AB Equity Income Fund (AUIAX) NPORT-P Ab Equity Income Fund Inc (Feb 2021 report)

AB Equity Income Fund

Portfolio of Investments

February 28, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.7%
Information Technology – 26.1%
Communications Equipment – 1.7%
Juniper Networks, Inc.(a)		355,280	$	8,270,918
IT Services – 3.2%
Mastercard, Inc. - Class A		12,800		4,529,280
Paychex, Inc.		83,550		7,608,899
Western Union Co. (The) - Class W		154,010		3,576,112
				15,714,291
Semiconductors & Semiconductor Equipment – 1.9%
NVIDIA Corp.		4,390		2,408,266
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		18,570		2,338,706
Texas Instruments, Inc.		27,530		4,742,593
				9,489,565
Software – 11.8%
Citrix Systems, Inc.		25,300		3,379,574
Microsoft Corp.		159,170		36,987,925
NortonLifeLock, Inc.		192,500		3,755,675
Oracle Corp.		208,520		13,451,625
				57,574,799
Technology Hardware, Storage & Peripherals – 7.5%
Apple, Inc.		220,000		26,677,200
Western Digital Corp.		142,410		9,759,357
				36,436,557
				127,486,130
Health Care – 14.0%
Health Care Equipment & Supplies – 4.3%
Medtronic PLC		157,950		18,475,412
Zimmer Biomet Holdings, Inc.		15,420		2,514,385
				20,989,797
Health Care Providers & Services – 2.0%
UnitedHealth Group, Inc.		29,270		9,724,079
Life Sciences Tools & Services – 1.0%
Thermo Fisher Scientific, Inc.		10,440		4,698,835
Pharmaceuticals – 6.7%
Johnson & Johnson		59,970		9,502,846
Merck & Co., Inc.		42,270		3,069,648
Pfizer, Inc.		131,120		4,391,209
Roche Holding AG (Sponsored ADR)		388,680		15,974,748
				32,938,451
				68,351,162
Financials – 13.8%
Banks – 5.8%
Citigroup, Inc.		28,450		1,874,286
Comerica, Inc.		41,680		2,838,408
JPMorgan Chase & Co.		35,960		5,292,233
Wells Fargo & Co.		502,150		18,162,766
				28,167,693

1

Company	Shares		U.S. $ Value
Capital Markets – 3.1%
Ameriprise Financial, Inc.		22,220	$	4,915,953
Morgan Stanley		80,590		6,194,953
T. Rowe Price Group, Inc.		24,710		4,006,479
				15,117,385
Consumer Finance – 1.0%
Synchrony Financial		134,330		5,195,884
Insurance – 3.9%
Everest Re Group Ltd.		25,680		6,209,681
MetLife, Inc.		222,620		12,822,912
				19,032,593
				67,513,555
Consumer Discretionary – 9.5%
Auto Components – 2.8%
Magna International, Inc. - Class A (United States)		162,280		13,663,976
Household Durables – 0.9%
PulteGroup, Inc.		101,990		4,600,769
Internet & Direct Marketing Retail – 1.0%
eBay, Inc.		83,280		4,698,658
Multiline Retail – 0.3%
Target Corp.		7,730		1,417,991
Specialty Retail – 3.3%
Best Buy Co., Inc.		41,800		4,194,630
Home Depot, Inc. (The)		34,890		9,013,483
Williams-Sonoma, Inc.		22,090		2,900,196
				16,108,309
Textiles, Apparel & Luxury Goods – 1.2%
Ralph Lauren Corp.		49,390		5,782,581
				46,272,284
Consumer Staples – 8.3%
Beverages – 3.5%
Coca-Cola Co. (The)		201,560		9,874,424
Molson Coors Beverage Co. - Class B		55,960		2,487,422
PepsiCo, Inc.		37,130		4,796,825
				17,158,671
Food & Staples Retailing – 2.6%
Walmart, Inc.		96,960		12,597,043
Food Products – 0.7%
General Mills, Inc.		64,840		3,566,849
Household Products – 1.5%
Procter & Gamble Co. (The)		59,300		7,325,329
				40,647,892

2

Company	Shares		U.S. $ Value
Industrials – 8.2%
Aerospace & Defense – 1.5%
Lockheed Martin Corp.		22,240	$	7,344,760
Air Freight & Logistics – 0.5%
CH Robinson Worldwide, Inc.		26,480		2,405,708
Electrical Equipment – 2.1%
Eaton Corp. PLC		80,450		10,473,785
Machinery – 1.9%
Caterpillar, Inc.		42,420		9,157,630
Road & Rail – 1.0%
CSX Corp.		51,900		4,751,445
Trading Companies & Distributors – 1.2%
WW Grainger, Inc.		15,850		5,907,454
				40,040,782
Communication Services – 6.3%
Diversified Telecommunication Services – 6.3%
Comcast Corp. - Class A		328,320		17,309,030
Verizon Communications, Inc.		242,520		13,411,356
				30,720,386
Utilities – 3.6%
Electric Utilities – 2.6%
American Electric Power Co., Inc.		141,660		10,603,251
NextEra Energy, Inc.		30,720		2,257,305
				12,860,556
Multi-Utilities – 1.0%
Ameren Corp.		42,770		3,005,448
Dominion Energy, Inc.		28,300		1,933,456
				4,938,904
				17,799,460
Materials – 3.6%
Chemicals – 2.4%
LyondellBasell Industries NV - Class A		116,000		11,958,440
Metals & Mining – 1.2%
Reliance Steel & Aluminum Co.		43,506		5,751,493
				17,709,933
Energy – 3.5%
Energy Equipment & Services – 1.1%
Baker Hughes Co. - Class A		217,670		5,328,562
Oil, Gas & Consumable Fuels – 2.4%
Chevron Corp.		64,720		6,472,000
Valero Energy Corp.(a)		67,280		5,179,214
				11,651,214
				16,979,776

3

Company	Shares		U.S. $ Value
Real Estate – 2.8%
Equity Real Estate Investment Trusts (REITs) – 2.8%
American Campus Communities, Inc.		58,300	$	2,387,968
Camden Property Trust		23,430		2,440,235
Cousins Properties, Inc.		72,010		2,415,215
CubeSmart		71,660		2,648,554
Mid-America Apartment Communities, Inc.		27,570		3,714,506
				13,606,478
Total Common Stocks (cost $357,338,149)				487,127,838
SHORT-TERM INVESTMENTS – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(b) (c) (d) (cost $1,428,335)		1,428,335		1,428,335
Total Investments – 100.0% (cost $358,766,484)(e)				488,556,173
Other assets less liabilities – 0.0%				60,457
Net Assets – 100.0%			$	488,616,630

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

(b) Affiliated investments.

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

(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, or call AB at (800) 227-4618.

(e) As of February 28, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $138,204,006 and gross unrealized depreciation of investments was $(8,414,317), resulting in net unrealized appreciation of $129,789,689.

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

4

AB Equity Income Fund    

February 28, 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 February 28, 2021:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	487,127,838	$	—	$	—	$	487,127,838
Short-Term Investments		1,428,335		—		—		1,428,335
Total Investments in Securities		488,556,173		—		—		488,556,173
Other Financial Instruments(b)		—		—		—		—
Total	$	488,556,173	$	—	$	—	$	488,556,173

^(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.

5

A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2021 is as follows:

Fund	Market Value 11/30/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,219	$	40,958	$	40,749	$	1,428	$	0	*

* Amount less than $500.

6