NPORT-EX 2 NPORT_2R81_76056767_0226.htm HTML

AB International Value Fund

Portfolio of Investments

February 28, 2026 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 98.1%

 

Industrials – 19.2%

 

Aerospace & Defense – 5.3%

 

Airbus SE

     12,981        $    2,818,862  

BAE Systems PLC

     76,525          2,185,213  

CSG NV(a)

     18,321          689,059  

Melrose Industries PLC

     264,742          2,014,485  
       

 

 

 
          7,707,619  
       

 

 

 

Construction & Engineering – 2.8%

 

Shimizu Corp.

     78,900          1,763,504  

Vinci SA

     13,370          2,219,234  
       

 

 

 
          3,982,738  
       

 

 

 

Electrical Equipment – 1.9%

 

Mitsubishi Electric Corp.

     72,100          2,744,342  
       

 

 

 

Ground Transportation – 1.0%

 

Keisei Electric Railway Co., Ltd.(b)

     171,700          1,490,806  
       

 

 

 

Machinery – 4.2%

 

CNH Industrial NV

     161,325          1,984,297  

Techtronic Industries Co., Ltd. - Class H

     126,000          2,040,655  

Toyota Industries Corp.(a) (b)

     15,900          2,059,182  
       

 

 

 
          6,084,134  
       

 

 

 

Passenger Airlines – 1.5%

 

Ryanair Holdings PLC (Sponsored ADR)

     31,846          2,149,287  
       

 

 

 

Professional Services – 2.5%

 

Bureau Veritas SA

     63,460          2,205,329  

Persol Holdings Co., Ltd.

     857,200          1,369,789  
       

 

 

 
          3,575,118  
       

 

 

 
          27,734,044  
       

 

 

 

Financials – 19.1%

 

Banks – 12.6%

 

ABN AMRO Bank NV

     63,660          2,132,148  

Barclays PLC

     307,420          1,865,952  

BPER Banca SpA

     166,970          2,351,594  

Danske Bank A/S

     47,250          2,465,245  

Erste Group Bank AG

     17,513          2,078,691  

Eurobank SA

     387,492          1,795,429  

Japan Post Bank Co., Ltd.

     124,900          2,445,174  

Resona Holdings, Inc.

     245,700          2,997,986  
       

 

 

 
          18,132,219  
       

 

 

 

Insurance – 6.5%

 

ASR Nederland NV

     27,297          1,983,476  

AXA SA

     52,811          2,582,568  

Beazley PLC

     140,310          2,390,713  

Prudential PLC

     163,500          2,504,247  
       

 

 

 
          9,461,004  
       

 

 

 
          27,593,223  
       

 

 

 

 

1


Company    Shares        U.S. $ Value  

Consumer Discretionary – 12.1%

 

Automobile Components – 1.2%

 

Toyo Tire Corp.

     56,900        $    1,753,431  
       

 

 

 

Automobiles – 1.6%

 

Honda Motor Co., Ltd.

     234,400          2,348,088  
       

 

 

 

Hotels, Restaurants & Leisure – 2.8%

 

Accor SA

     37,646          2,185,168  

Yum China Holdings, Inc.

     33,095          1,817,246  
       

 

 

 
          4,002,414  
       

 

 

 

Household Durables – 2.0%

 

Sony Group Corp.

     124,700          2,866,636  
       

 

 

 

Specialty Retail – 3.0%

 

Industria de Diseno Textil SA

     45,009          3,005,583  

JD Sports Fashion PLC(b)

     1,203,007          1,325,263  
       

 

 

 
          4,330,846  
       

 

 

 

Textiles, Apparel & Luxury Goods – 1.5%

 

Burberry Group PLC(a)

     137,816          2,154,589  
       

 

 

 
          17,456,004  
       

 

 

 

Health Care – 10.6%

 

Health Care Equipment & Supplies – 1.1%

 

Siemens Healthineers AG

     31,626          1,568,637  
       

 

 

 

Life Sciences Tools & Services – 0.9%

 

ICON PLC(a)

     11,816          1,277,782  
       

 

 

 

Pharmaceuticals – 8.6%

 

Haleon PLC

     496,964          2,727,805  

Novo Nordisk A/S - Class B

     57,314          2,167,817  

Roche Holding AG

     11,390          5,420,517  

Takeda Pharmaceutical Co., Ltd.

