Ab Trust NPORT-P AB Discovery Value Fund (Aug 2021 report)

AB Discovery Value Fund

Portfolio of Investments

August 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.3%
Financials – 20.6%
Banks – 11.2%
Comerica, Inc.		693,623	$	51,265,676
First Citizens BancShares, Inc./NC - Class A(a)		63,602		57,095,516
First Hawaiian, Inc.(a)		1,168,820		32,621,766
Synovus Financial Corp.(a)		1,053,773		45,417,616
Texas Capital Bancshares, Inc.(b)		670,825		45,609,392
Umpqua Holdings Corp.(a)		1,452,939		28,288,722
Webster Financial Corp.(a)		753,159		38,049,593
Wintrust Financial Corp.		564,060		42,214,250
Zions Bancorp NA(a)		635,978		36,823,126
				377,385,657
Capital Markets – 2.4%
Moelis & Co.(a)		503,387		31,184,825
Stifel Financial Corp.(a)		700,960		48,436,336
				79,621,161
Consumer Finance – 0.7%
OneMain Holdings, Inc.(a)		413,538		23,914,902
Diversified Financial Services – 0.9%
Voya Financial, Inc.(a)		478,582		31,098,258
Insurance – 4.2%
American Financial Group, Inc./OH(a)		309,406		42,679,464
Everest Re Group Ltd.		137,090		36,315,141
Hanover Insurance Group, Inc. (The)(a)		275,661		38,953,656
Selective Insurance Group, Inc.(a)		284,965		23,814,525
				141,762,786
Thrifts & Mortgage Finance – 1.2%
BankUnited, Inc.(a)		904,305		38,007,939
				691,790,703
Industrials – 19.9%
Aerospace & Defense – 1.2%
Spirit AeroSystems Holdings, Inc. - Class A		1,023,710		40,170,380
Airlines – 1.2%
SkyWest, Inc.(b)		830,000		38,719,500
Building Products – 1.2%
Masonite International Corp.(b)		325,887		39,002,156
Commercial Services & Supplies – 2.0%
ADT, Inc.(a)		3,250,160		27,821,370
Herman Miller, Inc.(a)		947,210		39,811,236
				67,632,606
Construction & Engineering – 1.4%
AECOM(a) (b)		739,180		48,460,641

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Company	Shares		U.S. $ Value
Electrical Equipment – 2.5%
Regal Beloit Corp.		368,733	$	55,096,085
Vertiv Holdings Co.(a)		1,052,010		29,635,122
				84,731,207
Machinery – 3.4%
Crane Co.(a)		351,466		35,768,695
Oshkosh Corp.(a)		409,580		46,929,676
Timken Co. (The)		445,720		32,778,249
				115,476,620
Professional Services – 3.0%
Korn Ferry		633,460		44,779,288
Robert Half International, Inc.(a)		537,535		55,581,119
				100,360,407
Road & Rail – 1.4%
Knight-Swift Transportation Holdings, Inc.(a)		916,253		47,581,018
Trading Companies & Distributors – 2.6%
GATX Corp.(a)		216,920		19,887,226
Herc Holdings, Inc.(a) (b)		343,400		45,139,930
MRC Global, Inc.(b)		2,552,533		20,930,770
				85,957,926
				668,092,461
Consumer Discretionary – 18.7%
Auto Components – 2.8%
Dana, Inc.(a)		939,181		21,845,350
Goodyear Tire & Rubber Co. (The)(b)		2,749,923		43,558,781
Lear Corp.		167,763		26,832,014
				92,236,145
Diversified Consumer Services – 1.0%
Hillenbrand, Inc.(a)		245,954		11,417,185
Houghton Mifflin Harcourt Co.(b)		1,728,465		23,282,423
				34,699,608
Hotels, Restaurants & Leisure – 4.1%
Dine Brands Global, Inc.(b)		453,810		37,539,163
Hilton Grand Vacations, Inc.(b)		467,170		20,410,657
Papa John’s International, Inc.		326,119		41,589,956
Scientific Games Corp./DE - Class A(a) (b)		522,390		37,794,917
				137,334,693
Household Durables – 3.4%
KB Home(a)		849,410		36,550,112
PulteGroup, Inc.		1,013,330		54,577,954
Taylor Morrison Home Corp. - Class A(a) (b)		820,280		23,041,665
				114,169,731

