AB Select US Long/Short Portfolio

Portfolio of Investments

March 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 38.7%
Information Technology – 9.4%
Communications Equipment – 0.4%
Cisco Systems, Inc.		104,161	$	6,427,775
IT Services – 0.3%
International Business Machines Corp.		16,002		3,979,057
Semiconductors & Semiconductor Equipment – 3.3%
Advanced Micro Devices, Inc.(a)		16,191		1,663,463
Broadcom, Inc.		46,272		7,747,321
Intel Corp.(a)		34,178		776,182
Micron Technology, Inc.		13,764		1,195,954
NVIDIA Corp.		262,065		28,402,605
NXP Semiconductors NV		17,676		3,359,501
Texas Instruments, Inc.		19,111		3,434,247
				46,579,273
Software – 3.0%
Adobe, Inc.(a)		14,730		5,649,397
Microsoft Corp.(b)		77,464		29,079,211
Oracle Corp.(b)		26,957		3,768,858
Salesforce, Inc.		14,118		3,788,707
				42,286,173
Technology Hardware, Storage & Peripherals – 2.4%
Apple, Inc.(b)		139,539		30,995,798
Epic Games, Inc.(a) (c) (d)		5,074		3,704,172
				34,699,970
				133,972,248
Financials – 7.5%
Banks – 2.1%
Bank of America Corp.		99,632		4,157,643
Fifth Third Bancorp		164,119		6,433,465
JPMorgan Chase & Co.		32,149		7,886,150
Wells Fargo & Co.(b)		161,807		11,616,124
				30,093,382
Capital Markets – 0.9%
Charles Schwab Corp. (The)		67,651		5,295,720
Goldman Sachs Group, Inc. (The)		6,062		3,311,610
Jefferies Financial Group, Inc.		90,684		4,857,942
				13,465,272
Consumer Finance – 0.7%
Capital One Financial Corp.		28,839		5,170,833
SLM Corp.		118,288		3,474,119
Stripe, Inc.(a) (c) (d)		24,598		883,191
				9,528,143
Financial Services – 3.1%
Apollo Global Management, Inc.		78,213		10,710,488
Berkshire Hathaway, Inc. - Class B(a)		37,836		20,150,697

1

Company	Shares		U.S. $ Value
Federal National Mortgage Association(a)		469,443	$	2,966,880
Visa, Inc. - Class A(b)		29,389		10,299,669
				44,127,734
Insurance – 0.7%
Chubb Ltd.		22,609		6,827,692
Progressive Corp. (The)		12,049		3,409,987
				10,237,679
				107,452,210
Industrials – 4.8%
Aerospace & Defense – 1.2%
Boeing Co. (The)(a)		19,666		3,354,036
Northrop Grumman Corp.		6,354		3,253,312
RTX Corp.		75,476		9,997,551
				16,604,899
Electrical Equipment – 0.4%
Eaton Corp. PLC		18,474		5,021,787
GE Vernova, Inc.		3,031		925,304
				5,947,091
Ground Transportation – 0.8%
CSX Corp.		127,777		3,760,477
Uber Technologies, Inc.(a)		21,995		1,602,556
Union Pacific Corp.		26,116		6,169,644
				11,532,677
Industrial Conglomerates – 2.0%
3M Co.		96,933		14,235,580
Honeywell International, Inc.		68,780		14,564,165
				28,799,745
Machinery – 0.4%
Parker-Hannifin Corp.		8,627		5,243,922
				68,128,334
Communication Services – 4.7%
Diversified Telecommunication Services – 0.8%
AT&T, Inc.		408,404		11,549,665
Entertainment – 1.0%
IMAX Corp.(a)		24,995		658,618
Netflix, Inc.(a)		8,970		8,364,794
Walt Disney Co. (The)(b)		46,545		4,593,992
				13,617,404
Interactive Media & Services – 2.5%
Alphabet, Inc. - Class A		136,475		21,104,494
Meta Platforms, Inc. - Class A(b)		24,754		14,267,215
				35,371,709

