What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-02-10 compared with 2022-02-11 · 79 added, 81 removed, 447 unchanged (26% of the section changed)

6 unchanged sentences

” to refer to nations other than the United States.

We use “ emerging markets ” in this Form 10-K to refer to countries included in the Morgan Stanley Capital International (“ MSCI ”) emerging markets index, which are, as of December 31, 2021:

Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

We use “ emerging markets ” in this Form 10-K to refer to countries included in the Morgan Stanley Capital International (“MSCI”) emerging markets index, which include, as of December 31, 2022:

Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

We provide diversified investment management, research and related services globally to a broad range of clients through our three buy-side distribution channels:

Institutions, Retail and Private Wealth Management, and our sell-side business, Bernstein Research Services.

See “Distribution Channels” in this Item 1 for additional information.

S ee “Distribution Channels” in this Item 1 for additional information.

As of December 31, 2022, 2021 and 2020, our AUM were approximately $646 billion, $779 billion and $686 billion, respectively, and our net revenues were approximately $4.1 billion, $4.4 billion and $3.7 billion, respectively.

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Our EQH affiliates represented approximately 16%, 17% and 19% of our AUM as of December 31, 2022, 2021 and 2020, and we earned approximately 4% of our net revenues from services we provided to them in each of those years.

Management (AUM)

Assets Under Management (AUM)

See “Distribution Channels” below and “Assets Under Management” and “Net Revenues” in Item 7 for additional information regarding our AUM and net revenues.

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For additional information about our investment advisory and services fees, including performance-based fees, see “ Risk Factors ” in Item 1A and “Net Revenues – Investment Advisory and Services Fees” in Item 7 .

2021 Annual Report 1

Our high-quality, in-depth research is the foundation of our business.

Our high-quality, in-depth research is the foundation of our asset management and private wealth management businesses.

We believe that our global team of research professionals, whose disciplines include economic, fundamental equity, fixed income and quantitative research, gives us a competitive advantage in achieving investment success for our clients.

We also have experts focused on multi-asset strategies, wealth management, environmental, social and governance (“ ESG ”), and alternative investments.

Corporate Responsibility

2022 Annual Report 1

Purpose, Values and Corporate Responsibility

At AB, we pursue insight that unlocks opportunity.

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As an active manager, our differentiated insights drive our ability to deliver alpha and design innovative investment solutions.

ESG and climate issues are key elements in forming insights and in presenting potential risks and opportunities that can impact the performance of the companies and issuers in which we invest and the portfolios we build.

Our values provide a framework for the behaviors and actions that deliver on our purpose and mission.

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As noted above , we consistently challenge ourselves to become a better version of AB.

We are committed to being a responsible firm and striving to model the behavior that we expect from the companies in which we invest.

This means, in part, giving back to the communities in which we work through our firm-wide philanthropic initiative, AB Gives Back, and reducing our environmental footprint by increasing our use of “green buildings,” such as our new corporate headquarters in Nashville, Tennessee.

Additionally, by promoting diversity and inclusion, we are afforded different perspectives and ways of thinking, which can lead to better outcomes for our clients ( See Diversity and Inclusion below in this Item 1 ).

Additionally, by promoting diversity, equity and inclusion, we are afforded different perspectives and ways of thinking, which can lead to better outcomes for our clients ( See Diversity, Equity and Inclusion below in this Item 1 ).

Also, striving to be more responsible gives us a richer perspective for evaluating other companies.

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We are advocating that issuers be responsible corporate citizens, and we are working to better understand opportunities and threats, including supply chain disruptions and inflationary pressures, fueled by the pandemic.

We provide additional information in this regard in our corporate responsibility report, which is entitled "Advancing Responsible Investing" and can be found under “Responsibility - Overview” on www.alliancebernstein.com.

We provide additional information in this regard in the AB Responsibility Report, which can be found under “Responsibility - Overview” on www.alliancebernstein.com.

And, we have described our firm's governance structure, including our Board and its committees, in Item 10 of this Form 10-K.

