Ab Cap Fund NPORTP AB Small Cap Value Portfolio (Feb 2024 report)

AB Small Cap Value Portfolio

Portfolio of Investments

February 29, 2024 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.4%
Industrials – 23.5%
Aerospace & Defense – 1.1%
Spirit AeroSystems Holdings, Inc. - Class A^(a)		230,575	$	6,594,445


Commercial Services & Supplies – 1.6%
ABM Industries, Inc.		169,390		6,997,501
MillerKnoll, Inc.		94,712		2,893,451

				9,890,952


Construction & Engineering – 5.3%
Dycom Industries, Inc.^(a)		72,389		9,156,484
Fluor Corp.^(a)		194,151		7,144,757
Great Lakes Dredge & Dock Corp.^(a)		887,915		7,937,960
MasTec, Inc.^(a)		112,045		8,454,916

				32,694,117


Electrical Equipment – 1.7%
Encore Wire Corp.		43,121		10,392,161


Ground Transportation – 1.6%
ArcBest Corp.		67,393		9,627,764


Machinery – 6.5%
Blue Bird Corp.^(a)		310,064		10,492,566
Gates Industrial Corp. PLC^(a)		561,193		8,260,761
Hillman Solutions Corp.^(a)		814,534		7,933,561
REV Group, Inc.		411,160		8,486,342
Shyft Group, Inc. (The)		464,402		4,787,985

				39,961,215


Marine Transportation – 1.1%
Star Bulk Carriers Corp.		298,194		7,117,891


Passenger Airlines – 1.0%
Alaska Air Group, Inc.^(a)		171,530		6,413,507


Professional Services – 2.1%
ICF International, Inc.		36,681		5,680,053
Korn Ferry		115,290		7,339,361

				13,019,414


Trading Companies & Distributors – 1.5%
Herc Holdings, Inc.		57,870		9,182,812

				144,894,278


Financials – 19.4%
Banks – 16.8%
1st Source Corp.		116,630		5,805,841
Associated Banc-Corp.		340,982		7,106,065
Bank of Marin Bancorp		141,519		2,350,631
BankUnited, Inc.		130,153		3,490,703
Berkshire Hills Bancorp, Inc.		266,599		5,729,213
Carter Bankshares, Inc.^(a)		301,785		3,983,562
Comerica, Inc.		114,565		5,657,220
First BanCorp./Puerto Rico		459,956		7,810,053
First Busey Corp.		329,063		7,588,193


Company	Shares		U.S. $ Value

HarborOne Bancorp, Inc.		481,565	$	4,902,332
Heritage Financial Corp./WA		354,736		6,509,406
Nicolet Bankshares, Inc.		59,440		4,691,599
Pacific Premier Bancorp, Inc.		321,000		7,338,060
Peoples Bancorp, Inc./OH		128,501		3,607,023
Premier Financial Corp.		277,239		5,372,892
Texas Capital Bancshares, Inc.^(a)		137,639		8,072,527
TriCo Bancshares		165,859		5,541,349
WSFS Financial Corp.		184,673		7,828,288

				103,384,957


Capital Markets – 0.8%
Moelis & Co. - Class A		94,484		5,105,915


Financial Services – 1.2%
Walker & Dunlop, Inc.		75,906		7,239,914


Insurance – 0.6%
Hanover Insurance Group, Inc. (The)		29,540		3,883,624

				119,614,410


Information Technology – 13.2%
Communications Equipment – 2.3%
Calix, Inc.^(a)		203,429		7,093,569
Harmonic, Inc.^(a)		555,610		7,295,160

				14,388,729


Electronic Equipment, Instruments & Components – 1.9%
Belden, Inc.		68,353		5,822,308
TTM Technologies, Inc.^(a)		377,709		5,608,979

				11,431,287


IT Services – 1.1%
Grid Dynamics Holdings, Inc.^(a)		490,533		6,617,290


Semiconductors & Semiconductor Equipment – 6.3%
Amkor Technology, Inc.		253,189		7,853,923
Cohu, Inc.^(a)		126,510		4,064,766
FormFactor, Inc.^(a)		94,459		4,064,571
Ichor Holdings Ltd.^(a)		164,182		7,026,990
Magnachip Semiconductor Corp.^(a)		85,789		488,997
SMART Global Holdings, Inc.^(a)		373,094		7,935,709
Synaptics, Inc.^(a)		74,091		7,416,509

				38,851,465


Software – 1.6%
ACI Worldwide, Inc.^(a)		154,375		5,080,481
CommVault Systems, Inc.^(a)		48,772		4,667,968

				9,748,449

				81,037,220


Consumer Discretionary – 10.0%
Automobile Components – 2.4%
Adient PLC^(a)		248,230		8,424,926


Company	Shares		U.S. $ Value

Dana, Inc.		519,402	$	6,492,525
Goodyear Tire & Rubber Co. (The)^(a)		7,686		91,310

