Ab Trust NPORTP AB Discovery Value Fund (Aug 2024 report)

AB Discovery Value Fund

Portfolio of Investments

August 31, 2024 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 99.2%
Industrials – 22.0%
Air Freight & Logistics – 1.5%
CH Robinson Worldwide, Inc.		360,180	$	37,282,232


Building Products – 1.2%
Builders FirstSource, Inc.^{(a) (b)}		172,011		29,929,914


Commercial Services & Supplies – 2.4%
ABM Industries, Inc.		514,692		29,414,648
MillerKnoll, Inc.^(a)		1,030,287		30,341,952

				59,756,600


Construction & Engineering – 4.5%
Dycom Industries, Inc.^(b)		83,259		14,650,254
Fluor Corp.^(b)		628,898		31,488,923
MasTec, Inc.^(b)		294,501		33,316,898
WillScot Holdings Corp.^(b)		846,260		32,614,860

				112,070,935


Electrical Equipment – 2.0%
Regal Rexnord Corp.^(a)		199,283		33,441,680
Sensata Technologies Holding PLC^(a)		418,910		16,148,981

				49,590,661


Ground Transportation – 1.4%
ArcBest Corp.		315,325		33,519,047


Machinery – 5.9%
Gates Industrial Corp. PLC^(b)		1,726,190		31,347,610
John Bean Technologies Corp.^(a)		267,652		24,045,856
Middleby Corp. (The)^{(a) (b)}		236,179		33,211,491
Oshkosh Corp.		216,206		23,330,789
Pentair PLC		383,730		34,033,014

				145,968,760


Professional Services – 2.1%
Robert Half, Inc.		446,723		27,996,130
WNS Holdings Ltd.^{(a) (b)}		405,175		23,986,360

				51,982,490


Trading Companies & Distributors – 1.0%
Herc Holdings, Inc.		173,680		25,421,542

				545,522,181


Financials – 20.3%
Banks – 11.1%
BankUnited, Inc.		767,917		29,511,050
Comerica, Inc.		556,589		31,786,798
First BanCorp./Puerto Rico		1,400,557		29,943,909
First Citizens BancShares, Inc./NC - Class A		20,136		40,890,175
First Hawaiian, Inc.		1,295,599		31,521,924
Texas Capital Bancshares, Inc.^(b)		377,797		25,395,514
Webster Financial Corp.		569,321		27,002,895
Wintrust Financial Corp.^(a)		285,125		31,021,600


Company	Shares		U.S. $ Value

Zions Bancorp NA		589,967	$	29,238,764

				276,312,629


Capital Markets – 4.1%
Cboe Global Markets, Inc.		138,676		28,484,050
Invesco Ltd.		1,751,222		29,928,384
Moelis & Co. - Class A		200,421		13,386,119
Stifel Financial Corp.		330,626		29,141,376

				100,939,929


Financial Services – 2.3%
NCR Atleos Corp.^{(a) (b)}		997,479		28,537,874
Walker & Dunlop, Inc.		269,953		28,901,168

				57,439,042


Insurance – 2.8%
American Financial Group, Inc./OH		219,428		29,319,970
Hanover Insurance Group, Inc. (The)		159,174		23,396,986
Kemper Corp.		252,753		15,799,590

				68,516,546

				503,208,146


Consumer Discretionary – 15.1%
Automobile Components – 2.5%
Adient PLC^(b)		989,515		22,382,829
BorgWarner, Inc.		1,157,139		39,423,726

				61,806,555


Diversified Consumer Services – 1.3%
ADT, Inc.^(a)		4,313,707		31,446,924


Hotels, Restaurants & Leisure – 1.3%
Dine Brands Global, Inc.^(a)		366,543		11,590,090
Viking Holdings Ltd.^(b)		611,088		20,502,002

				32,092,092


Household Durables – 2.0%
PulteGroup, Inc.^(a)		162,797		21,432,225
Taylor Morrison Home Corp.^(b)		431,980		29,085,214

				50,517,439


Leisure Products – 1.2%
Brunswick Corp./DE^(a)		366,368		28,961,390


Specialty Retail – 3.8%
AutoNation, Inc.^(b)		206,866		36,818,011
Bath & Body Works, Inc.		780,916		24,020,976
Dick’s Sporting Goods, Inc.		115,560		27,383,097
Group 1 Automotive, Inc.^(a)		13,388		5,044,063

				93,266,147


Textiles, Apparel & Luxury Goods – 3.0%
Crocs, Inc.^(b)		185,826		27,162,187


Company	Shares		U.S. $ Value

PVH Corp.^(a)		230,803	$	22,777,948
Tapestry, Inc.		630,226		25,820,359

				75,760,494

				373,851,041


Information Technology – 11.6%
Communications Equipment – 2.0%
Calix, Inc.^(b)		665,064		24,766,984
F5, Inc.^(b)		8,707		1,768,827
Lumentum Holdings, Inc.^{(a) (b)}		385,548		22,211,420

				48,747,231


Electronic Equipment, Instruments & Components – 3.3%
Avnet, Inc.		471,900		26,039,442
Belden, Inc.		229,368		24,606,599
TD SYNNEX Corp.		260,489		31,628,575

