# EDGAR Filing Document

**Accession Number:** 0000812015
**File Stem:** 0001193125-23-068879
**Filing Date:** 2023-3
**Character Count:** 1194474
**Document Hash:** 647a1bb9ee8b6bacc07f60c13b0083a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068879.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068879

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20220831

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000812015
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05088
- **FILM NUMBER:** 23726780

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**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           |
| C000029008 | Class R       | APPRX           |
| C000029009 | Class K       | APWKX           |
| 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           |
| C000029019 | Class R       | ABWRX           |
| C000029020 | Class K       | ABWKX           |
| C000029021 | Class I       | ABWIX           |

### AB Tax-Managed All Market Income Portfolio (Series ID: S000010513)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000029022 | Class A       | AGIAX           |
| C000029024 | Class C       | AGICX           |
| C000029025 | Advisor Class | AGIYX           |

### 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           |
| C000029030 | Class R       | AWARX           |
| C000029031 | Class K       | AWAKX           |

### 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           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

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

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## The AB Portfolios
**(Exact name of registrant as specified in charter)** 

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**1345 Avenue of the Americas, New York, New York 10105** 

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

**Joseph J. Mantineo** 

**AllianceBernstein L.P.** 

**1345 Avenue of the Americas** 

**New York, New York 10105** 

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

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

**Date of fiscal year end: August 31, 2022** 

**Date of reporting period: August 31, 2022** 

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Explanatory Note:

Enclosed for filing you will find an amended Form N-CSR of the registrant's original 2022 Form N-CSR filing of the referenced period. The purpose of this amended filing is to update Item 11 (b) and Item 13 (which is addressed in exhibits labeled Exhibit 12 (b)(1) and Exhibit 12 (b)(2) in the original filings). Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

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**ITEM 1. REPORTS TO STOCKHOLDERS.** 

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**AUG** <sup>08.31.22</sup>

![LOGO](g461205g43p34.jpg)

ANNUAL REPORT

## AB ALL MARKET TOTAL RETURN PORTFOLIO
![LOGO](g461205covart_7465.jpg)

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 <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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g461205g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB All Market Total Return Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g461205g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**October 10, 2022** 

This report provides management's discussion of fund performance for the AB All Market Total Return Portfolio for the annual reporting period ended August 31, 2022.

**The Fund's investment objective is to achieve the highest total return consistent with the Adviser's determination of reasonable risk.** 

**NAV RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB ALL MARKET TOTAL RETURN PORTFOLIO** |  |  |
| Class A Shares | -10.66% | -16.85% |
| Class C Shares | -11.04% | -17.50% |
| Advisor Class Shares<sup>1</sup> | -10.58% | -16.61% |
| Class R Shares<sup>1</sup> | -10.80% | -17.16% |
| Class K Shares<sup>1</sup> | -10.71% | -16.93% |
| Class I Shares<sup>1</sup> | -10.58% | -16.64% |
| Primary Benchmark: MSCI ACWI (net) | -11.21% | -15.88% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | -6.48% | -9.99% |

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| | |
|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its primary benchmark, the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") (net), and the Bloomberg Global Aggregate Bond Index (USD hedged) for the six- and 12-month periods ended August 31, 2022.

All share classes of the Fund underperformed the primary benchmark and the Bloomberg Global Aggregate Bond Index (USD hedged) for the 12-month period, before sales charges. Relative to the primary benchmark, overall allocation to fixed-income assets detracted, while allocation to equities and alternatives contributed. Security selection within equities and fixed income was negative, while selection to alternatives was positive.

During the six-month period, all share classes of the Fund outperformed the primary benchmark and underperformed the Bloomberg Global Aggregate Bond Index (USD hedged), before sales charges. Relative to the

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| | |
|:---|:---|
| **2 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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primary benchmark, overall allocation to equities contributed, while allocation to fixed income and alternatives detracted. Security selection to equities and fixed income was negative, while selection to alternatives was positive.

The Fund utilized derivatives for hedging and investment purposes in the form of currency forwards, total return swaps and written swaptions, which contributed to absolute performance for both periods, while futures, interest rate swaps, inflation Consumer Price Index swaps and variance swaps detracted; credit default swaps detracted for the six-month period and added for the 12-month period. The Fund utilizes a range of cash securities and derivatives to efficiently gain exposures to desired investments. Derivatives are excluded from the calculation of the Fund's turnover rate of 105% whereas transactions in cash securities are included. The Fund's turnover rate might have been different if the Fund had not utilized derivatives.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended August 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants and supply-chain disruptions. Volatility increased as persistently high inflation set off a global wave of tighter monetary policy led by the US Federal Reserve (the "Fed"). The escalating European energy crisis caused by Russia's invasion of Ukraine, and continued weakness in China, contributed to fears of a broad global downturn. The Fed raised interest rates four times during the period, including two consecutive 0.75% increases. Equity markets rallied briefly as some weaker-than-expected economic data pointed to modestly lower inflation in the US, which raised optimism that policy rates might peak at lower levels. Stocks fell sharply after Fed Chair Jerome Powell remarked that the Fed would be willing to risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks started tightening monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. In credit sectors, investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds outperformed respective treasury markets in the US and eurozone. Securitized assets generally outperformed corporate bonds. Emerging-market bonds lagged as the US dollar

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 3** |

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advanced against most developed- and emerging-market currencies. Brent crude oil prices rose due to increased demand, and as major oil producers limited production increases.

The Fund's Senior Investment Management Team (the "Team") strives to provide the highest total return consistent with reasonable risk. The Team's global multi-asset strategy focuses on growth and defensively managing market volatility. The Team utilizes a rigorous quantitative research toolset with fundamental expertise across all regions and markets.

**INVESTMENT POLICIES** 

The Adviser allocates the Fund's investments primarily among a number of asset classes, including equity securities, fixed-income securities, and a number of alternative asset classes and alternative investment strategies. The Fund pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging-market countries. Under normal circumstances, at least 40% of the Fund's net assets will be invested in securities of non-US issuers.

The Fund's investments in equity securities of issuers consist primarily of securities of large-capitalization companies, but include securities of small- and mid-capitalization companies to a lesser extent, and include derivatives related to equity securities. In selecting equity securities for the Fund, the Adviser uses fundamental and quantitative analysis with the goal of generating returns primarily from security selection rather than price movements in equity securities generally. Fixed-income securities include corporate and sovereign debt securities as well as interest rate derivatives and credit derivatives such as credit default swaps. Fixed-income securities also include debt securities with lower credit ratings (commonly known as "junk bonds"). In selecting fixed-income securities for the Fund, the Adviser attempts to take advantage of inefficiencies that it believes exist in the global fixed-income markets. These inefficiencies arise from investor behavior, market complexity and the investment limitations to which investors are subject.

Alternative investments include various instruments, the returns on which are expected to have low correlation with returns on equity and fixed-income securities, such as commodities and related derivatives, real estate-related securities and inflation-indexed securities. Alternative investment strategies that may be pursued by the Fund directly or indirectly through investment in other registered investment companies include (i) long/short equity strategies through which the Fund takes long positions in certain securities in the expectation that they will

(continued on next page)

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|:---|:---|
| **4 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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increase in value and takes short positions in other securities in the expectation that they will decrease in value; (ii) strategies that consider macroeconomic and technical factors to identify and exploit opportunities across global asset classes; and (iii) event-driven strategies that invest in the securities of companies that are expected to become the subject of major corporate events and companies in which an active role in company management has been taken or sought by a third-party investor.

The Adviser adjusts the Fund's asset class exposure utilizing both fundamental analysis and the Adviser's Dynamic Asset Allocation ("DAA") approach. DAA comprises a series of analytical and forecasting tools employed by the Adviser to gauge fluctuations in the risk/return profile of various asset classes. DAA seeks to adjust the Fund's investment exposure in changing market conditions and thereby reduce overall portfolio volatility by mitigating the effects of market fluctuations, while preserving consistent long-term return potential. For example, the Adviser may seek to reduce the Fund's risk exposure to one or more asset classes when DAA suggests that market risks relevant to those asset classes are rising but return opportunities are declining. In addition to merely increasing or decreasing asset class exposure by buying or selling securities of that asset class, the Adviser may pursue DAA implementation for the Fund by utilizing derivatives.

The Adviser intends to utilize a variety of derivatives in its management of the Fund. As noted above, the Adviser may use derivatives to gain exposure to various asset classes, and may cause the Fund to enter into derivatives in making the adjustments called for by DAA. As a result of the use of derivatives, the Fund will frequently be leveraged, with net investment exposure substantially in excess of net assets.

While the Fund may seek to gain exposure to physical commodities traded in the commodities markets through investments in a variety of derivative instruments, the Adviser expects that the Fund seeks to gain such 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 Subsidiary is advised by the Adviser and has the same investment objective and substantially similar investment policies and restrictions as the Fund except that the Subsidiary, unlike the Fund, may invest, without limitation, in commodities and commodities-related instruments. The Fund is subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests, to the extent of its investment in the Subsidiary. The

(continued on next page)

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 5** |

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Fund limits its investment in the Subsidiary to no more than 25% of its total assets. Investment in the Subsidiary is expected to provide the Fund with commodity exposure within the limitations of federal tax requirements that apply to the Fund.

Currency exchange rate fluctuations can have a dramatic impact on returns. The Fund's foreign currency exposures will come from investment in securities priced or denominated in foreign currencies and from direct holdings in foreign currencies and currency-related derivatives. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Fund investments or decide not to hedge this exposure. The Adviser may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

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|:---|:---|
| **6 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of global investment-grade developed fixed-income markets, hedged to the US dollar. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

**Allocation Risk:** The allocation of investments among different investment styles, such as equity or debt, growth or value, US or non-US securities, or diversification strategies, may have a more significant effect on the Fund's net asset value ("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.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US 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 because the markets are less developed and less liquid as well as being subject to 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

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|:---|:---|
| **8 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

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. 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:** To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**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 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:** The Fund is subject to short sale risk because it may engage in short sales either directly or indirectly through investment in the Underlying Portfolio. Short sales involve the risk that the Fund or Underlying Portfolio 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 or Underlying Portfolio's investment in the security,

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 9** |

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**DISCLOSURES AND RISKS** (continued)

because the price of the security cannot fall below zero. The Fund or Underlying Portfolio may not always be able to close out a short position on favorable terms.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to April 24, 2017, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **10 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

8/31/2012 TO 8/31/2022

![LOGO](g461205g90d00.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB All Market Total Return Portfolio Class A shares (from 8/31/2012 to 8/31/2022) as compared to the performance of the Fund's benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |  |
| 1 Year | -16.85% | -20.40% |
| 5 Years | 1.95% | 1.08% |
| 10 Years | 4.48% | 4.03% |
| **CLASS C SHARES** |  |  |
| 1 Year | -17.50% | -18.25% |
| 5 Years | 1.18% | 1.18% |
| 10 Years<sup>1</sup> | 3.70% | 3.70% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |  |
| 1 Year | -16.61% | -16.61% |
| 5 Years | 2.21% | 2.21% |
| 10 Years | 4.76% | 4.76% |
| **CLASS R SHARES**<sup>2</sup> |  |  |
| 1 Year | -17.16% | -17.16% |
| 5 Years | 1.54% | 1.54% |
| 10 Years | 4.07% | 4.07% |
| **CLASS K SHARES**<sup>2</sup> |  |  |
| 1 Year | -16.93% | -16.93% |
| 5 Years | 1.84% | 1.84% |
| 10 Years | 4.38% | 4.38% |
| **CLASS I SHARES**<sup>2</sup> |  |  |
| 1 Year | -16.64% | -16.64% |
| 5 Years | 2.18% | 2.18% |
| 10 Years | 4.73% | 4.73% |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.07%, 1.82%, 0.81%, 1.49%, 1.18% and 0.85% for Class A, Class C, Advisor Class, Class R, Class K and Class I shares, respectively, gross of any fee waivers or expense reimbursements. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

