AB Equity Income Fund (AUIAX) NPORT-P Ab Equity Income Fund Inc (Feb 2024 report)

AB Equity Income Fund

Portfolio of Investments

February 29, 2024 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 99.0%
Information Technology – 33.3%
Semiconductors & Semiconductor Equipment – 10.4%
Analog Devices, Inc.		25,998	$	4,986,936
Broadcom, Inc.		13,263		17,248,399
KLA Corp.		16,483		11,246,351
Lam Research Corp.		12,210		11,456,032
NXP Semiconductors NV		41,087		10,260,657
				55,198,375
Software – 14.6%
Gen Digital, Inc.		285,200		6,128,948
Intuit, Inc.		18,100		11,998,309
Microsoft Corp.		124,191		51,370,366
Oracle Corp.		71,053		7,935,199
				77,432,822
Technology Hardware, Storage & Peripherals – 8.3%
Apple, Inc.		160,845		29,072,734
Seagate Technology Holdings PLC(a)		72,607		6,756,081
Western Digital Corp.(b)		140,215		8,338,586
				44,167,401
				176,798,598
Financials – 15.0%
Banks – 6.0%
JPMorgan Chase & Co.		67,550		12,568,353
Wells Fargo & Co.		350,310		19,473,733
				32,042,086
Capital Markets – 2.5%
Charles Schwab Corp. (The)		40,950		2,734,641
Morgan Stanley		95,037		8,176,983
MSCI, Inc.		4,560		2,558,023
				13,469,647
Financial Services – 1.7%
Mastercard, Inc. - Class A		19,176		9,103,998
Insurance – 4.8%
Allstate Corp. (The)		21,391		3,412,292
MetLife, Inc.		234,990		16,388,203
Progressive Corp. (The)		28,330		5,370,235
				25,170,730
				79,786,461
Health Care – 14.1%
Biotechnology – 3.1%
AbbVie, Inc.		93,360		16,436,028
Health Care Equipment & Supplies – 2.5%
Medtronic PLC		162,050		13,508,488
Health Care Providers & Services – 2.6%
HCA Healthcare, Inc.		11,770		3,668,709
Laboratory Corp. of America Holdings		15,730		3,395,006
UnitedHealth Group, Inc.		13,283		6,556,489
				13,620,204

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Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 1.3%
Thermo Fisher Scientific, Inc.		11,840	$	6,750,931
Pharmaceuticals – 4.6%
Merck & Co., Inc.		118,159		15,023,917
Royalty Pharma PLC - Class A		318,829		9,673,272
				24,697,189
				75,012,840
Consumer Staples – 6.9%
Beverages – 2.0%
Coca-Cola Co. (The)		87,390		5,245,148
PepsiCo, Inc.		32,298		5,340,151
				10,585,299
Consumer Staples Distribution & Retail – 2.8%
Walmart, Inc.		250,947		14,708,004
Food Products – 0.7%
Kellanova		67,010		3,695,602
Household Products – 1.4%
Procter & Gamble Co. (The)		48,510		7,710,179
				36,699,084
Industrials – 6.8%
Aerospace & Defense – 1.1%
L3Harris Technologies, Inc.		14,710		3,113,518
Lockheed Martin Corp.		6,590		2,822,102
				5,935,620
Electrical Equipment – 1.5%
Eaton Corp. PLC		27,300		7,889,700
Machinery – 3.2%
PACCAR, Inc.		120,395		13,350,602
Stanley Black & Decker, Inc.		38,560		3,443,022
				16,793,624
Professional Services – 1.0%
Paychex, Inc.		29,060		3,563,337
Robert Half, Inc.		22,117		1,778,207
				5,341,544
				35,960,488
Consumer Discretionary – 4.9%
Automobile Components – 0.7%
Lear Corp.		25,640		3,521,654
Hotels, Restaurants & Leisure – 0.7%
Restaurant Brands International, Inc.(a)		49,282		3,826,747
Household Durables – 0.3%
PulteGroup, Inc.		14,536		1,575,412

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Company	Shares		U.S. $ Value
Specialty Retail – 1.8%
Bath & Body Works, Inc.		93,761	$	4,284,878
Lowe’s Cos., Inc.		21,490		5,171,998
				9,456,876
Textiles, Apparel & Luxury Goods – 1.4%
Tapestry, Inc.		160,563		7,631,559
				26,012,248
Communication Services – 4.8%
Diversified Telecommunication Services – 3.8%
Comcast Corp. - Class A		260,848		11,177,337
Deutsche Telekom AG (Sponsored ADR)		265,340		6,299,172
Verizon Communications, Inc.		70,520		2,822,210
				20,298,719
Wireless Telecommunication Services – 1.0%
T-Mobile US, Inc.(a)		32,230		5,263,159
				25,561,878
Energy – 3.6%
Energy Equipment & Services – 0.9%
Baker Hughes Co.		151,722		4,489,454
Oil, Gas & Consumable Fuels – 2.7%
Cameco Corp.		86,150		3,491,660
EOG Resources, Inc.		60,375		6,910,522
Exxon Mobil Corp.		38,200		3,992,664
				14,394,846
				18,884,300
Real Estate – 3.5%
Hotel & Resort REITs – 0.5%
Ryman Hospitality Properties, Inc.		22,330		2,645,658
Industrial REITs – 1.0%
Prologis, Inc.		38,139		5,082,785
Office REITs – 0.9%
Alexandria Real Estate Equities, Inc.		19,075		2,379,225
Boston Properties, Inc.		37,690		2,439,297
				4,818,522
Residential REITs – 0.4%
Invitation Homes, Inc.		70,590		2,405,001
Specialized REITs – 0.7%
Digital Realty Trust, Inc.		26,300		3,861,103
				18,813,069
Utilities – 3.3%
Electric Utilities – 2.7%
American Electric Power Co., Inc.		165,120		14,066,573

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Company	Shares		U.S. $ Value
Multi-Utilities – 0.6%
Ameren Corp.		29,970	$	2,133,564
NiSource, Inc.		46,784		1,219,191
				3,352,755
				17,419,328
Materials – 2.8%
Chemicals – 2.8%
Corteva, Inc.		47,365		2,534,975
LyondellBasell Industries NV - Class A		123,267		12,361,214
				14,896,189
Total Common Stocks (cost $350,611,915)				525,844,483
SHORT-TERM INVESTMENTS – 0.9%
Investment Companies – 0.9%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.21%(c) (d) (e) (cost $4,716,736)		4,716,736		4,716,736
Total Investments – 99.9% (cost $355,328,651)(f)				530,561,219
Other assets less liabilities – 0.1%				273,550
Net Assets – 100.0%			$	530,834,769

(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 February 29, 2024, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $180,799,756 and gross unrealized depreciation of investments was $(5,567,188), resulting in net unrealized appreciation of $175,232,568.

  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

February 29, 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 February 29, 2024:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	525,844,483	$	—	$	—	$	525,844,483
Short-Term Investments		4,716,736		—		—		4,716,736
Total Investments in Securities		530,561,219		—		—		530,561,219
Other Financial Instruments(b)		—		—		—		—
Total	$	530,561,219	$	—	$	—	$	530,561,219

^(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, 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 February 29, 2024 is as follows:

Fund	Market Value 11/30/2023 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/29/2024 (000)		Dividend Income (000)
Government Money Market Portfolio	$	772	$	16,381	$	12,436	$	4,717	$	25
Government Money Market Portfolio*		5,402		19,375		24,777		0		30
Total	$	6,174	$	35,756	$	37,213	$	4,717	$	55

* Investments of cash collateral for securities lending transactions.

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