# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0001193125-26-195040
**Filing Date:** 2026-4
**Character Count:** 604646
**Document Hash:** be4d5512f67f95221dcdb16926b469c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-195040.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-195040

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000812015

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05088
- **FILM NUMBER:** 26921193

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN PORTFOLIOS
- **DATE OF NAME CHANGE:** 20030319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE PORTFOLIOS
- **DATE OF NAME CHANGE:** 19930812

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EQUITABLE FUNDS
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AB Sustainable Thematic Balanced Portfolio (Series ID: S000010510)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029004 | Class A       | ABPAX           |
| C000029006 | Class C       | ABPCX           |
| C000029007 | Advisor Class | ABPYX           |
| C000029010 | Class I       | APWIX           |
| C000232929 | Class Z       | ABPZX           |

### AB All Market Total Return Portfolio (Series ID: S000010512)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029015 | Class A       | ABWAX           |
| C000029017 | Class C       | ABWCX           |
| C000029018 | Advisor Class | ABWYX           |
| C000029021 | Class I       | ABWIX           |

### AB Wealth Appreciation Strategy (Series ID: S000010514)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029026 | Class A       | AWAAX           |
| C000029028 | Class C       | AWACX           |
| C000029029 | Advisor Class | AWAYX           |

### AB Tax-Managed Wealth Appreciation Strategy (Series ID: S000010515)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029033 | Class A       | ATWAX           |
| C000029035 | Class C       | ATWCX           |
| C000029036 | Advisor Class | ATWYX           |

?xml version='1.0' encoding='ASCII'? The AB Portfolios

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-05088

## THE AB PORTFOLIOS

#### (Exact name of registrant as specified in charter)

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Address of principal executive offices) (Zip code)

#### Stephen M. Woetzel

#### AllianceBernstein L.P.

#### 66 Hudson Boulevard East

#### New York, New York 10005

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: (800) 221-5672

#### Date of fiscal year end: August 31, 2026

#### Date of reporting period: February 28, 2026

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Advisor Class: ABWYX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABWYX-S](g43789i9883296ffa9d42d6c516.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB All Market Total Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Total Return Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABWYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $43 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $432312188 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net) | $1157874 |

---

## Graphical Representation of Holdings

### **Country Breakdown (% of Net Assets)** 

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 31.5% |
| Investment Companies | 23.7% |
| Governments - Treasuries | 14.6% |
| Corporates - Investment Grade | 9.6% |
| Mortgage Pass-Throughs | 4.4% |
| Collateralized Mortgage Obligations | 1.4% |
| Collateralized Loan Obligations | 1.2% |
| Commercial Mortgage-Backed Securities | 1.2% |
| Others | 4.0% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| United States | 41.2% |
| Multinational | 21.6% |
| United Kingdom | 5.6% |
| Japan | 4.6% |
| Canada | 3.2% |
| France | 2.6% |
| Germany | 1.5% |
| Netherlands | 1.2% |
| Italy | 1.1% |
| Spain | 1.0% |
| Mexico | 0.9% |
| Australia | 0.8% |
| Switzerland | 0.5% |
| Poland | 0.5% |
| Others | 5.3% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

**Advisor Class:** ABWYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABWYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

AMTR-ADV-0154-0226

**Advisor Class:** ABWYX

# Class A: ABWAX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABWAX-S](g43789i9fd706296276b8c6ac44.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB All Market Total Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Total Return Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABWAX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $55 | 1.07%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $432312188 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net) | $1157874 |

---

## Graphical Representation of Holdings

### **Country Breakdown (% of Net Assets)** 

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 31.5% |
| Investment Companies | 23.7% |
| Governments - Treasuries | 14.6% |
| Corporates - Investment Grade | 9.6% |
| Mortgage Pass-Throughs | 4.4% |
| Collateralized Mortgage Obligations | 1.4% |
| Collateralized Loan Obligations | 1.2% |
| Commercial Mortgage-Backed Securities | 1.2% |
| Others | 4.0% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| United States | 41.2% |
| Multinational | 21.6% |
| United Kingdom | 5.6% |
| Japan | 4.6% |
| Canada | 3.2% |
| France | 2.6% |
| Germany | 1.5% |
| Netherlands | 1.2% |
| Italy | 1.1% |
| Spain | 1.0% |
| Mexico | 0.9% |
| Australia | 0.8% |
| Switzerland | 0.5% |
| Poland | 0.5% |
| Others | 5.3% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

**Class A:** ABWAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABWAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

AMTR-A-0154-0226

**Class A:** ABWAX

# Class C: ABWCX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABWCX-S](g43789ieecf5b52f4e3c0f57113.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB All Market Total Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Total Return Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABWCX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $94 | 1.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $432312188 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net) | $1157874 |

---

## Graphical Representation of Holdings

### **Country Breakdown (% of Net Assets)** 

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 31.5% |
| Investment Companies | 23.7% |
| Governments - Treasuries | 14.6% |
| Corporates - Investment Grade | 9.6% |
| Mortgage Pass-Throughs | 4.4% |
| Collateralized Mortgage Obligations | 1.4% |
| Collateralized Loan Obligations | 1.2% |
| Commercial Mortgage-Backed Securities | 1.2% |
| Others | 4.0% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| United States | 41.2% |
| Multinational | 21.6% |
| United Kingdom | 5.6% |
| Japan | 4.6% |
| Canada | 3.2% |
| France | 2.6% |
| Germany | 1.5% |
| Netherlands | 1.2% |
| Italy | 1.1% |
| Spain | 1.0% |
| Mexico | 0.9% |
| Australia | 0.8% |
| Switzerland | 0.5% |
| Poland | 0.5% |
| Others | 5.3% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

**Class C:** ABWCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABWCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

AMTR-C-0154-0226

**Class C:** ABWCX

# Class I: ABWIX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABWIX-S](g43789i2ed0d50d5f52efe21000.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB All Market Total Return Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB All Market Total Return Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABWIX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $43 | 0.82%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $432312188 |
| # of Portfolio Holdings | 695 |
| Portfolio Turnover Rate | 93% |
| Total Advisory Fees Paid (Net) | $1157874 |

---

## Graphical Representation of Holdings

### **Country Breakdown (% of Net Assets)** 

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 31.5% |
| Investment Companies | 23.7% |
| Governments - Treasuries | 14.6% |
| Corporates - Investment Grade | 9.6% |
| Mortgage Pass-Throughs | 4.4% |
| Collateralized Mortgage Obligations | 1.4% |
| Collateralized Loan Obligations | 1.2% |
| Commercial Mortgage-Backed Securities | 1.2% |
| Others | 4.0% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| United States | 41.2% |
| Multinational | 21.6% |
| United Kingdom | 5.6% |
| Japan | 4.6% |
| Canada | 3.2% |
| France | 2.6% |
| Germany | 1.5% |
| Netherlands | 1.2% |
| Italy | 1.1% |
| Spain | 1.0% |
| Mexico | 0.9% |
| Australia | 0.8% |
| Switzerland | 0.5% |
| Poland | 0.5% |
| Others | 5.3% |
| Short-Term Investments | 9.0% |
| Other assets less liabilities | -0.6% |
| Total | 100.0% |

---

**Class I:** ABWIX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABWIX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

AMTR-I-0154-0226

**Class I:** ABWIX

# Advisor Class: ABPYX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABPYX-S](g43789i6ebfdb28d175dd69a6e4.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Sustainable Thematic Balanced Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Sustainable Thematic Balanced Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABPYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $37 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $81979185 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (Net) | $118204 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 55.6% |
| Governments - Treasuries | 37.1% |
| Agencies | 2.7% |
| Short-Term Investments | 4.2% |
| Other assets less liabilities | 0.4% |
| Total | 100.0% |

---

**Advisor Class:** ABPYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABPYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

STB-ADV-0154-0226

**Advisor Class:** ABPYX

# Class A: ABPAX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABPAX-S](g43789i3cd159d74fec923ace96.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Sustainable Thematic Balanced Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Sustainable Thematic Balanced Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABPAX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 1.00%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $81979185 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (Net) | $118204 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 55.6% |
| Governments - Treasuries | 37.1% |
| Agencies | 2.7% |
| Short-Term Investments | 4.2% |
| Other assets less liabilities | 0.4% |
| Total | 100.0% |

---

**Class A:** ABPAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABPAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

STB-A-0154-0226

**Class A:** ABPAX

# Class C: ABPCX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABPCX-S](g43789id2b9152866a1785659a7.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Sustainable Thematic Balanced Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Sustainable Thematic Balanced Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABPCX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $87 | 1.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $81979185 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (Net) | $118204 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 55.6% |
| Governments - Treasuries | 37.1% |
| Agencies | 2.7% |
| Short-Term Investments | 4.2% |
| Other assets less liabilities | 0.4% |
| Total | 100.0% |

---

**Class C:** ABPCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABPCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

STB-C-0154-0226

**Class C:** ABPCX

# Class I: APWIX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/APWIX-S](g43789i5f8f38ec33672eeacdbf.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Sustainable Thematic Balanced Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Sustainable Thematic Balanced Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/APWIX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.74%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $81979185 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (Net) | $118204 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 55.6% |
| Governments - Treasuries | 37.1% |
| Agencies | 2.7% |
| Short-Term Investments | 4.2% |
| Other assets less liabilities | 0.4% |
| Total | 100.0% |

---

**Class I:** APWIX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/APWIX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

STB-I-0154-0226

**Class I:** APWIX

# Class Z: ABPZX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ABPZX-S](g43789i7434b261b0f8a3154883.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Sustainable Thematic Balanced Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Sustainable Thematic Balanced Portfolio (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ABPZX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class Z | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $81979185 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid (Net) | $118204 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 55.6% |
| Governments - Treasuries | 37.1% |
| Agencies | 2.7% |
| Short-Term Investments | 4.2% |
| Other assets less liabilities | 0.4% |
| Total | 100.0% |

---

**Class Z:** ABPZX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ABPZX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

STB-Z-0154-0226

**Class Z:** ABPZX

# Advisor Class: ATWYX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATWYX-S](g43789i128fa6d6db359773a92f.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Tax-Managed Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Managed Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATWYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $24 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1028688421 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net) | $1975797 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| Investment Companies | 39.2% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.2% |
| Information Technology | 17.7% |
| Financials | 9.2% |
| Communication Services | 7.5% |
| Industrials | 6.5% |
| Health Care | 6.1% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 3.1% |
| Energy | 1.6% |
| Materials | 1.4% |
| Others | 2.0% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

**Advisor Class:** ATWYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATWYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

TWA-ADV-0154-0226

**Advisor Class:** ATWYX

# Class A: ATWAX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATWAX-S](g43789i5419f854d197a5de12ae.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Tax-Managed Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Managed Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATWAX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1028688421 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net) | $1975797 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| Investment Companies | 39.2% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.2% |
| Information Technology | 17.7% |
| Financials | 9.2% |
| Communication Services | 7.5% |
| Industrials | 6.5% |
| Health Care | 6.1% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 3.1% |
| Energy | 1.6% |
| Materials | 1.4% |
| Others | 2.0% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

**Class A:** ATWAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATWAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

TWA-A-0154-0226

**Class A:** ATWAX

# Class C: ATWCX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/ATWCX-S](g43789i084a5517a4935b90f3fc.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Tax-Managed Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Tax-Managed Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/ATWCX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $76 | 1.46%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1028688421 |
| # of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid (Net) | $1975797 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.2% |
| Investment Companies | 39.2% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.2% |
| Information Technology | 17.7% |
| Financials | 9.2% |
| Communication Services | 7.5% |
| Industrials | 6.5% |
| Health Care | 6.1% |
| Consumer Discretionary | 5.1% |
| Consumer Staples | 3.1% |
| Energy | 1.6% |
| Materials | 1.4% |
| Others | 2.0% |
| Short-Term Investments | 0.4% |
| Other assets less liabilities | 0.2% |
| Total | 100.0% |

---

**Class C:** ATWCX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/ATWCX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

TWA-C-0154-0226

**Class C:** ATWCX

# Advisor Class: AWAYX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AWAYX-S](g43789i36626e33a530fa36c5ea.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AWAYX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Advisor Class | $25 | 0.47%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1443124653 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid (Net) | $2821172 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.1% |
| Investment Companies | 39.0% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.0% |
| Information Technology | 17.8% |
| Financials | 9.1% |
| Communication Services | 7.7% |
| Industrials | 6.7% |
| Health Care | 6.0% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 2.1% |
| Materials | 1.6% |
| Energy | 1.6% |
| Others | 2.3% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

**Advisor Class:** AWAYX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AWAYX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

WA-ADV-0154-0226

**Advisor Class:** AWAYX

# Class A: AWAAX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AWAAX-S](g43789iab312df137bb35ce3670.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AWAAX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.72%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1443124653 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid (Net) | $2821172 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.1% |
| Investment Companies | 39.0% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.0% |
| Information Technology | 17.8% |
| Financials | 9.1% |
| Communication Services | 7.7% |
| Industrials | 6.7% |
| Health Care | 6.0% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 2.1% |
| Materials | 1.6% |
| Energy | 1.6% |
| Others | 2.3% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

**Class A:** AWAAX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AWAAX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

WA-A-0154-0226

**Class A:** AWAAX

# Class C: AWACX
February 28, 2026

![Image](g43789i0805995d4fc4aa55950a.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/AWACX-S](g43789id7c1e4200d2a9cb29286.jpg)

SCAN ME

# Please scan QR code for

# Fund Information

# AB Wealth Appreciation Strategy

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB Wealth Appreciation Strategy (the "Fund") for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://www.abfunds.com/link/AB/AWACX-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $77 | 1.48%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $1443124653 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid (Net) | $2821172 |

---

## Graphical Representation of Holdings

### Sector Breakdown (% of Net Assets)

#### Security Type Breakdown (% of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 60.1% |
| Investment Companies | 39.0% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Investment Companies | 39.0% |
| Information Technology | 17.8% |
| Financials | 9.1% |
| Communication Services | 7.7% |
| Industrials | 6.7% |
| Health Care | 6.0% |
| Consumer Discretionary | 5.2% |
| Consumer Staples | 2.1% |
| Materials | 1.6% |
| Energy | 1.6% |
| Others | 2.3% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -0.2% |
| Total | 100.0% |

---

**Class C:** AWACX

## Availability of Additional Information
You can find additional information on the Fund's website at https://www.abfunds.com/link/AB/AWACX-S, including the Fund's:

• Prospectus

• Financial information

• Fund holdings

• Proxy voting information

You can also request this information by contacting us at (800) 227 4618.

## Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent by contacting us at (800) 227 4618.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

WA-C-0154-0226

**Class C:** AWACX

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

#### February 28, 2026
![LOGO](g949630g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB ALL MARKET TOTAL RETURN PORTFOLIO

![LOGO](g949630g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### CONSOLIDATED PORTFOLIO OF INVESTMENTS
**February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 31.5% |  |  |
|  Information Technology – 7.0% |  |  |
|  **Communications Equipment – 0.3%** |  |  |
|  Cisco Systems, Inc. | 4813 | $382441 |
|  F5, Inc.<sup>(a)</sup> | 1282 | 347883 |
|  Motorola Solutions, Inc. | 1549 | 747021 |
|  |  | 1477345 |
|  **Electronic Equipment, Instruments & Components – 0.1%** |  |  |
|  Amphenol Corp. – Class A | 555 | 81064 |
|  TE Connectivity PLC | 1600 | 368240 |
|  |  | 449304 |
|  **IT Services – 0.2%** |  |  |
|  Cognizant Technology Solutions Corp. – Class A | 5820 | 374983 |
|  Nomura Research Institute Ltd.<sup>(b)</sup> | 4800 | 131693 |
|  Obic Co., Ltd. | 10300 | 277395 |
|  Twilio, Inc. – Class A<sup>(a)</sup> | 2980 | 360461 |
|  |  | 1144532 |
|  **Semiconductors & Semiconductor Equipment – 3.3%** |  |  |
|  Analog Devices, Inc. | 1165 | 414495 |
|  Applied Materials, Inc. | 1430 | 532389 |
|  ASM International NV | 90 | 75905 |
|  ASML Holding NV | 713 | 1036993 |
|  Broadcom, Inc. | 6632 | 2119256 |
|  Kioxia Holdings Corp.<sup>(a)</sup> | 300 | 40543 |
|  KLA Corp. | 315 | 480233 |
|  Lam Research Corp. | 2237 | 523212 |
|  Micron Technology, Inc. | 1546 | 637524 |
|  NVIDIA Corp. | 24220 | 4291542 |
|  Qorvo, Inc.<sup>(a)</sup> | 17105 | 1418004 |
|  Silicon Laboratories, Inc.<sup>(a)</sup> | 3261 | 666972 |
|  SkyWater Technology, Inc.<sup>(a)</sup> | 32141 | 946874 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 15400 | 960932 |
|  Veeco Instruments, Inc.<sup>(a)</sup> | 1719 | 52533 |
|  |  | 14197407 |
|  **Software – 2.1%** |  |  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 782 | 118919 |
|  Clearwater Analytics Holdings, Inc. – Class A<sup>(a)</sup> | 46488 | 1087354 |
|  Confluent, Inc. – Class A<sup>(a)</sup> | 49194 | 1508780 |
|  CyberArk Software Ltd.<sup>(a)(c)(d)</sup> | 4231 | 190395 |
|  HubSpot, Inc.<sup>(a)</sup> | 1201 | 317676 |
|  Intuit, Inc. | 606 | 247872 |
|  Microsoft Corp. | 7815 | 3069263 |
|  Nice Ltd.<sup>(a)</sup> | 1760 | 201552 |
|  Onestream, Inc.<sup>(a)</sup> | 36985 | 872476 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 1 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  SAP SE | 1471 | $295513 |
|  SEMrush Holdings, Inc. – Class A<sup>(a)</sup> | 44618 | 527385 |
|  ServiceNow, Inc.<sup>(a)</sup> | 2335 | 252203 |
|  Trend Micro, Inc./Japan | 7700 | 256220 |
|  |  | 8945608 |
|  **Technology Hardware, Storage & Peripherals – 1.0%** |  |  |
|  Apple, Inc. | 16157 | 4268356 |
|  |  | 30482552 |
|  Financials – 6.2% |  |  |
|  **Banks – 2.5%** |  |  |
|  AIB Group PLC | 33470 | 347412 |
|  Banco Bilbao Vizcaya Argentaria SA | 17361 | 402109 |
|  Bank of America Corp. | 6669 | 332316 |
|  BNP Paribas SA | 3617 | 406123 |
|  CaixaBank SA | 15557 | 191744 |
|  Canadian Imperial Bank of Commerce<sup>(b)</sup> | 3990 | 403051 |
|  Citigroup, Inc. | 4271 | 470622 |
|  Danske Bank A/S | 6656 | 347274 |
|  Flushing Financial Corp. | 2663 | 41090 |
|  Heritage Commerce Corp. | 1543 | 19180 |
|  ING Groep NV | 13606 | 392573 |
|  JPMorgan Chase & Co. | 2459 | 738438 |
|  KBC Group NV | 2313 | 313256 |
|  Lloyds Banking Group PLC | 278329 | 380202 |
|  Mitsubishi UFJ Financial Group, Inc. | 20300 | 376849 |
|  NatWest Group PLC | 90193 | 748820 |
|  Nicolet Bankshares, Inc. | 3278 | 500747 |
|  Nordea Bank Abp | 11353 | 219862 |
|  Oversea-Chinese Banking Corp., Ltd. | 35100 | 594004 |
|  Royal Bank of Canada | 1388 | 232074 |
|  Standard Chartered PLC | 14609 | 360366 |
|  Sumitomo Mitsui Financial Group, Inc. | 11900 | 449053 |
|  Toronto-Dominion Bank (The) | 8132 | 792185 |
|  UniCredit SpA | 4864 | 414157 |
|  Webster Financial Corp. | 20195 | 1456665 |
|  |  | 10930172 |
|  **Capital Markets – 1.4%** |  |  |
|  Allfunds Group PLC | 68928 | 685884 |
|  Ameriprise Financial, Inc. | 801 | 376566 |
|  Bank of New York Mellon Corp. (The) | 3376 | 402082 |
|  Cboe Global Markets, Inc. | 1051 | 315006 |
|  Diamond Hill Investment Group, Inc. | 898 | 154339 |
|  DigitalBridge Group, Inc. | 37288 | 576099 |
|  Euronext NV<sup>(e)</sup> | 1750 | 289129 |
|  Forge Global Holdings, Inc.<sup>(a)</sup> | 14261 | 641745 |
|  Janus Henderson Group PLC<sup>(a)</sup> | 15867 | 826671 |

---

---

| | |
|:---|:---|
| 2 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  London Stock Exchange Group PLC | 1473 | $175498 |
|  Moody's Corp. | 871 | 415981 |
|  Morgan Stanley | 750 | 124882 |
|  Northern Trust Corp. | 2529 | 361875 |
|  S&P Global, Inc. | 684 | 302246 |
|  Singapore Exchange Ltd. | 20800 | 298701 |
|  State Street Corp. | 413 | 53120 |
|  |  | 5999824 |
|  **Consumer Finance – 0.0%** |  |  |
|  International Personal Finance PLC | 53825 | 179892 |
|  **Financial Services – 1.0%** |  |  |
|  Banca Mediolanum SpA | 14714 | 315594 |
|  Berkshire Hathaway, Inc. – Class B<sup>(a)</sup> | 356 | 179762 |
|  Cantaloupe, Inc.<sup>(a)</sup> | 74997 | 782969 |
|  Curo Group Holdings LLC<sup>(a)(c)(d)</sup> | 7850 | 78500 |
|  ECN Capital Corp. | 161629 | 362586 |
|  International Money Express, Inc.<sup>(a)</sup> | 39066 | 616461 |
|  Mastercard, Inc. – Class A | 2188 | 1131656 |
|  NCR Atleos Corp.<sup>(a)</sup> | 1455 | 64427 |
|  Visa, Inc. – Class A | 2164 | 692783 |
|  |  | 4224738 |
|  **Insurance – 1.2%** |  |  |
|  Aegon Ltd. | 44195 | 336339 |
|  Arch Capital Group Ltd.<sup>(a)</sup> | 1716 | 171857 |
|  AXA SA | 9643 | 471563 |
|  Brighthouse Financial, Inc.<sup>(a)</sup> | 15560 | 933289 |
|  Everest Group Ltd. | 191 | 64079 |
|  Hartford Insurance Group, Inc. (The) | 857 | 120691 |
|  Japan Post Holdings Co., Ltd. | 27000 | 351611 |
|  Marsh & McLennan Cos., Inc. | 1303 | 243322 |
|  Medibank Pvt. Ltd. | 64359 | 200581 |
|  NN Group NV | 2230 | 182899 |
|  ProAssurance Corp.<sup>(a)</sup> | 51014 | 1252394 |
|  Travelers Cos., Inc. (The) | 1242 | 383331 |
|  Tryg A/S | 18395 | 455491 |
|  |  | 5167447 |
|  **Mortgage Real Estate Investment Trusts (REITs) – 0.1%** |  |  |
|  Two Harbors Investment Corp. | 26852 | 277381 |
|  |  | 26779454 |
|  Health Care – 4.6% |  |  |
|  **Biotechnology – 1.5%** |  |  |
|  AbbVie, Inc. | 2185 | 507095 |
|  Amgen, Inc. | 172 | 66763 |
|  Amicus Therapeutics, Inc.<sup>(a)</sup> | 105067 | 1509813 |
|  Arcellx, Inc.<sup>(a)</sup> | 8192 | 932168 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 3 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Atrium Therapeutics, Inc.<sup>(a)</sup> | 1973 | $29099 |
|  Contra Blueprint Medicines Corp.<sup>(a)(c)(d)</sup> | 6638 | 3053 |
|  Exact Sciences Corp.<sup>(a)</sup> | 14823 | 1532402 |
|  Gilead Sciences, Inc. | 4256 | 633931 |
|  RAPT Therapeutics, Inc.<sup>(a)</sup> | 16896 | 979630 |
|  Regeneron Pharmaceuticals, Inc. | 349 | 272803 |
|  United Therapeutics Corp.<sup>(a)</sup> | 491 | 247415 |
|  |  | 6714172 |
|  **Health Care Equipment & Supplies – 1.0%** |  |  |
|  Hologic, Inc.<sup>(a)</sup> | 13038 | 982544 |
|  Insulet Corp.<sup>(a)</sup> | 1395 | 344021 |
|  Masimo Corp.<sup>(a)</sup> | 7640 | 1339674 |
|  Medtronic PLC | 3513 | 343080 |
|  Penumbra, Inc.<sup>(a)</sup> | 4524 | 1558020 |
|  |  | 4567339 |
|  **Health Care Providers & Services – 0.6%** |  |  |
|  Cardinal Health, Inc. | 1670 | 382814 |
|  Cencora, Inc. | 1009 | 375489 |
|  Centene Corp.<sup>(a)</sup> | 8062 | 361823 |
|  Enhabit, Inc.<sup>(a)</sup> | 2704 | 36802 |
|  McKesson Corp. | 1130 | 1115728 |
|  UnitedHealth Group, Inc. | 705 | 206755 |
|  |  | 2479411 |
|  **Life Sciences Tools & Services – 0.3%** |  |  |
|  Agilent Technologies, Inc. | 2906 | 352730 |
|  Illumina, Inc.<sup>(a)</sup> | 2931 | 394102 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 253 | 345773 |
|  Thermo Fisher Scientific, Inc. | 275 | 143305 |
|  |  | 1235910 |
|  **Pharmaceuticals – 1.2%** |  |  |
|  AstraZeneca PLC | 1844 | 388038 |
|  Bristol-Myers Squibb Co. | 6795 | 423804 |
|  Eli Lilly & Co. | 1190 | 1251868 |
|  GSK PLC | 13831 | 410965 |
|  Haleon PLC | 31937 | 175300 |
|  Ipsen SA | 1799 | 351169 |
|  Johnson & Johnson | 421 | 104589 |
|  Merck & Co., Inc. | 5412 | 670114 |
|  Roche Holding AG (BR) | 708 | 350927 |
|  Roche Holding AG (Genusschein) | 772 | 367396 |
|  Ventyx Biosciences, Inc.<sup>(a)</sup> | 27291 | 381255 |
|  Zoetis, Inc. | 955 | 125201 |
|  |  | 5000626 |
|  |  | 19997458 |

---

---

| | |
|:---|:---|
| 4 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Industrials – 4.0% |  |  |
|  **Aerospace & Defense – 0.6%** |  |  |
|  BAE Systems PLC | 13941 | $398093 |
|  HEICO Corp. – Class A | 1247 | 299417 |
|  Howmet Aerospace, Inc. | 1561 | 409809 |
|  L3Harris Technologies, Inc. | 580 | 211433 |
|  MTU Aero Engines AG | 753 | 324571 |
|  RTX Corp. | 447 | 90571 |
|  Safran SA | 1902 | 766009 |
|  |  | 2499903 |
|  **Air Freight & Logistics – 0.1%** |  |  |
|  FedEx Corp. | 1026 | 397062 |
|  **Building Products – 0.2%** |  |  |
|  AGC, Inc. | 8300 | 368114 |
|  American Woodmark Corp.<sup>(a)</sup> | 13512 | 676951 |
|  |  | 1045065 |
|  **Commercial Services & Supplies – 0.2%** |  |  |
|  Cintas Corp. | 1285 | 258452 |
|  GDI Integrated Facility Services, Inc.<sup>(a)</sup> | 5361 | 143649 |
|  Veralto Corp. | 3764 | 366727 |
|  |  | 768828 |
|  **Construction & Engineering – 0.4%** |  |  |
|  AECOM | 3671 | 359685 |
|  Comfort Systems USA, Inc. | 139 | 198682 |
|  HOCHTIEF AG | 718 | 346335 |
|  Stantec, Inc. | 4169 | 386016 |
|  Taisei Corp. | 2900 | 376815 |
|  Vinci SA | 1410 | 234040 |
|  |  | 1901573 |
|  **Electrical Equipment – 0.7%** |  |  |
|  ABB Ltd. (REG) | 7666 | 713982 |
|  Fuji Electric Co., Ltd. | 4200 | 372266 |
|  NIDEC Corp.<sup>(a)</sup> | 13200 | 207587 |
|  Prysmian SpA | 4666 | 562024 |
|  Schneider Electric SE | 1764 | 576492 |
|  Thermon Group Holdings, Inc.<sup>(a)</sup> | 225 | 11426 |
|  Vertiv Holdings Co. – Class A | 1612 | 410883 |
|  |  | 2854660 |
|  **Ground Transportation – 0.4%** |  |  |
|  Norfolk Southern Corp. | 5162 | 1624688 |
|  **Industrial Conglomerates – 0.1%** |  |  |
|  Hitachi Ltd. | 4400 | 144044 |
|  Jardine Matheson Holdings Ltd. | 4287 | 353422 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 5 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Keppel Ltd. | 6900 | $71267 |
|  |  | 568733 |
|  **Machinery – 0.5%** |  |  |
|  Chart Industries, Inc.<sup>(a)</sup> | 7065 | 1464574 |
|  Rational AG | 146 | 126540 |
|  Weir Group PLC (The) | 5331 | 252851 |
|  Westinghouse Air Brake Technologies Corp. | 1391 | 367154 |
|  |  | 2211119 |
|  **Marine Transportation – 0.1%** |  |  |
|  ZIM Integrated Shipping Services Ltd. | 21066 | 607333 |
|  **Passenger Airlines – 0.2%** |  |  |
|  International Consolidated Airlines Group SA | 58531 | 331022 |
|  Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 9091 | 178911 |
|  United Airlines Holdings, Inc.<sup>(a)</sup> | 3171 | 337077 |
|  |  | 847010 |
|  **Professional Services – 0.5%** |  |  |
|  Automatic Data Processing, Inc. | 690 | 147908 |
|  CSG Systems International, Inc. | 8722 | 696888 |
|  Experian PLC | 5549 | 208860 |
|  Leidos Holdings, Inc. | 2007 | 351426 |
|  RELX PLC<sup>(b)</sup> | 12289 | 427281 |
|  Wolters Kluwer NV | 2162 | 174658 |
|  |  | 2007021 |
|  |  | 17332995 |
|  Communication Services – 2.4% |  |  |
|  **Diversified Telecommunication Services – 0.1%** |  |  |
|  AT&T, Inc. | 1130 | 31652 |
|  HKT Trust & HKT Ltd. – Class H | 165000 | 260099 |
|  IHS Holding Ltd.<sup>(a)</sup> | 16751 | 134008 |
|  |  | 425759 |
|  **Entertainment – 0.5%** |  |  |
|  Electronic Arts, Inc. | 5440 | 1091101 |
|  Eventbrite, Inc. – Class A<sup>(a)</sup> | 39046 | 172583 |
|  Netflix, Inc.<sup>(a)</sup> | 2651 | 255132 |
|  Warner Bros Discovery, Inc.<sup>(a)</sup> | 18991 | 534977 |
|  |  | 2053793 |
|  **Interactive Media & Services – 1.2%** |  |  |
|  Alphabet, Inc. – Class A | 3910 | 1218981 |
|  Alphabet, Inc. – Class C | 9338 | 2908133 |
|  Autotrader Group PLC | 12502 | 82813 |
|  LY Corp.<sup>(b)</sup> | 43700 | 108015 |
|  Meta Platforms, Inc. – Class A | 1433 | 928842 |
|  |  | 5246784 |

---

---

| | |
|:---|:---|
| 6 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Media – 0.6%** |  |  |
|  Dentsu Group, Inc.<sup>(a)(b)</sup> | 18300 | $345336 |
|  Fox Corp. – Class B | 6662 | 344625 |
|  Informa PLC | 27504 | 310638 |
|  Liberty Broadband Corp. – Class A<sup>(a)</sup> | 10235 | 558626 |
|  TEGNA, Inc. | 46140 | 966633 |
|  |  | 2525858 |
|  |  | 10252194 |
|  Consumer Discretionary – 2.1% |  |  |
|  **Automobile Components – 0.0%** |  |  |
|  Energy Technology<sup>(a)(c)(d)</sup> | 13 | 6500 |
|  **Automobiles – 0.2%** |  |  |
|  General Motors Co. | 4791 | 377099 |
|  Tesla, Inc.<sup>(a)</sup> | 1225 | 493075 |
|  |  | 870174 |
|  **Broadline Retail – 0.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 8572 | 1800120 |
|  eBay, Inc. | 4332 | 393606 |
|  Edcon Tranche D<sup>(a)(c)(d)(f)</sup> | 1648 | – 0 |
|  K2016470219 South Africa Ltd. – Class A<sup>(a)(c)(d)</sup> | 465862 | – 0 |
|  K2016470219 South Africa Ltd. – Class B<sup>(a)(c)(d)</sup> | 73623 | – 0 |
|  |  | 2193726 |
|  **Diversified Consumer Services – 0.0%** |  |  |
|  Udemy, Inc.<sup>(a)</sup> | 15283 | 76873 |
|  **Hotels, Restaurants & Leisure – 0.4%** |  |  |
|  Amadeus IT Group SA | 3920 | 242460 |
|  Aristocrat Leisure Ltd. | 8443 | 288638 |
|  Booking Holdings, Inc. | 34 | 144138 |
|  Compass Group PLC | 14514 | 444469 |
|  Expedia Group, Inc. | 1868 | 402909 |
|  Yum! Brands, Inc. | 1728 | 290580 |
|  |  | 1813194 |
|  **Household Durables – 0.1%** |  |  |
|  Sony Group Corp. | 11700 | 268963 |
|  **Specialty Retail – 0.7%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 121 | 454425 |
|  CECONOMY AG<sup>(a)</sup> | 60569 | 323489 |
|  Dynatrace, Inc.<sup>(a)</sup> | 9044 | 324861 |
|  Industria de Diseno Textil SA | 12594 | 840994 |
|  Ross Stores, Inc. | 1921 | 395035 |
|  TJX Cos., Inc. (The) | 2858 | 462024 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 300 | 205437 |
|  |  | 3006265 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 7 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Textiles, Apparel & Luxury Goods – 0.2%** |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 2957 | $346768 |
|  Tapestry, Inc. | 2343 | 364266 |
|  |  | 711034 |
|  |  | 8946729 |
|  Consumer Staples – 1.9% |  |  |
|  **Beverages – 0.2%** |  |  |
|  Coca-Cola Co. (The) | 1882 | 153496 |
|  Heineken Holding NV | 2025 | 175418 |
|  PepsiCo, Inc. | 2878 | 488512 |
|  |  | 817426 |
|  **Consumer Staples Distribution & Retail – 0.4%** |  |  |
|  Costco Wholesale Corp. | 629 | 635787 |
|  Koninklijke Ahold Delhaize NV | 2487 | 122747 |
|  Sysco Corp. | 4070 | 371021 |
|  Tesco PLC | 82049 | 531147 |
|  Walmart, Inc. | 511 | 65382 |
|  |  | 1726084 |
|  **Food Products – 0.5%** |  |  |
|  Calavo Growers, Inc. | 21667 | 581542 |
|  JDE Peet's NV | 29376 | 1101292 |
|  SunOpta, Inc.<sup>(a)</sup> | 82982 | 537723 |
|  |  | 2220557 |
|  **Household Products – 0.2%** |  |  |
|  Colgate-Palmolive Co. | 5448 | 540115 |
|  Procter & Gamble Co. (The) | 1567 | 262002 |
|  Reckitt Benckiser Group PLC | 2060 | 181484 |
|  Southeastern Grocers, Inc.<sup>(a)(c)(d)(g)</sup> | 8714 | – 0 |
|  |  | 983601 |
|  **Personal Care Products – 0.4%** |  |  |
|  Kenvue, Inc. | 91098 | 1741794 |
|  **Tobacco – 0.2%** |  |  |
|  Imperial Brands PLC | 7938 | 355534 |
|  Philip Morris International, Inc. | 1905 | 355911 |
|  |  | 711445 |
|  |  | 8200907 |
|  Materials – 1.2% |  |  |
|  **Chemicals – 0.1%** |  |  |
|  Mitsubishi Chemical Group Corp. | 47300 | 351001 |
|  **Containers & Packaging – 0.1%** |  |  |
|  Crown Holdings, Inc. | 2921 | 334746 |

