AB Discovery Value Fund

Portfolio of Investments

February 28, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.4%
Industrials – 24.0%
Aerospace & Defense – 1.3%
Spirit AeroSystems Holdings, Inc. - Class A		869,340	$	43,467,000
Airlines – 0.7%
SkyWest, Inc.(a)		843,380		23,707,412
Building Products – 0.8%
Masonite International Corp.(a)		282,567		26,654,545
Commercial Services & Supplies – 2.1%
ADT, Inc.(b)		4,258,880		31,132,413
MillerKnoll, Inc.(b)		996,110		38,728,757
				69,861,170
Construction & Engineering – 4.5%
AECOM		759,810		55,207,794
Arcosa, Inc.		202,612		10,671,574
Dycom Industries, Inc.(a) (b)		477,170		41,542,420
WillScot Mobile Mini Holdings Corp.(a)		1,122,190		39,871,411
				147,293,199
Electrical Equipment – 3.4%
Regal Rexnord Corp.		357,623		57,344,848
Sensata Technologies Holding PLC(a)		686,500		39,755,215
Vertiv Holdings Co.		1,153,200		15,014,664
				112,114,727
Machinery – 2.3%
Oshkosh Corp.(b)		418,800		46,503,552
Timken Co. (The)		413,970		27,139,873
				73,643,425
Marine – 1.0%
Kirby Corp.(a)		506,000		32,965,900
Professional Services – 2.5%
Korn Ferry		439,920		29,149,099
Robert Half International, Inc.		430,185		51,746,954
				80,896,053
Road & Rail – 2.1%
Knight-Swift Transportation Holdings, Inc.		678,493		36,964,299
XPO Logistics, Inc.(a)		442,500		32,160,900
				69,125,199
Trading Companies & Distributors – 3.3%
Applied Industrial Technologies, Inc.		347,310		35,113,041
GATX Corp.		200,540		21,383,580
Herc Holdings, Inc.		333,620		53,085,614
				109,582,235
				789,310,865

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Company	Shares		U.S. $ Value
Financials – 19.4%
Banks – 11.9%
Comerica, Inc.		500,163	$	47,760,565
First Citizens BancShares, Inc./NC - Class A		64,732		51,037,945
First Hawaiian, Inc.		1,460,080		42,444,526
Synovus Financial Corp.		864,323		45,506,606
Texas Capital Bancshares, Inc.(a)		642,805		42,810,813
Umpqua Holdings Corp.		1,452,939		31,020,248
Webster Financial Corp.		721,729		43,455,303
Wintrust Financial Corp.		433,260		43,048,714
Zions Bancorp NA		609,468		43,205,186
				390,289,906
Capital Markets – 2.3%
Moelis & Co.		741,358		35,740,869
Stifel Financial Corp.		534,500		39,285,750
				75,026,619
Insurance – 4.1%
American Financial Group, Inc./OH(b)		297,046		40,217,058
Hanover Insurance Group, Inc. (The)		263,351		36,740,098
Kemper Corp.		518,780		27,723,603
Selective Insurance Group, Inc.		352,415		29,317,404
				133,998,163
Thrifts & Mortgage Finance – 1.1%
BankUnited, Inc.		869,725		38,441,845
				637,756,533
Consumer Discretionary – 16.7%
Auto Components – 1.9%
Dana, Inc.(b)		981,051		18,267,170
Goodyear Tire & Rubber Co. (The)(a)		2,826,640		43,784,653
				62,051,823
Diversified Consumer Services – 0.6%
Houghton Mifflin Harcourt Co.(a)		1,030,285		21,584,471
Hotels, Restaurants & Leisure – 4.3%
Dine Brands Global, Inc.		522,270		43,787,117
Hilton Grand Vacations, Inc.(a)		716,740		37,170,136
Papa John’s International, Inc.(b)		319,799		34,160,929
Scientific Games Corp./DE - Class A(a)		425,400		26,766,168
				141,884,350
Household Durables – 3.2%
KB Home		869,350		33,565,604
PulteGroup, Inc.		945,970		46,976,870
Taylor Morrison Home Corp. - Class A(a)		820,280		24,198,260
				104,740,734
Specialty Retail – 2.1%
Sally Beauty Holdings, Inc.(a) (b)		1,844,590		31,874,515

