AB Relative Value Fund, Inc.

Portfolio of Investments

July 31, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 93.1%
Health Care – 18.5%
Biotechnology – 4.0%
Amgen, Inc.		194,280	$	48,078,471
Regeneron Pharmaceuticals, Inc.(a) (b)		47,220		27,467,402
				75,545,873
Health Care Providers & Services – 7.5%
Cigna Corp.		163,242		44,950,317
Elevance Health, Inc.		161,290		76,951,459
Quest Diagnostics, Inc.		141,520		19,327,387
				141,229,163
Life Sciences Tools & Services – 2.9%
Bio-Rad Laboratories, Inc. - Class A(b)		20,250		11,406,015
PerkinElmer, Inc.(a)		275,510		42,199,867
				53,605,882
Pharmaceuticals – 4.1%
Pfizer, Inc.		257,760		13,019,458
Roche Holding AG (Sponsored ADR)		1,540,550		63,886,608
				76,906,066
				347,286,984
Industrials – 18.1%
Aerospace & Defense – 4.7%
Curtiss-Wright Corp.		104,669		15,013,721
Hexcel Corp.		124,456		7,530,833
Raytheon Technologies Corp.		379,645		35,386,711
Textron, Inc.		458,038		30,065,614
				87,996,879
Air Freight & Logistics – 1.3%
Expeditors International of Washington, Inc.(a)		69,920		7,429,000
FedEx Corp.		71,570		16,682,251
				24,111,251
Airlines – 1.4%
Alaska Air Group, Inc.(b)		248,350		11,009,355
Southwest Airlines Co.(b)		399,380		15,224,366
				26,233,721
Building Products – 0.9%
Builders FirstSource, Inc.(b)		263,044		17,886,992
Construction & Engineering – 1.0%
EMCOR Group, Inc.		155,060		18,044,332
Electrical Equipment – 2.7%
Acuity Brands, Inc.(a)		82,654		15,076,090
Emerson Electric Co.		398,721		35,912,800
				50,988,890

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Company	Shares		U.S. $ Value
Machinery – 2.5%
Altra Industrial Motion Corp.		228,890	$	9,551,580
Middleby Corp. (The)(b)		50,990		7,377,743
Toro Co. (The)		166,665		14,331,523
Westinghouse Air Brake Technologies Corp.		168,240		15,725,393
				46,986,239
Professional Services – 0.8%
Robert Half International, Inc.		202,360		16,014,771
Road & Rail – 1.9%
Knight-Swift Transportation Holdings, Inc.		642,534		35,307,243
Trading Companies & Distributors – 0.9%
MSC Industrial Direct Co., Inc. - Class A		209,177		17,290,571
				340,860,889
Financials – 17.0%
Banks – 7.3%
Bank OZK		373,480		14,976,548
JPMorgan Chase & Co.		397,790		45,889,054
Wells Fargo & Co.		1,739,725		76,321,736
				137,187,338
Capital Markets – 3.3%
Goldman Sachs Group, Inc. (The)		106,990		35,669,396
Northern Trust Corp.		264,190		26,360,878
				62,030,274
Consumer Finance – 0.9%
Capital One Financial Corp.		149,892		16,462,638
Diversified Financial Services – 4.0%
Berkshire Hathaway, Inc. - Class B(b)		248,560		74,717,136
Insurance – 1.5%
Aflac, Inc.		121,179		6,943,557
Allstate Corp. (The)		187,370		21,916,669
				28,860,226
				319,257,612
Consumer Discretionary – 10.5%
Auto Components – 0.4%
BorgWarner, Inc.		194,760		7,490,470
Distributors – 2.1%
LKQ Corp.(a)		730,230		40,045,813
Hotels, Restaurants & Leisure – 0.6%
Booking Holdings, Inc.(b)		6,000		11,614,140
Household Durables – 1.6%
DR Horton, Inc.		376,430		29,372,833
Multiline Retail – 1.7%
Target Corp.		192,300		31,417,974

