Ab Cap Fund NPORT-P AB Select US Equity Portfolio (Mar 2024 report)

AB Select US Equity Portfolio

Portfolio of Investments

March 31, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.8%
Information Technology – 25.9%
Communications Equipment – 1.5%
Motorola Solutions, Inc.		10,703	$	3,799,351
IT Services – 0.8%
International Business Machines Corp.		11,750		2,243,780
Semiconductors & Semiconductor Equipment – 8.9%
Advanced Micro Devices, Inc.(a)		8,185		1,477,311
Applied Materials, Inc.		9,334		1,924,951
Broadcom, Inc.		3,659		4,849,675
NVIDIA Corp.		12,244		11,063,189
NXP Semiconductors NV		14,882		3,687,313
				23,002,439
Software – 9.6%
Adobe, Inc.(a)		4,312		2,175,835
Microsoft Corp.		40,625		17,091,750
Oracle Corp.		15,354		1,928,616
Salesforce, Inc.		11,939		3,595,788
				24,791,989
Technology Hardware, Storage & Peripherals – 5.1%
Apple, Inc.		73,272		12,564,682
Dell Technologies, Inc. - Class C		5,934		677,129
				13,241,811
				67,079,370
Financials – 17.7%
Banks – 5.0%
Bank of America Corp.		64,732		2,454,637
Fifth Third Bancorp		42,269		1,572,830
JPMorgan Chase & Co.		21,650		4,336,495
Wells Fargo & Co.		80,952		4,691,978
				13,055,940
Capital Markets – 4.0%
Charles Schwab Corp. (The)		23,358		1,689,718
Goldman Sachs Group, Inc. (The)		14,307		5,975,891
Jefferies Financial Group, Inc.		59,861		2,639,870
				10,305,479
Consumer Finance – 1.2%
American Express Co.		5,454		1,241,821
Capital One Financial Corp.		12,458		1,854,872
				3,096,693
Financial Services – 6.2%
Apollo Global Management, Inc.		20,005		2,249,562
Berkshire Hathaway, Inc. - Class B(a)		22,705		9,547,907
Visa, Inc. - Class A		15,393		4,295,878
				16,093,347
Insurance – 1.3%
Allstate Corp. (The)		8,365		1,447,228
Progressive Corp. (The)		8,696		1,798,507
				3,245,735
				45,797,194
Health Care – 14.1%
Biotechnology – 1.8%
AbbVie, Inc.		15,944		2,903,402
Amgen, Inc.		6,130		1,742,882
				4,646,284
Health Care Equipment & Supplies – 2.7%
Abbott Laboratories		36,611		4,161,206
Stryker Corp.		7,578		2,711,939
				6,873,145

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Company	Shares		U.S. $ Value
Health Care Providers & Services – 4.0%
Cigna Group (The)		9,066	$	3,292,681
HCA Healthcare, Inc.		12,104		4,037,047
UnitedHealth Group, Inc.		6,272		3,102,758
				10,432,486
Life Sciences Tools & Services – 1.6%
Thermo Fisher Scientific, Inc.		7,350		4,271,894
Pharmaceuticals – 4.0%
Eli Lilly & Co.		4,383		3,409,799
Johnson & Johnson		20,249		3,203,189
Merck & Co., Inc.		27,458		3,623,083
				10,236,071
				36,459,880
Communication Services – 11.3%
Diversified Telecommunication Services – 0.7%
Comcast Corp. - Class A		42,443		1,839,904
Entertainment – 2.9%
Electronic Arts, Inc.		15,118		2,005,705
Netflix, Inc.(a)		3,242		1,968,964
Walt Disney Co. (The)		29,552		3,615,983
				7,590,652
Interactive Media & Services – 6.4%
Alphabet, Inc. - Class A(a)		64,070		9,670,085
Meta Platforms, Inc. - Class A		14,371		6,978,270
				16,648,355
Wireless Telecommunication Services – 1.3%
T-Mobile US, Inc.		19,738		3,221,636
				29,300,547
Energy – 6.7%
Energy Equipment & Services – 1.0%
Schlumberger NV		46,433		2,544,993
Oil, Gas & Consumable Fuels – 5.7%
Chevron Corp.		20,698		3,264,902
EOG Resources, Inc.		31,614		4,041,534
Exxon Mobil Corp.		41,286		4,799,085
Occidental Petroleum Corp.		40,624		2,640,154
				14,745,675
				17,290,668
Industrials – 6.6%
Aerospace & Defense – 1.6%
Northrop Grumman Corp.		5,690		2,723,576
RTX Corp.		15,644		1,525,759
				4,249,335
Ground Transportation – 2.7%
CSX Corp.		54,067		2,004,263
Norfolk Southern Corp.		9,278		2,364,684
Uber Technologies, Inc.(a)		8,625		664,039
Union Pacific Corp.		7,641		1,879,151
				6,912,137
Industrial Conglomerates – 1.2%
Honeywell International, Inc.		15,071		3,093,323
Machinery – 1.1%
Parker-Hannifin Corp.		4,879		2,711,699
				16,966,494
Consumer Staples – 5.9%
Beverages – 1.8%
PepsiCo, Inc.		27,238		4,766,922