AllianceBernstein

Investment Services

We provide a broad range of investment services with expertise in:

• Actively-managed equity strategies, with global and regional portfolios across capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;

Investment Philosophy

We believe that by using differentiated research insights and a disciplined process to build high-active-share portfolios, we can achieve strong investment results for our clients over time.

Key to this philosophy is developing and integrating ESG and climate research, as well as our approach to engagement.

Our global research network, intellectual curiosity and collaborative culture allow us to advance clients' investment objectives, whether our clients are seeking responsibility generated idiosyncratic alpha, total return, downside mitigation, or sustainability and impact-focused outcomes.

Our investment services include expertise in:

• Actively managed equity strategies across global and regional universes, as well as capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities;

• Actively managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies;

• Alternative investments, including hedge funds, fund of funds, direct lending, real estate and private equity;

• Multi-asset solutions and services, including dynamic asset allocation, customized target-date funds and target-risk funds;

• Some passive management, including index and enhanced index strategies.

Our AUM by client domicile and investment service as of December 31, 2021, 2020 and 2019 were as follows:

• Actively managed alternative investments, including hedge funds, fund of funds and direct assets (e.g., direct lending, real estate and private equity);

• Portfolios with Purpose, including actively managed, impact-focused and Responsible+ (climate-conscious, ESG leaders, change catalysts) equity, fixed income and multi-asset strategies that address our clients' evolving need to invest their capital with purpose while pursuing strong investment returns;

• Multi-asset services and solutions, including dynamic asset allocation, customized target-date funds and target-risk funds;

• Some passive management, including index, ESG index and enhanced index strategies.

Our AUM by client domicile and investment service as of December 31, 2022, 2021 and 2020 are as follows:

AUM by Client Domicile

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Non-affiliated 226,357 252,984 224,202 (10.5) 12.8

252,984 224,202 204,184 12.8 9.8

Total $ 297,281 $ 337,080 $ 315,598 (11.8) 6.8

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

(3) As of 12/31/2021, AXA is no longer considered an affiliated party, as such, AXA-related AUM has been reclassified to non-affiliated in 2020 and 2019.

2022 Annual Report 5

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Fixed Income Passively Managed (1)

105 82 107 28.0 (23.4)

425 105 82 n/m 28.0

Fixed Income Servicing (2)

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Non-affiliated 534,754 481,602 422,813 11.0 13.9

481,602 422,813 397,731 13.9 6.3

Total $ 659,983 $ 587,017 $ 512,914 12.4 14.4

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(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

(4) As of 12/31/2021, AXA is no longer considered an affiliated party, as such, AXA-related AUM has been reclassified to non-affiliated in 2020 and 2019.

AllianceBernstein

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The mutual funds we sub-advise for EQH and its subsidiaries constitute our largest retail client.

EQH and its subsidiaries accounted for approximately 14% of our retail AUM as of December 31, 2021, 2020 and 2019 and approximately 1%, 1% and 2% of our retail net revenues for the years ended December 31, 2021, 2020 and 2019, respectively.

HSBC was responsible for approximately 4%, 6% and 14% of our open-end mutual fund sales in 2021, 2020 and 2019, respectively.

HSBC is not under any obligation to sell a specific amount of AB Fund shares and is not our affiliate.

EQH and its subsidiaries accounted for approximately 14% of our retail AUM as of December 31, 2022, 2021 and 2020 and approximately 1% of our retail net revenues for the years ended December 31, 2022, 2021 and 2020.

Most open-end U.S.

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Non-affiliated 208,776 275,501 228,575 (24.2) 20.5

275,501 228,575 204,718 20.5 11.7

Total $ 242,886 $ 319,918 $ 265,340 (24.1) 20.6

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(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

(3) As of 12/31/2021, AXA is no longer considered an affiliated party, as such, AXA-related AUM has been reclassified to non-affiliated in 2020 and 2019.

AllianceBernstein

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Non-affiliated 1,977,072 2,195,495 1,784,818 (9.9) 23.0

2,195,495 1,784,818 1,592,095 23.0 12.1

Total $ 2,000,908 $ 2,223,829 $ 1,811,948 (10.0) 22.7

1 unchanged sentence

(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

(3) As of 12/31/2021, AXA is no longer considered an affiliated party, as such, AXA-related AUM has been reclassified to non-affiliated in 2020 and 2019.