     58,700          2,196,977  
       

 

 

 
          12,513,116  
       

 

 

 
          15,359,535  
       

 

 

 

Communication Services – 7.2%

 

Diversified Telecommunication Services – 3.3%

 

Deutsche Telekom AG (REG)

     69,775          2,802,174  

Koninklijke KPN NV

     354,066          2,012,729  
       

 

 

 
          4,814,903  
       

 

 

 

Entertainment – 0.9%

 

Toho Co., Ltd./Tokyo

     132,000          1,322,832  
       

 

 

 

Media – 1.2%

 

Publicis Groupe SA

     19,765          1,759,976  
       

 

 

 

Wireless Telecommunication Services – 1.8%

 

Tele2 AB - Class B

     119,910          2,530,600  
       

 

 

 
          10,428,311  
       

 

 

 

Information Technology – 6.5%

 

Semiconductors & Semiconductor Equipment – 4.6%

 

NXP Semiconductors NV

     5,311          1,205,650  

Taiwan Semiconductor Manufacturing Co., Ltd.

     36,800          2,296,252  

Tokyo Electron Ltd.

     11,220          3,157,023  
       

 

 

 
          6,658,925  
       

 

 

 

 

2


Company    Shares        U.S. $ Value  

Technology Hardware, Storage & Peripherals – 1.9%

 

Samsung Electronics Co., Ltd.

     17,926        $    2,683,007  
       

 

 

 
          9,341,932  
       

 

 

 

Energy – 5.8%

 

Energy Equipment & Services – 4.7%

 

Shell PLC

     116,636          4,864,696  

Vallourec SACA

     78,982          1,847,920  
       

 

 

 
          6,712,616  
       

 

 

 

Oil, Gas & Consumable Fuels – 1.1%

 

Santos Ltd.(b)

     343,980          1,657,694  
       

 

 

 
          8,370,310  
       

 

 

 

Consumer Staples – 5.7%

 

Beverages – 4.4%

 

Anheuser-Busch InBev SA/NV(b)

     41,310          3,359,131  

Coca-Cola Europacific Partners PLC

     26,375          2,912,591  
       

 

 

 
          6,271,722  
       

 

 

 

Food Products – 1.3%

 

Toyo Suisan Kaisha Ltd.

     24,400          1,919,359  
       

 

 

 
          8,191,081  
       

 

 

 

Materials – 5.4%

 

Chemicals – 1.9%

 

Arkema SA

     16,044          1,168,408  

Tosoh Corp.(b)

     94,400          1,649,746  
       

 

 

 
          2,818,154  
       

 

 

 

Construction Materials – 1.8%

 

CRH PLC

     21,205          2,544,176  
       

 

 

 

Metals & Mining – 1.7%

 

Anglo American PLC

     48,060          2,397,837  
       

 

 

 
          7,760,167  
       

 

 

 

Utilities – 3.5%

 

Electric Utilities – 3.5%

 

EDP SA

     464,567          2,471,750  

Enel SpA

     210,530          2,531,612  
       

 

 

 
          5,003,362  
       

 

 

 

Real Estate – 3.0%

 

Diversified REITs – 1.4%

 

Merlin Properties Socimi SA

     111,914          1,976,240  
       

 

 

 

Real Estate Management & Development – 1.6%

 

Mitsui Fudosan Co., Ltd.

     174,800          2,356,273  
       

 

 

 
          4,332,513  
       

 

 

 

Total Common Stocks
(cost $100,979,541)

          141,570,482  
       

 

 

 

 

3


Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 1.3%

       

Investment Companies – 1.3%

       

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(c) (d) (e)
(cost $1,849,112)

     1,849,112        $ 1,849,112  
       

 

 

 

Total Investments Before Security Lending Collateral for Securities Loaned – 99.4%
(cost $102,828,653)

          143,419,594  
       

 

 

 

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.8%

       

Investment Companies – 2.8%

       

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%(c) (d) (e)
(cost $4,112,336)

     4,112,336          4,112,336  
       

 

 

 

Total Investments – 102.2%
(cost $106,940,989)(f)

          147,531,930  

Other assets less liabilities – (2.2)%

          (3,214,698 ) 
       

 

 

 

Net Assets – 100.0%

        $  144,317,232  
       

 