---

| | |
|:---|:---|
| **12 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

---

| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -24.60% |
| 5 Years | -0.73% |
| 10 Years | 2.91% |
| **CLASS C SHARES** |  |
| 1 Year | -22.57% |
| 5 Years | -0.62% |
| 10 Years<sup>1</sup> | 2.59% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -21.11% |
| 5 Years | 0.38% |
| 10 Years | 3.62% |
| **CLASS R SHARES**<sup>2</sup> |  |
| 1 Year | -21.60% |
| 5 Years | -0.29% |
| 10 Years | 2.94% |
| **CLASS K SHARES**<sup>2</sup> |  |
| 1 Year | -21.40% |
| 5 Years | 0.01% |
| 10 Years | 3.26% |
| **CLASS I SHARES**<sup>2</sup> |  |
| 1 Year | -21.06% |
| 5 Years | 0.36% |
| 10 Years | 3.60% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

---

| | |
|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 13** |

---

------

**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | |
|:---|:---|
| **14 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**EXPENSE EXAMPLE** (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>March 1,<br>2022** | **Ending<br>Account<br>Value<br>August 31,<br>2022** | **Expenses<br>Paid<br>During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** | **Total<br>Expenses<br>Paid<br>During<br>Period+** | **Total<br>Annualized<br>Expense<br>Ratio+** |
| **Class A** |  |  |  |  |  |  |
|  Actual | $1000 | $893.40 | $4.92 | 1.03% | $5.01 | 1.05% |
|  Hypothetical\*\* | $1000 | $1020.01 | $5.24 | 1.03% | $5.35 | 1.05% |
| **Class C** |  |  |  |  |  |  |
|  Actual | $1000 | $889.60 | $8.48 | 1.78% | $8.57 | 1.80% |
|  Hypothetical\*\* | $1000 | $1016.23 | $9.05 | 1.78% | $9.15 | 1.80% |
| **Advisor Class** |  |  |  |  |  |  |
|  Actual | $1000 | $894.20 | $3.72 | 0.78% | $3.82 | 0.80% |
|  Hypothetical\*\* | $1000 | $1021.27 | $3.97 | 0.78% | $4.08 | 0.80% |
| **Class R** |  |  |  |  |  |  |
|  Actual | $1000 | $892.00 | $6.91 | 1.45% | $7.01 | 1.47% |
|  Hypothetical\*\* | $1000 | $1017.90 | $7.38 | 1.45% | $7.48 | 1.47% |
| **Class K** |  |  |  |  |  |  |
|  Actual | $1000 | $892.90 | $5.44 | 1.14% | $5.53 | 1.16% |
|  Hypothetical\*\* | $1000 | $1019.46 | $5.80 | 1.14% | $5.90 | 1.16% |
| **Class I** |  |  |  |  |  |  |
|  Actual | $1000 | $894.20 | $3.87 | 0.81% | $3.96 | 0.83% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021.12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | 0.81% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | 0.83% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

---

| | |
|:---|:---|
| + | In connection with the Fund's investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Fund's total expenses are equal to the classes' annualized expense ratio plus the Fund's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 15** |

---

------

**PORTFOLIO SUMMARY** 

**August 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $512.1

------

![LOGO](g461205g14e63.jpg)

---

| | |
|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's security type breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" security type weightings represent 0.1% or less in the following types: Asset-Backed Securities, Commercial Mortgage-Backed Securities, Emerging Markets–Treasuries, Mortgage Pass-Throughs and Warrants.  |

---

---

| | |
|:---|:---|
| **16 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO SUMMARY** (continued)

**August 31, 2022** (unaudited)

------

![LOGO](g461205g35e15.jpg)

---

| | |
|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" country weightings represent 0.6% or less in the following: Angola, Argentina, Australia, Austria, Bahrain, Belgium, Bermuda, Brazil, Colombia, Dominican Republic, Ecuador, El Salvador, Finland, Gabon, Guatemala, Hong Kong, India, Indonesia, Ireland, Italy, Ivory Coast, Jamaica, Lebanon, Luxembourg, Macau, Mexico, New Zealand, Nigeria, Oman, Pakistan, Panama, Peru, Portugal, Russia, Senegal, Singapore, South Africa, South Korea, Spain, Taiwan, Turkey, Ukraine, United Arab Emirates and Venezuela.  |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 17** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** 

**August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 66.0%** |  |  |
|  **Information Technology – 18.3%** |  |  |
|  **Communications Equipment – 0.2%** |  |  |
|  Calix, Inc.<sup>(a)</sup> | 6900 | $406065 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 8840 | 738582 |
|  Sierra Wireless, Inc.<sup>(a)</sup> | 195 | 6002 |
|  |  | 1150649 |
|  **Electronic Equipment, Instruments & Components – 1.7%** |  |  |
|  Amphenol Corp. – Class A | 32566 | 2394578 |
|  CDW Corp./DE | 19646 | 3353572 |
|  Flex Ltd.<sup>(a)</sup> | 42380 | 754788 |
|  Keyence Corp. | 700 | 262832 |
|  Rogers Corp.<sup>(a)</sup> | 7988 | 2001154 |
|  |  | 8766924 |
|  **IT Services – 5.5%** |  |  |
|  Accenture PLC – Class A | 1412 | 407305 |
|  Akamai Technologies, Inc.<sup>(a)</sup> | 14906 | 1345714 |
|  Automatic Data Processing, Inc. | 16859 | 4120509 |
|  Black Knight, Inc.<sup>(a)</sup> | 27401 | 1812850 |
|  Capgemini SE | 3560 | 615090 |
|  Cognizant Technology Solutions Corp. – Class A | 30881 | 1950753 |
|  Evo Payments, Inc. – Class A<sup>(a)</sup> | 4683 | 156037 |
|  Fidelity National Information Services, Inc. | 8371 | 764858 |
|  Gartner, Inc.<sup>(a)</sup> | 1574 | 449094 |
|  Genpact Ltd. | 15036 | 706391 |
|  GoDaddy, Inc. – Class A<sup>(a)</sup> | 1391 | 105466 |
|  Kyndryl Holdings, Inc.<sup>(a)</sup> | 893 | 9305 |
|  Mastercard, Inc. – Class A | 18184 | 5898344 |
|  MoneyGram International, Inc.<sup>(a)</sup> | 68309 | 703583 |
|  NEC Corp. | 3800 | 138593 |
|  Otsuka Corp. | 11900 | 384655 |
|  Paychex, Inc. | 7854 | 968712 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 22053 | 2060632 |
|  VeriSign, Inc.<sup>(a)</sup> | 5470 | 996743 |
|  Visa, Inc. – Class A | 23626 | 4694722 |
|  |  | 28289356 |
|  **Semiconductors & Semiconductor Equipment – 2.6%** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 1690 | 143430 |
|  Applied Materials, Inc. | 13137 | 1235798 |
|  ASML Holding NV | 1224 | 597454 |
|  Broadcom, Inc. | 2534 | 1264744 |
|  Enphase Energy, Inc.<sup>(a)</sup> | 912 | 261233 |
|  Infineon Technologies AG | 32449 | 793990 |

---

---

| | |
|:---|:---|
| **18 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  KLA Corp. | 2523 | $868240 |
|  Lam Research Corp. | 1070 | 468564 |
|  MediaTek, Inc. | 14000 | 302914 |
|  NVIDIA Corp. | 2396 | 361652 |
|  NXP Semiconductors NV | 2980 | 490448 |
|  QUALCOMM, Inc. | 4658 | 616114 |
|  Silicon Motion Technology Corp. (ADR) | 23451 | 1808307 |
|  STMicroelectronics NV | 12743 | 444096 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 25000 | 409245 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 3820 | 318397 |
|  Teradyne, Inc. | 4830 | 408811 |
|  Texas Instruments, Inc. | 1459 | 241041 |
|  Tower Semiconductor Ltd.<sup>(a)</sup> | 43319 | 2009568 |
|  |  | 13044046 |
|  **Software – 6.5%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 3416 | 1275671 |
|  Avalara, Inc.<sup>(a)</sup> | 12612 | 1155133 |
|  Avaya Holdings Corp.<sup>(a)(b)</sup> | 2217 | 3525 |
|  Cadence Design Systems, Inc.<sup>(a)</sup> | 2782 | 483428 |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 1032 | 124088 |
|  Citrix Systems, Inc.<sup>(a)</sup> | 7938 | 815788 |
|  Constellation Software, Inc./Canada | 616 | 927281 |
|  Crowdstrike Holdings, Inc. – Class A<sup>(a)</sup> | 2283 | 416899 |
|  Dassault Systemes SE | 12959 | 499740 |
|  Dropbox, Inc. – Class A<sup>(a)</sup> | 19442 | 415864 |
|  Fortinet, Inc.<sup>(a)</sup> | 8497 | 413719 |
|  Intuit, Inc. | 872 | 376512 |
|  ironSource Ltd. – Class A<sup>(a)</sup> | 297836 | 1218149 |
|  Mandiant, Inc.<sup>(a)</sup> | 79418 | 1815496 |
|  Microsoft Corp. | 58460 | 15285536 |
|  Monitronics International, Inc.<sup>(a)</sup> | 2239 | 1142 |
|  NortonLifeLock, Inc. | 53318 | 1204453 |
|  Oracle Corp. | 13944 | 1033948 |
|  Palo Alto Networks, Inc.<sup>(a)</sup> | 695 | 386983 |
|  Ping Identity Holding Corp.<sup>(a)</sup> | 17197 | 483924 |
|  SAP SE | 11916 | 1014878 |
|  ServiceNow, Inc.<sup>(a)</sup> | 518 | 225133 |
|  VMware, Inc. – Class A | 22472 | 2607426 |
|  Zendesk, Inc.<sup>(a)</sup> | 13658 | 1048525 |
|  |  | 33233241 |
|  **Technology Hardware, Storage & Peripherals – 1.8%** |  |  |
|  Apple, Inc. | 35947 | 5651588 |
|  Dell Technologies, Inc. – Class C | 8027 | 307354 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 19** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  NetApp, Inc. | 6242 | $450235 |
|  Ricoh Co., Ltd. | 57500 | 451918 |
|  Samsung Electronics Co., Ltd. | 50788 | 2249946 |
|  |  | 9111041 |
|  |  | 93595257 |
|  **Health Care – 10.8%** |  |  |
|  **Biotechnology – 1.4%** |  |  |
|  AbbVie, Inc. | 6538 | 879100 |
|  Abcam PLC<sup>(a)</sup> | 22385 | 330309 |
|  Amgen, Inc. | 1965 | 472190 |
|  Biohaven Pharmaceutical Holding Co., Ltd.<sup>(a)</sup> | 13120 | 1959472 |
|  ChemoCentryx, Inc.<sup>(a)</sup> | 21536 | 1097905 |
|  Genmab A/S<sup>(a)</sup> | 941 | 334964 |
|  Global Blood Therapeutics, Inc.<sup>(a)</sup> | 17356 | 1178472 |
|  Moderna, Inc.<sup>(a)</sup> | 361 | 47749 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 621 | 360838 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1001 | 282042 |
|  |  | 6943041 |
|  **Health Care Equipment & Supplies – 2.2%** |  |  |
|  Abbott Laboratories | 36039 | 3699403 |
|  Alcon, Inc. | 5650 | 372013 |
|  Becton Dickinson and Co. | 2424 | 611866 |
|  Coloplast A/S – Class B | 3840 | 438647 |
|  Cooper Cos., Inc. (The) | 6107 | 1755396 |
|  Demant A/S<sup>(a)</sup> | 4049 | 124726 |
|  Hologic, Inc.<sup>(a)</sup> | 4089 | 276253 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 1050 | 365001 |
|  Koninklijke Philips NV | 55737 | 925680 |
|  Medtronic PLC | 14471 | 1272290 |
|  Meridian Bioscience, Inc.<sup>(a)</sup> | 25080 | 817357 |
|  STERIS PLC | 2930 | 590044 |
|  |  | 11248676 |
|  **Health Care Providers & Services – 2.1%** |  |  |
|  1Life Healthcare, Inc.<sup>(a)</sup> | 90814 | 1562909 |
|  AmerisourceBergen Corp. | 3262 | 478079 |
|  Centene Corp.<sup>(a)</sup> | 9955 | 893362 |
|  CVS Health Corp. | 5265 | 516760 |
|  Elevance Health, Inc. | 4214 | 2044253 |
|  Hanger, Inc.<sup>(a)</sup> | 6738 | 125529 |
|  Henry Schein, Inc.<sup>(a)</sup> | 3124 | 229333 |
|  Humana, Inc. | 1106 | 532849 |
|  LHC Group, Inc.<sup>(a)</sup> | 13301 | 2147712 |
|  McKesson Corp. | 1716 | 629772 |
|  Molina Healthcare, Inc.<sup>(a)</sup> | 1455 | 490873 |
|  UnitedHealth Group, Inc. | 2642 | 1372070 |
|  |  | 11023501 |

