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

AB Concentrated International Growth Portfolio

Portfolio of Investments

September 30, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 96.4%
Information Technology – 25.2%
Electronic Equipment, Instruments & Components – 4.5%
Keyence Corp.		16,440	$	7,879,067
IT Services – 2.4%
Capgemini SE		19,256		4,157,380
Semiconductors & Semiconductor Equipment – 10.0%
ASML Holding NV		11,705		9,736,920
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		25,154		4,368,495
Tokyo Electron Ltd.		17,660		3,149,407
				17,254,822
Software – 8.3%
SAP SE		63,123		14,438,282
				43,729,551
Health Care – 15.6%
Health Care Equipment & Supplies – 7.9%
ConvaTec Group PLC(a)		1,365,742		4,148,038
Hoya Corp.		34,600		4,792,222
Terumo Corp.		251,000		4,755,066
				13,695,326
Life Sciences Tools & Services – 3.7%
Lonza Group AG (REG)		10,181		6,460,691
Pharmaceuticals – 4.0%
Novo Nordisk A/S - Class B		58,238		6,907,698
				27,063,715
Consumer Discretionary – 13.6%
Broadline Retail – 3.1%
Pan Pacific International Holdings Corp.		209,600		5,446,210
Hotels, Restaurants & Leisure – 5.2%
Compass Group PLC		278,096		8,915,671
Specialty Retail – 3.2%
Fast Retailing Co., Ltd.(b)		16,600		5,507,832
Textiles, Apparel & Luxury Goods – 2.1%
LVMH Moet Hennessy Louis Vuitton SE		4,774		3,661,064
				23,530,777
Consumer Staples – 13.1%
Beverages – 3.4%
Asahi Group Holdings Ltd.		210,300		2,756,393
Davide Campari-Milano NV(b)		359,891		3,050,637
				5,807,030
Food Products – 7.7%
Kerry Group PLC - Class A		55,880		5,790,742
Kikkoman Corp.		304,250		3,461,313
Nestle SA (REG)		41,122		4,132,449
				13,384,504

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Company	Shares		U.S. $ Value
Personal Care Products – 2.0%
L’Oreal SA		7,708	$	3,457,320
				22,648,854
Industrials – 10.7%
Building Products – 1.6%
Daikin Industries Ltd.		19,275		2,705,459
Electrical Equipment – 3.2%
Schneider Electric SE		20,868		5,500,964
Machinery – 1.9%
Techtronic Industries Co., Ltd.		225,300		3,363,374
Professional Services – 1.0%
Recruit Holdings Co., Ltd.		28,900		1,755,744
Trading Companies & Distributors – 3.0%
Ashtead Group PLC		67,444		5,225,615
				18,551,156
Communication Services – 9.4%
Diversified Telecommunication Services – 4.8%
Cellnex Telecom SA(c)		206,367		8,366,685
Entertainment – 2.6%
Universal Music Group NV(b)		169,155		4,425,299
Interactive Media & Services – 2.0%
Tencent Holdings Ltd.		62,450		3,472,522
				16,264,506
Financials – 6.4%
Banks – 1.4%
HDFC Bank Ltd. (ADR)		39,403		2,465,052
Capital Markets – 2.8%
London Stock Exchange Group PLC		35,711		4,889,227
Financial Services – 1.1%
Adyen NV(c)		1,182		1,850,561
Insurance – 1.1%
AIA Group Ltd.		212,200		1,853,112
				11,057,952
Materials – 2.4%
Chemicals – 2.4%
Sika AG (REG)		12,696		4,208,286
Total Common Stocks (cost $140,071,053)				167,054,797
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.73%(d) (e) (f) (cost $1,612,563)		1,612,563		1,612,563
Total Investments – 97.3% (cost $141,683,616)(g)				168,667,360
Other assets less liabilities – 2.7%				4,730,065
Net Assets – 100.0%			$	173,397,425

