Ab Cap Fund NPORTP AB Small Cap Growth Portfolio (Oct 2024 report)

AB Small Cap Growth Portfolio

Portfolio of Investments

October 31, 2024 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 96.8%
Information Technology – 22.7%
Electronic Equipment, Instruments & Components – 3.2%
Fabrinet^(a)		279,491	$	67,348,946
Novanta, Inc.^{(a) (b)}		307,864		52,410,768

				119,759,714


Semiconductors & Semiconductor Equipment – 5.6%
Impinj, Inc.^{(a) (b)}		270,406		51,374,436
MACOM Technology Solutions Holdings, Inc.^{(a) (b)}		437,475		49,172,190
Onto Innovation, Inc.^(a)		99,281		19,690,401
Semtech Corp.^{(a) (b)}		1,275,540		56,366,112
Universal Display Corp.^(b)		165,904		29,915,809

				206,518,948


Software – 12.5%
Alkami Technology, Inc.^(a)		506,450		18,541,135
Altair Engineering, Inc. - Class A^{(a) (b)}		634,271		65,957,841
Braze, Inc. - Class A^(a)		959,176		30,175,677
Clearwater Analytics Holdings, Inc. - Class A^(a)		2,425,801		63,337,664
Intapp, Inc.^(a)		1,101,740		55,274,296
Klaviyo, Inc. - Class A^(a)		1,276,246		48,535,635
Monday.com Ltd.^{(a) (b)}		166,087		48,807,987
Onestream, Inc.^(a)		756,607		22,335,039
Rubrik, Inc. - Class A^(a)		1,288,640		53,169,286
SPS Commerce, Inc.^(a)		326,762		53,915,730

				460,050,290


Technology Hardware, Storage & Peripherals – 1.4%
ACV Auctions, Inc. - Class A^(a)		2,919,652		50,480,783

				836,809,735


Health Care – 22.5%
Biotechnology – 14.6%
Akero Therapeutics, Inc.^(a)		549,964		16,955,390
Apogee Therapeutics, Inc.^{(a) (b)}		365,806		19,036,544
Ascendis Pharma A/S (ADR)^(a)		126,920		15,588,314
Bicara Therapeutics, Inc.^(a)		426,334		10,095,589
Blueprint Medicines Corp.^(a)		365,466		31,981,930
Bridgebio Pharma, Inc.^{(a) (b)}		843,497		19,746,265
CG oncology, Inc.^{(a) (b)}		557,371		19,803,391
Cullinan Therapeutics, Inc.^(a)		824,682		12,823,805
Cytokinetics, Inc.^{(a) (b)}		434,080		22,138,080
Denali Therapeutics, Inc.^(a)		943,528		24,493,987
Dianthus Therapeutics, Inc.^{(a) (b)}		525,780		14,648,231
Halozyme Therapeutics, Inc.^(a)		796,144		40,261,002
Insmed, Inc.^{(a) (b)}		720,318		48,462,995
Intellia Therapeutics, Inc.^(a)		675,885		9,611,085
Legend Biotech Corp. (ADR)^(a)		451,534		20,328,061
Merus NV^(a)		328,575		16,405,750


Company	Shares		U.S. $ Value

MoonLake Immunotherapeutics^{(a) (b)}		328,783	$	15,262,107
Natera, Inc.^(a)		292,316		35,358,543
Ultragenyx Pharmaceutical, Inc.^(a)		331,435		16,899,871
Upstream Bio, Inc.^{(a) (b)}		597,961		14,829,433
Vaxcyte, Inc.^{(a) (b)}		530,040		56,369,754
Viking Therapeutics, Inc.^{(a) (b)}		241,833		17,542,566
Viridian Therapeutics, Inc.^(a)		1,014,208		21,876,466
Xenon Pharmaceuticals, Inc.^(a)		402,492		16,546,446