---

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Health Care Technology – 0.6%** |  |  |
|  Change Healthcare, Inc.<sup>(a)</sup> | 80829 | $1985969 |
|  EMIS Group PLC | 42299 | 925265 |
|  |  | 2911234 |
|  **Life Sciences Tools & Services – 1.7%** |  |  |
|  Bio-Rad Laboratories, Inc. – Class A<sup>(a)</sup> | 970 | 470489 |
|  Bruker Corp. | 5800 | 324800 |
|  Danaher Corp. | 2759 | 744681 |
|  Gerresheimer AG | 4468 | 233717 |
|  ICON PLC<sup>(a)</sup> | 1260 | 264386 |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 15791 | 3358114 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup> | 370 | 448610 |
|  Sartorius Stedim Biotech | 398 | 145573 |
|  Thermo Fisher Scientific, Inc. | 2830 | 1543255 |
|  Waters Corp.<sup>(a)</sup> | 1488 | 444317 |
|  West Pharmaceutical Services, Inc. | 3065 | 909355 |
|  |  | 8887297 |
|  **Pharmaceuticals – 2.8%** |  |  |
|  Bristol-Myers Squibb Co. | 1298 | 87498 |
|  Eli Lilly & Co. | 3988 | 1201305 |
|  Johnson & Johnson | 4952 | 798956 |
|  Mallinckrodt PLC<sup>(a)</sup> | 223 | 2531 |
|  Merck & Co., Inc. | 16219 | 1384454 |
|  Novo Nordisk A/S – Class B | 18789 | 2008803 |
|  Pfizer, Inc. | 16463 | 744622 |
|  Roche Holding AG (BR) | 701 | 267753 |
|  Roche Holding AG (Genusschein) | 10619 | 3421881 |
|  Sanofi | 20032 | 1637612 |
|  Zoetis, Inc. | 16748 | 2621564 |
|  |  | 14176979 |
|  |  | 55190728 |
|  **Financials – 9.0%** |  |  |
|  **Banks – 3.4%** |  |  |
|  ABN AMRO Bank NV<sup>(b)(c)</sup> | 53972 | 518503 |
|  Bank Leumi Le-Israel BM | 75732 | 800580 |
|  Barclays PLC | 74546 | 142136 |
|  BNP Paribas SA | 6512 | 304209 |
|  Citigroup, Inc. | 12205 | 595726 |
|  Commerzbank AG<sup>(a)</sup> | 64781 | 431048 |
|  Commonwealth Bank of Australia | 3940 | 260364 |
|  DBS Group Holdings Ltd. | 24700 | 575102 |
|  Erste Group Bank AG | 19090 | 429291 |
|  First Horizon Corp. | 72873 | 1648387 |
|  HDFC Bank Ltd. (ADR) | 8540 | 521367 |
|  Japan Post Bank Co., Ltd.<sup>(b)</sup> | 23500 | 171302 |
|  JPMorgan Chase & Co. | 10925 | 1242500 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 21** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  KBC Group NV | 3490 | $166447 |
|  KeyCorp | 24671 | 436430 |
|  Mitsubishi UFJ Financial Group, Inc. | 338600 | 1755285 |
|  National Bank of Canada | 6496 | 429769 |
|  Natwest Group PLC<sup>(a)</sup> | 70794 | 202022 |
|  Nordea Bank Abp | 48079 | 445781 |
|  Oversea-Chinese Banking Corp., Ltd. | 86900 | 749003 |
|  Royal Bank of Canada | 9724 | 904246 |
|  Skandinaviska Enskilda Banken AB – Class A | 3986 | 39735 |
|  Societe Generale SA | 17946 | 395627 |
|  Standard Chartered PLC | 59301 | 410728 |
|  SVB Financial Group<sup>(a)</sup> | 1140 | 463433 |
|  Toronto-Dominion Bank (The) | 8489 | 546112 |
|  Umpqua Holdings Corp. | 119714 | 2123726 |
|  Wells Fargo & Co. | 18118 | 791938 |
|  |  | 17500797 |
|  **Capital Markets – 3.2%** |  |  |
|  Ameriprise Financial, Inc. | 1753 | 469822 |
|  BlackRock, Inc. | 3154 | 2101794 |
|  Carlyle Group, Inc. (The) | 9002 | 292835 |
|  Charles Schwab Corp. (The) | 52357 | 3714729 |
|  CME Group, Inc. | 2348 | 459292 |
|  Credit Suisse Group AG (REG)<sup>(a)</sup> | 191877 | 990109 |
|  Deutsche Boerse AG | 2730 | 461573 |
|  Goldman Sachs Group, Inc. (The) | 8816 | 2932819 |
|  Houlihan Lokey, Inc. | 6310 | 495335 |
|  Julius Baer Group Ltd.<sup>(a)</sup> | 23206 | 1121307 |
|  London Stock Exchange Group PLC | 7751 | 727056 |
|  Moody's Corp. | 1319 | 375282 |
|  Morgan Stanley | 1835 | 156379 |
|  MSCI, Inc. | 1440 | 646906 |
|  Partners Group Holding AG | 840 | 810812 |
|  Singapore Exchange Ltd. | 48800 | 331157 |
|  |  | 16087207 |
|  **Diversified Financial Services – 0.0%** |  |  |
|  Berkshire Hathaway, Inc. – Class B<sup>(a)</sup> | 535 | 150228 |
|  **Insurance – 2.0%** |  |  |
|  Admiral Group PLC | 6740 | 165796 |
|  Aflac, Inc. | 8500 | 505070 |
|  AIA Group Ltd. | 44800 | 431031 |
|  Alleghany Corp.<sup>(a)</sup> | 2434 | 2047432 |
|  Aon PLC – Class A | 1828 | 510487 |
|  Arch Capital Group Ltd.<sup>(a)</sup> | 10237 | 468036 |
|  Aviva PLC | 86846 | 421311 |

---

---

| | |
|:---|:---|
| **22 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Everest Re Group Ltd. | 1629 | $438282 |
|  Fidelity National Financial, Inc. | 11602 | 453638 |
|  Japan Post Holdings Co., Ltd. | 63100 | 435313 |
|  Japan Post Insurance Co., Ltd. | 26100 | 399789 |
|  Marsh & McLennan Cos., Inc. | 3664 | 591260 |
|  Medibank Pvt Ltd. | 127236 | 320503 |
|  NN Group NV | 16136 | 663157 |
|  Progressive Corp. (The) | 4567 | 560143 |
|  Prudential Financial, Inc. | 4524 | 433173 |
|  Sampo Oyj – Class A | 11724 | 530398 |
|  Willis Towers Watson PLC | 3031 | 626902 |
|  |  | 10001721 |
|  **Mortgage Real Estate Investment Trusts (REITs) – 0.0%** |  |  |
|  Annaly Capital Management, Inc. | 13539 | 87327 |
|  **Thrifts & Mortgage Finance – 0.4%** |  |  |
|  Flagstar Bancorp, Inc. | 54476 | 2098960 |
|  |  | 45926240 |
|  **Consumer Discretionary – 7.0%** |  |  |
|  **Auto Components – 0.7%** |  |  |
|  Aisin Corp. | 5300 | 157594 |
|  Aptiv PLC<sup>(a)</sup> | 25564 | 2388445 |
|  Energy Technology<sup>(a)(d)(e)</sup> | 13 | 3900 |
|  Tenneco, Inc.<sup>(a)</sup> | 55253 | 1042071 |
|  |  | 3592010 |
|  **Automobiles – 0.3%** |  |  |
|  Ferrari NV | 2353 | 454229 |
|  Tesla, Inc.<sup>(a)</sup> | 3558 | 980620 |
|  |  | 1434849 |
|  **Diversified Consumer Services – 0.3%** |  |  |
|  Service Corp. International/US | 1590 | 98119 |
|  Terminix Global Holdings, Inc.<sup>(a)</sup> | 31667 | 1350597 |
|  |  | 1448716 |
|  **Hotels, Restaurants & Leisure – 1.2%** |  |  |
|  Aristocrat Leisure Ltd. | 6101 | 147256 |
|  Caesars Entertainment, Inc.<sup>(a)</sup> | 367 | 15825 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 152 | 242714 |
|  Compass Group PLC | 36963 | 795113 |
|  Domino's Pizza, Inc. | 752 | 279639 |
|  Galaxy Entertainment Group Ltd. | 248800 | 1390713 |
|  Marriott International, Inc./MD – Class A | 3213 | 493967 |
|  Starbucks Corp. | 24147 | 2030038 |
|  Yum China Holdings, Inc. | 9352 | 468629 |
|  Yum! Brands, Inc. | 2473 | 275096 |
|  |  | 6138990 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 23** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Household Durables – 0.5%** |  |  |
|  iRobot Corp.<sup>(a)</sup> | 27364 | $1611192 |
|  PulteGroup, Inc. | 10352 | 420912 |
|  TopBuild Corp.<sup>(a)</sup> | 1405 | 258183 |
|  |  | 2290287 |
|  **Internet & Direct Marketing Retail – 1.9%** |  |  |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 58600 | 699129 |
|  Alibaba Group Holding Ltd. (ADR)<sup>(a)</sup> | 9863 | 941029 |
|  Amazon.com, Inc.<sup>(a)</sup> | 53043 | 6724262 |
|  Prosus NV<sup>(a)</sup> | 17423 | 1076906 |
|  ZOZO, Inc. | 12200 | 269659 |
|  |  | 9710985 |
|  **Leisure Products – 0.1%** |  |  |
|  Bandai Namco Holdings, Inc. | 6200 | 465227 |
|  Carlson Travel, Inc.<sup>(a)(d)</sup> | 1901 | 22812 |
|  |  | 488039 |
|  **Multi-Utilities – 0.0%** |  |  |
|  ATD New Holdings, Inc.<sup>(a)(d)</sup> | 2609 | 182630 |
|  **Multiline Retail – 0.0%** |  |  |
|  Dollarama, Inc. | 3731 | 227209 |
|  **Specialty Retail – 1.1%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 916 | 1941197 |
|  Hikari Tsushin, Inc. | 1300 | 164353 |
|  Home Depot, Inc. (The) | 234 | 67490 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup> | 1152 | 803082 |
|  TJX Cos., Inc. (The) | 37028 | 2308696 |
|  Ulta Beauty, Inc.<sup>(a)</sup> | 1178 | 494607 |
|  |  | 5779425 |
|  **Textiles, Apparel & Luxury Goods – 0.9%** |  |  |
|  adidas AG | 2439 | 361663 |
|  Kering SA | 1017 | 510282 |
|  NIKE, Inc. – Class B | 34743 | 3698393 |
|  Pandora A/S | 2748 | 165090 |
|  |  | 4735428 |
|  |  | 36028568 |
|  **Industrials – 5.9%** |  |  |
|  **Aerospace & Defense – 0.4%** |  |  |
|  Airbus SE | 4886 | 478794 |
|  BAE Systems PLC | 51979 | 468128 |
|  Dassault Aviation SA | 1053 | 144608 |
|  Hexcel Corp. | 7073 | 414973 |
|  Huntington Ingalls Industries, Inc. | 2057 | 473645 |
|  |  | 1980148 |

