Ab Cap Fund NPORT-P AB Global Core Equity Portfolio (Mar 2024 report)

AB Global Core Equity Portfolio

Portfolio of Investments

March 31, 2024 (unaudited)

Company	Shares			U.S. $ Value
COMMON STOCKS – 99.8%
Information Technology – 19.5%
IT Services – 1.0%
Akamai Technologies, Inc.(a)		266,117		$	28,942,885
Semiconductors & Semiconductor Equipment – 8.2%
Analog Devices, Inc.		217,303			42,980,360
Infineon Technologies AG		1,505,469			51,194,287
NVIDIA Corp.		60,053			54,261,489
QUALCOMM, Inc.		322,823			54,653,934
Taiwan Semiconductor Manufacturing Co., Ltd.		1,253,000			30,017,136
					233,107,206
Software – 7.3%
Microsoft Corp.		497,287			209,218,586
Technology Hardware, Storage & Peripherals – 3.0%
Samsung Electronics Co., Ltd.		1,439,086			86,485,489
					557,754,166
Financials – 17.9%
Banks – 3.8%
ABN AMRO Bank NV (GDR)		2,536,578			43,406,560
BNP Paribas SA		573,714			40,845,509
Wells Fargo & Co.		433,111			25,103,113
					109,355,182
Capital Markets – 10.2%
B3 SA - Brasil Bolsa Balcao		7,211,800			17,240,795
BlackRock, Inc.		22,093			18,418,934
EQT AB		1,067,556			33,798,298
Euronext NV(a)		274,903			26,162,548
Goldman Sachs Group, Inc. (The)		301,230			125,820,759
Intermediate Capital Group PLC		131,345			3,402,030
Julius Baer Group Ltd.		1,150,784			66,743,615
					291,586,979
Consumer Finance – 1.4%
American Express Co.		169,736			38,647,190
Financial Services – 2.5%
Visa, Inc. - Class A		260,638			72,738,853
					512,328,204
Health Care – 14.2%
Health Care Equipment & Supplies – 2.7%
Medtronic PLC		878,487			76,560,142
Health Care Providers & Services – 4.5%
Elevance Health, Inc.		246,702			127,924,855
Life Sciences Tools & Services – 2.2%
Thermo Fisher Scientific, Inc.		109,571			63,683,761
Pharmaceuticals – 4.8%
AstraZeneca PLC (Sponsored ADR)		405,113			27,446,406
Roche Holding AG		239,270			61,090,188
Sanofi SA		176,089			17,130,730
Takeda Pharmaceutical Co., Ltd.		1,159,800			32,258,552
					137,925,876
					406,094,634
Consumer Discretionary – 13.5%
Broadline Retail – 1.8%
Alibaba Group Holding Ltd. - Class H		1,497,100			13,538,027
Alibaba Group Holding Ltd. (Sponsored ADR)		516,649			37,384,722
					50,922,749
Diversified Consumer Services – 1.7%
Service Corp. International/US		668,497			49,609,162

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Company	Shares			U.S. $ Value
Hotels, Restaurants & Leisure – 6.5%
Compass Group PLC		1,223,252		$	35,881,226
Galaxy Entertainment Group Ltd. - Class H		3,812,000			19,163,193
InterContinental Hotels Group PLC		301,796			31,360,192
Starbucks Corp.		693,738			63,400,716
Yum China Holdings, Inc.		913,898			36,364,001
					186,169,328
Textiles, Apparel & Luxury Goods – 3.5%
NIKE, Inc. - Class B		1,078,527			101,359,967
					388,061,206
Consumer Staples – 8.4%
Beverages – 8.4%
Asahi Group Holdings Ltd.		1,975,335			72,534,044
Carlsberg AS - Class B		318,672			43,640,594
Coca-Cola Co. (The)		2,028,260			124,088,947
					240,263,585
Industrials – 8.3%
Building Products – 4.2%
Otis Worldwide Corp.		1,223,707			121,477,394
Commercial Services & Supplies – 1.4%
Republic Services, Inc.		204,069			39,066,969
Machinery – 2.1%
Deere & Co.		103,330			42,441,764
Dover Corp.		92,691			16,423,919
					58,865,683
Professional Services – 0.6%
RELX PLC		411,943			17,765,224
					237,175,270
Communication Services – 6.9%
Entertainment – 3.0%
Electronic Arts, Inc.		318,117			42,204,583
Live Nation Entertainment, Inc.(a)		182,649			19,318,785
Netflix, Inc.(a)		38,640			23,467,231
					84,990,599
Interactive Media & Services – 3.9%
Alphabet, Inc. - Class C(a)		734,012			111,760,667
					196,751,266
Energy – 4.9%
Energy Equipment & Services – 1.3%
Schlumberger NV		673,748			36,928,128
Oil, Gas & Consumable Fuels – 3.6%
Chevron Corp.		200,913			31,692,017
Shell PLC		2,213,132			73,430,613
					105,122,630
					142,050,758
Materials – 3.6%
Chemicals – 2.1%
Linde PLC		125,812			58,417,028
Metals & Mining – 1.5%
Teck Resources Ltd. - Class B		960,643			43,970,223
					102,387,251
Real Estate – 2.6%
Real Estate Management & Development – 2.6%
CBRE Group, Inc. - Class A(a)		771,229			74,994,308
Total Common Stocks (cost $2,238,003,801)					2,857,860,648

