Ab Cap Fund NPORT-P AB Concentrated International Growth Portfolio (Mar 2024 report)

AB Concentrated International Growth Portfolio

Portfolio of Investments

March 31, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 97.2%
Information Technology – 25.2%
Electronic Equipment, Instruments & Components – 3.9%
Keyence Corp.		17,140	$	7,957,431
IT Services – 4.3%
Capgemini SE		22,703		5,224,202
Obic Co., Ltd.		23,340		3,525,531
				8,749,733
Semiconductors & Semiconductor Equipment – 11.0%
ASML Holding NV		13,258		12,853,114
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		29,627		4,030,753
Tokyo Electron Ltd.		20,660		5,380,877
				22,264,744
Software – 6.0%
SAP SE		62,101		12,092,235
				51,064,143
Consumer Discretionary – 18.3%
Broadline Retail – 4.3%
Pan Pacific International Holdings Corp.		328,200		8,697,861
Hotels, Restaurants & Leisure – 4.7%
Compass Group PLC		327,765		9,614,213
Specialty Retail – 3.3%
Fast Retailing Co., Ltd.		21,300		6,599,294
Textiles, Apparel & Luxury Goods – 6.0%
LVMH Moet Hennessy Louis Vuitton SE		5,637		5,072,150
Moncler SpA		47,352		3,533,441
Samsonite International SA(a) (b)		930,000		3,523,650
				12,129,241
				37,040,609
Health Care – 16.3%
Health Care Equipment & Supplies – 5.6%
ConvaTec Group PLC(a)		1,121,930		4,053,030
Terumo Corp.		398,400		7,290,182
				11,343,212
Life Sciences Tools & Services – 3.6%
Lonza Group AG (REG)		12,004		7,173,570
Pharmaceuticals – 7.1%
Novo Nordisk A/S - Class B		112,099		14,379,315
				32,896,097
Consumer Staples – 13.6%
Beverages – 4.6%
Asahi Group Holdings Ltd.		125,300		4,600,999
Pernod Ricard SA		28,740		4,652,547
				9,253,546

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Company	Shares		U.S. $ Value
Food Products – 7.5%
Kerry Group PLC - Class A		65,865	$	5,643,709
Kikkoman Corp.		347,250		4,456,784
Nestle SA (REG)		48,471		5,150,042
				15,250,535
Personal Care Products – 1.5%
L’Oreal SA		6,337		3,001,023
				27,505,104
Industrials – 8.9%
Building Products – 1.9%
Daikin Industries Ltd.		27,475		3,751,454
Machinery – 4.2%
FANUC Corp.		71,100		1,983,439
KION Group AG		56,825		2,989,203
Techtronic Industries Co., Ltd.		265,300		3,604,859
				8,577,501
Trading Companies & Distributors – 2.8%
Ashtead Group PLC		79,493		5,662,220
				17,991,175
Financials – 6.4%
Banks – 0.9%
HDFC Bank Ltd. (ADR)		33,281		1,862,738
Capital Markets – 2.5%
London Stock Exchange Group PLC		42,091		5,036,358
Financial Services – 2.1%
Adyen NV(b) (c)		2,566		4,334,324
Insurance – 0.9%
AIA Group Ltd.		254,200		1,709,895
				12,943,315
Communication Services – 5.3%
Diversified Telecommunication Services – 4.2%
Cellnex Telecom SA(b)		243,231		8,604,223
Interactive Media & Services – 1.1%
Tencent Holdings Ltd.		56,650		2,206,514
				10,810,737
Materials – 3.2%
Chemicals – 3.2%
Sika AG (REG)		21,839		6,498,198
Total Common Stocks (cost $164,688,726)				196,749,378

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 2.1%
Investment Companies – 2.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(d) (e) (f) (cost $4,179,459)		4,179,459	$	4,179,459
Total Investments Before Security Lending Collateral for Securities Loaned – 99.3% (cost $168,868,185)				200,928,837
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.2%
Investment Companies – 2.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(d) (e) (f) (cost $4,430,169)		4,430,169		4,430,169
Total Investments – 101.5% (cost $173,298,354)(g)				205,359,006	(h)
Other assets less liabilities – (1.5)%				(3,055,937	)
Net Assets – 100.0%			$	202,303,069

