NPORT-EX 2 NPORT_ZX13_57592286_0525.htm HTML

AB Sustainable Thematic Balanced Portfolio

Portfolio of Investments

May 31, 2025 (unaudited)

 

Company    Shares        U.S. $ Value  

COMMON STOCKS – 63.2%

 

Information Technology – 25.0%

 

Communications Equipment – 0.0%

 

GCI Liberty, Inc.(a) (b) (c) (d)

      486        $ 0  
       

 

 

  

Electronic Equipment, Instruments & Components – 4.8%

 

Flex Ltd.(b)

      43,056          1,821,269  

TE Connectivity PLC

      9,480          1,517,463  

Zebra Technologies Corp. - Class A(b)

      2,649          767,601  
       

 

 

  
          4,106,333  
       

 

 

  

IT Services – 1.4%

 

Accenture PLC - Class A

      3,800            1,203,916  
       

 

 

  

Semiconductors & Semiconductor Equipment – 9.6%

 

Broadcom, Inc.

      9,401          2,275,700  

Monolithic Power Systems, Inc.

      1,506          996,822  

NVIDIA Corp.

      18,833          2,544,903  

NXP Semiconductors NV

      4,672          892,959  

Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)

      7,867          1,520,849  
       

 

 

  
          8,231,233  
       

 

 

  

Software – 7.8%

 

Cadence Design Systems, Inc.(b)

      3,117          894,797  

Microsoft Corp.

      5,890          2,711,521  

Palo Alto Networks, Inc.(b)

      7,374          1,418,905  

Salesforce, Inc.

      6,092          1,616,634  
       

 

 

  
          6,641,857  
       

 

 

  

Technology Hardware, Storage & Peripherals – 1.4%

 

Apple, Inc.

      6,024          1,209,920  
       

 

 

  
          21,393,259  
       

 

 

  

Health Care – 10.6%

 

Biotechnology – 1.5%

 

AbbVie, Inc.

      6,587          1,225,907  
       

 

 

  

Health Care Equipment & Supplies – 5.6%

 

Alcon AG(e)

      14,860          1,277,068  

Becton Dickinson & Co.

      3,620          624,776  

GE HealthCare Technologies, Inc.

      18,909          1,333,841  

Hologic, Inc.(b)

      10,837          673,736  

Stryker Corp.

      2,348          898,439  
       

 

 

  
          4,807,860  
       

 

 

  

Health Care Providers & Services – 0.6%

 

UnitedHealth Group, Inc.

      1,777          536,494  
       

 

 

  

Life Sciences Tools & Services – 0.8%

 

Danaher Corp.

      3,520          668,448  
       

 

 

  

 

1

Company    Shares        U.S. $ Value  

Pharmaceuticals – 2.1%

 

Eli Lilly & Co.

      1,111        $ 819,551  

Johnson & Johnson

      6,361          987,291  
       

 

 

  
          1,806,842  
       

 

 

  
            9,045,551  
       

 

 

  

Financials – 10.6%

 

Capital Markets – 4.8%

 

Intercontinental Exchange, Inc.

      10,343          1,859,671  

Jefferies Financial Group, Inc.

      18,783          912,854  

LPL Financial Holdings, Inc.

      3,274          1,267,562  
       

 

 

  
          4,040,087  
       

 

 

  

Financial Services – 3.5%

 

Fiserv, Inc.(b)

      5,264          856,927  

Visa, Inc. - Class A

      5,849          2,135,996  
       

 

 

  
          2,992,923  
       

 

 

  

Insurance – 2.3%

 

Aflac, Inc.

      7,835          811,236  

Reinsurance Group of America, Inc. - Class A

      5,767          1,172,373  
       

 

 

  
          1,983,609  
       

 

 

  
          9,016,619  
       

 

 

  

Industrials – 8.8%

 

Commercial Services & Supplies – 3.3%

 

Tetra Tech, Inc.

      32,325          1,129,436  

Veralto Corp.

      17,016          1,719,126  
       

 

 

  
          2,848,562  
       

 

 

  

Construction & Engineering – 1.9%

 

AECOM

      14,712          1,616,113  
       

 

 

  

Electrical Equipment – 3.6%

 

Emerson Electric Co.

      9,696          1,157,509  

Rockwell Automation, Inc.

      5,991          1,890,460  
       

 

 

  
          3,047,969  
       

 

 

  
          7,512,644  
       

 

 

  

Consumer Discretionary – 3.3%

 

Automobile Components – 1.6%

 

Aptiv PLC(b)

      20,395          1,362,590  
       

 

 

  

Textiles, Apparel & Luxury Goods – 1.7%

 

On Holding AG - Class A(b)

      24,047          1,428,151  
       

 

 

  
          2,790,741  
       

 

 

  

Utilities – 1.8%

 

Electric Utilities – 1.8%

 

NextEra Energy, Inc.

      22,202          1,568,349  
       

 

 

  

Consumer Staples – 1.8%

 

Household Products – 1.8%

 

Procter & Gamble Co. (The)

      9,141          1,552,964  
       

 

 

  

 

2

Company    Shares        U.S. $ Value  

Energy – 1.3%

 

Oil, Gas & Consumable Fuels – 1.3%

 

Cameco Corp.