2

Company	Shares		U.S. $ Value
Media – 0.1%
Sirius XM Holdings, Inc.		52,146	$	1,175,632
Wireless Telecommunication Services – 0.3%
T-Mobile US, Inc.		18,962		5,057,355
				66,771,765
Health Care – 4.5%
Biotechnology – 0.5%
AbbVie, Inc.		35,088		7,351,638
Health Care Equipment & Supplies – 1.3%
Abbott Laboratories		59,609		7,907,134
Boston Scientific Corp.(a)		51,883		5,233,957
Stryker Corp.		13,372		4,977,727
				18,118,818
Health Care Providers & Services – 1.2%
HCA Healthcare, Inc.		7,445		2,572,620
McKesson Corp.		11,209		7,543,545
UnitedHealth Group, Inc.		13,527		7,084,766
				17,200,931
Life Sciences Tools & Services – 0.3%
Thermo Fisher Scientific, Inc.		8,867		4,412,219
Pharmaceuticals – 1.2%
Eli Lilly & Co.		9,078		7,497,611
Johnson & Johnson(b)		55,325		9,175,098
				16,672,709
				63,756,315
Consumer Staples – 2.6%
Beverages – 0.7%
Coca-Cola Co. (The)		74,168		5,311,912
PepsiCo, Inc.		31,165		4,672,880
				9,984,792
Consumer Staples Distribution & Retail – 0.6%
Costco Wholesale Corp.		4,786		4,526,503
Walmart, Inc.		51,867		4,553,404
				9,079,907
Household Products – 0.3%
Procter & Gamble Co. (The)		27,197		4,634,913
Tobacco – 1.0%
Altria Group, Inc.		80,317		4,820,626
Philip Morris International, Inc.		57,211		9,081,102
				13,901,728
				37,601,340
Consumer Discretionary – 2.3%
Broadline Retail – 1.4%
Amazon.com, Inc.(a) (b)		102,385		19,479,770

3

Company	Shares			U.S. $ Value
Hotels, Restaurants & Leisure – 0.3%
Booking Holdings, Inc.		983		$	4,528,593
Specialty Retail – 0.6%
Home Depot, Inc. (The)(b)		23,776			8,713,666
					32,722,029
Energy – 1.8%
Oil, Gas & Consumable Fuels – 1.8%
Cheniere Energy, Inc.		12,136			2,808,270
EOG Resources, Inc.(b)		88,049			11,291,404
Exxon Mobil Corp.		93,446			11,113,533
					25,213,207
Utilities – 0.8%
Electric Utilities – 0.8%
Constellation Energy Corp.		7,831			1,578,964
PPL Corp.		273,569			9,878,577
					11,457,541
Materials – 0.3%
Chemicals – 0.3%
Sherwin-Williams Co. (The)		10,879			3,798,838
Total Common Stocks (cost $497,195,593)					550,873,827
WARRANTS – 0.0%
Financials – 0.0%
Financial Services – 0.0%
Pershing Square SPARC Holdings Ltd., expiring 09/29/2033(a) (c) (d)		4,614			0
Pershing Square Tontine Holdings Ltd., expiring 07/24/2027(a) (c) (d) (e)		9,228			0
Total Warrants (cost $52,400)					0
SHORT-TERM INVESTMENTS – 60.2%
Investment Companies – 60.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.20%(f) (g) (h) (cost $856,366,135)		856,366,135			856,366,135
Total Investments Before Securities Sold Short – 98.9% (cost $1,353,614,128)					1,407,239,962
SECURITIES SOLD SHORT – (0.8)%
COMMON STOCKS – (0.4)%
Real Estate – 0.0%
Hotel & Resort REITs – 0.0%
Chatham Lodging Trust		(63,011	)		(449,268	)

