Ab Portfolios NPORT-P AB Sustainable Thematic Balanced Portfolio (May 2023 report)

AB Sustainable Thematic Balanced Portfolio

Portfolio of Investments

May 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 59.3%
Information Technology – 20.7%
Communications Equipment – 1.9%
Ciena Corp.(a)		27,280	$	1,275,067
Lumentum Holdings, Inc.(a)		11,701		618,983
				1,894,050
Electronic Equipment, Instruments & Components – 5.2%
Flex Ltd.(a)		84,369		2,142,129
Keysight Technologies, Inc.(a)		11,013		1,781,904
TE Connectivity Ltd.		11,807		1,446,121
				5,370,154
IT Services – 1.6%
Accenture PLC - Class A		5,390		1,648,909
Semiconductors & Semiconductor Equipment – 5.8%
Advanced Micro Devices, Inc.(a)		7,729		913,645
Monolithic Power Systems, Inc.		1,866		914,172
NVIDIA Corp.		3,655		1,382,833
NXP Semiconductors NV		6,124		1,096,808
ON Semiconductor Corp.(a)		18,916		1,581,378
				5,888,836
Software – 6.2%
Adobe, Inc.(a)		3,413		1,425,917
Intuit, Inc.		3,343		1,401,118
Microsoft Corp.		7,510		2,466,209
Palo Alto Networks, Inc.(a)		4,892		1,043,904
				6,337,148
				21,139,097
Health Care – 13.7%
Health Care Equipment & Supplies – 4.1%
Alcon, Inc.		16,846		1,303,712
Becton Dickinson and Co.		5,912		1,429,285
STERIS PLC		7,271		1,453,982
				4,186,979
Health Care Providers & Services – 2.3%
Laboratory Corp. of America Holdings		4,325		919,192
UnitedHealth Group, Inc.		2,949		1,436,871
				2,356,063
Life Sciences Tools & Services – 6.0%
Bio-Rad Laboratories, Inc. - Class A(a)		2,449		914,334
Bruker Corp.		13,614		940,727
Danaher Corp.		6,916		1,588,052
ICON PLC(a)		6,341		1,350,823
West Pharmaceutical Services, Inc.		3,925		1,313,423
				6,107,359

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Company	Shares		U.S. $ Value
Pharmaceuticals – 1.3%
Johnson & Johnson		9,001	$	1,395,695
				14,046,096
Industrials – 9.6%
Aerospace & Defense – 1.1%
Hexcel Corp.		17,129		1,181,730
Building Products – 1.0%
Owens Corning		9,803		1,042,353
Commercial Services & Supplies – 2.9%
Tetra Tech, Inc.		8,425		1,158,185
Waste Management, Inc.		10,904		1,765,575
				2,923,760
Electrical Equipment – 1.0%
Rockwell Automation, Inc.		3,511		978,165
Machinery – 2.6%
Deere & Co.		4,825		1,669,353
Xylem, Inc./NY		10,019		1,003,904
				2,673,257
Professional Services – 1.0%
Maximus, Inc.		12,204		988,036
				9,787,301
Financials – 6.4%
Capital Markets – 2.9%
Intercontinental Exchange, Inc.		12,688		1,344,293
MSCI, Inc.		3,332		1,567,806
				2,912,099
Financial Services – 1.9%
Visa, Inc. - Class A		8,787		1,942,191
Insurance – 1.6%
Aflac, Inc.		26,020		1,670,744
				6,525,034
Consumer Staples – 4.1%
Household Products – 1.6%
Procter & Gamble Co. (The)		11,348		1,617,090
Personal Care Products – 2.5%
Haleon PLC (ADR)(b)		116,904		939,908
Unilever PLC (Sponsored ADR)		33,742		1,685,076
				2,624,984
				4,242,074
Consumer Discretionary – 2.9%
Automobile Components – 0.9%
Aptiv PLC(a)		10,960		965,357
Household Durables – 1.0%
TopBuild Corp.(a)		4,923		992,772