---

---

| | |
|:---|:---|
| **24 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Air Freight & Logistics – 0.3%** |  |  |
|  Atlas Air Worldwide Holdings, Inc.<sup>(a)</sup> | 5834 | $582934 |
|  CH Robinson Worldwide, Inc. | 4075 | 465161 |
|  Expeditors International of Washington, Inc. | 4592 | 472471 |
|  |  | 1520566 |
|  **Airlines – 0.3%** |  |  |
|  Southwest Airlines Co.<sup>(a)</sup> | 10506 | 385570 |
|  Spirit Airlines, Inc.<sup>(a)</sup> | 58701 | 1331339 |
|  |  | 1716909 |
|  **Building Products – 0.7%** |  |  |
|  Assa Abloy AB – Class B | 13071 | 264740 |
|  Otis Worldwide Corp. | 36365 | 2626280 |
|  Owens Corning | 5026 | 410775 |
|  Trex Co., Inc.<sup>(a)</sup> | 5700 | 266703 |
|  |  | 3568498 |
|  **Commercial Services & Supplies – 0.9%** |  |  |
|  Cintas Corp. | 1093 | 444676 |
|  Copart, Inc.<sup>(a)</sup> | 1349 | 161408 |
|  Rollins, Inc. | 12507 | 422236 |
|  Stericycle, Inc.<sup>(a)</sup> | 34521 | 1729157 |
|  Tetra Tech, Inc. | 3970 | 539166 |
|  TOMRA Systems ASA | 24176 | 550890 |
|  Waste Management, Inc. | 4968 | 839741 |
|  |  | 4687274 |
|  **Construction & Engineering – 0.2%** |  |  |
|  AECOM | 3587 | 262389 |
|  Infrastructure and Energy Alternatives, Inc.<sup>(a)</sup> | 44634 | 634249 |
|  WillScot Mobile Mini Holdings Corp.<sup>(a)</sup> | 1235 | 49573 |
|  |  | 946211 |
|  **Electrical Equipment – 0.2%** |  |  |
|  Eaton Corp. PLC | 6459 | 882558 |
|  **Machinery – 1.1%** |  |  |
|  Deere & Co. | 2079 | 759355 |
|  Dover Corp. | 8970 | 1120891 |
|  Parker-Hannifin Corp. | 4920 | 1303800 |
|  SMC Corp. | 1100 | 521872 |
|  Snap-on, Inc. | 2090 | 455327 |
|  Techtronic Industries Co., Ltd. | 6000 | 70766 |
|  Volvo AB – Class B | 61284 | 970756 |
|  Xylem, Inc./NY | 3959 | 360665 |
|  |  | 5563432 |
|  **Marine – 0.2%** |  |  |
|  AP Moller – Maersk A/S – Class B | 98 | 235117 |
|  Kuehne & Nagel International AG | 792 | 183040 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 25** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  SITC International Holdings Co., Ltd. | 139000 | $352481 |
|  ZIM Integrated Shipping Services Ltd.<sup>(b)</sup> | 2550 | 92029 |
|  |  | 862667 |
|  **Professional Services – 1.3%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 6529 | 624825 |
|  Intertrust NV<sup>(a)(c)</sup> | 106626 | 2085176 |
|  LifeWorks, Inc.<sup>(b)</sup> | 43790 | 1064617 |
|  Nielsen Holdings PLC | 31457 | 875763 |
|  RELX PLC | 27620 | 722821 |
|  Robert Half International, Inc. | 5406 | 416100 |
|  Wolters Kluwer NV | 8070 | 789188 |
|  |  | 6578490 |
|  **Road & Rail – 0.1%** |  |  |
|  Canadian National Railway Co. | 4457 | 530048 |
|  **Trading Companies & Distributors – 0.2%** |  |  |
|  Ferguson PLC | 2676 | 309902 |
|  Toyota Tsusho Corp. | 4500 | 157537 |
|  United Rentals, Inc.<sup>(a)</sup> | 968 | 282695 |
|  WW Grainger, Inc. | 848 | 470589 |
|  |  | 1220723 |
|  |  | 30057524 |
|  **Communication Services – 4.7%** |  |  |
|  **Diversified Telecommunication Services – 1.5%** |  |  |
|  BCE, Inc.<sup>(b)</sup> | 7532 | 363481 |
|  Charter Communications, Inc. – Class A<sup>(a)</sup> | 193 | 79638 |
|  Comcast Corp. – Class A | 65701 | 2377719 |
|  Elisa Oyj | 2903 | 155247 |
|  HKT Trust & HKT Ltd. | 492000 | 660057 |
|  Intelsat Jackson Holdings SA<sup>(a)(d)(e)</sup> | 346 | – 0 |
|  Intelsat SA<sup>(a)(d)</sup> | 1653 | 45458 |
|  Liberty Global PLC – Class C<sup>(a)</sup> | 20021 | 426648 |
|  Nippon Telegraph & Telephone Corp. | 24700 | 669476 |
|  Shaw Communications, Inc. – Class B | 76629 | 1965101 |
|  Spark New Zealand Ltd. | 144092 | 476644 |
|  Telefonica SA | 94228 | 388880 |
|  |  | 7608349 |
|  **Entertainment – 1.0%** |  |  |
|  Activision Blizzard, Inc. | 24590 | 1930069 |
|  Electronic Arts, Inc. | 19237 | 2440598 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup> | 1636 | 147829 |
|  Ubisoft Entertainment SA<sup>(a)</sup> | 4600 | 212129 |
|  Universal Music Group NV<sup>(b)</sup> | 14792 | 293739 |
|  |  | 5024364 |

---

---

| | |
|:---|:---|
| **26 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Interactive Media & Services – 2.1%** |  |  |
|  Alphabet, Inc. – Class A<sup>(a)</sup> | 8046 | $870738 |
|  Alphabet, Inc. – Class C<sup>(a)</sup> | 47171 | 5148715 |
|  Auto Trader Group PLC<sup>(c)</sup> | 59749 | 451145 |
|  Kakaku.com, Inc. | 11600 | 213532 |
|  Meta Platforms, Inc. – Class A<sup>(a)</sup> | 26358 | 4294509 |
|  |  | 10978639 |
|  **Media – 0.1%** |  |  |
|  Dentsu Group, Inc. | 9600 | 309168 |
|  DISH Network Corp. – Class A<sup>(a)</sup> | 609 | 10566 |
|  iHeartMedia, Inc. – Class A<sup>(a)</sup> | 2453 | 21709 |
|  |  | 341443 |
|  |  | 23952795 |
|  **Consumer Staples – 3.4%** |  |  |
|  **Beverages – 1.4%** |  |  |
|  Asahi Group Holdings Ltd. | 74739 | 2505867 |
|  Coca-Cola Co. (The) | 37799 | 2332576 |
|  Constellation Brands, Inc. – Class A | 8006 | 1969876 |
|  Keurig Dr Pepper, Inc. | 7380 | 281326 |
|  Kirin Holdings Co., Ltd. | 6600 | 108648 |
|  |  | 7198293 |
|  **Food & Staples Retailing – 0.6%** |  |  |
|  Costco Wholesale Corp. | 1443 | 753390 |
|  George Weston Ltd. | 1592 | 182007 |
|  Jeronimo Martins SGPS SA | 18364 | 407162 |
|  Koninklijke Ahold Delhaize NV | 32985 | 907312 |
|  Progenics Pharmaceuticals, Inc.<sup>(a)(d)(e)</sup> | 136645 | – 0 |
|  Sysco Corp. | 4238 | 348448 |
|  Walmart, Inc.<sup>(a)</sup> | 3559 | 471746 |
|  Woolworths Group Ltd. | 12458 | 307124 |
|  |  | 3377189 |
|  **Food Products – 0.5%** |  |  |
|  Archer-Daniels-Midland Co. | 6107 | 536744 |
|  Bunge Ltd. | 4470 | 443290 |
|  Hershey Co. (The) | 2160 | 485287 |
|  Nestle SA | 4671 | 546614 |
|  Salmar ASA | 5549 | 366941 |
|  Tyson Foods, Inc. – Class A | 427 | 32187 |
|  |  | 2411063 |
|  **Household Products – 0.3%** |  |  |
|  Colgate-Palmolive Co. | 6578 | 514465 |
|  Procter & Gamble Co. (The) | 4977 | 686528 |
|  Southeastern Grocers, Inc.<sup>(a)(d)</sup> | 8714 | 200422 |
|  |  | 1401415 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 27** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Tobacco – 0.6%** |  |  |
|  Imperial Brands PLC | 21277 | $467920 |
|  Philip Morris International, Inc. | 2788 | 266226 |
|  Swedish Match AB | 222765 | 2236369 |
|  |  | 2970515 |
|  |  | 17358475 |
|  **Energy – 1.9%** |  |  |
|  **Energy Equipment & Services – 0.6%** |  |  |
|  CHC Group LLC<sup>(a)</sup> | 1138 | – 0 |
|  Diamond Offshore Drilling, Inc.<sup>(a)(b)</sup> | 2052 | 14590 |
|  Diamond Offshore Drilling, Inc.<sup>(a)(f)</sup> | 3643 | 25902 |
|  Halliburton Co. | 7280 | 219346 |
|  Shell PLC | 113186 | 2995812 |
|  Vantage Drilling International<sup>(a)</sup> | 602 | 10535 |
|  |  | 3266185 |
|  **Oil, Gas & Consumable Fuels – 1.3%** |  |  |
|  Battalion Oil Corp.<sup>(a)</sup> | 1 | 13 |
|  Berry Corp. | 5577 | 51030 |
|  Canadian Natural Resources Ltd.<sup>(b)</sup> | 3276 | 179596 |
|  Cenovus Energy, Inc. | 20112 | 377325 |
|  Cheniere Energy, Inc. | 3758 | 601956 |
|  Chevron Corp. | 280 | 44257 |
|  Chord Energy Corp. | 868 | 122865 |
|  Civitas Resources, Inc. | 493 | 33125 |
|  ConocoPhillips | 4793 | 524594 |
|  Denbury, Inc.<sup>(a)</sup> | 594 | 52824 |
|  Eni SpA | 22389 | 264480 |
|  Equinor ASA | 51377 | 1993973 |
|  Exxon Mobil Corp. | 1904 | 182003 |
|  Imperial Oil Ltd.<sup>(b)</sup> | 7864 | 385970 |
|  K201640219 South Africa Ltd. – Class A<sup>(a)(d)(e)</sup> | 465862 | – 0 |
|  K201640219 South Africa Ltd. – Series B<sup>(a)(d)(e)(g)</sup> | 73623 | – 0 |
|  Marathon Petroleum Corp. | 5572 | 561379 |
|  Neste Oyj | 9620 | 474620 |
|  Repsol SA<sup>(a)</sup> | 29738 | 386240 |
|  SandRidge Energy, Inc.<sup>(a)</sup> | 14 | 294 |
|  Suncor Energy, Inc.<sup>(b)</sup> | 6504 | 210420 |
|  |  | 6446964 |
|  |  | 9713149 |
|  **Utilities – 1.7%** |  |  |
|  **Electric Utilities – 1.1%** |  |  |
|  American Electric Power Co., Inc. | 4766 | 477553 |
|  Enel SpA | 37183 | 174726 |
|  First Trust Global Wind Energy ETF<sup>(b)</sup> | 31113 | 555678 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Iberdrola SA | 74574 | $776442 |
|  NextEra Energy, Inc. | 8070 | 686434 |
|  NRG Energy, Inc. | 11154 | 460437 |
|  Orsted AS<sup>(c)</sup> | 4500 | 439211 |
|  PNM Resources, Inc. | 44968 | 2132832 |
|  Verbund AG | 1402 | 133972 |
|  |  | 5837285 |
|  **Gas Utilities – 0.3%** |  |  |
|  Naturgy Energy Group SA<sup>(b)</sup> | 15822 | 436286 |
|  South Jersey Industries, Inc. | 20465 | 692740 |
|  UGI Corp. | 11093 | 438174 |
|  |  | 1567200 |
|  **Independent Power and Renewable Electricity Producers – 0.0%** |  |  |
|  RWE AG | 5843 | 223071 |
|  **Multi-Utilities – 0.2%** |  |  |
|  Ameren Corp. | 3414 | 316205 |
|  DTE Energy Co. | 300 | 39102 |
|  Sempra Energy | 3169 | 522790 |
|  |  | 878097 |
|  **Water Utilities – 0.1%** |  |  |
|  American Water Works Co., Inc. | 2390 | 354795 |
|  |  | 8860448 |
|  **Real Estate – 1.7%** |  |  |
|  **Equity Real Estate Investment Trusts (REITs) – 1.3%** |  |  |
|  American Tower Corp. | 11452 | 2909381 |
|  CatchMark Timber Trust, Inc. – Class A | 23222 | 247314 |
|  Duke Realty Corp. | 35842 | 2109302 |
|  Iron Mountain, Inc. | 779 | 40983 |
|  Link REIT | 24700 | 191154 |
|  Medical Properties Trust, Inc. | 28529 | 416809 |
|  Nippon Building Fund, Inc. | 29 | 144448 |
|  Public Storage | 89 | 29444 |
|  Stockland | 161388 | 396992 |
|  Weyerhaeuser Co. | 13341 | 455728 |
|  |  | 6941555 |
|  **Real Estate Management & Development – 0.4%** |  |  |
|  CBRE Group, Inc. – Class A<sup>(a)</sup> | 20064 | 1584253 |
|  Nomura Real Estate Holdings, Inc. | 11900 | 292358 |
|  |  | 1876611 |
|  |  | 8818166 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 29** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Materials – 1.6%** |  |  |  |  |
|  **Chemicals – 0.9%** |  |  |  |  |
|  CF Industries Holdings, Inc. |  | 4544 | $| 470122 |
|  Chr Hansen Holding A/S |  | 5861 |  | 341504 |
|  GCP Applied Technologies, Inc.<sup>(a)</sup> |  | 44152 |  | 1387256 |
|  Koninklijke DSM NV |  | 3160 |  | 402950 |
|  Linde PLC |  | 3826 |  | 1082222 |
|  LyondellBasell Industries NV – Class A |  | 3746 |  | 310918 |
|  OCI NV |  | 12384 |  | 464930 |
|  Sumitomo Chemical Co., Ltd. |  | 113400 |  | 446379 |
|  |  |  |  | 4906281 |
|  **Containers & Packaging – 0.1%** |  |  |  |  |
|  Packaging Corp. of America |  | 340 |  | 46553 |
|  Sealed Air Corp. |  | 4846 |  | 260763 |
|  Westrock Co. |  | 16 |  | 650 |
|  |  |  |  | 307966 |
|  **Metals & Mining – 0.5%** |  |  |  |  |
|  Artsonig Pty Ltd.<sup>(a)(d)(e)</sup> |  | 51133 |  | – 0 |
|  Fortescue Metals Group Ltd.<sup>(b)</sup> |  | 15447 |  | 191969 |
|  Glencore PLC<sup>(a)</sup> |  | 47938 |  | 262104 |
|  Neenah Enterprises, Inc.<sup>(a)(d)(e)</sup> |  | 10896 |  | – 0 |
|  Steel Dynamics, Inc. |  | 3998 |  | 322718 |
|  Teck Resources Ltd. – Class B |  | 6380 |  | 216075 |
|  Yamana Gold, Inc. |  | 391500 |  | 1726515 |
|  |  |  |  | 2719381 |
|  **Paper & Forest Products – 0.1%** |  |  |  |  |
|  Resolute Forest Products, Inc.<sup>(a)</sup> |  | 18593 |  | 376694 |
|  |  |  |  | 8310322 |
|  Total Common Stocks <br>(cost $329,235,936) |  |  |  | 337811672 |
|  |  | **Principal<br>Amount<br>(000)** |  |  |
|  **CORPORATES - NON-INVESTMENT GRADE – 5.6%** |  |  |  |  |
|  **Industrial – 4.8%** | **Industrial – 4.8%** | **Industrial – 4.8%** | **Industrial – 4.8%** | **Industrial – 4.8%** |
|  **Basic – 0.3%** |  |  |  |  |
|  Arconic Corp. <br>6.125%, 02/15/2028<sup>(c)</sup> | U.S.$| 33 |  | 31083 |
|  ASP Unifrax Holdings, Inc.<br>5.25%, 09/30/2028<sup>(c)</sup> |  | 58 |  | 47291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/2029<sup>(c)</sup> |  | 16 |  | 11897 |
|  Avient Corp.<br>5.75%, 05/15/2025<sup>(c)</sup> |  | 32 |  | 31550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/01/2030<sup>(c)</sup> |  | 46 |  | 45491 |