---

---

| | |
|:---|:---|
| 8 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Metals & Mining – 1.0%** |  |  |
|  Allied Gold Corp.<sup>(a)</sup> | 43200 | $1367528 |
|  ArcelorMittal SA | 1565 | 102521 |
|  BHP Group Ltd.<sup>(b)</sup> | 2077 | 84275 |
|  Endeavour Mining PLC | 1118 | 79879 |
|  Evolution Mining Ltd. | 31777 | 377004 |
|  Glencore PLC<sup>(a)</sup> | 54944 | 397004 |
|  JFE Holdings, Inc. | 3900 | 54901 |
|  Kinross Gold Corp. | 2195 | 81135 |
|  Lundin Mining Corp. | 11572 | 368695 |
|  New Gold, Inc.<sup>(a)</sup> | 84254 | 1130689 |
|  Newmont Corp. | 1937 | 251810 |
|  Rio Tinto PLC | 4206 | 416687 |
|  |  | 4712128 |
|  |  | 5397875 |
|  Utilities – 1.1% |  |  |
|  **Electric Utilities – 0.5%** |  |  |
|  American Electric Power Co., Inc. | 3738 | 500219 |
|  Edison International | 4754 | 355314 |
|  NextEra Energy, Inc. | 3307 | 310098 |
|  PG&E Corp. | 19653 | 373407 |
|  TXNM Energy, Inc. | 14147 | 834956 |
|  |  | 2373994 |
|  **Multi-Utilities – 0.5%** |  |  |
|  Ameren Corp. | 1883 | 213306 |
|  Consolidated Edison, Inc. | 3223 | 362652 |
|  National Grid PLC | 20872 | 390445 |
|  Northwestern Energy Group, Inc. | 17883 | 1251095 |
|  |  | 2217498 |
|  **Water Utilities – 0.1%** |  |  |
|  Essential Utilities, Inc. | 6757 | 270077 |
|  |  | 4861569 |
|  Energy – 0.6% |  |  |
|  **Energy Equipment & Services – 0.1%** |  |  |
|  BIS Industries Holdings Ltd.<sup>(a)(c)(d)</sup> | 51133 | – 0 |
|  CHC Group LLC<sup>(a)(c)</sup> | 1138 | – 0 |
|  Halliburton Co. | 10069 | 362484 |
|  |  | 362484 |
|  **Oil, Gas & Consumable Fuels – 0.5%** |  |  |
|  ENEOS Holdings, Inc. | 37300 | 355866 |
|  Exxon Mobil Corp. | 821 | 125203 |
|  Idemitsu Kosan Co., Ltd. | 37100 | 354727 |
|  Inpex Corp. | 9300 | 227038 |
|  Shell PLC | 9338 | 391102 |
|  TotalEnergies SE | 3257 | 260891 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 9 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
|  Valero Energy Corp. |  | 1840 | $376538 |
|  |  |  | 2091365 |
|  |  |  | 2453849 |
|  Real Estate – 0.4% |  |  |  |
|  **Health Care REITs – 0.0%** |  |  |  |
|  Akero Therapeutics, Inc.<sup>(a)(c)(d)</sup> |  | 4711 | 3062 |
|  **Real Estate Management & Development – 0.1%** |  |  |  |
|  Hulic Co., Ltd. |  | 25700 | 340585 |
|  Kennedy-Wilson Holdings, Inc. |  | 1926 | 20955 |
|  Mitsui Fudosan Co., Ltd. |  | 13300 | 179282 |
|  |  |  | 540822 |
|  **Residential REITs – 0.2%** |  |  |  |
|  American Homes 4 Rent – Class A |  | 11799 | 353970 |
|  Invitation Homes, Inc. |  | 13559 | 357144 |
|  |  |  | 711114 |
|  **Specialized REITs – 0.1%** |  |  |  |
|  VICI Properties, Inc. |  | 12191 | 368290 |
|  |  |  | 1623288 |
|  Total Common Stocks <br>(cost $109,652,562) |  |  | 136328870 |
|  INVESTMENT COMPANIES – 23.7% |  |  |  |
|  **Funds and Investment Trusts – 23.7%<sup>(h)</sup>** |  |  |  |
|  iShares Core International Aggregate Bond ETF |  | 585171 | 29761797 |
|  iShares Core MSCI EAFE ETF |  | 356646 | 35065435 |
|  iShares Core MSCI Emerging Markets ETF |  | 374070 | 28713613 |
|  iShares Core S&P 500 ETF |  | 12802 | 8825443 |
|  Total Investment Companies <br>(cost $83,327,918) |  |  | 102366288 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  GOVERNMENTS – TREASURIES – 14.6% |  |  |  |
|  **Austria – 0.2%** |  |  |  |
|  Republic of Austria Government Bond <br>0.00%, 02/20/2031<sup>(e)</sup> | EUR | 1039 | 1091410 |
|  **Belgium – 0.1%** |  |  |  |
|  Kingdom of Belgium Government Bond <br>Series 104 <br>3.45%, 06/22/2042<sup>(e)</sup> |  | 527 | 606341 |

---

---

| | |
|:---|:---|
| 10 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Canada – 1.4%** |  |  |  |
|  Canadian Government Bond<br>2.75%, 03/01/2030 | CAD | 3123 | $2300579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/2030 |  | 3823 | 2812068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/01/2055 |  | 871 | 536595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/2045 |  | 284 | 208134 |
|  |  |  | 5857376 |
|  **Finland – 0.1%** |  |  |  |
|  Finland Government Bond <br>Series 10Y <br>1.50%, 09/15/2032<sup>(e)</sup> | EUR | 378 | 416952 |
|  **France – 0.4%** |  |  |  |
|  French Republic Government Bond OAT <br>Series OAT <br>3.50%, 11/25/2035<sup>(e)</sup> |  | 1428 | 1725736 |
|  **Germany – 1.0%** |  |  |  |
|  Bundesobligation <br>Series 192 <br>2.20%, 10/10/2030<sup>(e)</sup> |  | 913 | 1078613 |
|  Bundesrepublik Deutschland Bundesanleihe<br>2.50%, 08/15/2046<sup>(e)</sup> |  | 509 | 538729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/2054<sup>(e)</sup> |  | 107 | 107509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/15/2041<sup>(e)</sup> |  | 1166 | 1306103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/04/2042<sup>(e)</sup> |  | 925 | 1118291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TWIN<br>0.00%, 08/15/2050<sup>(e)</sup> |  | 101 | 53441 |
|  |  |  | 4202686 |
|  **Hungary – 0.2%** |  |  |  |
|  Hungary Government Bond <br>Series 35/A <br>7.00%, 10/24/2035 | HUF | 287870 | 937064 |
|  **Indonesia – 0.2%** |  |  |  |
|  Indonesia Treasury Bond <br>Series 109 <br>5.875%, 03/15/2031 | IDR | 15339000 | 918937 |
|  **Italy – 0.6%** |  |  |  |
|  Italy Buoni Poliennali Del Tesoro<br>Series 10Y<br>4.20%, 03/01/2034<sup>(e)</sup> | EUR | 1178 | 1508151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13Y<br>4.05%, 10/30/2037<sup>(e)</sup> |  | 725 | 909833 |
|  |  |  | 2417984 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 11 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Japan – 2.8%** |  |  |  |
|  Japan Government Two Year Bond <br>Series 469 <br>0.70%, 02/01/2027 | JPY | 491450 | $3137708 |
|  Japan Government Five Year Bond<br>Series 161<br>0.30%, 06/20/2028 |  | 682400 | 4275832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 183<br>1.60%, 12/20/2030 |  | 46550 | 298502 |
|  Japan Government Twenty Year Bond <br>Series 183 <br>1.40%, 12/20/2042 |  | 331000 | 1731696 |
|  Japan Government Thirty Year Bond<br>Series 82<br>1.80%, 03/20/2054 |  | 329350 | 1516151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 88<br>3.20%, 09/20/2055 |  | 40100 | 249906 |
|  Japan Government Forty Year Bond<br>Series 4<br>2.20%, 03/20/2051 |  | 161700 | 846599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16<br>1.30%, 03/20/2063 |  | 58600 | 210054 |
|  |  |  | 12266448 |
|  **Malaysia – 0.2%** |  |  |  |
|  Malaysia Government Bond <br>Series 0318 <br>4.642%, 11/07/2033 | MYR | 2573 | 712191 |
|  **Mexico – 0.6%** |  |  |  |
|  Mexican Bonos <br>Series M <br>8.00%, 02/21/2036 | MXN | 48053 | 2664703 |
|  **Poland – 0.5%** |  |  |  |
|  Republic of Poland Government Bond <br>Series 1035 <br>5.00%, 10/25/2035 | PLN | 7356 | 2069522 |
|  **South Korea – 0.5%** |  |  |  |
|  Korea Treasury Bond <br>Series 3412 <br>3.00%, 12/10/2034 | KRW | 3022030 | 2026492 |
|  **Spain – 0.1%** |  |  |  |
|  Spain Government Bond <br>3.50%, 01/31/2041<sup>(e)</sup> | EUR | 400 | 473902 |

---

---

| | |
|:---|:---|
| 12 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Thailand – 0.2%** |  |  |  |
|  Thailand Government Bond<br>2.98%, 06/17/2045 | THB | 8788 | $302565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/17/2043 |  | 10696 | 392932 |
|  |  |  | 695497 |
|  **United Kingdom – 2.6%** |  |  |  |
|  United Kingdom Gilt<br>1.50%, 07/31/2053<sup>(e)</sup> | GBP | 281 | 180163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/22/2045<sup>(e)</sup> |  | 92 | 102346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/22/2031<sup>(e)</sup> |  | 2597 | 3527546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/07/2031<sup>(e)</sup> |  | 153 | 209310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/07/2040<sup>(e)</sup> |  | 991 | 1273273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/07/2030<sup>(e)</sup> |  | 315 | 435437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/31/2040<sup>(e)</sup> |  | 520 | 681409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/07/2035<sup>(e)</sup> |  | 2826 | 3883697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/22/2043<sup>(e)</sup> |  | 868 | 1153056 |
|  |  |  | 11446237 |
|  **United States – 2.9%** |  |  |  |
|  U.S. Treasury Bonds<br>1.125%, 08/15/2040 | U.S.$| 7479 | 4861545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 |  | 667 | 398710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 135 | 99077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 1323 | 956074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/2055 |  | 1450 | 1447734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/2055 |  | 1742 | 1773030 |
|  U.S. Treasury Notes<br>0.625%, 11/30/2027 |  | 536 | 511033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028 |  | 636 | 606452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/31/2030 |  | 1311 | 1337324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2032 |  | 390 | 396814 |
|  |  |  | 12387793 |
|  Total Governments – Treasuries <br>(cost $62,185,267) |  |  | 62917271 |
|  CORPORATES – INVESTMENT GRADE – 9.6% |  |  |  |
|  Financial Institutions – 4.9% |  |  |  |
|  **Banking – 4.2%** |  |  |  |
|  ABN AMRO Bank NV<br>Series E<br>5.125%, 02/22/2033<sup>(e)</sup> | EUR | 200 | 244972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/21/2033<sup>(e)</sup> |  | 200 | 249240 |
|  AIB Group PLC<br>5.871%, 03/28/2035<sup>(e)</sup> | U.S.$| 269 | 286661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.608%, 09/13/2029<sup>(e)</sup> |  | 200 | 211730 |
|  Ally Financial, Inc.<br>5.543%, 01/17/2031 |  | 96 | 98681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.848%, 01/03/2030 |  | 39 | 41246 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 13 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Australia & New Zealand Banking Group Ltd. <br>5.731%, 09/18/2034<sup>(e)</sup> | U.S.$| 273 | $284436 |
|  Banco Bilbao Vizcaya Argentaria SA<br>5.127%, 03/03/2036 |  | 200 | 198820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.138%, 09/14/2028 |  | 200 | 206302 |
|  Banco de Sabadell SA <br>Series E <br>3.375%, 03/10/2032<sup>(e)</sup> | EUR | 300 | 356947 |
|  Banco Santander SA<br>4.175%, 03/24/2028 | U.S.$| 200 | 200100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.796%, 01/23/2029<sup>(e)</sup> | AUD | 320 | 232337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>5.75%, 08/23/2033<sup>(e)</sup> | EUR | 200 | 249663 |
|  Bank of America Corp. <br>Series E <br>3.261%, 01/28/2031<sup>(e)</sup> |  | 200 | 238192 |
|  Bank of Ireland Group PLC <br>Series E <br>4.625%, 11/13/2029<sup>(e)</sup> |  | 451 | 558822 |
|  Banque Federative du Credit Mutuel SA<br>1.25%, 06/03/2030<sup>(e)</sup> |  | 200 | 218917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 06/16/2032<sup>(e)</sup> |  | 200 | 238875 |
|  Barclays PLC<br>4.476%, 11/11/2029 | U.S.$| 200 | 201518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.088%, 06/20/2030 |  | 202 | 205951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>8.407%, 11/14/2032<sup>(e)</sup> | GBP | 141 | 201388 |
|  BNP Paribas SA<br>2.159%, 09/15/2029<sup>(e)</sup> | U.S.$| 304 | 289144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.052%, 01/13/2031<sup>(e)</sup> |  | 200 | 191008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 08/23/2034<sup>(e)</sup> | AUD | 320 | 228632 |
|  BPCE SA<br>2.277%, 01/20/2032<sup>(e)</sup> | U.S.$| 329 | 296459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.116%, 10/19/2032<sup>(e)</sup> |  | 250 | 226685 |
|  CaixaBank SA <br>4.885%, 07/03/2031<sup>(e)</sup> |  | 421 | 429508 |
|  Capital One Financial Corp. <br>4.722%, 01/30/2032 |  | 194 | 195500 |
|  Citigroup, Inc.<br>2.928%, 10/22/2030 | EUR | 100 | 118042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.592%, 11/19/2034 | U.S.$| 404 | 416508 |
|  Commonwealth Bank of Australia <br>5.03%, 01/15/2031 | AUD | 120 | 85657 |
|  Cooperatieve Rabobank UA <br>4.99%, 05/27/2031<sup>(e)</sup> | U.S.$| 414 | 426631 |
|  Credit Agricole SA<br>5.222%, 05/27/2031<sup>(e)</sup> |  | 274 | 283141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.064%, 01/16/2035<sup>(e)</sup> | AUD | 200 | 144153 |

---

---

| | |
|:---|:---|
| 14 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Danske Bank A/S<br>4.613%, 10/02/2030<sup>(e)</sup> | U.S.$| 206 | $208565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.75%, 06/21/2030<sup>(e)</sup> | EUR | 177 | 221516 |
|  Deutsche Bank AG/New York NY<br>3.547%, 09/18/2031<sup>(b)</sup> | U.S.$| 200 | 192072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.729%, 01/14/2032 |  | 231 | 219850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.725%, 02/06/2032<sup>(b)</sup> |  | 150 | 151246 |
|  HSBC Holdings PLC<br>5.13%, 03/03/2031 |  | 288 | 296988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.364%, 11/16/2032<sup>(e)</sup> | EUR | 223 | 278210 |
|  ING Groep NV<br>5.25%, 11/14/2033<sup>(e)</sup> |  | 100 | 131105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.875%, 10/02/2029<sup>(e)</sup> | GBP | 100 | 136679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/20/2033<sup>(e)</sup> |  | 200 | 277729 |
|  Intesa Sanpaolo SpA <br>4.198%, 06/01/2032<sup>(e)</sup> | U.S.$| 225 | 217325 |
|  JPMorgan Chase & Co. <br>Series E <br>4.457%, 11/13/2031<sup>(e)</sup> | EUR | 470 | 587940 |
|  KBC Group NV <br>Series E <br>4.875%, 04/25/2033<sup>(e)</sup> |  | 300 | 367000 |
|  Lloyds Banking Group PLC<br>5.802%, 03/17/2029 | AUD | 100 | 72160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.75%, 09/21/2031<sup>(e)</sup> | EUR | 341 | 430941 |
|  Mizuho Financial Group, Inc. <br>3.153%, 07/16/2030 | U.S.$| 512 | 496425 |
|  Morgan Stanley<br>3.521%, 05/22/2031 | EUR | 355 | 426213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G<br>3.383%, 01/23/2032 |  | 125 | 149088 |
|  Nationwide Building Society <br>Series E <br>4.00%, 07/30/2035<sup>(e)</sup> |  | 300 | 362073 |
|  NatWest Group PLC<br>3.032%, 11/28/2035<sup>(b)</sup> | U.S.$| 239 | 222535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>0.78%, 02/26/2030<sup>(e)</sup> | EUR | 100 | 111099 |
|  NatWest Markets PLC <br>4.888%, 06/05/2030<sup>(e)</sup> | AUD | 290 | 204096 |
|  Royal Bank of Canada/Toronto <br>4.738%, 09/09/2031<sup>(e)</sup> |  | 180 | 125205 |
|  Santander UK Group Holdings PLC<br>6.534%, 01/10/2029 | U.S.$| 200 | 208624 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 15 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>2.421%, 01/17/2029<sup>(e)</sup> | GBP | 100 | $130121 |
|  Societe Generale SA <br>5.512%, 05/22/2031<sup>(e)</sup> | U.S.$| 411 | 427732 |
|  Standard Chartered PLC<br>3.265%, 02/18/2036<sup>(e)</sup> |  | 233 | 217305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>3.864%, 03/17/2033<sup>(e)</sup> | EUR | 302 | 363177 |
|  Sumitomo Mitsui Financial Group, Inc. <br>4.494%, 01/15/2032 | U.S.$| 206 | 208155 |
|  Svenska Handelsbanken AB<br>5.00%, 03/02/2028<sup>(e)</sup> | AUD | 200 | 142885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>4.625%, 08/23/2032<sup>(e)</sup> | GBP | 161 | 217851 |
|  Swedbank AB <br>Series G <br>3.625%, 08/23/2032<sup>(e)</sup> | EUR | 303 | 361712 |
|  Synchrony Financial <br>5.935%, 08/02/2030 | U.S.$| 137 | 142173 |
|  Toronto-Dominion Bank (The) <br>5.248%, 07/23/2029<sup>(e)</sup> | AUD | 250 | 178553 |
|  UBS Group AG<br>2.875%, 04/02/2032<sup>(e)</sup> | EUR | 125 | 145415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/2029<sup>(e)</sup> |  | 318 | 411791 |
|  UniCredit SpA<br>1.982%, 06/03/2027<sup>(e)</sup> | U.S.$| 200 | 198912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.861%, 06/19/2032<sup>(e)</sup> |  | 275 | 279518 |
|  Visa, Inc. <br>2.25%, 05/15/2028 | EUR | 163 | 191732 |
|  Wells Fargo & Co. <br>Series E <br>1.741%, 05/04/2030<sup>(e)</sup> |  | 336 | 383694 |
|  Westpac Banking Corp. <br>4.50%, 10/30/2030<sup>(e)</sup> | AUD | 120 | 83958 |
|  |  |  | 18235234 |
|  **Finance – 0.1%** |  |  |  |
|  Aviation Capital Group LLC <br>1.95%, 09/20/2026<sup>(e)</sup> | U.S.$| 215 | 212403 |
|  **Insurance – 0.1%** |  |  |  |
|  Athene Global Funding<br>2.673%, 06/07/2031<sup>(b)(e)</sup> |  | 17 | 15189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.033%, 07/17/2030<sup>(e)</sup> |  | 166 | 167570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/07/2030<sup>(e)</sup> |  | 54 | 54920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/11/2031<sup>(e)</sup> |  | 248 | 252424 |
|  Metropolitan Life Global Funding I <br>4.75%, 05/30/2030<sup>(e)</sup> | AUD | 109 | 76328 |
|  |  |  | 566431 |

---

---

| | |
|:---|:---|
| 16 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **REITs – 0.5%** |  |  |  |
|  Digital Dutch Finco BV <br>1.00%, 01/15/2032<sup>(e)</sup> | EUR | 100 | $103098 |
|  Digital Intrepid Holding BV<br>0.625%, 07/15/2031<sup>(e)</sup> |  | 140 | 143464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 07/18/2032<sup>(e)</sup> |  | 100 | 103709 |
|  EPR Properties <br>4.50%, 06/01/2027 | U.S.$| 234 | 234257 |
|  Essential Properties LP <br>2.95%, 07/15/2031 |  | 381 | 351313 |
|  GLP Capital LP/GLP Financing II, Inc. <br>4.00%, 01/15/2030 |  | 217 | 211825 |
|  Highwoods Realty LP <br>5.35%, 01/15/2033 |  | 351 | 352404 |
|  Regency Centers LP <br>4.50%, 03/15/2033 |  | 107 | 106981 |
|  Trust 2401 <br>4.869%, 01/15/2030<sup>(e)</sup> |  | 200 | 198005 |
|  WEA Finance LLC <br>2.875%, 01/15/2027<sup>(e)</sup> |  | 212 | 209496 |
|  |  |  | 2014552 |
|  |  |  | 21028620 |
|  Industrial – 3.9% |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Celulosa Arauco y Constitucion SA <br>6.18%, 05/05/2032<sup>(e)</sup> |  | 200 | 204372 |
|  Glencore Capital Finance DAC <br>Series E <br>3.75%, 02/04/2032<sup>(e)</sup> | EUR | 355 | 429577 |
|  Nexa Resources SA <br>6.75%, 04/09/2034<sup>(b)(e)</sup> | U.S.$| 200 | 216500 |
|  Orbia Advance Corp. SAB de CV <br>2.875%, 05/11/2031<sup>(b)(e)</sup> |  | 200 | 165880 |
|  |  |  | 1016329 |
|  **Capital Goods – 0.2%** |  |  |  |
|  John Deere Financial Ltd. <br>5.05%, 06/28/2029 | AUD | 320 | 228450 |
|  Parker-Hannifin Corp. <br>2.90%, 03/01/2030 | EUR | 364 | 430528 |
|  |  |  | 658978 |
|  **Communications – Media – 0.1%** |  |  |  |
|  Meta Platforms, Inc.<br>5.50%, 11/15/2045 | U.S.$| 129 | 127377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/15/2055 |  | 142 | 138994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/2065 |  | 162 | 157705 |
|  |  |  | 424076 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 17 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications – Telecommunications – 0.2%** |  |  |  |
|  Bell Telephone Co. of Canada or Bell Canada <br>5.85%, 11/10/2032 | CAD | 260 | $211813 |
|  TELUS Corp.<br>4.95%, 02/18/2031 |  | 18 | 14002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CAG<br>5.25%, 11/15/2032 |  | 277 | 218765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CAK<br>5.75%, 09/08/2033 |  | 271 | 219990 |
|  Verizon Communications, Inc.<br>2.35%, 03/23/2028<sup>(e)</sup> | AUD | 200 | 135468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.246%, 08/15/2056 | EUR | 161 | 190498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/17/2027<sup>(e)</sup> | AUD | 80 | 56737 |
|  |  |  | 1047273 |
|  **Consumer Cyclical – Automotive – 0.3%** |  |  |  |
|  Ford Motor Credit Co. LLC <br>4.97%, 04/06/2029 | U.S.$| 355 | 357322 |
|  General Motors Financial Co., Inc.<br>2.40%, 04/10/2028 |  | 16 | 15480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/06/2029 |  | 28 | 28629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 07/15/2029 |  | 53 | 55186 |
|  General Motors Financial of Canada Ltd. <br>5.10%, 07/14/2028 | CAD | 280 | 214101 |
|  Hyundai Capital America <br>1.80%, 01/10/2028<sup>(e)</sup> | U.S.$| 374 | 359324 |
|  Toyota Finance Australia Ltd. <br>4.65%, 09/17/2029 | AUD | 230 | 162046 |
|  |  |  | 1192088 |
|  **Consumer Cyclical – Entertainment – 0.1%** |  |  |  |
|  CPUK Finance Ltd. <br>5.876%, 08/28/2027<sup>(e)</sup> | GBP | 200 | 274703 |
|  **Consumer Cyclical – Other – 0.1%** |  |  |  |
|  Sekisui House US, Inc. <br>6.00%, 01/15/2043 | U.S.$| 197 | 187849 |
|  **Consumer Cyclical – Retailers – 0.0%** |  |  |  |
|  AutoNation, Inc. <br>4.45%, 01/15/2029 |  | 90 | 90641 |
|  **Consumer Non-Cyclical – 0.9%** |  |  |  |
|  Adventist Health System/West <br>Series 2025 <br>4.742%, 12/01/2030 |  | 285 | 288491 |
|  Altria Group, Inc.<br>3.125%, 06/15/2031 | EUR | 227 | 267284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/06/2035 | U.S.$| 154 | 157776 |

---

---

| | |
|:---|:---|
| 18 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Ascension Health <br>Series 2025 <br>4.294%, 11/15/2030 | U.S.$| 127 | $128349 |
|  BAT International Finance PLC <br>Series E <br>4.125%, 04/12/2032<sup>(e)</sup> | EUR | 293 | 358330 |
|  BMS Ireland Capital Funding DAC <br>3.363%, 11/10/2033 |  | 120 | 142501 |
|  CommonSpirit Health<br>4.352%, 09/01/2030 | U.S.$| 81 | 81347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.318%, 12/01/2034 |  | 337 | 348084 |
|  CVS Health Corp. <br>1.75%, 08/21/2030 |  | 164 | 147380 |
|  General Mills, Inc. <br>3.60%, 04/17/2032 | EUR | 202 | 241905 |
|  Imperial Brands Finance PLC <br>Series E <br>3.875%, 02/12/2034<sup>(e)</sup> |  | 371 | 438637 |
|  Loblaw Cos. Ltd. <br>6.54%, 02/17/2033<sup>(e)</sup> | CAD | 165 | 139646 |
|  Molson Coors Beverage Co. <br>3.80%, 06/15/2032 | EUR | 305 | 368580 |
|  Philip Morris International, Inc. <br>0.80%, 08/01/2031 |  | 350 | 365943 |
|  Saputo, Inc. <br>3.879%, 07/02/2030 | CAD | 118 | 88211 |
|  Sysco Corp. <br>4.40%, 07/25/2031 | U.S.$| 197 | 197711 |
|  Woolworths Group Ltd. <br>5.762%, 04/18/2031<sup>(e)</sup> | AUD | 400 | 290940 |
|  |  |  | 4051115 |
|  **Energy – 1.1%** |  |  |  |
|  BP Capital Markets PLC<br>3.625%, 03/22/2029<sup>(e)(i)</sup> | EUR | 214 | 253527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.751%, 08/28/2029<sup>(e)</sup> | AUD | 250 | 177240 |
|  Cenovus Energy, Inc.<br>4.65%, 03/20/2031 | U.S.$| 106 | 107294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/20/2036 |  | 109 | 110928 |
|  Continental Resources, Inc./OK<br>2.875%, 04/01/2032<sup>(e)</sup> |  | 176 | 156758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031<sup>(e)</sup> |  | 198 | 205284 |
|  Devon Energy Corp. <br>7.95%, 04/15/2032 |  | 139 | 163714 |
|  Enbridge, Inc. <br>6.10%, 11/09/2032 | CAD | 171 | 141111 |
|  Eni SpA <br>Series E <br>4.25%, 05/19/2033<sup>(e)</sup> | EUR | 100 | 125038 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 19 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  EOG Resources, Inc. <br>4.40%, 01/15/2031 | U.S.$| 191 | $193260 |
|  EQT Corp. <br>7.50%, 06/01/2030 |  | 317 | 351823 |
|  MPLX LP <br>5.30%, 04/01/2036 |  | 235 | 236988 |
|  ONEOK Partners LP <br>6.65%, 10/01/2036 |  | 314 | 348958 |
|  Ovintiv, Inc.<br>7.20%, 11/01/2031 |  | 52 | 58268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 11/01/2031 |  | 321 | 362358 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>5.60%, 01/15/2036 |  | 210 | 215483 |
|  Targa Resources Corp.<br>4.35%, 04/15/2031 |  | 86 | 85995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/2030 |  | 68 | 69782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2036 |  | 67 | 69685 |
|  TotalEnergies SE <br>Series NC7 <br>1.625%, 10/25/2027<sup>(e)(i)</sup> | EUR | 334 | 384437 |
|  Transportadora de Gas Internacional SA ESP <br>5.55%, 11/01/2028<sup>(e)</sup> | U.S.$| 300 | 304800 |
|  Var Energi ASA<br>5.875%, 05/22/2030<sup>(e)</sup> |  | 200 | 210008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(e)</sup> |  | 245 | 258767 |
|  Wintershall Dea Finance BV <br>1.823%, 09/25/2031<sup>(e)</sup> | EUR | 300 | 319096 |
|  |  |  | 4910602 |
|  **Services – 0.2%** |  |  |  |
|  Alibaba Group Holding Ltd. <br>2.80%, 11/28/2029<sup>(e)</sup> | CNH | 2500 | 373984 |
|  Booking Holdings, Inc. <br>3.625%, 11/07/2035 | EUR | 179 | 209635 |
|  Global Payments, Inc.<br>4.50%, 11/15/2028 | U.S.$| 120 | 120414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/15/2030 |  | 170 | 169777 |
|  |  |  | 873810 |
|  **Technology – 0.3%** |  |  |  |
|  Alphabet, Inc.<br>4.625%, 11/13/2032 | GBP | 146 | 198500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/2056 | U.S.$| 234 | 239296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/2075 |  | 142 | 141912 |
|  Honeywell International, Inc. <br>3.75%, 05/17/2032 | EUR | 345 | 417444 |
|  Oracle Corp.<br>5.375%, 09/27/2054 | U.S.$| 19 | 15324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/04/2036 |  | 355 | 355117 |

---

---

| | |
|:---|:---|
| 20 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/26/2055 | U.S.$| 49 | $43087 |
|  |  |  | 1410680 |
|  **Transportation – Airlines – 0.1%** |  |  |  |
|  AS Mileage Plan IP Ltd. <br>5.021%, 10/20/2029<sup>(e)</sup> |  | 41 | 41657 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(e)</sup> |  | 248 | 249633 |
|  Southwest Airlines Co. <br>4.375%, 11/15/2028 |  | 102 | 102748 |
|  |  |  | 394038 |
|  **Transportation – Services – 0.1%** |  |  |  |
|  FedEx Corp. <br>3.50%, 07/30/2032 | EUR | 136 | 161970 |
|  Heathrow Funding Ltd.<br>6.45%, 12/10/2033<sup>(e)</sup> | GBP | 192 | 279682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E<br>3.875%, 01/16/2038<sup>(e)</sup> | EUR | 100 | 118419 |
|  |  |  | 560071 |
|  |  |  | 17092253 |
|  Utility – 0.8% |  |  |  |
|  **Electric – 0.5%** |  |  |  |
|  CenterPoint Energy Houston Electric LLC<br>Series AQ<br>4.95%, 08/15/2035 | U.S.$| 168 | 170676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AR<br>4.85%, 04/01/2036 |  | 218 | 218780 |
|  E.ON International Finance BV <br>Series E <br>6.25%, 06/03/2030<sup>(e)</sup> | GBP | 101 | 146338 |
|  EDP Servicios Financieros Espana SA <br>Series E <br>3.50%, 07/21/2031<sup>(e)</sup> | EUR | 299 | 360866 |
|  Electricite de France SA <br>Series MPLE <br>5.993%, 05/23/2030<sup>(e)</sup> | CAD | 262 | 209113 |
|  Enel Finance International NV <br>4.125%, 09/30/2028<sup>(e)</sup> | U.S.$| 206 | 206435 |
|  Eversource Energy<br>Series A<br>6.10%, 08/15/2056 |  | 39 | 39185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B<br>6.35%, 08/15/2056 |  | 32 | 32202 |
|  Iberdrola International BV <br>Series NC9 <br>1.825%, 08/09/2029<sup>(e)(i)</sup> | EUR | 100 | 111246 |
|  NextEra Energy Capital Holdings, Inc. <br>3.996%, 05/15/2056 |  | 123 | 145023 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 21 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Niagara Mohawk Power Corp.<br>4.647%, 10/03/2030<sup>(e)</sup> | U.S.$| 209 | $212359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 01/17/2034<sup>(e)</sup> |  | 205 | 210886 |
|  |  |  | 2063109 |
|  **Natural Gas – 0.1%** |  |  |  |
|  Cadent Finance PLC <br>Series E <br>3.75%, 04/16/2033<sup>(e)</sup> | EUR | 203 | 244475 |
|  Grupo Energia Bogota SA ESP <br>7.85%, 11/09/2033<sup>(e)</sup> | U.S.$| 200 | 227000 |
|  Naturgy Finance Iberia SA <br>Series E <br>3.25%, 10/02/2030<sup>(e)</sup> | EUR | 200 | 238988 |
|  |  |  | 710463 |
|  **Other Utility – 0.2%** |  |  |  |
|  Anglian Water Services Financing PLC <br>Series G <br>5.875%, 06/20/2031<sup>(e)</sup> | GBP | 150 | 210694 |
|  Suez SACA<br>Series E<br>4.50%, 11/13/2033<sup>(e)</sup> | EUR | 200 | 250086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/03/2028<sup>(e)</sup> |  | 100 | 123538 |
|  Veolia Environnement SA <br>Series E <br>1.625%, 09/21/2032<sup>(e)</sup> |  | 200 | 212669 |
|  |  |  | 796987 |
|  |  |  | 3570559 |
|  Total Corporates – Investment Grade <br>(cost $39,949,480) |  |  | 41691432 |
|  MORTGAGE PASS-THROUGHS – 4.4% |  |  |  |
|  **Agency Fixed Rate 30-Year – 4.4%** |  |  |  |
|  Government National Mortgage Association<br>Series 2026<br>2.50%, 03/01/2056, TBA | U.S.$| 1675 | 1477752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/2056, TBA |  | 1919 | 1759686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/2056, TBA |  | 1869 | 1797671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2056, TBA |  | 1521 | 1502943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/2056, TBA |  | 3515 | 3527357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2056, TBA |  | 4420 | 4476694 |
|  Uniform Mortgage-Backed Security<br>Series 2026<br>2.00%, 03/01/2056, TBA |  | 1398 | 1157773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/2056, TBA |  | 1643 | 1422800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/2056, TBA |  | 1355 | 1389716 |