 

 

FORWARD CURRENCY EXCHANGE CONTRACTS

 

Counterparty    Contracts to
Deliver
(000)
     In Exchange
For
(000)
     Settlement
Date
     Unrealized
Appreciation
(Depreciation)
Bank of America NA        BRL        1,542          USD        299          03/03/2026        $   (1,343 ) 
Bank of America NA        USD        294          BRL        1,542          03/03/2026          6,344  
Bank of America NA        KRW        563,260          USD        390          04/14/2026          (1,553 )
Bank of New York (The)        USD        1,691          SGD        2,135          04/24/2026          2,774
Barclays Capital, Inc.        JPY        97,946          USD        631          04/10/2026          1,952
Barclays Capital, Inc.        USD        1,057          EUR        894          04/16/2026          1,357
Citibank NA        CNH        9,654          USD        1,389          03/26/2026          (20,257 )
Citibank NA        USD        662          JPY        101,372          04/10/2026          (10,603 )
Citibank NA        USD        2,543          SEK        22,622          04/23/2026          (30,617 )
Citibank NA        TWD        65,951          USD        2,090          04/24/2026          (14,935 )
Deutsche Bank AG        EUR        494          USD        585          04/16/2026          66
Goldman Sachs Bank USA        BRL        1,542          USD        300          03/03/2026          (1,023 )
Goldman Sachs Bank USA        USD        299          BRL        1,542          03/03/2026          1,343
Goldman Sachs Bank USA        USD        297          BRL        1,542          04/02/2026          1,230
Goldman Sachs Bank USA        USD        619          JPY        94,554          04/10/2026          (11,287 )
HSBC Bank USA        KRW        4,552,395          USD        3,153          04/14/2026          (11,630 )
JPMorgan Chase Bank        EUR        425          USD         505          04/16/2026          2,251

 

4


Counterparty    Contracts to
Deliver
(000)
     In Exchange
For
(000)
     Settlement
Date
     Unrealized
Appreciation
(Depreciation)
JPMorgan Chase Bank        USD        581          EUR        491          04/16/2026        $ 779
JPMorgan Chase Bank        USD        1,642          AUD        2,319          04/22/2026          8,212
Morgan Stanley Bank NA        USD        1,329          JPY        203,994          04/10/2026            (18,671 ) 
Morgan Stanley Bank NA        USD        571          KRW        836,091          04/14/2026          10,238
Morgan Stanley Bank NA        EUR        1,835          USD        2,166          04/16/2026          (6,616 )
Morgan Stanley Capital Services, Inc.        USD        1,283          ILS        4,109          03/12/2026          28,777
Morgan Stanley Capital Services, Inc.        JPY        93,868          USD        613          04/10/2026          10,443
Morgan Stanley Capital Services, Inc.        JPY        80,378          USD        510          04/10/2026          (6,607 )
Morgan Stanley Capital Services, Inc.        EUR        5,888          USD        7,058          04/16/2026          86,455
Morgan Stanley Capital Services, Inc.        USD        7,347          CHF        5,582          04/16/2026          (51,892 )
Morgan Stanley Capital Services, Inc.        USD        5,645          AUD        8,138          04/22/2026          145,430
Morgan Stanley Capital Services, Inc.        USD        1,075          NOK        10,229          04/23/2026          476
Standard Chartered Bank        JPY        107,490          USD        697          04/10/2026          6,332
State Street Bank & Trust Co.        USD        346          MXN        6,024          03/12/2026          3,245
State Street Bank & Trust Co.        USD        258          CNH        1,765          03/26/2026          26
State Street Bank & Trust Co.        JPY        141,475          USD        930          04/10/2026          21,353
State Street Bank & Trust Co.        JPY        291,514          USD        1,864          04/10/2026          (8,443 )
State Street Bank & Trust Co.        USD        740          JPY        115,271          04/10/2026          1,005
State Street Bank & Trust Co.        USD        735          JPY        112,264          04/10/2026          (13,438 )
State Street Bank & Trust Co.        USD        617          KRW        894,837          04/14/2026          4,973
State Street Bank & Trust Co.        EUR        1,383          USD        1,644          04/16/2026          7,047
State Street Bank & Trust Co.        EUR        2,292          USD        2,711          04/16/2026          (2,708 )
State Street Bank & Trust Co.        USD        159          CHF        122          04/16/2026          926
State Street Bank & Trust Co.        USD        1,267          EUR        1,059          04/16/2026          (12,854 )
State Street Bank & Trust Co.        USD        982          AUD        1,393          04/22/2026          8,670
State Street Bank & Trust Co.        USD        369          AUD        517          04/22/2026          (725 )
State Street Bank & Trust Co.        USD        288          NZD        479          04/22/2026          360
State Street Bank & Trust Co.        USD        373          NZD        616          04/22/2026          (2,762 )
State Street Bank & Trust Co.        SEK        1,805          USD        200          04/23/2026          (832 )
State Street Bank & Trust Co.        USD        185          NOK        1,775          04/23/2026          1,590
State Street Bank & Trust Co.        GBP        312          USD        421          04/24/2026          242
State Street Bank & Trust Co.        USD        832          GBP        618          04/24/2026          717
State Street Bank & Trust Co.        USD        302          SGD        380          04/24/2026          (46 )
UBS        USD        728          EUR        618          04/16/2026          3,910
                                   

