Ab Trust NPORT-P AB International Value Fund (Feb 2023 report)

AB International Value Fund

Portfolio of Investments

February 28, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 101.9%
Industrials – 17.8%
Aerospace & Defense – 5.9%
Airbus SE		18,210	$	2,384,973
Saab AB - Class B		34,590		1,996,190
Safran SA		16,050		2,266,281
				6,647,444
Electrical Equipment – 2.6%
Fuji Electric Co., Ltd.		40,100		1,548,255
Prysmian SpA		34,940		1,343,267
				2,891,522
Industrial Conglomerates – 3.1%
Hitachi Ltd.		31,200		1,579,279
Melrose Industries PLC		1,083,458		1,951,123
				3,530,402
Machinery – 4.6%
Alstom SA		39,783		1,167,560
Amada Co., Ltd.		236,800		2,154,913
Kawasaki Heavy Industries Ltd.(a)		84,800		1,853,062
				5,175,535
Professional Services – 1.6%
dip Corp.		29,600		764,773
UT Group Co., Ltd.(a)		58,500		1,064,227
				1,829,000
				20,073,903
Financials – 17.6%
Banks – 13.4%
ABN AMRO Bank NV(b)		107,200		1,891,669
Banco Bilbao Vizcaya Argentaria SA		249,020		1,935,639
Bank Leumi Le-Israel BM		135,900		1,056,558
Bank of Ireland Group PLC		149,396		1,645,913
Erste Group Bank AG		52,820		2,073,343
KBC Group NV		27,870		2,081,208
Natwest Group PLC		747,279		2,625,147
Resona Holdings, Inc.(a)		341,400		1,880,390
				15,189,867
Diversified Financial Services – 1.0%
ORIX Corp.		64,700		1,159,618
Insurance – 3.2%
SCOR SE		60,590		1,487,275
Suncorp Group Ltd.		242,340		2,090,428
				3,577,703
				19,927,188

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Company	Shares		U.S. $ Value
Consumer Discretionary – 14.6%
Auto Components – 1.1%
Faurecia SE(c)		59,118	$	1,289,411
Automobiles – 3.6%
Stellantis NV		140,367		2,446,508
Suzuki Motor Corp.		47,100		1,652,789
				4,099,297
Hotels, Restaurants & Leisure – 1.5%
Entain PLC		104,540		1,707,210
Household Durables – 3.1%
Persimmon PLC		82,070		1,431,192
Sony Group Corp.		24,000		2,006,794
				3,437,986
Specialty Retail – 1.1%
Kingfisher PLC		340,430		1,177,328
Textiles, Apparel & Luxury Goods – 4.2%
Burberry Group PLC		59,180		1,757,323
Kering SA		2,900		1,700,330
Pandora A/S		13,470		1,275,928
				4,733,581
				16,444,813
Consumer Staples – 11.8%
Food & Staples Retailing – 3.8%
Carrefour SA		94,230		1,862,876
Koninklijke Ahold Delhaize NV		77,530		2,461,722
				4,324,598
Food Products – 5.7%
Nestle SA (REG)		36,880		4,155,292
Nomad Foods Ltd.(c)		61,700		1,105,664
Salmar ASA		26,770		1,109,754
				6,370,710
Tobacco – 2.3%
British American Tobacco PLC		68,410		2,589,029
				13,284,337
Materials – 9.6%
Chemicals – 4.1%
Arkema SA		17,380		1,761,968
Tosoh Corp.		142,700		1,942,032
Zeon Corp.(a)		91,800		868,274
				4,572,274
Construction Materials – 2.2%
CRH PLC		53,960		2,534,688
Metals & Mining – 3.3%
Anglo American PLC		36,170		1,249,844
ArcelorMittal SA		48,340		1,450,654
Endeavour Mining PLC		50,166		1,023,228
				3,723,726
				10,830,688