---

---

| | |
|:---|:---|
| 22 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/2056, TBA | U.S.$| 364 | $378006 |
|  Total Mortgage Pass-Throughs <br>(cost $18,742,907) |  |  | 18890398 |
|  COLLATERALIZED MORTGAGE OBLIGATIONS – 1.4% |  |  |  |
|  **Risk Share Floating Rate – 0.6%** |  |  |  |
|  Connecticut Avenue Securities <br>Series 2025-R01, Class 1M1 <br>4.767% (CME Term SOFR + 1.10%), 01/25/2045<sup>(e)(j)</sup> |  | 68 | 68153 |
|  Connecticut Avenue Securities Trust<br>Series 2022-R08, Class 1M2<br>7.267% (CME Term SOFR + 3.60%), 07/25/2042<sup>(e)(j)</sup> |  | 400 | 412951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1<br>6.067% (CME Term SOFR + 2.40%), 12/25/2042<sup>(e)(j)</sup> |  | 278 | 285435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R02, Class 1A1<br>4.697% (CME Term SOFR + 1.00%), 02/25/2045<sup>(e)(j)</sup> |  | 101 | 101588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R03, Class 2A1<br>5.117% (CME Term SOFR + 1.45%), 03/25/2045<sup>(e)(j)</sup> |  | 187 | 187741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1A1<br>4.667% (CME Term SOFR + 1.00%), 05/25/2045<sup>(e)(j)</sup> |  | 61 | 61546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1<br>4.867% (CME Term SOFR + 1.20%), 05/25/2045<sup>(e)(j)</sup> |  | 88 | 88292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1A1<br>4.567% (CME Term SOFR + 0.90%), 09/25/2045<sup>(e)(j)</sup> |  | 137 | 137454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R06, Class 1M1<br>4.617% (CME Term SOFR + 0.95%), 09/25/2045<sup>(e)(j)</sup> |  | 170 | 170638 |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2021-DNA6, Class M2<br>5.167% (CME Term SOFR + 1.50%), 10/25/2041<sup>(e)(j)</sup> |  | 167 | 167051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DNA7, Class M2<br>5.467% (CME Term SOFR + 1.80%), 11/25/2041<sup>(e)(j)</sup> |  | 400 | 401752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA2, Class M1A<br>4.967% (CME Term SOFR + 1.30%), 02/25/2042<sup>(e)(j)</sup> |  | 105 | 105395 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 23 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A<br>5.817% (CME Term SOFR + 2.15%), 09/25/2042<sup>(e)(j)</sup> | U.S.$| 61 | $61342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DNA2, Class M1B<br>6.918% (CME Term SOFR + 3.25%), 04/25/2043<sup>(e)(j)</sup> |  | 250 | 260257 |
|  Federal Home Loan Mortgage Corp. Structured<br>Agency Credit Risk Debt Notes 2025-DNA1 <br>Series 2025-DNA1, Class A1 <br>4.617% (CME Term SOFR + 0.95%), 01/25/2045<sup>(e)(j)</sup> |  | 55 | 55463 |
|  Federal Home Loan Mortgage Corp. Structured<br>Agency Credit Risk Debt Notes 2025-DNA2 <br>Series 2025-DNA2, Class A1 <br>4.767% (CME Term SOFR + 1.10%), 05/25/2045<sup>(e)(j)</sup> |  | 44 | 43593 |
|  |  |  | 2608651 |
|  **Non-Agency Fixed Rate – 0.6%** |  |  |  |
|  Angel Oak Mortgage Trust<br>Series 2025-4, Class A1<br>5.855%, 04/25/2070<sup>(e)</sup> |  | 91 | 92539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-6, Class A1<br>5.515%, 04/25/2070<sup>(e)</sup> |  | 135 | 136503 |
|  COLT Mortgage Loan Trust <br>Series 2025-5, Class A1 <br>5.536%, 05/25/2070<sup>(e)</sup> |  | 92 | 92967 |
|  Cross Mortgage Trust <br>Series 2025-H4, Class A1 <br>5.596%, 06/25/2070<sup>(e)</sup> |  | 142 | 144017 |
|  GCAT Trust <br>Series 2025-NQM2, Class A1 <br>5.604%, 04/25/2070<sup>(e)</sup> |  | 106 | 107305 |
|  JP Morgan Mortgage Trust <br>Series 2025-CES7, Class A1A <br>5.055%, 04/25/2056<sup>(e)</sup> |  | 275 | 276013 |
|  OBX Trust<br>Series 2025-NQM7, Class A1<br>5.56%, 05/25/2055<sup>(e)</sup> |  | 282 | 285509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM10, Class A1<br>5.453%, 05/25/2065<sup>(e)</sup> |  | 225 | 227740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM8, Class A1<br>5.472%, 03/25/2065<sup>(e)</sup> |  | 94 | 94782 |
|  RCKT Mortgage Trust<br>Series 2025-CES12, Class A1A<br>5.027%, 11/25/2055<sup>(e)</sup> |  | 289 | 290512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-CES2, Class A1A<br>4.762%, 02/01/2056<sup>(e)</sup> |  | 300 | 300270 |

---

---

| | |
|:---|:---|
| 24 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Towd Point Mortgage Trust <br>Series 2026-CES2, Class A1A <br>4.72%, 02/25/2066<sup>(e)</sup> | U.S.$| 280 | $281203 |
|  Verus Securitization Trust <br>Series 2025-5, Class A1 <br>5.427%, 06/25/2070<sup>(e)</sup> |  | 115 | 116375 |
|  |  |  | 2445735 |
|  **Non-Agency Floating Rate – 0.2%** |  |  |  |
|  Angel Oak Mortgage Trust <br>Series 2025-10, Class A1 <br>4.96%, 09/25/2070<sup>(e)</sup> |  | 263 | 264128 |
|  BRAVO Residential Funding Trust<br>Series 2025-NQM5, Class A1<br>5.496%, 02/25/2065<sup>(e)</sup> |  | 118 | 119643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM7, Class A1<br>5.459%, 07/25/2065<sup>(e)</sup> |  | 133 | 134336 |
|  Morgan Stanley Residential Mortgage Loan Trust <br>Series 2025-NQM3, Class A1 <br>5.53%, 05/25/2070<sup>(e)</sup> |  | 106 | 107388 |
|  Santander Mortgage Asset Receivable Trust <br>Series 2026-NQM2, Class A1 <br>4.704%, 01/25/2066<sup>(e)</sup> |  | 199 | 199642 |
|  Verus Securitization Trust <br>Series 2025-9, Class A1 <br>4.935%, 10/27/2070<sup>(e)</sup> |  | 96 | 96101 |
|  |  |  | 921238 |
|  Total Collateralized Mortgage Obligations <br>(cost $5,969,722) |  |  | 5975624 |
|  COLLATERALIZED LOAN OBLIGATIONS – 1.2% |  |  |  |
|  **CLO – Floating Rate – 1.2%** |  |  |  |
|  AGL CLO 44 Ltd. <br>Series 2025-44A, Class A <br>4.981% (CME Term SOFR 3 Month + 1.15%), 10/22/2037<sup>(e)(j)</sup> |  | 275 | 275345 |
|  Apidos CLO XXXII <br>Series 2019-32A, Class A1R <br>4.768% (CME Term SOFR 3 Month + 1.10%), 01/20/2033<sup>(e)(j)</sup> |  | 379 | 379420 |
|  Chenango Park CLO Ltd. <br>Series 2018-1A, Class BR <br>5.472% (CME Term SOFR 3 Month + 1.80%), 04/15/2030<sup>(e)(j)</sup> |  | 250 | 250329 |
|  Clover CLO LLC <br>Series 2021-3A, Class BR <br>5.118% (CME Term SOFR 3 Month + 1.45%), 01/25/2035<sup>(e)(j)</sup> |  | 256 | 255818 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 25 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dryden 113 CLO Ltd. <br>Series 2022-113A, Class AR3 <br>4.762% (CME Term SOFR 3 Month + 1.09%), 10/15/2037<sup>(e)(j)</sup> | U.S.$| 255 | $255427 |
|  Galaxy 36 CLO Ltd. <br>Series 2025-36A, Class A1 <br>5.008% (CME Term SOFR 3 Month + 1.23%), 10/15/2038<sup>(e)(j)</sup> |  | 150 | 150300 |
|  Hartwick Park CLO Ltd. <br>Series 2023-1A, Class AR <br>4.828% (CME Term SOFR 3 Month + 1.16%), 01/20/2037<sup>(e)(j)</sup> |  | 425 | 425548 |
|  Invesco US CLO Ltd. <br>Series 2025-2A, Class B <br>5.372% (CME Term SOFR 3 Month + 1.70%), 07/15/2038<sup>(e)(j)</sup> |  | 500 | 503425 |
|  Juniper Valley Park CLO Ltd. <br>Series 2023-1A, Class ARR <br>4.748% (CME Term SOFR 3 Month + 1.08%), 07/20/2036<sup>(e)(j)</sup> |  | 250 | 250167 |
|  Magnetite XIX Ltd. <br>Series 2017-19A, Class B1RR <br>5.118% (CME Term SOFR 3 Month + 1.45%), 04/17/2034<sup>(e)(j)</sup> |  | 250 | 250388 |
|  OCP CLO Ltd. <br>Series 2021-23A, Class B1R2 <br>5.118% (CME Term SOFR 3 Month + 1.45%), 01/17/2039<sup>(e)(j)</sup> |  | 250 | 250147 |
|  Pikes Peak CLO 6 <br>Series 2020-6A, Class ARR <br>4.595% (CME Term SOFR 3 Month + 0.94%), 05/18/2034<sup>(e)(j)</sup> |  | 250 | 249838 |
|  Regatta XX Funding Ltd. <br>Series 2021-2A, Class AR <br>4.852% (CME Term SOFR 3 Month + 1.18%), 01/15/2038<sup>(e)(j)</sup> |  | 300 | 300299 |
|  Signal Peak CLO 11 Ltd. <br>Series 2024-11A, Class A1 <br>5.118% (CME Term SOFR 3 Month + 1.45%), 07/18/2037<sup>(e)(j)</sup> |  | 500 | 500000 |
|  Trinitas CLO XXXV Ltd. <br>Series 2026-35A, Class A1 <br>4.89% (CME Term SOFR 3 Month + 1.22%), 01/22/2039<sup>(e)(j)</sup> |  | 250 | 250046 |
|  Voya CLO Ltd.<br>Series 2013-2A, Class A1R<br>4.90% (CME Term SOFR 3 Month + 1.23%), 04/25/2031<sup>(e)(j)</sup> |  | 8 | 7927 |

---

---

| | |
|:---|:---|
| 26 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A2<br>5.184% (CME Term SOFR 3 Month + 1.51%), 07/15/2031<sup>(e)(j)</sup> | U.S.$| 500 | $500152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5A, Class B<br>5.216% (CME Term SOFR 3 Month + 1.55%), 01/15/2039<sup>(e)(j)</sup> |  | 310 | 310141 |
|  Total Collateralized Loan Obligations <br>(cost $5,359,894) |  |  | 5364717 |
|  COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.2% |  |  |  |
|  **Non-Agency Floating Rate CMBS – 0.7%** |  |  |  |
|  ALA Trust <br>Series 2025-OANA, Class A <br>5.403% (CME Term SOFR 1 Month + 1.74%), 06/15/2040<sup>(e)(j)</sup> |  | 222 | 222847 |
|  BAMLL Trust <br>Series 2025-ASHF, Class A <br>5.51% (CME Term SOFR 1 Month + 1.85%), 02/15/2042<sup>(e)(j)</sup> |  | 437 | 437054 |
|  BHMS Commercial Mortgage Trust <br>Series 2025-ATLS, Class A <br>5.51% (CME Term SOFR 1 Month + 1.85%), 08/15/2042<sup>(e)(j)</sup> |  | 202 | 203264 |
|  BOCA Commercial Mortgage Trust <br>Series 2025-BOCA, Class A <br>5.26% (CME Term SOFR 1 Month + 1.60%), 12/15/2042<sup>(e)(j)</sup> |  | 240 | 240975 |
|  BX Commercial Mortgage Trust<br>Series 2019-IMC, Class A<br>4.706% (CME Term SOFR 1 Month + 1.05%), 04/15/2034<sup>(e)(j)</sup> |  | 190 | 189128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIR2, Class A<br>5.152% (CME Term SOFR 1 Month + 1.49%), 10/15/2041<sup>(e)(j)</sup> |  | 148 | 147760 |
|  BX Trust<br>Series 2025-GW, Class A<br>5.26% (CME Term SOFR 1 Month + 1.60%), 07/15/2042<sup>(e)(j)</sup> |  | 127 | 127159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-VOLT, Class A<br>5.36% (CME Term SOFR 1 Month + 1.70%), 12/15/2044<sup>(e)(j)</sup> |  | 140 | 140131 |
|  Extended Stay America Trust <br>Series 2025-ESH, Class A <br>4.96% (CME Term SOFR 1 Month + 1.30%), 10/15/2042<sup>(e)(j)</sup> |  | 210 | 210262 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 27 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hawaii Hotel Trust <br>Series 2025-MAUI, Class A <br>5.053% (CME Term SOFR 1 Month + 1.39%), 03/15/2042<sup>(e)(j)</sup> | U.S.$| 207 | $207129 |
|  HLTN Commercial Mortgage Trust <br>Series 2024-DPLO, Class A <br>5.301% (CME Term SOFR 1 Month + 1.64%), 06/15/2041<sup>(e)(j)</sup> |  | 304 | 303666 |
|  KIND Trust <br>Series 2021-KIND, Class A <br>4.73% (CME Term SOFR 1 Month + 1.06%), 08/15/2038<sup>(e)(j)</sup> |  | 99 | 98800 |
|  ORL Trust <br>Series 2024-GLKS, Class A <br>5.152% (CME Term SOFR 1 Month + 1.49%), 12/15/2039<sup>(e)(j)</sup> |  | 261 | 260488 |
|  SWCH Commercial Mortgage Trust <br>Series 2025-DATA, Class A <br>5.103% (CME Term SOFR 1 Month + 1.44%), 02/15/2042<sup>(e)(j)</sup> |  | 387 | 383534 |
|  |  |  | 3172197 |
|  **Non-Agency Fixed Rate CMBS – 0.4%** |  |  |  |
|  BX Commercial Mortgage Trust <br>Series 2024-BIO2, Class A <br>5.413%, 08/13/2041<sup>(e)</sup> |  | 281 | 285205 |
|  Fashion Show Mall LLC <br>Series 2024-SHOW, Class A <br>5.274%, 10/10/2041<sup>(e)</sup> |  | 300 | 306879 |
|  GFH Mortgage Trust <br>Series 2025-IND, Class A <br>5.148%, 06/15/2033<sup>(e)</sup> |  | 170 | 171714 |
|  MAD Commercial Mortgage Trust <br>Series 2025-11MD, Class A <br>4.912%, 10/15/2042<sup>(e)</sup> |  | 210 | 213141 |
|  TORY Commercial Mortgage Trust <br>Series 2026-HGTS, Class A <br>4.912%, 01/13/2046<sup>(e)</sup> |  | 350 | 351353 |
|  WB Commercial Mortgage Trust <br>Series 2024-HQ, Class A <br>6.134%, 03/15/2040<sup>(e)</sup> |  | 192 | 191947 |
|  |  |  | 1520239 |
|  **Non-Agency Fixed Rate – 0.1%** |  |  |  |
|  Ellington Financial Mortgage Trust <br>Series 2026-CES1, Class A1A <br>4.914%, 12/25/2060<sup>(e)</sup> |  | 288 | 289081 |
|  Total Commercial Mortgage-Backed Securities <br>(cost $4,958,738) |  |  | 4981517 |

---

---

| | |
|:---|:---|
| 28 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ASSET-BACKED SECURITIES – 1.0% |  |  |  |
|  **Other ABS – Fixed Rate – 0.7%** |  |  |  |
|  Accelerated LLC <br>Series 2024-1A, Class A <br>4.68%, 08/22/2044<sup>(e)</sup> | U.S.$| 262 | $263939 |
|  Affirm Asset Securitization Trust <br>Series 2024-B, Class A <br>4.62%, 09/15/2029<sup>(e)</sup> |  | 109 | 109285 |
|  APL Finance DAC <br>Series 2025-1A, Class A <br>4.81%, 03/20/2036<sup>(e)</sup> |  | 341 | 343184 |
|  BHG Securitization Trust <br>Series 2025-1CON, Class A <br>4.82%, 04/17/2036<sup>(e)</sup> |  | 118 | 119501 |
|  CCG Receivables Trust <br>Series 2024-1, Class A2 <br>4.99%, 03/15/2032<sup>(e)</sup> |  | 202 | 204154 |
|  Clarus Capital Funding LLC<br>Series 2024-1A, Class A2<br>4.71%, 08/20/2032<sup>(e)</sup> |  | 76 | 76050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class B<br>4.79%, 08/20/2032<sup>(e)</sup> |  | 140 | 140773 |
|  Crossroads Asset Trust <br>Series 2024-A, Class A2 <br>5.90%, 08/20/2030<sup>(e)</sup> |  | 113 | 114284 |
|  Dext ABS LLC <br>Series 2025-2, Class B <br>4.66%, 04/15/2036<sup>(e)</sup> |  | 140 | 140736 |
|  DLLMT LLC <br>Series 2024-1A, Class A2 <br>5.08%, 02/22/2027<sup>(e)</sup> |  | 64 | 63977 |
|  Lendmark Funding Trust <br>Series 2024-2A, Class B <br>4.86%, 02/21/2034<sup>(e)</sup> |  | 106 | 106656 |
|  M&T Equipment Notes <br>Series 2024-1A, Class A2 <br>4.99%, 08/18/2031<sup>(e)</sup> |  | 72 | 71688 |
|  MVW LLC <br>Series 2025-1A, Class A <br>4.97%, 09/22/2042<sup>(e)</sup> |  | 91 | 92327 |
|  NMEF Funding LLC <br>Series 2024-A, Class A2 <br>5.15%, 12/15/2031<sup>(e)</sup> |  | 147 | 147647 |
|  PEAC Solutions Receivables LLC<br>Series 2025-1A, Class A2<br>4.94%, 10/20/2028<sup>(e)</sup> |  | 39 | 39041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class B<br>5.20%, 07/20/2032<sup>(e)</sup> |  | 72 | 73642 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 29 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  PK Alift Loan Funding 8 LP <br>Series 2026-1, Class A <br>4.614%, 09/15/2043<sup>(c)(d)(e)</sup> | U.S.$| 430 | $429997 |
|  Sierra Timeshare Receivables Funding LLC <br>Series 2024-2A, Class A <br>5.14%, 06/20/2041<sup>(e)</sup> |  | 69 | 70370 |
|  Sotheby's Artfi Master Trust<br>Series 2026-1A, Class A1<br>4.80%, 06/20/2033<sup>(e)</sup> |  | 285 | 286686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2026-1A, Class B<br>4.90%, 06/20/2033<sup>(e)</sup> |  | 140 | 140593 |
|  |  |  | 3034530 |
|  **Autos – Fixed Rate – 0.3%** |  |  |  |
|  Ally Bank Auto Credit-Linked Notes <br>Series 2024-A, Class A2 <br>5.681%, 05/17/2032<sup>(e)</sup> |  | 115 | 116768 |
|  Hertz Vehicle Financing III LLC <br>Series 2025-1A, Class A <br>4.91%, 09/25/2029<sup>(e)</sup> |  | 205 | 208716 |
|  PenFed Auto Receivables Owner Trust <br>Series 2024-A, Class A3 <br>4.70%, 06/15/2029<sup>(e)</sup> |  | 153 | 154136 |
|  Stellantis Financial Underwritten Enhanced Lease Trust<br>Series 2025-AA, Class B <br>4.74%, 04/20/2029<sup>(e)</sup> |  | 140 | 141514 |
|  Tesla Auto Lease Trust <br>Series 2024-B, Class B <br>5.11%, 08/21/2028<sup>(e)</sup> |  | 203 | 204649 |
|  Wheels Fleet Lease Funding 1 LLC <br>Series 2024-2A, Class A1 <br>4.87%, 06/21/2039<sup>(e)</sup> |  | 175 | 176776 |
|  |  |  | 1002559 |
|  **Other ABS – Floating Rate – 0.0%** |  |  |  |
|  Capital Street Master Trust <br>Series 2024-1, Class A <br>5.008% (CME Term SOFR + 1.35%), 10/16/2028<sup>(e)(j)</sup> |  | 100 | 99581 |
|  Total Asset-Backed Securities <br>(cost $4,106,120) |  |  | 4136670 |
|  COVERED BONDS – 0.6% |  |  |  |
|  **Australia – 0.1%** |  |  |  |
|  Westpac Banking Corp. <br>Series E <br>3.106%, 11/23/2027<sup>(e)</sup> | EUR | 510 | 611613 |

---

---

| | |
|:---|:---|
| 30 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **France – 0.5%** |  |  |  |
|  BPCE SFH SA <br>Series E <br>0.01%, 01/29/2029<sup>(e)</sup> | EUR | 700 | $772878 |
|  Caisse de Refinancement de l'Habitat SA<br>Series E <br>2.75%, 09/06/2030<sup>(e)</sup> |  | 200 | 238293 |
|  Cie de Financement Foncier SA <br>2.625%, 03/05/2030<sup>(e)</sup> |  | 300 | 355969 |
|  Credit Agricole Home Loan SFH SA <br>Series E <br>0.875%, 08/31/2027<sup>(e)</sup> |  | 700 | 810834 |
|  |  |  | 2177974 |
|  Total Covered Bonds <br>(cost $2,549,372) |  |  | 2789587 |
|  GOVERNMENTS – SOVEREIGN BONDS – 0.5% |  |  |  |
|  **Chile – 0.2%** |  |  |  |
|  Chile Electricity Lux MPC SARL <br>6.01%, 01/20/2033<sup>(e)</sup> | U.S.$| 277 | 290680 |
|  Chile Government International Bond<br>3.75%, 01/14/2032 | EUR | 181 | 220018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/05/2034 |  | 200 | 246955 |
|  |  |  | 757653 |
|  **Indonesia – 0.1%** |  |  |  |
|  Indonesia Government International Bond<br>4.10%, 03/04/2034 |  | 430 | 511013 |
|  **Mexico – 0.1%** |  |  |  |
|  Mexico Government International Bond <br>5.375%, 03/22/2033 | U.S.$| 285 | 286026 |
|  **Saudi Arabia – 0.1%** |  |  |  |
|  Saudi Government International Bond<br>3.375%, 03/05/2032<sup>(e)</sup> | EUR | 222 | 264939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 01/13/2028<sup>(e)</sup> | U.S.$| 307 | 312756 |
|  |  |  | 577695 |
|  Total Governments – Sovereign Bonds <br>(cost $2,015,683) |  |  | 2132387 |
|  GOVERNMENTS – SOVEREIGN AGENCIES – 0.5% |  |  |  |
|  **Canada – 0.2%** |  |  |  |
|  Canada Housing Trust No. 1<br>3.55%, 09/15/2032<sup>(e)</sup> | CAD | 930 | 703417 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 31 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/2034<sup>(e)</sup> | CAD | 370 | $291257 |
|  |  |  | 994674 |
|  **France – 0.2%** |  |  |  |
|  SNCF Reseau <br>Series E<br>3.125%, 10/25/2028<sup>(e)</sup> | EUR | 700 | 840627 |
|  **Netherlands – 0.1%** |  |  |  |
|  BNG Bank NV <br>3.50%, 07/19/2027 | AUD | 294 | 206187 |
|  Total Governments – Sovereign Agencies<br>(cost $1,896,654) |  |  | 2041488 |
|  SUPRANATIONALS – 0.3% |  |  |  |
|  European Union<br>Series UFA<br>3.375%, 10/05/2054<sup>(e)</sup> | EUR | 830 | 899860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/04/2044<sup>(e)</sup> |  | 353 | 440067 |
|  Total Supranationals <br>(cost $1,285,314) |  |  | 1339927 |
|  INFLATION-LINKED SECURITIES – 0.3% |  |  |  |
|  **United States – 0.3%** |  |  |  |
|  U.S. Treasury Inflation Index <br>1.875%, 07/15/2035 (TIPS) <br>(cost $1,156,703) | U.S.$| 1155 | 1179038 |
|  LOCAL GOVERNMENTS – REGIONAL BONDS – 0.2% |  |  |  |
|  **Japan – 0.2%** |  |  |  |
|  Japan Finance Organization for Municipalities<br>Series G<br>0.05%, 02/12/2027<sup>(e)</sup> | EUR | 668 | 773325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 09/08/2027<sup>(e)</sup> |  | 100 | 118316 |
|  Total Local Governments – Regional Bonds <br>(cost $809,772) |  |  | 891641 |
|  QUASI-SOVEREIGNS – 0.2% |  |  |  |
|  Quasi-Sovereign Bonds – 0.2% |  |  |  |
|  **Chile – 0.0%** |  |  |  |
|  Corp. Nacional del Cobre de Chile <br>5.625%, 09/21/2035<sup>(e)</sup> | U.S.$| 200 | 208710 |

---

---

| | |
|:---|:---|
| 32 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Hungary – 0.1%** |  |  |  |
|  Magyar Export-Import Bank Zrt <br>6.125%, 12/04/2027<sup>(e)</sup> | U.S.$| 255 | $262331 |
|  **Saudi Arabia – 0.1%** |  |  |  |
|  Gaci First Investment Co. <br>Series E <br>3.375%, 10/14/2032<sup>(e)</sup> | EUR | 200 | 234470 |
|  Total Quasi-Sovereigns <br>(cost $684,324) |  |  | 705511 |
|  LOCAL GOVERNMENTS – US MUNICIPAL BONDS – 0.1% |  |  |  |
|  **United States – 0.1%** |  |  |  |
|  State of California <br>(State of California) <br>Series 2010 <br>7.60%, 11/01/2040 <br>(cost $554,426) | U.S.$| 465 | 581034 |
|  EMERGING MARKETS – SOVEREIGNS – 0.1% |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Eagle Funding Luxco SARL <br>5.50%, 08/17/2030<sup>(e)</sup> <sup></sup>(cost $415,052) |  | 416 | 424320 |
|  CORPORATES – NON-INVESTMENT GRADE – 0.1% |  |  |  |
|  Financial Institutions – 0.1% |  |  |  |
|  **Finance – 0.1%** |  |  |  |
|  Curo SPV LLC <br>13.00%, 08/21/2027<sup>(c)(d)</sup> |  | 266 | 253591 |
|  Utility – 0.0% |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  NextEra Energy Capital Holdings, Inc. <br>3.624%, 02/10/2034 | EUR | 107 | 128385 |
|  Industrial – 0.0% |  |  |  |
|  **Basic – 0.0%** |  |  |  |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023<sup>(a)(c)(d)(k)(l)</sup> | U.S.$| 146 | – 0 |
|  **Communications – Media – 0.0%** |  |  |  |
|  National CineMedia, Inc. <br>5.75%, 08/15/2026<sup>(a)(c)(d)(g)</sup> |  | 33 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 33 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Consumer Cyclical – Automotive – 0.0%** |  |  |  |
|  Exide Technologies <br>11.00%, 10/31/2024<sup>(a)(c)(d)(g)(k)(l)</sup> | U.S.$| 83 | $– 0 |
|  **Services – 0.0%** |  |  |  |
|  Monitronics International, Inc. <br>9.125%, 04/01/2020<sup>(a)(c)(d)(g)(k)</sup> |  | 120 | – 0 |
|  |  |  | – 0 |
|  Total Corporates – Non-Investment Grade <br>(cost $408,277) |  |  | 381976 |
|  EMERGING MARKETS – CORPORATE BONDS – 0.1% |  |  |  |
|  Industrial – 0.1% |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  Alpek SAB de CV <br>4.25%, 09/18/2029<sup>(e)</sup> |  | 220 | 196037 |
|  **Consumer Cyclical – Retailers – 0.0%** |  |  |  |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(a)(c)(d)(k)(l)</sup> |  | 40 | – 0 |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(a)(c)(d)(k)(l)</sup> |  | 28 | – 0 |
|  |  |  | – 0 |
|  **Energy – 0.0%** |  |  |  |
|  Raizen Fuels Finance SA<br>6.45%, 03/05/2034<sup>(e)</sup> |  | 200 | 88000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/25/2037<sup>(e)</sup> |  | 200 | 88500 |
|  |  |  | 176500 |
|  Total Emerging Markets – Corporate Bonds <br>(cost $676,331) |  |  | 372537 |
|  LOCAL GOVERNMENTS – PROVINCIAL BONDS – 0.0% |  |  |  |
|  **Canada – 0.0%** |  |  |  |
|  Province of Quebec Canada <br>4.40%, 12/01/2055 <br>(cost $174,666) | CAD | 245 | 176409 |
|  |  | **Shares** |  |
|  PREFERRED STOCKS – 0.0% |  |  |  |
|  Industrials – 0.0% |  |  |  |
|  **Auto Components – 0.0%** |  |  |  |
|  Energy Technology <br>0.00%<sup>(a)(c)(d)(l)</sup> <sup></sup>(cost $87,984) |  | 117 | 143325 |

---

---

| | |
|:---|:---|
| 34 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  RIGHTS – 0.0% |  |  |  |
|  Consumer Staples – 0.0% |  |  |  |
|  **Consumer Staples Distribution & Retail – 0.0%** |  |  |  |
|  Walgreens Boots Alliance, Inc. (CVR)<sup>(a)(c)(d)</sup> |  | 35236 | $18675 |
|  Health Care – 0.0% |  |  |  |
|  **Biotechnology – 0.0%** |  |  |  |
|  Chinook Therapeutics, Inc. (CVR)<sup>(a)(c)(d)</sup> |  | 30997 | 310 |
|  Mirati Therapeutics, Inc. (CVR)<sup>(a)(c)(d)</sup> |  | 25914 | 18140 |
|  |  |  | 18450 |
|  **Health Care Providers & Services – 0.0%** |  |  |  |
|  ABIOMED, Inc. (CVR)<sup>(a)(c)(d)</sup> |  | 3960 | 9999 |
|  |  |  | 28449 |
|  Materials – 0.0% |  |  |  |
|  **Paper & Forest Products – 0.0%** |  |  |  |
|  Resolute Forest Products, Inc. (CVR)<sup>(a)(c)(d)</sup> |  | 14789 | 21000 |
|  Total Rights <br>(cost $61,854) |  |  | 68124 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  EMERGING MARKETS – TREASURIES – 0.0% |  |  |  |
|  **Russia – 0.0%** |  |  |  |
|  Russian Federal Bond—OFZ <br>Series 6212 <br>7.05%, 01/19/2028<sup>(c)(d)(m)</sup> <sup></sup>(cost $361,825) | RUB | 23770 | – 0 |
|  |  | **Shares** |  |
|  WARRANTS – 0.0% |  |  |  |
|  Information Technology – 0.0% |  |  |  |
|  **Software – 0.0%** |  |  |  |
|  Constellation Software, Inc./Canada, expiring 03/31/2040<sup>(a)(b)(c)(d)</sup> <sup></sup>(cost $0) |  | 541 | – 0 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  SHORT-TERM INVESTMENTS – 8.8% |  |  |  |
|  Treasury Bills – 4.8% |  |  |  |
|  **Japan – 4.8%** |  |  |  |
|  Japan Treasury Discount Bill <br>Series 1352 <br>Zero Coupon, 03/30/2026 <br>(cost $20,784,769) | JPY | 3250000 | 20801332 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 35 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Investment Companies – 4.0%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.53%<sup>(h)(n)(o)</sup> <br>(cost $17,177,113) | 17177113 | $17177113 |
|  Total Investments Before Security Lending Collateral for Securities Loaned – 100.4% <br>(cost $385,352,727) |  | 433858536 |
|  INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.2% |  |  |
|  **Investment Companies – 0.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.53%<sup>(h)(n)(o)</sup> <br>(cost $858,510) | 858510 | 858510 |
|  Total Investments – 100.6% <br>(cost $386,211,237) |  | 434717046 |
|  Other assets less liabilities – (0.6)% |  | (2404858) |
|  **Net Assets – 100.0%** |  | $**432312188** |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Australian 3 Yr Bond Futures | 16 | March 2026 | $1195194 | $(1557) |
|  Australian 10 Yr Bond Futures | 46 | March 2026 | 3619685 | 43745 |
|  Canadian 10 Yr Bond Futures | 41 | June 2026 | 3692269 | 12962 |
|  Euro Buxl 30 Yr Bond Futures | 16 | March 2026 | 2152592 | 73260 |
|  Euro STOXX 50 Index Futures | 12 | March 2026 | 872446 | (3626) |
|  Euro-BOBL Futures | 23 | March 2026 | 3192187 | 21714 |
|  Euro-BTP Futures | 12 | March 2026 | 1741915 | 34866 |
|  Euro-Bund Futures | 23 | March 2026 | 3539235 | 48388 |
|  Euro-Schatz Futures | 34 | March 2026 | 4299867 | 3976 |
|  FTSE 100 Index Futures | 1 | March 2026 | 146975 | 7290 |
|  FTSE KLCI Futures | 8 | March 2026 | 174043 | (3427) |
|  FTSE/JSE Top 40 Futures | 44 | March 2026 | 3319062 | 304677 |
|  Gold 100 OZ Futures | 13 | April 2026 | 6822270 | 578466 |
|  IFSC Nifty 50 Futures | 17 | March 2026 | 859690 | (13259) |
|  Japan 10 Yr Bond (OSE) Futures | 2 | March 2026 | 1700765 | (8653) |
|  Long Gilt Futures | 61 | June 2026 | 7701123 | 82891 |
|  Mini Japan 10 Yr Government Bond Futures | 28 | March 2026 | 2381430 | (9089) |
|  MSCI Emerging Markets Index Futures | 143 | March 2026 | 11466455 | 1013714 |
|  OMXS 30 Index Futures | 50 | March 2026 | 1786881 | 20235 |
|  S&P 500 E-Mini Futures | 292 | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100579400 | (1002784) |

