AB Small Cap Growth Portfolio

Portfolio of Investments

October 31, 2019 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS - 96.2%
Health Care - 25.3%
Biotechnology - 12.2%
Aimmune Therapeutics, Inc. (a)(b)		440,346	$	12,250,426
Allakos, Inc. (a)(b)		147,422		10,113,149
Allogene Therapeutics, Inc. (a)(b)		340,493		9,806,198
Arena Pharmaceuticals, Inc. (b)		222,760		10,851,753
Ascendis Pharma A/S (Sponsored ADR) (b)		112,250		12,412,605
BeiGene Ltd. (Sponsored ADR) (a)(b)		84,339		11,667,457
Biohaven Pharmaceutical Holding Co., Ltd. (b)		364,240		16,725,901
Blueprint Medicines Corp. (a)(b)		234,989		16,176,643
Deciphera Pharmaceuticals, Inc. (b)		301,933		13,387,709
Gossamer Bio, Inc. (a)(b)		403,942		8,311,107
Invitae Corp. (a)(b)		921,618		14,847,266
Iovance Biotherapeutics, Inc. (a)(b)		686,360		14,502,787
Madrigal Pharmaceuticals, Inc. (a)(b)		67,250		6,215,918
Mirum Pharmaceuticals, Inc. (b)		259,683		1,864,524
Neurocrine Biosciences, Inc. (b)		156,260		15,546,307
NextCure, Inc. (a)(b)		264,902		6,622,550
Ra Pharmaceuticals, Inc. (b)		377,113		17,750,709
Rubius Therapeutics, Inc. (a)(b)		632,949		5,595,269
Sage Therapeutics, Inc. (a)(b)		51,883		7,037,929
Stemline Therapeutics, Inc. (a)(b)		852,145		8,521,450
Turning Point Therapeutics, Inc.-Class I (a)(b)		218,825		8,394,127
Ultragenyx Pharmaceutical, Inc. (a)(b)		292,809		11,753,353
Y-mAbs Therapeutics, Inc. (a)(b)		351,735		10,956,545
				251,311,682
Health Care Equipment & Supplies - 5.4%
Insulet Corp. (a)(b)		138,190		20,081,771
iRhythm Technologies, Inc. (a)(b)		381,533		25,494,035
Penumbra, Inc. (a)(b)		165,793		25,858,734
Silk Road Medical, Inc. (a)(b)		553,793		18,341,624
Tactile Systems Technology, Inc. (a)(b)		469,567		21,327,733
				111,103,897
Health Care Providers & Services - 2.4%
Guardant Health, Inc. (b)		236,799		16,457,531
LHC Group, Inc. (a)(b)		289,660		32,143,570
				48,601,101
Health Care Technology - 2.4%
Health Catalyst, Inc. (a)(b)		260,754		8,385,849
Teladoc Health, Inc. (a)(b)		532,446		40,785,363
				49,171,212
Life Sciences Tools & Services - 1.6%
10X Genomics, Inc. (b)		124,134		7,199,772
ICON PLC (b)		177,384		26,057,710
				33,257,482

