AB Institutional Funds, Inc.

Global Real Estate Investment Fund II

Portfolio of Investments

January 31, 2026 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 99.3%

 

Equity Real Estate Investment Trusts (REITs) – 80.6%

 

Data Center REITs – 7.9%

 

Digital Realty Trust, Inc.

      42,479        $    7,049,390  

Equinix, Inc.

      9,237          7,582,930  
       

 

 

  
          14,632,320  
       

 

 

  

Diversified REITs – 8.2%

 

Armada Hoffler Properties, Inc.(a)

      80,108          558,353  

British Land Co. PLC (The)

      210,170          1,198,794  

Broadstone Net Lease, Inc.

      47,214          873,931  

CapitaLand Integrated Commercial Trust(b)

      1,029,100          1,932,036  

Covivio SA/France

      8,015          512,046  

Essential Properties Realty Trust, Inc.(a)

      102,390          3,108,560  

GPT Group (The)

      301,880          1,109,111  

Merlin Properties Socimi SA

      83,760          1,246,617  

Stockland

      1,010,360          3,780,369  

United Urban Investment Corp.

      780          901,164  
       

 

 

  
          15,220,981  
       

 

 

  

Health Care REITs – 12.3%

 

Aedifica SA(a)

      11,310          995,936  

Alexandria Real Estate Equities, Inc.(a)

      15,802          863,421  

American Healthcare REIT, Inc.

      72,250          3,389,248  

CareTrust REIT, Inc.

      29,720          1,109,745  

Primary Health Properties PLC

      492,920          699,667  

Ventas, Inc.

      53,031          4,118,918  

Welltower, Inc.

      61,469          11,578,301  
       

 

 

  
          22,755,236  
       

 

 

  

Hotel & Resort REITs – 2.0%

 

Invincible Investment Corp.

      599          253,687  

Ryman Hospitality Properties, Inc.

      22,631          2,143,156  

Xenia Hotels & Resorts, Inc.

      95,436          1,407,681  
       

 

 

  
          3,804,524  
       

 

 

  

Industrial REITs – 13.8%

 

Americold Realty Trust, Inc.(a)

      42,458          526,904  

CapitaLand Ascendas REIT(b)

      659,500          1,475,867  

Dream Industrial Real Estate Investment Trust

      48,387          456,987  

Goodman Group(a)

      179,162          3,806,060  

Industrial & Infrastructure Fund Investment Corp.(a)

      924          894,840  

Japan Logistics Fund, Inc.(a)

      1,416          925,069  

Prologis, Inc.

      92,325          12,053,952  

Segro PLC

      163,390          1,702,291  

STAG Industrial, Inc.

      54,000          2,025,540  

Tritax Big Box REIT PLC(a)

      519,294          1,178,760  

Warehouses De Pauw CVA

      17,917          507,689  
       

 

 

  
          25,553,959  
       

 

 

  

Multi-Family Residential REITs – 6.7%

 

Independence Realty Trust, Inc.

      218,500          3,648,950  

Killam Apartment Real Estate Investment Trust

      75,930          978,087  

Mid-America Apartment Communities, Inc.

      33,790          4,537,997  

UDR, Inc.

      90,126          3,348,181  
       

 

 

  
          12,513,215  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Office REITs – 4.3%

        

COPT Defense Properties

      93,420        $    2,878,270  

Cousins Properties, Inc.

      34,643          874,389  

Daiwa Office Investment Corp.(a)

      944          2,249,039  

Derwent London PLC

      16,687          441,982  

Japan Real Estate Investment Corp.

      315          254,140  

Kilroy Realty Corp.

      21,768          750,561  

Nippon Building Fund, Inc.(a)

      500          463,793  
       

 

 

  
          7,912,174  
       

 

 

  

Other Specialized REITs – 3.6%

        

Iron Mountain, Inc.

      28,287          2,606,081  

VICI Properties, Inc.

        143,000          4,015,440  
       

 

 

  
          6,621,521  
       

 

 

  

Retail REITs – 13.5%

        

Acadia Realty Trust(a)

      138,910          2,779,589  

Brixmor Property Group, Inc.

      122,497          3,281,695  

Frasers Centrepoint Trust(b)

      436,077          767,838  

Hammerson PLC(a)

      153,240          744,082  

Japan Metropolitan Fund Invest(a)

      1,161          913,802  

Klepierre SA

      18,560          714,994  

Link REIT - Class H

      222,534          1,023,158  

NETSTREIT Corp.(a)

      121,119          2,281,882  

Realty Income Corp.

