AB Global Core Equity Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 99.6%

        

Information Technology – 21.6%

        

IT Services – 2.0%

        

Accenture PLC - Class A

      174,197        $ 54,356,432  
       

 

 

  

Semiconductors & Semiconductor Equipment – 7.7%

        

Applied Materials, Inc.

      142,490          20,678,149  

NVIDIA Corp.

      957,958          103,823,488  

QUALCOMM, Inc.

      124,434          19,114,307  

Taiwan Semiconductor Manufacturing Co., Ltd.

      2,087,000          58,776,161  
       

 

 

  
          202,392,105  
       

 

 

  

Software – 10.0%

        

Microsoft Corp.

      435,472          163,471,834  

Roper Technologies, Inc.

      119,244          70,303,877  

Synopsys, Inc.(a)

     71,409          30,623,750  
       

 

 

  
             264,399,461  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.9%

        

Samsung Electronics Co., Ltd.

      1,239,327          49,133,705  
       

 

 

  
          570,281,703  
       

 

 

  

Financials – 16.8%

        

Banks – 0.6%

        

BNP Paribas SA

      184,848          15,449,478  
       

 

 

  

Capital Markets – 12.6%

        

B3 SA - Brasil Bolsa Balcao

      11,493,500          24,451,470  

Blackrock, Inc.

      56,346          53,330,362  

Cboe Global Markets, Inc.

      185,295          41,930,405  

CME Group, Inc.

      132,279          35,092,296  

Goldman Sachs Group, Inc. (The)

      80,427          43,936,466  

Intermediate Capital Group PLC

      2,255,182          57,437,871  

Julius Baer Group Ltd.

      1,094,825          75,888,924  
       

 

 

  
          332,067,794  
       

 

 

  

Financial Services – 1.8%

        

Visa, Inc. - Class A

      140,380          49,197,575  
       

 

 

  

Insurance – 1.8%

        

AIA Group Ltd. - Class H

      6,171,000          46,713,688  
       

 

 

  
          443,428,535  
       

 

 

  

Consumer Discretionary – 13.7%

        

Broadline Retail – 2.4%

        

Alibaba Group Holding Ltd. (Sponsored ADR)

      181,052          23,940,506  

Amazon.com, Inc.(a)

     202,153          38,461,630  
       

 

 

  
          62,402,136  
       

 

 

  

Diversified Consumer Services – 1.7%

        

Service Corp. International/US

      548,016          43,950,883  
       

 

 

  

Hotels, Restaurants & Leisure – 8.9%

        

Flutter Entertainment PLC(a)

     241,539          53,512,965  

InterContinental Hotels Group PLC

      122,901          13,232,778  

Marriott International, Inc./MD - Class A

      336,212          80,085,698  

Yum China Holdings, Inc.

      1,714,810          89,273,009  
       

 

 

  
          236,104,450  
       

 

 

  

Textiles, Apparel & Luxury Goods – 0.7%

        

Christian Dior SE

      33,389          19,153,263  
       

 

 

  
          361,610,732  
       

 

 

  

Health Care – 12.9%

        

Health Care Equipment & Supplies – 0.6%

        

Straumann Holding AG (REG)

      126,343          15,295,588  
       

 

 

  

Health Care Providers & Services – 4.4%

        

Elevance Health, Inc.

      263,658          114,680,684  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Life Sciences Tools & Services – 2.0%

        

Thermo Fisher Scientific, Inc.

      105,944        $ 52,717,734  
       

 

 

  

Pharmaceuticals – 5.9%

        

AstraZeneca PLC (Sponsored ADR)

      555,021          40,794,043  

Eli Lilly & Co.

      47,478          39,212,555  

Haleon PLC

      3,379,893          17,069,161  

Novo Nordisk A/S - Class B

      494,848          33,836,884  

Zoetis, Inc.

      153,448          25,265,213  
       

 

 

  
          156,177,856  
       

 

 

  
             338,871,862  
       

 

 

  

Industrials – 12.2%

        

Air Freight & Logistics – 2.3%

        

DSV A/S

      306,846          59,338,249  
       

 

 

  

Building Products – 6.1%

        

Carrier Global Corp.

      824,605          52,279,957  

Otis Worldwide Corp.

      1,062,903          109,691,590  
       

 

 

  
          161,971,547  
       

 

 

  

Ground Transportation – 0.7%

        

Uber Technologies, Inc.(a)

     260,195          18,957,808  
       

 

 

  

Professional Services – 3.1%

        

Experian PLC

      796,962          36,927,495  

Leidos Holdings, Inc.

      181,222          24,454,097  

RELX PLC

      391,254          19,652,958  
       

 

 

  
          81,034,550  
       

 

 

  
          321,302,154  
       

 

 

  

Consumer Staples – 6.4%

        

Beverages – 6.4%

        

Asahi Group Holdings Ltd.

      6,103,705          77,984,410  

Budweiser Brewing Co. APAC Ltd. - Class H(a) (b)

      12,332,200          14,863,302  

Carlsberg AS - Class B

      273,343          34,599,135  

Coca-Cola Co. (The)

      284,262          20,358,845  

Pernod Ricard SA

      215,679          21,307,496  
       

 

 

  
          169,113,188  
       

 

 

  

Communication Services – 5.4%

        

Entertainment – 1.6%

        

Electronic Arts, Inc.

