Ab Portfolios NPORT-P AB Tax-Managed Wealth Appreciation Strategy (Nov 2024 report)

AB Tax-Managed Wealth Appreciation Strategy

Portfolio of Investments

November 30, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 59.1%
Information Technology – 17.6%
Communications Equipment – 0.1%
Cisco Systems, Inc.		14,232	$	842,677
Electronic Equipment, Instruments & Components – 0.4%
CDW Corp./DE		20,234		3,559,767
Semiconductors & Semiconductor Equipment – 6.7%
Advanced Micro Devices, Inc.(a)		4,089		560,909
Broadcom, Inc.		54,151		8,776,794
KLA Corp.		2,363		1,528,932
NVIDIA Corp.		274,767		37,986,538
NXP Semiconductors NV		19,630		4,502,533
QUALCOMM, Inc.		16,191		2,566,759
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		7,563		1,396,583
Texas Instruments, Inc.		8,454		1,699,508
				59,018,556
Software – 7.2%
Adobe, Inc.(a)		9,978		5,147,950
Gen Digital, Inc.		33,364		1,029,279
Microsoft Corp.		102,151		43,256,862
Oracle Corp.		64,333		11,891,312
ServiceNow, Inc.(a)		1,612		1,691,697
				63,017,100
Technology Hardware, Storage & Peripherals – 3.2%
Apple, Inc.		113,581		26,956,179
Western Digital Corp.(a)		24,080		1,757,599
				28,713,778
				155,151,878
Financials – 8.4%
Banks – 2.6%
Bank of America Corp.		220,137		10,458,709
JPMorgan Chase & Co.		7,890		1,970,291
Wells Fargo & Co.		135,535		10,323,701
				22,752,701
Capital Markets – 2.2%
Charles Schwab Corp. (The)		97,591		8,076,631
Goldman Sachs Group, Inc. (The)		16,342		9,945,251
LPL Financial Holdings, Inc.		2,952		959,843
S&P Global, Inc.		957		500,042
				19,481,767
Financial Services – 2.2%
Fiserv, Inc.(a)		4,322		954,989
PayPal Holdings, Inc.(a)		12,940		1,122,804
Visa, Inc. - Class A		54,512		17,175,641
				19,253,434
Insurance – 1.4%
Progressive Corp. (The)		35,998		9,679,142

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Company	Shares		U.S. $ Value
Willis Towers Watson PLC		8,660	$	2,788,520
				12,467,662
				73,955,564
Health Care – 7.6%
Biotechnology – 1.2%
Gilead Sciences, Inc.		412		38,143
Regeneron Pharmaceuticals, Inc.(a)		4,507		3,381,241
Vertex Pharmaceuticals, Inc.(a)		14,675		6,869,808
				10,289,192
Health Care Equipment & Supplies – 1.0%
Edwards Lifesciences Corp.(a)		36,521		2,605,773
Intuitive Surgical, Inc.(a)		2,352		1,274,784
Medtronic PLC		55,999		4,846,154
				8,726,711
Health Care Providers & Services – 2.5%
HCA Healthcare, Inc.		5,855		1,915,873
Labcorp Holdings, Inc.		11,393		2,747,536
UnitedHealth Group, Inc.		28,165		17,186,283
				21,849,692
Life Sciences Tools & Services – 1.6%
Illumina, Inc.(a)		13,399		1,931,466
IQVIA Holdings, Inc.(a)		25,438		5,108,968
Thermo Fisher Scientific, Inc.		5,106		2,704,291
Waters Corp.(a)		10,443		4,017,631
				13,762,356
Pharmaceuticals – 1.3%
Johnson & Johnson		9,589		1,486,391
Merck & Co., Inc.		27,921		2,837,890
Pfizer, Inc.		8,730		228,813
Roche Holding AG (Sponsored ADR)		95,023		3,443,634
Zoetis, Inc.		22,108		3,874,427
				11,871,155
				66,499,106
Communication Services – 7.1%
Diversified Telecommunication Services – 0.6%
Comcast Corp. - Class A		120,151		5,189,322
Entertainment – 0.7%
Walt Disney Co. (The)		54,550		6,407,988
Interactive Media & Services – 4.9%
Alphabet, Inc. - Class A		12,280		2,074,706
Alphabet, Inc. - Class C		131,015		22,336,747
Meta Platforms, Inc. - Class A		32,780		18,826,210
				43,237,663
Wireless Telecommunication Services – 0.9%
T-Mobile US, Inc.		29,971		7,401,039

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Company	Shares		U.S. $ Value
			$	62,236,012
Consumer Discretionary – 5.0%
Automobile Components – 0.0%
Magna International, Inc.		4,191		189,182
Broadline Retail – 2.2%
Amazon.com, Inc.(a)		90,844		18,885,559
Hotels, Restaurants & Leisure – 0.6%
Booking Holdings, Inc.		236		1,227,667
Hyatt Hotels Corp. - Class A		12,072		1,906,652
Starbucks Corp.		20,439		2,094,180
				5,228,499
Specialty Retail – 1.8%
AutoZone, Inc.(a)		1,837		5,822,445
Home Depot, Inc. (The)		24,189		10,380,226
				16,202,671
Textiles, Apparel & Luxury Goods – 0.4%
NIKE, Inc. - Class B		45,064		3,549,691
				44,055,602
Industrials – 4.3%
Building Products – 0.2%
Otis Worldwide Corp.		17,442		1,796,177
Construction & Engineering – 0.3%
AECOM		14,454		1,690,684
MasTec, Inc.(a)		2,998		431,892
				2,122,576
Electrical Equipment – 1.7%
Eaton Corp. PLC		28,704		10,776,056
GE Vernova, Inc.(a)		12,170		4,066,240
				14,842,296
Ground Transportation – 0.7%
CSX Corp.		143,575		5,247,666
Norfolk Southern Corp.		3,002		828,102
				6,075,768
Industrial Conglomerates – 0.1%
Honeywell International, Inc.		4,448		1,036,073
Machinery – 1.1%
Deere & Co.		4,911		2,288,035
Ingersoll Rand, Inc.		10,221		1,064,722
PACCAR, Inc.		43,658		5,107,986
Pentair PLC		13,464		1,467,441
				9,928,184
Professional Services – 0.2%
Booz Allen Hamilton Holding Corp.		11,833		1,753,414
				37,554,488