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Company		Shares		U.S. $ Value
Specialty Retail – 1.0%
Home Depot, Inc. (The)			3,769	$	1,068,323
					3,026,452
Utilities – 1.1%
Water Utilities – 1.1%
American Water Works Co., Inc.			7,516		1,085,686
Real Estate – 0.8%
Specialized REITs – 0.8%
SBA Communications Corp.			3,731		827,461
Total Common Stocks (cost $60,920,664)					60,679,201
	Principal Amount (000)
GOVERNMENTS - TREASURIES – 35.0%
United States – 35.0%
U.S. Treasury Bonds
1.25%, 05/15/2050	U.S.$		887		495,944
1.875%, 11/15/2051			655		429,238
2.25%, 02/15/2052			677		486,484
2.50%, 02/15/2046			962		741,110
3.00%, 05/15/2042			2,877		2,484,750
3.00%, 02/15/2048			557		469,547
3.00%, 02/15/2049			494		417,507
3.00%, 08/15/2052			137		116,319
3.625%, 02/15/2053			793		759,585
3.625%, 05/15/2053			117		111,827
3.875%, 02/15/2043			1,032		1,011,290
4.00%, 11/15/2052			244		250,369
6.125%, 08/15/2029			585		659,630
U.S. Treasury Notes
0.25%, 05/31/2025			2,801		2,579,454
0.625%, 05/15/2030			2,768		2,250,541
1.625%, 02/15/2026			314		294,362
1.875%, 02/28/2027			2,409		2,238,112
1.875%, 02/15/2032			3,005		2,610,507
2.00%, 02/15/2025			3,919		3,751,830
2.00%, 08/15/2025			268		255,399
2.25%, 08/15/2027			1,598		1,498,624
2.50%, 03/31/2027			2,574		2,445,300
2.625%, 02/15/2029			1,069		1,006,217
2.75%, 08/15/2032			139		129,205
3.375%, 05/15/2033			97		94,600
3.50%, 01/31/2028			230		226,649
3.50%, 02/15/2033			1,379		1,361,700
3.625%, 03/31/2028			2,539		2,520,156
3.625%, 05/31/2028			260		258,420
3.875%, 03/31/2025			3,076		3,041,112
3.875%, 12/31/2027			454		454,851
4.125%, 11/15/2032			326		338,230
Total Governments - Treasuries (cost $39,516,867)					35,788,869

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	Principal Amount (000)			U.S. $ Value
AGENCIES – 2.6%
Agency Debentures – 2.6%
Federal Home Loan Banks 4.50%, 03/13/2026	U.S.$		1,000	$	1,006,250
Federal National Mortgage Association 6.625%, 11/15/2030			1,382		1,625,595
Total Agencies (cost $2,884,457)					2,631,845
	Shares
SHORT-TERM INVESTMENTS – 2.2%
Investment Companies – 2.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(c) (d) (e) (cost $2,204,124)			2,204,124		2,204,124
Total Investments Before Security Lending Collateral for Securities Loaned – 99.1% (cost $105,526,112)					101,304,039
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.7%
INVESTMENT COMPANIES – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(c) (d) (e) (cost $778,495)			778,495		778,495
Total Investments – 99.8% (cost $106,304,607)(f)					102,082,534
Other assets less liabilities – 0.2%					159,726
Net Assets – 100.0%				$	102,242,260
		��

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan.

(c) Affiliated investments.

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

(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, or call AB at (800) 227-4618.

(f) As of May 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $5,108,061 and gross unrealized depreciation of investments was $(9,330,134), resulting in net unrealized depreciation of $(4,222,073).

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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AB Sustainable Thematic Balanced Portfolio    

May 31, 2023 (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.

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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of May 31, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	60,679,201	$	—	$	—	$	60,679,201
Governments - Treasuries		—		35,788,869		—		35,788,869
Agencies		—		2,631,845		—		2,631,845
Short-Term Investments		2,204,124		—		—		2,204,124
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		778,495		—		—		778,495
Total Investments in Securities		63,661,820		38,420,714		—		102,082,534
Other Financial Instruments(b)		—		—		—		—
Total	$	63,661,820	$	38,420,714	$	—	$	102,082,534

^(a) See Portfolio of Investments for sector classifications.

^(b)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which 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, 2023 is as follows:

Fund	Market Value 08/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 05/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	2,482	$	21,062	$	21,340	$	2,204	$	85
Government Money Market Portfolio*		0		4,014		3,236		778		8
Total	$	2,482	$	25,076	$	24,576	$	2,982	$	93

* Investments of cash collateral for securities lending transactions

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