AB International Low Volatility Equity Portfolio

Portfolio of Investments

September 30, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 98.0%
Financials – 21.5%
Banks – 11.1%
Bank Leumi Le-Israel BM		956,629	$	7,926,485
DBS Group Holdings Ltd.		286,800		7,043,709
KBC Group NV		60,172		3,746,105
Mitsubishi UFJ Financial Group, Inc.		743,200		6,297,992
Nordea Bank Abp		614,622		6,738,551
Oversea-Chinese Banking Corp., Ltd.		1,139,880		10,660,219
Royal Bank of Canada		111,078		9,707,314
Sumitomo Mitsui Financial Group, Inc.		303,800		14,924,493
Toronto-Dominion Bank (The)		81,973		4,938,598
				71,983,466
Capital Markets – 3.3%
Euronext NV(a)		80,965		5,631,858
IG Group Holdings PLC		376,073		2,944,132
London Stock Exchange Group PLC		79,828		8,000,836
Singapore Exchange Ltd.		734,200		5,223,111
				21,799,937
Insurance – 7.1%
AIA Group Ltd.		606,800		4,907,281
AXA SA		325,615		9,660,628
Medibank Pvt Ltd.		2,128,317		4,697,478
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		26,514		10,325,952
NN Group NV		172,715		5,536,930
Sampo Oyj - Class A		248,788		10,755,479
				45,883,748
				139,667,151
Industrials – 16.6%
Aerospace & Defense – 0.9%
BAE Systems PLC		514,728		6,254,894
Commercial Services & Supplies – 0.6%
Secom Co., Ltd.		60,400		4,097,585
Electrical Equipment – 3.3%
Prysmian SpA		251,977		10,113,927
Schneider Electric SE		68,109		11,223,831
				21,337,758
Ground Transportation – 1.1%
Canadian National Railway Co.		64,608		6,996,643
Industrial Conglomerates – 0.7%
Siemens AG (REG)		31,300		4,473,044
Machinery – 0.5%
ANDRITZ AG		66,890		3,370,763
Marine Transportation – 1.0%
Kuehne & Nagel International AG (REG)		23,293		6,618,260
Professional Services – 8.5%
Experian PLC		268,925		8,795,883
MEITEC Group Holdings, Inc.		603,600		10,916,289

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Company	Shares		U.S. $ Value
RELX PLC (London)		486,211	$	16,404,726
Wolters Kluwer NV		157,735		19,097,846
				55,214,744
				108,363,691
Health Care – 14.1%
Health Care Equipment & Supplies – 0.5%
ConvaTec Group PLC(a)		1,163,500		3,083,358
Health Care Providers & Services – 2.5%
Fresenius SE & Co. KGaA		218,749		6,794,394
Galenica AG(a)		127,791		9,440,653
				16,235,047
Pharmaceuticals – 11.1%
Chugai Pharmaceutical Co., Ltd.		331,300		10,215,320
Novartis AG (REG)		99,744		10,186,719
Novo Nordisk A/S - Class B		249,444		22,712,191
Roche Holding AG (Genusschein)		40,707		11,113,057
Sanofi		167,350		17,969,250
				72,196,537
				91,514,942
Information Technology – 12.8%
IT Services – 4.7%
Amdocs Ltd.		81,832		6,913,986
CGI, Inc.(b)		48,199		4,750,879
Nomura Research Institute Ltd.		311,000		8,083,425
Otsuka Corp.		253,400		10,720,975
				30,469,265
Semiconductors & Semiconductor Equipment – 2.1%
ASML Holding NV		11,461		6,747,668
Taiwan Semiconductor Manufacturing Co., Ltd.		400,000		6,522,498
				13,270,166
Software – 5.1%
Constellation Software, Inc./Canada		8,849		18,268,519
Nice Ltd.(b)		32,940		5,618,213
SAP SE		73,552		9,520,719
				33,407,451
Technology Hardware, Storage & Peripherals – 0.9%
Logitech International SA (REG)		87,240		6,001,977
				83,148,859
Communication Services – 8.6%
Diversified Telecommunication Services – 4.4%
BCE, Inc.		208,334		7,952,967
Deutsche Telekom AG (REG)		346,351		7,265,338
HKT Trust & HKT Ltd. - Class SS		6,669,000		6,954,232
Telstra Group Ltd.		2,635,966		6,512,532
				28,685,069