      51,619          3,157,018  

Scentre Group

      945,070          2,678,299  

Simon Property Group, Inc.

      35,025          6,700,633  
       

 

 

  
          25,042,990  
       

 

 

  

Self-Storage REITs – 5.4%

        

Big Yellow Group PLC

      36,981          523,496  

CubeSmart

      70,887          2,660,389  

Extra Space Storage, Inc.

      45,890          6,331,443  

Safestore Holdings PLC(a)

      44,185          500,009  
       

 

 

  
          10,015,337  
       

 

 

  

Single-Family Residential REITs – 2.9%

        

Invitation Homes, Inc.

      94,824          2,534,646  

Sun Communities, Inc.

      7,043          897,489  

UMH Properties, Inc.

      124,090          1,939,527  
       

 

 

  
          5,371,662  
       

 

 

  
          149,443,919  
       

 

 

  

Real Estate Management & Development – 16.9%

        

Diversified Real Estate Activities – 6.9%

        

City Developments Ltd.

      158,500          1,154,922  

Mitsubishi Estate Co., Ltd.

      112,000          2,854,423  

Mitsui Fudosan Co., Ltd.

      307,400          3,524,926  

Sumitomo Realty & Development Co., Ltd.(a)

      101,600          2,829,253  

Sun Hung Kai Properties Ltd. - Class H

      144,500          2,320,509  
       

 

 

  
          12,684,033  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Real Estate Development – 1.0%

        

Katitas Co., Ltd.

         45,600        $      900,990  

Sino Land Co., Ltd. - Class H(a)

      648,000          975,181  
       

 

 

  
          1,876,171  
       

 

 

  

Real Estate Operating Companies – 8.0%

        

Azrieli Group Ltd.

      7,190          964,216  

CapitaLand Investment Ltd./Singapore(a)

      261,700          633,609  

Castellum AB

      72,160          892,060  

Catena AB(a)

      14,160          735,041  

CTP NV

      14,597          318,224  

Fastighets AB Balder - Class B(b)

      141,583          1,067,904  

International Workplace Group PLC

      150,355          509,724  

LAMDA Development SA(b)

      51,375          431,350  

LEG Immobilien SE

      9,710          702,107  

Pandox AB

      49,170          1,059,853  

Swire Properties Ltd. - Class H

      582,400          1,765,284  

Swiss Prime Site AG (REG)(b)

      14,830          2,524,668  

TAG Immobilien AG

      45,193          766,715  

VGP NV(a)

      4,770          584,966  

Vonovia SE

      63,482          1,858,706  
       

 

 

  
          14,814,427  
       

 

 

  

Real Estate Services – 1.0%

        

Unibail-Rodamco-Westfield

      16,950          1,874,075  
       

 

 

  
          31,248,706  
       

 

 

  

Health Care Equipment & Services – 1.3%

        

Health Care Facilities – 1.3%

        

Chartwell Retirement Residences

      159,757          2,372,332  
       

 

 

  

Capital Goods – 0.5%

        

Construction & Engineering – 0.5%

        

Kumagai Gumi Co., Ltd.(a)

      87,000          976,412  
       

 

 

  

Total Common Stocks
(cost $147,629,648)

           184,041,369  
       

 

 

  

SHORT-TERM INVESTMENTS – 0.5%

        

Investment Companies – 0.5%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.54%(c) (d) (e)
(cost $897,723)

      897,723          897,723  
       

 

 

  

Total Investments Before Security Lending Collateral for Securities Loaned – 99.8%
(cost $148,527,371)

           184,939,092  
       

 

 

  

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.2%

        

Investment Companies – 1.2%

        

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.54%(c) (d) (e)
(cost $2,292,111)

      2,292,111          2,292,111  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

Total Investments – 101.0%
(cost $150,819,482)(f)

                       $ 187,231,203  

Other assets less liabilities – (1.0)%

               (1,897,344 ) 
       

 

 

  

Net Assets – 100.0%

         $  185,333,859  
       

 

 

  

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty   

Contracts to

Deliver

(000)

     

In Exchange

For

(000)

     

Settlement

Date

     

Unrealized

Appreciation

(Depreciation)