2022 Annual Report 9

Private Wealth Management

We partner with our clients, embracing innovation and independent research to address increasingly complex challenges.

We partner with our clients, embracing innovation and research to address increasingly complex challenges.

Our clients include high-net-worth individuals and families who have created generational wealth as successful business owners, athletes, entertainers, corporate executives and private practice owners.

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Equity Passively Managed (1)

1,764 666 174 164.9 % n/m

2,304 1,764 666 30.6 % 164.9 %

Total Equity 48,281 61,473 51,520 (21.5) 19.3

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Equity Passively Managed (1)

4,780 1,113 334 n/m n/m

8,700 4,780 1,113 82.0 % n/m

Total Equity 529,855 589,235 489,012 (10.1) 20.5

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Bernstein Research Services

We offer high-quality fundamental and quantitative research and trade execution services in equities and listed options to institutional investors, such as mutual fund and hedge fund managers, pension funds and other institutional investors (" Bernstein Research Services") .

We serve our clients, which are based in the United States and in other major markets around the world, through our trading professionals, who are primarily based in New York, London and Hong Kong, and our research analysts, who provide fundamental company and industry research along with quantitative research into securities valuation and factors affecting stock-price movements.

Additionally, we provide equity capital markets services to issuers of publicly-traded securities, primarily in initial public offerings and follow-on offerings, generally acting as co-manager in such offerings.

We serve our clients, which are based in major markets around the world, through our trading professionals, who are primarily based in New York, London and Hong Kong, and our research analysts, who provide fundamental company and industry research along with quantitative research into securities valuation and factors affecting stock-price movements.

Additionally, we occasionally provide equity capital markets services to issuers of publicly traded securities, such as initial public offerings and follow-on offerings, generally acting as co-manager in such offerings.

We earn revenues for providing investment research to, and executing brokerage transactions for, institutional clients.

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For information regarding trends in fee rates charged for brokerage transactions, see “Risk Factors” in Item 1A .

In the fourth quarter of 2022, AB and Société Générale (EURONEXT:

SCGLY, “ SocGen ”) , a leading European bank, announced plans to form a joint venture combining their respective cash equities and research businesses.

As a result, the BRS business has been classified as held for sale.

For further discussion, s ee Note 24 Acquisitions and Divestitures to AB's consolidated financial statements in Item 8.

Our Bernstein Research Services revenues are as follows:

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Other custodian arrangements, directed by clients, include banks, trust companies, brokerage firms and other financial institutions.

Human Capital Management

People Management

As a leading global investment management and research firm, we bring together a wide range of insights, expertise and innovations to advance the interests of our clients around the world.

The intellectual capital of our employees is collectively the most important asset of our firm, so the long-term sustainability of our firm is heavily dependent on our people.

The intellectual capital and distinctive knowledge of our employees are collectively the most important assets of our firm, so the long-term sustainability and success of our firm is heavily dependent on our people.

In 2022, our human capital and administrative services teams became our "People" team, a key acknowledgement of the central role they play in supporting our employees and advancing their work experience.

We are keenly focused on:

• fostering an inclusive culture by incorporating diversity and inclusion in all levels of our business;

• fostering an inclusive culture by incorporating diversity, equity and inclusion in all levels of our business;

• encouraging innovation;

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As a fiduciary, our firm’s primary objective is to act in our clients' best interests and help them reach their financial goals.

Also, our Board of Directors (the " Board ") and committees of the Board, particularly our Compensation and Workplace Practices Committee, provide oversight into various human capital matters, including emerging human capital management risks and strategies to mitigate our exposure to those risks.

Also, our Board of Directors (the " Board ") and committees of the Board, particularly our Compensation and Workplace Practices Committee, provide oversight into various matters affecting our people, including emerging people management risks and strategies to mitigate our exposure to those risks.

Furthermore, our Board and Board committees evaluate the overall effectiveness of our social responsibility policies, goals and programs and recommend changes to management as necessary.

