AB Small Cap Growth Portfolio

Portfolio of Investments

April 30, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 95.2%
Information Technology – 21.3%
Electronic Equipment, Instruments & Components – 4.1%
Allegro MicroSystems, Inc.(a)		260,368	$	9,313,363
Littelfuse, Inc.		180,093		43,625,728
Novanta, Inc.(a)		397,316		60,725,777
Shoals Technologies Group, Inc. - Class A(a)		2,009,341		41,975,134
				155,640,002
IT Services – 0.8%
DigitalOcean Holdings, Inc.(a) (b)		934,600		29,477,284
Semiconductors & Semiconductor Equipment – 5.7%
Lattice Semiconductor Corp.(a)		441,208		35,164,278
MACOM Technology Solutions Holdings, Inc.(a)		746,244		43,535,875
Onto Innovation, Inc.(a)		527,830		42,743,673
Silicon Laboratories, Inc.(a) (b)		321,717		44,815,178
Universal Display Corp.		367,954		49,107,141
				215,366,145
Software – 10.7%
Altair Engineering, Inc. - Class A(a)		831,837		57,438,345
Blackline, Inc.(a)		721,652		40,203,233
Braze, Inc. - Class A(a)		1,203,236		35,375,138
Five9, Inc.(a)		550,940		35,722,950
Instructure Holdings, Inc.(a) (b)		1,122,854		29,789,317
Manhattan Associates, Inc.(a) (b)		369,038		61,142,216
Monday.com Ltd.(a)		297,120		36,224,870
Smartsheet, Inc. - Class A(a)		1,078,134		44,063,336
SPS Commerce, Inc.(a)		460,569		67,841,814
				407,801,219
				808,284,650
Health Care – 21.1%
Biotechnology – 10.1%
Ascendis Pharma A/S (ADR)(a)		198,738		13,903,710
Blueprint Medicines Corp.(a)		594,732		30,361,069
Coherus Biosciences, Inc.(a)		2,083,865		15,066,344
Insmed, Inc.(a)		1,248,791		24,351,424
Intellia Therapeutics, Inc.(a)		582,429		21,986,695
IVERIC bio, Inc.(a)		1,378,350		45,333,931
Karuna Therapeutics, Inc.(a)		213,695		42,405,636
Legend Biotech Corp. (ADR)(a)		448,294		30,802,281
Madrigal Pharmaceuticals, Inc.(a)		39,063		12,187,656
Natera, Inc.(a)		750,788		38,079,967
Relay Therapeutics, Inc.(a)		977,880		11,118,496
Ultragenyx Pharmaceutical, Inc.(a)		418,084		18,257,728
Vaxcyte, Inc.(a)		571,867		24,493,064
Vir Biotechnology, Inc.(a)		813,491		20,459,299
Viridian Therapeutics, Inc.(a)		712,300		19,965,769

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Company	Shares		U.S. $ Value
Zentalis Pharmaceuticals, Inc.(a)		714,612	$	15,742,902
				384,515,971
Health Care Equipment & Supplies – 6.6%
AtriCure, Inc.(a)		1,025,461		45,110,029
iRhythm Technologies, Inc.(a)		368,047		48,361,376
Lantheus Holdings, Inc.(a)		903,167		77,175,620
Silk Road Medical, Inc.(a)		816,140		35,926,483
Treace Medical Concepts, Inc.(a)		1,917,053		46,948,628
				253,522,136
Health Care Providers & Services – 1.7%
Guardant Health, Inc.(a)		854,856		19,285,551
Inari Medical, Inc.(a)		669,199		44,448,198
				63,733,749
Life Sciences Tools & Services – 0.9%
Repligen Corp.(a)		218,462		33,125,393
Pharmaceuticals – 1.8%
Intra-Cellular Therapies, Inc.(a)		677,861		42,129,061
Revance Therapeutics, Inc.(a)		794,920		25,302,304
				67,431,365
				802,328,614
Consumer Discretionary – 16.2%
Automobile Components – 1.5%
Fox Factory Holding Corp.(a)		527,541		58,488,471
Broadline Retail – 1.4%
Driven Brands Holdings, Inc.(a)		1,722,651		52,885,386
Diversified Consumer Services – 0.7%
European Wax Center, Inc. - Class A(a)		1,480,872		27,899,628
Hotels, Restaurants & Leisure – 8.0%
Hilton Grand Vacations, Inc.(a) (b)		1,297,191		55,519,775
Life Time Group Holdings, Inc.(a) (b)		2,416,795		50,245,168
Planet Fitness, Inc. - Class A(a)		644,173		53,556,543
Texas Roadhouse, Inc.		661,629		73,189,400
Wingstop, Inc.		349,270		69,892,420
				302,403,306
Household Durables – 2.4%
Meritage Homes Corp.		308,439		39,495,614
Skyline Champion Corp.(a)		693,602		51,444,460
				90,940,074
Specialty Retail – 2.2%
Five Below, Inc.(a)		255,150		50,356,404
Floor & Decor Holdings, Inc. - Class A(a)		22,138		2,199,189

