Ab Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10221

AB TRUST

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Stephen M. Woetzel

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 221-5672

Date of fiscal year end: November 30, 2023

Date of reporting period: November 30, 2023

ITEM 1.

REPORTS TO STOCKHOLDERS.

NOV^11.30.23

LOGO

ANNUAL REPORT

AB INTERNATIONAL VALUE FUND

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com, or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the Commission’s website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AB International Value Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺

Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺

Applying differentiated investment insights through a connected global research network

⁺

Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



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ANNUAL REPORT

January 8, 2024

This report provides management’s discussion of fund performance for the AB International Value Fund for the annual reporting period ended November 30, 2023.

The Fund’s investment objective is long-term growth of capital.

NAV RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	6 Months		12 Months

AB INTERNATIONAL VALUE FUND¹

Class A Shares		2.71%		9.64%

Class C Shares		2.31%		8.81%

Advisor Class Shares²		2.79%		9.87%

Class R Shares²		2.59%		9.36%

Class K Shares²		2.73%		9.67%

Class I Shares²		2.89%		9.97%

MSCI EAFE Index (net)		5.12%		12.36%

1	Includes the impact of proceeds received and credited to the Fund resulting from class-action settlements, which enhanced the performance of all share classes of the Fund for the six- and 12-month periods ended November 30, 2023, by 0.01% and 0.01%, respectively.

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Morgan Stanley Capital International Europe, Australasia and the Far East (“MSCI EAFE”) Index (net), for the six- and 12-month periods ended November 30, 2023.

During the 12-month period, all share classes of the Fund underperformed the benchmark, before sales charges. Overall security selection was negative, relative to the benchmark, mainly due to selection within the consumer-discretionary and consumer-staples sectors, while selection within industrials and energy contributed. Sector selection also detracted. Gains from an underweight to health care and an overweight to consumer discretionary added to returns, but were offset by losses from an underweight to technology and an overweight to consumer staples. Overall country selection (a result of bottom-up security analysis combined with fundamental research) contributed, as gains from an underweight to Hong Kong offset losses from an underweight to Denmark.



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During the six-month period, all share classes of the Fund underperformed the benchmark, before sales charges. Overall security selection drove underperformance, mainly due to selection within consumer staples and financials, while selection within energy and technology was positive and helped offset some losses. Sector selection was also negative. An underweight to financials and an overweight to consumer staples detracted from gains, while an underweight to health care and an overweight to energy contributed. Overall country selection was positive for the period. An underweight to Hong Kong contributed most, while an underweight to Denmark detracted.

The Fund used derivatives in the form of currency forwards for hedging purposes, which detracted from absolute returns for both periods.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended November 30, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory. As the period ended, equity markets rallied sharply as Treasury yields eased, soft-landing optimism accelerated and the prospect of 2024 rate cuts gained momentum, underpinned by a rapid deceleration of inflation and softening economic data. Within large-cap markets, both growth- and value-oriented stocks rose, but growth outperformed value by a wide margin, led by the technology sector and artificial intelligence optimism. Large-cap stocks rose, significantly outperforming small-cap stocks, which declined.

The Fund’s Senior Investment Management Team (the “Team”) continues to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Fund’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

INVESTMENT POLICIES

The Fund invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and

(continued on next page)



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more than 40 developed and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Fund invests significantly (at least 40%—unless market conditions are not deemed favorable by the Adviser) in securities of non-US companies. In addition, the Fund invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Fund invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Fund may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Fund may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

The Fund may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities,” and enter into forward commitments.



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DISCLOSURES AND RISKS

Benchmark Disclosure

The MSCI EAFE Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI EAFE Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US and Canada. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative for any specific investment, including the Fund.

A Word About Risk

Market Risk: The value of the Fund’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Derivatives Risk: Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.



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DISCLOSURES AND RISKS (continued)

Leverage Risk: When the Fund borrows money or otherwise leverages its portfolio, it may be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase agreements, forward commitments, or by borrowing money.

Management Risk: The Fund is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Fund will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com.

All fees and expenses related to the operation of the Fund have been deducted. Net asset value (“NAV”) returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

11/30/2013 TO 11/30/2023

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB International Value Fund Class A shares (from 11/30/2013 to 11/30/2023) as compared to the performance of the Fund’s benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		9.64%		5.01%

5 Years		3.81%		2.91%

10 Years		1.85%		1.40%

CLASS C SHARES

1 Year		8.81%		7.81%

5 Years		3.02%		3.02%

10 Years¹		1.09%		1.09%

ADVISOR CLASS SHARES²

1 Year		9.87%		9.87%

5 Years		4.07%		4.07%

10 Years		2.12%		2.12%

CLASS R SHARES²

1 Year		9.36%		9.36%

5 Years		3.55%		3.55%

10 Years		1.60%		1.60%

CLASS K SHARES²

1 Year		9.67%		9.67%

5 Years		3.81%		3.81%

10 Years		1.89%		1.89%

CLASS I SHARES²

1 Year		9.97%		9.97%

5 Years		4.11%		4.11%

10 Years		2.25%		2.25%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.76%, 2.54%, 1.51%, 2.00%, 1.68% and 1.26% for Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limited the Fund’s total annual operating expense ratios (excluding acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) to 1.25%, 2.00%, 1.00%, 1.50%, 1.25% and 1.00% for Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. These waivers/reimbursements may not be terminated prior to February 28, 2024, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	Assumes conversion of Class C shares into Class A shares after eight years.

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.



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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2023 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		10.01%

5 Years		5.24%

10 Years		1.62%

CLASS C SHARES

1 Year		13.07%

5 Years		5.37%

10 Years¹		1.30%

ADVISOR CLASS SHARES²

1 Year		15.23%

5 Years		6.44%

10 Years		2.33%

CLASS R SHARES²

1 Year		14.64%

5 Years		5.92%

10 Years		1.81%

CLASS K SHARES²

1 Year		14.90%

5 Years		6.18%

10 Years		2.10%

CLASS I SHARES²

1 Year		15.30%

5 Years		6.47%

10 Years		2.46%

1	Assumes conversion of Class C shares into Class A shares after eight years.

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.



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EXPENSE EXAMPLE

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



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EXPENSE EXAMPLE (continued)


	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,027.10	$	6.35		1.25	%
Hypothetical**	$	1,000	$	1,018.80	$	6.33		1.25	%
Class C
Actual	$	1,000	$	1,023.10	$	10.14		2.00	%
Hypothetical**	$	1,000	$	1,015.04	$	10.10		2.00	%
Advisor Class
Actual	$	1,000	$	1,027.90	$	5.08		1.00	%
Hypothetical**	$	1,000	$	1,020.05	$	5.06		1.00	%
Class R
Actual	$	1,000	$	1,025.90	$	7.62		1.50	%
Hypothetical**	$	1,000	$	1,017.55	$	7.59		1.50	%
Class K
Actual	$	1,000	$	1,027.30	$	6.35		1.25	%
Hypothetical**	$	1,000	$	1,018.80	$	6.33		1.25	%
Class I
Actual	$	1,000	$	1,028.90	$	5.09		1.00	%
Hypothetical**	$	1,000	$	1,020.05	$	5.06		1.00	%

*	Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

**	Assumes 5% annual return before expenses.



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PORTFOLIO SUMMARY

November 30, 2023 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $109.7

LOGO

The Fund’s sector and country breakdowns are expressed as a percentage of total investments (excluding security lending collateral) 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 1.5% or less in the following: Ireland, Luxembourg, South Africa, Spain and Taiwan.

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. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund’s prospectus.



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PORTFOLIO SUMMARY (continued)

November 30, 2023 (unaudited)

TEN LARGEST HOLDINGS¹



Company	U.S. $ Value		Percent of Net Assets

Shell PLC	$	3,649,608		3.3	%

Nestle SA (REG)		3,583,203		3.3

Roche Holding AG (Genusschein)		3,521,485		3.2

Sanofi SA		2,655,252		2.4

Deutsche Telekom AG (REG)		2,551,421		2.3

Safran SA		2,517,845		2.3

Airbus SE		2,455,084		2.2

British American Tobacco PLC		2,450,775		2.2

Stellantis NV (France)		2,427,446		2.2

EDP – Energias de Portugal SA		2,330,019		2.1

	$	28,142,138		25.5	%

1	Long-term investments.



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PORTFOLIO OF INVESTMENTS

November 30, 2023


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.7%
Industrials – 14.8%
Aerospace & Defense – 7.8%
Airbus SE		16,520	$	2,455,084
BAE Systems PLC		133,170		1,766,807
Melrose Industries PLC		282,372		1,853,900
Safran SA		14,320		2,517,845

				8,593,636

Electrical Equipment – 2.6%
Fuji Electric Co., Ltd.		36,400		1,527,457
Prysmian SpA		33,790		1,303,403

				2,830,860

Industrial Conglomerates – 1.2%
Hitachi Ltd.		18,300		1,272,423


Machinery – 2.2%
Amada Co., Ltd.		144,900		1,454,439
Kawasaki Heavy Industries Ltd.		43,500		993,211

				2,447,650

Professional Services – 1.0%
dip Corp.		28,700		613,690
UT Group Co., Ltd.^(a)		31,600		473,158

				1,086,848

				16,231,417

Consumer Staples – 13.0%
Beverages – 1.7%
Heineken NV		19,980		1,829,031


Consumer Staples Distribution & Retail – 4.3%
Carrefour SA		117,490		2,227,582
HelloFresh SE^(a)		33,250		509,850
Koninklijke Ahold Delhaize NV		70,210		2,033,248

				4,770,680

Food Products – 3.3%
Nestle SA (REG)		31,490		3,583,203


Personal Care Products – 1.5%
Haleon PLC		396,039		1,659,230


Tobacco – 2.2%
British American Tobacco PLC		77,020		2,450,775

				14,292,919

Consumer Discretionary – 12.9%
Automobile Components – 0.9%
Forvia SE (Paris)^(a)		47,219		931,995



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PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Automobiles – 3.5%
Honda Motor Co., Ltd.		143,100	$	1,463,761
Stellantis NV (France)		111,727		2,427,446

				3,891,207

Hotels, Restaurants & Leisure – 0.9%
Entain PLC		93,220		946,058


Household Durables – 2.8%
Persimmon PLC		74,960		1,187,671
Sony Group Corp.		21,700		1,866,005

				3,053,676

Specialty Retail – 2.6%
JD Sports Fashion PLC		900,140		1,791,679
Kingfisher PLC		391,320		1,086,219

				2,877,898

Textiles, Apparel & Luxury Goods – 2.2%
Burberry Group PLC		62,080		1,150,035
Kering SA		3,040		1,307,715

				2,457,750

				14,158,584

Health Care – 12.3%
Health Care Equipment & Supplies – 1.0%
ConvaTec Group PLC^(b)		372,043		1,056,616


Health Care Providers & Services – 1.8%
Fresenius SE & Co. KGaA		62,630		1,988,806


Pharmaceuticals – 9.5%
GSK PLC		90,040		1,617,789
Merck KGaA		9,530		1,669,311
Nippon Shinyaku Co., Ltd.^(c)		26,600		961,328
Roche Holding AG (Genusschein)		13,090		3,521,485
Sanofi SA		28,470		2,655,252

				10,425,165

				13,470,587

Financials – 10.9%
Banks – 8.6%
ABN AMRO Bank NV		89,450		1,202,150
Bank of Ireland Group PLC		135,346		1,267,216
Danske Bank A/S		63,530		1,646,027
Erste Group Bank AG		47,830		1,934,314
NatWest Group PLC		689,179		1,813,098
Resona Holdings, Inc.		307,600		1,602,304

				9,465,109

Financial Services – 1.0%
ORIX Corp.		60,000		1,096,142



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PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Insurance – 1.3%
SCOR SE		45,250	$	1,428,911

				11,990,162

Materials – 8.6%
Chemicals – 3.1%
Arkema SA		16,110		1,639,312
Tosoh Corp.		130,000		1,729,492

				3,368,804

Construction Materials – 1.7%
CRH PLC		30,000		1,882,500


Metals & Mining – 3.8%
Anglo American PLC		56,000		1,515,523
ArcelorMittal SA		61,820		1,554,221
Endeavour Mining PLC		45,596		1,056,701

				4,126,445

				9,377,749

Communication Services – 7.7%
Diversified Telecommunication Services – 3.3%
Deutsche Telekom AG (REG)		106,450		2,551,421
Nippon Telegraph & Telephone Corp.		921,400		1,078,264

				3,629,685

Entertainment – 3.6%
GungHo Online Entertainment, Inc.^(c)		34,900		539,934
Konami Group Corp.		34,900		1,725,972
Ubisoft Entertainment SA^(a)		59,390		1,690,374

				3,956,280

Media – 0.8%
Criteo SA (Sponsored ADR)^(a)		34,690		864,475

				8,450,440

Information Technology – 7.4%
Semiconductors & Semiconductor Equipment – 5.7%
NXP Semiconductors NV		5,610		1,144,889
SK Hynix, Inc.		15,550		1,613,491
Taiwan Semiconductor Manufacturing Co., Ltd.		88,000		1,609,706
Tokyo Electron Ltd.^(c)		11,600		1,863,558

				6,231,644

Technology Hardware, Storage & Peripherals – 1.7%
Samsung Electronics Co., Ltd.		32,170		1,813,992

				8,045,636

Energy – 6.6%
Energy Equipment & Services – 3.3%
Shell PLC		110,840		3,649,608



16 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Oil, Gas & Consumable Fuels – 3.3%
Cameco Corp.^(c)		42,480	$	1,950,646
Repsol SA		105,634		1,622,045

				3,572,691

				7,222,299

Utilities – 4.0%
Electric Utilities – 4.0%
EDP – Energias de Portugal SA^(c)		487,194		2,330,019
Enel SpA^(c)		287,760		2,033,554

				4,363,573

Real Estate – 1.5%
Real Estate Management & Development – 1.5%
Daito Trust Construction Co., Ltd.		15,000		1,652,323


Total Common Stocks (cost $101,779,384)				109,255,689


SHORT-TERM INVESTMENTS – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.25%^(d)(e)(f) (cost $145,385)		145,385		145,385

Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $101,924,769)				109,401,074

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.25%^(d)(e)(f) (cost $799,903)		799,903		799,903


Total Investments – 100.5% (cost $102,724,672)				110,200,977
Other assets less liabilities – (0.5)%				(536,062	)


Net Assets – 100.0%			$	109,664,915



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 17

PORTFOLIO OF INVESTMENTS (continued)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA	USD	994	NOK	10,717		12/07/2023	$	(3,326	)
Bank of America, NA	EUR	714	USD	781		01/10/2024		2,554
Bank of America, NA	USD	482	CNH	3,500		01/11/2024		9,564
Bank of America, NA	USD	1,991	JPY	293,918		01/12/2024		4,007
Bank of America, NA	USD	1,413	SGD	1,904		01/18/2024		12,956
Barclays Bank PLC	BRL	2,958	USD	604		12/04/2023		2,581
Barclays Bank PLC	USD	599	BRL	2,958		12/04/2023		1,638
Barclays Bank PLC	USD	3,227	SEK	35,550		12/07/2023		157,930
Barclays Bank PLC	USD	602	BRL	2,958		01/03/2024		(2,712	)
Barclays Bank PLC	USD	510	JPY	75,716		01/12/2024		3,758
Barclays Bank PLC	KRW	3,937,122	USD	2,922		01/18/2024		(113,670	)
Barclays Bank PLC	CHF	697	USD	798		02/15/2024		(4,293	)
BNP Paribas SA	USD	106	KRW	142,387		01/18/2024		3,828
Citibank, NA	USD	514	SEK	5,677		12/07/2023		26,568
Citibank, NA	USD	3,450	CHF	3,047		02/15/2024		57,444
Goldman Sachs Bank USA	EUR	776	USD	849		01/10/2024		3,234
HSBC Bank USA	USD	626	ILS	2,484		01/17/2024		40,966
Morgan Stanley Capital Services, Inc.	BRL	2,958	USD	599		12/04/2023		(1,638	)
Morgan Stanley Capital Services, Inc.	USD	588	BRL	2,958		12/04/2023		12,979
Morgan Stanley Capital Services, Inc.	EUR	11,256	USD	11,987		01/10/2024		(286,206	)
Morgan Stanley Capital Services, Inc.	KRW	354,455	USD	274		01/18/2024		1,063
Morgan Stanley Capital Services, Inc.	USD	597	MXN	10,486		01/18/2024		2,148
Morgan Stanley Capital Services, Inc.	GBP	4,452	USD	5,533		01/25/2024		(90,318	)
State Street Bank & Trust Co.	SEK	2,870	USD	261		12/07/2023		(12,735	)
State Street Bank & Trust Co.	CAD	400	USD	289		01/10/2024		(5,931	)
State Street Bank & Trust Co.	EUR	498	USD	535		01/10/2024		(8,142	)
State Street Bank & Trust Co.	USD	491	CAD	671		01/10/2024		3,433
State Street Bank & Trust Co.	USD	2,157	EUR	2,013		01/10/2024		38,146
State Street Bank & Trust Co.	JPY	314,698	USD	2,120		01/12/2024		(15,808	)
State Street Bank & Trust Co.	USD	1,770	JPY	262,911		01/12/2024		14,995
State Street Bank & Trust Co.	USD	837	JPY	123,293		01/12/2024		(436	)
UBS AG	CAD	2,164	USD	1,572		01/10/2024		(23,875	)
UBS AG	USD	769	EUR	702		01/10/2024		(3,956	)
UBS AG	USD	7,984	AUD	12,250		01/25/2024		122,980

							$	(50,274	)



18 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

(a)	Non-income producing security.