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We engage several external organizations to assist in attracting and recruiting top talent at all levels, with a particular focus on attracting diverse talent.

We have a sizable group of internal human capital associates focused on recruiting, and we have implemented various human capital initiatives to develop and provide for a balanced workforce.

Additionally, we offer internship programs for students to work in positions across functional areas of the firm, and an important part of our college recruitment strategy is to convert a high percentage of our interns into full-time employees.

We have a sizable group of internal talent acquisition associates focused on recruiting, and we have implemented various people-related initiatives to develop and provide for a balanced workforce.

Additionally, we offer internship programs for students to work in positions across functional areas of the firm, and an important part of our emerging talent and post-graduate recruitment strategy is to convert a high percentage of our interns into full-time employees.

Employee Engagement

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In addition, we utilize AB Voice, a periodic survey designed to measure employee satisfaction and engagement, allowing us to identify and address performance gaps.

Diversity and Inclusion

We continue to believe that diverse and inclusive teams generate better ideas and best serve the needs of our clients.

The events of the last two years have provided an unforeseen yet unique opportunity to reflect, adapt and broaden our Diversity & Inclusion (“ D&I ”) strategy.

D&I continues to be a key strategic priority for AB and our ongoing commitment to embed it across all facets of the firm has further reinforced our company values.

It has also allowed for a more purposeful approach to engagement with our people, our clients and the communities in which we operate.

Also, our firm's community engagement efforts have been further integrated under the D&I umbrella.

Under the new structure, we are better able to streamline and formalize the process for assessing corporate partnerships and philanthropic giving through the lens of D&I, allowing for a more cohesive overall strategy.

We have enhanced our talent attraction and retention approach to position ourselves as an employer of choice and invest in the development of our people.

We have developed a diverse talent strategy with a goal of developing a deeper understanding of the needs of diverse talent and also equipping managers with the necessary tools to effectively manage an increasingly diverse workforce.

The strategy includes incorporating the concept of inclusive leadership into the firm-wide leadership development curriculum and enhancing our exit interview process for diverse talent by conducting in-person interviews, which will better enable us to detect trends and mitigate attrition.

Our people remain our top priority, especially during these times of uncertainty.

Diversity, Equity and Inclusion

Our continued commitment to Diversity, Equity & Inclusion (" DEI ") across all facets of our firm aligns with broader industry recognition of the workplace as both a working and learning community.

We believe that our company plays a critical role in empowering our people though purpose and fostering an inclusive, collaborative environment and equitable culture that allows for connectivity, belonging and success at every level.

A key element of our ongoing journey has been to adapt as appropriate to evolving DEI industry trends.

In 2022, we formally incorporated the concept of "equity" into our strategy and team name in an effort to more accurately reflect our current and anticipated approach.

Our firm's community engagement efforts have been further integrated under the DEI umbrella.

To support our grantee and community partners, bolster our commitment to our non-profit clients, and add value for our current and future employees, our approach leverages four programs under the "AB Gives Back" brand:

philanthropy, volunteering, board participation and gift matching.

Some highlights include improved student attendance and financial literacy in inner city neighborhoods and over 3,000 employee volunteer hours completed in 2022.

We have enhanced our talent attraction and retention approach to position ourselves as an employer of choice and increase investment in our people.

We have developed a diverse talent strategy with a goal of gaining a deeper understanding of the needs of diverse talent and also equipping managers with the necessary tools to effectively manage an increasingly diverse workforce.

The strategy includes incorporating the concept of inclusive leadership into the firm-wide leadership development curriculum and providing opportunities to build relationships across the firm at all levels.

Finally, our people remain our top priority.

Over the course of the last year, there has been a continued focus on education and deepening engagement across all pillars of our strategy to include Employee Resource Groups (" ERGs "), corporate partnerships, and the overall experience at AB.

ERGs have been a major proponent of these efforts by cultivating spaces for courageous conversations, encouraging professional development and personal wellness, and raising awareness for various underrepresented communities.

