AB Equity Income Fund (AUIAX) NPORT-P Ab Equity Income Fund Inc (Aug 2022 report)

AB Equity Income Fund

Portfolio of Investments

August 31, 2022 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.5%
Information Technology – 29.2%
IT Services – 2.6%
Mastercard, Inc. - Class A		26,930	$	8,735,284
Paychex, Inc.		32,210		3,972,781
				12,708,065
Semiconductors & Semiconductor Equipment – 6.1%
Broadcom, Inc.		25,510		12,732,296
KLA Corp.(a)		22,363		7,695,779
NVIDIA Corp.		14,056		2,121,613
NXP Semiconductors NV		42,027		6,916,804
				29,466,492
Software – 11.5%
Intuit, Inc.		5,920		2,556,138
Microsoft Corp.		146,348		38,265,611
NortonLifeLock, Inc.		292,030		6,596,958
Oracle Corp.		111,380		8,258,827
				55,677,534
Technology Hardware, Storage & Peripherals – 9.0%
Apple, Inc.		195,729		30,772,513
Seagate Technology Holdings PLC(a)		106,387		7,123,673
Western Digital Corp.(b)		142,410		6,018,247
				43,914,433
				141,766,524
Financials – 13.2%
Banks – 4.0%
Wells Fargo & Co.		445,230		19,461,003
Capital Markets – 4.6%
LPL Financial Holdings, Inc.		11,020		2,439,057
Morgan Stanley		232,734		19,833,591
				22,272,648
Insurance – 4.6%
Allstate Corp. (The)		38,421		4,629,730
MetLife, Inc.		239,120		15,382,590
Willis Towers Watson PLC		12,065		2,495,404
				22,507,724
				64,241,375
Health Care – 12.2%
Health Care Equipment & Supplies – 3.7%
Medtronic PLC		174,250		15,320,060
Zimmer Biomet Holdings, Inc.		23,660		2,515,531
				17,835,591
Health Care Providers & Services – 0.8%
UnitedHealth Group, Inc.(a)		8,103		4,208,131

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Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 0.7%
Thermo Fisher Scientific, Inc.		6,450	$	3,517,314
Pharmaceuticals – 7.0%
Merck & Co., Inc.		181,774		15,516,229
Roche Holding AG (Sponsored ADR)		243,540		9,848,758
Sanofi (ADR)		207,770		8,524,803
				33,889,790
				59,450,826
Consumer Staples – 10.4%
Beverages – 4.3%
Coca-Cola Co. (The)		158,530		9,782,886
Molson Coors Beverage Co. - Class B(a)		46,050		2,379,403
PepsiCo, Inc.		50,888		8,766,476
				20,928,765
Food & Staples Retailing – 3.3%
Walmart, Inc.(b)		120,258		15,940,198
Food Products – 1.8%
General Mills, Inc.		112,740		8,658,432
Household Products – 1.0%
Procter & Gamble Co., (The)		37,337		5,150,266
				50,677,661
Consumer Discretionary – 9.1%
Automobiles – 2.6%
Ford Motor Co.		817,945		12,465,482
Distributors – 2.1%
Genuine Parts Co.		66,496		10,374,041
Hotels, Restaurants & Leisure – 1.1%
Restaurant Brands International, Inc.		87,392		5,156,128
Internet & Direct Marketing Retail – 2.0%
eBay, Inc.		223,330		9,855,553
Specialty Retail – 1.3%
Home Depot, Inc. (The)		14,399		4,152,959
Williams-Sonoma, Inc.(a)		13,852		2,060,485
				6,213,444
				44,064,648
Industrials – 5.5%
Aerospace & Defense – 1.2%
L3Harris Technologies, Inc.		15,088		3,442,931
Lockheed Martin Corp.		5,870		2,466,045
				5,908,976
Machinery – 1.8%
PACCAR, Inc.		98,100		8,584,731
Marine – 0.6%
Star Bulk Carriers Corp.(a)		155,034		3,030,915

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Company	Shares		U.S. $ Value
Road & Rail – 1.9%
CSX Corp.		84,631	$	2,678,571
Norfolk Southern Corp.		26,410		6,421,064
				9,099,635
				26,624,257
Communication Services – 4.9%
Diversified Telecommunication Services – 4.9%
Comcast Corp. - Class A		267,098		9,666,277
Deutsche Telekom AG (Sponsored ADR)		494,700		9,364,671
Verizon Communications, Inc.		116,360		4,865,011
				23,895,959
Energy – 4.5%
Energy Equipment & Services – 0.9%
Baker Hughes Co.		169,490		4,281,317
Oil, Gas & Consumable Fuels – 3.6%
Cameco Corp.		104,760		3,053,754
Chevron Corp.		41,676		6,587,309
EOG Resources, Inc.		44,055		5,343,871
Valero Energy Corp.(a)		22,430		2,627,002
				17,611,936
				21,893,253
Real Estate – 4.5%
Equity Real Estate Investment Trusts (REITs) – 4.5%
Cousins Properties, Inc.		86,930		2,334,070
CubeSmart		150,532		6,931,999
Physicians Realty Trust		284,327		4,736,888
VICI Properties, Inc.(a)		233,041		7,688,023
				21,690,980
Utilities – 4.4%
Electric Utilities – 3.4%
American Electric Power Co., Inc.		163,580		16,390,716
Multi-Utilities – 1.0%
NiSource, Inc.		173,729		5,126,743
				21,517,459
Consumer Durables & Apparel – 0.9%
Homebuilding – 0.9%
PulteGroup, Inc.		101,990		4,146,913
Materials – 0.7%
Chemicals – 0.7%
LyondellBasell Industries NV - Class A		43,405		3,602,615
Total Common Stocks (cost $407,036,414)				483,572,470

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Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.03%(c) (d) (e) (cost $1,791,625)		1,791,625	$	1,791,625
Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% (cost $408,828,039)				485,364,095
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3%
Investment Companies – 0.3%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 2.03%(c) (d) (e) (cost $1,548,933)		1,548,933		1,548,933
Total Investments – 100.2% (cost $410,376,972)(f)				486,913,028
Other assets less liabilities – (0.2)%				(865,521	)
Net Assets – 100.0%			$	486,047,507

(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, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $99,833,150 and gross unrealized depreciation of investments was $(23,297,094), resulting in net unrealized appreciation of $76,536,056.

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

August 31, 2022 (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, 2022:

Investments in Securities:	Level 1			Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	483,572,470		$	—	$	—	$	483,572,470
Short-Term Investments		1,791,625			—		—		1,791,625
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,548,933			—		—		1,548,933
Total Investments in Securities		486,913,028			—		—		486,913,028
Other Financial Instruments(b)		—			—		—		—
Total	$	486,913,028	��	$	—	$	—	$	486,913,028

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

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^(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.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended August 31, 2022 is as follows:

Fund	Market Value 11/30/2021 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 08/31/2022 (000)		Dividend Income (000)
Government Money Market Portfolio	$	1,707	$	48,639	$	48,554	$	1,792	$	4
Government Money Market Portfolio*		3,019		36,873		38,343		1,549		3
Total	$	4,726	$	85,512	$	86,897	$	3,341	$	7

* Investments of cash collateral for securities lending transactions.

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