---

---

| | |
|:---|:---|
| 36 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  S&P/TSX 60 Index Futures | 6 | March 2026 | $1734394 | $62987 |
|  SET 50 Futures | 102 | March 2026 | 665256 | 91346 |
|  SPI 200 Futures | 41 | March 2026 | 6688977 | 204466 |
|  TOPIX Index Futures | 20 | March 2026 | 5064515 | 133431 |
|  U.S. Long Bond (CBT) Futures | 57 | June 2026 | 6752719 | 61813 |
|  U.S. T-Note 2 Yr (CBT) Futures | 135 | June 2026 | 28251914 | 47163 |
|  U.S. T-Note 5 Yr (CBT) Futures | 442 | June 2026 | 48682156 | 282723 |
|  U.S. T-Note 10 Yr (CBT) Futures | 131 | June 2026 | 14909438 | 70794 |
|  U.S. Ultra Bond (CBT) Futures | 22 | June 2026 | 2675063 | 24371 |
|  WIG 20 Index Futures | 6 | March 2026 | 115562 | 9899 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Canadian 10 Yr Bond Futures | 30 | June 2026 | 2701660 | (9285) |
|  Euro-Bund Futures | 11 | March 2026 | 1692678 | (12077) |
|  FTSE 100 Index Futures | 63 | March 2026 | 9259412 | (400869) |
|  FTSE China A50 Futures | 99 | March 2026 | 1449558 | 30197 |
|  FTSE Taiwan Index Futures | 9 | March 2026 | 1020690 | (35375) |
|  Hang Seng Index Futures | 9 | March 2026 | 1530485 | 20594 |
|  Japan 10 Yr Bond (OSE) Futures | 28 | March 2026 | 23810713 | (104495) |
|  Long Gilt Futures | 11 | June 2026 | 1388727 | (16024) |
|  MSCI Singapore ETS Index Futures | 106 | March 2026 | 3867839 | 41865 |
|  OMXS 30 Index Futures | 9 | March 2026 | 321639 | (8853) |
|  U.S. 10 Yr Ultra Futures | 91 | June 2026 | 10622828 | (59607) |
|  U.S. T-Note 10 Yr (CBT) Futures | 19 | June 2026 | 2162438 | (11504) |
|  WIG 20 Index Futures | 100 | March 2026 | 1926032 | (38849) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588500 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | PEN | 480 | USD | 143 | 03/13/2026 | $(146) |
|  Bank of America NA | USD | 1109 | CNH | 7669 | 03/26/2026 | 10888 |
|  Bank of America NA | PLN | 3881 | USD | 1084 | 03/27/2026 | (2273) |
|  Bank of America NA | USD | 567 | HUF | 183856 | 03/27/2026 | 8917 |
|  Bank of America NA | JPY | 4223750 | USD | 26902 | 04/10/2026 | (232776) |
|  Bank of America NA | USD | 4042 | JPY | 634616 | 04/10/2026 | 34974 |
|  Bank of America NA | USD | 1463 | EUR | 1235 | 04/16/2026 | (1099) |
|  Bank of America NA | USD | 5144 | AUD | 7293 | 04/22/2026 | 44360 |
|  Barclays Capital, Inc. | BRL | 781 | USD | 152 | 03/03/2026 | (680) |
|  Barclays Capital, Inc. | USD | 150 | BRL | 781 | 03/03/2026 | 2833 |
|  Barclays Capital, Inc. | THB | 44826 | USD | 1430 | 03/13/2026 | (12707) |
|  Barclays Capital, Inc. | USD | 1418 | COP | 5471962 | 03/13/2026 | 36692 |
|  Barclays Capital, Inc. | PLN | 8813 | USD | 2446 | 03/27/2026 | (20424) |
|  Barclays Capital, Inc. | EUR | 1921 | USD | 2302 | 04/16/2026 | 27156 |
|  Barclays Capital, Inc. | USD | 562 | CHF | 433 | 04/16/2026 | 3885 |
|  Barclays Capital, Inc. | USD | 2628 | EUR | 2186 | 04/16/2026 | (39698) |
|  Barclays Capital, Inc. | CAD | 1051 | USD | 769 | 04/17/2026 | (2593) |
|  Barclays Capital, Inc. | NZD | 973 | USD | 589 | 04/22/2026 | 3918 |
|  Barclays Capital, Inc. | USD | 634 | NZD | 1052 | 04/22/2026 | (2200) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 37 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  BNP Paribas SA | MXN | 83089 | USD | 4584 | 03/12/2026 | $(237133) |
|  BNP Paribas SA | USD | 1435 | JPY | 222189 | 04/10/2026 | (7668) |
|  Citibank NA | CLP | 305298 | USD | 353 | 03/13/2026 | 2706 |
|  Citibank NA | CLP | 312972 | USD | 358 | 03/13/2026 | (165) |
|  Citibank NA | JPY | 3250000 | USD | 20954 | 04/01/2026 | 90407 |
|  Citibank NA | JPY | 283014 | USD | 1817 | 04/10/2026 | (1632) |
|  Citibank NA | USD | 1691 | JPY | 261109 | 04/10/2026 | (13854) |
|  Citibank NA | EUR | 10819 | USD | 12983 | 04/16/2026 | 172598 |
|  Citibank NA | CAD | 13511 | USD | 9925 | 04/17/2026 | 187 |
|  Citibank NA | USD | 8248 | CAD | 11229 | 04/17/2026 | (155) |
|  Citibank NA | AUD | 941 | USD | 664 | 04/22/2026 | (5713) |
|  Citibank NA | SEK | 27566 | USD | 3099 | 04/23/2026 | 37309 |
|  Citibank NA | USD | 2392 | TWD | 75482 | 04/24/2026 | 17093 |
|  Citibank NA | USD | 2779 | INR | 252641 | 05/13/2026 | (17783) |
|  Citibank NA | EUR | 10247 | USD | 12116 | 05/27/2026 | (40541) |
|  Deutsche Bank AG | BRL | 5462 | USD | 1061 | 03/03/2026 | (4759) |
|  Deutsche Bank AG | USD | 1036 | BRL | 5462 | 03/03/2026 | 29273 |
|  Deutsche Bank AG | PEN | 1026 | USD | 306 | 03/13/2026 | 462 |
|  Deutsche Bank AG | PEN | 3118 | USD | 926 | 03/13/2026 | (2743) |
|  Deutsche Bank AG | USD | 316 | COP | 1197397 | 03/13/2026 | 2666 |
|  Deutsche Bank AG | USD | 936 | COP | 3434924 | 03/13/2026 | (22372) |
|  Deutsche Bank AG | KRW | 308706 | USD | 215 | 04/14/2026 | 729 |
|  Deutsche Bank AG | USD | 226 | KRW | 328306 | 04/14/2026 | 1771 |
|  Deutsche Bank AG | EUR | 1749 | USD | 2100 | 04/16/2026 | 28838 |
|  Deutsche Bank AG | USD | 1277 | EUR | 1063 | 04/16/2026 | (18222) |
|  Deutsche Bank AG | CAD | 3965 | USD | 2907 | 04/17/2026 | (5090) |
|  Deutsche Bank AG | NZD | 3548 | USD | 2141 | 04/22/2026 | 8361 |
|  Deutsche Bank AG | TWD | 37746 | USD | 1191 | 04/24/2026 | (13457) |
|  Deutsche Bank AG | USD | 1184 | TWD | 37484 | 04/24/2026 | 12729 |
|  Goldman Sachs Bank USA | BRL | 15635 | USD | 3039 | 03/03/2026 | (10376) |
|  Goldman Sachs Bank USA | USD | 3036 | BRL | 15635 | 03/03/2026 | 13622 |
|  Goldman Sachs Bank USA | CAD | 1461 | USD | 1072 | 03/12/2026 | 662 |
|  Goldman Sachs Bank USA | MXN | 29401 | USD | 1677 | 03/12/2026 | (28946) |
|  Goldman Sachs Bank USA | USD | 1072 | MXN | 19301 | 03/12/2026 | 47990 |
|  Goldman Sachs Bank USA | USD | 2202 | MXN | 37909 | 03/12/2026 | (2837) |
|  Goldman Sachs Bank USA | PEN | 671 | USD | 200 | 03/13/2026 | 249 |
|  Goldman Sachs Bank USA | PEN | 647 | USD | 192 | 03/13/2026 | (666) |
|  Goldman Sachs Bank USA | USD | 137 | CLP | 120389 | 03/13/2026 | 449 |
|  Goldman Sachs Bank USA | USD | 356 | COP | 1307999 | 03/13/2026 | (8094) |
|  Goldman Sachs Bank USA | MYR | 7496 | USD | 1909 | 03/18/2026 | (18151) |
|  Goldman Sachs Bank USA | USD | 1200 | MYR | 4732 | 03/18/2026 | 16868 |
|  Goldman Sachs Bank USA | USD | 3015 | BRL | 15635 | 04/02/2026 | 12470 |
|  Goldman Sachs Bank USA | KRW | 195106 | USD | 137 | 04/14/2026 | 1184 |
|  Goldman Sachs Bank USA | KRW | 548748 | USD | 375 | 04/14/2026 | (6162) |
|  Goldman Sachs Bank USA | EUR | 3841 | USD | 4540 | 04/16/2026 | (8194) |
|  Goldman Sachs Bank USA | USD | 915 | AUD | 1315 | 04/22/2026 | 20651 |
|  Goldman Sachs Bank USA | USD | 568 | NZD | 950 | 04/22/2026 | 2459 |
|  Goldman Sachs Bank USA | USD | 2264 | NZD | 3765 | 04/22/2026 | (930) |
|  Goldman Sachs Bank USA | IDR | 3946445 | USD | 235 | 04/23/2026 | 187 |
|  Goldman Sachs Bank USA | GBP | 13445 | USD | 18179 | 04/24/2026 | 56547 |
|  Goldman Sachs Bank USA | USD | 2392 | GBP | 1769 | 04/24/2026 | (7440) |
|  Goldman Sachs Bank USA | INR | 26386 | USD | 289 | 05/13/2026 | 1138 |

---

---

| | |
|:---|:---|
| 38 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  HSBC Bank USA | BRL | 9392 | USD | 1824 | 03/03/2026 | $(8183) |
|  HSBC Bank USA | USD | 1794 | BRL | 9392 | 03/03/2026 | 37909 |
|  HSBC Bank USA | CLP | 1005120 | USD | 1156 | 03/13/2026 | 4636 |
|  HSBC Bank USA | CLP | 2213980 | USD | 2456 | 03/13/2026 | (80496) |
|  HSBC Bank USA | USD | 714 | CLP | 618280 | 03/13/2026 | (5191) |
|  HSBC Bank USA | USD | 222 | COP | 824261 | 03/13/2026 | (3146) |
|  HSBC Bank USA | USD | 876 | PEN | 2954 | 03/13/2026 | 4446 |
|  HSBC Bank USA | HUF | 371628 | USD | 1126 | 03/27/2026 | (37227) |
|  HSBC Bank USA | USD | 2449 | HUF | 808136 | 03/27/2026 | 80953 |
|  HSBC Bank USA | USD | 6815 | JPY | 1054609 | 04/10/2026 | (39445) |
|  HSBC Bank USA | KRW | 1867525 | USD | 1293 | 04/14/2026 | (4728) |
|  HSBC Bank USA | USD | 2400 | KRW | 3467502 | 04/14/2026 | 10873 |
|  HSBC Bank USA | USD | 3338 | NZD | 5554 | 04/22/2026 | 239 |
|  HSBC Bank USA | USD | 632 | NZD | 1048 | 04/22/2026 | (2571) |
|  HSBC Bank USA | IDR | 6305402 | USD | 374 | 04/23/2026 | (1566) |
|  HSBC Bank USA | USD | 500 | PHP | 29595 | 04/23/2026 | 11798 |
|  HSBC Bank USA | INR | 124475 | USD | 1370 | 05/13/2026 | 9771 |
|  JPMorgan Chase Bank | USD | 658 | MXN | 11542 | 03/12/2026 | 11569 |
|  JPMorgan Chase Bank | USD | 3781 | JPY | 587278 | 04/10/2026 | (7918) |
|  JPMorgan Chase Bank | EUR | 907 | USD | 1087 | 04/16/2026 | 13204 |
|  Morgan Stanley Capital Services, Inc. | PEN | 551 | USD | 165 | 03/13/2026 | 696 |
|  Morgan Stanley Capital Services, Inc. | JPY | 351602 | USD | 2233 | 04/10/2026 | (26012) |
|  Morgan Stanley Capital Services, Inc. | USD | 150 | KRW | 216773 | 04/14/2026 | 781 |
|  Morgan Stanley Capital Services, Inc. | CHF | 4499 | USD | 5921 | 04/16/2026 | 41816 |
|  Morgan Stanley Capital Services, Inc. | EUR | 4691 | USD | 5621 | 04/16/2026 | 66895 |
|  Morgan Stanley Capital Services, Inc. | AUD | 14424 | USD | 10074 | 04/22/2026 | (187525) |
|  Morgan Stanley Capital Services, Inc. | NOK | 26310 | USD | 2754 | 04/23/2026 | (12076) |
|  Morgan Stanley Capital Services, Inc. | INR | 37735 | USD | 414 | 05/13/2026 | 1841 |
|  Standard Chartered Bank | EUR | 9269 | USD | 10989 | 04/22/2026 | 10307 |
|  Standard Chartered Bank | IDR | 15789936 | USD | 932 | 04/23/2026 | (7736) |
|  Standard Chartered Bank | GBP | 2441 | USD | 3299 | 04/24/2026 | 8565 |
|  State Street Bank & Trust Co. | ILS | 488 | USD | 153 | 03/12/2026 | (3247) |
|  State Street Bank & Trust Co. | MXN | 2405 | USD | 140 | 03/12/2026 | 556 |
|  State Street Bank & Trust Co. | MXN | 33421 | USD | 1861 | 03/12/2026 | (77731) |
|  State Street Bank & Trust Co. | USD | 255 | MXN | 4442 | 03/12/2026 | 2626 |
|  State Street Bank & Trust Co. | THB | 96706 | USD | 3078 | 03/13/2026 | (35583) |
|  State Street Bank & Trust Co. | USD | 190 | THB | 5929 | 03/13/2026 | 765 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 39 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | USD | 246 | THB | 7596 | 03/13/2026 | $(1171) |
|  State Street Bank & Trust Co. | CNH | 2111 | USD | 304 | 03/26/2026 | (4268) |
|  State Street Bank & Trust Co. | HUF | 96401 | USD | 302 | 03/27/2026 | (66) |
|  State Street Bank & Trust Co. | PLN | 6599 | USD | 1852 | 03/27/2026 | 5008 |
|  State Street Bank & Trust Co. | PLN | 677 | USD | 188 | 03/27/2026 | (1762) |
|  State Street Bank & Trust Co. | USD | 402 | CZK | 8260 | 03/27/2026 | 1026 |
|  State Street Bank & Trust Co. | USD | 476 | CZK | 9706 | 03/27/2026 | (2219) |
|  State Street Bank & Trust Co. | USD | 500 | HUF | 161123 | 03/27/2026 | 4755 |
|  State Street Bank & Trust Co. | JPY | 196191 | USD | 1278 | 04/10/2026 | 17381 |
|  State Street Bank & Trust Co. | JPY | 124106 | USD | 791 | 04/10/2026 | (6049) |
|  State Street Bank & Trust Co. | USD | 864 | JPY | 135940 | 04/10/2026 | 9142 |
|  State Street Bank & Trust Co. | USD | 706 | JPY | 108568 | 04/10/2026 | (8418) |
|  State Street Bank & Trust Co. | CHF | 243 | USD | 320 | 04/16/2026 | 2078 |
|  State Street Bank & Trust Co. | EUR | 809 | USD | 964 | 04/16/2026 | 5672 |
|  State Street Bank & Trust Co. | EUR | 600 | USD | 708 | 04/16/2026 | (2430) |
|  State Street Bank & Trust Co. | USD | 171 | CHF | 132 | 04/16/2026 | 1213 |
|  State Street Bank & Trust Co. | USD | 294 | CHF | 224 | 04/16/2026 | (1394) |
|  State Street Bank & Trust Co. | USD | 1479 | EUR | 1249 | 04/16/2026 | 761 |
|  State Street Bank & Trust Co. | USD | 1982 | EUR | 1668 | 04/16/2026 | (6812) |
|  State Street Bank & Trust Co. | CAD | 559 | USD | 411 | 04/17/2026 | 774 |
|  State Street Bank & Trust Co. | CAD | 943 | USD | 691 | 04/17/2026 | (1581) |
|  State Street Bank & Trust Co. | USD | 952 | CAD | 1298 | 04/17/2026 | 947 |
|  State Street Bank & Trust Co. | USD | 102 | CAD | 139 | 04/17/2026 | (285) |
|  State Street Bank & Trust Co. | AUD | 1689 | USD | 1183 | 04/22/2026 | (18659) |
|  State Street Bank & Trust Co. | USD | 328 | AUD | 470 | 04/22/2026 | 6506 |
|  State Street Bank & Trust Co. | USD | 394 | NZD | 656 | 04/22/2026 | 567 |

---

---

| | |
|:---|:---|
| 40 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  State Street Bank & Trust Co. | NOK | 1758 | USD | 184 | 04/23/2026 | $(1097) |
|  State Street Bank & Trust Co. | USD | 517 | SEK | 4670 | 04/23/2026 | 1751 |
|  State Street Bank & Trust Co. | USD | 589 | SEK | 5279 | 04/23/2026 | (2789) |
|  State Street Bank & Trust Co. | GBP | 295 | USD | 399 | 04/24/2026 | 481 |
|  State Street Bank & Trust Co. | GBP | 68 | USD | 92 | 04/24/2026 | (121) |
|  State Street Bank & Trust Co. | SGD | 767 | USD | 607 | 04/24/2026 | (1401) |
|  State Street Bank & Trust Co. | USD | 143 | GBP | 106 | 04/24/2026 | (378) |
|  State Street Bank & Trust Co. | ZAR | 8514 | USD | 531 | 04/24/2026 | (1247) |
|  UBS | USD | 4466 | JPY | 679787 | 04/10/2026 | (98557) |
|  UBS | IDR | 34299377 | USD | 2031 | 04/23/2026 | (9749) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(376977) |

---

#### CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>February 28,<br>2026** | **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** | **Market<br>Value** | **Upfront<br>Premiums<br>Paid<br>(Received)** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  CDX-NAHY Series 45, 5 Year Index,<br>12/20/2030\* | 5.00% | Quarterly | 3.32% | USD | 3901 | $301997 | $272974 | $29023 |

---

\* Termination date

#### CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  NZD | 1904 | 03/18/2035 | 3 Month BKBM | 4.153% | Quarterly/<br>Semi-Annual | $40098 | $– 0 | $40098 |
|  NZD | 966 | 03/18/2035 | 3 Month BKBM | 4.155% | Quarterly/<br>Semi-Annual | 20463 | – 0 | 20463 |
|  NZD | 416 | 04/22/2035 | 4.050% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (6180) | (9842) | 3662 |
|  NZD | 416 | 04/22/2035 | 3 Month BKBM | 4.050% | Quarterly/<br>Semi-Annual | 6183 | – 0 | 6183 |
|  NOK | 2474 | 06/10/2035 | 4.058% | 6 Month NIBOR | Annual/<br>Semi-Annual | (2505) | – 0 | (2505) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 41 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Rate Type** | **Rate Type** | | | | |
| **Notional<br>Amount<br>(000)** | **Notional<br>Amount<br>(000)** |<br>**Termination<br>Date** | **Payments<br>made<br>by the<br>Fund** | **Payments<br>received<br>by the<br>Fund** | <br>**Payment<br>Frequency<br>Paid/<br>Received** |<br>**Market<br>Value** |<br>**Upfront<br>Premiums<br>Paid<br>(Received)** |<br>**Unrealized<br>Appreciation<br>(Depreciation)** |
|  NZD | 378 | 07/18/2035 | 4.134% | 3 Month BKBM | Semi-Annual/<br>Quarterly | $(4723) | $(3429) | $(1294) |
|  NZD | 378 | 07/18/2035 | 3 Month BKBM | 4.134% | Quarterly/<br>Semi-Annual | 4718 | – 0 | 4718 |
|  NZD | 459 | 07/22/2035 | 4.103% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (5003) | (3494) | (1509) |
|  NZD | 459 | 07/22/2035 | 3 Month BKBM | 4.103% | Quarterly/<br>Semi-Annual | 5004 | – 0 | 5004 |
|  NZD | 480 | 07/25/2035 | 4.060% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (4177) | (2728) | (1449) |
|  NZD | 480 | 07/25/2035 | 3 Month BKBM | 4.060% | Quarterly/<br>Semi-Annual | 4192 | 262 | 3930 |
|  SEK | 3990 | 08/21/2035 | 3 Month STIBOR | 2.652% | Quarterly/<br>Annual | 6696 | 248 | 6448 |
|  SEK | 3880 | 08/29/2035 | 3 Month STIBOR | 2.693% | Quarterly/<br>Annual | 8022 | – 0 | 8022 |
|  SEK | 1214 | 09/04/2035 | 3 Month STIBOR | 2.702% | Quarterly/<br>Annual | 1922 | – 0 | 1922 |
|  SEK | 1774 | 09/08/2035 | 3 Month STIBOR | 2.654% | Quarterly/<br>Annual | 1941 | – 0 | 1941 |
|  SEK | 2076 | 09/16/2035 | 3 Month STIBOR | 2.621% | Quarterly/<br>Annual | 1557 | 104 | 1453 |
|  NOK | 3211 | 09/26/2035 | 4.042% | 6 Month NIBOR | Annual/<br>Semi-Annual | 3910 | – 0 | 3910 |
|  NOK | 1423 | 09/30/2035 | 4.089% | 6 Month NIBOR | Annual/<br>Semi-Annual | 1151 | 87 | 1064 |
|  NOK | 2788 | 10/01/2035 | 4.097% | 6 Month NIBOR | Annual/<br>Semi-Annual | 2062 | 93 | 1969 |
|  NZD | 781 | 12/04/2035 | 4.041% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (6333) | – 0 | (6333) |
|  NZD | 530 | 12/05/2035 | 3 Month BKBM | 3.980% | Quarterly/<br>Semi-Annual | 2605 | – 0 | 2605 |
|  NZD | 827 | 12/12/2035 | 4.194% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (12895) | – 0 | (12895) |
|  NZD | 242 | 12/23/2035 | 4.125% | 3 Month BKBM | Semi-Annual/<br>Quarterly | (2822) | 341 | (3163) |
|  NZD | 1165 | 01/29/2036 | 3 Month BKBM | 4.196% | Quarterly/<br>Semi-Annual | 16361 | – 0 | 16361 |
|  NZD | 1125 | 02/02/2036 | 3 Month BKBM | 4.228% | Quarterly/<br>Semi-Annual | 17445 | 1619 | 15826 |
|  NZD | 239 | 02/02/2036 | 3 Month BKBM | 4.255% | Quarterly/<br>Semi-Annual | 4029 | – 0 | 4029 |
|  NZD | 493 | 02/03/2036 | 3 Month BKBM | 4.206% | Quarterly/<br>Semi-Annual | 7090 | (301) | 7391 |
|  NZD | 295 | 02/17/2036 | 3 Month BKBM | 4.116% | Quarterly/<br>Semi-Annual | 2756 | – 0 | 2756 |
|  NZD | 218 | 02/24/2036 | 3 Month BKBM | 4.016% | Quarterly/<br>Semi-Annual | 890 | – 0 | 890 |
|  NZD | 366 | 03/02/2036 | 3 Month BKBM | 3.968% | Quarterly/<br>Semi-Annual | 501 | – 0 | 501 |
|  |  |  |  |  |  | $114958 | $(17040) | $131998 |

---

---

| | |
|:---|:---|
| 42 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

#### TOTAL RETURN SWAPS (see Note D)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** | **Receive Total Return on Reference Obligation** |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index | 0.00% | Maturity | USD | 4891 |  | 03/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482590 |
|  Goldman Sachs International | Goldman Sachs International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greencore Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 0 | \*\*\* | 07/15/2027 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 35 |  | 07/15/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 8 |  | 07/15/2026 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 19 |  | 07/15/2026 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 17 |  | 07/15/2026 | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 12 |  | 07/15/2026 | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 38 |  | 07/15/2026 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 38 |  | 07/15/2026 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 41 |  | 07/15/2026 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 40 |  | 07/15/2026 | (124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 36 |  | 07/15/2026 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 83 |  | 07/15/2027 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 33 |  | 07/15/2027 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 33 |  | 07/15/2027 | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 34 |  | 07/15/2027 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 19 |  | 07/15/2027 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 19 |  | 07/15/2027 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 14 |  | 07/15/2027 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 14 |  | 07/15/2027 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 10 |  | 07/15/2027 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 7 |  | 07/15/2027 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 19 |  | 07/15/2027 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 0 | \*\*\* | 07/15/2027 | 4 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 43 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Just Group PLC | SONIA plus<br>0.40% | Maturity | GBP | 33 |  | 07/15/2027 | $(68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 6 |  | 07/15/2026 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 0 | \*\*\* | 07/15/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 1 |  | 07/15/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 0 | \*\*\* | 07/15/2026 | – 0 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | SONIA plus<br>0.30% | Maturity | GBP | 159 |  | 08/12/2026 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | SONIA plus<br>0.30% | Maturity | GBP | 38 |  | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | SONIA plus<br>0.30% | Maturity | GBP | 39 |  | 08/12/2026 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | SONIA plus<br>0.30% | Maturity | GBP | 101 |  | 08/12/2026 | (641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schroders PLC | SONIA plus<br>0.30% | Maturity | GBP | 101 |  | 08/12/2026 | (756) |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 18 |  | 10/20/2026 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 25 |  | 10/20/2026 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 25 |  | 10/20/2026 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 13 |  | 10/20/2026 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 12 |  | 10/20/2026 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 8 |  | 10/20/2026 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 25 |  | 10/20/2026 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 10 |  | 10/20/2026 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 6 |  | 10/20/2026 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 8 |  | 10/20/2026 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 3 |  | 10/20/2026 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 7 |  | 10/20/2026 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 5 |  | 10/20/2026 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 5 |  | 10/20/2026 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 4 |  | 10/20/2026 | 3 |

---

---

| | |
|:---|:---|
| 44 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 25 |  | 10/20/2026 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 2 |  | 10/20/2026 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 4 |  | 10/20/2026 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 3 |  | 10/20/2026 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 2 |  | 10/20/2026 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 0 | \*\*\* | 10/20/2026 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 1 |  | 10/20/2026 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 0 | \*\*\* | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 1 |  | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 1 |  | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 0 | \*\*\* | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 1 |  | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 11 |  | 10/20/2026 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 2 |  | 10/20/2026 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 32 |  | 10/20/2026 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 4 |  | 10/20/2026 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 8 |  | 10/20/2026 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 23 |  | 10/20/2026 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 25 |  | 10/20/2026 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 21 |  | 10/20/2026 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 9 |  | 10/20/2026 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 14 |  | 10/20/2026 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 16 |  | 10/20/2026 | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 25 |  | 10/20/2026 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 28 |  | 10/20/2026 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity CAD | 49 |  | 10/20/2026 | (103) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 45 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guardian Capital Group Ltd. | CORRA plus<br>0.40% | Maturity | CAD | 55 | 10/20/2026 | $(114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 49 | 10/20/2026 | 3463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 27 | 10/20/2026 | 1727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 20 | 10/20/2026 | 1286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 15 | 10/20/2026 | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 10 | 10/20/2026 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 8 | 10/20/2026 | 483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Personal Finance PLC | SONIA plus<br>0.50% | Maturity | GBP | 4 | 10/20/2026 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 214 | 10/20/2026 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 154 | 10/20/2026 | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 45 | 10/20/2026 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 19 | 10/20/2026 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 24 | 10/20/2026 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 3 | 10/20/2026 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 6 | 10/20/2026 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 22 | 10/20/2026 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laurentian Bank of Canada | CORRA plus<br>0.40% | Maturity | CAD | 23 | 10/20/2026 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 1675 | 03/20/2026 | 145546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 419 | 03/20/2026 | 24885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 419 | 03/20/2026 | 22358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 419 | 03/20/2026 | 20521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 140 | 03/20/2026 | 5896 |
|  **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |  |  |  |  |  |
|  Goldman Sachs International |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 23 | 07/15/2027 | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 17 | 07/15/2027 | 2316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 13 | 07/15/2027 | 2230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 13 | 07/15/2027 | 1954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 12 | 07/15/2027 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 12 | 07/15/2027 | 1693 |

---

---

| | |
|:---|:---|
| 46 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 7 |  | 07/15/2027 | $1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 12 |  | 07/15/2027 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 8 |  | 07/15/2027 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 8 |  | 07/15/2027 | 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 9 |  | 07/15/2027 | 1095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 6 |  | 07/15/2027 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 3 |  | 07/15/2027 | 636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 17 |  | 07/15/2027 | 515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 3 |  | 07/15/2027 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 3 |  | 07/15/2027 | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 38 |  | 07/15/2027 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 3 |  | 07/15/2027 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (23) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 47 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | $(30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | (65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 0 | \*\*\* | 07/15/2027 | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 4 |  | 07/15/2027 | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | (126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 1 |  | 07/15/2027 | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | (160) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 14 |  | 07/15/2027 | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | (187) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 2 |  | 07/15/2027 | (230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 10 |  | 07/15/2027 | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 9 |  | 07/15/2027 | (291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 8 |  | 07/15/2027 | (299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 5 |  | 07/15/2027 | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 6 |  | 07/15/2027 | (710) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 10 |  | 07/15/2027 | (1033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 14 |  | 07/15/2027 | (1143) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 6 |  | 07/15/2027 | (1224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 16 |  | 07/15/2027 | (1512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 17 |  | 07/15/2027 | (1546) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 18 |  | 07/15/2027 | (1761) |

---

---

| | |
|:---|:---|
| 48 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 17 | 07/15/2027 | $(1851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 22 | 07/15/2027 | (1902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 15 | 07/15/2027 | (2242) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 19 | 07/15/2027 | (2257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 17 | 07/15/2027 | (2279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 64 | 07/15/2027 | (3080) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 27 | 07/15/2027 | (3328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. | SOFR minus<br>0.30% | Maturity | USD | 16 | 07/15/2027 | (3362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 1 | 07/15/2027 | (205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 24 | 07/15/2027 | (2745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 42 | 07/15/2027 | (5009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 46 | 07/15/2027 | (6609) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 43 | 07/15/2027 | (6732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 53 | 07/15/2027 | (6841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 46 | 07/15/2027 | (6895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 55 | 07/15/2027 | (7278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 66 | 07/15/2027 | (8185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 52 | 07/15/2027 | (8426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 62 | 07/15/2027 | (10210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 88 | 07/15/2027 | (11509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 133 | 07/15/2027 | (18893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 135 | 07/15/2027 | (19222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 245 | 07/15/2027 | (35522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | SOFR minus<br>0.30% | Maturity | USD | 231 | 07/15/2027 | (39334) |
|  JPMorgan Chase Bank NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 239 | 08/12/2026 | 41955 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 49 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 31 |  | 08/12/2026 | $4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 36 |  | 08/12/2026 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 1 |  | 08/12/2026 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 21 |  | 08/12/2026 | (627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp. | OBFR minus<br>0.35% | Maturity | USD | 32 |  | 08/12/2026 | (1209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. (The) | OBFR minus<br>0.35% | Maturity | USD | 27 |  | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. | OBFR minus<br>0.35% | Maturity | USD | 5 |  | 08/12/2026 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. | OBFR minus<br>0.35% | Maturity | USD | 1 |  | 08/12/2026 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. | OBFR minus<br>0.35% | Maturity | USD | 0 | \*\*\* | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CECO Environmental Corp. | OBFR minus<br>0.35% | Maturity | USD | 1 |  | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 0 | \*\*\* | 08/12/2026 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 5 |  | 08/12/2026 | (1568) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 12 |  | 08/12/2026 | (3629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 19 |  | 08/12/2026 | (5586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 25 |  | 08/12/2026 | (8252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 34 |  | 08/12/2026 | (11042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 46 |  | 08/12/2026 | (13916) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | OBFR minus<br>0.35% | Maturity | USD | 63 |  | 08/12/2026 | (18705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 2 |  | 08/12/2026 | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 2 |  | 08/12/2026 | (276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 6 |  | 08/12/2026 | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 5 |  | 08/12/2026 | (549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 6 |  | 08/12/2026 | (728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 10 |  | 08/12/2026 | (1013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 13 |  | 08/12/2026 | (1325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 19 |  | 08/12/2026 | (1698) |

