AB Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2025 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 63.4%
Information Technology – 18.8%
Semiconductors & Semiconductor Equipment – 8.1%
Broadcom, Inc.		104,638	$	25,329,721
KLA Corp.		8,023		6,072,448
NVIDIA Corp.		394,901		53,362,972
NXP Semiconductors NV		36,387		6,954,647
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		48,723		9,419,131
				101,138,919
Software – 8.1%
Adobe, Inc.(a)		14,384		5,970,654
HubSpot, Inc.(a)		8,552		5,044,825
Microsoft Corp.		146,248		67,326,729
Oracle Corp.		95,455		15,800,666
ServiceNow, Inc.(a)		5,751		5,814,779
				99,957,653
Technology Hardware, Storage & Peripherals – 2.6%
Apple, Inc.		159,220		31,979,337
				233,075,909
Financials – 10.3%
Banks – 2.3%
Bank of America Corp.		260,133		11,479,669
Wells Fargo & Co.		227,882		17,041,016
				28,520,685
Capital Markets – 3.5%
Charles Schwab Corp. (The)		203,632		17,988,851
Goldman Sachs Group, Inc. (The)		28,019		16,824,009
S&P Global, Inc.		17,472		8,960,690
				43,773,550
Financial Services – 3.2%
Fiserv, Inc.(a)		49,546		8,065,593
Visa, Inc. - Class A		86,068		31,431,173
				39,496,766
Insurance – 1.3%
Progressive Corp. (The)		32,256		9,190,702
Willis Towers Watson PLC		22,711		7,189,167
				16,379,869
				128,170,870
Communication Services – 7.9%
Diversified Telecommunication Services – 0.6%
Comcast Corp. – Class A		226,503		7,830,209
Entertainment – 1.2%
Walt Disney Co. (The)		131,784		14,896,863
Interactive Media & Services – 5.3%
Alphabet, Inc. - Class C		188,837		32,640,475

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Company	Shares		U.S. $ Value
Meta Platforms, Inc. - Class A		50,783	$	32,881,485
				65,521,960
Wireless Telecommunication Services – 0.8%
T-Mobile US, Inc.		40,145		9,723,119
				97,972,151
Health Care – 6.4%
Biotechnology – 1.0%
Regeneron Pharmaceuticals, Inc.		5,881		2,883,337
Vertex Pharmaceuticals, Inc.(a)		20,629		9,119,049
				12,002,386
Health Care Equipment & Supplies – 0.6%
Medtronic PLC		95,003		7,883,349
Health Care Providers & Services – 1.5%
Labcorp Holdings, Inc.		25,860		6,438,364
UnitedHealth Group, Inc.		40,552		12,243,055
				18,681,419
Life Sciences Tools & Services – 1.7%
IQVIA Holdings, Inc.(a)		53,683		7,533,335
Thermo Fisher Scientific, Inc.		16,745		6,745,221
Waters Corp.(a)		18,117		6,327,181
				20,605,737
Pharmaceuticals – 1.6%
Eli Lilly & Co.		7,129		5,258,849
Merck & Co., Inc.		60,271		4,631,224
Roche Holding AG (Sponsored ADR)(b)		160,141		6,453,682
Zoetis, Inc.		24,922		4,202,597
				20,546,352
				79,719,243
Industrials – 6.3%
Aerospace & Defense – 0.7%
RTX Corp.		60,829		8,301,942
Building Products – 0.5%
Otis Worldwide Corp.		67,475		6,433,741
Commercial Services & Supplies – 0.6%
Veralto Corp.		75,525		7,630,291
Electrical Equipment – 1.8%
Eaton Corp. PLC		37,352		11,960,110
GE Vernova, Inc.		21,719		10,272,653
				22,232,763
Ground Transportation – 0.7%
CSX Corp.		282,992		8,939,718
Machinery – 1.1%
Deere & Co.		13,860		7,016,764
PACCAR, Inc.		17,418		1,634,679

