AB Wealth Appreciation Strategy

Portfolio of Investments

May 31, 2023 (unaudited)

Company	Shares		U.S. $ Value
COMMON STOCKS – 56.9%
Information Technology – 15.3%
Electronic Equipment, Instruments & Components – 0.4%
CDW Corp./DE		25,714	$	4,414,837
IT Services – 0.3%
EPAM Systems, Inc.(a)		14,036		3,601,918
Semiconductors & Semiconductor Equipment – 3.1%
KLA Corp.		6,948		3,077,895
NVIDIA Corp.		48,280		18,266,255
NXP Semiconductors NV		37,323		6,684,549
QUALCOMM, Inc.		52,334		5,935,199
				33,963,898
Software – 8.2%
Adobe, Inc.(a)		21,347		8,918,563
Autodesk, Inc.(a)		13,590		2,709,710
Gen Digital, Inc.		344,056		6,034,742
Microsoft Corp.		160,201		52,608,406
Oracle Corp.		131,450		13,925,813
ServiceNow, Inc.(a)		8,761		4,772,818
				88,970,052
Technology Hardware, Storage & Peripherals – 3.3%
Apple, Inc.		179,184		31,760,364
Western Digital Corp.(a)		93,263		3,612,076
				35,372,440
				166,323,145
Health Care – 9.5%
Biotechnology – 1.3%
Regeneron Pharmaceuticals, Inc.(a)		5,897		4,337,598
Vertex Pharmaceuticals, Inc.(a)		31,639		10,237,431
				14,575,029
Health Care Equipment & Supplies – 1.9%
Edwards Lifesciences Corp.(a)		79,884		6,728,629
Medtronic PLC		119,126		9,858,868
Zimmer Biomet Holdings, Inc.		31,255		3,980,012
				20,567,509
Health Care Providers & Services – 2.9%
Elevance Health, Inc.		17,326		7,758,929
UnitedHealth Group, Inc.		48,178		23,474,249
				31,233,178
Life Sciences Tools & Services – 1.7%
Illumina, Inc.(a)		25,575		5,029,324
IQVIA Holdings, Inc.(a)		52,348		10,307,844
Waters Corp.(a)		10,977		2,757,642
				18,094,810

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Company	Shares		U.S. $ Value
Pharmaceuticals – 1.7%
Johnson & Johnson		24,548	$	3,806,413
Roche Holding AG (Sponsored ADR)		256,140		10,140,582
Zoetis, Inc.		29,503		4,809,284
				18,756,279
				103,226,805
Financials – 7.2%
Banks – 1.9%
Bank of America Corp.		276,659		7,688,354
PNC Financial Services Group, Inc. (The)		28,222		3,268,954
Wells Fargo & Co.		243,530		9,694,929
				20,652,237
Capital Markets – 1.6%
Charles Schwab Corp. (The)		81,636		4,301,401
Goldman Sachs Group, Inc. (The)		33,719		10,921,584
LPL Financial Holdings, Inc.		12,905		2,513,636
				17,736,621
Financial Services – 2.4%
PayPal Holdings, Inc.(a)		58,229		3,609,616
Visa, Inc. - Class A		104,324		23,058,734
				26,668,350
Insurance – 1.3%
Progressive Corp. (The)		77,797		9,951,014
Willis Towers Watson PLC		18,633		4,077,832
				14,028,846
				79,086,054
Communication Services – 6.3%
Diversified Telecommunication Services – 0.7%
Comcast Corp. - Class A		195,045		7,675,021
Entertainment – 0.5%
Walt Disney Co. (The)(a)		64,466		5,670,429
Interactive Media & Services – 4.5%
Alphabet, Inc. - Class C(a)		273,602		33,754,279
Meta Platforms, Inc. - Class A(a)		56,028		14,831,732
				48,586,011
Wireless Telecommunication Services – 0.6%
T-Mobile US, Inc.(a)		48,242		6,621,215
				68,552,676
Consumer Discretionary – 5.5%
Automobiles – 0.3%
Stellantis NV(b)		188,645		2,886,268
Broadline Retail – 1.9%
Amazon.com, Inc.(a)		173,596		20,932,206