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Company	Shares		U.S. $ Value
Leisure Products – 0.8%
Brunswick Corp./DE		283,395	$	27,452,474
Specialty Retail – 2.1%
Sally Beauty Holdings, Inc.(a) (b)		1,724,820		32,064,404
Williams-Sonoma, Inc.(a)		199,337		37,216,218
				69,280,622
Textiles, Apparel & Luxury Goods – 4.5%
Carter’s, Inc.		306,260		31,354,899
Kontoor Brands, Inc.(a)		548,230		29,582,491
Ralph Lauren Corp.(a)		352,360		40,919,567
Steven Madden Ltd.		406,430		16,448,222
Tapestry, Inc.		833,830		33,620,025
				151,925,204
				627,098,477
Real Estate – 11.1%
Equity Real Estate Investment Trusts (REITs) – 11.1%
American Campus Communities, Inc.(a)		613,038		31,172,982
Broadstone Net Lease, Inc.(a)		1,144,740		31,365,876
Camden Property Trust		326,824		49,036,673
Cousins Properties, Inc.(a)		962,790		37,125,183
CubeSmart		917,080		49,063,780
MGM Growth Properties LLC - Class A		1,109,215		45,988,054
Physicians Realty Trust		2,547,681		47,157,575
RLJ Lodging Trust		2,275,305		32,832,651
STAG Industrial, Inc.(a)		1,187,924		50,189,789
				373,932,563
Information Technology – 8.4%
Communications Equipment – 0.9%
Lumentum Holdings, Inc.(b)		368,090		31,891,318
Electronic Equipment, Instruments & Components – 2.4%
Avnet, Inc.(a)		1,032,829		41,788,261
Belden, Inc.(a)		666,512		38,157,812
				79,946,073
IT Services – 0.8%
Genpact Ltd.		526,439		27,311,655
Semiconductors & Semiconductor Equipment – 2.9%
Kulicke & Soffa Industries, Inc.(a)		418,652		29,385,184
MaxLinear, Inc. - Class A(a) (b)		509,274		26,599,381
ON Semiconductor Corp.(a) (b)		910,740		40,400,426
				96,384,991
Software – 0.7%
CommVault Systems, Inc.(a) (b)		306,695		24,833,094
Technology Hardware, Storage & Peripherals – 0.7%
NCR Corp.(a) (b)		523,781		22,250,217
				282,617,348

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Company	Shares		U.S. $ Value
Materials – 7.7%
Chemicals – 2.9%
GCP Applied Technologies, Inc.(a) (b)		1,103,227	$	26,300,932
Innospec, Inc.		247,200		23,137,920
Orion Engineered Carbons SA(b)		1,285,686		22,718,071
Trinseo SA		499,798		25,954,510
				98,111,433
Containers & Packaging – 1.5%
Sealed Air Corp.		812,909		49,611,836
Metals & Mining – 3.3%
Carpenter Technology Corp.		1,063,620		35,471,727
Commercial Metals Co.(a)		974,150		31,776,773
Reliance Steel & Aluminum Co.(a)		302,417		45,374,647
				112,623,147
				260,346,416
Health Care – 4.5%
Health Care Equipment & Supplies – 1.1%
Integra LifeSciences Holdings Corp.(a) (b)		509,850		38,356,016
Health Care Providers & Services – 2.3%
Acadia Healthcare Co., Inc.(a) (b)		354,321		23,427,704
MEDNAX, Inc.(a) (b)		1,712,360		54,983,880
				78,411,584
Health Care Technology – 1.1%
Change Healthcare, Inc.(b)		1,633,100		35,650,573
				152,418,173
Consumer Staples – 2.6%
Food Products – 2.6%
Hain Celestial Group, Inc. (The)(a) (b)		1,185,960		44,366,764
Nomad Foods Ltd.(b)		1,638,544		43,241,176
				87,607,940
Utilities – 2.5%
Electric Utilities – 1.6%
IDACORP, Inc.(a)		498,084		52,473,150
Gas Utilities – 0.9%
Southwest Gas Holdings, Inc.(a)		440,491		30,970,922
				83,444,072
Energy – 2.5%
Energy Equipment & Services – 0.5%
Dril-Quip, Inc.(a) (b)		638,956		15,526,631

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Company	Shares		U.S. $ Value
Oil, Gas & Consumable Fuels – 2.0%
Cimarex Energy Co.		527,218	$	33,857,940
HollyFrontier Corp.		1,035,668		33,483,146
				67,341,086
				82,867,717
Communication Services – 0.8%
Media – 0.8%
Criteo SA (Sponsored ADR)(b)		739,077		27,737,560
Total Common Stocks (cost $2,442,372,466)				3,337,953,430
SHORT-TERM INVESTMENTS – 0.7%
Investment Companies – 0.7%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $24,678,575)		24,678,575		24,678,575
Total Investments Before Security Lending Collateral for Securities Loaned – 100.0% (cost $2,467,051,041)				3,362,632,005
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $1,841,990)		1,841,990		1,841,990
Total Investments – 100.1% (cost $2,468,893,031)(f)				3,364,473,995
Other assets less liabilities – (0.1)%				(2,399,518	)
Net Assets – 100.0%			$	3,362,074,477

(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, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $929,835,213 and gross unrealized depreciation of investments was $(34,254,249), resulting in net unrealized appreciation of $895,580,964.

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 Discovery Value Fund    

August 31, 2021 (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, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	3,337,953,430	$	—	$	—	$	3,337,953,430
Short-Term Investments		24,678,575		—		—		24,678,575
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,841,990		—		—		1,841,990
Total Investments in Securities		3,364,473,995		—		—		3,364,473,995
Other Financial Instruments(b)		—		—		—		—
Total	$	3,364,473,995	$	—	$	—	$	3,364,473,995

^(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 August 31, 2021 is as follows:

Fund	Market Value 11/30/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	18,392	$	624,197	$	617,910	$	24,679	$	3
Government Money Market Portfolio*		0		126,757		124,915		1,842		0	**
Total	$	18,392	$	750,954	$	742,825	$	26,521	$	3

* Investments of cash collateral for securities lending transactions

** Amount less than $500.

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