				537,065,605


Health Care Equipment & Supplies – 2.1%
AtriCure, Inc.^(a)		1,160,662		38,510,765
Masimo Corp.^(a)		280,424		40,383,860

				78,894,625


Health Care Providers & Services – 2.2%
BrightSpring Health Services, Inc.^{(a) (b)}		1,727,949		25,867,397
PROCEPT BioRobotics Corp.^{(a) (b)}		628,689		56,582,010

				82,449,407


Life Sciences Tools & Services – 2.2%
Quanterix Corp.^{(a) (b)}		1,748,336		23,104,260
Repligen Corp.^(a)		287,288		38,574,160
Tempus AI, Inc.^{(a) (b)}		400,151		17,854,738

				79,533,158


Pharmaceuticals – 1.4%
BioAge Labs, Inc.^(a)		629,520		14,856,672
Intra-Cellular Therapies, Inc.^(a)		264,982		22,457,224
Rapport Therapeutics, Inc.^{(a) (b)}		583,247		14,307,049

				51,620,945

				829,563,740


Industrials – 21.4%
Aerospace & Defense – 5.5%
AeroVironment, Inc.^{(a) (b)}		241,153		51,838,249
Curtiss-Wright Corp.		132,468		45,696,161
Leonardo DRS, Inc.^(a)		1,815,091		54,579,786
Loar Holdings, Inc.^{(a) (b)}		284,602		24,527,000
Standardaero, Inc.^(a)		988,044		28,505,070

				205,146,266


Building Products – 4.0%
Armstrong World Industries, Inc.		356,698		49,777,206
AZEK Co., Inc. (The)^(a)		792,675		34,877,700
CSW Industrials, Inc.^(b)		174,060		61,460,586

				146,115,492


Commercial Services & Supplies – 1.4%
Tetra Tech, Inc.		1,037,640		50,719,843


Company	Shares		U.S. $ Value

Construction & Engineering – 3.4%
Comfort Systems USA, Inc.		95,732	$	37,435,041
Construction Partners, Inc. - Class A^{(a) (b)}		770,704		60,677,526
Primoris Services Corp.		429,480		26,894,038

				125,006,605


Ground Transportation – 0.9%
ArcBest Corp.		315,881		32,908,482


Machinery – 4.1%
Esab Corp.^(b)		349,409		42,991,283
ITT, Inc.		356,483		49,950,398
SPX Technologies, Inc.^{(a) (b)}		405,179		58,139,135

				151,080,816


Marine Transportation – 1.1%
Kirby Corp.^(a)		372,260		42,720,558


Professional Services – 1.0%
FTI Consulting, Inc.^(a)		182,724		35,645,798

				789,343,860


Consumer Discretionary – 12.9%
Automobile Components – 1.6%
Modine Manufacturing Co.^{(a) (b)}		487,900		57,459,983


Broadline Retail – 1.0%
Ollie’s Bargain Outlet Holdings, Inc.^{(a) (b)}		404,870		37,179,212


Diversified Consumer Services – 2.1%
Duolingo, Inc.^(a)		165,075		48,362,023
KinderCare Learning Cos., Inc.^{(a) (b)}		1,058,533		30,866,822

				79,228,845


Hotels, Restaurants & Leisure – 2.9%
Dutch Bros, Inc. - Class A^(a)		1,095,716		36,290,114
Texas Roadhouse, Inc.		211,949		40,507,693
Wingstop, Inc.		100,876		29,021,016

				105,818,823


Household Durables – 3.4%
Champion Homes, Inc.^(a)		545,080		48,092,408
Meritage Homes Corp.		204,057		36,975,128
SharkNinja, Inc.		426,550		39,332,176

				124,399,712


Specialty Retail – 1.9%
Boot Barn Holdings, Inc.^{(a) (b)}		367,403		45,760,044
Wayfair, Inc. - Class A^{(a) (b)}		611,382		26,185,491