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Company	Shares		U.S. $ Value
Consumer Staples Distribution & Retail – 2.6%
Costco Wholesale Corp.		2,762	$	2,023,524
Target Corp.		15,725		2,786,627
Walmart, Inc.		29,906		1,799,444
				6,609,595
Household Products – 1.5%
Procter & Gamble Co. (The)		24,562		3,985,185
				15,361,702
Consumer Discretionary – 5.7%
Broadline Retail – 3.2%
Amazon.com, Inc.(a)		46,205		8,334,458
Hotels, Restaurants & Leisure – 1.4%
Booking Holdings, Inc.		1,022		3,707,693
Specialty Retail – 1.1%
Home Depot, Inc. (The)		7,334		2,813,323
				14,855,474
Utilities – 2.7%
Electric Utilities – 2.7%
NextEra Energy, Inc.		38,405		2,454,464
PPL Corp.		168,940		4,650,918
				7,105,382
Materials – 1.2%
Chemicals – 1.2%
Sherwin-Williams Co. (The)		8,680		3,014,824
Total Common Stocks (cost $154,692,759)				253,231,535
SHORT-TERM INVESTMENTS – 2.6%
Investment Companies – 2.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(b) (c) (d) (cost $6,604,173)		6,604,173		6,604,173
	Principal Amount (000)
Time Deposits – 0.1%
BBH, New York 3.79%, 04/01/2024	CAD	5		4,057
Citibank, London 2.85%, 04/02/2024	EUR	39		41,956
HSBC, Hong Kong 2.36%, 04/02/2024	HKD	158		20,137
Royal Bank of Canada, London 4.15%, 04/02/2024	GBP	61		76,579
SMBC, Tokyo (0.25)%, 04/01/2024	JPY	1,511		9,981
Total Time Deposits (cost $152,710)				152,710
Total Short-Term Investments (cost $6,756,883)				6,756,883
Total Investments – 100.4% (cost $161,449,642)(e)				259,988,418	(f)
Other assets less liabilities – (0.4)%				(942,941	)
Net Assets – 100.0%			$	259,045,477

(a) Non-income producing security.

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

(c) 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.

(d) Affiliated investments.

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(e) As of March 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $98,584,364 and gross unrealized depreciation of investments was $(45,588), resulting in net unrealized appreciation of $98,538,776.

(f) On March 29, 2024, the Fund and U.S. stock exchanges were closed for business due to a U.S. holiday but the foreign markets remained open for trading. The Fund values its foreign securities using the closing market prices from the respective foreign markets as of March 28, 2024 for financial reporting purposes.

  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:

CAD – Canadian Dollar

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

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AB Select US Equity Portfolio

March 31, 2024 (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)

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, 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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of March 31, 2024:

Investments in Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks^	$	253,231,535	$	-0-	$	-0-	$	253,231,535
Short-Term Investments:
Investment Companies		6,604,173		-0-		-0-		6,604,173
Time Deposits		152,710		-0-		-0-		152,710
Total Investments in Securities		259,988,418		-0-		-0-		259,988,418
Other Financial Instruments*		-0-		-0-		-0-		-0-
Total	$	259,988,418	$	-0-	$	-0-	$	259,988,418

^ See Portfolio of Investments for sector classifications.

* 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 March 31, 2024 is as follows:

Fund	Market Value 6/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 3/31/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	5,719	$	57,491	$	56,606	$	6,604	$	0	**
Government Money Market Portfolio*		-0-		2,549		2,549		-0-		0	**
Total							$	6,604	$	0	**

* Investment of cash collateral for securities lending transactions.

** Amount is less than $500.

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