

     4,300          186,405  

Welltower, Inc.

     5,080          364,185  
       

 

 

 
          679,752  
       

 

 

 

Hotel & Resort REITs – 0.0%

 

Host Hotels & Resorts, Inc.

     7,687          126,759  
       

 

 

 

Industrial REITs – 0.2%

 

CapitaLand Ascendas REIT

     33,812          72,906  

GLP J-Reit

     51          55,127  

Goodman Group

     17,530          222,453  

Mapletree Logistics Trust

     31,227          40,282  

Nippon Prologis REIT, Inc.

     25          52,926  

Prologis, Inc.

     9,924          1,238,218  

Segro PLC

     12,114          115,395  

Warehouses De Pauw CVA

     1,696          50,432  
       

 

 

 
          1,847,739  
       

 

 

 

Office REITs – 0.1%

 

Alexandria Real Estate Equities, Inc.

     1,693          212,624  

Boston Properties, Inc.

     1,534          83,020  

Covivio SA/France

     524          30,481  

Dexus(b)

     10,836          54,785  

Gecina SA

     518          53,769  

Japan Real Estate Investment Corp.

     13          51,808  

 

27


Company    Shares        U.S. $ Value  

Nippon Building Fund, Inc.

     16        $ 66,600  
       

 

 

 
          553,087  
       

 

 

 

Real Estate Management & Development – 0.3%

 

Aroundtown SA

     10,065          14,388  

Azrieli Group Ltd.

     427          24,535  

Capitaland Investment Ltd./Singapore

     26,947          74,765  

CBRE Group, Inc. - Class A(a)

     3,397          247,336  

City Developments Ltd.

     4,093          22,712  

CK Asset Holdings Ltd.

     20,190          122,405  

Daito Trust Construction Co., Ltd.

     659          65,656  

Daiwa House Industry Co., Ltd.

     6,312          148,719  

ESR Group Ltd.(c)

     19,958          35,790  

Fastighets AB Balder - Class B(a)

     6,354          26,106  

Hang Lung Properties Ltd.

     20,399          38,171  

Henderson Land Development Co., Ltd.

     14,633          50,627  

Hongkong Land Holdings Ltd.

     11,598          51,025  

Hulic Co., Ltd.

     3,868          31,815  

LEG Immobilien SE

     808          44,405  

Lendlease Corp., Ltd.(b)

     6,939          33,770  

Mitsubishi Estate Co., Ltd.

     11,724          139,453  

Mitsui Fudosan Co., Ltd.

     9,510          178,640  

New World Development Co., Ltd.

     15,213          40,780  

Nomura Real Estate Holdings, Inc.

     1,195          26,462  

Sagax AB - Class B

     1,934          44,579  

Sino Land Co., Ltd.

     33,532          45,346  

Sumitomo Realty & Development Co., Ltd.

     3,117          70,386  

Sun Hung Kai Properties Ltd.

     15,091          211,419  

Swire Pacific Ltd. - Class A

     4,408          33,875  

Swire Properties Ltd.

     11,788          30,339  

Swiss Prime Site AG (REG)

     814          67,690  

Unibail-Rodamco-Westfield(a)

     1,282          68,661  

UOL Group Ltd.

     4,678          24,425  

Vonovia SE

     7,549          142,184  

Wharf Real Estate Investment Co., Ltd.

     16,824          96,862  
       

 

 

 
                  2,253,326  
       

 

 

 

Residential REITs – 0.2%

 

AvalonBay Communities, Inc.

     1,504          252,762  

Camden Property Trust

     1,184          124,131  

Equity Residential

     3,662          219,720  

Essex Property Trust, Inc.

     695          145,352  

Invitation Homes, Inc.

     6,245          195,031  

Mid-America Apartment Communities, Inc.

     1,242          187,592  

UDR, Inc.

     3,325          136,524  
       

 

 

 
          1,261,112  
       

 

 

 

Retail REITs – 0.2%

 

CapitaLand Integrated Commercial Trust

     53,735          80,142  

Federal Realty Investment Trust

     787          77,779  

Japan Metropolitan Fund Invest

     77          56,229  

Kimco Realty Corp.