				71,945,535

				476,032,110


Financials – 10.4%
Capital Markets – 6.7%
DigitalBridge Group, Inc.		2,403,039		37,703,682


Company	Shares		U.S. $ Value

Houlihan Lokey, Inc.		256,876	$	44,380,466
Piper Sandler Cos.^(b)		197,180		55,928,135
StepStone Group, Inc. - Class A		1,002,900		60,304,377
Stifel Financial Corp.		491,251		50,903,429

				249,220,089


Financial Services – 2.1%
NCR Atleos Corp.^(a)		1,414,255		37,025,196
Shift4 Payments, Inc. - Class A^{(a) (b)}		449,500		40,652,780

				77,677,976


Insurance – 1.6%
Kinsale Capital Group, Inc.^(b)		4,828		2,066,915
RLI Corp.		251,793		39,272,154
TWFG, Inc.^(a)		533,829		17,317,413

				58,656,482

				385,554,547


Consumer Staples – 3.8%
Consumer Staples Distribution & Retail – 1.3%
Chefs’ Warehouse, Inc. (The)^{(a) (b)}		1,238,376		49,435,970


Food Products – 1.2%
Freshpet, Inc.^(a)		335,573		44,476,846


Personal Care Products – 1.3%
BellRing Brands, Inc.^(a)		727,539		47,893,892

				141,806,708


Materials – 2.0%
Chemicals – 1.2%
Element Solutions, Inc.		1,703,590		46,167,289


Construction Materials – 0.8%
Summit Materials, Inc. - Class A^(a)		592,541		28,092,369

				74,259,658


Energy – 1.1%
Energy Equipment & Services – 0.7%
TechnipFMC PLC		917,842		24,497,203


Oil, Gas & Consumable Fuels – 0.4%
Permian Resources Corp.^(b)		1,096,484		14,945,077

				39,442,280


Total Common Stocks (cost $2,712,886,288)				3,572,812,638


INVESTMENT COMPANIES – 1.6%
Funds and Investment Trusts – 1.6%
iShares Russell 2000 Growth ETF^(b) (cost $45,581,269)		214,599		60,182,144


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 1.7%
Investment Companies – 1.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.72%^{(c) (d) (e)} (cost $60,967,229)		60,967,229	$	60,967,229


Total Investments Before Security Lending Collateral for Securities Loaned – 100.1% (cost $2,819,434,786)				3,693,962,011


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.72%^{(c) (d) (e)} (cost $106,137,504)		106,137,504		106,137,504


Total Investments – 103.0% (cost $2,925,572,290)^(f)				3,800,099,515
Other assets less liabilities – (3.0)%				(110,532,630	)


Net Assets – 100.0%			$	3,689,566,885

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(c)

Affiliated investments.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f)

As of October 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,004,666,024 and gross unrealized depreciation of investments was $(130,138,799), resulting in net unrealized appreciation of $874,527,225.

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

ETF – Exchange Traded Fund

AB Small Cap Growth Portfolio

October 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, 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 October 31, 2024:


Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks^(a)	$	3,572,812,638	$	—	$	—	$	3,572,812,638
Investment Companies		60,182,144		—		—		60,182,144
Short-Term Investments		60,967,229		—		—		60,967,229
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		106,137,504		—		—		106,137,504

Total Investments in Securities		3,800,099,515		—		—		3,800,099,515
Other Financial Instruments^(b)		—		—		—		—

Total	$	3,800,099,515	$	—	$	—	$	3,800,099,515

^(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 October 31, 2024 is as follows:


Fund	Market Value 07/31/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	57,738	$	272,438	$	269,209	$	60,967	$	729
Government Money Market Portfolio*		89,126		262,857		245,845		106,138		1,383
Total	$	146,864	$	535,295	$	515,054	$	167,105	$	2,112

*	Investments of cash collateral for securities lending transactions

Ab Cap Fund NPORT-PAB Small Cap Growth Portfolio (Oct 2024 report)