Ab Cap Fund NPORT-P AB All China Equity Portfolio (Aug 2024 report)

AB All China Equity Portfolio

Portfolio of Investments

August 31, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.1%
Consumer Discretionary – 27.2%
Automobile Components – 1.0%
Anhui Zhongding Sealing Parts Co., Ltd. - Class A		384,900	$	610,674
Automobiles – 1.1%
BYD Co., Ltd. - Class H		21,400		655,417
Broadline Retail – 8.0%
Alibaba Group Holding Ltd. - Class H		143,660		1,488,975
JD.com, Inc. - Class H		133,700		1,807,107
PDD Holdings, Inc. (ADR)(a)		15,870		1,525,266
				4,821,348
Hotels, Restaurants & Leisure – 6.5%
Meituan - Class H(a) (b)		122,405		1,852,161
Trip.com Group Ltd. - Class H(a)		43,250		2,037,204
				3,889,365
Household Durables – 4.7%
Gree Electric Appliances, Inc. of Zhuhai - Class A		230,500		1,288,444
Haier Smart Home Co., Ltd. - Class A		151,700		527,421
Haier Smart Home Co., Ltd. - Class H		139,200		425,353
Midea Group Co., Ltd. - Class A		66,300		604,847
				2,846,065
Specialty Retail – 0.9%
HLA Group Corp., Ltd. - Class A		658,500		552,546
Textiles, Apparel & Luxury Goods – 5.0%
Bosideng International Holdings Ltd. - Class H		2,804,000		1,377,224
JNBY Design Ltd. - Class H(b)		171,000		294,490
Stella International Holdings Ltd. - Class H		590,500		1,119,238
Zhejiang Semir Garment Co., Ltd. - Class A		363,204		231,844
				3,022,796
				16,398,211
Financials – 20.3%
Banks – 15.0%
Bank of Beijing Co., Ltd. - Class A		658,900		487,666
Bank of Jiangsu Co., Ltd. - Class A		294,900		322,626
Bank of Nanjing Co., Ltd. - Class A		495,100		692,843
China CITIC Bank Corp., Ltd. - Class H		1,498,000		864,350
China Construction Bank Corp. - Class H		2,531,000		1,777,116
China Merchants Bank Co., Ltd. - Class H		538,000		2,207,792
Postal Savings Bank of China Co., Ltd. - Class H(b)		2,183,000		1,166,468
Shanghai Pudong Development Bank Co., Ltd. - Class A		1,278,400		1,516,951
				9,035,812
Capital Markets – 3.3%
CITIC Securities Co., Ltd. - Class A(a)		278,410		756,211
Guotai Junan Securities Co., Ltd. - Class H(b) (c)		1,179,920		1,254,820
				2,011,031
Insurance – 2.0%
Ping An Insurance Group Co. of China Ltd. - Class A(a)		193,693		1,200,297
				12,247,140
Communication Services – 15.0%
Entertainment – 1.8%
NetEase, Inc. - Class H		66,300		1,065,748
Tencent Music Entertainment Group - Class H		4,300		22,504
				1,088,252
Interactive Media & Services – 10.4%
Tencent Holdings Ltd. - Class H		129,150		6,263,764
Media – 1.4%
China South Publishing & Media Group Co., Ltd. - Class A(a)		181,700		323,802

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Company	Shares		U.S. $ Value
Shandong Publishing & Media Co., Ltd. - Class A		307,000	$	512,929
				836,731
Wireless Telecommunication Services – 1.4%
Tencent Music Entertainment Group (ADR)		81,830		854,305
				9,043,052
Information Technology – 9.2%
Communications Equipment – 2.8%
Xiaomi Corp. - Class H(a) (b)		290,200		715,465
Yealink Network Technology Corp., Ltd. - Class A(a)		119,200		553,478
Zhongji Innolight Co., Ltd. - Class A		25,120		386,977
				1,655,920
Electronic Equipment, Instruments & Components – 3.3%
BOE Technology Group Co., Ltd. - Class A		2,301,300		1,252,556
Foxconn Industrial Internet Co., Ltd. - Class A		262,400		759,350
				2,011,906
IT Services – 1.9%
Beijing Ultrapower Software Co., Ltd. - Class A		442,600		555,915
Wangsu Science & Technology Co., Ltd. - Class A		605,200		612,922
				1,168,837
Semiconductors & Semiconductor Equipment – 1.2%
JCET Group Co., Ltd. - Class A		151,500		699,209
				5,535,872
Industrials – 6.0%
Electrical Equipment – 4.0%
Contemporary Amperex Technology Co., Ltd. - Class A		30,600		793,026
NARI Technology Co., Ltd. - Class A(a)		156,435		541,767
Sungrow Power Supply Co., Ltd. - Class A		97,020		1,050,687
				2,385,480
Machinery – 1.0%
Yutong Bus Co., Ltd. - Class A		207,198		622,763
Transportation Infrastructure – 1.0%
China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A		351,900		597,690
				3,605,933
Health Care – 5.7%
Health Care Equipment & Supplies – 2.2%
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. - Class A(a)		97,200		452,919
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. - Class A(a)		25,616		903,931
				1,356,850
Pharmaceuticals – 3.5%
Hubei Jumpcan Pharmaceutical Co., Ltd. - Class A		125,000		519,171
Sichuan Kelun Pharmaceutical Co., Ltd. - Class A(a)		220,600		951,695
Yunnan Baiyao Group Co., Ltd. - Class A		81,200		618,172
				2,089,038
				3,445,888
Consumer Staples – 4.6%
Beverages – 3.7%
Anhui Yingjia Distillery Co., Ltd. - Class A		115,300		814,505
Luzhou Laojiao Co., Ltd. - Class A		13,300		222,806
Wuliangye Yibin Co., Ltd. - Class A		69,200		1,198,780
				2,236,091