     6,649          129,855  

Klepierre SA

     2,286          51,829  

Link REIT

     26,342          169,385  

Mapletree Pan Asia Commercial Trust

     21,757          29,498  

Realty Income Corp.

     6,743          426,967  

Regency Centers Corp.

     1,656          101,314  

Scentre Group

     52,294          96,801  

 

28


Company    Shares        U.S. $ Value  

Simon Property Group, Inc.

        3,515        $ 393,575  

Vicinity Centres

        38,985          50,986  
          

 

 

 
          1,664,360  
          

 

 

 

Specialized REITs – 0.5%

 

American Tower Corp.

        5,006          1,022,926  

Crown Castle, Inc.

        4,655          623,025  

Digital Realty Trust, Inc.

        3,091          303,876  

Equinix, Inc.

        995          717,435  

Extra Space Storage, Inc.

        1,440          234,619  

Iron Mountain, Inc.

        3,126          165,397  

Public Storage

        1,699          513,336  

SBA Communications Corp.

        1,161          303,102  

VICI Properties, Inc.

        10,791          352,003  

Weyerhaeuser Co.

        7,878          237,364  
          

 

 

 
          4,473,083  
          

 

 

 
          13,234,217  
          

 

 

 

Total Common Stocks
(cost $557,561,777)

              528,930,969  
          

 

 

 
     Notional
Amount
          

PURCHASED OPTIONS – PUTS – 0.0%

 

Options on Indices – 0.0%

 

Euro STOXX 50 Index
Expiration: Apr 2023; Contracts: 4,740;
Exercise Price: EUR 3,975.00;
Counterparty: Morgan Stanley & Co., Inc.(a)

     EUR        18,841,500          48,321  

FTSE 100 Index
Expiration: Apr 2023; Contracts: 900;
Exercise Price: GBP 7,150.00;
Counterparty: Morgan Stanley & Co., Inc.(a)

     GBP        6,435,000          13,045  

Nikkei 225 Index
Expiration: Apr 2023; Contracts: 79,000;
Exercise Price: JPY 27,125.00;
Counterparty: Morgan Stanley & Co., Inc.(a)

     JPY        2,142,875,000          39,270  

S&P 500 Index
Expiration: Apr 2023; Contracts: 26,000;
Exercise Price: USD 3,860.00;
Counterparty: Morgan Stanley & Co., Inc.(a)

     USD        100,360,000          254,800  
          

 

 

 

Total Purchased Options - Puts
(premiums paid $2,625,412)

          355,436  
          

 

 

 
     Shares           

SHORT-TERM INVESTMENTS – 28.1%

 

Investment Companies – 28.1%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(d) (e) (f)
(cost $226,973,453)

 

     226,973,453          226,973,453  
          

 

 

 

Total Investments Before Security Lending Collateral for Securities Loaned – 93.5%
(cost $787,160,642)

 

       756,259,858  
          

 

 

 

 

29


Company            Shares        U.S. $ Value  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2%

 

Investment Companies – 0.2%

                       

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.75%(d) (e) (f)
(cost $1,618,087)

 

     1,618,087        $ 1,618,087  
          

 

 

 

Total Investments – 93.7%
(cost $788,778,729)(g)

 

       757,877,945  

Other assets less liabilities – 6.3%

 

       51,025,598  
          

 

 

 

Net Assets – 100.0%

 

     $     808,903,543  
          

 

 

 

FUTURES

 

Description      Number
of
Contracts
     Expiration
Month
     Current
Notional
     Value and
Unrealized
Appreciation
(Depreciation)
Purchased Contracts

 

