Ab Trust NPORTP AB Value Fund (Aug 2024 report)

AB Value Fund

Portfolio of Investments

August 31, 2024 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.7%
Health Care – 18.5%
Biotechnology – 1.7%
AbbVie, Inc.		40,453	$	7,941,328


Health Care Equipment & Supplies – 2.0%
Medtronic PLC		99,855		8,845,156


Health Care Providers & Services – 9.6%
Encompass Health Corp.		86,148		8,016,071
Humana, Inc.		17,113		6,066,045
Labcorp Holdings, Inc.		52,914		12,164,400
UnitedHealth Group, Inc.		28,703		16,940,511

				43,187,027


Life Sciences Tools & Services – 2.7%
Thermo Fisher Scientific, Inc.		19,995		12,298,325


Pharmaceuticals – 2.5%
Bristol-Myers Squibb Co.		87,472		4,369,226
Merck & Co., Inc.		57,037		6,756,033

				11,125,259

				83,397,095


Financials – 18.0%
Banks – 7.2%
Bank of America Corp.		220,036		8,966,467
First Citizens BancShares, Inc./NC - Class A		2,100		4,264,470
M&T Bank Corp.		22,293		3,836,848
Wells Fargo & Co.		265,421		15,519,166

				32,586,951


Capital Markets – 4.5%
Charles Schwab Corp. (The)		168,582		10,974,688
Morgan Stanley		88,790		9,199,532

				20,174,220


Financial Services – 3.2%
Corebridge Financial, Inc.		236,434		6,988,989
Fiserv, Inc.^(a)		43,246		7,550,752

				14,539,741


Insurance – 3.1%
Progressive Corp. (The)		45,925		11,582,285
Reinsurance Group of America, Inc.		10,653		2,351,756

				13,934,041

				81,234,953


Industrials – 12.3%
Air Freight & Logistics – 1.4%
CH Robinson Worldwide, Inc.		63,078		6,529,204


Building Products – 1.5%
Builders FirstSource, Inc.^(a)		38,680		6,730,320


Company	Shares		U.S. $ Value

Construction & Engineering – 0.9%
MasTec, Inc.^(a)		36,812	$	4,164,542


Electrical Equipment – 2.6%
Eaton Corp. PLC		22,417		6,880,450
Sensata Technologies Holding PLC^(b)		130,312		5,023,527

				11,903,977


Ground Transportation – 0.7%
ArcBest Corp.		28,551		3,034,971


Machinery – 3.9%
PACCAR, Inc.		63,463		6,103,872
Pentair PLC		82,461		7,313,466
Stanley Black & Decker, Inc.		40,470		4,142,509

				17,559,847


Professional Services – 1.3%
Robert Half, Inc.		90,165		5,650,640

				55,573,501


Information Technology – 9.3%
Semiconductors & Semiconductor Equipment – 3.5%
Lam Research Corp.		6,280		5,155,943
NXP Semiconductors NV		40,862		10,475,382

				15,631,325


Software – 4.2%
Gen Digital, Inc.		265,187		7,016,848
Oracle Corp.		83,552		11,805,062

				18,821,910


Technology Hardware, Storage & Peripherals – 1.6%
Western Digital Corp.^(a)		113,604		7,451,287

				41,904,522


Energy – 7.8%
Energy Equipment & Services – 2.8%
Baker Hughes Co.		360,498		12,678,715


Oil, Gas & Consumable Fuels – 5.0%
Cameco Corp.		126,643		5,172,100
EOG Resources, Inc.		71,277		9,181,903
Exxon Mobil Corp.		67,284		7,935,475

				22,289,478

				34,968,193


Consumer Discretionary – 7.6%
Hotels, Restaurants & Leisure – 2.0%
McDonald’s Corp.		31,703		9,151,388


Household Durables – 0.8%
PulteGroup, Inc.		29,012		3,819,430


Specialty Retail – 4.2%
AutoZone, Inc.^(a)		1,446		4,600,420
Bath & Body Works, Inc.		67,009		2,061,197


Company	Shares		U.S. $ Value

Lowe’s Cos., Inc.		49,148	$	12,213,278

				18,874,895


Textiles, Apparel & Luxury Goods – 0.6%
Tapestry, Inc.		64,914		2,659,526

				34,505,239


Consumer Staples – 6.9%
Beverages – 1.4%
Coca-Cola Co. (The)		83,577		6,056,825


Consumer Staples Distribution & Retail – 4.0%
Walmart, Inc.		235,224		18,166,349


Household Products – 1.5%
Procter & Gamble Co. (The)		40,444		6,937,764

				31,160,938


Communication Services – 6.5%
Diversified Telecommunication Services – 2.3%
Charter Communications, Inc. - Class A^{(a) (b)}		11,929		4,145,805
Comcast Corp. - Class A		160,946		6,368,633

				10,514,438


Entertainment – 2.5%
Walt Disney Co. (The)		123,882		11,196,455


Wireless Telecommunication Services – 1.7%
T-Mobile US, Inc.		37,920		7,535,462

				29,246,355


Materials – 4.5%
Chemicals – 4.5%
Corteva, Inc.		133,097		7,626,458
LyondellBasell Industries NV - Class A		128,438		12,676,831

				20,303,289


Utilities – 4.2%
Electric Utilities – 2.5%
American Electric Power Co., Inc.		111,093		11,140,406


Multi-Utilities – 1.7%
Ameren Corp.		92,713		7,649,750

				18,790,156


Real Estate – 4.1%
Health Care REITs – 0.9%
Alexandria Real Estate Equities, Inc.		34,929		4,176,461


Hotel & Resort REITs – 0.8%
Ryman Hospitality Properties, Inc.		35,491		3,689,644


Industrial REITs – 1.3%
Rexford Industrial Realty, Inc.		111,163		5,660,420


Specialized REITs – 1.1%
Equinix, Inc.		5,692		4,749,177

				18,275,702


Total Common Stocks (cost $346,171,973)				449,359,943


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%^{(c) (d) (e)} (cost $859,871)		859,871	$	859,871


Total Investments – 99.9% (cost $347,031,844)^(f)				450,219,814
Other assets less liabilities – 0.1%				614,312


Net Assets – 100.0%			$	450,834,126

(a)

Non-income producing security.

(b)

Represents entire or partial securities out on loan.

(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.

(f)

As of August 31, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $106,856,096 and gross unrealized depreciation of investments was $(3,668,126), resulting in net unrealized appreciation of $103,187,970.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market.

Glossary:

REIT – Real Estate Investment Trust

AB Value Fund

August 31, 2024 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1 - quoted prices in active markets for identical investments

•

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of August 31, 2024:


Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks^(a)	$	449,359,943	$	—	$	—	$	449,359,943
Short-Term Investments		859,871		—		—		859,871

Total Investments in Securities		450,219,814		—		—		450,219,814
Other Financial Instruments^(b)		—		—		—		—

Total	$	450,219,814	$	—	$	—	$	450,219,814

^(a)

See Portfolio of Investments for sector classifications.

^(b)

Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended August 31, 2024 is as follows:


Fund	Market Value 11/30/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	0	$	142,457	$	141,597	$	860	$	70
Government Money Market Portfolio*		5,071		11,711		16,782		0		27
Total	$	5,071	$	154,168	$	158,379	$	860	$	97

*	Investments of cash collateral for securities lending transactions.

Ab Trust NPORT-PAB Value Fund (Aug 2024 report)