---

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Big River Steel LLC/BRS Finance Corp. <br>6.625%, 01/31/2029<sup>(c)</sup> | U.S.$| 102 | $102229 |
|  Cleveland-Cliffs, Inc.<br>4.625%, 03/01/2029<sup>(b)(c)</sup> |  | 25 | 22212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/01/2031<sup>(b)(c)</sup> |  | 27 | 23610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/2026<sup>(c)</sup> |  | 12 | 12136 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI <br>4.75%, 02/01/2026 |  | 20 | 19285 |
|  CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%, 06/15/2028<sup>(c)</sup> |  | 64 | 59438 |
|  Element Solutions, Inc. <br>3.875%, 09/01/2028<sup>(c)</sup> |  | 91 | 79056 |
|  ERP Iron Ore, LLC <br>1.00%, 12/31/2019<sup>(a)(d)(e)(g)(h)</sup> |  | 12 | 8102 |
|  FMG Resources August 2006 Pty Ltd.<br>4.50%, 09/15/2027<sup>(c)</sup> |  | 36 | 32890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/15/2032<sup>(c)</sup> |  | 166 | 153436 |
|  Glatfelter Corp. <br>4.75%, 11/15/2029<sup>(c)</sup> |  | 32 | 19924 |
|  Graham Packaging Co., Inc. <br>7.125%, 08/15/2028<sup>(b)(c)</sup> |  | 28 | 24054 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. <br>9.00%, 07/01/2028<sup>(c)</sup> |  | 77 | 67350 |
|  INEOS Quattro Finance 1 PLC <br>3.75%, 07/15/2026<sup>(c)</sup> | EUR | 149 | 127879 |
|  Intelligent Packaging Holdco Issuer LP <br>9.00% (9.00% Cash or 9.75% PIK), 01/15/2026<sup>(c)(g)</sup> | U.S.$| 52 | 43062 |
|  Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <br>6.00%, 09/15/2028<sup>(c)</sup> |  | 123 | 105565 |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018<sup>(a)(d)(e)(f)(h)</sup> |  | 146 | – 0 |
|  Mercer International, Inc. <br>5.125%, 02/01/2029 |  | 93 | 81182 |
|  Valvoline, Inc. <br>4.25%, 02/15/2030<sup>(c)</sup> |  | 152 | 148352 |
|  Vibrantz Technologies, Inc. <br>9.00%, 02/15/2030<sup>(b)(c)</sup> |  | 234 | 171712 |
|  WR Grace Holdings LLC <br>4.875%, 06/15/2027<sup>(c)</sup> |  | 59 | 54828 |
|  |  |  | 1523614 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 31** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.3%** |  |  |  |
|  ARD Finance SA <br>5.00% (5.00% Cash or 5.75% PIK), 06/30/2027<sup>(c)(g)</sup> | EUR | 202 | $150252 |
|  Clean Harbors, Inc. <br>4.875%, 07/15/2027<sup>(c)</sup> | U.S.$| 3 | 2785 |
|  Eco Material Technologies, Inc. <br>7.875%, 01/31/2027<sup>(c)</sup> |  | 121 | 112214 |
|  Energizer Holdings, Inc. <br>4.75%, 06/15/2028<sup>(c)</sup> |  | 33 | 27552 |
|  EnerSys <br>4.375%, 12/15/2027<sup>(c)</sup> |  | 100 | 91872 |
|  Gates Global LLC/Gates Corp. <br>6.25%, 01/15/2026<sup>(c)</sup> |  | 130 | 123175 |
|  GFL Environmental, Inc. <br>5.125%, 12/15/2026<sup>(c)</sup> |  | 15 | 14535 |
|  Granite US Holdings Corp. <br>11.00%, 10/01/2027<sup>(c)</sup> |  | 54 | 52588 |
|  Harsco Corp. <br>5.75%, 07/31/2027<sup>(c)</sup> |  | 85 | 60398 |
|  JELD-WEN, Inc. <br>4.625%, 12/15/2025<sup>(c)</sup> |  | 17 | 14637 |
|  LSB Industries, Inc. <br>6.25%, 10/15/2028<sup>(c)</sup> |  | 23 | 21287 |
|  Madison IAQ LLC <br>5.875%, 06/30/2029<sup>(c)</sup> |  | 207 | 170467 |
|  Moog, Inc. <br>4.25%, 12/15/2027<sup>(c)</sup> |  | 42 | 38472 |
|  SPX FLOW, Inc. <br>8.75%, 04/01/2030<sup>(b)(c)</sup> |  | 190 | 158232 |
|  Stevens Holding Co., Inc. <br>6.125%, 10/01/2026<sup>(c)</sup> |  | 18 | 17937 |
|  Summit Materials LLC/Summit Materials Finance Corp.<br>5.25%, 01/15/2029 <sup>(c)</sup> |  | 34 | 30910 |
|  Tervita Corp. <br>11.00%, 12/01/2025<sup>(c)</sup> |  | 84 | 91135 |
|  TransDigm UK Holdings PLC <br>6.875%, 05/15/2026 |  | 265 | 256562 |
|  TransDigm, Inc. <br>6.25%, 03/15/2026<sup>(c)</sup> |  | 47 | 46158 |
|  Triumph Group, Inc.<br>6.25%, 09/15/2024<sup>(c)</sup> |  | 37 | 33908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/2025<sup>(b)</sup> |  | 42 | 35437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 06/01/2024<sup>(c)</sup> |  | 53 | 53427 |
|  Wesco Distribution, Inc. <br>7.25%, 06/15/2028<sup>(c)</sup> |  | 53 | 53510 |
|  |  |  | 1657450 |

