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

AB Equity Income Fund, Inc.

Portfolio of Investments

August 31, 2021 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.2%
Information Technology – 28.3%
IT Services – 3.1%
Mastercard, Inc. - Class A		12,800	$	4,431,744
Paychex, Inc.		83,550		9,563,969
Western Union Co. (The) - Class W(a)		154,010		3,332,776
				17,328,489
Semiconductors & Semiconductor Equipment – 4.0%
Broadcom, Inc.		20,440		10,162,973
NVIDIA Corp.		17,560		3,930,806
Texas Instruments, Inc.		42,240		8,064,038
				22,157,817
Software – 13.1%
Citrix Systems, Inc.		25,300		2,602,611
Microsoft Corp.		167,530		50,573,956
NortonLifeLock, Inc.		292,030		7,756,317
Oracle Corp.		131,330		11,705,443
				72,638,327
Technology Hardware, Storage & Peripherals – 8.1%
Apple, Inc.		209,650		31,831,159
Seagate Technology Holdings PLC(a)		50,020		4,381,252
Western Digital Corp.(b)		142,410		9,000,312
				45,212,723
				157,337,356
Health Care – 14.2%
Health Care Equipment & Supplies – 4.4%
Medtronic PLC		157,950		21,083,166
Zimmer Biomet Holdings, Inc.		23,660		3,559,647
				24,642,813
Health Care Providers & Services – 1.8%
UnitedHealth Group, Inc.		23,330		9,711,579
Life Sciences Tools & Services – 1.2%
Thermo Fisher Scientific, Inc.		11,650		6,465,167
Pharmaceuticals – 6.8%
Johnson & Johnson		31,940		5,529,772
Pfizer, Inc.		196,010		9,030,181
Roche Holding AG (Sponsored ADR)		388,680		19,519,510
Sanofi (ADR)		75,540		3,911,461
				37,990,924
				78,810,483
Financials – 13.0%
Banks – 4.1%
Wells Fargo & Co.		502,150		22,948,255
Capital Markets – 3.9%
Ameriprise Financial, Inc.		22,220		6,064,060
Morgan Stanley		111,990		11,695,116
T. Rowe Price Group, Inc.		18,400		4,119,208
				21,878,384

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Company	Shares		U.S. $ Value
Consumer Finance – 0.8%
Synchrony Financial		86,120	$	4,284,470
Insurance – 4.2%
Everest Re Group Ltd.		25,680		6,802,632
MetLife, Inc.		264,890		16,423,180
				23,225,812
				72,336,921
Consumer Discretionary – 8.9%
Auto Components – 1.4%
Magna International, Inc. - Class A (United States)(a)		94,740		7,475,934
Automobiles – 0.5%
Stellantis NV(a)		142,620		2,855,252
Hotels, Restaurants & Leisure – 0.7%
Restaurant Brands International, Inc.(a)		60,270		3,869,937
Household Durables – 1.0%
PulteGroup, Inc.		101,990		5,493,181
Internet & Direct Marketing Retail – 3.1%
eBay, Inc.		223,330		17,138,344
Specialty Retail – 1.7%
Best Buy Co., Inc.(a)		24,280		2,828,863
Home Depot, Inc. (The)		8,190		2,671,414
Williams-Sonoma, Inc.(a)		22,090		4,124,203
				9,624,480
Textiles, Apparel & Luxury Goods – 0.5%
Ralph Lauren Corp.		24,670		2,864,927
				49,322,055
Consumer Staples – 8.3%
Beverages – 4.5%
Coca-Cola Co. (The)		249,940		14,074,121
Molson Coors Beverage Co. - Class B(a)		133,080		6,325,292
PepsiCo, Inc.		28,420		4,444,604
				24,844,017
Food & Staples Retailing – 2.5%
Walmart, Inc.		94,820		14,042,842
Food Products – 0.9%
General Mills, Inc.		86,290		4,988,425
Household Products – 0.4%
Procter & Gamble Co. (The)		16,830		2,396,424
				46,271,708