      18,639        $ 1,090,941  
       

 

 

  

Total Common Stocks
(cost $47,231,987)

 

         53,971,068  
       

 

 

  
     Principal
Amount
(000)		           

GOVERNMENTS - TREASURIES – 31.4%

 

United States – 31.4%

 

U.S. Treasury Bonds
2.50%, 02/15/2046

    $ 164          110,581  

3.00%, 05/15/2042

      105          81,896  

3.00%, 02/15/2048

      464          336,128  

3.625%, 02/15/2053

      114          90,813  

3.875%, 02/15/2043

      102          89,326  

3.875%, 05/15/2043

      80          69,900  

4.25%, 02/15/2054

      687          611,869  

4.375%, 08/15/2043

      115          107,371  

4.50%, 02/15/2044

      51          48,597  

4.75%, 11/15/2043

      2,783          2,720,970  

4.75%, 11/15/2053

      2,262          2,189,087  

6.125%, 08/15/2029

      1,373          1,485,522  

U.S. Treasury Notes
0.625%, 05/15/2030

      1,143          971,295  

2.75%, 08/15/2032

      116          105,524  

3.50%, 01/31/2028

      836          828,100  

3.75%, 12/31/2028

      362          359,864  

3.875%, 12/31/2027

      555          555,148  

3.875%, 08/15/2033

      95          91,955  

4.00%, 02/29/2028

      521          521,964  

4.00%, 06/30/2028

      218          218,632  

4.00%, 01/31/2029

      40          39,796  

4.125%, 09/30/2027

      1,114          1,119,902  

4.125%, 10/31/2027

      1,697          1,705,519  

4.125%, 11/15/2032

      115          114,421  

4.375%, 11/30/2028

      389          394,713  

4.375%, 05/15/2034

      2,477          2,479,422  

4.50%, 11/15/2033

      1,806          1,829,400  

4.625%, 09/30/2028

      3,545          3,624,311  

4.875%, 10/31/2028

      1,169          1,204,733  

4.875%, 10/31/2030

      2,592          2,695,269  
       

 

 

  

Total Governments - Treasuries
(cost $27,144,817)

 

        26,802,028  
       

 

 

  

AGENCIES – 2.6%

 

Agency Debentures – 2.6%

 

Federal Home Loan Banks
4.125%, 01/15/2027

      85          85,168  

4.50%, 03/13/2026

      835          836,770  

Federal National Mortgage Association
6.625%, 11/15/2030

      1,152          1,294,745  
       

 

 

  

Total Agencies
(cost $2,377,525)

 

        2,216,683  
       

 

 

  

 

3

Company    Shares        U.S. $ Value  

SHORT-TERM INVESTMENTS – 3.0%

 

Investment Companies – 3.0%

 

AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.14%(f) (g) (h)
(cost $2,596,556)

      2,596,556        $ 2,596,556  
       

 

 

  

Total Investments – 100.2%
(cost $79,350,885)(i)

 

        85,586,335  

Other assets less liabilities – (0.2)%

 

        (130,191 ) 
       

 

 

  

Net Assets – 100.0%

 

      $  85,456,144  
       

 

 

  

 

(a)

Fair valued by the Adviser.

(b)

Non-income producing security.

(c)

Escrow shares.

(d)

Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e)

Represents entire or partial securities out on loan.

(f)

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.

(g)

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

(h)

Affiliated investments.

(i)

As of May 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $9,956,203 and gross unrealized depreciation of investments was $(3,720,753), resulting in net unrealized appreciation of $6,235,450.

Glossary:

ADR – American Depositary Receipt

 

4

AB Sustainable Thematic Balanced Portfolio

May 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)

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.

 

5

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

 

Investments in Securities:

    Level 1      Level 2      Level 3     Total  
Assets:

 

Common Stocks:           

Information Technology

    $ 21,393,259      $ —      $ 0 (a)    $ 21,393,259  

Health Care

      9,045,551        —            —       9,045,551  

Financials

      9,016,619        —        —       9,016,619  

Industrials

      7,512,644        —        —       7,512,644  

Consumer Discretionary

      2,790,741        —        —       2,790,741  

Utilities

      1,568,349        —        —       1,568,349  

Consumer Staples

      1,552,964        —        —       1,552,964  

Energy

      1,090,941        —        —       1,090,941  
Governments - Treasuries      —        26,802,028        —       26,802,028  
Agencies      —        2,216,683        —       2,216,683  
Short-Term Investments      2,596,556        —        —       2,596,556  
  

 

 

     

 

 

     

 

 

    

 

 

  
Total Investments in Securities      56,567,624        29,018,711        0 (a)      85,586,335  
Other Financial Instruments(b)      —        —        —       —  
  

 

 

     

 

 

     

 

 

    

 

 

  
Total    $  56,567,624      $  29,018,711      $ 0 (a)    $  85,586,335  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(a) 

The Portfolio held securities with zero market value at period end.

 

(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 nine months ended May 31, 2025 is as follows:

 

Fund    Market Value
08/31/2024
(000)		      Purchases
at Cost
(000)		      Sales
Proceeds
(000)		      Market Value
05/31/2025
(000)		      Dividend
Income
(000)		  
AB Government Money Market Portfolio    $  3,037      $  20,029      $  20,469      $  2,597      $  75  

 

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