As we continue to seek opportunities to further our commitment to diversity, equity and inclusion, we are leveraging best practices from industry peers.

Our D&I journey continues to evolve;

addressing racial and gender equity, increasing access to diverse talent and monitoring client trends remain top priorities.

2022 Annual Report 13

Compensation and Benefits

We have demonstrated a history of investing in our workforce by offering competitive compensation.

We consistently invest in our workforce by offering competitive compensation.

We utilize a variety of compensation elements, including base salaries, annual short-term compensation awards (i.e., cash bonuses) and, for those of our employees who earn more than $300,000 annually, a long-term compensation award program.

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We utilize this structure to foster a stronger sense of ownership and align the interests of our employees directly with the interests of our Unitholders and indirectly with the interests of our clients, as strong performance for our clients generally contributes directly to increases in AUM and improved financial performance for the firm.

Furthermore, we offer to all eligible employees health and welfare, 401(k) profit-sharing and other benefits programs, including a flexible in-office work schedule that permits working remotely two days weekly.

Furthermore, in the U.S.

(and elsewhere, although benefits may differ by jurisdiction):

• We provide employee wages that are competitive and consistent with employee positions, skill levels, experience, knowledge and geographic location;

• We engage nationally recognized compensation and benefits consulting firms to independently evaluate the effectiveness of our executive compensation and benefit programs, as well as consulting services relating to the amount and form of compensation paid to employees other than executives, and to provide benchmarking against our peers;

• We provide merit-based and performance-based annual increases and incentive compensation, which are communicated to employees at the time of hiring and documented through our talent management process as part of our annual review procedures and upon internal transfer and/or promotion;

• The firm makes benefits available to all eligible employees, including health insurance, paid and unpaid leaves, a retirement plan, and life and disability/accident coverage.

We also offer a variety of voluntary benefits that allow employees to select the options that meet their needs, including flexible time-off, telemedicine, paid parental leave, adoption assistance, prescription savings solutions, Veterans' Health Administration coverage in U.S.

medical plans, a personalized wellness program and a financial wellness program.

Health and Safety

Our ongoing response to the COVID-19 global pandemic demonstrates how highly we value the health and safety of our employees.

At the initial onset of COVID-19 during the first quarter of 2020, we quickly responded in the various jurisdictions where we operate, including the U.S., EMEA (including the U.K., Luxembourg, France and other jurisdictions), Hong Kong, Shanghai, Singapore and Taiwan.

• We provide employee wages that are competitive and consistent with employee positions, skill levels, performance, experience, knowledge and geographic location.

this process also includes engagement of outside counsel to conduct privileged pay equity reviews to ensure ongoing compliance with applicable laws and regulations.

• We provide merit-based and cost of living annual salary increases, as well as incentive compensation, which are communicated to employees at year-end and documented through our annual review procedures, upon internal transfer and/or promotion;

• The firm makes benefits available to all eligible employees, including a flexible in-office work schedule that permits working remotely two days weekly, health and prescription insurance, paid and unpaid leaves, a retirement plan, and life and disability/accident coverage.

We also offer a variety of voluntary benefits that allow employees to select the options that meet their needs, including flexible time-off, paid parental leave, adoption and surrogacy assistance, tuition reimbursement, and a health and financial wellness program.

Health, Safety and Flexibility for our Workforce

During 2020, at the onset of COVID, we mobilized to ensure the health and safety of our employees globally.

We implemented business continuity measures, including travel restrictions and a work-from-home requirement for almost all personnel (other than a relatively small number of employees whose physical presence in our offices was considered critical), which lasted through the second quarter of 2021.

Since then, working in the office generally has been voluntary, with mandatory in-office participation occurring only at certain times when COVID-19 has ebbed significantly in the communities in which we operate.

Throughout the pandemic, we have conscientiously ensured operating continuity for all critical functions.

We also instituted a confidential notification process for any employee who tests positive for COVID-19 or has been exposed to someone else who has tested positive.

As the COVID-19 crisis has continued to evolve since the lockdown in the first quarter of 2020, certain key functions of the business, such as Risk Management, Business Continuity, Finance and Human Capital, have maintained constant communication and monitored the evolution of the pandemic to keep our employees safe and advised of key developments.