(b)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration. At November 30, 2023, the market value of this security amounted to $1,056,616 or 1.0% of net assets.

(c)	Represents entire or partial securities out on loan. See Note E for securities lending information.

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

(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, or call AB at (800) 227-4618.

(f)	Affiliated investments.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

See notes to financial statements.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 19

STATEMENT OF ASSETS & LIABILITIES

November 30, 2023


Assets
Investments in securities, at value
Unaffiliated issuers (cost $101,779,384)	$	109,255,689	^(a)
Affiliated issuers (cost $945,288—including investment of cash collateral for securities loaned of $799,903)		945,288
Cash		13,494
Foreign currencies, at value (cost $121,060)		121,852
Unrealized appreciation on forward currency exchange contracts		522,772
Unaffiliated dividends receivable		518,519
Receivable due from Adviser		101,734
Receivable for investment securities sold		70,658
Affiliated dividends receivable		9,406
Receivable for shares of beneficial interest sold		8,029

Total assets		111,567,441

Liabilities
Payable for collateral received on securities loaned		799,903
Unrealized depreciation on forward currency exchange contracts		573,046
Custody and accounting fees payable		134,447
Payable for shares of beneficial interest redeemed		116,475
Advisory fee payable		66,163
Administrative fee payable		49,389
Distribution fee payable		18,235
Transfer Agent fee payable		7,918
Trustees’ fees payable		4,586
Payable for investment securities purchased and foreign currency transactions		32
Accrued expenses		132,332

Total liabilities		1,902,526

Net Assets	$	109,664,915

Composition of Net Assets
Paid-in capital	$	216,327,438
Accumulated loss		(106,662,523	)

Net Assets	$	109,664,915

Net Asset Value Per Share—unlimited shares authorized, without par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	68,407,324		4,879,443	$	14.02	*

C	$	1,085,724		79,082	$	13.73

Advisor	$	26,250,875		1,824,451	$	14.39

R	$	4,734,502		340,908	$	13.89

K	$	8,475,140		607,475	$	13.95

I	$	711,350		51,238	$	13.88

(a)	Includes securities on loan with a value of $3,270,948 (see Note E).

*	The maximum offering price per share for Class A shares was $14.64 which reflects a sales charge of 4.25%.

See notes to financial statements.



20 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2023


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $414,660)	$	3,265,634
Affiliated issuers		102,812
Interest		17,539
Securities lending income		11,100
Other income		52,777		$	3,449,862

Expenses
Advisory fee (see Note B)		840,485
Distribution fee—Class A		178,301
Distribution fee—Class C		11,997
Distribution fee—Class R		22,632
Distribution fee—Class K		17,271
Transfer agency—Class A		185,462
Transfer agency—Class C		3,430
Transfer agency—Advisor Class		71,160
Transfer agency—Class R		24,230
Transfer agency—Class K		34,867
Transfer agency—Class I		318
Administrative		112,588
Audit and tax		96,592
Registration fees		91,461
Custody and accounting		90,122
Printing		62,326
Legal		40,113
Trustees’ fees		18,311
Miscellaneous		32,140

Total expenses		1,933,806
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(585,361	)

Net expenses					1,348,445

Net investment income					2,101,417

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					(101,204	)
Forward currency exchange contracts					(804,706	)
Foreign currency transactions					36,752
Net change in unrealized appreciation (depreciation) of:
Investments					9,027,509
Forward currency exchange contracts					259,817
Foreign currency denominated assets and liabilities					32,758

Net gain on investment and foreign currency transactions					8,450,926

Net Increase in Net Assets from Operations				$	10,552,343

See notes to financial statements.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 21

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2023			Year Ended November 30, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,101,417		$	6,466,935
Net realized loss on investment and foreign currency transactions		(869,158	)		(576,525	)
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		9,320,084			(12,441,908	)

Net increase (decrease) in net assets from operations		10,552,343			(6,551,498	)
Distributions to Shareholders
Class A		(798,838	)		(2,083,908	)
Class C		(3,034	)		(15,455	)
Advisor Class		(368,472	)		(938,935	)
Class R		(39,228	)		(128,902	)
Class K		(50,584	)		(175,426	)
Class I		(19,343	)		(37,014	)
Transactions in Shares of Beneficial Interest
Net decrease		(6,452,259	)		(9,126,499	)

Total increase (decrease)		2,820,585			(19,057,637	)
Net Assets
Beginning of period		106,844,330			125,901,967

End of period	$	109,664,915		$	106,844,330

See notes to financial statements.



22 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2023

NOTE A

Significant Accounting Policies

AB Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The Trust operates as a series company currently comprised of three funds. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB International Value Fund (the “Fund”), a diversified fund. The Fund offers Class A, Class C, Advisor Class, Class R, Class K and Class I shares. Class B share have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at “fair value” as determined in accordance with procedures approved by and under the oversight of the Trust’s Board of Trustees (the “Board”). Pursuant to these procedures, AllianceBernstein L.P. (the “Adviser”) serves as the Fund’s valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 23

NOTES TO FINANCIAL STATEMENTS (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.



24 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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 rates, coupon rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 25

NOTES TO FINANCIAL STATEMENTS (continued)

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 November 30, 2023:

Investments in

Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks:

Industrials

– 0

–

16,231,417

– 0

–

16,231,417

Consumer Staples

– 0

–

14,292,919

– 0

–

14,292,919

Consumer Discretionary

– 0

–

14,158,584

– 0

–

14,158,584

Health Care

– 0

–

13,470,587

– 0

–

13,470,587

Financials

– 0

–

11,990,162

– 0

–

11,990,162

Materials

1,882,500

7,495,249

– 0

–

9,377,749

Communication Services

864,475

7,585,965

– 0

–

8,450,440

Information Technology

1,144,889

6,900,747

– 0

–

8,045,636

Energy

1,950,646

5,271,653

– 0

–

7,222,299

Utilities

– 0

–

4,363,573

– 0

–

4,363,573

Real Estate

– 0

–

1,652,323

– 0

–

1,652,323

Short-Term Investments

145,385

– 0

–

– 0

–

145,385

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

799,903

– 0

–

– 0

–

799,903

Total Investments in Securities

6,787,798

103,413,179

^(a)

– 0

–

110,200,977

Other Financial Instruments^(b):

Assets:

Forward Currency Exchange Contracts

– 0

–

522,772

– 0

–

522,772

Liabilities:

Forward Currency Exchange Contracts

– 0

–

(573,046

)

– 0

–

(573,046

)

Total

6,787,798

103,362,905

– 0

–

110,150,703

(a)	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, see Note A.1.



26 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

(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.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on, among other things, a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund’s financial statements.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 27

NOTES TO FINANCIAL STATEMENTS (continued)

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from REIT investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Trust are charged proportionately to each fund or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion of the Fund’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding expenses associated with acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Fund may invest, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to 1.25%, 2.00%, 1.00%, 1.50%, 1.25% and 1.00% of daily average net assets for Class A, Class C, Advisor Class, Class R, Class K, and Class I shares, respectively. For the year ended November 30, 2023, such reimbursements/waivers amounted to $582,729.



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NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the year ended November 30, 2023, the reimbursement for such services amounted to $112,588.

The Fund compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $102,086 for the year ended November 30, 2023.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $753 from the sale of Class A shares and received $289 and $37 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended November 30, 2023.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of ..20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended November 30, 2023, such waiver amounted to $2,334.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 29

NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2023 is as follows:


Fund	Market Value 11/30/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/23 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,604	$	37,566	$	39,025	$	145	$	103
Government Money Market Portfolio*		345		13,707		13,252		800		2

Total							$	945	$	105

*	Investments of cash collateral for securities lending transactions (see Note E).

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class and Class I shares. Payments under the Agreement in respect of Class A shares are currently limited to an annual rate of ..25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $6,495,291, $2,385,810 and $2,437,952 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended November 30, 2023 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	42,774,517		$	49,300,555
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	104,289,061

Gross unrealized appreciation	$	15,881,637
Gross unrealized depreciation		(9,956,764	)

Net unrealized appreciation	$	5,924,873

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Fund, as well as the methods in which they may be used are:

•

Forward Currency Exchange Contracts

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 31

NOTES TO FINANCIAL STATEMENTS (continued)

During the year ended November 30, 2023, the Fund held forward currency exchange contracts for hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund’s net liability, held by the defaulting party, may be delayed or denied.

The Fund’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels (“net asset contingent features”). If these levels are triggered, the Fund’s OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the year ended November 30, 2023, the Fund had entered into the following derivatives:


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	522,772	Unrealized depreciation on forward currency exchange contracts	$	573,046

Total		$	522,772		$	573,046



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NOTES TO FINANCIAL STATEMENTS (continued)


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	(804,706	)	$	259,817

Total		$	(804,706	)	$	259,817

The following table represents the average monthly volume of the Fund’s derivative transactions during the year ended November 30, 2023:


Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	25,051,956
Average principal amount of sale contracts	$	23,136,426

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements (“MA”) and net of the related collateral received/pledged by the Fund as of November 30, 2023. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

Counterparty

Derivative
Assets
Subject to a
MA

Derivatives
Available
for Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount
of Derivative
Assets

Bank of America, NA

29,081

(3,326

)

– 0

–

– 0

–

25,755

Barclays Bank PLC

165,907

(120,675

)

– 0

–

– 0

–

45,232

BNP Paribas SA

3,828

– 0

–

– 0

–

– 0

–

3,828

Citibank, NA

84,012

– 0

–

– 0

–

– 0

–

84,012

Goldman Sachs Bank USA

3,234

– 0

–

– 0

–

– 0

–

3,234

HSBC Bank USA

40,966

– 0

–

– 0

–

– 0

–

40,966

Morgan Stanley Capital Services, Inc.

16,190

(16,190

)

– 0

–

– 0

–

– 0

–

State Street Bank & Trust Co.

56,574

(43,052

)

– 0

–

– 0

–

13,522

UBS AG

122,980

(27,831

)

– 0

–

– 0

–

95,149

Total

522,772

(211,074

)

– 0

–

– 0

–

311,698



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 33

NOTES TO FINANCIAL STATEMENTS (continued)


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America, NA	$	3,326	$	(3,326	)	$	– 0	–	$	– 0	–	$	– 0	–
Barclays Bank PLC		120,675		(120,675	)		– 0	–		– 0	–		– 0	–
Morgan Stanley Capital Services, Inc.		378,162		(16,190	)		– 0	–		– 0	–		361,972
State Street Bank & Trust Co.		43,052		(43,052	)		– 0	–		– 0	–		– 0	–
UBS AG		27,831		(27,831	)		– 0	–		– 0	–		– 0	–

Total	$	573,046	$	(211,074	)	$	– 0	–	$	– 0	–	$	361,972	^

*	The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^	Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending



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NOTES TO FINANCIAL STATEMENTS (continued)

the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2023 is as follows:


								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	3,270,948	$	799,903	$	2,583,161	$	9,314	$	1,786	$	298

*	As of November 30, 2023.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class A
Shares sold		492,927			404,551		$	6,826,875		$	5,075,512

Shares issued in reinvestment of dividends		57,109			134,508			719,566			1,880,417

Shares converted from Class C		13,666			5,038			189,467			66,360

Shares redeemed		(1,020,695	)		(835,783	)		(14,088,258	)		(10,564,284	)

Net decrease		(456,993	)		(291,686	)	$	(6,352,350	)	$	(3,541,995	)


Class C
Shares sold		26,490			5,952		$	338,461		$	77,460

Shares issued in reinvestment of dividends		224			1,036			2,788			14,278

Shares converted to Class A		(13,908	)		(5,144	)		(189,467	)		(66,360	)

Shares redeemed		(8,129	)		(18,413	)		(108,491	)		(233,376	)

Net increase (decrease)		4,677			(16,569	)	$	43,291		$	(207,998	)


Advisor Class
Shares sold		88,843			138,576		$	1,257,008		$	1,829,764

Shares issued in reinvestment of dividends		23,124			51,990			298,306			743,976

Shares redeemed		(352,392	)		(423,678	)		(4,928,412	)		(5,435,432	)

Net decrease		(240,425	)		(233,112	)	$	(3,373,098	)	$	(2,861,692	)


Class R
Shares sold		63,064			45,421		$	865,087		$	565,186

Shares issued in reinvestment of dividends		3,133			9,274			39,199			128,819

Shares redeemed		(60,910	)		(109,279	)		(829,739	)		(1,400,632	)

Net increase (decrease)		5,287			(54,584	)	$	74,547		$	(706,627	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class K
Shares sold		371,101			179,736		$	5,078,128		$	2,389,300

Shares issued in reinvestment of dividends		4,034			12,602			50,583			175,426

Shares redeemed		(109,138	)		(326,575	)		(1,491,267	)		(4,193,446	)

Net increase (decrease)		265,997			(134,237	)	$	3,637,444		$	(1,628,720	)


Class I
Shares sold		13,061			15,776		$	175,700		$	198,418

Shares issued in reinvestment of dividends		1,215			2,673			15,124			37,014

Shares redeemed		(51,181	)		(31,183	)		(672,917	)		(414,899	)

Net decrease		(36,905	)		(12,734	)	$	(482,093	)	$	(179,467	)

NOTE G

Risks Involved in Investing in the Fund

Market Risk—The value of the Fund’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

Emerging-Market Risk—Investments in emerging-market countries may have more risk because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 37

NOTES TO FINANCIAL STATEMENTS (continued)

theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

Leverage Risk—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

LIBOR Replacement Risk—The Fund may be exposed to debt securities, derivatives or other financial instruments that recently transitioned from the London Interbank Offered Rate, or “LIBOR,” as a “benchmark” or “reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.



38 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

Management Risk—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing related to redemptions and other short term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended November 30, 2023.

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2023 and November 30, 2022 were as follows:


	2023		2022
Distributions paid from:
Ordinary income	$	1,279,499	$	3,379,640

Total taxable distributions	$	1,279,499	$	3,379,640

As of November 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	7,837,393
Accumulated capital and other losses		(120,425,052	)^(a)
Unrealized appreciation (depreciation)		5,925,136	^(b)

Total accumulated earnings (deficit)	$	(106,662,523	)

(a)	As of November 30, 2023, the Fund had a net capital loss carryforward of $120,425,052.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive foreign investment companies (PFICs), and the tax deferral of losses on wash sales.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 39

NOTES TO FINANCIAL STATEMENTS (continued)

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of November 30, 2023, the Fund had a net short-term capital loss carryforward of $39,004,137 and a net long-term capital loss carryforward of $81,420,915, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

NOTE J

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K

Subsequent Events

At a meeting held on October 31-November 2, 2023, the Board approved: (i) the discontinuance of the offering of Class K and Class R shares of the Fund to investors; (ii) the liquidation of the assets corresponding to such classes; (iii) the making of a final liquidating distribution to the remaining shareholders of each such class; and (iv) the redemption of all outstanding shares of each such class in the liquidating distribution or immediately thereafter. The Fund has suspended sales of Class K and Class R shares to new investors effective November 3, 2023. The Fund expects to make liquidating distributions to shareholders based on net asset value no later than nine months from the date of the approval of the Board.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no other material events that would require disclosure in the Fund’s financial statements through this date.