10 Yr Canadian Bond Futures          103          June 2023        $ 9,614,858        $ 386,785
Euro STOXX 50 Index Futures          70          June 2023          3,234,738          127,553
Euro-BTP Futures          139          June 2023              17,388,492          643,049
Euro-Bund Futures          39          June 2023          5,745,420          225,383
Euro-OAT Futures          72          June 2023          10,168,878          377,050
FTSE 100 Index Futures          13          June 2023          1,225,050          47,214
Hang Seng Index Futures          17          April 2023          2,217,716          88,934
Long Gilt Futures          143          June 2023          18,231,426          457,420
MSCI EAFE Futures          6          June 2023          628,950          16,084
MSCI Emerging Markets Futures          115          June 2023          5,724,125          217,101
Nikkei 225 (CME) Futures          20          June 2023          2,827,000          40,937
OMXS 30 Index Futures          207          April 2023          4,421,112          166,414
S&P 500 E-Mini Futures          89          June 2023          18,412,988          761,621
S&P Mid 400 E-Mini Futures          5          June 2023          1,264,850          51,948
S&P/TSX 60 Index Futures          52          June 2023          9,304,980          232,965
TOPIX Index Futures          6          June 2023          905,366          (4,027 )
U.S. T-Note 5 Yr (CBT) Futures          460          June 2023          50,373,594          768,359
U.S. T-Note 10 Yr (CBT) Futures          830          June 2023          95,385,156          2,516,737
U.S. Ultra Bond (CBT) Futures          115          June 2023          16,229,375          652,982
Sold Contracts

 

Euro STOXX 50 Index Futures          291          June 2023          13,447,267          (594,157 )
FTSE 100 Index Futures          52          June 2023          4,900,202          (47,660 )
MSCI Singapore IX ETS Futures          78          April 2023          1,794,973          (33,191 )
S&P 500 E-Mini Futures          317          June 2023          65,583,337          (2,438,160 )
SPI 200 Futures          66          June 2023          7,931,261          (188,024 )
                           

 

 

 
                            $     4,473,317  
                           

 

 

 

 

30


FORWARD CURRENCY EXCHANGE CONTRACTS

 

 

Counterparty    Contracts to
Deliver
(000)
       In Exchange
For
(000)
     Settlement
Date
     Unrealized
Appreciation
(Depreciation)
 
Bank of America, NA      AUD        1,189          USD        825        04/13/2023      $ 29,603  
Bank of America, NA      SEK        37,573          USD        3,619        04/21/2023        (4,939
Bank of America, NA      JPY        3,806,888          USD            29,286        04/28/2023        514,972  
Bank of America, NA      EUR        50,546          USD        53,810        05/11/2023        (1,121,493
Bank of America, NA      GBP        20,936          USD        25,636        05/24/2023        (216,916
Bank of America, NA      USD        7,980          GBP        6,465        05/24/2023        2,475  
Bank of New York      USD        15,973          EUR        14,702        05/11/2023        4,492  
Barclays Bank PLC      AUD        8,187          USD        5,761        04/13/2023        287,079  
Deutsche Bank AG      CAD        5,330          USD        3,917        06/09/2023        (30,598
Goldman Sachs Bank USA      USD        2,760          AUD        3,935        04/13/2023        (129,151
Goldman Sachs Bank USA      CNH        33,506          USD        4,929        04/20/2023        48,169  
Morgan Stanley Capital Services, Inc.      CHF        10,605          USD        11,416        05/24/2023        (237,049
State Street Bank & Trust Co.      NOK        3,521          USD        354        04/21/2023        17,265  
                   

 

 

 
                    $     (836,091
                   

 

 

 

PUT OPTIONS WRITTEN

 

Description    Counterparty    Contracts    Exercise
Price
     Expiration
Month
     Notional
(000)
     Premiums
Received
     U.S. $ Value  
Euro STOXX 50 Index(h)    Morgan Stanley & Co., Inc.    474      EUR        3,800.00        April 2023        EUR        18,012      $ 285,551      $ (24,418)  
FTSE 100 Index(h)    Morgan Stanley & Co., Inc.    90      GBP        6,850.00        April 2023        GBP        6,165        76,014        (6,661)  
Nikkei 225 Index(i)    Morgan Stanley & Co., Inc.    79      JPY        26,000.00        April 2023        JPY        2,054,000        64,835        (9,817)  
S&P 500 Index(j)    Morgan Stanley & Co., Inc.    260      USD        3,680.00        April 2023        USD        95,680        836,662        (85,800)  
                       

 

 

    

 

 

 
   $     1,263,062      $     (126,696)  
                       

 

 

    

 

 

 

 

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(c)

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 March 31, 2023, the aggregate market value of these securities amounted to $2,450,150 or 0.3% of net assets.