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Company	Shares		U.S. $ Value
Entertainment – 1.4%
GungHo Online Entertainment, Inc.		372,800	$	5,884,680
Ubisoft Entertainment SA(b)		99,779		3,233,521
				9,118,201
Interactive Media & Services – 1.6%
Auto Trader Group PLC(a)		969,134		7,282,047
Kakaku.com, Inc.		344,600		3,489,634
				10,771,681
Media – 1.2%
Informa PLC		838,987		7,661,190
				56,236,141
Consumer Staples – 8.4%
Beverages – 0.6%
Heineken NV		42,548		3,751,097
Consumer Staples Distribution & Retail – 5.5%
Jeronimo Martins SGPS SA		346,786		7,788,193
Koninklijke Ahold Delhaize NV		467,476		14,089,581
Lawson, Inc.		137,800		6,335,045
Loblaw Cos., Ltd.		87,424		7,427,741
				35,640,560
Food Products – 0.9%
Nestle SA (REG)		52,637		5,958,299
Tobacco – 1.4%
Philip Morris International, Inc.		100,070		9,264,480
				54,614,436
Consumer Discretionary – 6.5%
Automobiles – 1.6%
Honda Motor Co., Ltd.		941,100		10,587,089
Hotels, Restaurants & Leisure – 1.2%
Compass Group PLC		308,037		7,498,112
Leisure Products – 1.3%
Bandai Namco Holdings, Inc.		411,800		8,376,211
Specialty Retail – 1.2%
ZOZO, Inc.(c)		444,700		8,142,984
Textiles, Apparel & Luxury Goods – 1.2%
LVMH Moet Hennessy Louis Vuitton SE		10,635		8,027,624
				42,632,020
Energy – 5.1%
Oil, Gas & Consumable Fuels – 5.1%
Equinor ASA		354,110		11,604,911
Shell PLC		681,151		21,588,550
				33,193,461
Materials – 1.7%
Metals & Mining – 1.7%
Endeavour Mining PLC		174,530		3,369,114
Rio Tinto Ltd.		103,113		7,437,322
				10,806,436

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Company	Shares		U.S. $ Value
Real Estate – 1.4%
Diversified REITs – 0.6%
Merlin Properties Socimi SA		478,535	$	4,026,316
Retail REITs – 0.8%
Link REIT		1,032,134		5,046,654
				9,072,970
Utilities – 1.3%
Electric Utilities – 1.3%
EDP - Energias de Portugal SA		589,661		2,451,779
Enel SpA		980,823		6,015,138
				8,466,917
Total Common Stocks (cost $586,783,876)				637,717,024
WARRANTS – 0.0%
Information Technology – 0.0%
Software – 0.0%
Constellation Software, Inc., expiring 03/31/2040(b) (cost $0)		9,807		0
SHORT-TERM INVESTMENTS – 1.4%
Investment Companies – 1.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.25%(d) (e) (f) (cost $9,213,236)		9,213,236		9,213,236
Total Investments – 99.4% (cost $595,997,112)(g)				646,930,260
Other assets less liabilities – 0.6%				3,918,164
Net Assets – 100.0%			$	650,848,424