40 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class A
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 12.89			$ 13.94			$ 12.58			$ 12.84			$ 12.32

Income From Investment Operations

Net investment income^(a)(b)		.25			.74			.30			.11			.19

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.03			(1.42	)		1.15			(.23	)		.36

Net increase (decrease) in net asset value from operations		1.28			(.68	)		1.45			(.12	)		.55

Less: Dividends

Dividends from net investment income		(.15	)		(.37	)		(.09	)		(.14	)		(.03	)

Net asset value, end of period		$ 14.02			$ 12.89			$ 13.94			$ 12.58			$ 12.84


Total Return

Total investment return based on net asset value^(c)*		9.64	%		(5.08	)%⁺		11.51	%		(.85	)%		4.47	%

Ratios/Supplemental Data

Net assets, end of period (000,000’s omitted)		$68			$69			$79			$80			$102

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.25	%		1.25	%		1.25	%		1.25	%		1.44	%

Expenses, before waivers/reimbursements		1.74	%		1.76	%		1.61	%		1.65	%		1.61	%

Net investment income^(b)		1.84	%		5.92	%		2.10	%		1.00	%		1.56	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 41

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class C
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 12.61			$ 13.56			$ 12.25			$ 12.46			$ 12.02

Income From Investment Operations

Net investment income^(a)(b)		.15			.61			.20			.03			.10

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.01			(1.38	)		1.11			(.24	)		.34

Net increase (decrease) in net asset value from operations		1.16			(.77	)		1.31			(.21	)		.44

Less: Dividends

Dividends from net investment income		(.04	)		(.18	)		– 0	–		(.00	)^(d)		– 0	–

Net asset value, end of period		$ 13.73			$ 12.61			$ 13.56			$ 12.25			$ 12.46


Total Return

Total investment return based on net asset value^(c)*		8.81	%		(5.80	)%⁺		10.69	%		(1.67	)%		3.66	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,086			$938			$1,233			$2,178			$4,775

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		2.00	%		2.00	%		2.00	%		2.00	%		2.22	%

Expenses, before waivers/reimbursements		2.52	%		2.54	%		2.38	%		2.43	%		2.37	%

Net investment income^(b)		1.12	%		4.97	%		1.44	%		.26	%		.86	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



42 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Advisor Class
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 13.23			$ 14.29			$ 12.90			$ 13.16			$ 12.63

Income From Investment Operations

Net investment income^(a)(b)		.29			.77			.35			.15			.23

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.05			(1.42	)		1.17			(.23	)		.36

Net increase (decrease) in net asset value from operations		1.34			(.65	)		1.52			(.08	)		.59

Less: Dividends

Dividends from net investment income		(.18	)		(.41	)		(.13	)		(.18	)		(.06	)

Net asset value, end of period		$ 14.39			$ 13.23			$ 14.29			$ 12.90			$ 13.16


Total Return

Total investment return based on net asset value^(c)*		9.87	%		(4.77	)%⁺		11.82	%		(.68	)%		4.72	%

Ratios/Supplemental Data

Net assets, end of period (000,000’s omitted)		$26			$27			$33			$32			$38

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.00	%		1.00	%		1.00	%		1.00	%		1.20	%

Expenses, before waivers/reimbursements		1.49	%		1.51	%		1.36	%		1.40	%		1.36	%

Net investment income^(b)		2.07	%		6.01	%		2.36	%		1.25	%		1.84	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 43

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class R
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 12.77			$ 13.81			$ 12.46			$ 12.71			$ 12.20

Income From Investment Operations

Net investment income^(a)(b)		.21			.69			.26			.08			.16

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.03			(1.40	)		1.14			(.22	)		.35

Net increase (decrease) in net asset value from operations		1.24			(.71	)		1.40			(.14	)		.51

Less: Dividends

Dividends from net investment income		(.12	)		(.33	)		(.05	)		(.11	)		– 0	–

Net asset value, end of period		$ 13.89			$ 12.77			$ 13.81			$ 12.46			$ 12.71


Total Return

Total investment return based on net asset value^(c)*		9.36	%		(5.33	)%⁺		11.26	%		(1.12	)%		4.18	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,735			$4,286			$5,387			$6,068			$9,623

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.50	%		1.50	%		1.50	%		1.50	%		1.69	%

Expenses, before waivers/reimbursements		2.27	%		2.00	%		1.86	%		1.88	%		1.83	%

Net investment income^(b)		1.56	%		5.52	%		1.85	%		.74	%		1.32	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



44 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class K
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 12.83			$ 13.87			$ 12.54			$ 12.81			$ 12.29

Income From Investment Operations

Net investment income^(a)(b)		.25			.64			.30			.12			.20

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.02			(1.31	)		1.13			(.23	)		.35

Net increase (decrease) in net asset value from operations		1.27			(.67	)		1.43			(.11	)		.55

Less: Dividends

Dividends from net investment income		(.15	)		(.37	)		(.10	)		(.16	)		(.03	)

Net asset value, end of period		$ 13.95			$ 12.83			$ 13.87			$ 12.54			$ 12.81


Total Return

Total investment return based on net asset value^(c)*		9.67	%		(5.03	)%⁺		11.49	%		(.92	)%		4.48	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$8,475			$4,381			$6,599			$7,162			$8,425

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.25	%		1.25	%		1.25	%		1.25	%		1.40	%

Expenses, before waivers/reimbursements		2.00	%		1.68	%		1.55	%		1.57	%		1.52	%

Net investment income^(b)		1.84	%		5.08	%		2.09	%		1.02	%		1.65	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 45

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class I
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 12.80			$ 13.88			$ 12.57			$ 12.86			$ 12.35

Income From Investment Operations

Net investment income^(a)(b)		.25			.78			.32			.15			.24

Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.05			(1.42	)		1.15			(.23	)		.35

Net increase (decrease) in net asset value from operations		1.30			(.64	)		1.47			(.08	)		.59

Less: Dividends

Dividends from net investment income		(.22	)		(.44	)		(.16	)		(.21	)		(.08	)

Net asset value, end of period		$ 13.88			$ 12.80			$ 13.88			$ 12.57			$ 12.86


Total Return

Total investment return based on net asset value^(c)*		9.97	%		(4.83	)%⁺		11.78	%		(.64	)%		4.87	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$711			$1,129			$1,400			$1,829			$7,342

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.00	%		1.00	%		1.00	%		1.00	%		1.03	%

Expenses, before waivers/reimbursements		1.27	%		1.26	%		1.12	%		1.14	%		1.11	%

Net investment income^(b)		1.82	%		6.26	%		2.28	%		1.30	%		1.97	%

Portfolio turnover rate		39	%		42	%		45	%		48	%		47	%

See footnote summary on page 47.



46 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)

Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(d)	Amount is less than $.005.

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the years ended November 30, 2023, November 30, 2022, November 30, 2020 and November 30, 2019 by .02%, .01%, .04% and .19%, respectively.

+	The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.

See notes to financial statements.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 47

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB International Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Fund (the “Fund”) (one of the funds constituting AB Trust (the “Trust”)), including the portfolio of investments, as of November 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting AB Trust) at November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and



48 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 26, 2024



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 49

2023 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Fund for the taxable year ended November 30, 2023.

For the taxable year ended November 30, 2023, the Fund designates 87.83% as the maximum amount that may be considered qualified dividend income for individual shareholders.

The Fund intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended November 30, 2023, $300,493 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $3,680,294.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2024.



50 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

BOARD OF TRUSTEES

Garry L. Moody⁽¹⁾,

Chairman

Jorge A. Bermudez⁽¹⁾

Michael J. Downey⁽¹⁾

Onur Erzan, President and Chief Executive Officer

Nancy P. Jacklin⁽¹⁾

Jeanette W. Loeb⁽¹⁾

Carol C. McMullen⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Emilie D. Wrapp, Advisory Board Member

OFFICERS

Justin Moreau⁽²⁾, Vice President

Avi Lavi⁽²⁾, Vice President

Nancy E. Hay, Secretary

Michael B. Reyes, Senior Vice President

Stephen M. Woetzel, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company

One Congress Street, Suite 1
Boston, MA 02114

Principal Underwriter

AllianceBernstein Investments, Inc.
501 Commerce Street

Nashville, TN 37203

Legal Counsel

Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004

Transfer Agent

AllianceBernstein Investor
Services, Inc.
P.O. Box 786003
San Antonio, TX 78278
Toll-Free (800) 221-5672

Independent Registered Public Accounting Firm

Ernst & Young LLP
One Manhattan West
New York, NY 10001

1	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s International Value Senior Investment Management Team. Messrs. Moreau and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 51

MANAGEMENT OF THE FUND

Board of Trustees Information

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund’s Trustees is set forth below.


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE

Onur Erzan,^# 1345 Avenue of the Americas New York, NY 10105 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None



52 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE

Garry L. Moody,^## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 53

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jorge A. Bermudez,^## 72 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (July 2017-June 2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011


Michael J. Downey,^## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		82	None



54 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Nancy P. Jacklin,^## 75 (2006)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 55

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jeanette W. Loeb,^## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corporation (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None



56 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Carol C. McMullen,^## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		82	None



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 57

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Marshall C. Turner, Jr.,^## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None

ADVISORY BOARD MEMBER

Emilie D. Wrapp,^# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None



58 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)

*	The address for each of the Fund’s Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

**	There is no stated term of office for the Fund’s Trustees or Advisory Board member.

***

The information above includes each Trustee’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee’s qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund.

#	Mr. Erzan is an “interested trustee” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former affiliation with the Adviser.

##	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 59

MANAGEMENT OF THE FUND (continued)

Officers of the Trust

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.

Avi Lavi 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Chief Investment Officer of Global and International Value Equities.

Justin Moreau 38	Vice President	Senior Vice President of the Adviser**, with which he has been associated in a substantially similar capacity to his current position, including as a research analyst, since prior to 2019.

Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser, with which she has been associated since prior to 2019 and Assistant Secretary of ABI.

Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.

Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.

Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.

Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 to 2019.

*	The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

**	The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.



60 ^\| AB INTERNATIONAL VALUE FUND		abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

In October 2016, the Securities and Exchange Commission (“SEC”) adopted the open-end fund liquidity rule (the “Liquidity Rule”). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program (“LRMP”) in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund’s Liquidity Risk Management Program. The Administrator of the Fund’s LRMP is AllianceBernstein L.P., the Fund’s investment adviser (the “Adviser”). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the “Committee”).

Another requirement of the Liquidity Rule is for the Fund’s Board of Trustees (the “Fund Board”) to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund’s LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2023, which covered the period January 1, 2022 through December 31, 2022 (the “Program Reporting Period”).

The LRMP’s principal objectives include supporting the Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum (“HLIM”). The Committee also incorporated the following information when determining the Fund’s reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund’s concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.



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The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.



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Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Trust (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Fund (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business



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judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2021 and 2022 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution



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expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund’s shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the “15(c) service provider”), showing the performance of the Advisor Class shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2023 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median. Taking into account the administrative expense reimbursement paid to the Adviser in the latest fiscal year, the directors noted that the Adviser’s total rate of



abfunds.com		AB INTERNATIONAL VALUE FUND ^\| 65

compensation was above the median and discussed with the Adviser the reasons it was above the median.

The directors also considered the Adviser’s fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Fund’s Senior Vice President and noted the differences between the Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another fund advised by the Adviser utilizing similar investment strategies.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.



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advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.



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This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

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Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

1	Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.



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LOGO

AB INTERNATIONAL VALUE FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

IV-0151-1123 LOGO

NOV^11.30.23

LOGO

ANNUAL REPORT

AB DISCOVERY VALUE FUND

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AB Discovery Value Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺

Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺

Applying differentiated investment insights through a connected global research network

⁺

Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



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ANNUAL REPORT

January 12, 2024

This report provides management’s discussion of fund performance for the AB Discovery Value Fund for the annual reporting period ended November 30, 2023.

The Fund’s investment objective is long-term growth of capital.

NAV RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	6 Months		12 Months

AB DISCOVERY VALUE FUND

Class A Shares		8.47%		0.44%

Class C Shares		8.03%		-0.28%

Advisor Class Shares¹		8.61%		0.73%

Class R Shares¹		8.17%		0.01%

Class K Shares¹		8.37%		0.29%

Class I Shares¹		8.55%		0.68%

Class Z Shares¹		8.62%		0.77%

Primary Benchmark: Russell 2500 Value Index		8.00%		-1.27%

Russell 2500 Index		5.79%		-0.25%

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its primary benchmark, the Russell 2500 Value Index, as well as the Russell 2500 Index, which represents small- and mid-cap stocks, for the six- and 12-month periods ended November 30, 2023.

During the 12-month period, all share classes of the Fund outperformed the primary benchmark and all share classes except Class C outperformed the Russell 2500 Index, before sales charges. Overall security selection drove outperformance, relative to the benchmark. Security selection within financials and consumer discretionary contributed, while selection within health care and consumer staples detracted. Sector selection also contributed. Overweights to industrials and consumer discretionary added to gains, while an overweight to financials and an underweight to materials detracted.

During the six-month period, all share classes of the Fund outperformed both the primary benchmark and the Russell 2500 Index, before sales



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charges. Sector selection contributed, as gains from an overweight to industrials and an underweight to real estate offset losses from an overweight to technology and an underweight to materials. Overall security selection was also positive. Security selection within financials and technology contributed, while selection within communication services and health care detracted.

The Fund did not use derivatives during either period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended November 30, 2023. Early in the period, aggressive central bank tightening—led by the US Federal Reserve—pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields—especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory. As the period ended, equity markets rallied sharply as Treasury yields eased, soft-landing optimism accelerated and the prospect of 2024 rate cuts gained momentum, underpinned by a rapid deceleration of inflation and softening economic data. Within large-cap markets, both growth-and value-oriented stocks rose, but growth outperformed value by a wide margin, led by the technology sector and artificial intelligence optimism. Large-cap stocks rose, significantly outperforming small-cap stocks, which declined.

The Fund’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it considers to be undervalued companies with solid fundamentals and attractive long-term earnings prospects. The Fund’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

INVESTMENT POLICIES

The Fund invests primarily in a diversified portfolio of equity securities of small-to mid-capitalization US companies. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-to mid-capitalization companies. For purposes of this policy, small-to mid-capitalization companies are those that, at the time of investment, fall within the capitalization range between the smallest company in the Russell 2500 Value Index and the greater of $5 billion

(continued on next page)



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or the market capitalization of the largest company in the Russell 2500 Value Index. Because the Fund’s definition of small-to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets.

The Fund invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.

The Fund may invest in securities issued by non-US companies.



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DISCLOSURES AND RISKS

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500^TM Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.



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DISCLOSURES AND RISKS (continued)

no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.

An Important Note About Historical Performance

All fees and expenses related to the operation of the Fund have been deducted. Net asset value (“NAV”) returns do not reflect sales charges; if sales charges were reflected, the Fund’s quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1%, 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



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HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

11/30/2013 TO 11/30/2023

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Discovery Value Fund Class A shares (from 11/30/2013 to 11/30/2023) as compared to the performance of the Fund’s benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.



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HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		0.44%		-3.81%

5 Years		5.28%		4.37%

10 Years		6.29%		5.83%

CLASS C SHARES

1 Year		-0.28%		-1.21%

5 Years		4.49%		4.49%

10 Years¹		5.51%		5.51%

ADVISOR CLASS SHARES²

1 Year		0.73%		0.73%

5 Years		5.54%		5.54%

10 Years		6.57%		6.57%

CLASS R SHARES²

1 Year		0.01%		0.01%

5 Years		4.83%		4.83%

10 Years		5.87%		5.87%

CLASS K SHARES²

1 Year		0.29%		0.29%

5 Years		5.15%		5.15%

10 Years		6.20%		6.20%

CLASS I SHARES²

1 Year		0.68%		0.68%

5 Years		5.52%		5.52%

10 Years		6.57%		6.57%

CLASS Z SHARES²

1 Year		0.77%		0.77%

5 Years		5.60%		5.60%

10 Years		6.65%		6.65%

The Fund’s prospectus fee table shows the Fund’s total annual operating expense ratios as 1.08%, 1.83%, 0.83%, 1.52%, 1.21%, 0.86% and 0.79% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	Assumes conversion of Class C shares into Class A shares after eight years.