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Company	Shares		U.S. $ Value
Specialty Retail – 4.1%
AutoZone, Inc.(a) (b)		10,390	$	22,207,482
Lowe’s Cos., Inc.		180,300		34,532,859
Murphy USA, Inc.(a)		26,410		7,509,948
Ulta Beauty, Inc.(b)		31,630		12,301,223
				76,551,512
				196,492,742
Information Technology – 10.1%
Communications Equipment – 1.2%
Ciena Corp.(b)		146,677		7,568,533
Cisco Systems, Inc.		321,320		14,578,289
				22,146,822
Electronic Equipment, Instruments & Components – 2.9%
IPG Photonics Corp.(a) (b)		179,370		19,117,254
Keysight Technologies, Inc.(b)		214,740		34,916,724
				54,033,978
IT Services – 4.7%
Accenture PLC - Class A		24,220		7,417,617
Cognizant Technology Solutions Corp. - Class A		233,250		15,851,670
FleetCor Technologies, Inc.(b)		116,023		25,535,502
Mastercard, Inc. - Class A		94,150		33,309,329
MAXIMUS, Inc.		109,340		7,309,379
				89,423,497
Semiconductors & Semiconductor Equipment – 1.3%
MKS Instruments, Inc.		105,311		12,447,760
NXP Semiconductors NV		69,540		12,787,015
				25,234,775
				190,839,072
Energy – 5.3%
Energy Equipment & Services – 0.8%
Helmerich & Payne, Inc.		325,711		15,080,419
Oil, Gas & Consumable Fuels – 4.5%
Chevron Corp.(a)		87,470		14,325,837
ConocoPhillips		176,242		17,171,258
EOG Resources, Inc.		212,770		23,664,279
Phillips 66		334,940		29,809,660
				84,971,034
				100,051,453
Consumer Staples – 3.9%
Tobacco – 3.9%
Philip Morris International, Inc.		751,110		72,970,337
Real Estate – 3.6%
Equity Real Estate Investment Trusts (REITs) – 1.9%
Weyerhaeuser Co.		1,004,940		36,499,421
Real Estate Management & Development – 1.7%
CBRE Group, Inc. - Class A(b)		370,010		31,680,256
				68,179,677

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Company	Shares		U.S. $ Value
Communication Services – 3.2%
Diversified Telecommunication Services – 3.2%
Comcast Corp. - Class A		1,019,389	$	38,247,475
Verizon Communications, Inc.(a)		481,410		22,236,328
				60,483,803
Materials – 2.1%
Chemicals – 1.0%
Mosaic Co. (The)		349,270		18,392,558
Metals & Mining – 1.1%
BHP Group Ltd. (Sponsored ADR)(a)		242,550		13,349,952
Steel Dynamics, Inc.		95,120		7,407,946
				20,757,898
				39,150,456
Utilities – 0.8%
Electric Utilities – 0.8%
IDACORP, Inc.		129,280		14,443,162
Total Common Stocks (cost $1,485,489,497)				1,750,016,187
SHORT-TERM INVESTMENTS – 6.5%
Investment Companies – 6.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.72%(c) (d) (e) (cost $122,482,742)		122,482,742		122,482,742
Total Investments Before Security Lending Collateral for Securities Loaned – 99.6% (cost $1,607,972,239)				1,872,498,929
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 1.72%(c) (d) (e) (cost $7,590,300)		7,590,300		7,590,300
Total Investments – 100.0% (cost $1,615,562,539)(f)				1,880,089,229
Other assets less liabilities – 0.0%				(47,493	)
Net Assets – 100.0%			$	1,880,041,736

(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.

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(f) As of July 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $293,597,935 and gross unrealized depreciation of investments was $(29,071,245), resulting in net unrealized appreciation of $264,526,690.

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

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AB Relative Value Fund, Inc.

July 31, 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 July 31, 2022:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	1,750,016,187	$	—	$	—	$	1,750,016,187
Short-Term Investments		122,482,742		—		—		122,482,742
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		7,590,300		—		—		7,590,300
Total Investments in Securities		1,880,089,229		—		—		1,880,089,229
Other Financial Instruments(b)		—		—		—		—
Total	$	1,880,089,229	$	—	$	—	$	1,880,089,229

^(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 nine months ended July 31, 2022 is as follows:

Fund	Market Value 10/31/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 07/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	138,223	$	549,442	$	565,182	$	122,483	$	241
Government Money Market Portfolio*		11,850		125,678		129,938		7,590		20
Total	$	150,073	$	675,120	$	695,120	$	130,073	$	261

* Investments of cash collateral for securities lending transactions.

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