State Street Bank & Trust Co.        CAD        411          USD        294          02/05/2026        $ (7,500 )
State Street Bank & Trust Co.        SEK        1,841          USD        199          02/13/2026          (7,363 )
State Street Bank & Trust Co.        USD        304          NOK        3,076          02/13/2026          15,521
State Street Bank & Trust Co.        USD        195          SEK        1,841          02/13/2026          11,469
State Street Bank & Trust Co.        GBP        289          USD        384          02/26/2026          (10,956 )
State Street Bank & Trust Co.        JPY        61,724          USD        403          04/10/2026          2,321
State Street Bank & Trust Co.        USD        406          JPY        61,724          04/10/2026          (4,573 )
State Street Bank & Trust Co.        EUR        653          USD        783          04/16/2026          6,648
State Street Bank & Trust Co.        USD        318          EUR        265          04/16/2026          (2,687 )
State Street Bank & Trust Co.        AUD        465          USD        324          04/22/2026          (44 )
State Street Bank & Trust Co.        USD        431          AUD        622          04/22/2026          1,687
State Street Bank & Trust Co.        USD        444          AUD        634          04/22/2026          (1,740 )
State Street Bank & Trust Co.        USD        397          NZD        661          04/22/2026          2,392
                                   

 

 

  
                                    $   5,175
                                   

 

 

  

 

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(c)

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

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

(f)

As of January 31, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $38,801,127 and gross unrealized depreciation of investments was $(2,384,231), resulting in net unrealized appreciation of $36,416,896.

 

 

Please note: The sector classifications presented herein are based on the sector categorization methodology of the Adviser.

Currency Abbreviations:

AUD – Australian Dollar

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

JPY – Japanese Yen

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

USD – United States Dollar

Glossary:

REG – Registered Shares

REIT – Real Estate Investment Trust

 

4

COUNTRY BREAKDOWN1

January 31, 2026 (unaudited)

 

  61.4 %       United States
  9.7 %       Japan
  6.2 %       Australia
  3.8 %       United Kingdom
  3.3 %       Hong Kong
  3.2 %       Singapore
  2.1 %       Canada
  2.0 %       Sweden
  1.8 %       Germany
  1.7 %       France
  1.6 %       Switzerland
  1.1 %       Belgium
  0.7 %       Spain
  0.9 %       Others
  0.5 %       Short-Term Investments

 

 

       
  100.0 %       Total Investments

 

 

       

 

1 

The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio 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 0.5% or less in the following: Greece, Israel and Netherlands.

 

5

AB Institutional Funds, Inc.

Global Real Estate Investment Fund II

January 31, 2026 (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)

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.

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.

 

6

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2026:

 

Investments in Securities:

    Level 1      Level 2     Level 3      Total  
Assets:

 

Common Stocks:           

Equity Real Estate Investment Trusts (REITs)

    $ 115,549,293      $ 33,894,626     $ —      $ 149,443,919  

Real Estate Management & Development

      1,059,853        30,188,853       —        31,248,706  

Health Care Equipment & Services

      2,372,332        —           —        2,372,332  

Capital Goods

      —        976,412       —        976,412  
Short-Term Investments      897,723        —       —        897,723  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      2,292,111        —       —        2,292,111  
  

 

 

     

 

 

    

 

 

     

 

 

  
Total Investments in Securities       122,171,312         65,059,891 (a)      —         187,231,203  
Other Financial Instruments(b):           
Assets:

 

Forward Currency Exchange Contracts      —        40,038       —        40,038  
Liabilities:

 

Forward Currency Exchange Contracts      —        (34,863 )      —        (34,863 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  
Total    $ 122,171,312      $ 65,065,066     $ —      $ 187,236,378  
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(a)

A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

 

(b)

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.

A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2026 is as follows:

 

Fund   

Market Value

10/31/2025

(000)

     

Purchases

at Cost

(000)

     

Sales

Proceeds

(000)

     

Market Value

01/31/2026

(000)

     

Dividend

Income

(000)

  
AB Government Money Market Portfolio    $ 577      $ 7,166      $ 6,845      $ 898      $ 7  
AB Government Money Market Portfolio*      4,449        8,867        11,024        2,292        25  
Total    $  5,026      $  16,033      $  17,869      $  3,190      $  32  

 

*

Investments of cash collateral for securities lending transactions.

 

7