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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2023 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		11.75%

5 Years		9.34%

10 Years		6.62%

CLASS C SHARES

1 Year		14.83%

5 Years		9.47%

10 Years¹		6.29%

ADVISOR CLASS SHARES²

1 Year		16.98%

5 Years		10.57%

10 Years		7.36%

CLASS R SHARES²

1 Year		16.12%

5 Years		9.82%

10 Years		6.66%

CLASS K SHARES²

1 Year		16.52%

5 Years		10.17%

10 Years		6.99%

CLASS I SHARES²

1 Year		16.95%

5 Years		10.56%

10 Years		7.36%

CLASS Z SHARES²

1 Year		17.08%

5 Years		10.64%

10 Years		7.44%

1	Assumes conversion of Class C shares into Class A shares after eight years.

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.



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EXPENSE EXAMPLE

(unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

Hypothetical Example for Comparison Purposes



10 ^\| AB DISCOVERY VALUE FUND		abfunds.com

EXPENSE EXAMPLE (continued)


	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,084.70	$	5.75		1.10	%
Hypothetical**	$	1,000	$	1,019.55	$	5.57		1.10	%
Class C
Actual	$	1,000	$	1,080.30	$	9.65		1.85	%
Hypothetical**	$	1,000	$	1,015.79	$	9.35		1.85	%
Advisor Class
Actual	$	1,000	$	1,086.10	$	4.45		0.85	%
Hypothetical**	$	1,000	$	1,020.81	$	4.31		0.85	%
Class R
Actual	$	1,000	$	1,081.70	$	8.71		1.67	%
Hypothetical**	$	1,000	$	1,016.70	$	8.44		1.67	%
Class K
Actual	$	1,000	$	1,083.70	$	8.51		1.63	%
Hypothetical**	$	1,000	$	1,016.90	$	8.24		1.63	%
Class I
Actual	$	1,000	$	1,085.50	$	4.71		0.90	%
Hypothetical**	$	1,000	$	1,020.56	$	4.56		0.90	%
Class Z
Actual	$	1,000	$	1,086.20	$	4.18		0.80	%
Hypothetical**	$	1,000	$	1,021.06	$	4.05		0.80	%

*	Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

**	Assumes 5% annual return before expenses.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 11

PORTFOLIO SUMMARY

November 30, 2023 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $2,477.0

LOGO

TEN LARGEST HOLDINGS²



Company	U.S. $ Value		Percent of Net Assets

PVH Corp.	$	46,085,279		1.9	%

First Citizens BancShares, Inc./NC – Class A		44,500,553		1.8

Cboe Global Markets, Inc.		41,553,895		1.7

Everest Group Ltd.		40,324,221		1.6

STAG Industrial, Inc.		39,006,413		1.6

Cameco Corp.		38,916,282		1.6

Dycom Industries, Inc.		38,905,963		1.6

Comerica, Inc.		38,163,148		1.5

Jones Lang LaSalle, Inc.		37,180,477		1.5

Fluor Corp.		36,313,516		1.5

	$	400,949,747		16.3	%

1	The Fund’s sector breakdown is expressed as a percentage of total investments and may vary over time.

2	Long-term investments.



12 ^\| AB DISCOVERY VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS

November 30, 2023


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.6%
Industrials – 22.5%
Aerospace & Defense – 1.2%
Spirit AeroSystems Holdings, Inc. – Class A^(a)(b)		1,093,400	$	30,057,566


Building Products – 1.5%
Builders FirstSource, Inc.^(b)		267,960		35,936,116


Commercial Services & Supplies – 2.4%
ABM Industries, Inc.		639,352		26,207,039
Stericycle, Inc.^(b)		695,792		32,681,350

				58,888,389

Construction & Engineering – 4.5%
Dycom Industries, Inc.^(b)		374,564		38,905,963
Fluor Corp.^(b)		954,865		36,313,516
MasTec, Inc.^(b)		588,552		35,689,793

				110,909,272

Electrical Equipment – 1.8%
Regal Rexnord Corp.		220,098		26,367,740
Sensata Technologies Holding PLC		594,068		19,313,151

				45,680,891

Ground Transportation – 2.4%
ArcBest Corp.		258,353		30,793,094
Knight-Swift Transportation Holdings, Inc.		552,603		29,718,989

				60,512,083

Machinery – 2.7%
Middleby Corp. (The)^(a)(b)		275,103		34,726,252
Oshkosh Corp.		324,978		31,617,109

				66,343,361

Marine Transportation – 1.0%
Star Bulk Carriers Corp.		1,223,091		26,002,915


Passenger Airlines – 1.1%
Alaska Air Group, Inc.^(b)		697,985		26,390,813


Professional Services – 2.5%
Genpact Ltd.		452,829		15,378,073
Korn Ferry		339,330		17,556,934
Robert Half, Inc.^(a)		364,429		29,875,890

				62,810,897

Trading Companies & Distributors – 1.4%
Herc Holdings, Inc.		274,731		33,973,235

				557,505,538

Financials – 18.2%
Banks – 10.5%
BankUnited, Inc.		547,405		15,102,904
Comerica, Inc.		843,944		38,163,148



abfunds.com		AB DISCOVERY VALUE FUND ^\| 13

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

First BanCorp./Puerto Rico		2,182,383	$	32,735,745
First Citizens BancShares, Inc./NC – Class A		30,316		44,500,553
First Hawaiian, Inc.		1,351,677		26,560,453
Texas Capital Bancshares, Inc.^(b)		482,305		26,468,898
Webster Financial Corp.		567,106		25,434,704
Wintrust Financial Corp.		352,710		30,216,666
Zions Bancorp NA		593,562		21,148,614

				260,331,685

Capital Markets – 3.6%
Cboe Global Markets, Inc.		228,080		41,553,895
Moelis & Co. – Class A^(a)		473,772		22,480,482
Stifel Financial Corp.		418,312		25,525,398

				89,559,775

Insurance – 4.1%
American Financial Group, Inc./OH		220,677		25,243,242
Everest Group Ltd.		98,220		40,324,221
Hanover Insurance Group, Inc. (The)		142,321		17,690,500
Kemper Corp.		347,150		15,354,445
Selective Insurance Group, Inc.		13,972		1,420,813

				100,033,221

				449,924,681

Consumer Discretionary – 16.2%
Automobile Components – 1.9%
Dana, Inc.		1,393,621		18,409,733
Goodyear Tire & Rubber Co. (The)^(b)		2,137,080		29,684,041

				48,093,774

Diversified Consumer Services – 1.1%
ADT, Inc.^(a)		4,413,898		25,909,581


Hotels, Restaurants & Leisure – 1.6%
Dine Brands Global, Inc.		442,906		19,253,124
Papa John’s International, Inc.^(a)		310,917		20,284,225

				39,537,349

Household Durables – 2.3%
PulteGroup, Inc.		363,637		32,152,784
Taylor Morrison Home Corp.^(b)		525,471		23,698,742

				55,851,526

Leisure Products – 1.3%
Brunswick Corp./DE		410,461		32,373,059


Specialty Retail – 3.9%
Bath & Body Works, Inc.		1,028,416		33,546,930
Dick’s Sporting Goods, Inc.^(a)		258,870		33,678,987
Williams-Sonoma, Inc.^(a)		160,318		30,066,038

				97,291,955



14 ^\| AB DISCOVERY VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Textiles, Apparel & Luxury Goods – 4.1%
PVH Corp.		471,316	$	46,085,279
Ralph Lauren Corp.		255,414		33,045,463
Tapestry, Inc.		730,238		23,126,637

				102,257,379

				401,314,623

Information Technology – 11.3%
Communications Equipment – 2.0%
Calix, Inc.^(b)		690,706		26,654,344
Lumentum Holdings, Inc.^(a)(b)		527,305		22,568,654

				49,222,998

Electronic Equipment, Instruments & Components – 2.5%
Avnet, Inc.		517,593		24,202,649
Belden, Inc.		294,423		19,561,464
Crane NXT Co.		336,398		17,311,041

				61,075,154

Semiconductors & Semiconductor Equipment – 3.7%
Amkor Technology, Inc.		1,063,060		29,946,400
FormFactor, Inc.^(b)		731,019		27,471,694
Synaptics, Inc.^(b)		343,550		34,781,002

				92,199,096

Software – 3.1%
ACI Worldwide, Inc.^(b)		1,004,066		26,848,725
CommVault Systems, Inc.^(b)		327,083		24,066,767
Gen Digital, Inc.		1,218,122		26,896,134

				77,811,626

				280,308,874

Real Estate – 7.7%
Diversified REITs – 0.6%
Broadstone Net Lease, Inc. – Class A		956,335		15,301,360


Hotel & Resort REITs – 1.1%
Ryman Hospitality Properties, Inc.		281,859		28,284,551


Industrial REITs – 2.3%
First Industrial Realty Trust, Inc.		362,230		17,042,922
STAG Industrial, Inc.^(a)		1,088,045		39,006,413

				56,049,335

Real Estate Management & Development – 1.5%
Jones Lang LaSalle, Inc.^(b)		239,072		37,180,477


Residential REITs – 1.4%
Apartment Income REIT Corp.		1,112,203		34,611,757



abfunds.com		AB DISCOVERY VALUE FUND ^\| 15

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Specialized REITs – 0.8%
CubeSmart		499,768	$	19,870,776

				191,298,256

Health Care – 6.2%
Health Care Equipment & Supplies – 3.0%
Avantor, Inc.^(b)		1,232,050		26,094,819
Envista Holdings Corp.^(b)		906,520		20,568,939
Integra LifeSciences Holdings Corp.^(b)		688,860		26,996,423

				73,660,181

Health Care Providers & Services – 2.3%
Acadia Healthcare Co., Inc.^(b)		261,520		19,088,345
AMN Healthcare Services, Inc.^(b)		319,605		21,669,219
Pediatrix Medical Group, Inc.^(b)		1,845,064		15,461,636

				56,219,200

Life Sciences Tools & Services – 0.9%
Fortrea Holdings, Inc.^(b)		799,679		23,542,550

				153,421,931

Energy – 5.7%
Energy Equipment & Services – 1.1%
ChampionX Corp.		923,740		27,084,057


Oil, Gas & Consumable Fuels – 4.6%
Cameco Corp.		847,480		38,916,282
HF Sinclair Corp.		412,928		21,670,461
International Seaways, Inc.		497,060		22,685,818
Magnolia Oil & Gas Corp. – Class A		1,448,498		31,142,707

				114,415,268

				141,499,325

Materials – 3.4%
Chemicals – 1.1%
Element Solutions, Inc.		1,371,670		28,750,203


Containers & Packaging – 1.4%
Berry Global Group, Inc.		513,010		33,920,221


Metals & Mining – 0.9%
ATI, Inc.^(b)		491,229		21,589,515

				84,259,939

Utilities – 3.1%
Electric Utilities – 1.9%
IDACORP, Inc.		266,359		25,703,644
Portland General Electric Co.		527,485		21,658,534

				47,362,178

Multi-Utilities – 1.2%
CenterPoint Energy, Inc.		1,038,690		29,363,766

				76,725,944



16 ^\| AB DISCOVERY VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Consumer Staples – 3.0%
Food Products – 3.0%
Hain Celestial Group, Inc. (The)^(b)		1,607,625	$	16,992,596
Lamb Weston Holdings, Inc.		279,960		28,004,399
Nomad Foods Ltd.^(b)		1,786,534		28,852,524

				73,849,519

Communication Services – 2.3%
Media – 2.3%
Criteo SA (Sponsored ADR)^(b)		886,959		22,103,018
Nexstar Media Group, Inc.^(a)		244,320		34,676,338

				56,779,356

Total Investments – 99.6% (cost $2,301,282,549)				2,466,887,986
Other assets less liabilities – 0.4%				10,067,658


Net Assets – 100.0%			$	2,476,955,644

(a)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(b)	Non-income producing security.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 17

STATEMENT OF ASSETS & LIABILITIES

November 30, 2023


Assets
Investments in securities, at value (cost $2,301,282,549)	$	2,466,887,986	^(a)
Receivable for investment securities sold		65,298,922
Unaffiliated dividends receivable		3,394,385
Receivable for shares of beneficial interest sold		610,046
Affiliated dividends receivable		49,820
Receivable due from Adviser		1,441
Other assets		25,837

Total assets		2,536,268,437

Liabilities
Due to custodian		44,273,363
Payable for shares of beneficial interest redeemed		7,962,455
Payable for investment securities purchased		4,787,425
Advisory fee payable		1,506,601
Transfer Agent fee payable		72,726
Distribution fee payable		63,274
Administrative fee payable		47,949
Trustees’ fees payable		12,473
Accrued expenses		586,527

Total liabilities		59,312,793

Net Assets	$	2,476,955,644

Composition of Net Assets
Paid-in capital	$	2,187,896,095
Distributable earnings		289,059,549

Net Assets	$	2,476,955,644

Net Asset Value Per Share—unlimited shares authorized, without par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	227,835,388		10,978,692	$	20.75	*

C	$	6,015,807		349,073	$	17.23

Advisor	$	1,376,937,864		64,194,669	$	21.45

R	$	26,893,021		1,354,984	$	19.85

K	$	12,992,169		638,704	$	20.34

I	$	127,294,843		6,190,272	$	20.56

Z	$	698,986,552		34,048,056	$	20.53

(a)	Includes securities on loan with a value of $139,148,488 (see Note E).

*	The maximum offering price per share for Class A shares was $21.67 which reflects a sales charge of 4.25%.

See notes to financial statements.



18 ^\| AB DISCOVERY VALUE FUND		abfunds.com

STATEMENT OF OPERATIONS

Year Ended November 30, 2023


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $153,004)	$	42,486,630
Affiliated issuers		835,855
Interest		2,560
Securities lending income		392,589
Other income		32,253		$	43,749,887

Expenses
Advisory fee (see Note B)		19,574,706
Distribution fee—Class A		605,474
Distribution fee—Class C		75,029
Distribution fee—Class R		146,587
Distribution fee—Class K		38,354
Transfer agency—Class A		174,000
Transfer agency—Class C		5,612
Transfer agency—Advisor Class		1,015,053
Transfer agency—Class R		84,371
Transfer agency—Class K		60,623
Transfer agency—Class I		133,095
Transfer agency—Class Z		204,538
Custody and accounting		188,564
Printing		144,917
Registration fees		129,104
Administrative		110,848
Legal		65,648
Audit and tax		62,342
Trustees’ fees		50,710
Miscellaneous		112,464

Total expenses		22,982,039
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(22,049	)

Net expenses					22,959,990

Net investment income					20,789,897

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					157,769,721
Foreign currency transactions					(531	)
Net change in unrealized appreciation (depreciation) of:
Investments					(163,653,755	)
Foreign currency denominated assets and liabilities					(666	)

Net loss on investment and foreign currency transactions					(5,885,231	)

Net Increase in Net Assets from Operations				$	14,904,666

See notes to financial statements.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 19

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2023			Year Ended November 30, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income	$	20,789,897		$	29,319,009
Net realized gain on investment transactions		157,769,190			183,169,816
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		(163,654,421	)		(436,126,885	)
Contributions from Affiliates (see Note B)		– 0	–		641

Net increase (decrease) in net assets from operations		14,904,666			(223,637,419	)
Distributions to Shareholders
Class A		(17,358,541	)		(29,905,009	)
Class C		(672,390	)		(1,288,816	)
Advisor Class		(99,824,843	)		(158,996,737	)
Class R		(2,216,296	)		(3,790,542	)
Class K		(1,163,963	)		(2,411,479	)
Class I		(9,286,407	)		(14,259,872	)
Class Z		(63,934,035	)		(92,482,454	)
Transactions in Shares of Beneficial Interest
Net increase (decrease)		(187,904,442	)		97,661,437

Total decrease		(367,456,251	)		(429,110,891	)
Net Assets
Beginning of period		2,844,411,895			3,273,522,786

End of period	$	2,476,955,644		$	2,844,411,895

See notes to financial statements.



20 ^\| AB DISCOVERY VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS

November 30, 2023

NOTE A

Significant Accounting Policies

AB Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The Trust operates as a series company currently comprised of three funds. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Discovery Value Fund (the “Fund”), a diversified fund. The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Class B shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All eight classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation



abfunds.com		AB DISCOVERY VALUE FUND ^\| 21

NOTES TO FINANCIAL STATEMENTS (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.