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Company	Shares		U.S. $ Value
Industrials – 8.2%
Aerospace & Defense – 3.6%
L3Harris Technologies, Inc.		29,990	$	6,987,970
Lockheed Martin Corp.		24,460		8,800,708
Northrop Grumman Corp.(a)		11,310		4,158,687
				19,947,365
Electrical Equipment – 0.7%
Eaton Corp. PLC		24,680		4,155,125
Industrial Conglomerates – 0.4%
General Electric Co.		22,376		2,358,654
Professional Services – 1.3%
Robert Half International, Inc.		67,230		6,951,582
Road & Rail – 1.0%
CSX Corp.		170,750		5,554,498
Trading Companies & Distributors – 1.2%
WW Grainger, Inc.		15,850		6,874,145
				45,841,369
Communication Services – 6.0%
Diversified Telecommunication Services – 6.0%
Comcast Corp. - Class A		279,890		16,983,725
Deutsche Telekom AG (Sponsored ADR)		251,360		5,348,941
Verizon Communications, Inc.		197,180		10,844,900
				33,177,566
Utilities – 3.9%
Electric Utilities – 3.5%
Alliant Energy Corp.		66,860		4,064,420
American Electric Power Co., Inc.		141,660		12,688,486
NextEra Energy, Inc.		30,720		2,580,173
				19,333,079
Multi-Utilities – 0.4%
Dominion Energy, Inc.		28,300		2,202,872
				21,535,951
Real Estate – 3.4%
Equity Real Estate Investment Trusts (REITs) – 3.4%
American Campus Communities, Inc.		58,300		2,964,555
Cousins Properties, Inc.		143,530		5,534,517
CubeSmart		71,660		3,833,810
Physicians Realty Trust		138,610		2,565,671
Sun Communities, Inc.		20,960		4,223,230
				19,121,783
Materials – 2.6%
Chemicals – 2.1%
LyondellBasell Industries NV - Class A		116,000		11,640,600
Metals & Mining – 0.5%
Reliance Steel & Aluminum Co.		18,276		2,742,131
				14,382,731

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Company	Shares		U.S. $ Value
Energy – 2.4%
Energy Equipment & Services – 0.5%
Baker Hughes Co. - Class A		129,320	$	2,945,910
Oil, Gas & Consumable Fuels – 1.9%
Chevron Corp.		64,720		6,262,954
Valero Energy Corp.		67,280		4,461,337
				10,724,291
				13,670,201
Total Common Stocks (cost $381,749,356)				551,808,124
SHORT-TERM INVESTMENTS – 0.6%
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $3,707,931)		3,707,931		3,707,931
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $385,457,287)				555,516,055
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(c) (d) (e) (cost $32,625)		32,625		32,625
Total Investments – 99.8% (cost $385,489,912)(f)				555,548,680
Other assets less liabilities – 0.2%				847,418
Net Assets – 100.0%			$	556,396,098

(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 $174,365,191 and gross unrealized depreciation of investments was $(4,306,423), resulting in net unrealized appreciation of $170,058,768.

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 Equity Income Fund, Inc.

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)	$	551,808,124	$	—	$	—	$	551,808,124
Short-Term Investments		3,707,931		—		—		3,707,931
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		32,625		—		—		32,625
Total Investments in Securities		555,548,680		—		—		555,548,680
Other Financial Instruments(b)		—		—		—		—
Total	$	555,548,680	$	—	$	—	$	555,548,680

^(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	$	1,291	$	110,348	$	107,859	$	3,708	$	0	**
Government Money Market Portfolio*		0		20,468		20,435		33		0	**
Total	$	1,219	$	130,816	$	128,294	$	3,741	$	0	**

^*  Investments of cash collateral for securities lending transactions

^**  Amount less than $500.

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