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Company	Shares		U.S. $ Value
Hotels, Restaurants & Leisure – 1.3%
Booking Holdings, Inc.(a)		1,449	$	3,635,208
Hyatt Hotels Corp. - Class A		40,277		4,328,972
Restaurant Brands International, Inc.		84,813		6,183,716
				14,147,896
Specialty Retail – 1.4%
AutoZone, Inc.(a)		2,029		4,842,898
Home Depot, Inc. (The)		35,771		10,139,290
				14,982,188
Textiles, Apparel & Luxury Goods – 0.6%
NIKE, Inc. - Class B		62,443		6,572,750
				59,521,308
Industrials – 4.7%
Aerospace & Defense – 0.8%
Raytheon Technologies Corp.		98,176		9,045,937
Building Products – 0.5%
Otis Worldwide Corp.		70,163		5,578,660
Construction & Engineering – 0.2%
AECOM		20,797		1,623,206
Electrical Equipment – 1.4%
Eaton Corp. PLC		55,590		9,778,281
Regal Rexnord Corp.		43,186		5,609,429
				15,387,710
Ground Transportation – 0.8%
CSX Corp.		280,634		8,607,045
Machinery – 0.6%
PACCAR, Inc.		102,551		7,053,458
Professional Services – 0.4%
Booz Allen Hamilton Holding Corp.		29,574		2,974,553
Robert Half International, Inc.		21,935		1,426,213
				4,400,766
				51,696,782
Consumer Staples – 3.3%
Beverages – 1.2%
Coca-Cola Co. (The)		143,807		8,579,525
Constellation Brands, Inc. - Class A		18,406		4,472,106
				13,051,631
Consumer Staples Distribution & Retail – 1.7%
Costco Wholesale Corp.		11,035		5,645,065
Walmart, Inc.		91,998		13,511,746
				19,156,811
Household Products – 0.4%
Procter & Gamble Co. (The)		27,727		3,951,098
				36,159,540

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Company	Shares		U.S. $ Value
Energy – 1.8%
Energy Equipment & Services – 0.5%
Baker Hughes Co.		211,634	$	5,767,027
Oil, Gas & Consumable Fuels – 1.3%
Chevron Corp.		37,059		5,581,826
EOG Resources, Inc.		77,761		8,342,978
				13,924,804
				19,691,831
Materials – 1.2%
Chemicals – 1.2%
Linde PLC		20,176		7,135,444
LyondellBasell Industries NV - Class A		73,369		6,275,985
				13,411,429
Real Estate – 1.1%
Industrial REITs – 0.6%
Prologis, Inc.		51,270		6,385,678
Specialized REITs – 0.5%
American Tower Corp.		29,077		5,362,962
				11,748,640
Utilities – 1.0%
Electric Utilities – 1.0%
American Electric Power Co., Inc.		58,331		4,848,473
NextEra Energy, Inc.		84,473		6,205,386
				11,053,859
Total Common Stocks (cost $437,132,621)				620,472,069
INVESTMENT COMPANIES – 42.8%
Funds and Investment Trusts – 42.8%(c) (d)
AB Discovery Growth Fund, Inc. - Class Z(a)		2,605,348		25,845,053
AB Trust – AB Discovery Value Fund - Class Z		1,845,626		34,882,326
Bernstein Fund, Inc. – International Small Cap - Class Z		5,530,109		58,619,158
Bernstein Fund, Inc. – International Strategic - Class Z		27,246,824		296,717,916
Bernstein Fund, Inc. – Small Cap Core Portfolio - Class Z		1,976,823		22,911,374
Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio – Class Z		1,121,933		27,161,992
Total Investment Companies (cost $513,092,316)				466,137,819
SHORT-TERM INVESTMENTS – 0.1%
Investment Companies – 0.1%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(c) (d) (e) (cost $403,891)		403,891		403,891
Total Investments Before Security Lending Collateral for Securities Loaned – 99.8% (cost $950,628,828)				1,087,013,779

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Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.0%
Investment Companies – 0.0%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 5.03%(c) (d) (e) (cost $255,060)		255,060	$	255,060
Total Investments – 99.8% (cost $950,883,888)(f)				1,087,268,839
Other assets less liabilities – 0.2%				2,687,659
Net Assets – 100.0%			$	1,089,956,498

(a) Non-income producing security.

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

(c) Affiliated investments.

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

(f) 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 $204,127,859 and gross unrealized depreciation of investments was $(67,742,908), resulting in net unrealized appreciation of $136,384,951.

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 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)	$	620,472,069	$	—	$	—	$	620,472,069
Investment Companies		466,137,819		—		—		466,137,819
Short-Term Investments		403,891		—		—		403,891
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		255,060		—		—		255,060
Total Investments in Securities		1,087,268,839		—		—		1,087,268,839
Other Financial Instruments(b)		—		—		—		—
Total	$	1,087,268,839	$	—	$	—	$	1,087,268,839

^(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, written options and written swaptions which are valued at market value.

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.	$	27,394	$	712	$	1,942	$	(885	)	$	566		$	25,845	$	0	$	0
AB Trust - AB Discovery Value Fund		35,332		4,933		1,417		(267	)		(3,699	)		34,882		2,583		0
Bernstein Fund, Inc. - International Small Cap Portfolio		57,699		1,397		3,547		(599	)		3,669			58,619		620		0
Bernstein Fund, Inc. - International Strategic Equities Portfolio		301,249		16,141		24,738		(4,720	)		8,786			296,718		12,126		0
Bernstein Fund, Inc. - Small Cap Core Portfolio		24,065		2,700		1,961		(359	)		(1,534	)		22,911		1,850		0
Government Money Market Portfolio		7,151		64,192		70,939		0			0			404		111		0
Government Money Market Portfolio*		0		27,351		27,096		0			0			255		24		0
Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio		27,032		639		0		0			(509	)		27,162		0		0
Total	$	479,922	$	118,065	$	131,640	$		(6,830)	$	7,279		$	466,796	$	17,314	$	0

* Investments of cash collateral for securities lending transactions

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