Company	Shares		U.S. $ Value
Pharmaceuticals - 1.3%
Aerie Pharmaceuticals, Inc. (a)(b)		242,308	$	5,376,814
Axsome Therapeutics, Inc. (a)(b)		357,470		8,607,878
GW Pharmaceuticals PLC (Sponsored ADR) (a)(b)		40,380		5,403,652
Revance Therapeutics, Inc. (a)(b)		428,858		6,715,916
				26,104,260
				519,549,634
Information Technology - 21.0%
Communications Equipment - 1.0%
Ciena Corp. (b)		560,034		20,788,462
Electronic Equipment, Instruments & Components - 3.7%
Littelfuse, Inc.		136,380		23,944,237
Novanta, Inc. (b)		354,457		31,564,396
OSI Systems, Inc. (b)		211,731		21,012,184
				76,520,817
IT Services - 0.3%
International Money Express, Inc. (b)		362,343		5,551,095
Semiconductors & Semiconductor Equipment - 6.3%
Cree, Inc. (b)		222,593		10,624,364
Inphi Corp. (b)		258,360		18,570,917
Lattice Semiconductor Corp. (b)		1,489,430		29,177,934
Monolithic Power Systems, Inc. (a)		182,829		27,409,724
Silicon Laboratories, Inc. (b)		365,652		38,846,868
Universal Display Corp. (a)		23,373		4,678,807
				129,308,614
Software - 9.7%
Anaplan, Inc. (b)		396,554		18,717,349
Aspen Technology, Inc. (b)		231,690		26,669,836
Avalara, Inc. (b)		302,250		21,459,750
Everbridge, Inc. (a)(b)		346,170		24,062,277
Five9, Inc. (b)		492,138		27,318,580
HubSpot, Inc. (b)		172,536		26,760,333
Rapid7, Inc. (a)(b)		497,030		24,896,233
RingCentral, Inc.-Class A (b)		73,075		11,803,074
Smartsheet, Inc.-Class A (b)		366,502		14,440,179
Trade Desk, Inc. (The)-Class A (a)(b)		22,592		4,536,473
				200,664,084
				432,833,072
Industrials - 19.6%
Aerospace & Defense - 4.2%
Axon Enterprise, Inc. (a)(b)		557,410		28,500,373
Hexcel Corp.		325,409		24,282,020
Mercury Systems, Inc. (a)(b)		448,774		33,056,693
				85,839,086

Company	Shares		U.S. $ Value
Building Products - 2.3%
Armstrong World Industries, Inc.		242,082	$	22,641,929
Trex Co., Inc. (a)(b)		277,810		24,416,721
				47,058,650
Commercial Services & Supplies - 1.6%
Tetra Tech, Inc.		376,038		32,892,044
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		159,502		24,287,370
Machinery - 5.6%
Chart Industries, Inc. (a)(b)		491,053		28,790,437
Gardner Denver Holdings, Inc. (a)(b)		528,955		16,836,638
IDEX Corp.		127,106		19,768,796
Nordson Corp.		162,220		25,437,718
RBC Bearings, Inc. (a)(b)		149,168		23,932,514
				114,766,103
Road & Rail - 2.1%
Knight-Swift Transportation Holdings, Inc. (a)		591,337		21,560,147
Saia, Inc. (a)(b)		248,786		22,191,711
				43,751,858
Trading Companies & Distributors - 2.6%
H&E Equipment Services, Inc.		673,033		22,842,740
SiteOne Landscape Supply, Inc. (a)(b)		353,111		31,094,955
				53,937,695
				402,532,806
Consumer Discretionary - 16.6%
Distributors - 1.3%
Pool Corp.		126,828		26,304,127
Diversified Consumer Services - 4.3%
Bright Horizons Family Solutions, Inc. (b)		203,315		30,196,344
Chegg, Inc. (b)		967,360		29,659,258
Grand Canyon Education, Inc. (b)		73,665		6,774,233
Strategic Education, Inc.		185,830		22,862,665
				89,492,500
Hotels, Restaurants & Leisure - 3.6%
OneSpaWorld Holdings Ltd. (a)(b)		1,345,410		20,921,126
Planet Fitness, Inc. (b)		450,129		28,655,212
Wingstop, Inc.		301,544		25,157,816
				74,734,154
Household Durables - 1.8%
Lovesac Co. (The) (a)(b)		727,435		11,879,013
Skyline Champion Corp. (b)		876,151		24,733,743
				36,612,756