22 ^\| AB DISCOVERY VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

2. Fair Value Measurements

•

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)



abfunds.com		AB DISCOVERY VALUE FUND ^\| 23

NOTES TO FINANCIAL STATEMENTS (continued)

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 November 30, 2023:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

2,466,887,986

– 0

–

– 0

–

2,466,887,986

Total Investments in Securities

2,466,887,986

– 0

–

– 0

–

2,466,887,986

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

2,466,887,986

– 0

–

– 0

–

2,466,887,986

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation

4. Taxes

It is the Fund’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of



24 ^\| AB DISCOVERY VALUE FUND		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions



abfunds.com		AB DISCOVERY VALUE FUND ^\| 25

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE B

Advisory Fee and Other Transactions with Affiliates

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $2,812 from the sale of Class A shares and received $1,527 and $617 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended November 30, 2023.

The Fund may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. The Adviser had contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended November 30, 2023, such waiver amounted to $18,908.



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NOTES TO FINANCIAL STATEMENTS (continued)

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2023 is as follows:


Fund	Market Value 11/30/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/23 (000)			Dividend Income (000)
Government Money Market Portfolio	$	15,430	$	663,614	$	679,044	$	– 0	–	$	836
Government Money Market Portfolio*		49,755		410,355		460,110		– 0	–		85

Total							$	– 0	–	$	921

*	Investments of cash collateral for securities lending transactions (see Note E).

During the year ended November 30, 2022, the Adviser reimbursed the Fund $641 for trading losses incurred due to a dividend estimate error.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to Class C shares, .50% of the Fund’s average daily net assets attributable to Class R shares and .25% of the Fund’s average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. Payments under the Agreement in respect of Class A shares are limited to an annual rate of ..25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $3,674,409, $2,823,850 and $915,407 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended November 30, 2023 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	1,375,390,035		$	1,728,990,705
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	2,336,715,883

Gross unrealized appreciation	$	371,371,965
Gross unrealized depreciation		(241,199,862	)

Net unrealized appreciation	$	130,172,103

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2023.

2. Currency Transactions



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be



abfunds.com		AB DISCOVERY VALUE FUND ^\| 29

NOTES TO FINANCIAL STATEMENTS (continued)

sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2023 is as follows:


									Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	139,148,488	$	– 0	–	$	141,097,769	$	307,984	$	84,605	$	3,141

*	As of November 30, 2023.

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class A
Shares sold		957,997			1,210,380		$	19,531,630		$	28,049,850

Shares issued in reinvestment of dividends and distributions		776,559			1,085,927			15,507,875			27,083,009

Shares converted from Class C		73,227			72,597			1,510,468			1,672,832

Shares redeemed		(2,560,223	)		(3,174,655	)		(51,598,871	)		(71,958,978	)

Net decrease		(752,440	)		(805,751	)	$	(15,048,898	)	$	(15,153,287	)


Class C
Shares sold		33,620			127,492		$	566,444		$	2,424,379

Shares issued in reinvestment of dividends and distributions		38,072			57,670			636,186			1,217,999

Shares converted to Class A		(87,788	)		(85,920	)		(1,510,468	)		(1,672,832	)

Shares redeemed		(146,254	)		(195,382	)		(2,472,319	)		(3,747,251	)

Net decrease		(162,350	)		(96,140	)	$	(2,780,157	)	$	(1,777,705	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Advisor Class
Shares sold		9,883,963			9,607,167		$	206,602,701		$	229,967,399

Shares issued in reinvestment of dividends and distributions		4,150,578			5,066,090			85,460,405			130,046,545

Shares redeemed		(14,722,362	)		(14,390,966	)		(310,769,654	)		(333,729,584	)

Net increase (decrease)		(687,821	)		282,291		$	(18,706,548	)	$	26,284,360


Class R
Shares sold		147,660			284,014		$	2,885,444		$	6,422,492

Shares issued in reinvestment of dividends and distributions		115,492			157,808			2,216,296			3,790,542

Shares redeemed		(507,313	)		(513,219	)		(9,975,749	)		(11,401,746	)

Net decrease		(244,161	)		(71,397	)	$	(4,874,009	)	$	(1,188,712	)


Class K
Shares sold		123,631			314,256		$	2,498,608		$	7,230,321

Shares issued in reinvestment of dividends and distributions		59,386			98,428			1,163,959			2,411,472

Shares redeemed		(353,532	)		(655,564	)		(7,050,174	)		(14,619,650	)

Net decrease		(170,515	)		(242,880	)	$	(3,387,607	)	$	(4,977,857	)


Class I
Shares sold		1,459,737			1,512,892		$	29,084,307		$	33,624,535

Shares issued in reinvestment of dividends and distributions		467,059			575,377			9,224,416			14,206,069

Shares redeemed		(1,740,336	)		(1,948,967	)		(34,776,023	)		(43,326,522	)

Net increase		186,460			139,302		$	3,532,700		$	4,504,082


Class Z
Shares sold		4,523,928			5,157,313		$	90,137,986		$	114,943,185

Shares issued in reinvestment of dividends and distributions		3,231,226			3,747,823			63,655,144			92,308,884

Shares redeemed		(14,886,883	)		(5,248,294	)		(300,433,053	)		(117,281,513	)

Net increase (decrease)		(7,131,729	)		3,656,842		$	(146,639,923	)	$	89,970,556



abfunds.com		AB DISCOVERY VALUE FUND ^\| 31

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE G

Risks Involved in Investing in the Fund

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

Derivatives Risk—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.



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Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

Indemnification Risk—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

NOTE H

Joint Credit Facility

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2023 and November 30, 2022 were as follows:


	2023		2022
Distributions paid from:
Ordinary income	$	30,628,777	$	233,593,877
Net long-term capital gains		163,827,698		69,541,032

Total taxable distributions	$	194,456,475	$	303,134,909



abfunds.com		AB DISCOVERY VALUE FUND ^\| 33

NOTES TO FINANCIAL STATEMENTS (continued)

As of November 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	21,402,054
Undistributed capital gains		137,485,298
Unrealized appreciation (depreciation)		130,172,197	^(a)

Total accumulated earnings (deficit)	$	289,059,549

(a)	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

During the current fiscal year, permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J

Recent Accounting Pronouncements

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022-06, “Reference Rate Reform (Topic 848)—Deferral of the Sunset Date of Topic 848”. ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

NOTE K

Subsequent Events



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NOTES TO FINANCIAL STATEMENTS (continued)



abfunds.com		AB DISCOVERY VALUE FUND ^\| 35

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class A
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 22.19			$ 26.15			$ 19.27			$ 20.27			$ 22.06

Income From Investment Operations

Net investment income^(a)(b)		.12			.17			.20			.14			.12

Net realized and unrealized gain (loss) on investment transactions		(.08	)		(1.73	)		6.79			(.34	)		.21

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.04			(1.56	)		6.99			(.20	)		.33

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.22	)		(.11	)		(.16	)		(.06	)

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.48	)		(2.40	)		(.11	)		(.80	)		(2.12	)

Net asset value, end of period		$ 20.75			$ 22.19			$ 26.15			$ 19.27			$ 20.27


Total Return

Total investment return based on net asset value^(d)*		.44	%		(6.98	)%		36.43	%		(1.09	)%		2.58	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$227,835			$260,309			$327,794			$258,777			$368,201

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.10	%		1.08	%		1.08	%		1.15	%		1.12	%

Expenses, before waivers/reimbursements		1.10	%		1.08	%		1.08	%		1.15	%		1.13	%

Net investment income^(b)		.57	%		.75	%		.82	%		.87	%		.64	%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class C
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 18.66			$ 22.30			$ 16.47			$ 17.42			$ 19.34

Income From Investment Operations

Net investment income (loss)^(a)(b)		(.03	)		0	^(c)		.01			.02			(.02	)

Net realized and unrealized gain (loss) on investment transactions		(.07	)		(1.45	)		5.82			(.32	)		.16

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(.10	)		(1.45	)		5.83			(.30	)		.14

Less: Dividends and Distributions

Dividends from net investment income		(.04	)		(.01	)		– 0	–		(.01	)		– 0	–

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.33	)		(2.19	)		– 0	–		(.65	)		(2.06	)

Net asset value, end of period		$ 17.23			$ 18.66			$ 22.30			$ 16.47			$ 17.42


Total Return

Total investment return based on net asset value^(d)*		(.28	)%		(7.70	)%		35.40	%		(1.85	)%		1.84	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$6,016			$9,541			$13,548			$15,006			$36,124

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.85	%		1.83	%		1.83	%		1.90	%		1.88	%

Expenses, before waivers/reimbursements		1.85	%		1.83	%		1.83	%		1.90	%		1.88	%

Net investment income (loss)^(b)		(.20	)%		(.02	)%		.03	%		.12	%		(.10	)%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Advisor Class
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 22.89			$ 26.90			$ 19.83			$ 20.83			$ 22.62

Income From Investment Operations

Net investment income^(a)(b)		.17			.23			.27			.19			.18

Net realized and unrealized gain (loss) on investment transactions		(.06	)		(1.78	)		6.96			(.34	)		.21

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.11			(1.55	)		7.23			(.15	)		.39

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.28	)		(.16	)		(.21	)		(.12	)

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.55	)		(2.46	)		(.16	)		(.85	)		(2.18	)

Net asset value, end of period		$ 21.45			$ 22.89			$ 26.90			$ 19.83			$ 20.83


Total Return

Total investment return based on net asset value^(d)*		.73	%		(6.78	)%		36.76	%		(.82	)%		2.83	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,376,938			$1,485,483			$1,738,004			$1,225,735			$1,310,091

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.85	%		.83	%		.83	%		.90	%		.87	%

Expenses, before waivers/reimbursements		.85	%		.83	%		.83	%		.90	%		.88	%

Net investment income^(b)		.82	%		1.00	%		1.07	%		1.10	%		.89	%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class R
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 21.28			$ 25.16			$ 18.55			$ 19.54			$ 21.36

Income From Investment Operations

Net investment income^(a)(b)		.02			.07			.09			.07			.05

Net realized and unrealized gain (loss) on investment transactions		(.06	)		(1.68	)		6.55			(.34	)		.19

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(.04	)		(1.61	)		6.64			(.27	)		.24

Less: Dividends and Distributions

Dividends from net investment income		(.10	)		(.09	)		(.03	)		(.08	)		– 0	–

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.39	)		(2.27	)		(.03	)		(.72	)		(2.06	)

Net asset value, end of period		$ 19.85			$ 21.28			$ 25.16			$ 18.55			$ 19.54


Total Return

Total investment return based on net asset value^(d)*		.01	%		(7.42	)%		35.79	%		(1.43	)%		2.16	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$26,893			$34,034			$42,024			$41,762			$60,911

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.56	%		1.52	%		1.51	%		1.54	%		1.52	%

Expenses, before waivers/reimbursements		1.57	%		1.52	%		1.52	%		1.55	%		1.53	%

Net investment income^(b)		.10	%		.30	%		.37	%		.46	%		.24	%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class K
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 21.77			$ 25.69			$ 18.94			$ 19.94			$ 21.74

Income From Investment Operations

Net investment income^(a)(b)		.05			.13			.17			.13			.10

Net realized and unrealized gain (loss) on investment transactions		(.04	)		(1.70	)		6.67			(.35	)		.21

Contributions from Affiliates		– 0	–		.00	^(c)		.00			– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.01			(1.57	)		6.84			(.22	)		.31

Less: Dividends and Distributions

Dividends from net investment income		(.15	)		(.17	)		(.09	)		(.14	)		(.05	)

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.44	)		(2.35	)		(.09	)		(.78	)		(2.11	)

Net asset value, end of period		$ 20.34			$ 21.77			$ 25.69			$ 18.94			$ 19.94


Total Return

Total investment return based on net asset value^(d)*		.29	%		(7.12	)%		36.21	%		(1.13	)%		2.48	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$12,992			$17,616			$27,024			$24,349			$31,724

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.42	%		1.21	%		1.21	%		1.23	%		1.21	%

Expenses, before waivers/reimbursements		1.42	%		1.21	%		1.21	%		1.24	%		1.22	%

Net investment income^(b)		.24	%		.58	%		.68	%		.77	%		.55	%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



40 ^\| AB DISCOVERY VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class I
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 22.01			$ 25.96			$ 19.14			$ 20.13			$ 21.94

Income From Investment Operations

Net investment income^(a)(b)		.16			.22			.25			.18			.17

Net realized and unrealized gain (loss) on investment transactions		(.07	)		(1.72	)		6.73			(.32	)		.20

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.09			(1.50	)		6.98			(.14	)		.37

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.27	)		(.16	)		(.21	)		(.12	)

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.54	)		(2.45	)		(.16	)		(.85	)		(2.18	)

Net asset value, end of period		$ 20.56			$ 22.01			$ 25.96			$ 19.14			$ 20.13


Total Return

Total investment return based on net asset value^(d)*		.68	%		(6.81	)%		36.71	%		(.79	)%		2.81	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$127,295			$132,169			$152,215			$178,761			$231,569

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.88	%		.86	%		.86	%		.90	%		.88	%

Expenses, before waivers/reimbursements		.88	%		.86	%		.86	%		.90	%		.88	%

Net investment income^(b)		.79	%		.97	%		1.03	%		1.11	%		.89	%

Portfolio turnover rate		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 41

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class Z
	Year Ended November 30,
	2023			2022			2021			2020			2019

Net asset value, beginning of period		$ 21.98			$ 25.93			$ 19.12			$ 20.11			$ 21.93

Income From Investment Operations

Net investment income^(a)(b)		.17			.24			.27			.20			.19

Net realized and unrealized gain (loss) on investment transactions		(.06	)		(1.72	)		6.72			(.33	)		.19

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		.11			(1.48	)		6.99			(.13	)		.38

Less: Dividends and Distributions

Dividends from net investment income		(.27	)		(.29	)		(.18	)		(.22	)		(.14	)

Distributions from net realized gain on investment transactions		(1.29	)		(2.18	)		– 0	–		(.64	)		(2.06	)

Total dividends and distributions		(1.56	)		(2.47	)		(.18	)		(.86	)		(2.20	)

Net asset value, end of period		$ 20.53			$ 21.98			$ 25.93			$ 19.12			$ 20.11


Total Return

Total investment return based on net asset value^(d)*		.77	%		(6.71	)%		36.76	%		(.71	)%		2.89	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$698,987			$905,260			$972,914			$897,818			$939,099

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.80	%		.79	%		.78	%		.81	%		.79	%

Expenses, before waivers/reimbursements		.80	%		.79	%		.78	%		.81	%		.79	%

Net investment income^(b)		.86	%		1.05	%		1.11	%		1.19	%		.97	%

Portfolio turnover rate^.		52	%		50	%		53	%		52	%		36	%

See footnote summary on page 43.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	Amount is less than $.005.

(d)

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2019 by .05%.

See notes to financial statements.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 43

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB Discovery Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Discovery Value Fund (the “Fund”) (one of the funds constituting AB Trust (the “Trust”)), including the portfolio of investments, as of November 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting AB Trust) at November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



44 ^\| AB DISCOVERY VALUE FUND		abfunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 26, 2024



abfunds.com		AB DISCOVERY VALUE FUND ^\| 45

2023 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2023. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. For corporate shareholders, 99.61% of dividends paid qualify for the dividends received deduction. The Fund designates $163,827,698 of dividends paid as long-term capital gain dividends.



46 ^\| AB DISCOVERY VALUE FUND		abfunds.com

BOARD OF TRUSTEES

Garry L. Moody⁽¹⁾,

Chairman

Jorge A. Bermudez⁽¹⁾

Michael J. Downey⁽¹⁾

Onur Erzan, President and Chief Executive Officer

Nancy P. Jacklin⁽¹⁾

Jeanette W. Loeb⁽¹⁾

Carol C. McMullen⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Emilie D. Wrapp, Advisory Board Member

OFFICERS

James W. MacGregor⁽²⁾, Vice President

Erik A. Turenchalk⁽²⁾, Vice President

Nancy E. Hay, Secretary

Michael B. Reyes, Senior Vice President

Stephen M. Woetzel, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Jennifer Friedland, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company

One Congress Street,
Suite 1
Boston, MA 02114

Principal Underwriter

AllianceBernstein Investments, Inc.
501 Commerce Street
Nashville, TN 37203

Legal Counsel

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

Transfer Agent

AllianceBernstein Investor
Services, Inc.

P.O. Box 786003

San Antonio, TX 78278

Toll-Free (800) 221-5672

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, NY 1001

1	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Small/Mid Cap Value Senior Investment Management Team. Messrs. MacGregor and Turenchalk are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 47

MANAGEMENT OF THE FUND

Board of Trustees Information

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund’s Trustees is set forth below.