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Company	Shares		U.S. $ Value
Williams-Sonoma, Inc.(b)		256,917	$	37,216,997
				69,091,512
Textiles, Apparel & Luxury Goods – 4.6%
Carter’s, Inc.		524,550		50,713,494
Kontoor Brands, Inc.(b)		515,750		25,550,255
Ralph Lauren Corp.		338,610		44,710,064
Tapestry, Inc.		729,100		29,820,190
				150,794,003
				550,146,893
Information Technology – 8.3%
Communications Equipment – 1.3%
Lumentum Holdings, Inc.(a) (b)		423,900		41,906,754
Electronic Equipment, Instruments & Components – 2.2%
Avnet, Inc.		988,729		41,595,829
Belden, Inc.		540,652		30,465,740
				72,061,569
IT Services – 0.5%
Genpact Ltd.		434,279		18,170,234
Semiconductors & Semiconductor Equipment – 2.3%
Kulicke & Soffa Industries, Inc.(b)		495,892		25,905,398
ON Semiconductor Corp.(a) (b)		769,870		48,201,561
				74,106,959
Software – 2.0%
ACI Worldwide, Inc.(a)		1,052,940		35,294,549
CommVault Systems, Inc.(a)		473,095		29,762,406
				65,056,955
				271,302,471
Real Estate – 7.6%
Equity Real Estate Investment Trusts (REITs) – 7.6%
American Campus Communities, Inc.		629,608		33,879,206
Broadstone Net Lease, Inc.		1,253,710		27,155,359
Camden Property Trust		316,344		52,231,558
Cousins Properties, Inc.		918,740		35,490,926
CubeSmart		622,320		30,002,047
Physicians Realty Trust		2,453,701		39,897,178
STAG Industrial, Inc.(b)		808,784		31,510,225
				250,166,499
Materials – 7.2%
Chemicals – 2.5%
Huntsman Corp.		749,450		30,307,758
Innospec, Inc.		227,980		21,772,090
Orion Engineered Carbons SA		539,028		8,376,495
Trinseo PLC(b)		418,428		21,741,519
				82,197,862

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Company	Shares		U.S. $ Value
Containers & Packaging – 2.4%
Berry Global Group, Inc.(a)		655,320	$	39,745,158
Sealed Air Corp.		565,919		37,990,143
				77,735,301
Metals & Mining – 2.3%
Carpenter Technology Corp.		849,092		32,596,642
Reliance Steel & Aluminum Co.		228,397		43,594,135
				76,190,777
				236,123,940
Health Care – 6.5%
Health Care Equipment & Supplies – 1.2%
Integra LifeSciences Holdings Corp.(a) (b)		595,340		39,923,500
Health Care Providers & Services – 2.7%
Acadia Healthcare Co., Inc.(a)		737,970		41,850,279
MEDNAX, Inc.(a) (b)		1,917,240		44,997,623
				86,847,902
Health Care Technology – 1.3%
Change Healthcare, Inc.(a)		2,053,560		43,987,255
Life Sciences Tools & Services – 1.3%
Syneos Health, Inc.(a)		552,400		43,750,080
				214,508,737
Energy – 3.6%
Energy Equipment & Services – 1.2%
Cactus, Inc. - Class A		755,590		38,278,189
Oil, Gas & Consumable Fuels – 2.4%
Coterra Energy, Inc.		1,788,349		41,722,182
HollyFrontier Corp.(a)		1,204,088		36,664,480
				78,386,662
				116,664,851
Consumer Staples – 2.6%
Food Products – 2.6%
Hain Celestial Group, Inc. (The)(a)		1,195,240		43,458,926
Nomad Foods Ltd.(a)		1,715,904		43,206,463
				86,665,389
Utilities – 2.3%
Electric Utilities – 1.5%
IDACORP, Inc.(b)		462,104		48,035,711
Gas Utilities – 0.8%
Southwest Gas Holdings, Inc.(b)		376,791		26,729,553
				74,765,264

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Company	Shares		U.S. $ Value
Communication Services – 1.2%
Media – 1.2%
Criteo SA (Sponsored ADR)(a)		1,202,717	$	40,002,368
Total Common Stocks (cost $2,583,176,995)				3,267,413,810
SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $25,638,826)		25,638,826		25,638,826
Total Investments – 100.2% (cost $2,608,815,821)(f)				3,293,052,636
Other assets less liabilities – (0.2)%				(5,693,420	)
Net Assets – 100.0%			$	3,287,359,216

(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 February 28, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $764,585,126 and gross unrealized depreciation of investments was $(80,348,311), resulting in net unrealized appreciation of $684,236,815.

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

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AB Discovery Value Fund

February 28, 2022 (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 February 28, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	3,267,413,810	$	—	$	—	$	3,267,413,810
Short-Term Investments		25,638,826		—		—		25,638,826
Total Investments in Securities		3,293,052,636		—		—		3,293,052,636
Other Financial Instruments(b)		—		—		—		—
Total	$	3,293,052,636	$	—	$	—	$	3,293,052,636

^(a)  See Portfolio of Investments for sector classifications.

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

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A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2022 is as follows:

Fund	Market Value 11/30/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	23,529	$	183,773	$	181,663	$	25,639	$	1
Government Money Market Portfolio*		1,795		43,486		45,281		0		0	**
Total	$	25,324	$	227,259	$	226,944	$	25,639	$	1

* Investments of cash collateral for securities lending transactions

** Amount less than $500.

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