Company	Shares		U.S. $ Value
Internet & Direct Marketing Retail - 2.0%
Etsy, Inc. (b)		308,062	$	13,705,678
RealReal, Inc. (The) (a)(b)		1,152,635		26,637,395
				40,343,073
Specialty Retail - 3.6%
Dynatrace, Inc. (b)		785,893		15,898,616
Five Below, Inc. (b)		229,892		28,761,788
Sleep Number Corp. (b)		611,076		29,404,977
				74,065,381
				341,551,991
Financials - 7.4%
Banks - 1.1%
Western Alliance Bancorp		471,423		23,255,297
Capital Markets - 4.3%
Assetmark Financial Holdings, Inc. (a)(b)		568,920		15,611,165
Hamilton Lane, Inc.-Class A (a)		472,975		28,198,770
Houlihan Lokey, Inc. (a)		495,817		23,432,311
Stifel Financial Corp.		359,347		20,116,245
				87,358,491
Insurance - 2.0%
Palomar Holdings, Inc. (a)(b)		392,338		17,714,061
Trupanion, Inc. (a)(b)		1,008,371		23,898,392
				41,612,453
				152,226,241
Consumer Staples - 4.0%
Food & Staples Retailing - 2.3%
Chefs’ Warehouse, Inc. (The) (a)(b)		838,153		27,763,818
Grocery Outlet Holding Corp. (a)(b)		639,324		20,394,436
				48,158,254
Food Products - 1.7%
Freshpet, Inc. (b)		668,108		34,915,324
				83,073,578
Materials - 1.7%
Chemicals - 1.4%
Ingevity Corp. (b)		336,820		28,363,612
Containers & Packaging - 0.3%
Ranpak Holdings Corp. (a)(b)		1,161,560		6,934,513
				35,298,125

Company	Shares		U.S. $ Value
Energy - 0.6%
Energy Equipment & Services - 0.6%
DMC Global, Inc. (a)		249,450	$	11,160,393
Total Common Stocks (cost $1,625,647,611)				1,978,225,840
INVESTMENT COMPANIES - 1.7%
Funds and Investment Trusts - 1.7%
iShares Russell 2000 Growth ETF (a)(c) (cost $30,627,812)		171,090		33,963,076
PREFERRED STOCKS - 0.0%
Consumer Discretionary - 0.0%
Household Durables - 0.0%
Honest Co., Inc. (The)- Series D 0.00% (b)(d)(e)		29,639		852,895
Honest Co., Inc. (The)- Series E 0.00% (b)(d)(e)		7,460		146,599
Total Preferred Stocks (cost $1,502,384)				999,494
SHORT-TERM INVESTMENTS - 2.8%
Investment Companies - 2.8%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.78% (c)(f)(g) (cost $58,335,233)		58,335,233		58,335,233
Total Investments Before Security Lending Collateral for Securities Loaned - 100.7% (cost $1,716,113,040)				2,071,523,643
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED - 6.5%
Investment Companies - 6.5%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio-Class AB, 1.78% (c)(f)(g) (cost $133,294,703)		133,294,703		133,294,703
Total Investments - 107.2% (cost $1,849,407,743) (h)				2,204,818,346
Other assets less liabilities - (7.2)%				(147,506,644	)
Net Assets - 100.0%			$	2,057,311,702

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

(b) Non-income producing security.

(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) Fair valued by the Adviser.

(e) Illiquid security.

(f) Affiliated investments.

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

(h) As of October 31, 2019, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $454,714,092 and gross unrealized depreciation of investments was $(99,303,489), resulting in net unrealized appreciation of $355,410,603.

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

Small Cap Growth Portfolio

October 31, 2019 (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, 2019:

Investments in Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks(a)

$

1,978,225,840

$

– 0

–

$

– 0

–

$

1,978,225,840

Investment Companies

33,963,076

– 0

–

– 0

–

33,963,076

Preferred Stocks

– 0

–

– 0

–

999,494

999,494

Short-Term Investments

58,335,233

– 0

–

– 0

–

58,335,233

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

133,294,703

– 0

–

– 0

–

133,294,703

Total Investments in Securities

2,203,818,852

– 0

–

999,494

2,204,818,346

Other Financial Instruments(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

$

2,203,818,852

$

– 0

–

$

999,494

$

2,204,818,346

(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, options written and swaptions written which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended October 31, 2019 is as follows:

Fund	Market Value 7/31/19 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 10/31/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	63,100	$	140,777	$	145,542	$	58,335	$	196
Government Money Market Portfolio*		103,925		171,001		141,631		133,295		1,294
Total	$	167,025	$	311,778	$	287,173	$	191,630	$	1,490

* Investments of cash collateral for securities lending transactions