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Company	Shares		U.S. $ Value
Pentair PLC		47,713	$	4,732,175
				13,383,618
Professional Services – 0.4%
Booz Allen Hamilton Holding Corp.		42,727		4,539,744
Trading Companies & Distributors – 0.5%
United Rentals, Inc.		8,419		5,963,851
				77,425,668
Consumer Discretionary – 5.1%
Broadline Retail – 3.0%
Amazon.com, Inc.(a)		177,987		36,489,115
Hotels, Restaurants & Leisure – 0.6%
Hyatt Hotels Corp. - Class A(b)		24,122		3,184,828
Starbucks Corp.		50,982		4,279,939
				7,464,767
Specialty Retail – 1.5%
AutoZone, Inc.(a)		2,175		8,119,362
Home Depot, Inc. (The)		29,208		10,757,014
				18,876,376
				62,830,258
Consumer Staples – 3.4%
Beverages – 0.8%
Coca-Cola Co. (The)		138,945		10,017,935
Consumer Staples Distribution & Retail – 2.0%
Costco Wholesale Corp.		5,603		5,828,129
Dollar Tree, Inc.(a)		31,086		2,805,822
Walmart, Inc.		162,985		16,089,879
				24,723,830
Household Products – 0.6%
Procter & Gamble Co. (The)		43,752		7,433,027
				42,174,792
Energy – 1.6%
Energy Equipment & Services – 0.8%
Baker Hughes Co.		250,727		9,289,435
Oil, Gas & Consumable Fuels – 0.8%
EOG Resources, Inc.		95,255		10,341,836
				19,631,271
Materials – 1.4%
Chemicals – 1.4%
Corteva, Inc.		102,870		7,283,196
Linde PLC		18,130		8,477,225
LyondellBasell Industries NV - Class A		25,767		1,455,578
				17,215,999

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Company	Shares		U.S. $ Value
Real Estate – 1.2%
Industrial REITs – 0.7%
Prologis, Inc.		79,785	$	8,664,651
Specialized REITs – 0.5%
Digital Realty Trust, Inc.		37,537		6,438,346
				15,102,997
Utilities – 1.0%
Electric Utilities – 0.5%
American Electric Power Co., Inc.		65,539		6,782,631
Multi-Utilities – 0.5%
Ameren Corp.		62,561		6,060,910
				12,843,541
Total Common Stocks (cost $473,983,865)				786,162,699
INVESTMENT COMPANIES – 35.4%
Funds and Investment Trusts – 35.4%(c) (d)
AB Discovery Growth Fund, Inc. - Class Z		2,358,742		28,988,933
AB Trust - AB Discovery Value Fund - Class Z		1,940,720		37,281,230
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z		3,401,550		46,907,369
Bernstein Fund, Inc. - International Strategic Equities Portfolio - Class Z		18,281,947		274,960,483
Bernstein Fund, Inc. - Small Cap Core Portfolio - Class Z		2,262,893		25,389,660
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z		856,695		25,212,541
Total Investment Companies (cost $367,359,210)				438,740,216
SHORT-TERM INVESTMENTS – 1.1%
Investment Companies – 1.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.14%(c) (d) (e) (cost $14,123,422)		14,123,422		14,123,422
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $855,466,497)				1,239,026,337
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.14%(c) (d) (e) (cost $5,734,597)		5,734,597		5,734,597

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	U.S. $ Value
Total Investments – 100.4% (cost $861,201,094)(f)		1,244,760,934
Other assets less liabilities – (0.4)%		(4,696,531	)
Net Assets – 100.0%	$	1,240,064,403

(a) Non-income producing security.

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

(c) Affiliated investments.

(d) 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.

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

(f) As of May 31, 2025, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $398,826,199 and gross unrealized depreciation of investments was $(15,266,359), resulting in net unrealized appreciation of $383,559,840.

  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 Wealth Appreciation Strategy

May 31, 2025 (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 May 31, 2025:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	786,162,699	$	—	$	—	$	786,162,699
Investment Companies		438,740,216		—		—		438,740,216
Short-Term Investments		14,123,422		—		—		14,123,422
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,734,597		—		—		5,734,597
Total Investments in Securities		1,244,760,934		—		—		1,244,760,934
Other Financial Instruments(b)		—		—		—		—
Total	$	1,244,760,934	$	—	$	—	$	1,244,760,934

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

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^(b)  Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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 May 31, 2025 is as follows:

													Distributions
Fund	Market Value 08/31/2024 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr (Depr) (000)			Market Value 05/31/2025 (000)		Dividend Income (000)		Realized Gains (000)
AB Government Money Market Portfolio	$	1,907	$	106,691	$	94,475	$	0		$	0		$	14,123	$	248	$	0
AB Discovery Growth Fund, Inc.		29,053		754		0		0			(818	)		28,989		0		0
AB Trust - AB Discovery Value Fund		41,787		5,474		2,306		(102	)		(7,572	)		37,281		5,474		0
Bernstein Fund, Inc. - International Small Cap Portfolio		60,771		1,484		18,588		287			2,953			46,907		1,484		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		325,827		12,554		90,281		8,215			18,645			274,960		7,584		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		28,764		3,743		1,339		(4	)		(5,774	)		25,390		3,744		0
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio		32,169		716		8,892		(745	)		1,965			25,213		715		0
AB Government Money Market Portfolio*		3,446		26,823		24,534		0			0			5,735		88		0
Total	$	523,724	$	158,239	$	240,415	$	7,651		$	9,399		$	458,598	$	19,337	$	0

* Investments of cash collateral for securities lending transactions.

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