      187,150          27,046,918  

Spotify Technology SA(a)

     27,906          15,349,137  
       

 

 

  
          42,396,055  
       

 

 

  

Interactive Media & Services – 3.8%

        

Auto Trader Group PLC

      2,021,716          19,549,218  

Meta Platforms, Inc. - Class A

      95,244          54,894,832  

Rightmove PLC

      2,726,481          24,274,252  

Scout24 SE

      8,186          857,259  
       

 

 

  
          99,575,561  
       

 

 

  
          141,971,616  
       

 

 

  

Energy – 4.2%

        

Energy Equipment & Services – 2.0%

        

Schlumberger NV

      1,271,993          53,169,307  
       

 

 

  

Oil, Gas & Consumable Fuels – 2.2%

        

Shell PLC

      1,563,807          56,923,086  
       

 

 

  
          110,092,393  
       

 

 

  

Materials – 3.7%

        

Containers & Packaging – 2.2%

        

Smurfit WestRock PLC

      1,286,043          57,949,097  
       

 

 

  

Metals & Mining – 1.5%

        

Teck Resources Ltd. - Class B

      1,074,597          39,144,140  
       

 

 

  
          97,093,237  
       

 

 

  

Real Estate – 2.7%

        

Real Estate Management & Development – 2.7%

        

CBRE Group, Inc. - Class A(a)

     300,291          39,272,057  

 

2

Company    Shares        U.S. $ Value  

Vonovia SE

         1,167,738        $ 31,424,206  
          

 

 

  
             70,696,263  
          

 

 

  

Total Common Stocks
(cost $2,231,243,846)

               2,624,461,683  
          

 

 

  

SHORT-TERM INVESTMENTS – 0.4%

 

Investment Companies – 0.3%

           

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(c) (d) (e)
(cost $8,605,405)

         8,605,405          8,605,405  
          

 

 

  
     Principal
Amount
(000)		           

Time Deposits – 0.1%

           

BBH, New York
Zero Coupon, 04/01/2025

      CHF        237          267,670  

1.12%, 04/01/2025

      DKK        2,541          368,291  

1.56%, 04/01/2025

      CAD        499          346,831  

5.32%, 04/01/2025

      ZAR        0 *          4  

Citibank, London
1.35%, 04/01/2025

      EUR        354          382,977  

HSBC, Hong Kong
2.04%, 04/01/2025

      HKD        2,085          267,886  

Royal Bank of Canada, London
3.42%, 04/01/2025

      GBP        208          268,760  

SMBC, Tokyo
0.11%, 04/01/2025

      JPY        50,014          333,451  
          

 

 

  

Total Time Deposits
(cost $2,235,870)

              2,235,870  
          

 

 

  

Total Short-Term Investments
(cost $10,841,275)

              10,841,275  
          

 

 

  

Total Investments – 100.0%
(cost $2,242,085,121)(f)

             2,635,302,958  

Other assets less liabilities – 0.0%

              999,586  
          

 

 

  

Net Assets – 100.0%

            $  2,636,302,544  
          

 

 

  

 

*

Principal amount less than 500.

(a)

Non-income producing security.

(b)

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, 2025, the aggregate market value of these securities amounted to $14,863,302 or 0.56% of net assets.

(c)

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

(d)

To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(e)

Affiliated investments.

(f)

As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $495,372,806 and gross unrealized depreciation of investments was $(102,154,969), resulting in net unrealized appreciation of $393,217,837.

 

 

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Currency Abbreviations:

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

 

3

COUNTRY BREAKDOWN1

March 31, 2025 (unaudited)

 

  58.9 %       United States
  10.8 %       United Kingdom
  4.9 %       China
  4.8 %       Denmark
  3.5 %       Switzerland
  3.0 %       Japan
  2.2 %       Taiwan
  2.1 %       France
  2.1 %       Ireland
  1.9 %       South Korea
  1.8 %       Hong Kong
  1.5 %       Canada
  1.2 %       Germany
  0.9 %       Other
  0.4 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1 

The Fund’s country breakdown is expressed as a percentage of total investments 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 0.9% or less in the following: Brazil.

 

4

AB Global Core Equity Portfolio

March 31, 2025 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

 

  •  

Level 1 - quoted prices in active markets for identical investments

  •  

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

  •  

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2025:

 

Investments in Securities

    Level 1      Level 2      Level 3      Total  
Assets:            
Common Stocks:            

Information Technology

    $ 570,281,703      $ -0-      $     -0-      $ 570,281,703  

Financials

      263,388,052        180,040,483        -0-        443,428,535  

Consumer Discretionary

      348,377,954        13,232,778        -0-        361,610,732  

Health Care

      272,670,229        66,201,633        -0-        338,871,862  

Industrials

      205,383,452        115,918,702        -0-        321,302,154  

Consumer Staples

      154,249,886        14,863,302        -0-        169,113,188  

Communication Services

      97,290,887        44,680,729        -0-        141,971,616  

Energy

      53,169,307        56,923,086        -0-        110,092,393  

Materials

      97,093,237        -0-        -0-        97,093,237  

Real Estate

      39,272,057        31,424,206        -0-        70,696,263  
Short-Term Investments:            

Investment Companies

      8,605,405        -0-        -0-        8,605,405  

Time Deposits

      2,235,870        -0-        -0-        2,235,870  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total Investments in Securities       2,112,018,039        523,284,919        -0-        2,635,302,958  
Other Financial Instruments*      -0-        -0-        -0-        -0-  
  

 

 

     

 

 

     

 

 

     

 

 

  
Total    $ 2,112,018,039      $  523,284,919      $ -0-      $  2,635,302,958  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

*

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

 

5

A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2025 is as follows:

 

Fund   

Market Value
6/30/24

(000)

      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		     

Market Value
3/31/25

(000)

      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  7,458      $  353,569      $  352,422      $  8,605      $  233  
AB Government Money Market Portfolio*      -0-        79,042        79,042        -0-        1  
Total                               $ 8,605      $ 234  

 

*

Investment of cash collateral for securities lending transactions.

 

6