AB Tax-Managed Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 56.6%
Information Technology – 15.4%
Communications Equipment – 0.1%
Cisco Systems, Inc.		14,232	$	706,903
Electronic Equipment, Instruments & Components – 0.5%
CDW Corp./DE		20,234		3,473,975
IT Services – 0.4%
EPAM Systems, Inc.(a)		7,411		1,901,811
Genpact Ltd.		21,759		800,296
				2,702,107
Semiconductors & Semiconductor Equipment – 3.0%
Advanced Micro Devices, Inc.(a)		4,089		483,361
KLA Corp.		2,753		1,219,551
NVIDIA Corp.		29,137		11,023,693
NXP Semiconductors NV		21,441		3,840,083
QUALCOMM, Inc.		27,634		3,133,972
Texas Instruments, Inc.		8,454		1,469,981
				21,170,641
Software – 8.0%
Adobe, Inc.(a)		11,318		4,728,547
Autodesk, Inc.(a)		8,276		1,650,152
Gen Digital, Inc.		203,921		3,576,774
Microsoft Corp.		108,266		35,553,472
Oracle Corp.		81,293		8,612,181
ServiceNow, Inc.(a)		3,535		1,925,797
				56,046,923
Technology Hardware, Storage & Peripherals – 3.4%
Apple, Inc.		123,767		21,937,701
Western Digital Corp.(a)		47,674		1,846,414
				23,784,115
				107,884,664
Health Care – 9.5%
Biotechnology – 1.3%
Gilead Sciences, Inc.		412		31,699
Regeneron Pharmaceuticals, Inc.(a)		3,505		2,578,138
Vertex Pharmaceuticals, Inc.(a)		20,503		6,634,156
				9,243,993
Health Care Equipment & Supplies – 1.9%
Align Technology, Inc.(a)		5,098		1,441,001
Edwards Lifesciences Corp.(a)		49,828		4,197,012
Intuitive Surgical, Inc.(a)		2,352		724,040
Medtronic PLC		71,375		5,906,995
Zimmer Biomet Holdings, Inc.		6,717		855,343
				13,124,391
Health Care Providers & Services – 2.8%
Elevance Health, Inc.		12,386		5,546,698
UnitedHealth Group, Inc.		28,653		13,960,888
				19,507,586

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Company	Shares		U.S. $ Value
Life Sciences Tools & Services – 1.5%
Illumina, Inc.(a)		15,460	$	3,040,209
IQVIA Holdings, Inc.(a)		31,685		6,239,093
Waters Corp.(a)		5,391		1,354,327
				10,633,629
Pharmaceuticals – 2.0%
Johnson & Johnson		15,937		2,471,191
Merck & Co., Inc.		10,156		1,121,324
Organon & Co.		1,015		19,681
Pfizer, Inc.		8,730		331,915
Roche Holding AG (Sponsored ADR)		151,602		6,001,923
Viatris, Inc.		779		7,128
Zoetis, Inc.		25,494		4,155,777
				14,108,939
				66,618,538
Financials – 7.2%
Banks – 2.1%
Bank of America Corp.		220,137		6,117,607
JPMorgan Chase & Co.		7,890		1,070,752
PNC Financial Services Group, Inc. (The)		12,300		1,424,709
Wells Fargo & Co.		152,915		6,087,546
				14,700,614
Capital Markets – 1.8%
Charles Schwab Corp. (The)		51,764		2,727,445
Goldman Sachs Group, Inc. (The)		21,319		6,905,224
LPL Financial Holdings, Inc.		11,718		2,282,432
S&P Global, Inc.		957		351,631
				12,266,732
Financial Services – 2.2%
PayPal Holdings, Inc.(a)		33,342		2,066,871
Visa, Inc. - Class A		60,668		13,409,448
				15,476,319
Insurance – 1.1%
Progressive Corp. (The)		43,853		5,609,237
Willis Towers Watson PLC		9,728		2,128,973
				7,738,210
				50,181,875
Communication Services – 6.0%
Diversified Telecommunication Services – 0.7%
Comcast Corp. - Class A		127,047		4,999,299
Entertainment – 0.4%
Walt Disney Co. (The)(a)		33,588		2,954,401

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Company	Shares		U.S. $ Value
Interactive Media & Services – 4.3%
Alphabet, Inc. - Class A(a)		12,280	$	1,508,844
Alphabet, Inc. - Class C(a)		151,620		18,705,359
Meta Platforms, Inc. - Class A(a)		36,670		9,707,282
				29,921,485
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc.(a)		29,275		4,017,994
				41,893,179
Consumer Discretionary – 5.7%
Automobile Components – 0.0%
Magna International, Inc.		4,191		202,677
Automobiles – 0.2%
Stellantis NV		88,244		1,350,133
Broadline Retail – 1.7%
Amazon.com, Inc.(a)		98,101		11,829,018
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc.(a)		1,541		3,866,015
Hyatt Hotels Corp. - Class A		14,109		1,516,435
Restaurant Brands International, Inc.		40,422		2,947,168
Starbucks Corp.		8,298		810,217
				9,139,835
Specialty Retail – 1.8%
AutoZone, Inc.(a)		1,837		4,384,625
Home Depot, Inc. (The)		28,845		8,176,115
				12,560,740
Textiles, Apparel & Luxury Goods – 0.7%
NIKE, Inc. - Class B		45,064		4,743,437
				39,825,840
Industrials – 4.6%
Aerospace & Defense – 0.8%
Raytheon Technologies Corp.		60,218		5,548,486
Building Products – 0.4%
Otis Worldwide Corp.		31,448		2,500,430
Construction & Engineering – 0.5%
AECOM		42,911		3,349,204
Electrical Equipment – 1.3%
Eaton Corp. PLC		32,989		5,802,765
Regal Rexnord Corp.		26,014		3,378,959
				9,181,724
Ground Transportation – 0.8%
CSX Corp.		146,271		4,486,132
Knight-Swift Transportation Holdings, Inc.		6,641		365,189
Norfolk Southern Corp.		3,002		624,956
				5,476,277
Machinery – 0.6%
Ingersoll Rand, Inc.		10,221		579,122
PACCAR, Inc.		50,892		3,500,352
				4,079,474