---

---

| | |
|:---|:---|
| 50 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 19 | 08/12/2026 | $(1726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 15 | 08/12/2026 | (1746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 17 | 08/12/2026 | (2095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 39 | 08/12/2026 | (3533) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse AG | ESTR minus<br>0.35% | Maturity | EUR | 39 | 08/12/2026 | (3949) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 150 | 08/12/2026 | 27914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 18 | 08/12/2026 | 2608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 3 | 08/12/2026 | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 12 | 08/12/2026 | (832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 8 | 08/12/2026 | (973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 9 | 08/12/2026 | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 13 | 08/12/2026 | (2294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 46 | 08/12/2026 | (3736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. | OBFR minus<br>0.35% | Maturity | USD | 41 | 08/12/2026 | (7442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 2 | 08/12/2026 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 4 | 08/12/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | (116) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | (164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | (207) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 8 | 08/12/2026 | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 | 08/12/2026 | (247) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 51 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 10 |  | 08/12/2026 | $(296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 6 |  | 08/12/2026 | (351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 |  | 08/12/2026 | (455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 |  | 08/12/2026 | (845) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 14 |  | 08/12/2026 | (874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 7 |  | 08/12/2026 | (903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 26 |  | 08/12/2026 | (1787) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 78 |  | 08/12/2026 | (9114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mission Produce, Inc. | OBFR minus<br>0.35% | Maturity | USD | 75 |  | 08/12/2026 | (11714) |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | (69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 4 |  | 10/20/2026 | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | (154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 16 |  | 10/20/2026 | (2435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 64 |  | 10/20/2026 | (8175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 59 |  | 10/20/2026 | (8330) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 57 |  | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | (22) |

---

---

| | |
|:---|:---|
| 52 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 7 | 10/20/2026 | $(73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 70 | 10/20/2026 | (707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 35 | 10/20/2026 | (831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 110 | 10/20/2026 | (2752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 42 | 10/20/2026 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 28 | 10/20/2026 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 184 | 10/20/2026 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 23 | 10/20/2026 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 142 | 10/20/2026 | (1514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 94 | 10/20/2026 | (1762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 2 | 10/20/2026 | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 | 10/20/2026 | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 2 | 10/20/2026 | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 24 | 10/20/2026 | (99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 7 | 10/20/2026 | (129) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 62 | 10/20/2026 | (988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 43 | 10/20/2026 | (1331) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 53 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 62 |  | 10/20/2026 | $(2524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 71 |  | 10/20/2026 | (2815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 3 |  | 10/20/2026 | (1453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 9 |  | 10/20/2026 | (4198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 14 |  | 10/20/2026 | (5460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 23 |  | 10/20/2026 | (9082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 59 |  | 10/20/2026 | (27747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 62 |  | 10/20/2026 | (29276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 74 |  | 10/20/2026 | (33748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 78 |  | 10/20/2026 | (34427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 231 |  | 10/20/2026 | (101203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coeur Mining, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 376 |  | 10/20/2026 | (178115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 69 |  | 10/20/2026 | 18041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 8 |  | 10/20/2026 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | 2 |

---

---

| | |
|:---|:---|
| 54 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | $(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 19 |  | 10/20/2026 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBOVESPA Futures Contract | 0.00% | Maturity | BRL | 1535 |  | 04/15/2026 | 5048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBOVESPA Futures Contract | 0.00% | Maturity | BRL | 3645 |  | 04/15/2026 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 26 |  | 10/20/2026 | (468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 53 |  | 10/20/2026 | (1613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 38 |  | 10/20/2026 | (1922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 70 |  | 10/20/2026 | (4470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 56 |  | 10/20/2026 | (6068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 126 |  | 10/20/2026 | (6158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 109 |  | 10/20/2026 | (7114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 101 |  | 10/20/2026 | (7147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 148 |  | 10/20/2026 | (9481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 269 |  | 10/20/2026 | (16762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 490 |  | 10/20/2026 | (31073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures Contract | 0.00% | Maturity | KRW | 234450 |  | 03/12/2026 | (20621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures Contract | 0.00% | Maturity | KRW | 468900 |  | 03/12/2026 | (52839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 6 |  | 10/20/2026 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 7 |  | 10/20/2026 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 16 |  | 10/20/2026 | 280 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 55 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 3 |  | 10/20/2026 | $270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 3 |  | 10/20/2026 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 0 | \*\*\* | 10/20/2026 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 4 |  | 10/20/2026 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 240 |  | 10/20/2026 | 25268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 18 |  | 10/20/2026 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 15 |  | 10/20/2026 | 3339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 2 |  | 10/20/2026 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UWM Holdings Corp. | FedFund<br>Effective<br>minus 0.35% | Maturity | USD | 1 |  | 10/20/2026 | 258 |
|  UBS AG |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. | OBFR minus<br>0.25% | Maturity | USD | 45 |  | 08/22/2029 | 5875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 |  | 08/22/2029 | 952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 21 |  | 08/22/2029 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 33 |  | 08/22/2029 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 1 |  | 08/22/2029 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 48 |  | 08/22/2029 | (313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 10 |  | 08/22/2029 | (1075) |

---

---

| | |
|:---|:---|
| 56 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 86 | 08/22/2029 | $(1275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 12 | 08/22/2029 | (1407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 21 | 08/22/2029 | (2069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 23 | 08/22/2029 | (2907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 75 | 08/22/2029 | (3216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 40 | 08/22/2029 | (3444) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 41 | 08/22/2029 | (3974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 46 | 08/22/2029 | (4642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 52 | 08/22/2029 | (4775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 52 | 08/22/2029 | (5252) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 42 | 08/22/2029 | (5309) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 53 | 08/22/2029 | (5435) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 73 | 08/22/2029 | (7174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 209 | 08/22/2029 | (8801) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | OBFR minus<br>0.25% | Maturity | USD | 77 | 08/22/2029 | (20706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 49 | 08/22/2029 | 15708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 38 | 08/22/2029 | 14505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 32 | 08/22/2029 | 11655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 34 | 08/22/2029 | 9868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 24 | 08/22/2029 | 9210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 24 | 08/22/2029 | 8667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 45 | 08/22/2029 | 8595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 20 | 08/22/2029 | 6840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 18 | 08/22/2029 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 21 | 08/22/2029 | 6124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 16 | 08/22/2029 | 4918 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 57 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 13 | 08/22/2029 | $4143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 32 | 08/22/2029 | 3427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 23 | 08/22/2029 | 3384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | 2940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 22 | 08/22/2029 | 2711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 8 | 08/22/2029 | 2709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | 2685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 16 | 08/22/2029 | 2487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 14 | 08/22/2029 | 2391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 19 | 08/22/2029 | 2364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 20 | 08/22/2029 | 2263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 20 | 08/22/2029 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 19 | 08/22/2029 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 6 | 08/22/2029 | 1808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 12 | 08/22/2029 | 1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 14 | 08/22/2029 | 1593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 13 | 08/22/2029 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 10 | 08/22/2029 | 1447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 1251 |

---

---

| | |
|:---|:---|
| 58 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 12 | 08/22/2029 | $1151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 8 | 08/22/2029 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 3 | 08/22/2029 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 2 | 08/22/2029 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 30 | 08/22/2029 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 4 | 08/22/2029 | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc. | OBFR minus<br>0.25% | Maturity | USD | 2 | 08/22/2029 | 348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 13 | 08/22/2029 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 4 | 08/22/2029 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 4 | 08/22/2029 | (589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 7 | 08/22/2029 | (631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 4 | 08/22/2029 | (725) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 4 | 08/22/2029 | (768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 7 | 08/22/2029 | (980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 22 | 08/22/2029 | (1296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 10 | 08/22/2029 | (1334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (1457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (1551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 12 | 08/22/2029 | (1635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 10 | 08/22/2029 | (1651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (1686) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 15 | 08/22/2029 | (1814) |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 59 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 14 | 08/22/2029 | $(1908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 9 | 08/22/2029 | (2026) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 13 | 08/22/2029 | (2104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 11 | 08/22/2029 | (2125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 17 | 08/22/2029 | (2259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 14 | 08/22/2029 | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 15 | 08/22/2029 | (2654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 22 | 08/22/2029 | (2774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 13 | 08/22/2029 | (2831) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 23 | 08/22/2029 | (3210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 22 | 08/22/2029 | (3216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 38 | 08/22/2029 | (4951) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 32 | 08/22/2029 | (5452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 26 | 08/22/2029 | (5753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 39 | 08/22/2029 | (6106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | OBFR minus<br>0.25% | Maturity | USD | 28 | 08/22/2029 | (6295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 152 | 08/22/2029 | 54973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 72 | 08/22/2029 | 17749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 49 | 08/22/2029 | 6948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 33 | 08/22/2029 | 5678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 22 | 08/22/2029 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 4283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 4088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 4061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 3649 |

---

---

| | |
|:---|:---|
| 60 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 26 | 08/22/2029 | $3629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 3305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 25 | 08/22/2029 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 52 | 08/22/2029 | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 30 | 08/22/2029 | 3095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 58 | 08/22/2029 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 26 | 08/22/2029 | 2805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 26 | 08/22/2029 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 45 | 08/22/2029 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 24 | 08/22/2029 | 2375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 32 | 08/22/2029 | 2326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 32 | 08/22/2029 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 23 | 08/22/2029 | 2235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 26 | 08/22/2029 | 2218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 19 | 08/22/2029 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 5 | 08/22/2029 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 17 | 08/22/2029 | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | OBFR minus<br>0.25% | Maturity | USD | 34 | 08/22/2029 | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | OBFR minus<br>0.25% | Maturity | USD | 45 | 08/22/2029 | (5292) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63054 |

---

\*\*\* Notional amount less than 500. 

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Fair valued by the Adviser.

(d) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $76,675,495 or 17.7% of net assets.

(f) Defaulted.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 61 |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(g) Escrow shares.

(h) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(i) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(j) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026.

(k) Defaulted matured security.

(l) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.03% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **144A/Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Energy Technology | 10/26/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143325 | 0.03% |
|  Exide Technologies <br>11.00%, 10/31/2024 | 06/21/2019 -<br>10/26/2020 | 17967 | – 0 | 0.00% |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 04/26/2017 | 40372 | – 0 | 0.00% |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022 | 04/26/2017 | 28244 | – 0 | 0.00% |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2023 | 04/26/2017 | 15 | – 0 | 0.00% |

---

(m) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid <br>Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage of<br>Net Assets** |
|  Russian Federal Bond – OFZ<br>Series 6212 <br>7,05%, 01/19/2028 | 04/11/2019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | 0.00% |

---

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

(o) Affiliated investments.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

CZK – Czech Koruna

EUR – Euro

GBP – Great British Pound

HUF – Hungarian Forint

IDR – Indonesian Rupiah

ILS – Israeli Shekel

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Sol

PHP – Philippine Peso

PLN – Polish Zloty

RUB – Russian Ruble

SEK – Swedish Krona

SGD – Singapore Dollar

THB – Thailand Baht

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

---

| | |
|:---|:---|
| 62 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

ABS – Asset-Backed Securities

BKBM – Bank Bill Benchmark (New Zealand)

BOBL – Bundesobligationen

CBT – Chicago Board of Trade

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

CME – Chicago Mercantile Exchange

CORRA – Canadian Overnight Repo Rate Average

CVR – Contingent Value Rights

EAFE – Europe, Australia, and Far East

ESTR – Euro Short Term Rate

ETF – Exchange Traded Fund

ETS – Emission Trading Scheme

FedFundEffective – Federal Funds Effective Rate

FTSE – Financial Times Stock Exchange

IFSC – International Financial Services Centre

JSE – Johannesburg Stock Exchange

KLCI – Kuala Lumpur Composite Index

KOSPI – Korea Composite Stock Price Index

MSCI – Morgan Stanley Capital International

NIBOR – Norwegian Interbank Offered Rate

OBFR – Overnight Bank Funding Rate

OMXS – Stockholm Stock Exchange

OSE – Osaka Securities Exchange

REG – Registered Shares

REIT – Real Estate Investment Trust

SET – Stock Exchange of Thailand

SOFR – Secured Overnight Financing Rate

SONIA – Sterling Overnight Index Average

SPI – Share Price Index

STIBOR – Stockholm Interbank Offered Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

WIG – Warszawski Indeks Gieldowy

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 63 |

---

------

#### CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES
**February 28, 2026** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $368,175,614) | $416681423 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $18,035,623—including investment of cash collateral for securities loaned of $858,510) | 18035623 |
|  Cash | 3221 |
|  Cash collateral due from broker | 14538129 |
|  Foreign currencies, at value (cost $812,718) | 787832 |
|  Receivable for investment securities sold and foreign currency transactions | 7881502 |
|  Unaffiliated interest and dividends receivable | 2009399 |
|  Unrealized appreciation on total return swaps | 1205880 |
|  Unrealized appreciation on forward currency exchange contracts | 1131536 |
|  Affiliated dividends receivable | 35372 |
|  Receivable for terminated total return swaps | 10415 |
|  Receivable for shares of beneficial interest sold | 5281 |
|  Receivable due from Adviser | 3491 |
|  Total assets | 462329104 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 25709264 |
|  Unrealized depreciation on forward currency exchange contracts | 1508513 |
|  Unrealized depreciation on total return swaps | 1142826 |
|  Payable for collateral received on securities loaned | 858510 |
|  Advisory fee payable | 180795 |
|  Payable for shares of beneficial interest redeemed | 96504 |
|  Distribution fee payable | 73651 |
|  Payable for variation margin on futures | 40712 |
|  Transfer Agent fee payable | 24562 |
|  Payable for terminated total return swaps | 22371 |
|  Foreign capital gains tax payable | 17584 |
|  Payable for variation margin on centrally cleared swaps | 9302 |
|  Trustees' fees payable | 5193 |
|  Accrued expenses and other liabilities | 327129 |
|  Total liabilities | 30016916 |
|  Net Assets | $**432312188** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $268 |
|  Additional paid-in capital | 414552461 |
|  Distributable earnings | 17759459 |
|  **Net Assets** | $**432312188** |

---

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $377990281 | 23497477 | $16.09 \* |
| C | $2364713 | 149198 | $15.85 |
| Advisor | $51324808 | 3141869 | $16.34 |
| I | $632386 | 37874 | $16.70 |

---

(a) Includes securities on loan with a value of $2,094,187 (see Note E).

\* The maximum offering price per share for Class A shares was $16.80 which reflects a sales charge of 4.25%. 

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| 64 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

#### CONSOLIDATED STATEMENT OF OPERATIONS
**Six Months Ended February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $21,122) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 312418 |  |
|  Interest (net of foreign taxes withheld of $4,707) | 3072612 |  |
|  Securities lending income, net | 5738 | $6416495 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 1176842 |  |
|  Distribution fee—Class A | 468405 |  |
|  Distribution fee—Class C | 12226 |  |
|  Transfer agency—Class A | 161701 |  |
|  Transfer agency—Class C | 1163 |  |
|  Transfer agency—Advisor Class | 21712 |  |
|  Transfer agency—Class I | 296 |  |
|  Custody and accounting | 216959 |  |
|  Audit and tax | 63185 |  |
|  Registration fees | 32440 |  |
|  Legal | 31308 |  |
|  Printing | 26217 |  |
|  Trustees' fees | 10196 |  |
|  Miscellaneous | 33274 |  |
|  Total expenses | 2255924 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (18968) |  |
|  Net expenses |  | 2236956 |
|  Net investment income |  | 4179539 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | 13408943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 2218685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | 14641891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (457745) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (936483) |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> |  | 9842892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (976093) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (4705143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 376610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (62773) |
|  Net gain on investment and foreign currency transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33350784 |
|  **Net Increase in Net Assets from Operations** |  | $**37530323** |

---

(a) Net of foreign realized capital gains taxes of $1,000.

(b) Net of increase in accrued foreign capital gains taxes on unrealized gains of $272.

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 65 |

---

------

#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026<br>(unaudited)** | **Year Ended<br>August 31,**<br>**2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $4179539 | $7273713 |
|  Net realized gain on investment and foreign currency transactions | 28875291 | 35446488 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 4475493 | (6386530) |
|  Contributions from Affiliates (see Note B) | – 0 | 11605 |
|  Net increase in net assets from operations | 37530323 | 36345276 |
| Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (37938444) | (11247982) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (233244) | (63023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5151088) | (1624273) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (45354) | (10183) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase (decrease) | 13851698 | (43090098) |
|  Total increase (decrease) | 8013891 | (19690283) |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 424298297 | 443988580 |
|  End of period | $**432312188** | $**424298297** |

---

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| 66 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

#### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
**February 28, 2026** (unaudited)

NOTE A

Significant Accounting Policies

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified, open-end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of five series. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB All Market Total Return Portfolio (the "Fund"). As part of the Fund's investment strategy, the Fund seeks to gain exposure to commodities and commodities-related instruments and derivatives primarily through investments in AB All Market Total Return Portfolio (Cayman), Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. As of February 28, 2026, net assets of the Fund were $432,312,188, of which $13,195,576, or approximately 3%, represented the Fund's ownership of all issued shares and voting rights of the Subsidiary. This report presents the consolidated financial statements of the Fund and the Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. The Fund offers Class A, Class C, Advisor Class and Class I shares. Class R, Class K, Class T and Class Z shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All eight classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the consolidated financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 67 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Company's Board of Trustees (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter ("OTC") options, including flexible exchange-traded options ("Flex Options"), are typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in

---

| | |
|:---|:---|
| 68 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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)

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 69 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

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, 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.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived

---

| | |
|:---|:---|
| 70 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of February 28, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks | $103603052 | $32444308 | $281510 | <sup>(a)</sup> | $136328870 |
|  Investment Companies | 102366288 | – 0 | – 0 |  | 102366288 |
|  Governments – Treasuries | – 0 | 62917271 | – 0 |  | 62917271 |
|  Corporates – Investment Grade | – 0 | 41691432 | – 0 |  | 41691432 |
|  Mortgage Pass-Throughs | – 0 | 18890398 | – 0 |  | 18890398 |
|  Collateralized Mortgage Obligations | – 0 | 5975624 | – 0 |  | 5975624 |
|  Collateralized Loan Obligations | – 0 | 5364717 | – 0 |  | 5364717 |
|  Commercial Mortgage-Backed Securities | – 0 | 4981517 | – 0 |  | 4981517 |
|  Asset-Backed Securities | – 0 | 3706673 | 429997 |  | 4136670 |
|  Covered Bonds | – 0 | 2789587 | – 0 |  | 2789587 |
|  Governments – Sovereign Bonds | – 0 | 2132387 | – 0 |  | 2132387 |
|  Governments – Sovereign Agencies | – 0 | 2041488 | – 0 |  | 2041488 |
|  Supranationals | – 0 | 1339927 | – 0 |  | 1339927 |
|  Inflation-Linked Securities | – 0 | 1179038 | – 0 |  | 1179038 |
|  Local Governments – Regional Bonds | – 0 | 891641 | – 0 |  | 891641 |
|  Quasi-Sovereigns | – 0 | 705511 | – 0 |  | 705511 |
|  Local Governments – US Municipal Bonds | – 0 | 581034 | – 0 |  | 581034 |
|  Emerging Markets – Sovereigns | – 0 | 424320 | – 0 |  | 424320 |
|  Corporates – Non-Investment Grade | – 0 | 128385 | 253591 | <sup>(a)</sup> | 381976 |
|  Emerging Markets – Corporate Bonds | – 0 | 372537 | 0 | <sup>(a)</sup> | 372537 |
|  Local Governments – Provincial Bonds | – 0 | 176409 | – 0 |  | 176409 |
|  Preferred Stocks | – 0 | – 0 | 143325 |  | 143325 |
|  Rights | – 0 | – 0 | 68124 |  | 68124 |
|  Emerging Markets – Treasuries | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |
|  Warrants | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 17177113 | – 0 | – 0 |  | 17177113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills | – 0 | 20801332 | – 0 |  | 20801332 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 858510 | – 0 | – 0 |  | 858510 |
|  Total Investments in Securities | 224004963 | 209535536 | 1176547 | <sup>(a)</sup> | 434717046 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 71 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Futures | $3327833 | $– 0 | $– 0 |  | $3327833 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 1131536 | – 0 |  | 1131536 |
|  Centrally Cleared Credit Default Swaps | – 0 | 301997 | – 0 |  | 301997 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 159596 | – 0 |  | 159596 <sup>(c)</sup> |
|  Total Return Swaps | – 0 | 1205880 | – 0 |  | 1205880 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
|  Futures | (1739333) | – 0 | – 0 |  | (1739333)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (1508513) | – 0 |  | (1508513) |
|  Centrally Cleared Interest Rate Swaps | – 0 | (44638) | – 0 |  | (44638)<sup>(c)</sup> |
|  Total Return Swaps | – 0 | (1142826) | – 0 |  | (1142826) |
|  **Total** | $**225593463** | $**209638568** | $**1176547** | **<sup>(a)</sup>** | $**436408578** |

---

(a) The Fund held securities with zero market value at period end.

(b) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

(c) Only variation margin receivable (payable) at period end is reported within the consolidated statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments. Where applicable, centrally cleared swaps with upfront premiums are presented here at market value.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

---

| | |
|:---|:---|
| 72 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for federal income tax purposes. Note that the loss from the Subsidiary's contemplated activities also cannot be carried forward to reduce future Subsidiary's income in subsequent years. However, if the Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as income for federal income tax purposes.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's consolidated financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. Investment transactions are accounted for on the date the securities are purchased or sold. The Fund accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each series or based on other appropriate

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 73 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement (the "Advisory Agreement"), the Fund pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion of the Fund's average daily net assets. The fee is accrued daily and paid monthly. Effective June 1, 2024, the Adviser has voluntarily agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis to 1.07%, 1.82%, .82% and .82% of the daily average net assets for the Class A, Class C, Advisor Class and Class I, respectively. For the six months ended February 28, 2026, such reimbursements/ waivers amounted to $1,069.

---

| | |
|:---|:---|
| 74 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

The Subsidiary has entered into a separate agreement with the Adviser for the management of the Subsidiary's portfolio. The Adviser receives no compensation from the Subsidiary for its services under the agreement.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $53,354 for the six months ended February 28, 2026.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $1,079 from the sale of Class A shares and received $359 and $100 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended February 28, 2026.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended February 28, 2026, such waiver amounted to $16,204.

A summary of the Fund's transactions in AB mutual funds for the six months ended February 28, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>2/28/26<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 |
|  AB Government Money Market Portfolio\* | 502 | 113401 | 113044 | 859 | 4 |
|  Total |  |  |  | $18036 | $316 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

During the year ended August 31, 2025, the Adviser reimbursed the Fund $11,605 for trading losses incurred due to a trade entry error.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 75 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

NOTE C

Distribution Plan

The Fund has adopted a Plan for each class of shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .50% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class and Class I shares. The fees are accrued daily and paid monthly. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Fund is not obligated under the Plan to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Fund's shares. Since the Distributor's compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being a "compensation" plan.

In the event that the Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Fund to the Distributor with respect to the relevant class. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210715019 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219445586 |
|  U.S. government securities | 156207303 | 165218828 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $58029231 |
|  Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8087824) |
|  Net unrealized appreciation | $49941407 |

---

---

| | |
|:---|:---|
| 76 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Fund, as well as the methods in which they may be used are:

**•** **Futures** 

The Fund may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Fund bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Fund may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under "Currency Transactions".

At the time the Fund enters into futures, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the exchange on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the consolidated statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day's settlement price, which could effectively prevent liquidation of unfavorable positions.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 77 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

During the six months ended February 28, 2026, the Fund held futures for hedging and non-hedging purposes.

**•** **Forward Currency Exchange Contracts** 

The Fund may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions".

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Fund. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended February 28, 2026, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

**•** **Swaps** 

The Fund may enter into swaps for investment purposes or to hedge its exposure to interest rates, credit risk, equity markets or currencies. The Fund may also enter into swaps for non-hedging purposes as a means of gaining market exposures, making direct investments in foreign currencies, as described below under "Currency Transactions" or in order to take a "long" or "short" position with respect to an underlying referenced asset described below under "Total Return Swaps". A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indexes for a specified amount of an underlying asset or inflation. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Fund, and/or the termination value at the end of the contract.

---

| | |
|:---|:---|
| 78 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

Therefore, the Fund considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Fund accrues for the interim payments on swaps on a daily basis, with the net amount recorded within unrealized appreciation (depreciation) of swaps on the consolidated statement of assets and liabilities, where applicable. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swaps on the consolidated statement of operations, in addition to any realized gain (loss) recorded upon the termination of swaps. Upfront premiums paid or received for swaps are recognized as cost or proceeds on the consolidated statement of assets and liabilities and are amortized on a straight line basis over the life of the contract. Amortized upfront premiums are included in net realized gain (loss) from swaps on the consolidated statement of operations. Fluctuations in the value of swaps are recorded as a component of net change in unrealized appreciation (depreciation) of swaps on the consolidated statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants ("FCMs") that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits with the broker or segregates at its custodian cash or securities as collateral to satisfy initial margin requirements set by the clearinghouse on which the transaction is effected. Pursuant to the contract, with respect to cash collateral, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract; in the case of securities collateral, the Fund agrees to adjust the securities position held in the segregated account accordingly. Such receipts, payments or adjustments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 79 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

between the value of the contract at the time it was opened and the time it was closed.

#### Interest Rate Swaps:
The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Fund may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Fund may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Fund anticipates purchasing at a later date. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest (*e.g.*, an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or "notional") amount. Interest rate swaps are entered into on a net basis (*i.e.*, the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments).

During the six months ended February 28, 2026, the Fund held interest rate swaps for hedging and non-hedging purposes.

#### Credit Default Swaps:
The Fund may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Fund, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Fund may purchase credit protection ("Buy Contract") or provide credit protection ("Sale Contract") on the referenced obligation of the credit default swap. During the term of the swap, the Fund receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Fund is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Fund will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the "Maximum Payout Amount") and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation. In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering

---

| | |
|:---|:---|
| 80 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same referenced obligations with the same counterparty.

Credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Fund is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Fund coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Fund.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation's credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced obligation.

During the six months ended February 28, 2026, the Fund held credit default swaps for hedging and non-hedging purposes.

#### Total Return Swaps:
The Fund may enter into total return swaps in order to take a "long" or "short" position with respect to an underlying referenced asset. The Fund is subject to market price volatility of the underlying referenced asset. A total return swap involves commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent that the total return of the security, group of securities or index underlying the transaction exceeds or falls short of the offsetting interest obligation, the Fund will receive a payment from or make a payment to the counterparty.

During the six months ended February 28, 2026, the Fund held total return swaps for hedging and non-hedging purposes.

The Fund typically enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreement") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 81 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the OTC counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Fund's net liability, held by the defaulting party, may be delayed or denied.

The Fund's ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Fund decline below specific levels ("net asset contingent features"). If these levels are triggered, the Fund's OTC counterparty has the right to terminate such transaction and require the Fund to pay or receive a settlement amount in connection with the terminated transaction. If OTC derivatives were held at period end, please refer to netting arrangements by the OTC counterparty table below for additional details.

During the six months ended February 28, 2026, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for<br>variation margin on<br>futures | $808666 \* | Payable for<br>variation margin on<br>futures | $232291 \* |
|  Equity contracts | Receivable for<br>variation margin on<br>futures | 1940701 \* | Payable for<br>variation margin on<br>futures | 1507042 \* |
|  Commodity contracts | Receivable for<br>variation margin on<br>futures | 578466 \* |  |  |
|  Credit contracts | Receivable for<br>variation margin on<br>centrally cleared<br>swaps | 29023 \* |  |  |
|  Interest rate contracts | Receivable for<br>variation margin on<br>centrally cleared<br>swaps | 161146 \* | Payable for<br>variation margin on<br>centrally cleared<br>swaps | 29148 \* |
|  Foreign currency contracts | Unrealized<br>appreciation on<br>forward currency<br>exchange contracts | 1131536 | Unrealized<br>depreciation on<br>forward currency<br>exchange contracts | 1508513 |

---

---

| | |
|:---|:---|
| 82 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** | **Consolidated<br>Statement of<br>Assets and<br>Liabilities<br>Location** | **Fair Value** |
|  Commodity contracts | Unrealized<br>appreciation on<br>total return swaps | $482590 |  |  |
|  Equity contracts | Unrealized<br>appreciation on<br>total return swaps | 723290 | Unrealized<br>depreciation on<br>total return swaps | $1142826 |
|  Total |  | $5855418 |  | $4419820 |

---

\* Only variation margin receivable/payable at period end is reported within the consolidated statement of assets and liabilities.

This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the consolidated portfolio of investments. <br>

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Consolidated<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $957641 | $257594 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 11937644 | (5376230) |
|  Commodity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 1746606 | 413493 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | 2218685 | (976093) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 79674 | (5159) |
|  Commodity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | 117338 | 587112 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 83 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Consolidated<br>Statement<br>of Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | $175567 | $(37647) |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (830324) | (167696) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16402831 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5304626) |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the six months ended February 28, 2026:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $266033964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $57704708 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $108160164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226397653 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $8151785 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $6191600 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $22866421 |

---

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the consolidated statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Fund's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Fund as of February 28, 2026. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | |
|:---|:---|
| 84 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

#### AB All Market Total Return Portfolio

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Bank of America NA | $99139 | $(99139) | $– 0 | $– 0 | $– 0 |
|  Barclays Capital, Inc. | 74484 | (74484) | – 0 | – 0 | – 0 |
|  Citibank NA | 320300 | (79843) | – 0 | – 0 | 240457 |
|  Deutsche Bank AG | 84829 | (66643) | – 0 | – 0 | 18186 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 201570 | (118890) | – 0 | – 0 | 82680 |
|  HSBC Bank USA | 160625 | (160625) | – 0 | – 0 | – 0 |
|  JPMorgan Chase Bank/JPMorgan Chase Bank NA | 103570 | (86715) | – 0 | – 0 | 16855 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 407466 | (407466) | – 0 | – 0 | – 0 |
|  Standard Chartered Bank | 18872 | (7736) | – 0 | – 0 | 11136 |
|  State Street Bank & Trust Co. | 62009 | (62009) | – 0 | – 0 | – 0 |
|  UBS/UBS AG | 321962 | (268270) | – 0 | – 0 | 53692 |
|  Total | $1854826 | $(1431820) | $– 0 | $– 0 | $423006 |
| **Counterparty** | **Derivative<br>Liabilities<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount<br>of Derivative<br>Liabilities** |
|  Bank of America NA | $236294 | $(99139) | $– 0 | $– 0 | $137155 |
|  Barclays Capital, Inc. | 78302 | (74484) | – 0 | – 0 | 3818 |
|  BNP Paribas SA | 244801 | – 0 | – 0 | – 0 | 244801 |
|  Citibank NA | 79843 | (79843) | – 0 | – 0 | – 0 |
|  Deutsche Bank AG | 66643 | (66643) | – 0 | – 0 | – 0 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 318729 | (118890) | – 0 | – 0 | 199839 |
|  HSBC Bank USA | 182553 | (160625) | – 0 | – 0 | 21928 |
|  JPMorgan Chase Bank/JPMorgan Chase Bank NA | 137538 | (86715) | – 0 | – 0 | 50823 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 851922 | (407466) | (301000) | – 0 | 143456 |
|  Standard Chartered Bank | 7736 | (7736) | – 0 | – 0 | – 0 |
|  State Street Bank & Trust Co. | 178708 | (62009) | – 0 | – 0 | 116699 |
|  UBS/ UBS AG | 268270 | (268270) | – 0 | – 0 | – 0 |
|  Total | $2651339 | $(1431820) | $(301000) | $– 0 | $918519 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 85 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

#### AB All Market Total Return Portfolio (Cayman), Ltd.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets<br>Subject to a<br>MA** | **Derivatives<br>Available<br>for Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount<br>of Derivative<br>Assets** |
|  Citibank NA | $482590 | $– 0 – $| – 0 – $| – 0 – $| 482590 |
|  Total | $482590 | $– 0 – $| – 0 – $| – 0 – $| 482590 |

---

\* The actual collateral received/pledged may be more than the amount reported due to over-collateralization. 

---

| | |
|:---|:---|
| ^ | Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.  |

---

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any divi-

---

| | |
|:---|:---|
| 86 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

dend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the consolidated statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund's transactions surrounding securities lending for the six months ended February 28, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market<br>Value of**<br>**Securities**<br>**on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market<br>Value of**<br>**Securities**<br>**on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 |

---

\* As of February 28, 2026.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 87 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 93479 | 280451 | $1546941 | $4383553 |
|  Shares issued in reinvestment of dividends and distributions | 2247185 | 667897 | 34179688 | 9971696 |
|  Shares converted from Class C | 9611 | 28068 | 156592 | 429976 |
|  Shares redeemed | (1572407) | (3221317) | (25867920) | (49854729) |
|  **Net increase (decrease)** | **777868** | **(2244901)** | $**10015301** | $**(35069504)** |
| **Class C** | **Class C** |  |  |  |
|  Shares sold | 11051 | 16664 | $178663 | $257653 |
|  Shares issued in reinvestment of dividends and distributions | 15286 | 4205 | 229449 | 62023 |
|  Shares converted to Class A | (9767) | (28502) | (156592) | (429976) |
|  Shares redeemed | (17900) | (31350) | (286342) | (483113) |
|  **Net decrease** | **(1330)** | **(38983)** | $**(34822)** | $**(593413)** |
| **Advisor Class** | **Advisor Class** |  |  |  |
|  Shares sold | 180364 | 322447 | $2985588 | $5026755 |
|  Shares issued in reinvestment of dividends and distributions | 281239 | 86304 | 4342325 | 1305773 |
|  Shares redeemed | (224776) | (866515) | (3741916) | (13762883) |
|  **Net increase (decrease)** | **236827** | **(457764)** | $**3585997** | $**(7430355)** |
| **Class I** | **Class I** |  |  |  |
|  Shares sold | 14540 | 1177 | $240774 | $19235 |
|  Shares issued in reinvestment of dividends and distributions | 2874 | 659 | 45354 | 10183 |
|  Shares redeemed | (53) | (1589) | (906) | (26244) |
|  **Net increase** | **17361** | **247** | $**285222** | $**3174** |

---

---

| | |
|:---|:---|
| 88 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

NOTE G

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

**Allocation Risk**—The allocation of investments among different investment styles, such as equity or debt, growth or value, U.S. or non-U.S. securities, or diversification strategies, may have a more significant effect on the Fund's net asset value, or NAV, when one of these investments is performing more poorly than another.

**Credit Risk**—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") are subject to a higher probability that an issuer will default or fail to meet its payment obligations.

**High Yield Debt Securities Risk**—Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

**Interest Rate Risk**—Changes in interest rates will affect the value of the Fund's investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 89 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities.

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Emerging Market Risk**—Investments in emerging market countries may have more risk than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory or other uncertainties.

**Alternative Investments Risk**—Many alternative investments can be volatile and may be illiquid. Their performance may have little correlation with the performance of equity or fixed-income markets, and they may not perform in accordance with expectations.