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE

Onur Erzan,^# 1345 Avenue of the Americas New York, NY 10105 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics, and digital assets and capabilities) globally.		82	None



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE

Garry L. Moody,^## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody, and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None



abfunds.com		AB DISCOVERY VALUE FUND ^\| 49

MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jorge A. Bermudez,^## 72 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (July 2017 – June 2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011


Michael J. Downey,^## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		82	None



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Nancy P. Jacklin,^## 75 (2006)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023..		82	None



abfunds.com		AB DISCOVERY VALUE FUND ^\| 51

MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jeanette W. Loeb,^## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corp. (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82



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MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Carol C. McMullen,^## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		82	None



abfunds.com		AB DISCOVERY VALUE FUND ^\| 53

MANAGEMENT OF THE FUND (continued)


NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)*	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Marshall C. Turner, Jr.,^## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None

ADVISORY BOARD MEMBER

Emilie D. Wrapp,^# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None



54 ^\| AB DISCOVERY VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)

*	The address for each of the Fund’s disinterested Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

**	There is no stated term of office for the Fund’s Trustees and Advisory Board member.

***

#	Mr. Erzan is an “interested trustee” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

##	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 55

MANAGEMENT OF THE FUND (continued)

Officers of the Trust

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.

James W. MacGregor 56	Vice President	Senior Vice President and Chief Investment Officer of US Small and Mid-Cap Value Equities. of the Adviser,** with which he has been associated since prior to 2019. He is also Head – US Value Equities since 2019.

Erik A. Turenchalk 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019.

Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser, with which she has been associated since prior to 2019 and Assistant Secretary of ABI.

Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.

Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS,** with which he has been associated since prior to 2019.

Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.

Jennifer Friendland 49	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

*	The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

**	The Adviser, ABI and ABIS are affiliates of the Fund.



56 ^\| AB DISCOVERY VALUE FUND		abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:

The Adviser informed the Fund Board that the Committee believes the Fund’s LRMP is adequately designed, has been implemented as intended,



abfunds.com		AB DISCOVERY VALUE FUND ^\| 57

and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.



58 ^\| AB DISCOVERY VALUE FUND		abfunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Trust (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Discovery Value Fund (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).



abfunds.com		AB DISCOVERY VALUE FUND ^\| 59

as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained at the request of the directors. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability



60 ^\| AB DISCOVERY VALUE FUND		abfunds.com

Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.



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In connection with their review of the Fund’s advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.



62 ^\| AB DISCOVERY VALUE FUND		abfunds.com

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints and that the Fund’s net assets were higher than a breakpoint level. Accordingly, the Fund’s current effective advisory fee rate reflected a reduction due to the breakpoint and would be further reduced to the extent the net assets of the Fund increase. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s breakpoint arrangements were acceptable and provide a means for sharing any economies of scale.



abfunds.com		AB DISCOVERY VALUE FUND ^\| 63

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

1	Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.



64 ^\| AB DISCOVERY VALUE FUND		abfunds.com

LOGO

AB DISCOVERY VALUE FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

DV-0151-1123 LOGO

NOV^11.30.23

LOGO

ANNUAL REPORT

AB VALUE FUND

LOGO



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

This shareholder report must be preceded or accompanied by the Fund’s prospectus for individuals who are not current shareholders of the Fund.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We’re pleased to provide this report for the AB Value Fund (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

At AB, we’re striving to help our clients achieve better outcomes by:

⁺

Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

⁺

Applying differentiated investment insights through a connected global research network

⁺

Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you’re an individual investor or a multibillion-dollar institution, we’re putting our knowledge and experience to work for you every day.

For more information about AB’s comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

LOGO

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds



abfunds.com		AB VALUE FUND ^\| 1

ANNUAL REPORT

January 10, 2024

This report provides management’s discussion of fund performance for the AB Value Fund for the annual reporting period ended November 30, 2023.

The Fund’s investment objective is long-term growth of capital.

NAV RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	6 Months		12 Months

AB VALUE FUND

Class A Shares		9.10%		7.35%

Class C Shares		8.68%		6.54%

Advisor Class Shares¹		9.15%		7.57%

Class R Shares¹		8.81%		6.88%

Class K Shares¹		8.97%		7.11%

Class I Shares¹		9.19%		7.63%

Russell 1000 Value Index		7.14%		1.36%

INVESTMENT RESULTS

The table above shows the Fund’s performance compared with its benchmark, the Russell 1000 Value Index, for the six- and 12-month periods ended November 30, 2023.

During the 12-month period, all share classes of the Fund outperformed the benchmark, before sales charges. Security selection drove outperformance, relative to the benchmark. Security selection within consumer discretionary and technology contributed most, while selection within communication services and utilities detracted. Sector selection was also positive. Gains from overweights to communication services and technology offset losses from an underweight to financials and an overweight to health care.

During the six-month period, all share classes of the Fund outperformed the benchmark, before sales charges. Security selection drove outperformance. Security selection within technology and energy contributed to returns, while selection within real estate and utilities detracted. From a sector selection perspective, an overweight to communication services and an underweight to utilities added to returns, while an underweight to financials and an overweight to health care detracted.



2 ^\| AB VALUE FUND		abfunds.com

The Fund did not use derivatives during either period.

MARKET REVIEW AND INVESTMENT STRATEGY

US, international and emerging-market stocks rose during the 12-month period ended November 30, 2023. Early in the period, aggressive central bank tightening-led by the US Federal Reserve-pressured global equity markets. Bouts of volatility continued as central banks reduced and then began to pause rate hikes but reiterated hawkish higher-for-longer rhetoric that weighed on sentiment. Later in the period, stronger-than-expected third-quarter economic growth triggered a rapid rise in bond yields-especially the 10-year US Treasury note, which briefly crossed the 5% threshold for the first time in 16 years. Headwinds from higher Treasury yields, conflict in the Middle East and mixed third-quarter earnings weighed on investor sentiment globally and briefly sent all major indices into correction territory. As the period ended, equity markets rallied sharply as Treasury yields eased, soft-landing optimism accelerated and the prospect of 2024 rate cuts gained momentum, underpinned by a rapid deceleration of inflation and softening economic data. Within large-cap markets, both growth-and value-oriented stocks rose, but growth outperformed value by a wide margin, led by the technology sector and artificial intelligence optimism. Large-cap stocks rose, significantly outperforming small-cap stocks, which declined.

The Fund’s Senior Investment Management Team (the “Team”) continues to focus on attractively valued opportunities, targeting a diversified range of companies. The Team utilizes a disciplined value process to determine when a company’s stock price doesn’t reflect its long-term ability to generate earnings, and selects those value stocks to build a diversified portfolio.

INVESTMENT POLICIES

The Fund invests primarily in a diversified portfolio of equity securities of US companies with relatively large market capitalizations that the Adviser believes are undervalued. The Fund invests in companies that are determined by the Adviser to be undervalued using the fundamental value approach of the Adviser. The fundamental value approach seeks to identify a universe of securities that are considered to be undervalued because they are attractively priced relative to their future earnings power and dividend-paying capability.

In selecting securities for the Fund’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power and dividend-paying capability are not reflected in the current market price of their securities.

(continued on next page)



abfunds.com		AB VALUE FUND ^\| 3



4 ^\| AB VALUE FUND		abfunds.com

DISCLOSURES AND RISKS

Benchmark Disclosure

The Russell 1000^® Value Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of large-cap value companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Fund.

A Word About Risk

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.

These risks are fully discussed in the Fund’s prospectus. As with all investments, you may lose money by investing in the Fund.



abfunds.com		AB VALUE FUND ^\| 5

DISCLOSURES AND RISKS (continued)

An Important Note About Historical Performance



6 ^\| AB VALUE FUND		abfunds.com

HISTORICAL PERFORMANCE

GROWTH OF A $10,000 INVESTMENT IN THE FUND (unaudited)

11/30/2013 TO 11/30/2023

LOGO

This chart illustrates the total value of an assumed $10,000 investment in AB Value Fund Class A shares (from 11/30/2013 to 11/30/2023) as compared to the performance of the Fund’s benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.



abfunds.com		AB VALUE FUND ^\| 7

HISTORICAL PERFORMANCE (continued)

AVERAGE ANNUAL RETURNS AS OF NOVEMBER 30, 2023 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		7.35%		2.78%

5 Years		7.59%		6.66%

10 Years		6.16%		5.70%

CLASS C SHARES

1 Year		6.54%		5.59%

5 Years		6.78%		6.78%

10 Years¹		5.37%		5.37%

ADVISOR CLASS SHARES²

1 Year		7.57%		7.57%

5 Years		7.86%		7.86%

10 Years		6.43%		6.43%

CLASS R SHARES²

1 Year		6.88%		6.88%

5 Years		7.12%		7.12%

10 Years		5.71%		5.71%

CLASS K SHARES²

1 Year		7.11%		7.11%

5 Years		7.42%		7.42%

10 Years		6.02%		6.02%

CLASS I SHARES²

1 Year		7.63%		7.63%

5 Years		7.88%		7.88%

10 Years		6.48%		6.48%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 0.95%, 1.71%, 0.70%, 1.37%, 1.11% and 0.68% for Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

1	Assumes conversion of Class C shares into Class A shares after eight years.

These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans, and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.



8 ^\| AB VALUE FUND		abfunds.com

HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2023 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		13.49%

5 Years		10.15%

10 Years		5.96%

CLASS C SHARES

1 Year		16.57%

5 Years		10.25%

10 Years¹		5.63%

ADVISOR CLASS SHARES²

1 Year		18.79%

5 Years		11.37%

10 Years		6.70%

CLASS R SHARES²

1 Year		17.89%

5 Years		10.61%

10 Years		5.97%

CLASS K SHARES²

1 Year		18.24%

5 Years		10.92%

10 Years		6.28%

CLASS I SHARES²

1 Year		18.83%

5 Years		11.41%

10 Years		6.74%

1	Assumes conversion of Class C shares into Class A shares after eight years.

Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans, and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.



abfunds.com		AB VALUE FUND ^\| 9

EXPENSE EXAMPLE

(unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

Hypothetical Example for Comparison Purposes



10 ^\| AB VALUE FUND		abfunds.com

EXPENSE EXAMPLE (continued)


	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,091.00	$	5.08		0.97	%
Hypothetical**	$	1,000	$	1,020.21	$	4.91		0.97	%
Class C
Actual	$	1,000	$	1,086.80	$	9.05		1.73	%
Hypothetical**	$	1,000	$	1,016.39	$	8.74		1.73	%
Advisor Class
Actual	$	1,000	$	1,091.50	$	3.78		0.72	%
Hypothetical**	$	1,000	$	1,021.46	$	3.65		0.72	%
Class R
Actual	$	1,000	$	1,088.10	$	7.49		1.43	%
Hypothetical**	$	1,000	$	1,017.90	$	7.23		1.43	%
Class K
Actual	$	1,000	$	1,089.70	$	6.18		1.18	%
Hypothetical**	$	1,000	$	1,019.15	$	5.97		1.18	%
Class I
Actual	$	1,000	$	1,091.90	$	3.72		0.71	%
Hypothetical**	$	1,000	$	1,021.51	$	3.60		0.71	%

*	Expenses are equal to the classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

**	Assumes 5% annual return before expenses.



abfunds.com		AB VALUE FUND ^\| 11

PORTFOLIO SUMMARY

November 30, 2023 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $391.5

LOGO

TEN LARGEST HOLDINGS²



Company	U.S. $ Value		Percent of Net Assets

Walmart, Inc.	$	16,557,320		4.2	%

PACCAR, Inc.		14,581,475		3.7

Wells Fargo & Co.		14,363,643		3.7

Progressive Corp. (The)		13,105,505		3.3

Eaton Corp. PLC		12,570,310		3.2

NXP Semiconductors NV		11,751,335		3.0

Merck & Co., Inc.		11,147,569		2.8

LyondellBasell Industries NV – Class A		11,130,029		2.8

Oracle Corp.		10,862,729		2.8

Baker Hughes Co.		10,318,016		2.6

	$	126,387,931		32.1	%

1	The Fund’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

2	Long-term investments.



12 ^\| AB VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS

November 30, 2023


Company	Shares		U.S. $ Value

COMMON STOCKS – 98.7%
Health Care – 17.6%
Biotechnology – 1.2%
AbbVie, Inc.		33,495	$	4,769,353


Health Care Equipment & Supplies – 3.2%
Boston Scientific Corp.^(a)		143,264		8,007,025
Stryker Corp.		14,768		4,376,201

				12,383,226

Health Care Providers & Services – 7.9%
Centene Corp.^(a)		93,447		6,885,175
HCA Healthcare, Inc.		28,102		7,038,989
Laboratory Corp. of America Holdings		37,409		8,114,386
UnitedHealth Group, Inc.		16,004		8,849,732

				30,888,282

Life Sciences Tools & Services – 1.6%
Thermo Fisher Scientific, Inc.		12,672		6,282,271


Pharmaceuticals – 3.7%
Merck & Co., Inc.		108,778		11,147,569
Roche Holding AG (Sponsored ADR)^(b)		101,530		3,420,546

				14,568,115

				68,891,247

Financials – 14.5%
Banks – 8.2%
Bank of America Corp.		333,690		10,174,208
Comerica, Inc.		94,601		4,277,857
First Citizens BancShares, Inc./NC – Class A		2,176		3,194,129
Wells Fargo & Co.		322,127		14,363,643

				32,009,837

Capital Markets – 1.7%
Morgan Stanley		84,986		6,742,789


Insurance – 4.6%
Progressive Corp. (The)		79,897		13,105,505
Reinsurance Group of America, Inc.		30,386		4,954,741

				18,060,246

				56,812,872

Industrials – 12.2%
Aerospace & Defense – 0.6%
Boeing Co. (The)^(a)		9,867		2,285,493


Building Products – 1.4%
Builders FirstSource, Inc.^(a)		40,644		5,450,767


Construction & Engineering – 0.5%
Quanta Services, Inc.		11,014		2,074,046



abfunds.com		AB VALUE FUND ^\| 13

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Electrical Equipment – 3.2%
Eaton Corp. PLC		55,208	$	12,570,310


Machinery – 4.5%
PACCAR, Inc.		158,805		14,581,475
Stanley Black & Decker, Inc.		31,984		2,907,346

				17,488,821

Professional Services – 2.0%
Robert Half, Inc.		95,227		7,806,709

				47,676,146

Information Technology – 12.0%
Semiconductors & Semiconductor Equipment – 5.5%
Lam Research Corp.		13,870		9,929,810
NXP Semiconductors NV		57,582		11,751,335

				21,681,145

Software – 4.9%
Gen Digital, Inc.		373,997		8,257,854
Oracle Corp.		93,475		10,862,729

				19,120,583

Technology Hardware, Storage & Peripherals – 1.6%
Western Digital Corp.^(a)		131,848		6,369,577

				47,171,305

Energy – 8.4%
Energy Equipment & Services – 2.6%
Baker Hughes Co.		305,719		10,318,016


Oil, Gas & Consumable Fuels – 5.8%
Cameco Corp.		135,004		6,199,384
EOG Resources, Inc.		60,186		7,407,091
Exxon Mobil Corp.		88,293		9,071,223

				22,677,698

				32,995,714

Consumer Staples – 7.4%
Beverages – 1.5%
Coca-Cola Co. (The)		97,807		5,715,841


Consumer Staples Distribution & Retail – 4.2%
Walmart, Inc.		106,348		16,557,320


Household Products – 1.7%
Procter & Gamble Co. (The)		42,431		6,514,007

				28,787,168



14 ^\| AB VALUE FUND		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Consumer Discretionary – 7.3%
Automobile Components – 0.9%
Lear Corp.		26,709	$	3,572,329


Hotels, Restaurants & Leisure – 2.5%
Hyatt Hotels Corp. – Class A^(b)		34,080		3,911,021
Restaurant Brands International, Inc.^(b)		82,648		5,874,620

				9,785,641

Household Durables – 0.9%
PulteGroup, Inc.		38,534		3,407,176


Specialty Retail – 2.4%
AutoZone, Inc.^(a)		1,067		2,784,795
Lowe’s Cos., Inc.		34,055		6,771,156

				9,555,951

Textiles, Apparel & Luxury Goods – 0.6%
Tapestry, Inc.		70,171		2,222,315

				28,543,412

Communication Services �� 6.4%
Diversified Telecommunication Services – 3.3%
Charter Communications, Inc. – Class A^(a)		14,519		5,809,488
Comcast Corp. – Class A		169,202		7,087,872

				12,897,360

Entertainment – 1.2%
Walt Disney Co. (The)^(a)		52,222		4,840,457


Wireless Telecommunication Services – 1.9%
T-Mobile US, Inc.		49,607		7,463,373

				25,201,190

Utilities – 4.8%
Electric Utilities – 1.8%
American Electric Power Co., Inc.		88,275		7,022,276


Multi-Utilities – 3.0%
Ameren Corp.		96,314		7,473,003
CenterPoint Energy, Inc.		157,151		4,442,659

				11,915,662

				18,937,938

Materials – 4.3%
Chemicals – 3.3%
Corteva, Inc.		38,011		1,718,097
LyondellBasell Industries NV – Class A		117,035		11,130,029

				12,848,126



abfunds.com		AB VALUE FUND ^\| 15

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Metals & Mining – 1.0%
ATI, Inc.^(a)		86,564	$	3,804,488

				16,652,614

Real Estate – 3.8%
Industrial REITs – 1.2%
Prologis, Inc.		39,445		4,533,414


Specialized REITs – 2.6%
Equinix, Inc.		6,013		4,900,655
VICI Properties, Inc.		183,593		5,487,595

				10,388,250

				14,921,664

Total Common Stocks (cost $317,145,986)				386,591,270

Total Investments Before Security Lending Collateral for Securities Loaned – 98.7% (cost $317,145,986)				386,591,270

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.3%
Investment Companies – 1.3%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 5.25%^(c)(d)(e) (cost $5,070,526)		5,070,526		5,070,526


Total Investments – 100.0% (cost $322,216,512)				391,661,796
Other assets less liabilities – 0.0%				(175,965	)


Net Assets – 100.0%			$	391,485,831

(a)	Non-income producing security.