(d)

Affiliated investments.

(e)

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.

(f)

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

(g)

As of March 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $52,939,007 and gross unrealized depreciation of investments was $(79,066,199), resulting in net unrealized depreciation of $(26,127,192).

(h)

One contract relates to 10 shares.

(i)

One contract relates to 1000 shares.

(j)

One contract relates to 100 shares.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

 

31


GBP – Great British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

BTP – Buoni del Tesoro Poliennali

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

EAFE – Europe, Australia, and Far East

ETS – Emission Trading Scheme

FTSE – Financial Times Stock Exchange

MSCI – Morgan Stanley Capital International

OAT – Obligations Assimilables du Trésor

OMXS – Stockholm Stock Exchange

REG – Registered Shares

REIT – Real Estate Investment Trust

SPI – Share Price Index

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

COUNTRY BREAKDOWN1

March 31, 2023 (unaudited)

 

  49.8      United States
  4.6      Japan
  2.8      United Kingdom
  2.5      France
  1.8      Germany
  1.7      Australia
  1.5      Switzerland
  0.9      Netherlands
  0.7      Sweden
  0.7      Denmark
  0.6      Spain
  0.5      Hong Kong
  0.4      Italy
  1.5      Other
  30.0      Short-Term Investments

 

 

      
  100.0      Total Investments

 

 

      

 

1

The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.3% or less in the following: Austria, Belgium, Brazil, Chile, China, Finland, Ireland, Israel, Jordan, Luxembourg, Macau, New Zealand, Norway, Portugal, Singapore, South Africa and South Korea.

 

32


AB Variable Products Series Fund, Inc.

AB Global Risk Allocation-Moderate Portfolio

March 31, 2023 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio 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 Portfolio. Unobservable inputs reflect the Portfolio’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 Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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.

 

33


Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2023:

 

Investments in Securities:

   Level 1     Level 2     Level 3      Total  
Assets:

 

Common Stocks:          

Information Technology

   $     96,326,617     $     12,482,612     $                 —      $     108,809,229  

Financials

     47,689,305       28,863,987              76,553,292  

Health Care

     52,738,572       20,778,360              73,516,932  

Industrials

     32,340,435       24,677,728              57,018,163  

Consumer Discretionary

     37,445,965       19,546,629              56,992,594  

Consumer Staples

     26,869,957       16,507,700              43,377,657  

Communication Services

     30,275,966       6,900,094              37,176,060  

Energy

     17,014,615       7,089,858              24,104,473  

Materials

     9,751,661       12,416,831              22,168,492  

Utilities

     10,576,300       5,403,560              15,979,860  

Real Estate

     9,520,055       3,714,162              13,234,217  
Purchased Options - Puts            355,436              355,436  
Short-Term Investments      226,973,453                    226,973,453  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      1,618,087                    1,618,087  
  

 

 

   

 

 

   

 

 

    

 

 

 
Total Investments in Securities      599,140,988       158,736,957              757,877,945  
Other Financial Instruments(a):          
Assets:

 

Futures      7,778,536                    7,778,536  
Forward Currency Exchange Contracts            904,055              904,055  
Liabilities:

 

Futures      (3,305,219                  (3,305,219
Forward Currency Exchange Contracts            (1,740,146            (1,740,146
Put Options Written            (126,696            (126,696
  

 

 

   

 

 

   

 

 

    

 

 

 
Total    $     603,614,305     $     157,774,170     $     —      $     761,388,475  
  

 

 

   

 

 

   

 

 

    

 

 

 

 

(a) 

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.

 

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A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2023 is as follows:

 

Portfolio    Market Value
12/31/2022
(000)
     Purchases
at Cost
(000)
     Sales
Proceeds
(000)
     Market Value
03/31/2023
(000)
     Dividend
Income
(000)
 
Government Money Market Portfolio    $ 244,271      $ 35,390      $ 52,688      $ 226,973      $ 2,662  
Government Money Market Portfolio*      64        4,352        2,798        1,618        9  
Total    $     244,335      $     39,742      $     55,486      $     228,591      $     2,671  

 

*

Investments of cash collateral for securities lending transactions.

 

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