**Capitalization Risk**—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets, or financial resources.

**Derivatives Risk**—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

**Leverage Risk**—When the Fund borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's investments. The Fund may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Fund, such as options and swaps, may

---

| | |
|:---|:---|
| 90 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

also result in a form of leverage. Leverage may result in higher returns to the Fund than if the Fund were not leveraged, but may also adversely affect returns, particularly if the market is declining.

**Commodity Risk**—Investing in commodities and commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

**Subsidiary Risk**—By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and, unless otherwise noted in the Fund's Prospectus, is not subject to all of the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are managed by the Adviser, making it unlikely the Subsidiary will take actions contrary to the interests of the Fund or its shareholders. In addition, changes in federal tax laws applicable to the Fund or interpretations thereof could limit the Fund's ability to gain exposure to commodities investments through investments in the Subsidiary.

**Short Sale Risk**—Short sales involve the risk that the Fund will incur a loss by subsequently buying a security at a higher price than the price at which it sold the security. The amount of such loss is theoretically unlimited, as it will be based on the increase in value of the security sold short. In contrast, the risk of loss from a long position is limited to the Fund's investment in the security, because the price of the security cannot fall below zero. The Fund may not always be able to close out a short position on favorable terms.

**Active Trading Risk**—The Fund expects to engage in active and frequent trading of its portfolio securities and its portfolio turnover rate may greatly exceed 100%. A higher rate of portfolio turnover increases transaction costs, which may negatively affect the Fund's return. In addition, a high rate of portfolio turnover may result in substantial short-term gains, which may have adverse tax consequences for Fund shareholders.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 91 |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the participating funds and is included in miscellaneous expenses in the consolidated statement of operations. The Fund did not utilize the Facility during the six months ended February 28, 2026.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $12945461 | $5700665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | – 0 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12945461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700665 |

---

As of August 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1165073 |
|  Undistributed capital gains | 20001758 <sup>(a)</sup> |
|  Other losses | (735493) |
|  Unrealized appreciation (depreciation) | 14503355 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34934693 <sup>(c)</sup> |

---

(a) During the fiscal year, the Fund utilized $17,364,327 of capital loss carry forwards to offset current year net realized gains. As of August 31, 2025, the cumulative deferred loss on straddles was $735,493.

(b) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the recognition for tax purposes of unrealized gains/losses on certain derivative instruments, the tax treatment of passive

---

| | |
|:---|:---|
| 92 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** (continued)

foreign investment companies (PFICs), the tax treatment of earnings from the Subsidiary, the tax treatment of callable bonds, the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment of partnership investments.

(c) The differences between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to the accrual of foreign capital gains tax and the tax treatment of defaulted securities.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund did not have any capital loss carryforwards.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the consolidated financial statements through the date the consolidated financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's consolidated financial statements through this date.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 93 |

---

------

#### CONSOLIDATED FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $16.42 | $15.53 | $13.68 | $13.75 | $18.16 | $15.44 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .16 | .26 | .31 | .28 | .10 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.25 | 1.10 | 1.72 | .02 | (2.90) | 3.03 |
|  Contributions from Affiliates | – 0 | .00 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 1.41 | 1.36 | 2.03 | .30 | (2.80) | 3.19 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.49 | (.47 | (.18 | (.37 | – 0 | (.47 |
|  Distributions from net realized gain on investment transactions | (1.25) | – 0 | – 0 | – 0 | (1.61) | – 0 |
|  Total dividends and distributions | (1.74) | (.47 | (.18 | (.37 | (1.61) | (.47 |
|  Net asset value, end of period | **$16.09** | **$16.42** | **$15.53** | **$13.68** | **$13.75** | **$18.16** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | 9.18 | 9.06 | 14.96 | 2.26 | (16.85) | 21.16 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $377990 | $373090 | $387762 | $391500 | $433654 | $586995 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | 1.07 | 1.08 | 1.07 | 1.08 | 1.02 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | 1.08 | 1.13 | 1.08 | 1.10 | 1.03 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.93 | 1.70 | 2.21 | 2.08 | .64 | .99 |
|  Portfolio turnover rate | 93 | 190 | 182 | 70 | 105 | 117 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .02 | .02 | .02 | .02 | .02 |

---

See footnote summary on page 98.

---

| | |
|:---|:---|
| 94 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $16.14 | $15.26 | $13.42 | $13.45 | $17.92 | $15.20 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .09 | .14 | .20 | .17 | (.02 | (.10 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.23 | 1.08 | 1.68 | .03 | (2.84) | 3.13 |
|  Contributions from Affiliates | – 0 | .00 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 1.32 | 1.22 | 1.88 | .20 | (2.86) | 3.03 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.36 | (.34 | (.04 | (.23 | – 0 | (.31 |
|  Distributions from net realized gain on investment transactions | (1.25) | – 0 | – 0 | – 0 | (1.61) | – 0 |
|  Total dividends and distributions | (1.61) | (.34 | (.04 | (.23 | (1.61) | (.31 |
|  Net asset value, end of period | **$15.85** | **$16.14** | **$15.26** | **$13.42** | **$13.45** | **$17.92** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | 8.72 | 8.22 | 14.15 | 1.43 | (17.50) | 20.33 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2365 | $2430 | $2892 | $3835 | $5845 | $10537 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | 1.82 | 1.83 | 1.84 | 1.84 | 1.78 | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | 1.84 | 1.89 | 1.85 | 1.86 | 1.79 | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.18 | .95 | 1.45 | 1.31 | (.16 | (.61 |
|  Portfolio turnover rate | 93 | 190 | 182 | 70 | 105 | 117 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .02 | .02 | .02 | .02 | .02 |

---

See footnote summary on page 98.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 95 |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $16.67 | $15.76 | $13.88 | $13.95 | $18.35 | $15.60 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .18 | .31 | .35 | .32 | .14 | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.27 | 1.11 | 1.74 | .02 | (2.93) | 3.06 |
|  Contributions from Affiliates | – 0 | .00 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 1.45 | 1.42 | 2.09 | .34 | (2.79) | 3.26 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.53 | (.51 | (.21 | (.41 | – 0 | (.51 |
|  Distributions from net realized gain on investment transactions | (1.25) | – 0 | – 0 | – 0 | (1.61) | – 0 |
|  Total dividends and distributions | (1.78) | (.51 | (.21 | (.41 | (1.61) | (.51 |
|  Net asset value, end of period | **$16.34** | **$16.67** | **$15.76** | **$13.88** | **$13.95** | **$18.35** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | 9.32 | 9.34 | 15.25 | 2.50 | (16.61) | 21.43 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $51325 | $48429 | $53009 | $54860 | $63739 | $84018 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | .82 | .83 | .82 | .83 | .77 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | .83 | .88 | .83 | .85 | .78 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.18 | 1.94 | 2.46 | 2.33 | .89 | 1.22 |
|  Portfolio turnover rate | 93 | 190 | 182 | 70 | 105 | 117 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .02 | .02 | .02 | .02 | .02 |

---

See footnote summary on page 98.

---

| | |
|:---|:---|
| 96 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $17.00 | $16.07 | $13.67 | $14.11 | $18.55 | $15.76 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .18 | .31 | .36 | (.04 | .14 | .22 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.30 | 1.13 | 1.80 | .01 | (2.97) | 3.07 |
|  Contributions from Affiliates | – 0 | .00 | .45 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | 1.48 | 1.44 | 2.61 | (.03 | (2.83) | 3.29 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.53 | (.51 | (.21 | (.41 | – 0 | (.50 |
|  Distributions from net realized gain on investment transactions | (1.25) | – 0 | – 0 | – 0 | (1.61) | – 0 |
|  Total dividends and distributions | (1.78) | (.51 | (.21 | (.41 | (1.61) | (.50 |
|  Net asset value, end of period | **$16.70** | **$17.00** | **$16.07** | **$13.67** | **$14.11** | **$18.55** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup> | 9.32 | 9.27 | 19.30 | (.25 | (16.64) | 21.44 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $632 | $349 | $326 | $255 | $287 | $338 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | .82 | .83 | .82 | 3.48 | .80 | .81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)(g)</sup><sup>‡</sup> | .87 | .92 | .83 | 3.50 | .81 | .83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 2.13 | 1.91 | 2.47 | (.32 | .88 | 1.31 |
|  Portfolio turnover rate<sup>.</sup> | 93 | 190 | 182 | 70 | 105 | 117 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .03 | .02 | .02 | .02 | .02 | .02 |

---

See footnote summary on page 98.

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 97 |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accordance with the Fund's change in net realized and unrealized gain (loss) on investment transactions for the period.

(d) Amount is less than $.005.

(e) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(f) In connection with the Fund's investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the six months ended February 28, 2026 and for the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to .01% (annualized), .01%, .01%, .02%, .01% and .01%, respectively.

(g) The expense ratios presented below exclude bank overdraft expense:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br>**(unaudited)** | | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br>**(unaudited)** | | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Net of waivers/reimbursements | 1.07 | %<sup>^</sup> | 1.07% | 1.07% | 1.08% | 1.02% | 1.03% |
|  Before waivers/reimbursements | 1.08 | %<sup>^</sup> | 1.13% | 1.08% | 1.10% | 1.03% | 1.05% |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Net of waivers/reimbursements | 1.82 | %<sup>^</sup> | 1.82% | 1.84% | 1.84% | 1.78% | 1.78% |
|  Before waivers/reimbursements | 1.84 | %<sup>^</sup> | 1.89% | 1.85% | 1.86% | 1.79% | 1.80% |
|  **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Net of waivers/reimbursements | .82 | %<sup>^</sup> | .82% | .82% | .83% | .77% | .78% |
|  Before waivers/reimbursements | .83 | %<sup>^</sup> | .88% | .83% | .85% | .78% | .79% |
|  **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  Net of waivers/reimbursements | .82 | %<sup>^</sup> | .82% | .82% | 3.48 %<sup>(h)</sup> | .80% | .81% |
|  Before waivers/reimbursements | .87 | %<sup>^</sup> | .91% | .83% | 3.50 %<sup>(h)</sup> | .81% | .83% |

---

(h) Reflects a onetime non-recurring accrual adjustment.

\* Includes a contribution from the Adviser which enhanced the performance for the year ended August 31, 2024 by 3.38%. 

† During the year ended August 31, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Investment<br>Income Per<br>Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
|  Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(d)</sup> | .04% | .04% |
|  Class C | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(d)</sup> | .04% | .04% |
|  Advisor Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(d)</sup> | .04% | .04% |

---

^ Annualized.

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| 98 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of The AB Portfolios (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB All Market Total Return Portfolio (the "Fund") at a meeting held in-person on November 4-6, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 99 |

---

------

research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund's shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund's unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

---

| | |
|:---|:---|
| 100 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Advisor Class shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund's underperformance in certain periods reviewed, the directors determined to continue to monitor the Fund's performance closely.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products,

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 101 |

---

------

which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the median of a peer group and above the median of a peer universe. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedules for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

---

| | |
|:---|:---|
| 102 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB All Market Total Return Portfolio 103 |

---

------

---

| | |
|:---|:---|
| 104 AB All Market Total Return Portfolio | **ABFunds.com** |

---

------

![LOGO](g949630g28a43.jpg)

AB ALL MARKET TOTAL RETURN PORTFOLIO

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

AMTR-0152-0226 ![LOGO](g949630g22c48.jpg)

------

#### February 28, 2026
![LOGO](g126514g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO

![LOGO](g126514g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

**AllianceBernstein Investments, Inc. (ABI)** is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 55.6% |  |  |
|  Information Technology – 20.6% |  |  |
|  **Electronic Equipment, Instruments & Components – 3.4%** |  |  |
|  Flex Ltd.<sup>(a)</sup> | 15882 | $1000884 |
|  TE Connectivity PLC | 7660 | 1762949 |
|  |  | 2763833 |
|  **Semiconductors & Semiconductor Equipment – 8.7%** |  |  |
|  Broadcom, Inc. | 4014 | 1282674 |
|  Monolithic Power Systems, Inc. | 440 | 502806 |
|  NVIDIA Corp. | 12298 | 2179083 |
|  NXP Semiconductors NV | 5059 | 1148443 |
|  Qnity Electronics, Inc. | 4395 | 557110 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 3954 | 1481089 |
|  |  | 7151205 |
|  **Software – 4.8%** |  |  |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 3551 | 1070271 |
|  Crowdstrike Holdings, Inc. – Class A<sup>(a)</sup> | 2118 | 787854 |
|  Microsoft Corp. | 5394 | 2118439 |
|  |  | 3976564 |
|  **Technology Hardware, Storage & Peripherals – 3.7%** |  |  |
|  Apple, Inc. | 11359 | 3000821 |
|  |  | 16892423 |
|  Health Care – 12.1% |  |  |
|  **Health Care Equipment & Supplies – 7.0%** |  |  |
|  GE HealthCare Technologies, Inc. | 12253 | 1032560 |
|  Hologic, Inc.<sup>(a)</sup> | 8757 | 659927 |
|  Medtronic PLC | 13534 | 1321730 |
|  STERIS PLC | 6473 | 1633462 |
|  Stryker Corp. | 2919 | 1130996 |
|  |  | 5778675 |
|  **Pharmaceuticals – 5.1%** |  |  |
|  AstraZeneca PLC | 4631 | 965332 |
|  Johnson & Johnson | 8480 | 2106687 |
|  Merck & Co., Inc. | 8737 | 1081815 |
|  |  | 4153834 |
|  |  | 9932509 |
|  Industrials – 9.2% |  |  |
|  **Commercial Services & Supplies – 3.9%** |  |  |
|  Tetra Tech, Inc. | 23804 | 853135 |
|  Veralto Corp. | 8301 | 808767 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Waste Management, Inc. | 6486 | $1562088 |
|  |  | 3223990 |
|  **Electrical Equipment – 3.7%** |  |  |
|  Emerson Electric Co. | 7835 | 1181126 |
|  Rockwell Automation, Inc. | 4547 | 1852675 |
|  |  | 3033801 |
|  **Machinery – 1.6%** |  |  |
|  Cummins, Inc. | 2265 | 1322466 |
|  |  | 7580257 |
|  Financials – 6.9% |  |  |
|  **Banks – 1.2%** |  |  |
|  Fifth Third Bancorp | 19897 | 984305 |
|  **Capital Markets – 2.5%** |  |  |
|  Intercontinental Exchange, Inc. | 8357 | 1371635 |
|  LPL Financial Holdings, Inc. | 2177 | 653927 |
|  |  | 2025562 |
|  **Financial Services – 1.8%** |  |  |
|  Visa, Inc. – Class A | 4731 | 1514582 |
|  **Insurance – 1.4%** |  |  |
|  Aflac, Inc. | 9807 | 1107504 |
|  |  | 5631953 |
|  Utilities – 2.1% |  |  |
|  **Electric Utilities – 2.1%** |  |  |
|  NextEra Energy, Inc. | 17940 | 1682234 |
|  Communication Services – 2.1% |  |  |
|  **Interactive Media & Services – 2.1%** |  |  |
|  Alphabet, Inc. – Class A | 5392 | 1681010 |
|  Real Estate – 1.5% |  |  |
|  **Health Care REITs – 1.5%** |  |  |
|  Welltower, Inc. | 6050 | 1253076 |
|  Energy – 1.1% |  |  |
|  **Oil, Gas & Consumable Fuels – 1.1%** |  |  |
|  Cameco Corp. | 7677 | 908957 |
|  Total Common Stocks <br>(cost $34,416,589) |  | 45562419 |

---

---

| | |
|:---|:---|
| 2 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  GOVERNMENTS – TREASURIES – 37.1% |  |  |
|  **United States – 37.1%** |  |  |
|  U.S. Treasury Bonds <br>2.50%, 02/15/2046 | $803 | $580437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 | 105 | 87216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 579 | 446774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2053 | 502 | 421780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/2043 | 102 | 94509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 05/15/2043 | 80 | 73950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 450 | 421055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 | 115 | 113230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 39 | 40802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 105 | 104688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 2783 | 2864774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 2356 | 2394386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/15/2029 | 1157 | 1255345 |
|  U.S. Treasury Notes<br>0.625%, 05/15/2030 | 2202 | 1958232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 751 | 711022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/2028 | 659 | 659886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/2031 | 131 | 131315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 1413 | 1426587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 12/31/2027 | 928 | 935181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2033 | 95 | 95381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/29/2028 | 521 | 526518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 | 218 | 220913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 40 | 40364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 10/31/2027 | 928 | 938303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/31/2031 | 589 | 604911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 | 115 | 117977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/28/2031 | 1343 | 1386751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 312 | 319649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2028 | 389 | 398938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 | 2765 | 2870432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 1806 | 1891471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 | 2280 | 2349497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2035 | 859 | 906034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2028 | 1169 | 1212954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/2030 | 1735 | 1835695 |
|  Total Governments – Treasuries <br>(cost $29,994,669) |  | 30436957 |
|  AGENCIES – 2.7% |  |  |
|  **Agency Debentures – 2.7%** |  |  |
|  Federal Home Loan Banks <br>4.125%, 01/15/2027 | 85 | 85390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/13/2026 | 835 | 835184 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal National Mortgage Association <br>6.625%, 11/15/2030 | $1152 | $1304513 |
|  Total Agencies <br>(cost $2,334,460) |  | 2225087 |
|  | **Shares** |  |
|  SHORT-TERM INVESTMENTS – 4.2% |  |  |
|  **Investment Companies – 4.2%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.53%<sup>(b)(c)(d)</sup><br>(cost $3,409,847) | 3409847 | 3409847 |
|  Total Investments – 99.6%<br>(cost $70,155,565) |  | 81634310 |
|  Other assets less liabilities – 0.4% |  | 344875 |
|  **Net Assets – 100.0%** |  | $**81979185** |

---

(a) Non-income producing security.

(b) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website at www.sec.gov. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

(d) Affiliated investments.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| 4 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**February 28, 2026** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $66,745,718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78224463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $3,409,847) | 3409847 |
|  Foreign currencies, at value (cost $159,472) | 181549 |
|  Unaffiliated interest and dividends receivable | 442329 |
|  Receivable for investment securities sold | 178617 |
|  Receivable due from Adviser | 14924 |
|  Affiliated dividends receivable | 7922 |
|  Receivable for shares of beneficial interest sold | 3108 |
|  Total assets | 82462759 |
| Liabilities | Liabilities |
|  Payable for investment securities purchased | 285827 |
|  Advisory fee payable | 31644 |
|  Audit and tax fee payable | 30244 |
|  Payable for shares of beneficial interest redeemed | 17088 |
|  Distribution fee payable | 15410 |
|  Transfer Agent fee payable | 5144 |
|  Trustees' fees payable | 4376 |
|  Accrued expenses and other liabilities | 93841 |
|  Total liabilities | 483574 |
|  Net Assets | $**81979185** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $65 |
|  Additional paid-in capital | 78588189 |
|  Distributable earnings | 3390931 |
|  **Net Assets** | $**81979185** |

---

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $77100953 | 6089820 | $12.66 \* |
| C | $715252 | 56353 | $12.69 |
| Advisor | $3999129 | 313215 | $12.77 |
| I | $148933 | 11508 | $12.94 |
| Z | $14918 | 1177 | $12.67 |

---

\* The maximum offering price per share for Class A shares was $13.22 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 5 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680412 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $3,244) | 259581 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 38341 |  |
|  Securities lending income, net | 158 | $978492 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 213015 |  |
|  Distribution fee—Class A | 100379 |  |
|  Distribution fee—Class C | 4085 |  |
|  Transfer agency—Class A | 42124 |  |
|  Transfer agency—Class C | 460 |  |
|  Transfer agency—Advisor Class | 2099 |  |
|  Transfer agency—Class I | 32 |  |
|  Transfer agency—Class Z | 2 |  |
|  Registration fees | 37094 |  |
|  Custody and accounting | 34930 |  |
|  Audit and tax | 31609 |  |
|  Legal | 23336 |  |
|  Printing | 12588 |  |
|  Trustees' fees | 8598 |  |
|  Miscellaneous | 6457 |  |
|  Total expenses | 516808 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (94811) |  |
|  Net expenses |  | 421997 |
|  Net investment income |  | 556495 |
| Realized and Unrealized Gain on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 71031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 19 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 2670 |
|  Net gain on investment and foreign currency transactions |  | 394991 |
|  **Net Increase in Net Assets from Operations** |  | $**951486** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026<br>(unaudited)** | **Year Ended<br>August 31,**<br>**2025** |
| Increase (Decrease) in Net Assets from Operations |  |  |
|  Net investment income | $556495 | $1072048 |
|  Net realized gain on investment and foreign currency transactions | 71050 | 3988201 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 323941 | (4695320) |
|  Contributions from Affiliates (see Note B) | – 0 | 574 |
|  Net increase in net assets from operations | 951486 | 365503 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (973912) | (1078545) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (1774) | (985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (59098) | (68507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (726) | (712) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (224) | (246) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net decrease | (4849760) | (12814147) |
|  Total decrease | (4934008) | (13597639) |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 86913193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100510832 |
|  End of period | $**81979185** | $**86913193** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 7 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**February 28, 2026** (unaudited)

NOTE A

Significant Accounting Policies

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified, open-end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of five series. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Sustainable Thematic Balanced Portfolio (the "Fund"). The Fund offers Class A, Class C, Advisor Class, Class I and Class Z shares. Class R, Class K and Class T shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class and Class I shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All eight classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Company's Board of Trustees (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

---

| | |
|:---|:---|
| 8 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter ("OTC") options, including flexible exchange-traded options ("Flex Options"), are typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 9 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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.

---

| | |
|:---|:---|
| 10 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks | $45562419 | $– 0 | $– 0 | $45562419 |
|  Governments – Treasuries | – 0 | 30436957 | – 0 | 30436957 |
|  Agencies | – 0 | 2225087 | – 0 | 2225087 |
|  Short-Term Investments | 3409847 | – 0 | – 0 | 3409847 |
|  Total Investments in Securities | 48972266 | 32662044 | – 0 | 81634310 |
|  **Other Financial Instruments<sup>(a)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**48972266** | $**32662044** | $**– 0** | $**81634310** |

---

(a) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. The Fund files withholding tax reclaims in certain jurisdictions to recover

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

a portion of amounts previously withheld. The Fund may record a reclaim receivable based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each series or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business

---

| | |
|:---|:---|
| 12 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement (the "Advisory Agreement"), the Fund pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .40% of the next $2.5 billion and .35% in excess of $5 billion of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

The Adviser has contractually agreed to waive its management fees and/or bear certain expenses of the Fund until December 31, 2025 to the extent necessary to prevent total Fund operating expenses (excluding acquired fund fees and expenses other than the advisory fees of any AB Mutual Funds in which the Fund may invest, interest expense and extraordinary expenses), on an annualized basis, from exceeding 1.00%, 1.75%, .75%, .75%, and .75% of average daily net assets, for Class A, Class C, Advisor Class, Class I and Class Z shares, respectively. The Expense Caps may not be terminated by the Adviser before December 31, 2026. For the six months ended February 28, 2026, such reimbursements/waivers amounted to $92,777.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $12,963 for the six months ended February 28, 2026.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $376 from the sale of Class A shares and received $163 and $5 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended February 28, 2026.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended February 28, 2026, such waiver amounted to $2,015.

A summary of the Fund's transactions in AB mutual funds for the six months ended February 28, 2026 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | **Dividend<br>Income<br>(000)** | |
|  AB Government Money Market Portfolio | $3216 | $12489 | $12295 | $3410 | $38 |  |
|  AB Government Money Market Portfolio\* | – 0 | 762 | 762 | – 0 | 0 | \*\* |
|  Total |  |  |  | $3410 | $38 |  |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

\*\* Amount is less than $500. 

During the year ended August 31, 2025, the Adviser reimbursed the Fund $574 for trading losses incurred due to a trade entry error.

NOTE C

Distribution Plan

The Fund has adopted a Plan for each class of shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .50% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class, Class I and Class Z shares. The fees are accrued daily and paid monthly. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Fund is not obligated under the Plan to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Fund's shares. Since the Distributor's compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this

---

| | |
|:---|:---|
| 14 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the "compensation" plan.

In the event that the Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Fund to the Distributor with respect to the relevant class. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18953030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24649164 |
|  U.S. government securities | 4719628 | 5064819 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12541725 |
|  Gross unrealized depreciation | (1062980) |
|  Net unrealized appreciation | $11478745 |

---

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The Fund did not engage in derivatives transactions for the six months ended February 28, 2026.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned.

---

| | |
|:---|:---|
| 16 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

A summary of the Fund's transactions surrounding securities lending for the six months ended February 28, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market<br>Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market<br>Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | $– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

\* As of February 28, 2026.

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 34345 | 62114 | $445006 | $762271 |
|  Shares issued in reinvestment of dividends | 67751 | 79277 | 859087 | 955278 |
|  Shares converted from Class C | 14554 | 17863 | 188051 | 221336 |
|  Shares redeemed | (494717) | (1078926) | (6359219) | (13150410) |
|  **Net decrease** | **(378067)** | **(919672)** | $**(4867075)** | $**(11211525)** |
| **Class C** |  |  |  |  |
|  Shares sold | 7778 | 6229 | $100872 | $77181 |
|  Shares issued in reinvestment of dividends | 132 | 69 | 1680 | 837 |
|  Shares converted to Class A | (14587) | (17969) | (188051) | (221336) |
|  Shares redeemed | (2413) | (42870) | (30928) | (521347) |
|  **Net decrease** | **(9090)** | **(54541)** | $**(116427)** | $**(664665)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 25872 | 82943 | $335149 | $1016468 |
|  Shares issued in reinvestment of dividends | 4055 | 5034 | 51828 | 61164 |
|  Shares redeemed | (27242) | (160153) | (353812) | (2014206) |
|  **Net increase (decrease)** | **2685** | **(72176)** | $**33165** | $**(936574)** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br> 2025 |
| **Class I** |  |  |  |  |
|  Shares sold | 7729 | 180 | $101096 | $2252 |
|  Shares issued in reinvestment of dividends and distributions | 44 | 46 | 572 | 563 |
|  Shares redeemed | (6) | (322) | (77) | (3907) |
|  **Net increase (decrease)** | **7767** | **(96)** | $**101591** | $**(1092)** |
| **Class Z** |  |  |  |  |
|  Shares sold | 374 | 270 | $4776 | $3301 |
|  Share issued in reinvestment of dividends and distributions | 6 | 8 | 82 | 102 |
|  Shares redeemed | (457) | (303) | (5872) | (3694) |
|  **Net decrease** | **(77)** | **(25)** | $**(1014)** | $**(291)** |

---

NOTE G

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

**ESG Risk**—Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use ESG or sustainability criteria. Securities of companies with ESG practices may shift into and out of favor depending on market and economic conditions, and the Fund's performance may at times be better or worse than the performance of funds that do not use ESG or sustainability criteria. Furthermore, ESG and "sustainability" criteria are not uniformly defined, and the Fund's ESG and sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG and sustainability factors relevant to a particular investment.

---

| | |
|:---|:---|
| 18 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Allocation Risk**—The allocation of investments among different investment styles, such as equity or debt, growth or value, U.S. or non-U.S. securities, or diversification strategies, may have a more significant effect on the Fund's net asset value, or NAV, when one of these investments is performing more poorly than another.

**Capitalization Risk**—Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.

**Credit Risk**—An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security and accrued interest. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings (commonly known as "junk bonds") are subject to a higher probability that an issuer will default or fail to meet its payment obligations.

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

**Inflation Risk**—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Fund's assets can decline as can the value of the Fund's distributions. This risk is significantly greater for fixed-income securities with longer maturities.

**Derivatives Risk**—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying asset, reference rate or index, which could cause the Fund to suffer a potentially unlimited loss. Derivatives, especially over-the-counter derivatives, are also subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the participating funds and is included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended February 28, 2026.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $1148995 | $886658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | – 0 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886658 |

---

---

| | |
|:---|:---|
| 20 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of August 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $673440 |
|  Accumulated capital and other losses | (7956652)<sup>(a)</sup> |
|  Unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10758391 <sup>(b)</sup> |
|  Total accumulated earnings (deficit) | $3475179 |

---

(a) As of August 31, 2025, the Fund had a net capital loss carryforward of $7,956,652. During the fiscal year, the Fund utilized $3,902,856 of capital loss carry forwards to offset current year net realized gains.

(b) The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund had a net short-term capital loss carryforward of $4,222,521 and a net long-term capital loss carryforward of $3,734,131 which may be carried forward for an indefinite period.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 21 |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.68 | $12.73 | $11.26 | $10.93 | $13.80 | $12.38 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .08 | .14<sup>†</sup> | .13 | .07 | (.02 | .12 |
|  Net realized and unrealized gain (loss) on investment transactions | .06 | (.04 | 1.44 | .71 | (2.39) | 1.74 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .14 | .10 | 1.57 | .78 | (2.41) | 1.86 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.16 | (.15 | (.10 | – 0 | (.36 | (.44 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.45 | (.10 | – 0 |
|  Total dividends and distributions | (.16 | (.15 | (.10 | (.45 | (.46 | (.44 |
|  Net asset value, end of period | **$12.66** | **$12.68** | **$12.73** | **$11.26** | **$10.93** | **$13.80** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 1.08 | .86 | 14.06 | 7.59 | (18.04) | 15.54 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $77101 | $82043 | $94012 | $92712 | $101192 | $138753 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.00 | 1.00 | 1.00 | 1.00 | 1.09 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.22 | 1.24 | 1.22 | 1.22 | 1.31 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.30 | 1.18 | 1.15 | .69 | (.13 | .95 |
|  Portfolio turnover rate | 29 | 51 | 53 | 46 | 174 | 120 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .01 | .00 | .00 | .04 | .14 |

---

See footnote summary on page 27.

---

| | |
|:---|:---|
| 22 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** |  | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.64 | $12.62 | $11.16 |  | $10.91 | $13.76 | $12.32 |
|  Income From Investment Operations |  |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .04 | .05<sup>†</sup> | .04 |  | (.01 | (.11 | .02 |
|  Net realized and unrealized gain (loss) on investment transactions | .04 | (.02 | 1.42 |  | .71 | (2.41) | 1.75 |
|  Contributions from Affiliates | – 0 | .00 | – 0 |  | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .08 | .03 | 1.46 |  | .70 | (2.52) | 1.77 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |  |
|  Dividends from net investment income | (.03 | (.01 | – 0 |  | – 0 | (.23 | (.33 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 |  | (.45 | (.10 | – 0 |
|  Total dividends and distributions | (.03 | (.01 | – 0 |  | (.45 | (.33 | (.33 |
|  Net asset value, end of period | **$12.69** | **$12.64** | **$12.62** |  | **$11.16** | **$10.91** | **$13.76** |
|  Total Return |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | .62 | .24 | 13.08 | % | 6.86 | (18.73) | 14.64 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $715 | $827 | $1515 |  | $2415 | $3650 | $6257 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.74 | 1.75 | 1.75 | % | 1.75 | 1.90 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.97 | 1.99 | 2.00 | % | 1.98 | 2.06 | 2.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | .55 | .41 | .39 | % | (.07 | (.93 | .18 |
|  Portfolio turnover rate | 29 | 51 | 53 | % | 46 | 174 | 120 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .01 | .00 | % | .00 | .04 | .14 |

---

See footnote summary on page 27.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 23 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.81 | $12.85 | $11.37 | $11.01 | $13.88 | $12.44 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .10 | .18<sup>†</sup> | .17 | .10 | .04 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | .05 | (.04 | 1.44 | .71 | (2.43) | 1.76 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .15 | .14 | 1.61 | .81 | (2.39) | 1.92 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.18 | (.13 | – 0 | (.38 | (.48 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.45 | (.10 | – 0 |
|  Total dividends and distributions | (.019 | (.18 | (.13 | (.45 | (.48 | (.48 |
|  Net asset value, end of period | **$12.77** | **$12.81** | **$12.85** | **$11.37** | **$11.01** | **$13.88** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 1.20 | 1.20 | 14.31 | 7.82 | (17.79) | 15.82 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $3999 | $3978 | $4918 | $3706 | $4331 | $5790 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .75 | .75 | .75 | .75 | .71 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .97 | .99 | .92 | .97 | 1.06 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.56 | 1.43 | 1.40 | .93 | .33 | 1.20 |
|  Portfolio turnover rate | 29 | 51 | 53 | 46 | 174 | 120 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .01 | .00 | .00 | .04 | .14 |

---

See footnote summary on page 27.

---

| | |
|:---|:---|
| 24 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $12.98 | $13.02 | $11.51 | $11.13 | $14.03 | $12.58 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .11 | .18 | .17 | .10 | .02 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | .04 | (.04 | 1.47 | .73 | (2.44) | 1.77 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .15 | .14 | 1.64 | .83 | (2.42) | 1.93 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.18 | (.13 | – 0 | (.38 | (.48 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.45 | (.10 | – 0 |
|  Total dividends and distributions | (.19 | (.18 | (.13 | (.45 | (.48 | (.48 |
|  Net asset value, end of period | **$12.94** | **$12.98** | **$13.02** | **$11.51** | **$11.13** | **$14.03** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 1.16 | 1.18 | 14.36 | 7.92 | (17.83) | 15.81 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $149 | $49 | $50 | $39 | $35 | $41 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .74 | .75 | .75 | .75 | .83 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .96 | .96 | .95 | 5.21 | 1.08 | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.69 | 1.41 | 1.40 | .95 | .14 | 1.18 |
|  Portfolio turnover rate | 29 | 51 | 53 | 46 | 174 | 120 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .01 | .00 | .00 | .04 | .14 |

---

See footnote summary on page 27.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 25 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class Z** | **Class Z** | **Class Z** | **Class Z** | **Class Z** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** | **2023** | **December 15,**<br> **2021<sup>(g)</sup> to<br>August 31,**<br> **202 2** |
|  Net asset value, beginning of period | $12.71 | $12.76 | $11.28 | $10.93 | $13.54 |
|  Income From Investment Operations |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .10 | .17 | .16 | .10 | .02 |
|  Net realized and unrealized gain (loss) on investment transactions | .05 | (.03 | 1.44 | .70 | (2.14) |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | .15 | .14 | 1.60 | .80 | (2.12) |
|  Less: Dividends and Distributions |  |  |  |  |  |
|  Dividends from net investment income | (.19 | (.19 | (.12 | – 0 – | (.39 |
|  Distributions from net realized gain on investment transactions | – 0 | – 0 | – 0 | (.45 | (.10 |
|  Total distributions | (.19 | (.19 | (.12 | (.45 | (.49 |
|  Net asset value, end of period | **$12.67** | **$12.71** | **$12.76** | **$11.28** | **$10.93** |
|  Total Return |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 1.20 | 1.13 | 14.38 | 7.79 | (16.27) |
|  Ratios/Supplemental Data |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $15 | $16 | $16 | $12 | $8 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>‡</sup> | .76 | .75 | .75 | .75 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>‡</sup> | .90 | .93 | .91 | .84 | .96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.55 | 1.41 | 1.40 | .96 | .21 |
|  Portfolio turnover rate | 29 | 51 | 53 | 46 | 174 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .01 | .00 | .00 | .00 |

---

See footnote summary on page 27.