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Company	Shares		U.S. $ Value
Professional Services – 0.2%
Booz Allen Hamilton Holding Corp.		11,833	$	1,190,163
Robert Half International, Inc.		7,406		481,538
				1,671,701
				31,807,296
Consumer Staples – 3.2%
Beverages – 0.9%
Coca-Cola Co. (The)		68,587		4,091,900
Constellation Brands, Inc. - Class A		9,580		2,327,653
				6,419,553
Consumer Staples Distribution & Retail – 1.6%
Costco Wholesale Corp.		7,999		4,091,968
Walmart, Inc.		46,273		6,796,116
				10,888,084
Household Products – 0.7%
Procter & Gamble Co. (The)		34,119		4,861,957
				22,169,594
Energy – 1.8%
Energy Equipment & Services – 0.5%
Baker Hughes Co.		141,897		3,866,694
Oil, Gas & Consumable Fuels – 1.3%
Chevron Corp.		26,222		3,949,558
EOG Resources, Inc.		47,271		5,071,705
				9,021,263
				12,887,957
Materials – 1.2%
Chemicals – 1.2%
Linde PLC		12,058		4,264,432
LyondellBasell Industries NV - Class A		43,134		3,689,682
Westlake Corp.		1,866		193,971
				8,148,085
Utilities – 1.1%
Electric Utilities – 1.1%
American Electric Power Co., Inc.		48,975		4,070,802
Edison International		4,800		324,096
NextEra Energy, Inc.		42,042		3,088,405
				7,483,303
Real Estate – 0.9%
Industrial REITs – 0.4%
Prologis, Inc.		23,167		2,885,450
Real Estate Management & Development – 0.0%
CBRE Group, Inc. - Class A(a)		450		33,714

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Company	Shares		U.S. $ Value
Specialized REITs – 0.5%
American Tower Corp.		17,304	$	3,191,550
				6,110,714
Total Common Stocks (cost $213,711,852)				395,011,045
INVESTMENT COMPANIES – 42.9%
Funds and Investment Trusts – 42.9%(b) (c)
AB Discovery Growth Fund, Inc. - Class Z(a)		1,665,102		16,517,812
AB Trust – AB Discovery Value Fund - Class Z		1,190,957		22,509,088
Bernstein Fund, Inc. – International Small Cap - Class Z		3,492,636		37,021,945
Bernstein Fund, Inc. – International Strategic - Class Z		17,474,124		190,293,210
Bernstein Fund, Inc. – Small Cap Core Portfolio - Class Z		1,329,802		15,412,405
Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio - Class Z		724,432		17,538,507
Total Investment Companies (cost $330,860,704)				299,292,967
SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(b) (c) (d) (cost $3,444,670)		3,444,670		3,444,670
Total Investments – 100.0% (cost $548,017,226)(e)				697,748,682
Other assets less liabilities – 0.0%				227,962
Net Assets – 100.0%			$	697,976,644

(a) Non-income producing security.

(b) Affiliated investments.

(c) 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.

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

(e) As of May 31, 2023, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $188,381,587 and gross unrealized depreciation of investments was $(38,650,131), resulting in net unrealized appreciation of $149,731,456.

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

May 31, 2023 (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 May 31, 2023:

Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets:
Common Stocks(a)	$	395,011,045	$	—	$	—	$	395,011,045
Investment Companies		299,292,967		—		—		299,292,967
Short-Term Investments		3,444,670		—		—		3,444,670
Total Investments in Securities		697,748,682		—		—		697,748,682
Other Financial Instruments(b)		—		—		—		—
Total	$	697,748,682	$	—	$	—	$	697,748,682

^(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 nine months ended May 31, 2023 is as follows:

															Distributions
Affiliated Issuer	Market Value 08/31/2022 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr (Depr) (000)			Market Value 05/31/2023 (000)		Dividend Income (000)		Realized Gains (000)
AB Discovery Growth Fund, Inc.	$	17,211	$	119	$	595	$	(255	)	$	38		$	16,518	$	0	$	0
AB Trust - AB Discovery Value Fund		22,311		3,221		499		(64	)		(2,460	)		22,509		1,631		0
Bernstein Fund, Inc. - International Small Cap Portfolio		35,898		510		1,283		(241	)		2,138			37,022		386		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		188,928		9,971		11,317		(2,220	)		4,931			190,293		7,605		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		15,071		1,686		112		(23	)		(1,210	)		15,412		1,159		0
Government Money Market Portfolio		7,145		63,037		66,737		0			0			3,445		144		0
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio		16,927		1,138		201		(57	)		(268	)		17,539		0		0
Total	$	303,491	$	79,682	$	80,744	$	(2,860	)	$	3,169		$	302,738	$	10,925	$	0

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