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FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		JPY	156,600		USD	1,106		10/17/2024	$	14,641
Bank of America, NA		JPY	107,858		USD	735		10/17/2024		(17,269	)
Bank of America, NA		USD	1,099		HKD	8,535		10/17/2024		(1,062	)
Bank of America, NA		USD	608		JPY	87,937		10/17/2024		4,599
Bank of America, NA		EUR	6,306		USD	6,934		10/25/2024		(91,886	)
Bank of America, NA		USD	1,374		CHF	1,164		10/25/2024		5,292
Bank of America, NA		USD	1,254		EUR	1,121		10/25/2024		(4,544	)
Barclays Bank PLC		JPY	77,214		USD	538		10/17/2024		108
Barclays Bank PLC		JPY	352,009		USD	2,428		10/17/2024		(26,562	)
Barclays Bank PLC		USD	1,558		JPY	225,924		10/17/2024		16,804
Barclays Bank PLC		USD	1,500		JPY	211,446		10/17/2024		(26,276	)
Barclays Bank PLC		USD	2,390		EUR	2,181		10/25/2024		39,973
Barclays Bank PLC		USD	633		EUR	568		10/25/2024		(471	)
Barclays Bank PLC		INR	188,700		USD	2,240		12/06/2024		(4,842	)
BNP Paribas SA		USD	13,504		AUD	19,947		11/22/2024		295,163
BNP Paribas SA		USD	650		TWD	20,613		11/22/2024		5,272
Citibank, NA		TWD	123,601		USD	3,883		11/22/2024		(43,611	)
Goldman Sachs Bank USA		CHF	521		USD	609		10/25/2024		(7,807	)
Goldman Sachs Bank USA		EUR	838		USD	927		10/25/2024		(6,469	)
Goldman Sachs Bank USA		USD	1,221		CHF	1,032		10/25/2024		1,246
Goldman Sachs Bank USA		USD	1,203		EUR	1,075		10/25/2024		(4,842	)
Goldman Sachs Bank USA		GBP	653		USD	857		11/08/2024		(15,654	)
HSBC Bank USA		USD	989		JPY	144,119		10/17/2024		15,487
HSBC Bank USA		EUR	4,405		USD	4,844		10/25/2024		(64,178	)
HSBC Bank USA		USD	536		EUR	486		10/25/2024		5,622
HSBC Bank USA		TWD	13,877		USD	439		11/22/2024		(2,168	)
NatWest Markets PLC		USD	569		JPY	81,151		10/17/2024		(3,626	)
NatWest Markets PLC		EUR	827		USD	914		10/25/2024		(7,500	)
NatWest Markets PLC		USD	561		EUR	503		10/25/2024		(204	)
NatWest Markets PLC		USD	2,444		GBP	1,846		11/08/2024		23,859
State Street Bank & Trust Co.		HKD	31,936		USD	4,099		10/17/2024		(9,463	)
State Street Bank & Trust Co.		JPY	265,682		USD	1,875		10/17/2024		22,489
State Street Bank & Trust Co.		JPY	136,950		USD	946		10/17/2024		(8,854	)
State Street Bank & Trust Co.		USD	1,263		HKD	9,822		10/17/2024		677
State Street Bank & Trust Co.		USD	447		JPY	64,394		10/17/2024		1,679
State Street Bank & Trust Co.		USD	1,008		JPY	144,353		10/17/2024		(1,991	)
State Street Bank & Trust Co.		CHF	416		USD	493		10/25/2024		555
State Street Bank & Trust Co.		EUR	961		USD	1,072		10/25/2024		764
State Street Bank & Trust Co.		EUR	2,253		USD	2,474		10/25/2024		(35,893	)
State Street Bank & Trust Co.		USD	437		CHF	375		10/25/2024		7,031
State Street Bank & Trust Co.		USD	1,378		EUR	1,249		10/25/2024		13,886

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
State Street Bank & Trust Co.		GBP	333		USD	445		11/08/2024	$	116
State Street Bank & Trust Co.		GBP	658		USD	867		11/08/2024		(12,911	)
State Street Bank & Trust Co.		USD	460		GBP	352		11/08/2024		10,502
State Street Bank & Trust Co.		USD	452		GBP	338		11/08/2024		(589	)
State Street Bank & Trust Co.		CNH	18,259		USD	2,621		11/21/2024		6,381
State Street Bank & Trust Co.		TWD	13,991		USD	437		11/22/2024		(7,591	)
State Street Bank & Trust Co.		USD	5,659		SEK	57,414		11/22/2024		7,928
UBS AG		JPY	441,116		USD	3,028		10/17/2024		(47,158	)
UBS AG		USD	558		JPY	82,457		10/17/2024		16,755
UBS AG		USD	1,132		JPY	161,445		10/17/2024		(6,883	)
UBS AG		EUR	1,103		USD	1,234		10/25/2024		5,502
UBS AG		EUR	1,116		USD	1,233		10/25/2024		(9,988	)
UBS AG		USD	1,743		EUR	1,576		10/25/2024		12,544
UBS AG		USD	1,165		EUR	1,045		10/25/2024		(400	)
									$	64,183

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At September 30, 2024, the market value of this security amounted to $4,148,038 or 2.4% of net assets.

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

(c) Non-income producing security.

(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 September 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $30,766,171 and gross unrealized depreciation of investments was $(3,718,244).resulting in net unrealized appreciation of $27,047,927.

  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

September 30, 2024 (unaudited)

25.0	%	Japan
13.7	%	United Kingdom
9.4	%	Netherlands
8.8	%	Switzerland
8.5	%	Germany
6.7	%	France
5.0	%	Spain
4.1	%	Denmark
3.4	%	Ireland
3.3	%	United States
3.1	%	Hong Kong
2.6	%	Taiwan
2.1	%	China
3.3	%	Other
1.0	%	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 1.8% or less in the following: India and Italy.

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AB Concentrated International Growth Portfolio

September 30, 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 September 30, 2024:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Information Technology	$	4,368,495	$	39,361,056		$	—	$	43,729,551
Consumer Discretionary		—		23,530,777			—		23,530,777
Health Care		—		27,063,715			—		27,063,715
Consumer Staples		—		22,648,854			—		22,648,854
Industrials		—		18,551,156			—		18,551,156
Financials		2,456,052		8,592,900			—		11,057,952
Communication Services		—		16,264,506			—		16,264,506
Materials		—		4,208,286			—		4,208,286
Short-Term Investments		1,612,563		—			—		1,612,563
Total Investments in Securities		8,446,110		160,221,250	(a)		—		168,667,360
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		534,875			—		534,875
Liabilities:
Forward Currency Exchange Contracts		—		(470,692	)		—		(470,692	)
Total	$	8,446,110	$	160,285,433		$	—	$	168,731,543

^(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 three months ended September 30, 2024 is as follows:

Fund	Market Value 06/30/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 09/30/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	767	$	17,409	$	16,563	$	1,613	$	45
Government Money Market Portfolio*		3,140		14,138		17,278		0		73
Total	$	3,907	$	31,547	$	33,841	$	1,613	$	118

* Investments of cash collateral for securities lending transactions.

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