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Company	Shares			U.S. $ Value
SHORT-TERM INVESTMENTS – 0.3%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(b) (c) (d) (cost $7,418,488)		7,418,488		$	7,418,488
	Principal Amount (000)
Time Deposits – 0.1%
BBH, New York 0.52%, 04/02/2024	CHF	250			277,714
2.52%, 04/02/2024	DKK	909			131,482
3.79%, 04/01/2024	CAD	469			346,519
6.27%, 04/02/2024	ZAR	0	*		4
Citibank, London 2.85%, 04/02/2024	EUR	263			283,621
HSBC, Hong Kong 2.36%, 04/02/2024	HKD	2,170			277,233
Royal Bank of Canada, London 4.15%, 04/02/2024	GBP	225			284,486
SEB, Stockholm 2.79%, 04/02/2024	SEK	1,919			179,308
SMBC, Tokyo (0.25)%, 04/01/2024	JPY	43,063			284,469
Total Time Deposits (cost $2,064,836)					2,064,836
Total Short-Term Investments (cost $9,483,324)					9,483,324
Total Investments – 100.1% (cost $2,247,487,125)(e)					2,867,343,972	(f)
Other assets less liabilities – (0.1)%					(3,359,639	)
Net Assets – 100.0%				$	2,863,984,333

* Principal amount less than 500.

(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.

(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 $706,073,257 and gross unrealized depreciation of investments was $(86,216,410), resulting in net unrealized appreciation of $619,856,847.

(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

CHF – Swiss Franc

DKK – Danish Krone

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

SEK – Swedish Krona

ZAR – South African Rand

Glossary:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

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COUNTRY BREAKDOWN¹

March 31, 2024 (unaudited)

66.1	%	United States
6.6	%	United Kingdom
4.5	%	Switzerland
3.7	%	Japan
3.0	%	China
3.0	%	South Korea
2.4	%	Netherlands
2.0	%	France
1.8	%	Germany
1.5	%	Canada
1.5	%	Denmark
1.2	%	Sweden
1.0	%	Taiwan
1.4	%	Other
0.3	%	Short Term Investments
100.0	%	Total Investments

¹  The Fund’s country breakdown is expressed as a percentage of total investments 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 0.8% or less in the following: Brazil and Macau.

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AB Global Core 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:
Information Technology	$	390,057,254	$	167,696,912	$	-0-	$	557,754,166
Financials		297,969,644		214,358,560		-0-		512,328,204
Health Care		295,615,164		110,479,470		-0-		406,094,634
Consumer Discretionary		288,118,568		99,942,638		-0-		388,061,206
Consumer Staples		124,088,947		116,174,638		-0-		240,263,585
Industrials		219,410,046		17,765,224		-0-		237,175,270
Communication Services		196,751,266		-0-		-0-		196,751,266
Energy		68,620,145		73,430,613		-0-		142,050,758
Materials		102,387,251		-0-		-0-		102,387,251
Real Estate		74,994,308		-0-		-0-		74,994,308
Short-Term Investments:
Investment Companies		7,418,488		-0-		-0-		7,418,488
Time Deposits		2,064,836		-0-		-0-		2,064,836
Total Investments in Securities		2,067,495,917		799,848,055		-0-		2,867,343,972
Other Financial Instruments*		-0-		-0-		-0-		-0-
Total	$	2,067,495,917	$	799,848,055	$	-0-	$	2,867,343,972

* 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.

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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	$	6,412	$	248,011	$	247,005	$	7,418	$	176
Government Money Market Portfolio*		-0-		75,829		75,829		-0-		12
Total							$	7,418	$	188

* Investment of cash collateral for securities lending transactions.

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