---

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications - Media – 0.6%** |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.50%, 11/15/2028<sup>(c)</sup> | U.S.$| 113 | $97184 |
|  Altice Financing SA <br>5.75%, 08/15/2029<sup>(c)</sup> |  | 279 | 224930 |
|  AMC Networks, Inc. <br>4.25%, 02/15/2029 |  | 181 | 147767 |
|  Arches Buyer, Inc. <br>6.125%, 12/01/2028<sup>(b)(c)</sup> |  | 39 | 30512 |
|  Banijay Entertainment SASU <br>3.50%, 03/01/2025<sup>(c)</sup> | EUR | 150 | 139928 |
|  CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.25%, 01/15/2034<sup>(c)</sup> | U.S.$| 111 | 84503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030<sup>(c)</sup> |  | 105 | 88371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032<sup>(c)</sup> |  | 88 | 72882 |
|  Clear Channel Outdoor Holdings, Inc. <br>5.125%, 08/15/2027<sup>(c)</sup> |  | 25 | 22437 |
|  CSC Holdings LLC<br>3.375%, 02/15/2031<sup>(c)</sup> |  | 200 | 150022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/15/2022 |  | 15 | 15000 |
|  DISH DBS Corp.<br>5.125%, 06/01/2029 |  | 53 | 31389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/2026<sup>(c)</sup> |  | 135 | 111621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028<sup>(c)</sup> |  | 94 | 72349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 07/01/2028 |  | 98 | 64211 |
|  DISH Network Corp. <br>3.375%, 08/15/2026<sup>(i)</sup> |  | 56 | 40295 |
|  Gray Escrow II, Inc. <br>5.375%, 11/15/2031<sup>(c)</sup> |  | 129 | 109066 |
|  iHeartCommunications, Inc.<br>4.75%, 01/15/2028<sup>(c)</sup> |  | 35 | 30012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/01/2026 |  | 22 | 20739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 05/01/2027 |  | 137 | 120224 |
|  Lamar Media Corp. <br>4.875%, 01/15/2029<sup>(b)</sup> |  | 4 | 3734 |
|  McGraw-Hill Education, Inc.<br>5.75%, 08/01/2028<sup>(c)</sup> |  | 139 | 123166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/2029<sup>(c)</sup> |  | 93 | 80720 |
|  National CineMedia LLC<br>5.75%, 08/15/2026 |  | 33 | 16657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 04/15/2028<sup>(b)(c)</sup> |  | 67 | 47290 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. <br>4.625%, 03/15/2030<sup>(c)</sup> |  | 61 | 50928 |
|  Sinclair Television Group, Inc.<br>5.125%, 02/15/2027<sup>(b)(c)</sup> |  | 150 | 129024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/2030<sup>(c)</sup> |  | 107 | 83877 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 33** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Sirius XM Radio, Inc.<br>3.875%, 09/01/2031<sup>(c)</sup> | U.S.$| 116 | $93809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/2028<sup>(c)</sup> |  | 292 | 254671 |
|  Summer BC Holdco B SARL <br>5.75%, 10/31/2026<sup>(c)</sup> | EUR | 150 | 139493 |
|  TEGNA, Inc.<br>4.75%, 03/15/2026<sup>(c)</sup> | U.S.$| 35 | 34464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/2029 |  | 110 | 105390 |
|  Univision Communications, Inc.<br>6.625%, 06/01/2027<sup>(c)</sup> |  | 144 | 139438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/30/2030<sup>(c)</sup> |  | 25 | 24804 |
|  Urban One, Inc. <br>7.375%, 02/01/2028<sup>(c)</sup> |  | 203 | 183065 |
|  |  |  | 3183972 |
|  **Communications - Telecommunications – 0.2%** |  |  |  |
|  Connect Finco SARL/Connect US Finco LLC <br>6.75%, 10/01/2026<sup>(c)</sup> |  | 200 | 183572 |
|  Consolidated Communications, Inc.<br>5.00%, 10/01/2028<sup>(c)</sup> |  | 25 | 19341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2028<sup>(c)</sup> |  | 164 | 133629 |
|  Embarq Corp. <br>7.995%, 06/01/2036 |  | 180 | 139287 |
|  Frontier Communications Holdings LLC <br>5.875%, 10/15/2027<sup>(c)</sup> |  | 65 | 60773 |
|  Intelsat Jackson Holdings SA <br>5.50%, 08/01/2023<sup>(a)(d)(e)</sup> |  | 177 | – 0 |
|  Kaixo Bondco Telecom SA <br>5.125%, 09/30/2029<sup>(c)</sup> | EUR | 100 | 81740 |
|  Level 3 Financing, Inc.<br>4.25%, 07/01/2028<sup>(c)</sup> | U.S.$| 25 | 20798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/2027<sup>(c)</sup> |  | 67 | 59147 |
|  Telecom Italia Capital SA <br>7.20%, 07/18/2036 |  | 105 | 89604 |
|  Vmed O2 UK Financing I PLC <br>4.75%, 07/15/2031<sup>(c)</sup> |  | 200 | 164754 |
|  Zayo Group Holdings, Inc. <br>6.125%, 03/01/2028<sup>(c)</sup> |  | 74 | 56696 |
|  |  |  | 1009341 |
|  **Consumer Cyclical - Automotive – 0.4%** |  |  |  |
|  Allison Transmission, Inc. <br>5.875%, 06/01/2029<sup>(c)</sup> |  | 60 | 56782 |
|  Clarios Global LP/Clarios US Finance Co. <br>6.25%, 05/15/2026<sup>(c)</sup> |  | 69 | 68251 |
|  Dana, Inc.<br>5.375%, 11/15/2027 |  | 11 | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2028 |  | 17 | 15293 |

---

---

| | |
|:---|:---|
| **34 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Dealer Tire LLC/DT Issuer LLC <br>8.00%, 02/01/2028<sup>(c)</sup> | U.S.$| 169 | $156741 |
|  Exide Technologies<br>(Exchange Priority)<br>11.00%, 10/31/2024<sup>(a)(d)(e)(f)</sup> |  | 59 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; (First Lien)<br>11.00%, 10/31/2024<sup>(a)(d)(e)(f)</sup> |  | 24 | – 0 |
|  Ford Motor Co. <br>6.10%, 08/19/2032 |  | 284 | 276951 |
|  Goodyear Tire & Rubber Co. (The)<br>5.00%, 07/15/2029<sup>(b)</sup> |  | 42 | 37669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/2031 |  | 39 | 33631 |
|  IHO Verwaltungs GmbH <br>3.625% (3.625% Cash or 4.375% PIK), 05/15/2025<sup>(c)(g)</sup> | EUR | 100 | 92198 |
|  Jaguar Land Rover Automotive PLC<br>5.875%, 11/15/2024<sup>(c)</sup> |  | 153 | 140817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/15/2028<sup>(c)</sup> | U.S.$| 200 | 152042 |
|  Mclaren Finance PLC <br>7.50%, 08/01/2026<sup>(c)</sup> |  | 200 | 169152 |
|  Meritor, Inc. <br>6.25%, 06/01/2025<sup>(c)</sup> |  | 38 | 39187 |
|  PM General Purchaser LLC <br>9.50%, 10/01/2028<sup>(c)</sup> |  | 103 | 91118 |
|  Real Hero Merger Sub 2, Inc. <br>6.25%, 02/01/2029<sup>(c)</sup> |  | 138 | 113003 |
|  Tenneco, Inc. <br>5.00%, 07/15/2026 |  | 121 | 115825 |
|  Titan International, Inc. <br>7.00%, 04/30/2028 |  | 108 | 103275 |
|  ZF North America Capital, Inc. <br>4.75%, 04/29/2025<sup>(c)</sup> |  | 161 | 151796 |
|  |  |  | 1823546 |
|  **Consumer Cyclical - Entertainment – 0.3%** | **Consumer Cyclical - Entertainment – 0.3%** |  |  |
|  Carnival Corp.<br>4.00%, 08/01/2028<sup>(c)</sup> |  | 58 | 48340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/2027<sup>(c)</sup> |  | 112 | 86538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 08/01/2027<sup>(c)</sup> |  | 60 | 60252 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op <br>5.50%, 05/01/2025<sup>(c)</sup> |  | 179 | 176089 |
|  Lindblad Expeditions LLC <br>6.75%, 02/15/2027<sup>(c)</sup> |  | 37 | 33693 |
|  Mattel, Inc. <br>5.875%, 12/15/2027<sup>(c)</sup> |  | 15 | 14961 |
|  NCL Corp., Ltd. <br>5.875%, 03/15/2026<sup>(c)</sup> |  | 123 | 98455 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 35** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Royal Caribbean Cruises Ltd.<br>5.375%, 07/15/2027<sup>(c)</sup> | U.S.$| 112 | $87588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/2026<sup>(c)</sup> |  | 90 | 71998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/2028<sup>(c)</sup> |  | 93 | 70231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, 06/01/2023<sup>(c)</sup> |  | 63 | 64147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/2025<sup>(c)</sup> |  | 134 | 141247 |
|  SeaWorld Parks & Entertainment, Inc. <br>8.75%, 05/01/2025<sup>(c)</sup> |  | 93 | 96509 |
|  Six Flags Entertainment Corp. <br>4.875%, 07/31/2024<sup>(c)</sup> |  | 30 | 28922 |
|  Six Flags Theme Parks, Inc. <br>7.00%, 07/01/2025<sup>(c)</sup> |  | 19 | 19211 |
|  Vail Resorts, Inc. <br>6.25%, 05/15/2025<sup>(c)</sup> |  | 25 | 25049 |
|  Viking Cruises Ltd.<br>5.875%, 09/15/2027<sup>(c)</sup> |  | 129 | 103921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/2029<sup>(b)(c)</sup> |  | 34 | 27267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/2025<sup>(c)</sup> |  | 35 | 36750 |
|  VOC Escrow Ltd. <br>5.00%, 02/15/2028<sup>(c)</sup> |  | 3 | 2535 |
|  |  |  | 1293703 |
|  **Consumer Cyclical - Other – 0.4%** |  |  |  |
|  Adams Homes, Inc. <br>7.50%, 02/15/2025<sup>(c)</sup> |  | 79 | 68946 |
|  Beazer Homes USA, Inc. <br>6.75%, 03/15/2025 |  | 46 | 43750 |
|  Brookfield Residential Properties, Inc./Brookfield Residential US LLC<br>4.875%, 02/15/2030<sup>(c)</sup> |  | 113 | 87329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/2027<sup>(c)</sup> |  | 3 | 2668 |
|  Builders FirstSource, Inc. <br>6.375%, 06/15/2032<sup>(c)</sup> |  | 100 | 92779 |
|  Caesars Entertainment, Inc. <br>6.25%, 07/01/2025<sup>(c)</sup> |  | 102 | 99588 |
|  CP Atlas Buyer, Inc. <br>7.00%, 12/01/2028<sup>(b)(c)</sup> |  | 44 | 35916 |
|  Empire Communities Corp. <br>7.00%, 12/15/2025<sup>(c)</sup> |  | 29 | 24943 |
|  Everi Holdings, Inc. <br>5.00%, 07/15/2029<sup>(c)</sup> |  | 18 | 15883 |
|  Five Point Operating Co. LP/Five Point Capital Corp. <br>7.875%, 11/15/2025<sup>(c)</sup> |  | 173 | 153373 |
|  Hilton Domestic Operating Co., Inc.<br>3.625%, 02/15/2032<sup>(c)</sup> |  | 89 | 71892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/01/2025<sup>(c)</sup> |  | 21 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/2028<sup>(c)</sup> |  | 22 | 21518 |

---

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc<br>4.875%, 07/01/2031<sup>(c)</sup> | U.S.$| 72 | $59469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2029<sup>(c)</sup> |  | 66 | 58415 |
|  Installed Building Products, Inc. <br>5.75%, 02/01/2028<sup>(c)</sup> |  | 31 | 28661 |
|  Marriott Ownership Resorts, Inc. <br>6.125%, 09/15/2025<sup>(c)</sup> |  | 19 | 18980 |
|  Mattamy Group Corp. <br>4.625%, 03/01/2030<sup>(c)</sup> |  | 88 | 71012 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<br>5.625%, 09/01/2029<sup>(c)</sup> |  | 17 | 12566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/2031<sup>(c)</sup> |  | 70 | 48945 |
|  Shea Homes LP/Shea Homes Funding Corp.<br>4.75%, 02/15/2028<sup>(c)</sup> |  | 55 | 45884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/2029<sup>(c)</sup> |  | 87 | 70199 |
|  Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. <br>5.875%, 05/15/2025<sup>(c)</sup> |  | 197 | 184278 |
|  Taylor Morrison Communities, Inc.<br>5.75%, 01/15/2028<sup>(c)</sup> |  | 69 | 63657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2027<sup>(c)</sup> |  | 3 | 2900 |
|  Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc. <br>5.625%, 03/01/2024<sup>(c)</sup> |  | 183 | 181534 |
|  Travel + Leisure Co.<br>4.50%, 12/01/2029<sup>(c)</sup> |  | 126 | 102437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/01/2030<sup>(c)</sup> |  | 94 | 76718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 07/31/2026<sup>(c)</sup> |  | 143 | 138667 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.25%, 05/15/2027<sup>(c)</sup> |  | 93 | 83860 |
|  |  |  | 1987573 |
|  **Consumer Cyclical - Restaurants – 0.0%** |  |  |  |
|  1011778 BC ULC/New Red Finance, Inc. <br>5.75%, 04/15/2025<sup>(b)(c)</sup> |  | 53 | 53390 |
|  **Consumer Cyclical - Retailers – 0.4%** |  |  |  |
|  Arko Corp. <br>5.125%, 11/15/2029<sup>(c)</sup> |  | 46 | 38482 |
|  Asbury Automotive Group, Inc.<br>4.625%, 11/15/2029<sup>(c)</sup> |  | 60 | 51464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/2032<sup>(c)</sup> |  | 24 | 20051 |
|  Bath & Body Works, Inc.<br>5.25%, 02/01/2028 |  | 13 | 11669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/2030<sup>(c)</sup> |  | 129 | 117240 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 37** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/2036 | U.S.$| 58 | $50059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2035 |  | 131 | 114481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/01/2033 |  | 69 | 56823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/2029 |  | 13 | 12505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 07/01/2025<sup>(c)</sup> |  | 32 | 33859 |
|  BCPE Ulysses Intermediate, Inc. <br>7.75% (7.75% Cash or 8.50% PIK), 04/01/2027<sup>(c)(g)</sup> |  | 48 | 36018 |
|  Carvana Co.<br>5.50%, 04/15/2027<sup>(b)(c)</sup> |  | 14 | 9086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/01/2028<sup>(c)</sup> |  | 37 | 22223 |
|  Dufry One BV <br>2.50%, 10/15/2024<sup>(c)</sup> | EUR | 143 | 135538 |
|  Edcon Ltd. <br>Zero Coupon, 06/25/2023 <sup>(d)</sup> | ZAR | 2 | – 0 |
|  FirstCash, Inc.<br>4.625%, 09/01/2028<sup>(c)</sup> | U.S.$| 22 | 19334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 01/01/2030<sup>(c)</sup> |  | 93 | 83213 |
|  Foundation Building Materials, Inc. <br>6.00%, 03/01/2029<sup>(c)</sup> |  | 24 | 19631 |
|  Kontoor Brands, Inc. <br>4.125%, 11/15/2029<sup>(c)</sup> |  | 90 | 77013 |
|  LBM Acquisition LLC <br>6.25%, 01/15/2029<sup>(c)</sup> |  | 20 | 15003 |
|  Michaels Cos, Inc. (The) <br>7.875%, 05/01/2029<sup>(b)(c)</sup> |  | 144 | 95677 |
|  Murphy Oil USA, Inc. <br>5.625%, 05/01/2027 |  | 6 | 5599 |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC <br>7.125%, 04/01/2026<sup>(c)</sup> |  | 60 | 56326 |
|  PetSmart, Inc./PetSmart Finance Corp. <br>7.75%, 02/15/2029<sup>(c)</sup> |  | 271 | 254415 |
|  Rite Aid Corp.<br>7.50%, 07/01/2025<sup>(c)</sup> |  | 105 | 89725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/2026<sup>(b)(c)</sup> |  | 109 | 88983 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. <br>6.375%, 09/30/2026<sup>(c)</sup> |  | 90 | 80069 |
|  SRS Distribution, Inc. <br>6.125%, 07/01/2029<sup>(c)</sup> |  | 29 | 23823 |
|  Staples, Inc. <br>7.50%, 04/15/2026<sup>(c)</sup> |  | 228 | 192744 |
|  TPro Acquisition Corp. <br>11.00%, 10/15/2024<sup>(c)</sup> |  | 36 | 35941 |
|  White Cap Buyer LLC <br>6.875%, 10/15/2028<sup>(c)</sup> |  | 151 | 132898 |