 

 

 
                                    $  139,681
                                   

 

 

 

 

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(c)

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

 

5


(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 February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $44,494,027 and gross unrealized depreciation of investments was $(3,763,405), resulting in net unrealized appreciation of $40,730,622.

 

 

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:

AUD – Australian Dollar

BRL – Brazilian Real

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

 

6


COUNTRY BREAKDOWN1

February, 2026 (unaudited)

 

  24.0 %       Japan
  13.7 %       United Kingdom
  11.7 %       France
  6.8 %       United States
  4.9 %       Italy
  4.3 %       Netherlands
  3.8 %       Switzerland
  3.5 %       Spain
  3.2 %       Hong Kong
  3.2 %       Denmark
  3.0 %       Germany
  2.3 %       Belgium
  1.9 %       South Korea
  12.4 %       Other
  1.3 %       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 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 1.8% or less in the following: Australia, Austria, China, Czech Republic, Greece, Portugal, South Africa, Sweden and Taiwan.

 

7


AB International Value Fund 

February 28, 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.

 

8


The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 28, 2026:

 

Investments in Securities:

   Level 1      Level 2     Level 3      Total  
Assets:

 

Common Stocks:        

Industrials

   $   4,822,643      $   22,911,401     $     —      $   27,734,044  

Financials

     —        27,593,223       —        27,593,223  

Consumer Discretionary

     1,817,246        15,638,758       —        17,456,004  

Health Care

     1,277,782        14,081,753       —        15,359,535  

Communication Services

     1,322,832        9,105,479       —        10,428,311  

Information Technology

     1,205,650        8,136,282       —        9,341,932  

Energy

     —        8,370,310       —        8,370,310  

Consumer Staples

     2,912,591        5,278,490       —        8,191,081  

Materials

     2,544,176        5,215,991       —        7,760,167  

Utilities

     —        5,003,362       —        5,003,362  

Real Estate

     —        4,332,513       —        4,332,513  

Short-Term Investments

     1,849,112        —       —        1,849,112  
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund      4,112,336        —       —        4,112,336  
  

 

 

    

 

 

   

 

 

    

 

 

 
Total Investments in Securities      21,864,368        125,667,562 (a)      —        147,531,930  
Other Financial Instruments(b):        
Assets:           
Forward Currency Exchange Contracts      —        368,523       —        368,523  
Liabilities:           
Forward Currency Exchange Contracts      —        (228,842 )      —        (228,842 ) 
  

 

 

    

 

 

   

 

 

    

 

 

 
Total    $  21,864,368      $  125,807,243     $ —      $  147,671,611  
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(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 February 28, 2026 is as follows:

 

Fund    Market Value
11/30/2025
(000)
     Purchases
at Cost
(000)
     Sales
Proceeds
(000)
     Market Value
02/28/2026
(000)
     Dividend
Income
(000)
 
AB Government Money Market Portfolio    $ 5,002      $ 8,653      $ 11,806      $ 1,849      $ 37  
AB Government Money Market Portfolio*      472        12,365        8,725        4,112        38  
Total    $  5,474      $  21,018      $  20,531      $  5,961      $  75  

 

*

Investments of cash collateral for securities lending transactions.

 

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