(b)	Represents entire or partial securities out on loan. See Note E for securities lending information.

(c)	Affiliated investments.

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

(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, or call AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.



16 ^\| AB VALUE FUND		abfunds.com

STATEMENT OF ASSETS & LIABILITIES

November 30, 2023


Assets
Investments in securities, at value
Unaffiliated issuers (cost $317,145,986)	$	386,591,270	^(a)
Affiliated issuers (cost $5,070,526—investment of cash collateral for securities loaned)		5,070,526
Receivable for investment securities sold		4,724,854
Unaffiliated dividends receivable		961,870
Receivable for shares of beneficial interest sold		153,284
Affiliated dividends receivable		6,847
Receivable due from Advisor		580

Total assets		397,509,231

Liabilities
Due to custodian		163,007
Payable for collateral received on securities loaned		5,070,526
Payable for shares of beneficial interest redeemed		333,595
Advisory fee payable		172,366
Administrative fee payable		49,122
Distribution fee payable		11,622
Transfer Agent fee payable		8,307
Trustees’ fees payable		5,432
Accrued expenses		209,423

Total liabilities		6,023,423

Net Assets	$	391,485,831

Composition of Net Assets
Paid-in capital	$	303,281,242
Distributable earnings		88,204,589

Net Assets	$	391,485,831

Net Asset Value Per Share—unlimited shares authorized, without par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	48,039,736		2,924,184	$	16.43	*

C	$	894,055		54,125	$	16.52

Advisor	$	334,805,735		20,325,027	$	16.47

R	$	350,084		21,473	$	16.30

K	$	5,703,612		355,809	$	16.03

I	$	1,692,609		103,942	$	16.28

(a)	Includes securities on loan with a value of $7,411,377 (see Note E).

*	The maximum offering price per share for Class A shares was $17.16 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB VALUE FUND ^\| 17

STATEMENT OF OPERATIONS

Year Ended November 30, 2023


Investment Income
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $77,522)	$	8,691,479
Affiliated issuers		54,004
Interest		196
Securities lending income		8,800
Other income		4,220		$	8,758,699

Expenses
Advisory fee (see Note B)		2,120,990
Distribution fee—Class A		119,295
Distribution fee—Class C		10,634
Distribution fee—Class R		1,785
Distribution fee—Class K		15,398
Transfer agency—Class A		21,757
Transfer agency—Class C		601
Transfer agency—Advisor Class		149,901
Transfer agency—Class R		823
Transfer agency—Class K		14,162
Transfer agency—Class I		467
Administrative		112,321
Registration fees		91,521
Custody and accounting		75,716
Audit and tax		55,583
Legal		43,011
Printing		24,400
Trustees’ fees		21,771
Miscellaneous		36,035

Total expenses		2,916,171
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(2,937	)

Net expenses					2,913,234

Net investment income					5,845,465

Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions					14,647,104
Foreign currency transactions					(79	)
Net change in unrealized appreciation (depreciation) of:
Investments					7,407,960
Foreign currency denominated assets and liabilities					(98	)

Net gain on investment and foreign currency transactions					22,054,887

Net Increase in Net Assets from Operations				$	27,900,352

See notes to financial statements.



18 ^\| AB VALUE FUND		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS


	Year Ended November 30, 2023			Year Ended November 30, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income	$	5,845,465		$	5,429,962
Net realized gain on investment transactions		14,647,025			39,963,402
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		7,407,862			(31,191,186	)
Contributions from Affiliates (see Note B)		– 0	–		13

Net increase in net assets from operations		27,900,352			14,202,191
Distributions to Shareholders
Class A		(5,442,295	)		(4,822,400	)
Class C		(152,368	)		(124,090	)
Advisor Class		(38,917,044	)		(35,661,440	)
Class R		(35,422	)		(32,231	)
Class K		(742,979	)		(714,299	)
Class I		(189,306	)		(176,866	)
Transactions in Shares of Beneficial Interest
Net increase		8,451,820			2,234,670

Total decrease		(9,127,242	)		(25,094,465	)
Net Assets
Beginning of period		400,613,073			425,707,538

End of period	$	391,485,831		$	400,613,073

See notes to financial statements.



abfunds.com		AB VALUE FUND ^\| 19

NOTES TO FINANCIAL STATEMENTS

November 30, 2023

NOTE A

Significant Accounting Policies

AB Trust (the “Trust”) is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company. The Trust operates as a series company currently comprised of three funds. Each fund is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Value Fund (the “Fund”), a diversified fund. The Fund offers Class A, Class C, Advisor Class, Class R, Class K and Class I shares. Class B shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All seven classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation



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NOTES TO FINANCIAL STATEMENTS (continued)

things, for making all fair value determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.



abfunds.com		AB VALUE FUND ^\| 21

NOTES TO FINANCIAL STATEMENTS (continued)

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

•

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)



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NOTES TO FINANCIAL STATEMENTS (continued)

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 November 30, 2023:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

386,591,270

– 0

–

– 0

–

386,591,270

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

5,070,526

– 0

–

– 0

–

5,070,526

Total Investments in Securities

391,661,796

– 0

–

– 0

–

391,661,796

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total

391,661,796

– 0

–

– 0

–

391,661,796

(a)	See Portfolio of Investments for sector classifications.

(b)

3. Currency Translation



abfunds.com		AB VALUE FUND ^\| 23

NOTES TO FINANCIAL STATEMENTS (continued)

interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations



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NOTES TO FINANCIAL STATEMENTS (continued)

losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund’s shares. The Distributor has advised the Fund that it has retained front-end sales charges of $2,667 from the sale of Class A shares and received $303 and $5 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended November 30, 2023.



abfunds.com		AB VALUE FUND ^\| 25

NOTES TO FINANCIAL STATEMENTS (continued)

in a net advisory fee of .10%) until August 31, 2023. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund’s pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended November 30, 2023, such waiver amounted to $1,240.

A summary of the Fund’s transactions in AB mutual funds for the year ended November 30, 2023 is as follows:


Fund	Market Value 11/30/22 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 11/30/23 (000)			Dividend Income (000)
Government Money Market Portfolio	$	1,142		$	127,502	$	128,644	$	– 0	–	$	54
Government Money Market Portfolio*		– 0	–		36,813		31,742		5,071			6

Total								$	5,071		$	60

*	Investments of cash collateral for securities lending transactions (see Note E).

During the year ended November 30, 2022, the Adviser reimbursed the Fund $13 for losses incurred due to a dividend estimate error.

NOTE C

Distribution Services Agreement



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NOTES TO FINANCIAL STATEMENTS (continued)

distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $979,137, $148,357 and $85,265 for Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended November 30, 2023 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	172,264,355		$	207,365,989
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:


Cost	$	322,556,472

Gross unrealized appreciation	$	74,916,993
Gross unrealized depreciation		(5,811,669	)

Net unrealized appreciation	$	69,105,324

1. Derivative Financial Instruments

The Fund did not engage in derivatives transactions for the year ended November 30, 2023.

2. Currency Transactions



abfunds.com		AB VALUE FUND ^\| 27

NOTES TO FINANCIAL STATEMENTS (continued)

may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending



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NOTES TO FINANCIAL STATEMENTS (continued)

Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund’s transactions surrounding securities lending for the year ended November 30, 2023 is as follows:


								Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	7,411,377	$	5,070,526	$	2,425,543	$	3,233	$	5,567	$	1,697

*	As of November 30, 2023.

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class A
Shares sold		158,204			137,477		$	2,467,936		$	2,315,350

Shares issued in reinvestment of dividends and distributions		324,714			244,701			4,802,517			4,213,745

Shares converted from Class C		13,523			7,743			210,744			132,560

Shares redeemed		(383,705	)		(301,779	)		(6,046,430	)		(5,036,982	)

Net increase		112,736			88,142		$	1,434,767		$	1,624,673



abfunds.com		AB VALUE FUND ^\| 29

NOTES TO FINANCIAL STATEMENTS (continued)



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class C
Shares sold		10,745			38,449		$	172,083		$	649,158

Shares issued in reinvestment of dividends and distributions		7,834			4,990			117,353			86,833

Shares converted to Class A		(13,406	)		(7,686	)		(210,744	)		(132,560	)

Shares redeemed		(35,919	)		(27,569	)		(540,316	)		(444,465	)

Net increase (decrease)		(30,746	)		8,184		$	(461,624	)	$	158,966


Advisor Class
Shares sold		2,004,317			1,977,506		$	31,096,667		$	33,412,153

Shares issued in reinvestment of dividends and distributions		2,033,938			1,827,748			30,102,288			31,473,817

Shares redeemed		(3,410,909	)		(3,798,401	)		(53,306,634	)		(63,929,432	)

Net increase		627,346			6,853		$	7,892,321		$	956,538


Class R
Shares sold		9,996			3,140		$	153,643		$	53,351

Shares issued in reinvestment of dividends and distributions		2,403			1,878			35,421			32,230

Shares redeemed		(10,006	)		(5,307	)		(157,151	)		(90,124	)

Net increase (decrease)		2,393			(289	)	$	31,913		$	(4,543	)


Class K
Shares sold		62,255			104,716		$	929,154		$	1,733,886

Shares issued in reinvestment of dividends and distributions		51,381			42,341			742,971			714,292

Shares redeemed		(146,473	)		(176,899	)		(2,241,644	)		(2,914,819	)

Net decrease		(32,837	)		(29,842	)	$	(569,519	)	$	(466,641	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	Shares						Amount
	Year Ended November 30, 2023			Year Ended November 30, 2022			Year Ended November 30, 2023			Year Ended November 30, 2022

Class I
Shares sold		13,079			1,797		$	196,302		$	29,835

Shares issued in reinvestment of dividends and distributions		3,433			2,266			50,194			38,642

Shares redeemed		(7,908	)		(6,089	)		(122,534	)		(102,800	)

Net increase (decrease)		8,604			(2,026	)	$	123,962		$	(34,323	)

NOTE G

Risks Involved in Investing in the Fund

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Fund’s investments or reduce its returns.



abfunds.com		AB VALUE FUND ^\| 31

NOTES TO FINANCIAL STATEMENTS (continued)

“reference rate” for various interest rate calculations. LIBOR’s administrator, ICE Benchmark Administration, ceased publishing most LIBOR settings (including some U.S. LIBOR settings) by the end of 2021 and the remaining (and most widely used) U.S. Dollar LIBOR settings after June 30, 2023. The United Kingdom Financial Conduct Authority, which regulates LIBOR, will permit the use of synthetic U.S. Dollar LIBOR rates for non-U.S. contracts through September 30, 2024, but any such rates would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the Secured Overnight Financing Rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market. There is no assurance that the composition or characteristics of SOFR or any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that the market for SOFR-linked financial instruments will have the same volume or liquidity as did the market for LIBOR-linked financial instruments prior to LIBOR’s discontinuance or unavailability. Neither the long-term effects of the LIBOR transition process nor its ultimate success can yet be known.

NOTE H

Joint Credit Facility



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE I

Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended November 30, 2023 and November 30, 2022 were as follows:


	2023		2022
Distributions paid from:
Ordinary income	$	5,972,242	$	16,429,574
Net long-term capital gains		39,507,172		25,101,752

Total taxable distributions paid	$	45,479,414	$	41,531,326

As of November 30, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:


Undistributed ordinary income	$	4,781,752
Undistributed capital gains		14,317,498
Unrealized appreciation (depreciation)		69,105,339	^(a)

Total accumulated earnings (deficit)	$	88,204,589

(a)	The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales.

During the current fiscal year, there were no permanent differences that resulted in adjustments to distributable earnings or additional paid-in capital.

NOTE J

Recent Accounting Pronouncements



abfunds.com		AB VALUE FUND ^\| 33

NOTES TO FINANCIAL STATEMENTS (continued)

NOTE K

Subsequent Events



34 ^\| AB VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class A
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 17.31			$ 18.45			$ 14.86			$ 15.30			$ 15.36

Income From Investment Operations

Net investment income^(a)(b)		.20			.19			.16			.19			.20

Net realized and unrealized gain (loss) on investment transactions		.86			.44			3.61			(.30	)		.38

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		1.06			.63			3.77			(.11	)		.58

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		(.18	)		(.18	)		(.22	)		(.15	)

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.94	)		(1.77	)		(.18	)		(.33	)		(.64	)

Net asset value, end of period		$ 16.43			$ 17.31			$ 18.45			$ 14.86			$ 15.30

Total Return

Total investment return based on net asset value^(d)*		7.35	%		3.39	%		25.68	%		(.76	)%		4.14	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$48,039			$48,671			$50,255			$43,203			$46,800

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.96	%		.95	%		.95	%		.99	%		.99	%

Expenses, before waivers/reimbursements		.97	%		.95	%		.95	%		.99	%		.99	%

Net investment income^(b)		1.31	%		1.12	%		.90	%		1.44	%		1.38	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



abfunds.com		AB VALUE FUND ^\| 35

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class C
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 17.37			$ 18.50			$ 14.85			$ 15.28			$ 15.30

Income From Investment Operations

Net investment income^(a)(b)		.09			.06			.03			.09			.09

Net realized and unrealized gain (loss) on investment transactions		.86			.44			3.63			(.32	)		.38

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		.95			.50			3.66			(.23	)		.47

Less: Dividends and Distributions

Dividends from net investment income		(.09	)		(.04	)		(.01	)		(.09	)		– 0	–

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.80	)		(1.63	)		(.01	)		(.20	)		(.49	)

Net asset value, end of period		$ 16.52			$ 17.37			$ 18.50			$ 14.85			$ 15.28

Total Return

Total investment return based on net asset value^(d)*		6.54	%		2.62	%		24.75	%		(1.54	)%		3.35	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$894			$1,474			$1,419			$1,046			$1,899

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.72	%		1.71	%		1.71	%		1.75	%		1.74	%

Expenses, before waivers/reimbursements		1.72	%		1.71	%		1.71	%		1.75	%		1.74	%

Net investment income^(b)		.60	%		.38	%		.15	%		.69	%		.62	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Advisor Class
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 17.36			$ 18.50			$ 14.90			$ 15.33			$ 15.40

Income From Investment Operations

Net investment income^(a)(b)		.24			.23			.21			.23			.24

Net realized and unrealized gain (loss) on investment transactions		.85			.44			3.60			(.30	)		.37

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		1.09			.67			3.81			(.07	)		.61

Less: Dividends and Distributions

Dividends from net investment income		(.27	)		(.22	)		(.21	)		(.25	)		(.19	)

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.98	)		(1.81	)		(.21	)		(.36	)		(.68	)

Net asset value, end of period		$ 16.47			$ 17.36			$ 18.50			$ 14.90			$ 15.33

Total Return

Total investment return based on net asset value^(d)*		7.57	%		3.66	%		25.97	%		(.47	)%		4.43	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$334,806			$341,919			$364,323			$314,298			$320,680