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Company	Shares			U.S. $ Value
Health Care – 8.0%
Health Care Equipment & Supplies – 0.9%
ConvaTec Group PLC(b)		405,073		$	1,093,475
Pharmaceuticals – 7.1%
Nippon Shinyaku Co., Ltd.(a)		22,100			989,730
Roche Holding AG (Genusschein)		14,220			4,100,179
Sanofi		31,060			2,904,055
					7,993,964
					9,087,439
Communication Services – 6.4%
Diversified Telecommunication Services – 3.0%
Deutsche Telekom AG (REG)		79,310			1,779,958
Nippon Telegraph & Telephone Corp.		56,300			1,631,395
					3,411,353
Entertainment – 2.4%
GungHo Online Entertainment, Inc.		53,600			965,376
Konami Group Corp.(a)		37,800			1,667,263
					2,632,639
Media – 1.0%
Criteo SA (Sponsored ADR)(c)		34,690			1,149,973
					7,193,965
Energy – 6.1%
Energy Equipment & Services – 2.8%
Shell PLC		103,220			3,136,846
Oil, Gas & Consumable Fuels – 3.3%
Cameco Corp.		52,250			1,428,307
Repsol SA		144,884			2,291,317
					3,719,624
					6,856,470
Information Technology – 5.1%
Semiconductors & Semiconductor Equipment – 3.7%
NXP Semiconductors NV		6,100			1,088,728
SK Hynix, Inc.		20,530			1,387,515
Tokyo Electron Ltd.(a)		5,000	��		1,715,510
					4,191,753
Technology Hardware, Storage & Peripherals – 1.4%
Samsung Electronics Co., Ltd.		34,550			1,580,831
					5,772,584
Utilities – 3.6%
Electric Utilities – 3.6%
EDP - Energias de Portugal SA		454,264			2,287,547
Enel SpA		317,700			1,782,157
					4,069,704

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Company	Shares		U.S. $ Value
Real Estate – 1.3%
Real Estate Management & Development – 1.3%
Daito Trust Construction Co., Ltd.(a)		16,100	$	1,516,599
Total Common Stocks (cost $107,870,118)				115,057,690
SHORT-TERM INVESTMENTS – 2.2%
Investment Companies – 2.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.40%(d) (e) (f) (cost $2,530,053)		2,530,053		2,530,053
Total Investments Before Security Lending Collateral for Securities Loaned – 104.1% (cost $110,400,171)				117,587,743
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.40%(d) (e) (f) (cost $207,690)		207,690		207,690
Total Investments – 104.3% (cost $110,607,861)(g)				117,795,433
Other assets less liabilities – (4.3)%				(4,883,913	)
Net Assets – 100.0%			$	112,911,520

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		SGD	1,904		USD	1,413		03/02/2023	$	1,226
Bank of America, NA		GBP	984		USD	1,200		03/24/2023		16,094
Bank of America, NA		CAD	1,249		USD	934		03/30/2023		17,946
Bank of America, NA		USD	674		AUD	951		04/13/2023		(33,214	)
Bank of America, NA		USD	514		CNH	3,500		04/20/2023		(9,113	)
Bank of America, NA		USD	1,416		SGD	1,904		05/15/2023		(1,203	)
Barclays Bank PLC		HKD	4,511		USD	580		07/12/2023		2,604
Barclays Bank PLC		USD	578		HKD	4,511		07/12/2023		(600	)
BNP Paribas SA		USD	2,522		SEK	26,190		04/21/2023		(13,552	)
Citibank, NA		USD	634		GBP	520		03/24/2023		(8,315	)
Citibank, NA		KRW	2,553,501		USD	2,076		04/26/2023		138,157
Citibank, NA		EUR	7,816		USD	8,323		05/11/2023		21,835
HSBC Bank USA		ILS	2,345		USD	692		04/20/2023		48,900
Morgan Stanley Capital Services, Inc.		CHF	1,721		USD	1,836		03/01/2023		7,893
Morgan Stanley Capital Services, Inc.		USD	2,137		CHF	1,976		03/01/2023		(38,030	)
Morgan Stanley Capital Services, Inc.		BRL	2,988		USD	578		03/02/2023		7,381
Morgan Stanley Capital Services, Inc.		USD	580		BRL	2,988		03/02/2023		(8,907	)
Morgan Stanley Capital Services, Inc.		USD	1,414		SGD	1,904		03/02/2023		(2,276	)