---

| | |
|:---|:---|
| 26 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Fund's investments in affiliated underlying portfolios, the Fund incurs no direct expenses but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the years ended August 31, 2022 and August 31, 2021, such waiver amounted to .03% and .11%, respectively.

(f) Reflects a onetime non-recurring accrual adjustment.

(g) Commencement of distributions.

† During the year ended August 31, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(c)</sup> | .02% | .02% |
| Class C | $.00 <sup>(c)</sup> | .02% | .02% |
| Advisor Class | $.00 <sup>(c)</sup> | .02% | .02% |

---

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 27 |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of The AB Portfolios (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Sustainable Thematic Balanced Portfolio (the "Fund") at a meeting held in-person on May 6-8, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the money market fund advised by the Adviser in which the Fund invests a portion of its assets.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment

---

| | |
|:---|:---|
| 28 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Fund's shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund's unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 29 |

---

------

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Advisor Class shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. The directors discussed with the Adviser the reasons for the Fund's underperformance in the periods reviewed and determined to continue to monitor the Fund's performance closely.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule and the schedule of fees charged to any offshore funds and for services to any sub-advised funds utilizing investment strategies similar to those of the Fund, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also

---

| | |
|:---|:---|
| 30 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year and reflected the impact of the Adviser's expense cap for the Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the median of a peer group and equal to the median of a peer universe. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Sustainable Thematic Balanced Portfolio 31 |

---

------

#### NOTES

---

| | |
|:---|:---|
| 32 AB Sustainable Thematic Balanced Portfolio | **ABFunds.com** |

---

------

![LOGO](g126514g28a43.jpg)

AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

STB-0152-0226 ![LOGO](g126514g22c48.jpg)

------

#### February 28, 2026
![LOGO](g43789g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB TAX-MANAGED WEALTH APPRECIATION STRATEGY

![LOGO](g43789g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 60.2% |  |  |
|  Information Technology – 17.7% |  |  |
|  **Communications Equipment – 0.7%** |  |  |
|  Cisco Systems, Inc. | 48223 | $3831800 |
|  Motorola Solutions, Inc. | 7121 | 3434173 |
|  |  | 7265973 |
|  **Electronic Equipment, Instruments & Components – 0.1%** |  |  |
|  CDW Corp./DE | 9342 | 1145703 |
|  **Semiconductors & Semiconductor Equipment – 9.3%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 2742 | 548976 |
|  Applied Materials, Inc. | 21380 | 7959774 |
|  ASML Holding NV (REG) | 988 | 1433153 |
|  Broadcom, Inc. | 58125 | 18573844 |
|  KLA Corp. | 1810 | 2759435 |
|  NVIDIA Corp. | 258635 | 45827536 |
|  NXP Semiconductors NV | 25790 | 5854588 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 29080 | 10892786 |
|  Texas Instruments, Inc. | 8454 | 1793178 |
|  |  | 95643270 |
|  **Software – 4.7%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 5974 | 1567637 |
|  Microsoft Corp. | 100544 | 39487651 |
|  Oracle Corp. | 43598 | 6339149 |
|  ServiceNow, Inc.<sup>(a)</sup> | 8060 | 870561 |
|  |  | 48264998 |
|  **Technology Hardware, Storage & Peripherals – 2.9%** |  |  |
|  Apple, Inc. | 112647 | 29759084 |
|  |  | 182079028 |
|  Financials – 9.2% |  |  |
|  **Banks – 2.7%** |  |  |
|  Bank of America Corp. | 220137 | 10969427 |
|  Fifth Third Bancorp | 19722 | 975647 |
|  JPMorgan Chase & Co. | 7890 | 2369367 |
|  PNC Financial Services Group, Inc. (The) | 6974 | 1480929 |
|  Wells Fargo & Co. | 144886 | 11800964 |
|  |  | 27596334 |
|  **Capital Markets – 2.8%** |  |  |
|  Charles Schwab Corp. (The) | 102987 | 9804363 |
|  Goldman Sachs Group, Inc. (The) | 13562 | 11657488 |
|  LPL Financial Holdings, Inc. | 2952 | 886722 |
|  S&P Global, Inc. | 13931 | 6155830 |
|  |  | 28504403 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Consumer Finance – 0.4%** |  |  |
|  Capital One Financial Corp. | 20936 | $4095919 |
|  **Financial Services – 1.7%** |  |  |
|  Visa, Inc. – Class A | 54512 | 17451472 |
|  **Insurance – 1.6%** |  |  |
|  Everest Group Ltd. | 7716 | 2588641 |
|  Marsh & McLennan Cos., Inc. | 18118 | 3383355 |
|  Progressive Corp. (The) | 35998 | 7691333 |
|  Willis Towers Watson PLC | 10001 | 3052005 |
|  |  | 16715334 |
|  |  | 94363462 |
|  Communication Services – 7.5% |  |  |
|  **Diversified Telecommunication Services – 0.0%** |  |  |
|  Comcast Corp. – Class A | 2494 | 77214 |
|  **Entertainment – 0.9%** |  |  |
|  Walt Disney Co. (The) | 90455 | 9591848 |
|  **Interactive Media & Services – 5.9%** |  |  |
|  Alphabet, Inc. – Class A | 9993 | 3115418 |
|  Alphabet, Inc. – Class C | 107312 | 33420176 |
|  Meta Platforms, Inc. – Class A | 34189 | 22160626 |
|  Reddit, Inc. – Class A<sup>(a)</sup> | 12830 | 1870742 |
|  |  | 60566962 |
|  **Wireless Telecommunication Services – 0.7%** |  |  |
|  T-Mobile US, Inc. | 29971 | 6506405 |
|  |  | 76742429 |
|  Industrials – 6.5% |  |  |
|  **Aerospace & Defense – 1.5%** |  |  |
|  BAE Systems PLC (Sponsored ADR) | 35972 | 4172752 |
|  Hexcel Corp. | 46857 | 4343176 |
|  RTX Corp. | 35715 | 7236573 |
|  |  | 15752501 |
|  **Building Products – 0.3%** |  |  |
|  Carrier Global Corp. | 38882 | 2504001 |
|  Otis Worldwide Corp. | 3272 | 302856 |
|  |  | 2806857 |
|  **Commercial Services & Supplies – 0.3%** |  |  |
|  Veralto Corp. | 33254 | 3239937 |
|  **Construction & Engineering – 0.1%** |  |  |
|  AECOM | 14454 | 1416203 |
|  **Electrical Equipment – 2.0%** |  |  |
|  Eaton Corp. PLC | 28704 | 10790408 |
|  GE Vernova, Inc. | 11491 | 10038537 |
|  |  | 20828945 |

---

---

| | |
|:---|:---|
| 2 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Ground Transportation – 0.9%** |  |  |
|  CSX Corp. | 194685 | $8311103 |
|  Norfolk Southern Corp. | 3002 | 944849 |
|  |  | 9255952 |
|  **Machinery – 1.0%** |  |  |
|  Deere & Co. | 11201 | 7053382 |
|  Ingersoll Rand, Inc. | 10221 | 962205 |
|  PACCAR, Inc. | 4239 | 534495 |
|  Pentair PLC | 12863 | 1275881 |
|  |  | 9825963 |
|  **Professional Services – 0.1%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 8979 | 707815 |
|  **Trading Companies & Distributors – 0.3%** |  |  |
|  United Rentals, Inc. | 3945 | 3313800 |
|  |  | 67147973 |
|  Health Care – 6.1% |  |  |
|  **Biotechnology – 0.7%** |  |  |
|  Gilead Sciences, Inc. | 412 | 61367 |
|  Regeneron Pharmaceuticals, Inc. | 1560 | 1219405 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 12579 | 6249625 |
|  |  | 7530397 |
|  **Health Care Equipment & Supplies – 1.2%** |  |  |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 25442 | 2199970 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 2352 | 1184255 |
|  Medtronic PLC | 51743 | 5053221 |
|  Stryker Corp. | 10293 | 3988126 |
|  |  | 12425572 |
|  **Health Care Providers & Services – 1.3%** |  |  |
|  Encompass Health Corp. | 10384 | 1120226 |
|  Labcorp Holdings, Inc. | 12826 | 3708253 |
|  UnitedHealth Group, Inc. | 28251 | 8285171 |
|  |  | 13113650 |
|  **Life Sciences Tools & Services – 1.4%** |  |  |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 32607 | 5830458 |
|  Thermo Fisher Scientific, Inc. | 15828 | 8248129 |
|  |  | 14078587 |
|  **Pharmaceuticals – 1.5%** |  |  |
|  Eli Lilly & Co. | 4131 | 4345771 |
|  Johnson & Johnson | 9589 | 2382195 |
|  Merck & Co., Inc. | 48228 | 5971591 |
|  Pfizer, Inc. | 8730 | 241385 |
|  Roche Holding AG (Sponsored ADR) | 15678 | 933625 |
|  Zoetis, Inc. | 15485 | 2030083 |
|  |  | 15904650 |
|  |  | 63052856 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Consumer Discretionary – 5.1% |  |  |
|  **Broadline Retail – 2.5%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 122629 | $25752090 |
|  **Hotels, Restaurants & Leisure – 0.4%** |  |  |
|  Booking Holdings, Inc. | 236 | 1000487 |
|  Hyatt Hotels Corp. – Class A | 12158 | 1963517 |
|  Starbucks Corp. | 8298 | 813370 |
|  |  | 3777374 |
|  **Specialty Retail – 2.2%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 2119 | 7958074 |
|  Home Depot, Inc. (The) | 24189 | 9209236 |
|  TJX Cos., Inc. (The) | 34944 | 5649047 |
|  |  | 22816357 |
|  |  | 52345821 |
|  Consumer Staples – 3.1% |  |  |
|  **Beverages – 0.7%** |  |  |
|  Coca-Cola Co. (The) | 87708 | 7153464 |
|  **Consumer Staples Distribution & Retail – 2.0%** |  |  |
|  Costco Wholesale Corp. | 7114 | 7190760 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 40030 | 5062994 |
|  Walmart, Inc. | 63526 | 8128152 |
|  |  | 20381906 |
|  **Household Products – 0.4%** |  |  |
|  Procter & Gamble Co. (The) | 23219 | 3882217 |
|  |  | 31417587 |
|  Energy – 1.6% |  |  |
|  **Energy Equipment & Services – 0.2%** |  |  |
|  Baker Hughes Co. | 29572 | 1929869 |
|  **Oil, Gas & Consumable Fuels – 1.4%** |  |  |
|  Chevron Corp. | 8580 | 1602401 |
|  EOG Resources, Inc. | 64115 | 7955389 |
|  Exxon Mobil Corp. | 36080 | 5502200 |
|  |  | 15059990 |
|  |  | 16989859 |
|  Materials – 1.4% |  |  |
|  **Chemicals – 1.2%** |  |  |
|  Corteva, Inc. | 85703 | 6866524 |
|  Linde PLC | 10594 | 5382600 |
|  Westlake Corp. | 1866 | 196639 |
|  |  | 12445763 |
|  **Construction Materials – 0.2%** |  |  |
|  Eagle Materials, Inc. | 8654 | 1936765 |
|  |  | 14382528 |

---

---

| | |
|:---|:---|
| 4 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Utilities – 1.1% |  |  |
|  **Electric Utilities – 0.7%** |  |  |
|  American Electric Power Co., Inc. | 54787 | $7331597 |
|  **Multi-Utilities – 0.4%** |  |  |
|  Ameren Corp. | 35665 | 4040131 |
|  |  | 11371728 |
|  Real Estate – 0.9% |  |  |
|  **Industrial REITs – 0.1%** |  |  |
|  Prologis, Inc. | 9960 | 1419997 |
|  **Real Estate Management & Development – 0.0%** |  |  |
|  CBRE Group, Inc. – Class A<sup>(a)</sup> | 450 | 66447 |
|  **Specialized REITs – 0.8%** |  |  |
|  Digital Realty Trust, Inc. | 19339 | 3426871 |
|  Extra Space Storage, Inc. | 27864 | 4208300 |
|  |  | 7635171 |
|  |  | 9121615 |
|  Total Common Stocks <br>(cost $260,124,586) |  | 619014886 |
|  INVESTMENT COMPANIES – 39.2% |  |  |
|  **Funds and Investment Trusts – 39.2%<sup>(b)(c)</sup>** |  |  |
|  AB Discovery Growth Fund, Inc. – Class Z | 1771576 | 23154498 |
|  AB Emerging Markets Opportunities ETF | 508425 | 24516253 |
|  AB Trust – AB Discovery Value Fund – Class Z | 1407180 | 30620237 |
|  Bernstein Fund, Inc. – International Small Cap Portfolio – Class Z | 2637598 | 41199288 |
|  Bernstein Fund, Inc. – International Strategic Equities Portfolio – Class Z | 14022324 | 262357677 |
|  Bernstein Fund, Inc. – Small Cap Core Portfolio – Class Z | 1729024 | 21370737 |
|  Total Investment Companies <br>(cost $292,910,690) |  | 403218690 |
|  SHORT-TERM INVESTMENTS – 0.4% |  |  |
|  **Investment Companies – 0.4%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>3.53%<sup>(b)(c)(d)</sup> <br>(cost $4,722,954) | 4722954 | 4722954 |
|  Total Investments – 99.8% <br>(cost $557,758,230) |  | 1026956530 |
|  Other assets less liabilities – 0.2% |  | 1731891 |
|  **Net Assets – 100.0%** |  | $**1028688421** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 5 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

Glossary:

ADR – American Depositary Receipt

REG – Registered Shares

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**February 28, 2026** (unaudited)

---

| | |
|:---|:---|
| Assets |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $260,124,586) | $619014886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $297,633,644) | 407941644 |
|  Cash | 1617488 |
|  Foreign currencies, at value (cost $572) | 655 |
|  Unaffiliated dividends receivable | 561589 |
|  Receivable for shares of beneficial interest sold | 418693 |
|  Receivable due from Adviser | 200352 |
|  Affiliated dividends receivable | 12804 |
|  Total assets | 1029768111 |
| Liabilities |  |
|  Advisory fee payable | 507917 |
|  Payable for shares of beneficial interest redeemed | 391708 |
|  Administrative fee payable | 57352 |
|  Distribution fee payable | 10669 |
|  Trustees' fees payable | 6325 |
|  Transfer Agent fee payable | 5634 |
|  Accrued expenses | 100085 |
|  Total liabilities | 1079690 |
|  Net Assets | $**1028688421** |
| Composition of Net Assets |  |
|  Shares of beneficial interest, at par | $381 |
|  Additional paid-in capital | 501670729 |
|  Distributable earnings | 527017311 |
|  **Net Assets** | $**1028688421** |

---

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $53118417 | 1979265 | $26.84 \* |
| C | $726888 | 27146 | $26.78 |
| Advisor | $974843116 | 36128467 | $26.98 |

---

\* The maximum offering price per share for Class A shares was $28.03 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 7 |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | $10013265 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $15,978) | 3510230 |  |
|  Interest | 5056 | $13528551 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 3182107 |  |
|  Distribution fee—Class A | 63541 |  |
|  Distribution fee—Class C | 3647 |  |
|  Transfer agency—Class A | 2985 |  |
|  Transfer agency—Class C | 58 |  |
|  Transfer agency—Advisor Class | 54474 |  |
|  Custody and accounting | 44143 |  |
|  Administrative | 41038 |  |
|  Audit and tax | 31413 |  |
|  Legal | 25736 |  |
|  Registration fees | 25337 |  |
|  Printing | 15246 |  |
|  Trustees' fees | 12552 |  |
|  Miscellaneous | 15173 |  |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3517450 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (1206310) |  |
|  Net expenses |  | 2311140 |
|  Net investment income |  | 11217411 |
| Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | 5360386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 27647153 |
|  Net realized gain distributions from Affiliated Underlying Portfolios |  | 25796164 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | 38985919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (2849501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 39 |
|  Net gain on investment and foreign currency transactions |  | 94940160 |
|  Contributions from Affiliates (see Note B) |  | 596 |
|  **Net Increase in Net Assets from Operations** |  | $**106158167** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026<br>(unaudited)** | **Year Ended<br>August 31,<br>2025** |
| Increase in Net Assets from Operations | Increase in Net Assets from Operations | Increase in Net Assets from Operations |
|  Net investment income | $11217411 | $10259365 |
|  Net realized gain on investment and foreign currency transactions | 33007539 | 27611034 |
|  Net realized gain distributions from Affiliated Underlying Portfolios | 25796164 | 4859521 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 36136457 | 80772670 |
|  Contributions from Affiliates (see Note B) | 596 | – 0 |
|  Net increase in net assets from operations | 106158167 | 123502590 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2062611) | (1021550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (23830) | (5111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (39420764) | (19517501) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase (decrease) | 28020399 | (23896949) |
|  Total increase | 92671361 | 79061479 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 936017060 | 856955581 |
|  End of period | $**1028688421** | $**936017060** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 9 |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**February 28, 2026** (unaudited)

NOTE A

Significant Accounting Policies

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified, open-end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of five series. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Tax-Managed Wealth Appreciation Strategy (the "Fund"). The Fund offers Class A, Class C and Advisor Class shares. Class T and Class Z have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All five classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Company's Board of Trustees (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc.

---

| | |
|:---|:---|
| 10 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter ("OTC") options, including flexible exchange-traded options ("Flex Options"), are typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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.

---

| | |
|:---|:---|
| 12 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $619014886 | $– 0 | $– 0 | $619014886 |
|  Investment Companies | 403218690 | – 0 | – 0 | 403218690 |
|  Short-Term Investments | 4722954 | – 0 | – 0 | 4722954 |
|  Total Investments in Securities | 1026956530 | – 0 | – 0 | 1026956530 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**1026956530** | $**– 0** | $**– 0** | $**1026956530** |

---

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income.

The Fund accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each series or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

9. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating

---

| | |
|:---|:---|
| 14 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segments performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement (the "Advisory Agreement"), the Fund pays the Adviser an advisory fee at an annual rate of .65% of the first $2.5 billion, .55% of the next $2.5 billion and .50% in excess of $5 billion of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended February 28, 2026, the reimbursement for such services amounted to $41,038.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $33,144 for the six months ended February 28, 2026.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $656 from the sale of Class A shares and received $-0- and $39 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended February 28, 2026.

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended February 28, 2026, such waiver amounted to $2,932.

In connection with the Fund's investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Fund in an amount equal to the Fund's pro rata share of the effective advisory fees of AB mutual funds, as paid by the Fund as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until December 31, 2026. For the six months ended February 28, 2026, such waivers and/or reimbursements amounted to $1,203,378.

A summary of the Fund's transactions in AB mutual funds for the six months ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | **Distributions** | **Distributions** |
| <br>**Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  AB Government Money Market Portfolio | $1918 | $49821 | $47015 | $– 0 | $– 0 | $4724 | $54 | $– 0 |
|  AB Discovery Growth Fund, Inc. | 21670 | 2102 | – 0 | – 0 | (618) | 23154 | 184 | 1919 |
|  AB Trust - AB Discovery Value Fund | 28722 | 1670 | 627 | (30) | 885 | 30620 | 248 | 1421 |
|  Bernstein Fund, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small Cap Portfolio | 33943 | 4797 | – 0 | – 0 | 2459 | 41199 | 1922 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Strategic Equities Portfolio | 203927 | 26874 | 4470 | 1152 | 34875 | 262358 | 7439 | 17727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Core Portfolio | 19624 | 1963 | – 0 | – 0 | (216) | 21371 | 109 | 1854 |
|  AB Emerging Markets Opportunities ETF | – 0 | 20671 | – 0 | – 0 | 3845 | 24516 | 57 | – 0 |
|  Sanford C. Bernstein Fund, Inc. - Emerging Markets Portfolio | 18878 | – 0 | 20872 | 4238 | (2244) | – 0 | – 0 | – 0 |
|  Total |  |  |  | $5360 | $38986 | $407942 | $10013 | $25796 |

---

---

| | |
|:---|:---|
| 16 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the six months ended February 28, 2026, the Adviser reimbursed the Fund $596 for trading losses incurred due to a NAV entry error.

NOTE C

Distribution Plan

The Fund has adopted a Plan for each class of shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .50% of the Fund's average daily net assets attributable to Class A shares and 1% of the Fund's average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class shares. The fees are accrued daily and paid monthly. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Fund is not obligated under the Plan to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Fund's shares. Since the Distributor's compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the "compensation" plan.

In the event that the Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Fund to the Distributor with respect to the relevant class. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142435898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123428823 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470714993 |
|  Gross unrealized depreciation | (1516693) |
|  Net unrealized appreciation | $469198300 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The Fund did not engage in derivatives transactions for the six months ended February 28, 2026.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 |
| **Class A** |  |  |  |  |
|  Shares sold | 33864 | 19909 | $882542 | $454298 |
|  Shares issued in reinvestment of dividends and distributions | 71432 | 37945 | 1805079 | 862861 |
|  Shares converted from Class C | 3467 | 2401 | 91540 | 55910 |
|  Shares redeemed | (59594) | (218009) | (1563088) | (4991988) |
|  **Net increase (decrease)** | **49169** | **(157754)** | $**1216073** | $**(3618919)** |

---

---

| | |
|:---|:---|
| 18 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 1679 | 12132 | $42900 | $265655 |
|  Shares issued in reinvestment of dividends and distributions | 944 | 225 | 23830 | 5109 |
|  Shares converted to Class A | (3489) | (2409) | (91540) | (55910) |
|  Shares redeemed | (198) | (7410) | (5025) | (168158) |
|  **Net increase (decrease)** | **(1064)** | **2538** | $**(29835)** | $**46696** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 1097016 | 1887292 | $28891829 | $43055236 |
|  Shares issued in reinvestment of dividends and distributions | 1437742 | 780562 | 36504275 | 17835856 |
|  Shares redeemed | (1465416) | (3543595) | (38561943) | (81215818) |
|  **Net increase (decrease)** | **1069342** | **(875741)** | $**26834161** | $**(20324726)** |

---

NOTE F

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

**Foreign (Non-U.S.) Risk**—The Fund's investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Emerging-Market Risk**—Investments in emerging market countries may have more risk than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory or other uncertainties.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**Capitalization Risk**—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

**Investment in Other Investment Companies Risk**—As with other investments, investments in other investment companies are subject to market and management risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

**Sector Risk**—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund's investments.

**Capital Gain Risk**— A substantial portion of the Fund's net asset value is attributable to realized and/or net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses in any fiscal year, it generally expects to make capital gain distributions to shareholders.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected. The Fund's tax-management strategies may result in it forgoing performance in favor of tax benefits that may not materialize, or may result in pre-tax performance that is lower than that of funds that do not use tax-management strategies.

---

| | |
|:---|:---|
| 20 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE G

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the participating funds and is included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended February 28, 2026.

NOTE H

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $10263244 | $8824834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 10280918 | 4722619 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20544162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13547453 |

---

As of August 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $755887 |
|  Undistributed capital gains | 30125484 |
|  Unrealized appreciation (depreciation) | 431485574 <sup>(a)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462366945 |

---

(a) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to return of capital distributions received from underlying securities and the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund did not have any capital loss carryforwards.

NOTE I

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 21 |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $25.14 | $22.39 | $18.21 | $17.15 | $21.60 | $16.81 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .27 | .22<sup>†</sup> | .24 | .19 | .28 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.50 | 3.03 | 4.25 | 1.77 | (3.56) | 4.87 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | 2.77 | 3.25 | 4.49 | 1.96 | (3.28) | 4.98 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.25 | (.23 | (.19 | (.21 | (.24 | (.15) |
|  Distributions from net realized gain on investment transactions | (.82 | (.27 | (.12 | (.69 | (.93 | (.04) |
|  Total dividends and distributions | (1.07) | (.50 | (.31 | (.90 | (1.17) | (.19) |
|  Net asset value, end of period | **$26.84** | **$25.14** | **$22.39** | **$18.21** | **$17.15** | **$21.60** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 11.29 | 14.73 | 25.01 | 11.99 | (16.08) | 29.83% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $53118 | $48516 | $46757 | $40936 | $39643 | $48742 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .71 | .69 | .65 | .67 | .63 | .63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .95 | .97 | .97 | .99 | .97 | .98% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.06 | .97 | 1.19 | 1.09 | 1.44 | .57% |
|  Portfolio turnover rate | 13 | 23 | 10 | 13 | 23 | 15% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .27 | .29 | .33 | .34 | .36 | .38% |

---

See footnote summary on page 25.

---

| | |
|:---|:---|
| 22 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $25.01 | $22.24 | $18.04 | $16.99 | $21.33 | $16.59 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .16 | (.01 | .02 | .09 | .10 | (.01 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.51 | 3.05 | 4.30 | 1.72 | (3.51) | 4.79 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 |
|  Net increase (decrease) in net asset value from operations | 2.67 | 3.04 | 4.32 | 1.81 | (3.41) | 4.78 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.08 | – 0 | – 0 | (.07 | – 0 | – 0 |
|  Distributions from net realized gain on investment transactions | (.82 | (.27 | (.12 | (.69 | (.93 | (.04 |
|  Total dividends and distributions | (.90 | (.27 | (.12 | (.76 | (.93 | (.04 |
|  Net asset value, end of period | **$26.78** | **$25.01** | **$22.24** | **$18.04** | **$16.99** | **$21.33** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 10.89 | 13.81 | 24.10 | 11.12 | (16.73) | 28.85 |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $727 | $705 | $571 | $452 | $530 | $1378 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.46 | 1.45 | 1.41 | 1.43 | 1.39 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.71 | 1.73 | 1.73 | 1.75 | 1.72 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.21 | (.03 | .11 | .51 | .50 | (.05 |
|  Portfolio turnover rate | 13 | 23 | 10 | 13 | 23 | 15 |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .27 | .29 | .33 | .34 | .36 | .38 |

---

See footnote summary on page 25.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 23 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $25.29 | $22.53 | $18.32 | $17.25 | $21.72 | $16.90 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .30 | .27<sup>†</sup> | .28 | .23 | .33 | .16 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.52 | 3.04 | 4.28 | 1.79 | (3.58) | 4.89 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | 2.82 | 3.31 | 4.56 | 2.02 | (3.25) | 5.05 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.31 | (.28 | (.23 | (.26 | (.29 | (.19) |
|  Distributions from net realized gain on investment transactions | (.82 | (.27 | (.12 | (.69 | (.93 | (.04) |
|  Total dividends and distributions | (1.13) | (.55 | (.35 | (.95 | (1.22) | (.23) |
|  Net asset value, end of period | **$26.98** | **$25.29** | **$22.53** | **$18.32** | **$17.25** | **$21.72** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | 11.45 | 14.95 | 25.33 | 12.29 | (15.87) | 30.14% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $974843 | $886796 | $809628 | $686575 | $651607 | $803319 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .46 | .44 | .40 | .42 | .38 | .38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .70 | .72 | .72 | .74 | .72 | .73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.31 | 1.19 | 1.41 | 1.32 | 1.68 | .82% |
|  Portfolio turnover rate | 13 | 23 | 10 | 13 | 23 | 15% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .27 | .29 | .33 | .34 | .36 | .38% |

---

See footnote summary on page 25.

---

| | |
|:---|:---|
| 24 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Fund's investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the six months ended February 28, 2026 and for the years ended, August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022, and August 31, 2021, such waiver amounted to .25% (annualized), .28%, .31%, .32%, .33% and .35%, respectively.

(f) Less than .005%.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the years ended August 31, 2025, August 31, 2024 and August 31, 2022 by 01%, .04% and 02%, respectively. 

† During the year ended August 31, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |
| Class C | $.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |
| Advisor Class | $.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |

---

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 25 |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of The AB Portfolios (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Tax-Managed Wealth Appreciation Strategy (the "Fund") at a meeting held in-person on May 6-8, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund, and the underlying funds advised by the Adviser in which the Fund invests.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time

---

| | |
|:---|:---|
| 26 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying funds advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 27 |

---

------

classes of the Fund's shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Advisor Class shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser's total rate of compensation, taking into account the impact the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the

---

| | |
|:---|:---|
| 28 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

Adviser noted, among other things, that, compared to institutional accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund, and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the medians and that the Adviser had agreed to reimburse the Fund for the fees and expenses of any AB Funds in which it invests. The expense ratio of the Fund reflected this reimbursement. The directors also reviewed information about the amount of such reimbursement. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedules for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 29 |

---

------

mutual fund business or those components of it which directly or indirectly affect a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

---

| | |
|:---|:---|
| 30 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### NOTES

---

| | |
|:---|:---|
| **ABFunds.com** | AB Tax-Managed Wealth Appreciation Strategy 31 |

---

------

---

| | |
|:---|:---|
| 32 AB Tax-Managed Wealth Appreciation Strategy | **ABFunds.com** |

---

------

![LOGO](g43789g28a43.jpg)

AB TAX-MANAGED WEALTH APPRECIATION STRATEGY

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

TWA-0152-0226 ![LOGO](g43789g22c48.jpg)

------

#### February 28, 2026
![LOGO](g949634g28a43.jpg)

#### SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
AB WEALTH APPRECIATION STRATEGY

![LOGO](g949634g50e50.jpg)

------

 <br> Investment Products Offered   <u> • Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed</u>

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For copies of our prospectus or summary prospectus, which contain this and other information, visit us online at www.abfunds.com or contact your AB representative. Please read the prospectus and/or summary prospectus carefully before investing.

This shareholder report must be preceded or accompanied by the Fund's prospectus for individuals who are not current shareholders of the Fund.

You may obtain a description of the Fund's proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB's website at www.abfunds.com, or go to the Securities and Exchange Commission's (the "Commission") website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the Commission's website at www.sec.gov. AB publishes full portfolio holdings for the Fund monthly at www.abfunds.com.