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.71	%		.70	%		.70	%		.74	%		.74	%

Expenses, before waivers/reimbursements		.71	%		.70	%		.70	%		.74	%		.74	%

Net investment income^(b)		1.56	%		1.37	%		1.15	%		1.68	%		1.64	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



abfunds.com		AB VALUE FUND ^\| 37

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class R
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 17.19			$ 18.32			$ 14.71			$ 15.14			$ 15.20

Income From Investment Operations

Net investment income^(a)(b)		.13			.12			.08			.13			.13

Net realized and unrealized gain (loss) on investment transactions		.84			.43			3.59			(.30	)		.38

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		.97			.55			3.67			(.17	)		.51

Less: Dividends and Distributions

Dividends from net investment income		(.15	)		(.09	)		(.06	)		(.15	)		(.08	)

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.86	)		(1.68	)		(.06	)		(.26	)		(.57	)

Net asset value, end of period		$ 16.30			$ 17.19			$ 18.32			$ 14.71			$ 15.14

Total Return

Total investment return based on net asset value^(d)*		6.88	%		2.91	%		25.14	%		(1.18	)%		3.69	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$350			$328			$355			$320			$578

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.40	%		1.37	%		1.41	%		1.44	%		1.44	%

Expenses, before waivers/reimbursements		1.40	%		1.37	%		1.41	%		1.44	%		1.44	%

Net investment income^(b)		.86	%		.71	%		.44	%		1.00	%		.90	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



38 ^\| AB VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class K
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 16.94			$ 18.09			$ 14.57			$ 15.01			$ 15.08

Income From Investment Operations

Net investment income^(a)(b)		.17			.16			.13			.17			.18

Net realized and unrealized gain (loss) on investment transactions		.83			.43			3.54			(.30	)		.37

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		1.00			.59			3.67			(.13	)		.55

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.15	)		(.15	)		(.20	)		(.13	)

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.91	)		(1.74	)		(.15	)		(.31	)		(.62	)

Net asset value, end of period		$ 16.03			$ 16.94			$ 18.09			$ 14.57			$ 15.01

Total Return

Total investment return based on net asset value^(d)*		7.11	%		3.25	%		25.51	%		(.94	)%		4.03	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$5,704			$6,583			$7,571			$6,248			$7,267

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		1.15	%		1.11	%		1.11	%		1.14	%		1.13	%

Expenses, before waivers/reimbursements		1.15	%		1.11	%		1.11	%		1.14	%		1.13	%

Net investment income^(b)		1.13	%		.97	%		.74	%		1.28	%		1.24	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



abfunds.com		AB VALUE FUND ^\| 39

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period


	Class I
	Year Ended November 30,
	2023			2022			2021			2020			2019


Net asset value, beginning of period		$ 17.19			$ 18.34			$ 14.77			$ 15.20			$ 15.27

Income From Investment Operations

Net investment income^(a)(b)		.24			.23			.21			.23			.24

Net realized and unrealized gain (loss) on investment transactions		.83			.44			3.58			(.29	)		.38

Contributions from Affiliates		– 0	–		.00	^(c)		– 0	–		– 0	–		– 0	–


Net increase (decrease) in net asset value from operations		1.07			.67			3.79			(.06	)		.62

Less: Dividends and Distributions

Dividends from net investment income		(.27	)		(.23	)		(.22	)		(.26	)		(.20	)

Distributions from net realized gain on investment transactions		(1.71	)		(1.59	)		– 0	–		(.11	)		(.49	)

Total dividends and distributions		(1.98	)		(1.82	)		(.22	)		(.37	)		(.69	)

Net asset value, end of period		$ 16.28			$ 17.19			$ 18.34			$ 14.77			$ 15.20

Total Return

Total investment return based on net asset value^(d)*		7.63	%		3.66	%		25.97	%		(.44	)%		4.42	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,693			$1,638			$1,785			$1,527			$1,613

Ratio to average net assets of:

Expenses, net of waivers/reimbursements		.70	%		.68	%		.68	%		.71	%		.70	%

Expenses, before waivers/reimbursements		.70	%		.68	%		.68	%		.71	%		.70	%

Net investment income^(b)		1.56	%		1.40	%		1.17	%		1.72	%		1.68	%

Portfolio turnover rate		45	%		46	%		42	%		61	%		45	%

See footnote summary on page 41.



40 ^\| AB VALUE FUND		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

(a)	Based on average shares outstanding.

(b)	Net of expenses waived/reimbursed by the Adviser.

(c)	Amount is less than $.005.

(d)

*	Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the year ended November 30, 2019 by .04%.

See notes to financial statements.



abfunds.com		AB VALUE FUND ^\| 41

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of

AB Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Value Fund (the “Fund”) (one of the funds constituting AB Trust (the “Trust”)), including the portfolio of investments, as of November 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting AB Trust) at November 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion



42 ^\| AB VALUE FUND		abfunds.com

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM (continued)

LOGO

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

January 26, 2024



abfunds.com		AB VALUE FUND ^\| 43

2023 FEDERAL TAX INFORMATION

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended November 30, 2023. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. The Fund designates $39,507,172 of dividends paid as long-term capital gain dividends.



44 ^\| AB VALUE FUND		abfunds.com

BOARD OF TRUSTEES

Garry L. Moody⁽¹⁾,
Chairman

Jorge A. Bermudez⁽¹⁾

Michael J. Downey⁽¹⁾

Onur Erzan, President and Chief Executive Officer

Nancy P. Jacklin⁽¹⁾

Jeanette W. Loeb⁽¹⁾

Carol C. McMullen⁽¹⁾

Marshall C. Turner, Jr.⁽¹⁾

Emilie D. Wrapp, Advisory Board Member

OFFICERS

Cem Inal⁽²⁾, Vice President

Nancy E. Hay, Secretary

Michael B. Reyes, Senior Vice President

Stephen M. Woetzel, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Jennifer Friedland, Chief Compliance Officer


Custodian and Accounting Agent State Street Bank and Trust Company One Congress Street, Suite 1 Boston, MA 02114 Principal Underwriter AllianceBernstein Investments, Inc. 501 Commerce Street Nashville, TN 37203 Legal Counsel Seward & Kissel LLP One Battery Park Plaza New York, NY 10004		Transfer Agent AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278 Toll-Free (800) 221-5672 Independent Registered Public Accounting Firm Ernst & Young LLP One Manhattan West New York, NY 10001

1	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.

2	The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s U.S. Value Senior Investment Management Team. Mr. Inal is the investment professional with the most significant responsibility for the day-to-day management of the Fund’s portfolio.



abfunds.com		AB VALUE FUND ^\| 45

MANAGEMENT OF THE FUND

Board of Trustees Information

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund’s Trustees is set forth below.


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INTERESTED TRUSTEE

Onur Erzan,^# 1345 Avenue of the Americas New York, NY 10105 48 (2021)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”), Head of Global Client Group and Head of Private Wealth. He oversees AB’s entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in January 2021, he spent over 19 years with McKinsey (management consulting firm), most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey’s Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally.		82	None



46 ^\| AB VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE

Garry L. Moody,^## Chairman of the Board 71 (2008)	Private Investor since prior to 2019. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He served as a member of the Investment Company Institute’s Board of Governors and the Independent Directors Council’s Governing Council from October 2019 through September 2023, where he also served as Chairman of the Governance Committee from October 2021 through September 2023. He is Chairman of the AB Funds and Chairman of the Independent Directors Committees since January 2023; he has served as a director or trustee since 2008, and served as Chairman of the Audit Committee of such funds from 2008 to February 2023.		82	None



abfunds.com		AB VALUE FUND ^\| 47

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jorge A. Bermudez,^## 72 (2020)	Private Investor since prior to 2019. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008; Chief Executive Officer of Citigroup’s Commercial Business Group in North America and Citibank Texas from 2005 to 2007; and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (July 2017-June 2018) of the Texas A&M Foundation Board of Trustees (Trustee 2014-2021) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016; and Chair of the Audit Committee of the Board of Directors of Moody’s Corporation since December 2022. He has served as director or trustee of the AB Funds since January 2020.		82	Moody’s Corporation since April 2011



48 ^\| AB VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Michael J. Downey,^## 80 (2005)	Private Investor since prior to 2019. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) from 2002 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005.		82	None

Nancy P. Jacklin,^## 75 (2006)	Private Investor since prior to 2019. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and served as Chair of the Governance and Nominating Committees of the AB Funds from 2014 to August 2023.		82	None



abfunds.com		AB VALUE FUND ^\| 49

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Jeanette W. Loeb,^## 71 (2020)	Private Investor since prior to 2019. Director of New York City Center since 2005. Formerly, Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to April 2023. She was a director of MidCap Financial Investment Corp. (business development company) from August 2011 to July 2023 and a director of AB Multi-Manager Alternative Fund (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020 and serves as Chair of the Governance and Nominating Committees of the AB Funds since August 2023.		82	None



50 ^\| AB VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Carol C. McMullen,^## 68 (2016)	Private Investor and a member of the Advisory Board of Butcher Box (since 2018) and serves as Advisory Board Chair as of June 2023. Formerly, Managing Director of Slalom Consulting (consulting) from 2014 until July 2023; member, Mass General Brigham (formerly, Partners Healthcare) Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016 and serves as Chair of the Audit Committees of such funds since February 2023.		82	None



abfunds.com		AB VALUE FUND ^\| 51

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY TRUSTEE		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY TRUSTEE
INDEPENDENT TRUSTEE (continued)

Marshall C. Turner, Jr.^## 82 (2005)	Private Investor since prior to 2019. He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment) from 2003 through 2006. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has served as both Chairman of the AB Funds and Chairman of the Independent Directors Committees from 2014 through December 2022.		82	None



52 ^\| AB VALUE FUND		abfunds.com

MANAGEMENT OF THE FUND (continued)


NAME, *ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
ADVISORY BOARD MEMBER

Emilie D. Wrapp,^# 68 (2024)	Former Senior Vice President, Counsel, Assistant Secretary & Senior Mutual Fund Legal Advisor of the Adviser (January 2023 – June 2023). Prior thereto, Senior Vice President, Counsel, and Head of Mutual Fund & Retail Legal of the Adviser; Assistant General Counsel and Assistant Secretary of ABI since prior to 2019 until June 2023.		82	None

*	The address for each of the Fund’s disinterested Trustees and Advisory Board member is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

**	There is no stated term of office for the Fund’s Trustees and Advisory Board member.

***

#	Mr. Erzan is an “interested trustee” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser. Ms. Wrapp is an “interested person” of the Fund, as defined in the 1940 Act, due to her former role with the Adviser.

##	Member of the Audit Committee, the Governance and Nominating Committee, and the Independent Directors Committee.



abfunds.com		AB VALUE FUND ^\| 53

MANAGEMENT OF THE FUND (continued)

Officers of the Trust

Certain information concerning the Fund’s Officers is listed below.


NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Onur Erzan 48	President and Chief Executive Officer	See biography above.

Cem Inal 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2019. He is also Co-Chief Investment Officer – US Large Cap Value Equities since 2020.

Nancy E. Hay 51	Secretary	Senior Vice President and Counsel of the Adviser, with which she has been associated since prior to 2019 and Assistant Secretary of ABI.

Michael B. Reyes 47	Senior Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2019.

Stephen M. Woetzel 52	Treasurer and Chief Financial Officer	Senior Vice President of ABIS**, with which he has been associated since prior to 2019.

Phyllis J. Clarke 63	Controller	Vice President of ABIS**, with which she has been associated since prior to 2019.

Jennifer Friedland 49	Chief Compliance Officer	Vice President of the Adviser since 2020 and Mutual Fund Chief Compliance Officer (of all Funds since January 2023 and of the ETF Funds since 2022). Before joining the Adviser in 2020, she was Chief Compliance Officer at WestEnd Advisors, LLC from 2013 until 2019.

*	The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

**	The Adviser, ABI and ABIS are affiliates of the Fund.



54 ^\| AB VALUE FUND		abfunds.com

Operation and Effectiveness of the Fund’s Liquidity Risk Management Program:



abfunds.com		AB VALUE FUND ^\| 55

have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was challenged due to rising rates and economic uncertainty. However, markets also remained orderly during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.



56 ^\| AB VALUE FUND		abfunds.com

Information Regarding the Review and Approval of the Fund’s Advisory Agreement

The disinterested trustees (the “directors”) of AB Trust (the “Company”) unanimously approved the continuance of the Advisory Agreement with the Adviser in respect of AB Value Fund (the “Fund”) at a meeting held in-person on May 2-4, 2023 (the “Meeting”).



abfunds.com		AB VALUE FUND ^\| 57

judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



58 ^\| AB VALUE FUND		abfunds.com

expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

Investment Results

Advisory Fees and Other Expenses

The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.



abfunds.com		AB VALUE FUND ^\| 59



60 ^\| AB VALUE FUND		abfunds.com

Economies of Scale



abfunds.com		AB VALUE FUND ^\| 61

This page is not part of the Shareholder Report or the Financial Statements.

AB FAMILY OF FUNDS

US EQUITY

CORE

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

GROWTH

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/GLOBAL EQUITY

CORE

Global Core Equity Portfolio

International Low Volatility Equity Portfolio¹

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

GROWTH

Concentrated International Growth Portfolio

VALUE

All China Equity Portfolio

International Value Fund

FIXED INCOME

MUNICIPAL

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

TAXABLE

Bond Inflation Strategy

Global Bond Fund

High Income Fund

Income Fund

Intermediate Duration Portfolio

Short Duration High Yield Portfolio¹

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

MULTI-ASSET

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio

CLOSED-END FUNDS

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

EXCHANGE-TRADED FUNDS

Conservative Buffer ETF

Core Plus Bond ETF

Corporate Bond ETF

Disruptors ETF

High Yield ETF

Tax-Aware Intermediate Municipal ETF

Tax-Aware Long Municipal ETF

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

US High Dividend ETF

US Large Cap Strategic Equities ETF

US Low Volatility Equity ETF

1	Prior to July 5, 2023, International Low Volatility Equity Portfolio was named International Strategic Core Portfolio and Short Duration High Yield Portfolio was named Limited Duration High Income Portfolio.



62 ^\| AB VALUE FUND		abfunds.com

NOTES



abfunds.com		AB VALUE FUND ^\| 63

NOTES



64 ^\| AB VALUE FUND		abfunds.com

LOGO

AB VALUE FUND

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

VAL-0151-1123 LOGO

ITEM 2.

CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr., Jorge A. Bermudez and Carol C. McMullen qualify as audit committee financial experts.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues and quarterly press release review (for those Funds which issue press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.


	Audit Fees				Audit-Related Fees		Tax Fees
AB International Value Fund		2022	$	45,552	$	—	$	97,157
		2023	$	45,552	$	—	$	44,851
AB Discovery Value Fund		2022	$	40,453	$	—	$	34,343
		2023	$	40,453	$	—	$	21,088
AB Value Fund		2022	$	35,524	$	—	$	30,203
		2023	$	35,524	$	—	$	19,935

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) 100% of the amounts for Audit-Related Fees and Tax Fees in the table under Item 4 (b) and (c) are for services pre-approved by the Fund’s Audit Committee. No amounts are reported for Item 4 (d).

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:


		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates				Total Amount of Foregoing Column Pre-approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB International Value Fund			2022	$	2,029,615	$	97,157
						$	—
						$	(97,157	)
	��		2023	$	2,156,314	$	44,851
						$	—
						$	(44,851	)
AB Discovery Value Fund			2022	$	1,966,801	$	34,343
						$	—
						$	(34,343	)
			2023	$	2,132,551	$	21,088
						$	—
						$	(21,088	)
AB Value Fund			2022	$	1,962,661	$	30,203
						$	—
						$	(30,203	)
			2023	$	2,131,398	$	19,935
						$	—
						$	(19,935	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

(i) Not applicable.

(j) Not applicable.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6.

INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11.

CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 13.

EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

13(a)(1)		Code of Ethics that is subject to the disclosure of Item 2 hereof

13(b)(1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

13(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

13(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant): AB Trust

By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		January 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Onur Erzan
		Onur Erzan
		President

Date:		January 29, 2024


By:		/s/ Stephen M. Woetzel
		Stephen M. Woetzel
		Treasurer and Chief Financial Officer

Date:		January 29, 2024

Ab Trust N-CSRCertified annual shareholder report (management investment company)