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		USD	1,421		EUR	1,288		10/12/2023		$	(58,597	)
Bank of America, NA		JPY	386,459		USD	2,648		10/19/2023			54,974
Bank of America, NA		USD	5,496		JPY	808,131		10/19/2023			(73,214	)
Bank of America, NA		CAD	1,815		USD	1,343		10/27/2023			5,926
Barclays Bank PLC		JPY	439,137		USD	2,979		10/19/2023			32,458
Barclays Bank PLC		USD	25,490		AUD	39,388		11/08/2023			(132,325	)
Barclays Bank PLC		SGD	18,678		USD	13,726		11/16/2023			34,429
Barclays Bank PLC		USD	12,859		SEK	141,664		12/07/2023			146,045
BNP Paribas SA		USD	991		CAD	1,345		10/27/2023			(414	)
Brown Brothers Harriman & Co.		EUR	7,261		USD	7,904		10/12/2023			224,143
Brown Brothers Harriman & Co.		USD	2,522		EUR	2,396		10/12/2023			12,345
Brown Brothers Harriman & Co.		USD	3,212		EUR	2,943		10/12/2023			(99,126	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.		JPY	1,421,148		USD	9,654		10/19/2023		$	118,007
Brown Brothers Harriman & Co.		USD	2,002		JPY	291,474		10/19/2023			(46,410	)
Brown Brothers Harriman & Co.		USD	7,489		CAD	10,117		10/27/2023			(37,576	)
Brown Brothers Harriman & Co.		USD	1,749		AUD	2,736		11/08/2023			12,194
Citibank, NA		TWD	195,064		USD	6,147		11/29/2023			72,767
Deutsche Bank AG		ILS	34,882		USD	9,463		10/18/2023			311,074
Deutsche Bank AG		USD	3,493		CHF	3,115		11/16/2023			(73,008	)
Goldman Sachs Bank USA		USD	1,934		EUR	1,750		10/12/2023			(83,268	)
Goldman Sachs Bank USA		USD	10,441		CHF	9,320		11/16/2023			(209,297	)
HSBC Bank USA		EUR	921		USD	1,006		10/12/2023			32,291
HSBC Bank USA		USD	1,962		EUR	1,803		10/12/2023			(54,847	)
JPMorgan Chase Bank, NA		USD	3,546		JPY	517,907		10/19/2023			(70,683	)
JPMorgan Chase Bank, NA		CAD	91,924		USD	67,922		10/27/2023			220,306
JPMorgan Chase Bank, NA		USD	1,380		CAD	1,858		10/27/2023			(11,820	)
JPMorgan Chase Bank, NA		NOK	62,568		USD	5,804		12/07/2023			(56,077	)
Morgan Stanley Capital Services LLC		EUR	7,808		USD	8,426		10/12/2023			168,431
Morgan Stanley Capital Services LLC		USD	22,058		EUR	20,002		10/12/2023			(902,519	)
Morgan Stanley Capital Services LLC		JPY	144,130		USD	967		10/19/2023			(93	)
Morgan Stanley Capital Services LLC		USD	47,401		JPY	6,798,465		10/19/2023			(1,780,490	)
Morgan Stanley Capital Services LLC		USD	1,978		GBP	1,609		11/17/2023			(14,061	)
Morgan Stanley Capital Services LLC		USD	989		TWD	31,516		11/29/2023			(7,785	)
											$    (2,266,220	)

(a) 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 September 30, 2023, the aggregate market value of these securities amounted to $25,437,916 or 3.9% of net assets.

(b) Non-income producing security.

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

(d) 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.

(e) Affiliated investments.

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

(g) As of September 30, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $89,252,219 and gross unrealized depreciation of investments was $(40,585,291), resulting in net unrealized appreciation of $48,666,928.

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

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

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JPY – Japanese Yen

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

Glossary:

REG – Registered Shares

REIT – Real Estate Investment Trust

COUNTRY BREAKDOWN¹

September 30, 2023 (unaudited)

16.7	%	Japan
13.0	%	United Kingdom
9.3	%	Canada
8.5	%	Netherlands
7.6	%	Switzerland
6.0	%	France
5.9	%	Germany
5.6	%	United States
3.6	%	Singapore
3.5	%	Denmark
2.9	%	Australia
2.7	%	Finland
2.6	%	Hong Kong
10.7	%	Other
1.4	%	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 2.5% or less in the following: Austria, Belgium, Israel, Italy, Norway, Portugal, Spain and Taiwan.

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AB International Low Volatility Equity Portfolio

September 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)

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 are 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, 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 September 30, 2023:

Investments in Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Financials	$	14,645,912	$	125,021,239		$	-0-	$	139,667,151
Industrials		6,996,643		101,367,048			-0-		108,363,691
Health Care		-0-		91,514,942			-0-		91,514,942
Information Technology		29,933,384		53,215,475			-0-		83,148,859
Communication Services		7,952,967		48,283,174			-0-		56,236,141
Consumer Staples		16,692,221		37,922,215			-0-		54,614,436
Consumer Discretionary		-0-		42,632,020			-0-		42,632,020
Energy		-0-		33,193,461			-0-		33,193,461
Materials		-0-		10,806,436			-0-		10,806,436
Real Estate		-0-		9,072,970			-0-		9,072,970
Utilities		-0-		8,466,917			-0-		8,466,917
Fixed Income Securities:
Warrants		-0-		-0-			0#		-0-
Short-Term Investments:
Investment Companies		9,213,236		-0-			-0-		9,213,236
Total Investments in Securities		85,434,363		561,495,897	†		-0-		646,930,260
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-		1,445,390			-0-		1,445,390
Liabilities
Forward Currency Exchange Contracts		-0-		(3,711,610	)		-0-		(3,711,610	)
Total	$	85,434,363	$	559,229,677		$	-0-	$	644,664,040

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# The Fund held securities with zero market value at period end.

† 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.

* 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, 2023 is as follows:

Fund	Market Value 6/30/23 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 9/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	16,958	$	39,543	$	47,288	$	9,213	$	6
Government Money Market Portfolio*		8,781		45,094		53,875		-0-		11
Total							$	9,213	$	17

* Investment of cash collateral for securities lending transactions.

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