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		GBP	419		USD	529		04/19/2024		$	(132	)
Bank of America, NA		USD	647		CHF	569		05/08/2024			(13,917	)
Bank of America, NA		JPY	823,376		USD	5,571		05/16/2024			94,488
Bank of America, NA		EUR	14,547		USD	15,935		06/12/2024			196,835
Bank of America, NA		USD	3,838		EUR	3,541		06/12/2024			(7,202	)
Barclays Bank PLC		USD	1,245		GBP	983		04/19/2024			(4,597	)
Barclays Bank PLC		CHF	988		USD	1,123		05/08/2024			22,785
Barclays Bank PLC		JPY	178,754		USD	1,209		05/16/2024			19,840
Barclays Bank PLC		EUR	1,338		USD	1,453		06/12/2024			5,609
Barclays Bank PLC		USD	524		EUR	480		06/12/2024			(4,225	)
BNP Paribas SA		USD	16,883		AUD	25,571		04/18/2024			(212,265	)
BNP Paribas SA		CNH	4,604		USD	644		05/23/2024			8,985
BNP Paribas SA		USD	1,059		EUR	977		06/12/2024			(2,376	)
Citibank, NA		AUD	2,113		USD	1,390		04/18/2024			12,142
Citibank, NA		GBP	1,021		USD	1,289		04/19/2024			458
Citibank, NA		JPY	276,355		USD	1,888		05/16/2024			49,686
Citibank, NA		USD	614		JPY	92,326		05/16/2024			509
Citibank, NA		USD	949		JPY	138,986		05/16/2024			(24,982	)
Citibank, NA		USD	768		EUR	707		06/12/2024			(3,594	)
Goldman Sachs Bank USA		INR	145,016		USD	1,749		06/14/2024			14,088
HSBC Bank USA		GBP	767		USD	978		04/19/2024			9,540
HSBC Bank USA		USD	623		JPY	93,604		05/16/2024			(926	)
NatWest Markets PLC		AUD	1,135		USD	743		04/18/2024			3,338
NatWest Markets PLC		CNH	4,229		USD	590		05/23/2024			6,039
NatWest Markets PLC		EUR	593		USD	645		06/12/2024			3,907
State Street Bank & Trust Co.		GBP	727		USD	913		04/19/2024			(4,663	)
State Street Bank & Trust Co.		USD	9,033		GBP	7,130		04/19/2024			(32,888	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		SEK	5,548		USD	532		04/30/2024		$	13,432
State Street Bank & Trust Co.		CHF	586		USD	655		05/08/2024			3,153
State Street Bank & Trust Co.		USD	1,143		CHF	1,005		05/08/2024			(24,366	)
State Street Bank & Trust Co.		TWD	119,386		USD	3,739		05/24/2024			1,972
State Street Bank & Trust Co.		USD	2,025		EUR	1,851		06/12/2024			(22,029	)
State Street Bank & Trust Co.		HKD	37,126		USD	4,760		07/18/2024			3,406
UBS AG		USD	6,949		SEK	73,051		04/30/2024			(117,017	)
UBS AG		USD	1,273		EUR	1,165		06/12/2024			(12,144	)
										$	(17,111	)

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At March 31, 2024, the aggregate market value of these securities amounted to $7,576,680 or 3.7% of net assets.

(b) Non-income producing security.

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

(d) Affiliated investments.

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

(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, or call AB at (800) 227-4618.

(g) 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 $40,290,220 and gross unrealized depreciation of investments was $(8,246,679), resulting in net unrealized appreciation of $32,043,541.

(h) 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 valued 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:

AUD – Australian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

INR – Indian Rupee

JPY – Japanese Yen

SEK – Swedish Krona

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

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COUNTRY BREAKDOWN¹

March 31, 2024 (unaudited)

27.0	%	Japan
12.1	%	United Kingdom
9.4	%	Switzerland
8.9	%	France
8.6	%	Netherlands
7.5	%	Germany
7.2	%	Denmark
4.3	%	Spain
2.8	%	Ireland
2.7	%	Hong Kong
2.0	%	Taiwan
1.8	%	Italy
1.8	%	United States
2.0	%	Other
2.1	%	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 1.1% or less in the following: China and India.

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AB Concentrated International Growth 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)

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.

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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:
Information Technology	$	4,030,753	$	47,033,390		$	—	$	51,064,143
Consumer Discretionary		—		37,040,609			—		37,040,609
Health Care		—		32,896,097			—		32,896,097
Consumer Staples		—		27,505,104			—		27,505,104
Industrials		—		17,991,175			—		17,991,175
Financials		1,862,738		11,080,577			—		12,943,315
Communication Services		—		10,810,737			—		10,810,737
Materials		—		6,498,198			—		6,498,198
Short-Term Investments		4,179,459		—			—		4,179,459
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		4,430,169		—			—		4,430,169
Total Investments in Securities		14,503,119		190,855,887	(a)		—		205,359,006
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		470,212			—		470,212
Liabilities:
Forward Currency Exchange Contracts		—		(487,323	)		—		(487,323	)
Total	$	14,503,119	$	190,838,776		$	—	$	205,341,895

^(a)  A significant portion of the Fund’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 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 06/30/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,457	$	115,701	$	127,979	$	4,179	$	460
Government Money Market Portfolio*		23,276		20,650		39,496		4,430		229
Total	$	39,733	$	136,351	$	167,475	$	8,609	$	689

* Investments of cash collateral for securities lending transactions.

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