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

The [A/B] logo and AllianceBernstein<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

#### PORTFOLIO OF INVESTMENTS
**February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  COMMON STOCKS – 60.1% |  |  |
|  Information Technology – 17.8% |  |  |
|  **Communications Equipment – 0.9%** |  |  |
|  Cisco Systems, Inc. | 67742 | $5382780 |
|  Motorola Solutions, Inc. | 14366 | 6928147 |
|  |  | 12310927 |
|  **Semiconductors & Semiconductor Equipment – 9.3%** |  |  |
|  Applied Materials, Inc. | 32583 | 12130651 |
|  ASML Holding NV (REG) | 3503 | 5081312 |
|  Broadcom, Inc. | 84433 | 26980565 |
|  NVIDIA Corp. | 367331 | 65087380 |
|  NXP Semiconductors NV | 40881 | 9280396 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 42139 | 15784426 |
|  |  | 134344730 |
|  **Software – 4.5%** |  |  |
|  Microsoft Corp. | 136073 | 53441310 |
|  Oracle Corp. | 63129 | 9178956 |
|  ServiceNow, Inc.<sup>(a)</sup> | 27065 | 2923291 |
|  |  | 65543557 |
|  **Technology Hardware, Storage & Peripherals – 3.1%** |  |  |
|  Apple, Inc. | 168121 | 44414206 |
|  |  | 256613420 |
|  Financials – 9.1% |  |  |
|  **Banks – 2.6%** |  |  |
|  Bank of America Corp. | 270672 | 13487586 |
|  Fifth Third Bancorp | 95121 | 4705636 |
|  PNC Financial Services Group, Inc. (The) | 24816 | 5269678 |
|  Wells Fargo & Co. | 161194 | 13129251 |
|  |  | 36592151 |
|  **Capital Markets – 2.5%** |  |  |
|  Charles Schwab Corp. (The) | 164770 | 15686104 |
|  Goldman Sachs Group, Inc. (The) | 11536 | 9916000 |
|  S&P Global, Inc. | 24200 | 10693496 |
|  |  | 36295600 |
|  **Consumer Finance – 0.6%** |  |  |
|  Capital One Financial Corp. | 45452 | 8892229 |
|  **Financial Services – 1.9%** |  |  |
|  Visa, Inc. – Class A | 85366 | 27329071 |
|  **Insurance – 1.5%** |  |  |
|  Everest Group Ltd. | 15456 | 5185333 |
|  Marsh & McLennan Cos., Inc. | 33623 | 6278759 |
|  Progressive Corp. (The) | 24666 | 5270138 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 1 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Willis Towers Watson PLC | 16582 | $5060329 |
|  |  | 21794559 |
|  |  | 130903610 |
|  Communication Services – 7.7% |  |  |
|  **Entertainment – 1.1%** |  |  |
|  Walt Disney Co. (The) | 147961 | 15689784 |
|  **Interactive Media & Services – 5.9%** |  |  |
|  Alphabet, Inc. – Class C | 164427 | 51207501 |
|  Meta Platforms, Inc. – Class A | 49204 | 31893049 |
|  Reddit, Inc. – Class A<sup>(a)</sup> | 18029 | 2628808 |
|  |  | 85729358 |
|  **Wireless Telecommunication Services – 0.7%** |  |  |
|  T-Mobile US, Inc. | 47779 | 10372343 |
|  |  | 111791485 |
|  Industrials – 6.7% |  |  |
|  **Aerospace & Defense – 1.6%** |  |  |
|  BAE Systems PLC (Sponsored ADR) | 58109 | 6740644 |
|  Hexcel Corp. | 54774 | 5077002 |
|  RTX Corp. | 56240 | 11395349 |
|  |  | 23212995 |
|  **Building Products – 0.3%** |  |  |
|  Carrier Global Corp. | 69240 | 4459056 |
|  **Commercial Services & Supplies – 0.6%** |  |  |
|  Veralto Corp. | 85423 | 8322763 |
|  **Electrical Equipment – 2.1%** |  |  |
|  Eaton Corp. PLC | 41847 | 15731124 |
|  GE Vernova, Inc. | 16218 | 14168045 |
|  |  | 29899169 |
|  **Ground Transportation – 0.9%** |  |  |
|  CSX Corp. | 303952 | 12975711 |
|  **Machinery – 0.7%** |  |  |
|  Deere & Co. | 15538 | 9784434 |
|  **Professional Services – 0.1%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 17182 | 1354457 |
|  **Trading Companies & Distributors – 0.4%** |  |  |
|  United Rentals, Inc. | 7647 | 6423480 |
|  |  | 96432065 |
|  Health Care – 6.0% |  |  |
|  **Biotechnology – 0.5%** |  |  |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 13416 | 6665471 |

---

---

| | |
|:---|:---|
| 2 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Health Care Equipment & Supplies – 1.3%** |  |  |
|  Medtronic PLC | 89929 | 8782466 |
|  Stryker Corp. | 24554 | 9513693 |
|  |  | 18296159 |
|  **Health Care Providers & Services – 1.3%** |  |  |
|  Encompass Health Corp. | 17600 | 1898688 |
|  Labcorp Holdings, Inc. | 16909 | 4888730 |
|  UnitedHealth Group, Inc. | 40807 | 11967469 |
|  |  | 18754887 |
|  **Life Sciences Tools & Services – 1.6%** | **Life Sciences Tools & Services – 1.6%** | **Life Sciences Tools & Services – 1.6%** |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 51814 | 9264861 |
|  Thermo Fisher Scientific, Inc. | 26763 | 13946467 |
|  |  | 23211328 |
|  **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** | **Pharmaceuticals – 1.3%** |
|  Eli Lilly & Co. | 7691 | 8090855 |
|  Merck & Co., Inc. | 89762 | 11114331 |
|  |  | 19205186 |
|  |  | 86133031 |
|  Consumer Discretionary – 5.2% | Consumer Discretionary – 5.2% | Consumer Discretionary – 5.2% |
|  **Broadline Retail – 2.7%** | **Broadline Retail – 2.7%** | **Broadline Retail – 2.7%** |
|  Amazon.com, Inc.<sup>(a)</sup> | 187003 | 39270630 |
|  **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** | **Hotels, Restaurants & Leisure – 0.3%** |
|  Hyatt Hotels Corp. – Class A<sup>(b)</sup> | 24122 | 3895703 |
|  **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** | **Specialty Retail – 2.2%** |
|  AutoZone, Inc.<sup>(a)</sup> | 3536 | 13279731 |
|  Home Depot, Inc. (The) | 25931 | 9872450 |
|  TJX Cos., Inc. (The) | 58856 | 9514661 |
|  |  | 32666842 |
|  |  | 75833175 |
|  Consumer Staples – 2.1% | Consumer Staples – 2.1% | Consumer Staples – 2.1% |
|  **Beverages – 0.9%** | **Beverages – 0.9%** | **Beverages – 0.9%** |
|  Coca-Cola Co. (The) | 160618 | 13100004 |
|  **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** | **Consumer Staples Distribution & Retail – 1.2%** |
|  Costco Wholesale Corp. | 3885 | 3926919 |
|  Dollar Tree, Inc.<sup>(a)</sup> | 59921 | 7578808 |
|  Walmart, Inc. | 45206 | 5784108 |
|  |  | 17289835 |
|  |  | 30389839 |
|  Materials – 1.6% | Materials – 1.6% | Materials – 1.6% |
|  **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
|  Corteva, Inc. | 132336 | 10602760 |
|  Linde PLC | 19021 | 9664190 |
|  |  | 20266950 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 3 |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Construction Materials – 0.2%** | **Construction Materials – 0.2%** | **Construction Materials – 0.2%** |
|  Eagle Materials, Inc. | 14770 | $3305526 |
|  |  | 23572476 |
|  Energy – 1.6% | Energy – 1.6% | Energy – 1.6% |
|  **Oil, Gas & Consumable Fuels – 1.6%** | **Oil, Gas & Consumable Fuels – 1.6%** | **Oil, Gas & Consumable Fuels – 1.6%** |
|  EOG Resources, Inc. | 97087 | 12046555 |
|  Exxon Mobil Corp. | 72365 | 11035662 |
|  |  | 23082217 |
|  Utilities – 1.3% | Utilities – 1.3% | Utilities – 1.3% |
|  **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** | **Electric Utilities – 0.8%** |
|  American Electric Power Co., Inc. | 86634 | 11593362 |
|  **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** | **Multi-Utilities – 0.5%** |
|  Ameren Corp. | 62561 | 7086910 |
|  |  | 18680272 |
|  Real Estate – 1.0% | Real Estate – 1.0% | Real Estate – 1.0% |
|  **Specialized REITs – 1.0%** | **Specialized REITs – 1.0%** | **Specialized REITs – 1.0%** |
|  Digital Realty Trust, Inc. | 37537 | 6651556 |
|  Extra Space Storage, Inc. | 48092 | 7263335 |
|  |  | 13914891 |
|  Total Common Stocks <br>(cost $474,575,755) |  | 867346481 |
|  INVESTMENT COMPANIES – 39.0% | INVESTMENT COMPANIES – 39.0% | INVESTMENT COMPANIES – 39.0% |
|  **Funds and Investment Trusts – 39.0%**<sup>(c)(d)</sup> | **Funds and Investment Trusts – 39.0%**<sup>(c)(d)</sup> | **Funds and Investment Trusts – 39.0%**<sup>(c)(d)</sup> |
|  AB Discovery Growth Fund, Inc. – Class Z | 2532617 | 33101305 |
|  AB Emerging Markets Opportunities ETF | 689450 | 33245279 |
|  AB Trust – AB Discovery Value Fund – Class Z | 2082368 | 45312332 |
|  Bernstein Fund, Inc. – International Small Cap Portfolio – Class Z | 3747067 | 58529191 |
|  Bernstein Fund, Inc. – International Strategic Equities Portfolio – Class Z | 19366045 | 362338696 |
|  Bernstein Fund, Inc. – Small Cap Core Portfolio – Class Z | 2468537 | 30511112 |
|  Total Investment Companies <br>(cost $402,226,612) |  | 563037915 |
|  SHORT-TERM INVESTMENTS – 0.8% | SHORT-TERM INVESTMENTS – 0.8% | SHORT-TERM INVESTMENTS – 0.8% |
|  **Investment Companies – 0.8%** | **Investment Companies – 0.8%** | **Investment Companies – 0.8%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.53%<sup>(c)(d)(e)</sup> <br>(cost $11,112,269) | 11112269 | 11112269 |
|  Total Investments Before Security Lending Collateral for Securities Loaned – 99.9% <br>(cost $887,914,636) |  | 1441496665 |

---

---

| | |
|:---|:---|
| 4 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 0.3% |  |  |
|  **Investment Companies – 0.3%** | **Investment Companies – 0.3%** | **Investment Companies – 0.3%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 3.53%<sup>(c)(d)(e)</sup> <br>(cost $4,119,032) | 4119032 | $4119032 |
|  Total Investments – 100.2% <br>(cost $892,033,668) |  | 1445615697 |
|  Other assets less liabilities – (0.2)% |  | (2491044) |
|  **Net Assets – 100.0%** |  | $**1443124653** |

---

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

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

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

REG – Registered Shares

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 5 |

---

------

#### STATEMENT OF ASSETS & LIABILITIES
**February 28, 2026** (unaudited)

---

| | |
|:---|:---|
| Assets | Assets |
|  Investments in securities, at value | Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $474,575,755) | $867346481 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $417,457,913—including investment of cash collateral for securities loaned of $4,119,032) | 578269216 |
|  Foreign currencies, at value (cost $366) | 417 |
|  Receivable for investment securities sold | 1034805 |
|  Unaffiliated dividends receivable | 1000642 |
|  Receivable for shares of beneficial interest sold | 733168 |
|  Receivable due from Adviser | 282372 |
|  Affiliated dividends receivable | 22279 |
|  Total assets | 1448689380 |
| Liabilities | Liabilities |
|  Payable for collateral received on securities loaned | 4119032 |
|  Advisory fee payable | 713649 |
|  Payable for shares of beneficial interest redeemed | 356867 |
|  Distribution fee payable | 78921 |
|  Administrative fee payable | 59844 |
|  Transfer Agent fee payable | 29858 |
|  Trustees' fees payable | 6887 |
|  Accrued expenses and other liabilities | 199669 |
|  Total liabilities | 5564727 |
|  Net Assets | $**1443124653** |
| Composition of Net Assets | Composition of Net Assets |
|  Shares of beneficial interest, at par | $585 |
|  Additional paid-in capital | 835183179 |
|  Distributable earnings | 607940889 |
|  **Net Assets** | $**1443124653** |

---

Net Asset Value Per Share—unlimited shares authorized, $.00001 par value

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $400966530 | 16196205 | $24.76 \* |
| C | $2920402 | 115546 | $25.27 |
| Advisor | $1039237721 | 42172696 | $24.64 |

---

(a) Includes securities on loan with a value of $3,856,620 (see Note E).

\* The maximum offering price per share for Class A shares was $25.86 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| 6 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### STATEMENT OF OPERATIONS
**Six Months Ended February 28, 2026** (unaudited)

---

| | | |
|:---|:---|:---|
| Investment Income |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | $14079705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $29,784) | 4607064 |  |
|  Interest | 615 |  |
|  Securities lending income, net | 9644 | $18697028 |
| Expenses |  |  |
|  Advisory fee (see Note B) | 4516472 |  |
|  Distribution fee—Class A | 488172 |  |
|  Distribution fee—Class C | 15017 |  |
|  Transfer agency—Class A | 62097 |  |
|  Transfer agency—Class C | 617 |  |
|  Transfer agency—Advisor Class | 158419 |  |
|  Custody and accounting | 59585 |  |
|  Administrative | 41654 |  |
|  Registration fees | 30270 |  |
|  Audit and tax | 30155 |  |
|  Legal | 28268 |  |
|  Printing | 23506 |  |
|  Trustees' fees | 14060 |  |
|  Miscellaneous | 17612 |  |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485904 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1695300) |  |
|  Net expenses |  | 3790604 |
|  Net investment income |  | 14906424 |
| Realized and Unrealized Gain on Investment and Foreign Currency Transactions |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | 8022914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 31457998 |
|  Net realized gain distributions from Affiliated Underlying Portfolios |  | 36219959 |
|  Net change in unrealized appreciation (depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | 54078732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | 3368121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | 5 |
|  Net gain on investment and foreign currency transactions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133147729 |
|  Contributions from Affiliates (see Note B) |  | 757 |
|  **Net Increase in Net Assets from Operations** |  | $**148054910** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 7 |

---

------

#### STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>February 28, 2026<br>(unaudited)** | **Year Ended<br>August 31,<br>2025** |
| Increase in Net Assets from Operations | Increase in Net Assets from Operations | Increase in Net Assets from Operations |
|  Net investment income | $14906424 | $14202292 |
|  Net realized gain on investment and foreign currency transactions | 39480912 | 74487127 |
|  Net realized gain distributions from Affiliated Underlying Portfolios | 36219959 | 7478943 |
|  Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 57446858 | 85311453 |
|  Contributions from Affiliates (see Note B) | 757 | – 0 |
|  Net increase in net assets from operations | 148054910 | 181479815 |
| Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (25943038) | (19182583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (170078) | (146023) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (68582853) | (49266764) |
| Transactions in Shares of Beneficial Interest |  |  |
|  Net increase (decrease) | 45558711 | (20501809) |
|  Total increase | 98917652 | 92382636 |
| Net Assets | Net Assets | Net Assets |
|  Beginning of period | 1344207001 | 1251824365 |
|  End of period | $**1443124653** | $**1344207001** |

---

See notes to financial statements.

---

| | |
|:---|:---|
| 8 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### NOTES TO FINANCIAL STATEMENTS
**February 28, 2026** (unaudited)

NOTE A

Significant Accounting Policies

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified, open-end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of five series. Each series is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Wealth Appreciation Strategy (the "Fund"). The Fund offers Class A, Class C and Advisor Class shares. Class I, Class R, Class K, Class T and Class Z shares have been authorized but currently are not offered. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Advisor Class shares are sold without any initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All eight classes of shares have identical voting, dividend, liquidation and other rights, except that the classes bear different distribution and transfer agency expenses. Each class has exclusive voting rights with respect to its distribution plan. The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Fund.

1. Security Valuation

Portfolio securities are valued at market value determined on the basis of market quotations or, if market quotations are not readily available or are unreliable, at "fair value" as determined in accordance with procedures approved by and under the oversight of the Company's Board of Trustees (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser") serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to the Fund's portfolio investments, subject to the Board's oversight.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 9 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. ("NASDAQ")) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed and over-the-counter ("OTC") options, including flexible exchange-traded options ("Flex Options"), are typically valued at transaction price on the trade date. On days when a trade does not occur, these options are valued using models that consider the terms of the option and relevant market inputs; open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short-term securities that have an original maturity of 60 days or less, as well as short-term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the "Committee") must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open-end mutual funds are valued at the closing net asset value per share, while exchange-traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer's financial statements or other available documents. In addition, the Fund may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the

---

| | |
|:---|:---|
| 10 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Fund values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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 as described in Note A.1 above). 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, 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.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 11 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks<sup>(a)</sup> | $867346481 | $– 0 | $– 0 | $867346481 |
|  Investment Companies | 563037915 | – 0 | – 0 | 563037915 |
|  Short-Term Investments | 11112269 | – 0 | – 0 | 11112269 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 4119032 | – 0 | – 0 | 4119032 |
|  Total Investments in Securities | 1445615697 | – 0 | – 0 | 1445615697 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**1445615697** | $**– 0** | $**– 0** | $**1445615697** |

---

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments 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.

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated.

---

| | |
|:---|:---|
| 12 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Fund's financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Fund is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. Non-cash dividends, if any, are recorded on the ex-dividend date at the fair value of the securities received. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from real estate investment trust ("REIT") investments or from regulated investment companies as dividend income, realized gain, or return of capital based on information provided by the REIT or the investment company.

6. Class Allocations

All income earned and expenses incurred by the Fund are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Company are charged proportionately to each series or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

8. Cash and Short-Term Investments

Cash and short-term investments include cash on hand and short-term investments with maturities of less than one year when purchased.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 13 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

9. Segment Information

The Fund represents a single operating segment. An operating segment is defined in U.S. GAAP as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund's long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the statement of assets and liabilities and segment expenses are listed on the statement of operations.

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement (the "Advisory Agreement"), the Fund pays the Adviser an advisory fee at an annual rate of .65% of the first $2.5 billion, .55% of the next $2.5 billion and .50% in excess of $5 billion of the Fund's average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended February 28, 2026, the reimbursement for such services amounted to $41,654.

The Fund compensates AllianceBernstein Investor Services, Inc. ("ABIS"), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Fund. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. Such compensation retained by ABIS amounted to $96,713 for the six months ended February 28, 2026.

AllianceBernstein Investments, Inc. (the "Distributor"), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Fund's shares. The Distributor has advised the Fund that it has retained front-end sales charges of $2,342 from the sale of Class A shares and received $654 and $13 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the six months ended February 28, 2026.

---

| | |
|:---|:---|
| 14 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The Fund may invest in AB Government Money Market Portfolio which has a contractual annual advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. Effective September 1, 2023, the Adviser has contractually agreed to waive .05% of the advisory fee of AB Government Money Market Portfolio (resulting in a net advisory fee of .15%) until August 31, 2024. In connection with the investment by the Fund in AB Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Fund in an amount equal to the Fund's pro rata share of the effective advisory fee of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the six months ended February 28, 2026, such waiver amounted to $7,604.

In connection with the Fund's investments in other AB mutual funds, the Adviser has contractually agreed to waive fees and/or reimburse the expenses payable to the Adviser by the Fund in an amount equal to the Fund's pro rata share of the effective advisory fees of AB mutual funds, as paid by the Fund as an acquired fund fee and expense. These fee waivers and/or expense reimbursements will remain in effect until December 31, 2026. For the six months ended February 28, 2026, such waivers and/or reimbursements amounted to $1,686,972.

A summary of the Fund's transactions in AB mutual funds for the six months ended February 28, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | <br> **Distributions** | <br> **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  AB Government Money Market Portfolio | $11662 | $63111 | $63660 | $– 0 | $– 0 | $11113 | $145 | $– 0 |
|  AB Discovery Growth Fund, Inc. | 31235 | 3006 | 273 | (5) | (862) | 33101 | 263 | 2743 |
|  AB Trust – AB Discovery Value Fund | 41850 | 2696 | 524 | (16) | 1306 | 45312 | 368 | 2104 |
|  Bernstein Fund, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small Cap Portfolio | 48221 | 6815 | – 0 | – 0 | 3493 | 58529 | 2730 | 4085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Strategic Equities Portfolio | 291508 | 38900 | 18794 | 3593 | 47132 | 362339 | 10341 | 24642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Core Portfolio | 28017 | 2802 | – 0 | – 0 | (308) | 30511 | 156 | 2646 |
|  Sanford C. Bernstein Fund, Inc. – Emerging Markets Portfolio | 26723 | – 0 | 28081 | 4425 | (3067) | – 0 | – 0 | – 0 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 15 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | <br> **Distributions** | <br> **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/25<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Realized<br>Gain<br>(Loss)<br>(000)** | **Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** | **Market<br>Value<br>2/28/26<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  AB Active ETFs, Inc – AB Emerging Markets Opportunities ETF | $– 0 | $28404 | $1570 | $26 | $6385 | $33245 | $77 | $– 0 |
|  AB Government Money Market Portfolio\* | 3532 | 7732 | 7145 | – 0 | – 0 | 4119 | 4 | – 0 |
|  Total |  |  |  | $8023 | $54079 | $578269 | $14084 | $36220 |

---

\* Investments of cash collateral for securities lending transactions (see Note E).

During the six months ended February 28, 2026, the Adviser reimbursed the Fund $757 for trading losses incurred due to a NAV entry error.

NOTE C

Distribution Plan

The Fund has adopted a Plan for each class of shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .50% of the Fund's average daily net assets attributable to Class A shares, 1% of the Fund's average daily net assets attributable to Class C shares. There are no distribution and servicing fees on the Advisor Class shares. The fees are accrued daily and paid monthly. Payments under the Plan in respect of Class A shares are currently limited to an annual rate of .25% of Class A shares' average daily net assets. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. The Fund is not obligated under the Plan to pay any distribution services fee in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Fund's shares. Since the Distributor's compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the "compensation" plan.

In the event that the Plan is terminated or not continued, no distribution services fees (other than current amounts accrued but not yet paid) would be owed by the Fund to the Distributor with respect to the relevant class. The Plan also provides that the Adviser may use its own resources to finance the distribution of the Fund's shares.

---

| | |
|:---|:---|
| 16 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214601116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213643065 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $559024706 |
|  Gross unrealized depreciation | (5442677) |
|  Net unrealized appreciation | $**553582029** |

---

1. Derivative Financial Instruments

The Fund may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, "investment purposes"), or to hedge or adjust the risk profile of its portfolio.

The Fund did not engage in derivatives transactions for the six months ended February 28, 2026.

2. Currency Transactions

The Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Fund may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Fund may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Fund and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Fund may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund's securities lending program, all loans of securities will be collateralized continually by

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 17 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If the Fund cannot sell or repledge any non-cash collateral, such collateral will not be reflected in the portfolio of investments. If a loan is collateralized by cash, the Fund will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a "negative rebate" or fee paid by the borrower to the Fund in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. If the Fund receives non-cash collateral, the Fund will receive a fee from the borrower generally equal to a negotiated percentage of the market value of the loaned securities. The Fund will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Fund amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Fund will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Fund, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. The collateral will be adjusted the next business day to maintain the required collateral amount. The amounts of securities lending income from the borrowers and AB Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from AB Government Money Market Portfolio, the income is inclusive of a rebate expense paid to the borrower. In connection with the cash collateral investment by the Fund in AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower.

---

| | |
|:---|:---|
| 18 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions surrounding securities lending for the six months ended February 28, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market<br>Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market<br>Value of<br>Securities**<br> **on Loan\*** | **Cash<br>Collateral\*** | **Market<br>Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br>**Earned** | **Advisory Fee<br>Waived** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4119032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 |

---

\* As of February 28, 2026.

NOTE F

Shares of Beneficial Interest

Transactions in shares of beneficial interest for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares | Shares | Amount | Amount |
|  | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 | Six Months Ended<br>February 28, 2026<br>(unaudited) | Year Ended<br>August 31,<br>2025 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 149301 | 168942 | $3655752 | $3705010 |
|  Shares issued in reinvestment of dividends and distributions | 1034060 | 828976 | 24114269 | 17881006 |
|  Shares converted from Class C | 7641 | 23926 | 186502 | 511682 |
|  Shares redeemed | (861461) | (1877268) | (21150139) | (41045463) |
|  **Net increase (decrease)** | **329541** | **(855424)** | $**6806384** | $**(18947765)** |
| **Class C** | **Class C** |  |  |  |
|  Shares sold | 5924 | 21596 | $148331 | $469651 |
|  Shares issued in reinvestment of dividends and distributions | 6368 | 6418 | 151869 | 141269 |
|  Shares converted to Class A | (7497) | (23524) | (186502) | (511682) |
|  Shares redeemed | (14990) | (27819) | (377932) | (613339) |
|  **Net decrease** | **(10195)** | **(23329)** | $**(264234)** | $**(514101)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 2200820 | 3815149 | $53536242 | $82899314 |
|  Shares issued in reinvestment of dividends and distributions | 2370166 | 2211414 | 54987856 | 47456940 |
|  Shares redeemed | (2837023) | (6031792) | (69507537) | (131396197) |
|  **Net increase (decrease)** | **1733963** | **(5229)** | $**39016561** | $**(1039943)** |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 19 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

NOTE G

Risks Involved in Investing in the Fund

**Market Risk**—The value of the Fund's assets will fluctuate as the market or markets in which the Fund invests fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, changing interest rate levels, the imposition of new or additional tariffs, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the market generally.

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors.

**Currency Risk**—Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.

**Emerging Market Risk**—Investments in emerging market countries may have more risk than investments in other foreign countries because the markets are less developed, less liquid and are subject to increased potential for market manipulation and increased economic, political, regulatory or other uncertainties.

**Capitalization Risk**—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies have limited product lines, markets, or financial resources.

**Investment in Other Investment Companies Risk**—As with other investments, investments in other investment companies are subject to market and management risk. In addition, shareholders of the Fund bear both their proportionate share of expenses in the Fund (including management fees) and, indirectly, the expenses of the investment companies in which the Fund invests (to the extent these expenses are not waived or reimbursed by the Adviser).

**Sector Risk**—The Fund may have more risk because it may invest to a significant extent in one or more particular market sectors, such as the information technology sector. To the extent it does so, market or economic factors affecting the relevant sector(s) could have a major effect on the value of the Fund's investments.

**Capital Gain Risk**—A substantial portion of the Fund's net asset value is attributable to realized and/or net unrealized capital gains on portfolio securities. If the Fund realizes capital gains in excess of realized capital losses in any fiscal year, it

---

| | |
|:---|:---|
| 20 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

generally expects to make capital gain distributions to shareholders. You may receive distributions that are attributable to appreciation of portfolio securities that happened before you made your investment. Unless you purchase shares through a tax-advantaged account (such as an IRA or 401(k) plan), these distributions will be taxable to you even though they economically represent a return of a portion of your investment. You should consult your tax professional about your investment in the Fund.

**Indemnification Risk**—In the ordinary course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Fund has not accrued any liability in connection with these indemnification provisions.

**Management Risk**—The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. Some of these techniques may incorporate, or rely upon, quantitative models, but there is no guarantee that these models will generate accurate forecasts, reduce risk or otherwise perform as expected.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Fund, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, which will expire on June 23, 2026. A commitment fee of 0.15% per annum related to the Facility is paid by the participating funds and is included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the six months ended February 28, 2026.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending August 31, 2026 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $15097555 | $14138189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 53497815 | 13670739 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68595370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27808928 |

---

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 21 |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of August 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1817569 |
|  Undistributed capital gains | 64756454 |
|  Unrealized appreciation (depreciation) | 488008682 <sup>(a)</sup> |
|  Total accumulated earnings (deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554582705 |

---

(a) The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund did not have any capital loss carryforwards.

NOTE J

Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Fund's financial statements through this date.

---

| | |
|:---|:---|
| 22 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### FINANCIAL HIGHLIGHTS

#### Selected Data For A Share Of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $23.87 | $21.89 | $17.86 | $17.09 | $22.18 | $17.50 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .24 | .21<sup>†</sup> | .23 | .26 | .29 | .11 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.32 | 2.95 | 4.22 | 1.71 | (3.57) | 5.10 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | 2.56 | 3.16 | 4.45 | 1.97 | (3.28) | 5.21 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.19 | (.20 | (.23 | (.26 | (.22) |
|  Distributions from net realized gain on investment transactions | (1.44) | (.99 | (.22 | (.97 | (1.55) | (.31) |
|  Total dividends and distributions | (1.67) | (1.18) | (.42 | (1.20) | (1.81) | (.53) |
|  Net asset value, end of period | **$24.76** | **$23.87** | **$21.89** | **$17.86** | **$17.09** | **$22.18** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 11.17 | 15.03 | 25.46 | 12.22 | (16.10) | 30.41% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $400967 | $378792 | $365971 | $327880 | $318353 | $425623 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .72 | .71 | .67 | .68 | .65 | .64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .97 | .98 | .99 | 1.00 | .98 | .99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.97 | .97 | 1.17 | 1.55 | 1.46 | .55% |
|  Portfolio turnover rate | 15 | 26 | 12 | 13 | 20 | 15% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .26 | .29 | .33 | .35 | .36 | .38% |

---

See footnote summary on page 26.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 23 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026<br>(unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $24.23 | $22.20 | $18.07 | $17.23 | $22.24 | $17.52 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .14 | .05<sup>†</sup> | .09 | .14 | .14 | (.02) |
|  Net realized and unrealized gain (loss) on investment transactions | 2.37 | 2.99 | 4.28 | 1.72 | (3.60) | 5.10 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | 2.51 | 3.04 | 4.37 | 1.86 | (3.46) | 5.08 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.03 | (.02 | (.02 | (.05 | – 0 | (.05) |
|  Distributions from net realized gain on investment transactions | (1.44) | (.99 | (.22 | (.97 | (1.55) | (.31) |
|  Total dividends and distributions | (1.47) | (1.01) | (.24 | (1.02) | (1.55) | (.36) |
|  Net asset value, end of period | **$25.27** | **$24.23** | **$22.20** | **$18.07** | **$17.23** | **$22.24** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 10.71 | 14.17 | 24.48 | 11.35 | (16.70) | 29.39% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2920 | $3047 | $3309 | $3624 | $5166 | $8023 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.48 | 1.46 | 1.44 | 1.44 | 1.41 | 1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.73 | 1.74 | 1.75 | 1.76 | 1.74 | 1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | 1.16 | .24 | .44 | .85 | .72 | (.10)% |
|  Portfolio turnover rate | 15 | 26 | 12 | 13 | 20 | 15% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .26 | .29 | .33 | .35 | .36 | .38% |

---

See footnote summary on page 26.

---

| | |
|:---|:---|
| 24 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **Six Months<br>Ended<br>February 28,<br>2026**<br> (unaudited) | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value, beginning of period | $23.80 | $21.82 | $17.81 | $17.05 | $22.13 | $17.46 |
|  Income From Investment Operations |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .27 | .26 | .28 | .30 | .33 | .16 |
|  Net realized and unrealized gain (loss) on investment transactions | 2.30 | 2.96 | 4.20 | 1.70 | (3.55) | 5.08 |
|  Contributions from Affiliates | .00 | – 0 | – 0 | – 0 | – 0 | .00 <sup>(c)</sup> |
|  Net increase (decrease) in net asset value from operations | 2.57 | 3.22 | 4.48 | 2.00 | (3.22) | 5.24 |
|  Less: Dividends and Distributions |  |  |  |  |  |  |
|  Dividends from net investment income | (.29 | (.25 | (.25 | (.27 | (.31 | (.26) |
|  Distributions from net realized gain on investment transactions | (1.44) | (.99 | (.22 | (.97 | (1.55) | (.31) |
|  Total dividends and distributions | (1.73) | (1.24) | (.47 | (1.24) | (1.86) | (.57) |
|  Net asset value, end of period | **$24.64** | **$23.80** | **$21.82** | **$17.81** | **$17.05** | **$22.13** |
|  Total Return |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 11.26 | 15.38 | 25.74 | 12.50 | (15.87) | 30.73% |
|  Ratios/Supplemental Data |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1039238 | $962368 | $882544 | $795038 | $753314 | $967876 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .47 | .46 | .42 | .43 | .40 | .39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .72 | .73 | .74 | .75 | .73 | .74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.22 | 1.21 | 1.43 | 1.79 | 1.69 | .81% |
|  Portfolio turnover rate | 15 | 26 | 12 | 13 | 20 | 15% |
|  <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | <sup>‡</sup> Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .26 | .29 | .33 | .35 | .36 | .38% |

---

See footnote summary on page 26.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 25 |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

(a) Based on average shares outstanding.

(b) Net of expenses waived/reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Initial sales charges or contingent deferred sales charges are not reflected in the calculation of total investment return. Total investment return does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Fund's investments in affiliated underlying portfolios, the Fund incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Fund in an amount equal to the Fund's pro rata share of certain acquired fund fees and expenses, and for the six months ended February 28, 2026 and the years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, such waiver amounted to .24% (annualized), .28%, .31%, .32%, .34% and .35%, respectively.

(f) Less than .005%.

† During the year ended August 31, 2025, the Adviser reimbursed the Fund for overpayment of prior years' omnibus account services, sub-accounting services and related transfer agency expenses. The impact of the reimbursement to the financial highlights is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Investment**<br> **Income Per**<br> **Share** | **Net Investment**<br> **Income Ratio** | **Total Return** |
| Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |
| Class C | $.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |
| Advisor Class | $.00 <sup>(c)</sup> | .00 %<sup>(f)</sup> | .00 %<sup>(f)</sup> |

---

^ Annualized.

See notes to financial statements.

---

| | |
|:---|:---|
| 26 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

#### Information Regarding the Review and Approval of the Fund's Advisory Agreement
The disinterested trustees (the "directors") of The AB Portfolios (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Wealth Appreciation Strategy (the "Fund") at a meeting held in-person on May 6-8, 2025 (the "Meeting").

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed additional materials, including comparative analytical data prepared by the Senior Vice President of the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser's integrity and competence they have gained from that experience, the Adviser's initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund and the underlying funds advised by the Adviser in which the Fund invests.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors' determinations included the following:

#### Nature, Extent and Quality of Services Provided
The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 27 |

---

------

to time reviews the Fund's investment strategies and from time to time proposes changes intended to improve the Fund's relative or absolute performance for the directors' consideration. They also noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant at the request of the directors. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

#### Costs of Services Provided and Profitability
The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2023 and 2024 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant at the request of the directors. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser's relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser's relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser's level of profitability from its relationship with the Fund was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the underlying funds advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain

---

| | |
|:---|:---|
| 28 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

classes of the Fund's shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

#### Investment Results
In addition to the information reviewed by the directors in connection with the Meeting, the directors have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Advisor Class shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Advisor Class shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund's investment performance was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and noted that it was lower than the median. They also noted that the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was lower than the median.

The directors also considered the Adviser's fee schedule for other clients utilizing investment strategies similar to those of the Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser's Form ADV and in a report from the Fund's Senior Vice President and noted the differences between the Fund's fee schedule, on the one hand, and the Adviser's institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, the

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 29 |

---

------

Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions and compliance obligations; (iii) must prepare and file or distribute regulatory and other communications about fund operations; and (iv) must provide shareholder servicing to retail investors. The Adviser also reviewed the greater legal risks presented by the large and changing population of Fund shareholders who may assert claims against the Adviser in individual or class actions, and the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Adviser until a new fund achieves scale. In light of the substantial differences in services rendered by the Adviser to institutional clients as compared to the Fund and the different risk profile, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Advisor Class shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Advisor Class expense ratio of the Fund was based on the Fund's latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund's category were lowered by waivers or reimbursements by those funds' investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser's services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund's expense ratio was lower than the medians and that the Adviser had agreed to reimburse the Fund for the fees and expenses of any AB Funds in which it invests. The expense ratio of the Fund reflected this reimbursement. The directors also reviewed information about the amount of such reimbursement. Based on their review, the directors concluded that the Fund's expense ratio was acceptable.

#### Economies of Scale
The directors noted that the advisory fee schedules for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and presentations from time to time by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund's adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect

---

| | |
|:---|:---|
| 30 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

a fund's operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund's shareholders would benefit from a sharing of economies of scale in the event the Fund's net assets exceed a breakpoint in the future.

---

| | |
|:---|:---|
| **ABFunds.com** | AB Wealth Appreciation Strategy 31 |

---

------

#### NOTES

---

| | |
|:---|:---|
| 32 AB Wealth Appreciation Strategy | **ABFunds.com** |

---

------

![LOGO](g949634g28a43.jpg)

AB WEALTH APPRECIATION STRATEGY

66 Hudson Boulevard East

New York, NY 10001

800 221 5672

WA-0152-0226 ![LOGO](g949634g22c48.jpg)

------

#### ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
There were no disagreements with accountants during the reporting period.

#### ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
There were no shareholder meetings during the reporting period.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Aggregate remuneration paid to all Directors and advisory board members are included within the Financial Statements under Item 7 of this Form N-CSR.

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Statement regarding basis for Approval of Investment Advisory Contract included within the Financial Statements under Item 7 of this Form N-CSR.

------

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable to the registrant.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund's Board of Directors since the Fund last provided disclosure in response to this item.

#### ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant's internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable to the registrant.

------

#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| <u>EXHIBIT NO.</u> | <u>DESCRIPTION OF EXHIBIT</u> |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d43789dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d43789dex99cert.htm#a) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes —Oxley Act of 2002](d43789dex99906cert.htm) |

---

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): The AB Portfolios

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: April 24, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: April 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

Date: April 24, 2026

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of The AllianceBernstein Portfolios, certify that:

1. I have reviewed this report on Form N-CSR of The AB Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of The AB Portfolios, certify that:

1. I have reviewed this report on Form N-CSR of The AB Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information ; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: April 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of The AB Portfolios (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended February 28, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: April 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.