---

---

| | |
|:---|:---|
| **38 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  White Cap Parent LLC <br>8.25%, 03/15/2026<sup>(c)(g)</sup> | U.S.$| 29 | $25299 |
|  |  |  | 2005191 |
|  **Consumer Non-Cyclical – 0.5%** |  |  |  |
|  Acadia Healthcare Co., Inc. <br>5.50%, 07/01/2028<sup>(c)</sup> |  | 88 | 83203 |
|  AdaptHealth LLC <br>6.125%, 08/01/2028<sup>(c)</sup> |  | 25 | 23504 |
|  AHP Health Partners, Inc. <br>5.75%, 07/15/2029<sup>(c)</sup> |  | 83 | 65997 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC <br>3.25%, 03/15/2026<sup>(c)</sup> |  | 184 | 165974 |
|  Bausch Health Cos., Inc.<br>4.875%, 06/01/2028<sup>(c)</sup> |  | 173 | 119424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/15/2029<sup>(c)</sup> |  | 7 | 2642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/30/2029<sup>(c)</sup> |  | 48 | 17689 |
|  CD&R Smokey Buyer, Inc. <br>6.75%, 07/15/2025<sup>(c)</sup> |  | 8 | 7476 |
|  CHS/Community Health Systems, Inc.<br>4.75%, 02/15/2031<sup>(c)</sup> |  | 27 | 19938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2030<sup>(c)</sup> |  | 91 | 56332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/01/2028<sup>(c)</sup> |  | 53 | 27677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2029<sup>(c)</sup> |  | 205 | 127912 |
|  Darling Ingredients, Inc. <br>6.00%, 06/15/2030<sup>(c)</sup> |  | 47 | 47046 |
|  DaVita, Inc. <br>3.75%, 02/15/2031<sup>(c)</sup> |  | 45 | 33143 |
|  Emergent BioSolutions, Inc. <br>3.875%, 08/15/2028<sup>(c)</sup> |  | 13 | 8679 |
|  Garden Spinco Corp. <br>8.625%, 07/20/2030<sup>(c)</sup> |  | 71 | 75575 |
|  Global Medical Response, Inc. <br>6.50%, 10/01/2025<sup>(c)</sup> |  | 140 | 125824 |
|  Grifols Escrow Issuer SA <br>4.75%, 10/15/2028<sup>(c)</sup> |  | 200 | 169544 |
|  Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. <br>7.00%, 12/31/2027<sup>(b)(c)</sup> |  | 132 | 108936 |
|  Legacy LifePoint Health LLC <br>4.375%, 02/15/2027<sup>(c)</sup> |  | 67 | 58244 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC <br>10.00%, 06/15/2029<sup>(c)</sup> |  | 6 | 3060 |
|  Medline Borrower LP<br>3.875%, 04/01/2029<sup>(c)</sup> |  | 93 | 78746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2029<sup>(b)(c)</sup> |  | 167 | 140372 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 39** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ModivCare Escrow Issuer, Inc. <br>5.00%, 10/01/2029<sup>(c)</sup> | U.S.$| 17 | $15093 |
|  ModivCare, Inc. <br>5.875%, 11/15/2025<sup>(c)</sup> |  | 17 | 16110 |
|  Option Care Health, Inc. <br>4.375%, 10/31/2029<sup>(c)</sup> |  | 85 | 74864 |
|  Post Holdings, Inc. <br>5.50%, 12/15/2029<sup>(c)</sup> |  | 131 | 120086 |
|  RP Escrow Issuer LLC <br>5.25%, 12/15/2025<sup>(c)</sup> |  | 45 | 40592 |
|  Spectrum Brands, Inc.<br>3.875%, 03/15/2031<sup>(c)</sup> |  | 175 | 135895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2025 |  | 2 | 1970 |
|  Tenet Healthcare Corp.<br>6.125%, 06/15/2030<sup>(c)</sup> |  | 39 | 37451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/2028<sup>(c)</sup> |  | 65 | 59595 |
|  Triton Water Holdings, Inc. <br>6.25%, 04/01/2029<sup>(c)</sup> |  | 65 | 53321 |
|  US Acute Care Solutions LLC <br>6.375%, 03/01/2026<sup>(c)</sup> |  | 59 | 53173 |
|  US Foods, Inc. <br>4.75%, 02/15/2029<sup>(c)</sup> |  | 188 | 166997 |
|  US Renal Care, Inc. <br>10.625%, 07/15/2027<sup>(c)</sup> |  | 66 | 31664 |
|  |  |  | 2373748 |
|  **Energy – 0.6%** |  |  |  |
|  Antero Resources Corp. <br>7.625%, 02/01/2029<sup>(c)</sup> |  | 15 | 15258 |
|  Athabasca Oil Corp. <br>9.75%, 11/01/2026<sup>(c)</sup> |  | 78 | 82428 |
|  Berry Petroleum Co. LLC <br>7.00%, 02/15/2026<sup>(c)</sup> |  | 58 | 54517 |
|  Blue Racer Midstream LLC/Blue Racer Finance Corp. <br>7.625%, 12/15/2025<sup>(c)</sup> |  | 37 | 36985 |
|  Callon Petroleum Co. <br>8.25%, 07/15/2025 |  | 169 | 165928 |
|  Citgo Holding, Inc. <br>9.25%, 08/01/2024<sup>(b)(c)</sup> |  | 50 | 49802 |
|  CITGO Petroleum Corp.<br>6.375%, 06/15/2026<sup>(c)</sup> |  | 43 | 41338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/2025<sup>(c)</sup> |  | 152 | 148305 |
|  Civitas Resources, Inc. <br>5.00%, 10/15/2026<sup>(c)</sup> |  | 23 | 21711 |
|  CNX Resources Corp.<br>6.00%, 01/15/2029<sup>(c)</sup> |  | 47 | 44219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/2027<sup>(c)</sup> |  | 15 | 14909 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Comstock Resources, Inc. <br>6.75%, 03/01/2029<sup>(c)</sup> | U.S.$| 36 | $34400 |
|  Crescent Energy Finance LLC <br>7.25%, 05/01/2026<sup>(c)</sup> |  | 56 | 53540 |
|  Diamond Foreign Asset Co./Diamond Finance LLC <br>13.00% (9.00% Cash or 13.00% PIK), 04/22/2027<sup>(g)</sup> |  | 26 | 24782 |
|  Encino Acquisition Partners Holdings LLC <br>8.50%, 05/01/2028<sup>(c)</sup> |  | 90 | 85875 |
|  EnLink Midstream LLC <br>5.625%, 01/15/2028<sup>(c)</sup> |  | 74 | 71170 |
|  EnLink Midstream Partners LP<br>4.15%, 06/01/2025 |  | 72 | 70528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/2045 |  | 49 | 35386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/2047 |  | 39 | 29787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/2044 |  | 10 | 7933 |
|  EQM Midstream Partners LP<br>4.50%, 01/15/2029<sup>(c)</sup> |  | 68 | 59194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/2031<sup>(c)</sup> |  | 63 | 54452 |
|  Genesis Energy LP/Genesis Energy Finance Corp.<br>5.625%, 06/15/2024 |  | 51 | 49067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 |  | 47 | 42921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/2025 |  | 32 | 29787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/2028 |  | 84 | 78327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/2027 |  | 47 | 44532 |
|  Global Partners LP/GLP Finance Corp.<br>6.875%, 01/15/2029 |  | 38 | 34890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/01/2027 |  | 43 | 40933 |
|  Gulfport Energy Corp.<br>6.00%, 10/15/2024<sup>(a)</sup> |  | 62 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2025<sup>(a)</sup> |  | 71 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/15/2026<sup>(a)</sup> |  | 208 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2023<sup>(a)</sup> |  | 12 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 05/17/2026<sup>(c)</sup> |  | 53 | 53649 |
|  Hess Midstream Operations LP <br>4.25%, 02/15/2030<sup>(c)</sup> |  | 14 | 12072 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<br>5.75%, 02/01/2029<sup>(c)</sup> |  | 21 | 19296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/2031<sup>(c)</sup> |  | 30 | 27181 |
|  ITT Holdings LLC <br>6.50%, 08/01/2029<sup>(c)</sup> |  | 145 | 122982 |
|  Murphy Oil Corp. <br>6.125%, 12/01/2042 |  | 51 | 40464 |
|  Nabors Industries Ltd.<br>7.25%, 01/15/2026<sup>(c)</sup> |  | 43 | 39117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028<sup>(c)</sup> |  | 117 | 105360 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 41** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  New Fortress Energy, Inc. <br>6.75%, 09/15/2025<sup>(c)</sup> | U.S.$| 102 | $98670 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. <br>7.50%, 02/01/2026<sup>(c)</sup> |  | 149 | 134884 |
|  Occidental Petroleum Corp.<br>5.50%, 12/01/2025 |  | 12 | 12318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/01/2025 |  | 22 | 22568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 01/01/2031 |  | 15 | 15621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/2025 |  | 37 | 40093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/2027 |  | 26 | 29129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 07/15/2030 |  | 26 | 30421 |
|  PDC Energy, Inc. <br>5.75%, 05/15/2026 |  | 163 | 156141 |
|  Southwestern Energy Co. <br>5.375%, 02/01/2029 |  | 78 | 73822 |
|  Summit Midstream Holdings LLC/Summit Midstream Finance Corp. <br>8.50%, 10/15/2026<sup>(c)</sup> |  | 61 | 59280 |
|  Sunnova Energy Corp. <br>5.875%, 09/01/2026<sup>(b)(c)</sup> |  | 30 | 27785 |
|  Sunoco LP/Sunoco Finance Corp.<br>5.875%, 03/15/2028 |  | 129 | 120699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/2027 |  | 4 | 3889 |
|  Talos Production, Inc. <br>12.00%, 01/15/2026 |  | 118 | 124999 |
|  Transocean Phoenix 2 Ltd. <br>7.75%, 10/15/2024<sup>(c)</sup> |  | 68 | 66709 |
|  Transocean Pontus Ltd. <br>6.125%, 08/01/2025<sup>(c)</sup> |  | 36 | 34865 |
|  Transocean Sentry Ltd. <br>5.375%, 05/15/2023<sup>(c)</sup> |  | 112 | 108737 |
|  Transocean, Inc.<br>6.80%, 03/15/2038 |  | 1 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/2026<sup>(c)</sup> |  | 27 | 21126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/2027<sup>(c)</sup> |  | 35 | 33743 |
|  W&T Offshore, Inc. <br>9.75%, 11/01/2023<sup>(c)</sup> |  | 52 | 51651 |
|  |  |  | 3211066 |
|  **Other Industrial – 0.0%** |  |  |  |
|  IAA, Inc. <br>5.50%, 06/15/2027<sup>(c)</sup> |  | 34 | 32048 |
|  Interface, Inc. <br>5.50%, 12/01/2028<sup>(c)</sup> |  | 22 | 19461 |
|  |  |  | 51509 |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Services – 0.5%** |  |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<br>6.625%, 07/15/2026<sup>(c)</sup> | U.S.$| 31 | $29021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/2027<sup>(c)</sup> |  | 206 | 188249 |
|  ANGI Group LLC <br>3.875%, 08/15/2028<sup>(b)(c)</sup> |  | 209 | 158537 |
|  Aptim Corp. <br>7.75%, 06/15/2025<sup>(c)</sup> |  | 168 | 116723 |
|  APX Group, Inc.<br>5.75%, 07/15/2029<sup>(b)(c)</sup> |  | 253 | 207496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/2027<sup>(c)</sup> |  | 35 | 34339 |
|  Aramark Services, Inc. <br>6.375%, 05/01/2025<sup>(c)</sup> |  | 90 | 88972 |
|  Cars.com, Inc. <br>6.375%, 11/01/2028<sup>(c)</sup> |  | 70 | 62978 |
|  Garda World Security Corp.<br>6.00%, 06/01/2029<sup>(c)</sup> |  | 182 | 141025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/2027<sup>(c)</sup> |  | 215 | 196067 |
|  Gartner, Inc. <br>4.50%, 07/01/2028<sup>(c)</sup> |  | 49 | 45273 |
|  Korn Ferry <br>4.625%, 12/15/2027<sup>(c)</sup> |  | 63 | 58351 |
|  Millennium Escrow Corp. <br>6.625%, 08/01/2026<sup>(c)</sup> |  | 140 | 114299 |
|  MoneyGram International, Inc. <br>5.375%, 08/01/2026<sup>(c)</sup> |  | 62 | 60925 |
|  Monitronics International, Inc. <br>9.125%, 04/01/2020<sup>(a)(d)(e)(h)</sup> |  | 120 | – 0 |
|  MPH Acquisition Holdings LLC<br>5.50%, 09/01/2028<sup>(c)</sup> |  | 77 | 65627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/2028<sup>(b)(c)</sup> |  | 287 | 227714 |
|  Nielsen Finance LLC/Nielsen Finance Co. <br>5.875%, 10/01/2030<sup>(c)</sup> |  | 59 | 59192 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<br>6.25%, 01/15/2028<sup>(c)</sup> |  | 247 | 218506 |
|  Sabre GLBL, Inc.<br>7.375%, 09/01/2025<sup>(c)</sup> |  | 88 | 83410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/2025<sup>(c)</sup> |  | 41 | 40403 |
|  TripAdvisor, Inc. <br>7.00%, 07/15/2025<sup>(c)</sup> |  | 41 | 40308 |
|  Verisure Midholding AB <br>5.25%, 02/15/2029<sup>(c)</sup> | EUR | 185 | 149885 |
|  Verscend Escrow Corp. <br>9.75%, 08/15/2026<sup>(c)</sup> | U.S.$| 115 | 116204 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 43** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  ZipRecruiter, Inc. <br>5.00%, 01/15/2030<sup>(c)</sup> | U.S.$| 131 | $109593 |
|  |  |  | 2613097 |
|  **Technology – 0.2%** |  |  |  |
|  Ahead DB Holdings LLC <br>6.625%, 05/01/2028<sup>(c)</sup> |  | 95 | 86153 |
|  Avaya, Inc. <br>6.125%, 09/15/2028<sup>(c)</sup> |  | 106 | 57894 |
|  Boxer Parent Co., Inc. <br>7.125%, 10/02/2025<sup>(c)</sup> |  | 7 | 6970 |
|  Cablevision Lightpath LLC <br>5.625%, 09/15/2028<sup>(c)</sup> |  | 200 | 163862 |
|  Clarivate Science Holdings Corp. <br>4.875%, 07/01/2029<sup>(c)</sup> |  | 41 | 33936 |
|  CommScope, Inc. <br>4.75%, 09/01/2029<sup>(c)</sup> |  | 92 | 78193 |
|  Entegris Escrow Corp. <br>5.95%, 06/15/2030<sup>(c)</sup> |  | 59 | 55998 |
|  GoTo Group, Inc. <br>5.50%, 09/01/2027<sup>(c)</sup> |  | 51 | 37463 |
|  NCR Corp.<br>5.125%, 04/15/2029<sup>(c)</sup> |  | 102 | 95235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/2027<sup>(c)</sup> |  | 40 | 38726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 09/01/2029<sup>(c)</sup> |  | 28 | 26805 |
|  Playtika Holding Corp. <br>4.25%, 03/15/2029<sup>(c)</sup> |  | 90 | 76602 |
|  Presidio Holdings, Inc.<br>4.875%, 02/01/2027<sup>(c)</sup> |  | 12 | 11222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/2028<sup>(c)</sup> |  | 172 | 156164 |
|  Veritas US, Inc./Veritas Bermuda Ltd. <br>7.50%, 09/01/2025<sup>(c)</sup> |  | 316 | 243491 |
|  Virtusa Corp. <br>7.125%, 12/15/2028<sup>(c)</sup> |  | 66 | 52303 |
|  |  |  | 1221017 |
|  **Transportation - Airlines – 0.1%** |  |  |  |
|  Air Canada <br>3.875%, 08/15/2026<sup>(c)</sup> |  | 29 | 25890 |
|  Allegiant Travel Co. <br>7.25%, 08/15/2027<sup>(c)</sup> |  | 47 | 46714 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br>5.50%, 04/20/2026<sup>(c)</sup> |  | 101 | 96155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/2029<sup>(c)</sup> |  | 88 | 79491 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. <br>5.75%, 01/20/2026<sup>(c)</sup> |  | 47 | 42621 |

