AB Relative Value Fund, Inc.

Portfolio of Investments

January 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 92.2%
Health Care – 18.8%
Biotechnology – 6.3%
Amgen, Inc.		200,810	$	50,684,444
Gilead Sciences, Inc.(a)		441,860		37,089,729
Regeneron Pharmaceuticals, Inc.(b)		48,030		36,429,314
				124,203,487
Health Care Providers & Services – 7.7%
Cigna Corp.		137,142		43,428,757
Elevance Health, Inc.		162,420		81,208,376
Quest Diagnostics, Inc.		180,400		26,785,792
				151,422,925
Life Sciences Tools & Services – 1.1%
PerkinElmer, Inc.		155,840		21,432,675
Pharmaceuticals – 3.7%
Pfizer, Inc.		283,530		12,520,685
Roche Holding AG (Sponsored ADR)(a)		1,580,010		61,857,391
				74,378,076
				371,437,163
Financials – 17.5%
Banks – 8.4%
Bank OZK		457,870		20,910,923
JPMorgan Chase & Co.		552,950		77,390,882
Wells Fargo & Co.		1,450,085		67,965,484
				166,267,289
Capital Markets – 2.8%
Goldman Sachs Group, Inc. (The)		59,800		21,875,438
Houlihan Lokey, Inc.		165,330		16,379,243
Nasdaq, Inc.		269,400		16,215,186
				54,469,867
Diversified Financial Services – 3.5%
Berkshire Hathaway, Inc. - Class B(a) (b)		222,350		69,266,472
Insurance – 2.8%
American International Group, Inc.		331,760		20,973,867
Axis Capital Holdings Ltd.		302,960		18,956,207
MetLife, Inc.		207,970		15,185,970
				55,116,044
				345,119,672
Information Technology – 14.5%
Communications Equipment – 1.7%
Cisco Systems, Inc.		677,870		32,991,933
Electronic Equipment, Instruments & Components – 3.0%
IPG Photonics Corp.(b)		151,930		17,031,353
Keysight Technologies, Inc.(b)		146,330		26,244,286
Littelfuse, Inc.		31,910		8,190,978
Zebra Technologies Corp. - Class A(a) (b)		24,630		7,787,513
				59,254,130

1

Company	Shares		U.S. $ Value
IT Services – 8.2%
Accenture PLC - Class A		97,560	$	27,224,118
FleetCor Technologies, Inc.(b)		77,460		16,174,423
Mastercard, Inc. - Class A		172,530		63,939,618
Maximus, Inc.		243,050		18,192,292
PayPal Holdings, Inc.(b)		457,530		37,284,120
				162,814,571
Semiconductors & Semiconductor Equipment – 1.6%
NXP Semiconductors NV		84,610		15,594,469
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		164,970		15,297,668
				30,892,137
				285,952,771
Industrials – 14.4%
Aerospace & Defense – 3.3%
Curtiss-Wright Corp.		76,529		12,688,508
Raytheon Technologies Corp.		248,495		24,812,226
Textron, Inc.		377,818		27,524,041
				65,024,775
Air Freight & Logistics – 0.4%
Expeditors International of Washington, Inc.		65,810		7,117,352
Airlines – 1.7%
Alaska Air Group, Inc.(b)		338,560		17,381,670
Southwest Airlines Co.(a)		465,510		16,651,293
				34,032,963
Building Products – 1.0%
Builders FirstSource, Inc.(a) (b)		243,834		19,433,570
Construction & Engineering – 0.6%
EMCOR Group, Inc.		86,220		12,782,115
Electrical Equipment – 1.8%
Acuity Brands, Inc.		59,984		11,308,184
Emerson Electric Co.		260,081		23,464,508
				34,772,692
Machinery – 2.7%
Middleby Corp. (The)(b)		52,460		8,154,907
PACCAR, Inc.		296,930		32,457,418
Westinghouse Air Brake Technologies Corp.		113,990		11,833,302
				52,445,627
Professional Services – 1.0%
Robert Half International, Inc.		228,400		19,176,464
Road & Rail – 1.4%
Knight-Swift Transportation Holdings, Inc.		476,614		28,167,887

