AB Small Cap Value Portfolio

Portfolio of Investments

February 28, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.7%
Financials – 26.1%
Banks – 20.7%
1st Source Corp.		119,300	$	7,742,570
Amalgamated Financial Corp.		172,400		5,594,380
Associated Banc-Corp.		303,102		7,532,085
Bank of Marin Bancorp		162,041		3,950,560
BankUnited, Inc.		216,763		8,145,954
Berkshire Hills Bancorp, Inc.		147,738		4,209,056
Comerica, Inc.		71,362		4,590,717
First BanCorp/Puerto Rico		393,686		7,665,066
First Bancorp/Southern Pines NC		189,410		7,947,644
First Hawaiian, Inc.		255,160		6,866,356
Heritage Financial Corp./WA		315,306		7,967,783
Independent Bank Corp.		24,771		1,698,300
Nicolet Bankshares, Inc.		73,550		8,816,438
Pacific Premier Bancorp, Inc.		291,060		6,953,423
Peoples Bancorp, Inc./OH		107,431		3,437,792
Premier Financial Corp.		159,659		4,476,838
Texas Capital Bancshares, Inc.(a)		102,039		8,077,407
TriCo Bancshares		159,339		6,966,301
WSFS Financial Corp.		155,593		8,447,144
				121,085,814
Capital Markets – 1.4%
Federated Hermes, Inc.		206,923		8,018,266
Financial Services – 2.5%
NCR Atleos Corp.(a)		263,347		7,489,589
Walker & Dunlop, Inc.		79,617		6,820,788
				14,310,377
Insurance – 1.5%
Hanover Insurance Group, Inc. (The)		51,990		8,865,855
				152,280,312
Industrials – 17.2%
Building Products – 1.6%
Masterbrand, Inc.(a)		283,290		3,963,227
Tecnoglass, Inc.		73,425		5,408,486
				9,371,713
Commercial Services & Supplies – 3.5%
ABM Industries, Inc.		137,160		7,451,903
MillerKnoll, Inc.		366,297		7,875,385
Pursuit Attractions & Hospitality, Inc.(a)		127,261		5,052,262
				20,379,550
Construction & Engineering – 4.7%
BrightView Holdings, Inc.(a)		471,900		6,332,898
Fluor Corp.(a)		133,661		5,083,128
Great Lakes Dredge & Dock Corp.(a)		665,355		5,648,864
Hayward Holdings, Inc.(a)		448,254		6,495,200
MasTec, Inc.(a)		30,615		3,998,013
				27,558,103

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Company	Shares		U.S. $ Value
Ground Transportation – 1.2%
ArcBest Corp.		84,746	$	6,675,442
Machinery – 5.3%
Blue Bird Corp.(a)		175,174		6,155,614
Gates Industrial Corp. PLC(a)		269,683		5,835,940
Hillman Solutions Corp.(a)		526,964		5,143,169
JBT Marel Corp.		68,751		9,075,132
REV Group, Inc.		154,870		4,723,535
				30,933,390
Professional Services – 0.9%
Franklin Covey Co.(a)		169,949		5,434,969
				100,353,167
Consumer Discretionary – 13.0%
Automobile Components – 2.2%
Adient PLC(a)		381,870		6,045,002
BorgWarner, Inc.		222,477		6,623,140
				12,668,142
Automobiles – 1.1%
Winnebago Industries, Inc.		151,600		6,126,156
Diversified Consumer Services – 1.4%
ADT, Inc.		1,020,139		8,354,939
Hotels, Restaurants & Leisure – 0.4%
Dine Brands Global, Inc.		92,565		2,321,530
Household Durables – 0.9%
Taylor Morrison Home Corp.(a)		84,418		5,203,526
Leisure Products – 0.6%
Topgolf Callaway Brands Corp.(a)		569,040		3,715,831
Specialty Retail – 5.2%
AutoNation, Inc.(a)		43,956		8,016,256
Build-A-Bear Workshop, Inc.		175,445		7,179,209
Genesco, Inc.(a)		150,090		5,488,791
Group 1 Automotive, Inc.		21,186		9,736,662
				30,420,918
Textiles, Apparel & Luxury Goods – 1.2%
Hanesbrands, Inc.(a)		1,169,460		7,051,844
				75,862,886
Information Technology – 9.8%
Communications Equipment – 3.1%
Calix, Inc.(a)		125,769		4,655,968
Extreme Networks, Inc.(a)		449,942		6,951,604
Harmonic, Inc.(a)		660,983		6,814,735
				18,422,307
Electronic Equipment, Instruments & Components – 1.6%
Belden, Inc.		30,733		3,381,552