Additionally, we continue to monitor communications from the World Health Organization and the U.S.

Centers for Disease Control and Prevention, and in the third quarter of 2021 engaged an epidemiologist on a consulting basis, to ensure we have current and accurate information.

We have also instituted various other protocols in response to the COVID-19 pandemic, such as increased cleaning protocols, masking requirements where permitted by local law and testing protocols for large gatherings.

As of December 31, 2021, our firm had 4,118 full-time employees, compared to 3,929 full-time employees as of December 31, 2020, representing a 4.8% increase.

Then, while continuing to closely monitor COVID-related conditions globally, we developed return-to-office programs tailored locally, so that employees could feel safe knowing that their health, and the health of their families, were a priority.

This meant a staggered return to the office so that we could monitor data while complying with local ordinances.

Beginning in July 2021, in the U.S.

we returned to the office three days a week, alternating weeks through the end of 2021.

In early 2022, while most of our employees returned to the office full-time, we offered employees the ability to work remotely up to two days per week given the ability and diligence our employees demonstrated while working remotely.

By the end of 2022, all employees had returned to the office utilizing a hybrid work schedule, including the flexibility to work remotely up to two days per week.

We believe this approach allows our employees to maintain the important benefits of in-person collaboration while providing greater work-life balance.

As of December 31, 2022, our firm had 4,436 full-time employees, including 203 AB CarVal employees, compared to 4,118 full-time employees as of December 31, 2021, representing a 7.7% increase (a 2.8% increase excluding AB CarVal).

AllianceBernstein

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1,675 38 % 2,746 62 % 4,421 100 %

(1) The table above only reflects employees who have self-reported as male or female and as such may not reconcile to our total of 4,118 full-time employees.

(1) The table above only reflects employees who have self-reported as male or female and as such does not reconcile to our total of 4,436 full-time employees.

(2) The methodology utilized to populate the table above changed from the prior year.

Specifically, while in 2021 we presented the total percentage of female and male full-time employees by region who self-reported, in the above table we present the total percentage of female and male full-time employees by region, as a percentage of total global full-time employees, who self-reported.

In connection with our establishing 1,250 roles in Nashville, Tennessee, we have relocated many of our employees from our New York City and White Plains, New York, locations.

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In connection with the Bernstein Transaction, we acquired all of the rights in, and title to, the Bernstein service marks, including the mark “Bernstein.”

In connection with an acquisition we completed in 2013, we acquired all of the rights in, and title to, the W.P.

Stewart & Co.

service marks, including the logo “WPSTEWART.”

Service marks are generally valid and may be renewed indefinitely, as long as they are in use and/or their registrations are properly maintained.

3 unchanged sentences

2022 Annual Report 15

AB, AB Holding, the General Partner and five of our subsidiaries (Sanford C.

Bernstein & Co., LLC (“ SCB LLC ”), AB Broadly Syndicated Loan Manager LLC, AB Custom Alternative Solutions LLC, AB Private Credit Investors LLC and W.P.

AB, AB Holding, the General Partner and six of our subsidiaries (Sanford C.

Bernstein & Co., LLC (“ SCB LLC ”), AB Broadly Syndicated Loan Manager LLC, AB Custom Alternative Solutions LLC, AB Private Credit Investors LLC, AB CarVal Investors and W.P.

Stewart Asset Management Ltd.) are registered with the SEC as investment advisers under the Investment Advisers Act.

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AB Holding Units, which trade under the ticker symbol “AB,” have been listed on the NYSE since that time.

In October 1999, AB Holding reorganized by transferring its business and assets to AB, a newly-formed operating partnership, in exchange for all of the AB Units (“ Reorganization ”).

In October 1999, AB Holding reorganized by transferring its business and assets to AB, a newly-formed operating partnership, in exchange for all of the AB Units (the “ Reorganization ”).

Since the date of the Reorganization, AB has conducted the business formerly conducted by AB Holding and AB Holding’s activities have consisted of owning AB Units and engaging in related activities.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business