				15,008,761


Automobiles – 1.4%
Winnebago Industries, Inc.		119,360		8,561,693


Hotels, Restaurants & Leisure – 1.8%
Dine Brands Global, Inc.		100,015		4,851,728
Papa John’s International, Inc.		82,650		5,941,708

				10,793,436


Household Durables – 2.4%
KB Home		105,420		7,003,050
Taylor Morrison Home Corp.^(a)		135,188		7,652,993

				14,656,043


Specialty Retail – 2.0%
Citi Trends, Inc.^(a)		172,740		5,354,940
Genesco, Inc.^(a)		224,230		7,157,422

				12,512,362

				61,532,295


Energy – 8.7%
Energy Equipment & Services – 2.5%
Cactus, Inc. - Class A		162,941		7,478,992
ChampionX Corp.		253,796		7,882,904

				15,361,896


Oil, Gas & Consumable Fuels – 6.2%
HF Sinclair Corp.		86,111		4,779,161
International Seaways, Inc.		112,507		5,954,996
Magnolia Oil & Gas Corp. - Class A		400,561		9,084,723
Matador Resources Co.		181,209		11,443,348
Northern Oil & Gas, Inc.		194,439		6,947,305

				38,209,533

				53,571,429


Real Estate – 7.6%
Diversified REITs – 0.9%
Broadstone Net Lease, Inc. - Class A		386,770		5,766,741


Hotel & Resort REITs – 1.0%
Ryman Hospitality Properties, Inc.		53,581		6,348,277


Industrial REITs – 2.0%
First Industrial Realty Trust, Inc.		132,150		7,003,950
STAG Industrial, Inc.		148,944		5,531,780

				12,535,730


Residential REITs – 1.1%
Apartment Income REIT Corp.		224,667		6,811,903


Retail REITs – 1.9%
Acadia Realty Trust		368,065		6,032,586


Company	Shares		U.S. $ Value

NETSTREIT Corp.		325,320	$	5,468,629

				11,501,215


Specialized REITs – 0.7%
National Storage Affiliates Trust		114,200		4,089,502

				47,053,368


Health Care – 5.5%
Health Care Equipment & Supplies – 1.7%
Envista Holdings Corp.^(a)		179,622		3,709,194
Integra LifeSciences Holdings Corp.^(a)		191,370		7,063,467

				10,772,661


Health Care Providers & Services – 2.6%
Acadia Healthcare Co., Inc.^(a)		60,030		5,009,504
AMN Healthcare Services, Inc.^(a)		87,223		4,908,038
Pediatrix Medical Group, Inc.^(a)		641,586		5,870,512

				15,788,054


Life Sciences Tools & Services – 1.2%
Fortrea Holdings, Inc.^(a)		191,021		7,170,928

				33,731,643


Materials – 4.7%
Chemicals – 2.3%
AdvanSix, Inc.		239,676		6,706,134
Element Solutions, Inc.		305,451		7,178,099

				13,884,233


Containers & Packaging – 1.0%
Silgan Holdings, Inc.		141,419		6,209,708


Metals & Mining – 1.4%
ATI, Inc.^(a)		181,861		8,943,924

				29,037,865


Communication Services – 2.4%
Media – 2.4%
Criteo SA (Sponsored ADR)^(a)		206,957		6,695,059
Nexstar Media Group, Inc.		49,065		8,153,131

				14,848,190


Utilities – 2.4%
Electric Utilities – 2.4%
IDACORP, Inc.		85,625		7,544,419
Portland General Electric Co.		175,264		7,040,355

				14,584,774


Consumer Staples – 2.0%
Food Products – 2.0%
Hain Celestial Group, Inc. (The)^(a)		416,639		4,166,390
Nomad Foods Ltd.		433,189		7,983,673

				12,150,063


	U.S. $ Value

Total Investments – 99.4% (cost $575,216,558)^(b)	$	612,055,535
Other assets less liabilities – 0.6%		3,815,375


Net Assets – 100.0%	$	615,870,910

(a)

Non-income producing security.

(b)

As of February 29, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $82,679,288 and gross unrealized depreciation of investments was $(45,840,311), resulting in net unrealized appreciation of $36,838,977.

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

REIT – Real Estate Investment Trust

AB Small Cap Value Portfolio

February 29, 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, 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.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 29, 2024:


Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks^(a)	$	612,055,535	$	—	$	—	$	612,055,535
Total Investments in Securities		612,055,535		—		—		612,055,535

Other Financial Instruments^(b)		—		—		—		—

Total	$	612,055,535	$	—	$	—	$	612,055,535

^(a)

See Portfolio of Investments for sector classifications.

^(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 February 29, 2024 is as follows:


Fund	Market Value 11/30/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/29/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	3,264	$	44,869	$	48,133	$	0	$	52

Ab Cap Fund NPORT-PAB Small Cap Value Portfolio (Feb 2024 report)