4

Company	Shares			U.S. $ Value
Retail REITs – 0.0%
Acadia Realty Trust		(47,573	)	$	(996,655	)
Agree Realty Corp.		(9,507	)		(733,845	)
					(1,730,500	)
					(2,179,768	)
Financials – (0.1)%
Financial Services – 0.0%
Western Union Co. (The)		(32,331	)		(342,062	)
Mortgage Real Estate Investment Trusts (REITs) – (0.1)%
Blackstone Mortgage Trust, Inc. - Class A		(46,119	)		(922,380	)
					(1,264,442	)
Information Technology – (0.1)%
Software – (0.1)%
Roper Technologies, Inc.		(1,846	)		(1,088,365	)
Communication Services – (0.1)%
Interactive Media & Services – (0.1)%
Yelp, Inc.(a)		(26,752	)		(990,626	)
Industrials – (0.1)%
Machinery – (0.1)%
Snap-on, Inc.		(2,789	)		(939,921	)
Total Common Stocks (proceeds $6,157,696)					(6,463,122	)
INVESTMENT COMPANIES – (0.4)%
Funds and Investment Trusts – (0.4)%(g)
Invesco CurrencyShares Euro Currency Trust		(23,806	)		(2,378,220	)
iShares 20+ Year Treasury Bond ETF		(36,180	)		(3,293,465	)
Total Investment Companies (proceeds $5,893,776)					(5,671,685	)
Total Securities Sold Short (proceeds $12,051,472)					(12,134,807	)
Total Investments, Net of Securities Sold Short – 98.1% (cost $1,341,562,656)(i)					1,395,105,155
Other assets less liabilities – 1.9%					27,338,583
Net Assets – 100.0%				$	1,422,443,738

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
S&P 500 E-Mini Futures		39		June 2025		$	11,023,838		$	(116,518	)
Sold Contracts
S&P 500 E-Mini Futures		119		June 2025			33,636,838			549,558
									$	433,040

5

(a) Non-income producing security.

(b) Position, or a portion thereof, has been segregated to collateralize short sales.

(c) Fair valued by the Adviser.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Escrow shares.

(f) Affiliated investments.

(g) 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.

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

(i) As of March 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $62,943,776 and gross unrealized depreciation of investments was $(8,968,237), resulting in net unrealized appreciation of $53,975,539.

  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:

ETF – Exchange Traded Fund

REIT – Real Estate Investment Trust

6

AB Select US Long/Short Portfolio

March 31, 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 March 31, 2025:

Investments in Securities:	Level 1		Level 2		Level 3			Total
Assets:
Common Stocks:
Information Technology	$	130,268,076	$	—	$	3,704,172		$	133,972,248
Financials		106,569,019		—		883,191			107,452,210
Industrials		68,128,334		—		—			68,128,334
Communication Services		66,771,765		—		—			66,771,765
Health Care		63,756,315		—		—			63,756,315
Consumer Staples		37,601,340		—		—			37,601,340
Consumer Discretionary		32,722,029		—		—			32,722,029
Energy		25,213,207		—		—			25,213,207
Utilities		11,457,541		—		—			11,457,541
Materials		3,798,838		—		—			3,798,838
Warrants		—		—		0	(a)		—
Short-Term Investments		856,366,135		—		—			856,366,135

7

Investments in Securities:	Level 1			Level 2		Level 3			Total
Liabilities:
Common Stocks:
Real Estate	$	(2,179,768	)	$	—	$	—		$	(2,179,768	)
Financials		(1,264,442	)		—		—			(1,264,442	)
Information Technology		(1,088,365	)		—		—			(1,088,365	)
Communication Services		(990,626	)		—		—			(990,626	)
Industrials		(939,921	)		—		—			(939,921	)
Investment Companies		(5,671,685	)		—		—			(5,671,685	)
Total Investments in Securities		1,390,517,792			—		4,587,363	(a)		1,395,105,155
Other Financial Instruments(b):
Assets:
Futures		549,558			—		—			549,558
Liabilities:
Futures		(116,518	)		—		—			(116,518	)
Total	$	1,390,950,832		$	—	$	4,587,363	(a)	$	1,395,538,195

^(a)  The Fund held securities with zero market value at period end.

^(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.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended March 31, 2025 is as follows:

Fund	Market Value 06/30/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2025 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	391,837	$	999,575	$	535,046	$	856,366	$	15,731

8