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Company	Shares		U.S. $ Value
Food Products – 0.9%
COFCO Sugar Holding Co., Ltd. - Class A		473,300	$	550,298
				2,786,389
Materials – 4.3%
Chemicals – 3.1%
Hengli Petrochemical Co., Ltd. - Class A		266,600		505,002
Yunnan Yuntianhua Co., Ltd. - Class A		278,300		809,568
Zhejiang NHU Co., Ltd. - Class A		202,000		550,177
				1,864,747
Metals & Mining – 1.2%
Shandong Nanshan Aluminum Co., Ltd. - Class A(a)		1,446,000		747,744
				2,612,491
Utilities – 3.9%
Gas Utilities – 2.3%
Kunlun Energy Co., Ltd. - Class H		1,352,000		1,351,448
Water Utilities – 1.6%
Chengdu Xingrong Environment Co., Ltd. - Class A		1,035,800		978,996
				2,330,444
Energy – 2.9%
Oil, Gas & Consumable Fuels – 2.9%
PetroChina Co., Ltd. - Class H		1,968,000		1,774,974
Total Common Stocks (cost $57,171,350)				59,780,394
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%(d) (e) (f) (cost $433,622)		433,622		433,622
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $57,604,972)				60,214,016
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%(d) (e) (f) (cost $527,915)		527,915		527,915
Total Investments – 100.7% (cost $58,132,887)(g)				60,741,931
Other assets less liabilities – (0.7)%				(432,533	)
Net Assets – 100.0%			$	60,309,398

(a) Non-income producing security.

(b) 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 August 31, 2024, the aggregate market value of these securities amounted to $5,283,404 or 8.76% of net assets.

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

(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) Affiliated investments.

(g) As of August 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $4,976,535 and gross unrealized depreciation of investments was $(2,367,491), resulting in net unrealized appreciation of $2,609,044.

  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.

Glossary:

ADR – American Depositary Receipt

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COUNTRY BREAKDOWN¹

August 31, 2024 (unaudited)

97.3	%	China
1.8	%	Hong Kong
1.6	%	Short-Term Investments
(0.7	)%	Other Assets Less Liabilities
100.0	%	Total Net Assets

1 The Fund’s country breakdown is expressed as a percentage of total net assets and may vary over time.

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AB All China Equity Portfolio

August 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 August 31, 2024:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Consumer Discretionary	$	4,021,728	$	12,376,483		$	-0-	$	16,398,211
Financials		692,843		11,554,297			-0-		12,247,140
Communication Services		854,305		8,188,747			-0-		9,043,052
Information Technology		-0-		5,535,872			-0-		5,535,872
Industrials		597,690		3,008,243			-0-		3,605,933
Health Care		-0-		3,445,888			-0-		3,445,888
Consumer Staples		-0-		2,786,389			-0-		2,786,389
Materials		-0-		2,612,491			-0-		2,612,491
Utilities		978,996		1,351,448			-0-		2,330,444
Energy		-0-		1,774,974			-0-		1,774,974
Short-Term Investments:
Investment Companies		433,622		-0-			-0-		433,622
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		527,915		-0-			-0-		527,915
Total Investments in Securities		8,107,099		52,634,832	+		-0-		60,741,931
Other Financial Instruments*		-0-		-0-			-0-		-0-
Total	$	8,107,099	$	52,634,832		$	-0-	$	60,741,931

+ 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.

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* 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 August 31, 2024 is as follows:

Fund	Market Value 11/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 8/31/24 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,225	$	18,573	$	19,364	$	434	$	25
Government Money Market Portfolio*		920		1,158		1,550		528		1
Total							$	962	$	26

* Investments of cash collateral for securities lending transactions.

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