2

Company	Shares		U.S. $ Value
Trading Companies & Distributors – 0.5%
MSC Industrial Direct Co., Inc. - Class A		132,977	$	10,997,198
				283,950,643
Consumer Discretionary – 9.0%
Auto Components – 1.0%
BorgWarner, Inc.		405,940		19,192,843
Distributors – 1.4%
LKQ Corp.		464,090		27,362,746
Hotels, Restaurants & Leisure – 1.7%
Booking Holdings, Inc.(b)		7,230		17,598,543
Choice Hotels International, Inc.(a)		130,659		16,056,685
				33,655,228
Household Durables – 0.7%
DR Horton, Inc.		136,220		13,443,552
Multiline Retail – 1.9%
Target Corp.		221,930		38,203,030
Specialty Retail – 2.3%
Lowe’s Cos., Inc.		144,360		30,062,970
Ulta Beauty, Inc.(b)		30,590		15,722,036
				45,785,006
				177,642,405
Consumer Staples – 5.3%
Food & Staples Retailing – 0.8%
Kroger Co. (The)		355,320		15,857,932
Food Products – 0.4%
Kraft Heinz Co. (The)		185,660		7,524,800
Tobacco – 4.1%
Philip Morris International, Inc.		784,860		81,813,806
				105,196,538
Energy – 5.0%
Energy Equipment & Services – 0.8%
Helmerich & Payne, Inc.		311,111		15,070,217
Oil, Gas & Consumable Fuels – 4.2%
Chevron Corp.		95,790		16,669,376
ConocoPhillips		97,822		11,921,567
EOG Resources, Inc.		191,570		25,335,132
Phillips 66		287,160		28,793,533
				82,719,608
				97,789,825
Real Estate – 3.1%
Equity Real Estate Investment Trusts (REITs) – 2.2%
Weyerhaeuser Co.		1,273,240		43,837,653
Real Estate Management & Development – 0.9%
CBRE Group, Inc. - Class A(a) (b)		199,450		17,054,970
				60,892,623

3

Company	Shares		U.S. $ Value
Communication Services – 2.8%
Diversified Telecommunication Services – 1.5%
Comcast Corp. - Class A		750,309	$	29,524,659
Interactive Media & Services – 1.3%
Alphabet, Inc. - Class C(b)		252,990		25,266,111
				54,790,770
Materials – 1.2%
Chemicals – 0.8%
Mosaic Co. (The)		334,310		16,561,717
Metals & Mining – 0.4%
BHP Group Ltd. (Sponsored ADR)(a)		100,270		7,033,941
				23,595,658
Utilities – 0.6%
Electric Utilities – 0.6%
IDACORP, Inc.		102,600		10,856,106
Total Common Stocks (cost $1,457,654,311)				1,817,224,174
INVESTMENT COMPANIES – 3.2%
Funds and Investment Trusts – 3.2%
iShares Russell 1000 Value ETF - Class E(c) (cost $56,516,633)		393,830		62,796,193
SHORT-TERM INVESTMENTS – 4.8%
Investment Companies – 4.8%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(c) (d) (e) (cost $95,867,484)		95,867,484		95,867,484
Total Investments Before Security Lending Collateral for Securities Loaned – 100.2% (cost $1,610,038,428)				1,975,887,851
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.15%(c) (d) (e) (cost $23,850)		23,850		23,850
Total Investments – 100.2% (cost $1,610,062,278)(f)				1,975,911,701
Other assets less liabilities – (0.2)%				(4,622,214	)
Net Assets – 100.0%			$	1,971,289,487

(a) Represents entire or partial securities out on loan.

(b) Non-income producing security.

4

(c) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(d) Affiliated investments.

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

(f) As of January 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $369,888,771 and gross unrealized depreciation of investments was $(4,039,348), resulting in net unrealized appreciation of $365,849,423.

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

ETF – Exchange Traded Fund

REIT – Real Estate Investment Trust

5

AB Relative Value Fund, Inc.

January 31, 2023 (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 January 31, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	1,817,224,174	$	—	$	—	$	1,817,224,174
Investment Companies		62,796,193		—		—		62,796,193
Short-Term Investments		95,867,484		—		—		95,867,484
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		23,850		—		—		23,850
Total Investments in Securities		1,975,911,701		—		—		1,975,911,701
Other Financial Instruments(b)		—		—		—		—
Total	$	1,975,911,701	$	—	$	—	$	1,975,911,701

^(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.

6

A summary of the Fund’s transactions in AB mutual funds for the three months ended January 31, 2023 is as follows:

Fund	Market Value 10/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 01/31/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	83,217	$	214,168	$	201,518	$	95,867	$	1,029
Government Money Market Portfolio*		1,582		42,213		43,771		24		20
Total	$	84,799	$	256,381	$	245,289	$	95,891	$	1,049

* Investments of cash collateral for securities lending transactions.

7