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Company	Shares		U.S. $ Value
TTM Technologies, Inc.(a)		236,039	$	5,690,900
				9,072,452
IT Services – 0.4%
Grid Dynamics Holdings, Inc.(a)		133,983		2,521,560
Semiconductors & Semiconductor Equipment – 4.0%
Amkor Technology, Inc.		191,069		4,031,556
FormFactor, Inc.(a)		185,410		6,174,153
Ichor Holdings Ltd.(a)		140,113		4,103,910
Penguin Solutions, Inc.(a)		451,274		8,993,891
				23,303,510
Software – 0.7%
ACI Worldwide, Inc.(a)		73,285		4,202,895
				57,522,724
Real Estate – 9.1%
Diversified REITs – 0.9%
Broadstone Net Lease, Inc.		302,390		5,095,272
Hotel & Resort REITs – 0.7%
Ryman Hospitality Properties, Inc.		41,431		4,097,112
Industrial REITs – 1.9%
First Industrial Realty Trust, Inc.		116,770		6,665,231
STAG Industrial, Inc.		123,414		4,440,436
				11,105,667
Office REITs – 1.3%
COPT Defense Properties		280,700		7,587,321
Residential REITs – 1.7%
Independence Realty Trust, Inc.(b)		471,080		10,269,544
Retail REITs – 2.0%
Acadia Realty Trust		341,025		7,864,036
NETSTREIT Corp.(b)		255,980		3,829,461
				11,693,497
Specialized REITs – 0.6%
National Storage Affiliates Trust		91,315		3,526,585
				53,374,998
Materials – 7.6%
Chemicals – 5.3%
AdvanSix, Inc.		232,616		6,494,639
Avient Corp.		165,389		7,073,687
Ecovyst, Inc.(a)		1,005,404		6,826,693
Element Solutions, Inc.		133,961		3,497,722
Methanex Corp.		154,727		6,814,177
				30,706,918
Containers & Packaging – 2.3%
O-I Glass, Inc.(a)		668,753		7,670,597

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Company	Shares		U.S. $ Value
Silgan Holdings, Inc.		111,569	$	6,059,313
				13,729,910
				44,436,828
Energy – 6.4%
Energy Equipment & Services – 1.3%
Cactus, Inc. - Class A		149,432		7,851,157
Oil, Gas & Consumable Fuels – 5.1%
Magnolia Oil & Gas Corp. - Class A		378,221		8,854,154
Matador Resources Co.		168,759		8,832,846
NexGen Energy Ltd.(a) (b)		754,110		3,989,242
Northern Oil & Gas, Inc.		259,129		8,162,563
				29,838,805
				37,689,962
Utilities – 3.2%
Electric Utilities – 3.2%
IDACORP, Inc.		71,545		8,435,871
TXNM Energy, Inc.		192,610		10,063,872
				18,499,743
Consumer Staples – 2.7%
Food Products – 1.3%
Nomad Foods Ltd.		402,872		7,614,281
Household Products – 1.4%
WD-40 Co.		34,080		8,132,169
				15,746,450
Communication Services – 2.4%
Media – 2.4%
Criteo SA (Sponsored ADR)(a)		197,313		7,657,717
Nexstar Media Group, Inc.		37,265		6,303,375
				13,961,092
Health Care – 2.2%
Health Care Equipment & Supplies – 0.6%
Integra LifeSciences Holdings Corp.(a)		164,210		3,811,314
Health Care Providers & Services – 1.6%
Pediatrix Medical Group, Inc.(a)		629,186		9,293,077
				13,104,391
Total Common Stocks (cost $530,067,680)				582,832,553
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.24%(c) (d) (e) (cost $2,345,006)		2,345,006		2,345,006

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	U.S. $ Value
Total Investments – 100.1% (cost $532,412,686)(f)	$	585,177,559
Other assets less liabilities – (0.1)%		(532,905	)
Net Assets – 100.0%	$	584,644,654

(a) Non-income producing security.

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

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

(d) Affiliated investments.

(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 February 28, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $87,038,416 and gross unrealized depreciation of investments was $(34,273,543), resulting in net unrealized appreciation of $52,764,873.

  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

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AB Small Cap Value Portfolio

February 28, 2025 (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 28, 2025:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	582,832,553	$	—	$	—	$	582,832,553
Short-Term Investments		2,345,006		—		—		2,345,006
Total Investments in Securities		585,177,559		—		—		585,177,559
Other Financial Instruments(b)		—		—		—		—
Total	$	585,177,559	$	—	$	—	$	585,177,559

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

^(b)  Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

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A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2025 is as follows:

Fund	Market Value 11/30/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2025 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	2,458	$	45,675	$	45,788	$	2,345	$	71
AB Government Money Market Portfolio*		2,827		7,430		10,257		0		10
Total	$	5,285	$	53,105	$	56,045	$	2,345	$	81

* Investments of cash collateral for securities lending transactions.

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