				82,274,616


Semiconductors & Semiconductor Equipment – 2.8%
Amkor Technology, Inc.		812,624		26,735,329
FormFactor, Inc.^(b)		390,056		19,023,031
Synaptics, Inc.^(b)		281,542		22,923,150

				68,681,510


Software – 3.5%
ACI Worldwide, Inc.^(b)		587,089		29,565,802
CommVault Systems, Inc.^(b)		188,941		29,361,431
Gen Digital, Inc.		1,111,754		29,417,011

				88,344,244

				288,047,601


Real Estate – 7.7%
Diversified REITs – 0.6%
Broadstone Net Lease, Inc. - Class A^(a)		866,356		15,854,315


Hotel & Resort REITs – 1.0%
Ryman Hospitality Properties, Inc.		231,847		24,102,814


Industrial REITs – 2.1%
First Industrial Realty Trust, Inc.		395,749		22,450,841
STAG Industrial, Inc.		762,066		30,924,638

				53,375,479


Real Estate Management & Development – 1.8%
Jones Lang LaSalle, Inc.^(b)		175,820		44,874,539


Residential REITs – 1.4%
Independence Realty Trust, Inc.^(a)		1,625,440		33,776,643


Specialized REITs – 0.8%
CubeSmart		365,853		18,962,161

				190,945,951


Company	Shares		U.S. $ Value

Health Care – 7.1%
Health Care Equipment & Supplies – 3.0%
Avantor, Inc.^{(a) (b)}		1,152,832	$	29,789,179
Integra LifeSciences Holdings Corp.^{(a) (b)}		658,131		13,386,385
Teleflex, Inc.		126,420		30,994,391

				74,169,955


Health Care Providers & Services – 2.5%
AMN Healthcare Services, Inc.^{(a) (b)}		229,415		12,165,877
Encompass Health Corp.		378,550		35,224,078
Pediatrix Medical Group, Inc.^(b)		1,413,320		15,348,655

				62,738,610


Life Sciences Tools & Services – 1.6%
Fortrea Holdings, Inc.^{(a) (b)}		479,779		11,063,704
Revvity, Inc.^(a)		220,510		27,021,295

				38,084,999

				174,993,564


Energy – 5.4%
Oil, Gas & Consumable Fuels – 5.4%
Cameco Corp.		787,568		32,164,277
HF Sinclair Corp.		318,551		15,653,596
Magnolia Oil & Gas Corp. - Class A^(a)		1,219,649		31,235,211
Matador Resources Co.		421,430		23,903,510
Northern Oil and Gas, Inc.^(a)		741,733		29,506,139

				132,462,733


Materials – 3.4%
Chemicals – 2.5%
Avient Corp.		654,678		32,164,330
Element Solutions, Inc.		1,100,205		29,419,482

				61,583,812


Containers & Packaging – 0.9%
Berry Global Group, Inc.^(a)		314,398		21,649,446

				83,233,258


Communication Services – 2.5%
Media – 2.5%
Criteo SA (Sponsored ADR)^(b)		621,489		29,477,223
Nexstar Media Group, Inc.^(a)		193,668		33,093,988

				62,571,211


Utilities – 2.3%
Electric Utilities – 2.3%
IDACORP, Inc.		288,585		29,409,697
Portland General Electric Co.^(a)		559,489		26,917,016

				56,326,713


Consumer Staples – 1.8%
Food Products – 1.8%
Lamb Weston Holdings, Inc.^(a)		236,608		14,650,767


Company	Shares		U.S. $ Value

Nomad Foods Ltd.		1,590,485	$	29,901,118

				44,551,885


Total Common Stocks (cost $2,024,109,395)				2,455,714,284


SHORT-TERM INVESTMENTS – 1.0%
Investment Companies – 1.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%^{(c) (d) (e)} (cost $24,959,376)		24,959,376		24,959,376


Total Investments Before Security Lending Collateral for Securities Loaned – 100.2% (cost $2,049,068,771)				2,480,673,660


INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.16%^{(c) (d) (e)} (cost $927,500)		927,500		927,500


Total Investments – 100.2% (cost $2,049,996,271)^(f)				2,481,601,160
Other assets less liabilities – (0.2)%				(5,679,295	)


Net Assets – 100.0%			$	2,475,921,865

(a)

Represents entire or partial securities out on loan.

(b)

Non-income producing security.

(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 $542,628,135 and gross unrealized depreciation of investments was $(111,023,246), resulting in net unrealized appreciation of $431,604,889.

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

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

AB Discovery 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)	$	2,455,714,284	$	—	$	—	$	2,455,714,284
Short-Term Investments		24,959,376		—		—		24,959,376
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		927,500		—		—		927,500

Total Investments in Securities		2,481,601,160		—		—		2,481,601,160
Other Financial Instruments^(b)		—		—		—		—

Total	$	2,481,601,160	$	—	$	—	$	2,481,601,160

^(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	$	554,588	$	529,629	$	24,959	$	631
Government Money Market Portfolio*		0		139,123		138,196		927		55
Total	$	0	$	693,711	$	667,825	$	25,886	$	686

*	Investments of cash collateral for securities lending transactions.

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