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Company	Shares		U.S. $ Value
Lithia Motors, Inc.		134,686	$	29,750,790
				82,306,383
				614,923,248
Industrials – 16.1%
Aerospace & Defense – 3.7%
Axon Enterprise, Inc.(a)		183,384		38,640,843
Curtiss-Wright Corp.		272,029		46,198,685
Hexcel Corp.		757,553		54,604,420
				139,443,948
Commercial Services & Supplies – 1.3%
Tetra Tech, Inc.		373,558		51,689,220
Construction & Engineering – 1.6%
Comfort Systems USA, Inc.		412,726		61,698,410
Ground Transportation – 2.0%
Saia, Inc.(a) (b)		259,240		77,193,895
Machinery – 3.5%
Esab Corp.		788,643		46,025,205
ITT, Inc.		511,101		43,157,368
Middleby Corp. (The)(a)		306,954		43,243,680
				132,426,253
Professional Services – 2.8%
FTI Consulting, Inc.(a) (b)		284,824		51,410,732
Insperity, Inc.		451,578		55,300,242
				106,710,974
Trading Companies & Distributors – 1.2%
SiteOne Landscape Supply, Inc.(a)		301,789		44,586,307
				613,749,007
Financials – 9.1%
Capital Markets – 3.7%
Houlihan Lokey, Inc.		597,880		54,634,274
P10, Inc. - Class A(b)		1,564,595		16,162,266
StepStone Group, Inc. - Class A		1,437,885		31,676,607
Stifel Financial Corp.		611,010		36,642,270
				139,115,417
Financial Services – 2.5%
Flywire Corp.(a)		1,832,790		53,462,484
Shift4 Payments, Inc. - Class A(a)		619,180		41,961,829
				95,424,313
Insurance – 2.9%
RLI Corp.		486,015		67,580,386
Ryan Specialty Holdings, Inc.(a) (b)		1,035,735		42,320,132
				109,900,518
				344,440,248

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Company	Shares		U.S. $ Value
Energy – 6.4%
Energy Equipment & Services – 2.4%
ChampionX Corp.		1,885,518	$	51,059,827
TechnipFMC PLC(a)		3,112,368		42,608,318
				93,668,145
Oil, Gas & Consumable Fuels – 4.0%
DTE Midstream LLC(a)		580,459		28,599,215
Matador Resources Co.		1,161,413		56,944,079
Permian Resources Corp.		3,649,692		38,139,282
Southwestern Energy Co.(a)		5,350,984		27,771,607
				151,454,183
				245,122,328
Consumer Staples – 4.1%
Consumer Staples Distribution & Retail – 2.5%
Chefs’ Warehouse, Inc. (The)(a)		1,378,357		45,844,154
Grocery Outlet Holding Corp.(a)		1,735,005		51,668,449
				97,512,603
Food Products – 1.6%
Freshpet, Inc.(a)		594,820		41,024,735
Vital Farms, Inc.(a)		1,457,112		18,767,603
				59,792,338
				157,304,941
Materials – 0.9%
Chemicals – 0.9%
Element Solutions, Inc.		1,911,108		34,686,610
Total Common Stocks (cost $3,158,013,060)				3,620,839,646
INVESTMENT COMPANIES – 1.4%
Funds and Investment Trusts – 1.4%
iShares Russell 2000 Growth ETF(c) (cost $53,353,211)		242,939		54,466,924
SHORT-TERM INVESTMENTS – 3.4%
Investment Companies – 3.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.74%(c) (d) (e) (cost $129,488,048)		129,488,048		129,488,048
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $3,340,854,319)				3,804,794,618

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.74%(c) (d) (e) (cost $28,767,059)		28,767,059	$	28,767,059
Total Investments – 100.8% (cost $3,369,621,378)(f)				3,833,561,677
Other assets less liabilities – (0.8)%				(28,834,393	)
Net Assets – 100.0%			$	3,804,727,284

(a) Non-income producing security.

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

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

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(f) As of April 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $675,270,365 and gross unrealized depreciation of investments was $(211,330,066), resulting in net unrealized appreciation of $463,940,299.

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

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AB Small Cap Growth Portfolio

April 30, 2023 (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 April 30, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	3,620,839,646	$	—	$	—	$	3,620,839,646
Investment Companies		54,466,924		—		—		54,466,924
Short-Term Investments		129,488,048		—		—		129,488,048
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		28,767,059		—		—		28,767,059
Total Investments in Securities		3,833,561,677		—		—		3,833,561,677
Other Financial Instruments(b)		—		—		—		—
Total	$	3,833,561,677	$	—	$	—	$	3,833,561,677

^(a) See Portfolio of Investments for sector classifications.

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^(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 nine months ended April 30, 2023 is as follows:

Fund	Market Value 07/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 04/30/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	148,375	$	865,792	$	884,679	$	129,488	$	2,846
Government Money Market Portfolio*		83,269		670,440		724,942		28,767		1,045
Total	$	231,644	$	1,536,232	$	1,609,621	$	158,255	$	3,891

* Investments of cash collateral for securities lending transactions

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