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Company	Shares		U.S. $ Value
Consumer Staples – 3.8%
Beverages – 0.7%
Coca-Cola Co. (The)		50,566	$	3,240,269
Constellation Brands, Inc. - Class A		13,468		3,245,115
				6,485,384
Consumer Staples Distribution & Retail – 2.4%
Costco Wholesale Corp.		7,999		7,774,068
Walmart, Inc.		138,819		12,840,757
				20,614,825
Household Products – 0.7%
Procter & Gamble Co. (The)		34,119		6,116,172
				33,216,381
Energy – 2.2%
Energy Equipment & Services – 0.7%
Baker Hughes Co.		141,227		6,206,927
Oil, Gas & Consumable Fuels – 1.5%
Cameco Corp. (New York)		46,342		2,755,032
Chevron Corp.		26,222		4,246,128
EOG Resources, Inc.		43,115		5,745,505
				12,746,665
				18,953,592
Materials – 1.6%
Chemicals – 1.5%
Corteva, Inc.		64,179		3,994,501
Linde PLC		10,590		4,881,884
LyondellBasell Industries NV - Class A		54,480		4,540,363
Westlake Corp.		1,866		239,595
				13,656,343
Metals & Mining – 0.1%
ATI, Inc.(a)		13,478		810,971
				14,467,314
Utilities – 0.8%
Electric Utilities – 0.8%
American Electric Power Co., Inc.		40,805		4,074,787
NextEra Energy, Inc.		42,859		3,371,718
				7,446,505
Real Estate – 0.7%
Industrial REITs – 0.4%
Prologis, Inc.		29,727		3,471,519
Real Estate Management & Development – 0.0%
CBRE Group, Inc. - Class A(a)		450		62,995
Specialized REITs – 0.3%
American Tower Corp.		12,522		2,617,098
				6,151,612

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Company	Shares		U.S. $ Value
Total Common Stocks (cost $188,164,341)			$	519,688,054
INVESTMENT COMPANIES – 40.3%
Funds and Investment Trusts – 40.3%(b) (c)
AB Discovery Growth Fund, Inc. - Class Z(a)		1,568,700		22,416,726
AB Trust - AB Discovery Value Fund - Class Z		1,187,343		29,861,673
Bernstein Fund, Inc. - International Small Cap Portfolio - Class Z		3,199,166		39,253,761
Bernstein International Strategic Equities Portfolio - Class Z		16,783,856		221,882,574
Bernstein Small Cap Core Portfolio - Class Z		1,322,923		19,857,074
Sanford C Bernstein Fund, Inc. - Emerging Markets Portfolio - Class Z		750,397		20,695,942
Total Investment Companies (cost $314,861,505)				353,967,750
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.54%(b) (c) (d) (cost $5,420,349)		5,420,349		5,420,349
Total Investments – 100.0% (cost $508,446,195)(e)				879,076,153
Other assets less liabilities – 0.0%				(45,143	)
Net Assets – 100.0%			$	879,031,010

(a) Non-income producing security.

(b) 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.

(c) Affiliated investments.

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

(e) As of November 30, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $371,730,357 and gross unrealized depreciation of investments was $(1,100,399), resulting in net unrealized appreciation of $370,629,958.

  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 Tax-Managed Wealth Appreciation Strategy 

November 30, 2024 (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 November 30, 2024:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	519,688,054	$	—	$	—	$	519,688,054
Investment Companies		353,967,750		—		—		353,967,750
Short-Term Investments		5,420,349		—		—		5,420,349
Total Investments in Securities		879,076,153		—		—		879,076,153
Other Financial Instruments(b)		—		—		—		—
Total	$	879,076,153	$	—	$	—	$	879,076,153

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

^(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.

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A summary of the Fund’s transactions in AB mutual funds for the three months ended November 30, 2024 is as follows:

															Distributions
Affiliated Issuer	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 11/30/2024 (000)		Dividend Income (000)		Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	20,221	$	0	$	452	$	(63	)	$	2,711		$	22,417	$	0	$	0
AB Trust - AB Discovery Value Fund		27,606		0		0		0			2,256			29,862		0		0
Bernstein Fund, Inc. - International Small Cap Portfolio		45,669		0		5,049		228			(1,594	)		39,254		0		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		224,850		3,000		0		0			(5,967	)		221,883		0		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		18,269		0		0		0			1,588			19,857		0		0
Government Money Market Portfolio		843		21,291		16,714		0			0			5,420		0		0
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio		21,369		0		283		(23	)		(367	)		20,696		0		0
Total	$	358,827	$	24,291	$	22,498	$	142		$	(1,373	)	$	359,389	$	0	$	0

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