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Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	289		BRL	1,494		04/04/2023	$	(5,707	)
Morgan Stanley Capital Services, Inc.		USD	6,943		AUD	9,926		04/13/2023		(254,092	)
Morgan Stanley Capital Services, Inc.		JPY	68,651		USD	513		04/28/2023		4,999
Morgan Stanley Capital Services, Inc.		USD	1,852		CHF	1,721		05/24/2023		(8,272	)
Standard Chartered Bank		KRW	532,075		USD	433		04/26/2023		29,563
State Street Bank & Trust Co.		CHF	1,152		USD	1,250		03/01/2023		27,078
State Street Bank & Trust Co.		USD	968		CHF	897		03/01/2023		(15,243	)
State Street Bank & Trust Co.		MXN	3,766		USD	198		03/16/2023		(6,874	)
State Street Bank & Trust Co.		GBP	803		USD	981		03/24/2023		14,410
State Street Bank & Trust Co.		USD	1,161		GBP	965		03/24/2023		79
State Street Bank & Trust Co.		USD	369		GBP	302		03/24/2023		(5,722	)
State Street Bank & Trust Co.		CAD	480		USD	358		03/30/2023		5,704
State Street Bank & Trust Co.		USD	291		CAD	389		03/30/2023		(5,920	)
State Street Bank & Trust Co.		USD	232		ILS	781		04/20/2023		(18,108	)
State Street Bank & Trust Co.		SEK	3,293		USD	317		04/21/2023		1,806
State Street Bank & Trust Co.		JPY	177,380		USD	1,329		04/28/2023		16,179
State Street Bank & Trust Co.		EUR	362		USD	385		05/11/2023		597
UBS AG		USD	495		MXN	9,410		03/16/2023		17,822
UBS AG		KRW	512,102		USD	402		04/26/2023		13,471
									$	(41,404	)

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

(b) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2023, the aggregate market value of these securities amounted to $2,985,144 or 2.6% of net assets.

(c) Non-income producing security.

(d) Affiliated investments.

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

(f) 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.

(g) As of February 28, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $14,281,473 and gross unrealized depreciation of investments was $(7,135,305), resulting in net unrealized appreciation of $7,146,168.

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.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

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CHF – Swiss Franc

CNH – Chinese Yuan Renminbi (Offshore)

EUR – Euro

GBP – Great British Pound

HKD – Hong Kong Dollar

ILS – Israeli Shekel

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

SEK – Swedish Krona

SGD – Singapore Dollar

USD – United States Dollar

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

COUNTRY BREAKDOWN¹

February 28, 2023 (unaudited)

22.9	%	Japan
16.7	%	United Kingdom
15.3	%	France
6.5	%	United States
3.7	%	Netherlands
3.6	%	Spain
3.6	%	Ireland
3.4	%	Switzerland
2.7	%	Italy
2.5	%	South Korea
1.9	%	Portugal
1.8	%	Australia
1.8	%	Belgium
11.4	%	Other
2.2	%	Short-Term Investments
100.0	%	Total Investments

¹  The Fund’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 1.8% or less in the following: Austria, Canada, Denmark, Germany, Israel, Luxembourg, Norway, South Africa and Sweden.

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AB International Value Fund

February 28, 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)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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.

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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 28, 2023:

Investments in Securities:	Level 1		Level 2			Level 3		Total
Assets:
Common Stocks:
Industrials	$	—	$	20,073,903		$	—	$	20,073,903
Financials		—		19,927,188			—		19,927,188
Consumer Discretionary		—		16,444,813			—		16,444,813
Consumer Staples		1,105,664		12,178,673			—		13,284,337
Materials		—		10,830,688			—		10,830,688
Health Care		—		9,087,439			—		9,087,439
Communication Services		1,149,973		6,043,992			—		7,193,965
Energy		1,428,307		5,428,163			—		6,856,470
Information Technology		1,088,728		4,683,856			—		5,772,584
Utilities		—		4,069,704			—		4,069,704
Real Estate		—		1,516,599			—		1,516,599
Short-Term Investments		2,530,053		—			—		2,530,053
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		207,690		—			—		207,690
Total Investments in Securities		7,510,415		110,285,018	(a)		—		117,795,433
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		—		393,744			—		393,744
Liabilities:
Forward Currency Exchange Contracts		—		(435,148	)		—		(435,148	)
Total	$	7,510,415	$	110,243,614		$	—	$	117,754,029

^(a)  A significant portion of the Fund’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available.

^(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.

A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2023 is as follows:

Fund	Market Value 11/30/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2023 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,604	$	11,748	$	10,822	$	2,530	$	8
Government Money Market Portfolio*		345		2,848		2,985		208		2
Total	$	1,949	$	14,596	$	13,807	$	2,738	$	10

* Investments of cash collateral for securities lending transactions.

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