---

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <br>8.00%, 09/20/2025<sup>(c)</sup> | U.S.$| 94 | $95183 |
|  |  |  | 386054 |
|  **Transportation - Services – 0.0%** |  |  |  |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.<br>5.375%, 03/01/2029<sup>(b)(c)</sup> |  | 45 | 39249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/2027<sup>(b)(c)</sup> |  | 80 | 75641 |
|  Herc Holdings, Inc. <br>5.50%, 07/15/2027<sup>(c)</sup> |  | 7 | 6615 |
|  PROG Holdings, Inc. <br>6.00%, 11/15/2029<sup>(c)</sup> |  | 85 | 71310 |
|  |  |  | 192815 |
|  |  |  | 24587086 |
|  **Financial Institutions – 0.7%** |  |  |  |
|  **Banking – 0.2%** |  |  |  |
|  Ally Financial, Inc.<br>Series B<br>4.70%, 05/15/2026<sup>(j)</sup> |  | 272 | 226100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C<br>4.70%, 05/15/2028<sup>(j)</sup> |  | 19 | 14826 |
|  Bread Financial Holdings, Inc.<br>4.75%, 12/15/2024<sup>(c)</sup> |  | 115 | 101656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/2026<sup>(b)(c)</sup> |  | 53 | 48028 |
|  CaixaBank SA <br>5.875%, 10/09/2027<sup>(c)(j)</sup> | EUR | 200 | 182981 |
|  Credit Suisse Group AG <br>6.25%, 12/18/2024<sup>(c)(j)</sup> | U.S.$| 200 | 179802 |
|  Discover Financial Services <br>Series D <br>6.125%, 06/23/2025<sup>(b)(j)</sup> |  | 306 | 311031 |
|  |  |  | 1064424 |
|  **Brokerage – 0.1%** |  |  |  |
|  Advisor Group Holdings, Inc. <br>10.75%, 08/01/2027<sup>(c)</sup> |  | 83 | 83086 |
|  AG Ttmt Escrow Issuer LLC <br>8.625%, 09/30/2027<sup>(c)</sup> |  | 122 | 122042 |
|  Hightower Holding LLC <br>6.75%, 04/15/2029<sup>(b)(c)</sup> |  | 270 | 227664 |
|  NFP Corp.<br>6.875%, 08/15/2028<sup>(c)</sup> |  | 257 | 211750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/2030<sup>(c)</sup> |  | 70 | 68979 |
|  |  |  | 713521 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 45** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Finance – 0.2%** |  |  |  |
|  Air Lease Corp. <br>Series B <br>4.65%, 06/15/2026<sup>(j)</sup> | U.S.$| 112 | $97538 |
|  Aircastle Ltd. <br>5.25%, 06/15/2026<sup>(c)(j)</sup> |  | 97 | 76763 |
|  Castlelake Aviation Finance DAC <br>5.00%, 04/15/2027<sup>(b)(c)</sup> |  | 46 | 39565 |
|  CNG Holdings, Inc. <br>12.50%, 06/15/2024<sup>(c)</sup> |  | 93 | 82289 |
|  Compass Group Diversified Holdings LLC <br>5.25%, 04/15/2029<sup>(c)</sup> |  | 81 | 69574 |
|  Curo Group Holdings Corp. <br>7.50%, 08/01/2028<sup>(c)</sup> |  | 177 | 107379 |
|  Enova International, Inc.<br>8.50%, 09/01/2024<sup>(b)(c)</sup> |  | 45 | 43255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 09/15/2025<sup>(c)</sup> |  | 161 | 150144 |
|  goeasy Ltd. <br>5.375%, 12/01/2024<sup>(c)</sup> |  | 74 | 69886 |
|  Lincoln Financing SARL <br>3.625%, 04/01/2024<sup>(c)</sup> | EUR | 103 | 101033 |
|  Navient Corp.<br>4.875%, 03/15/2028 | U.S.$| 45 | 36924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/25/2023 |  | 25 | 24879 |
|  |  |  | 899229 |
|  **Insurance – 0.0%** |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc.<br>6.00%, 08/01/2029<sup>(c)</sup> |  | 242 | 198866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/2025<sup>(c)</sup> |  | 35 | 33052 |
|  AmWINS Group, Inc. <br>4.875%, 06/30/2029<sup>(c)</sup> |  | 20 | 17506 |
|  |  |  | 249424 |
|  **Other Finance – 0.1%** |  |  |  |
|  Armor Holdco, Inc. <br>8.50%, 11/15/2029<sup>(c)</sup> |  | 87 | 71841 |
|  Coinbase Global, Inc. <br>3.625%, 10/01/2031<sup>(c)</sup> |  | 116 | 70630 |
|  Intrum AB<br>3.00%, 09/15/2027<sup>(c)</sup> | EUR | 100 | 81597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 08/15/2025<sup>(c)</sup> |  | 100 | 95761 |
|  |  |  | 319829 |
|  **REITs – 0.1%** |  |  |  |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL<br>4.50%, 04/01/2027<sup>(c)</sup> | U.S.$| 153 | 131314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/2026<sup>(c)</sup> |  | 51 | 47803 |

---

---

| | |
|:---|:---|
| **46 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Diversified Healthcare Trust <br>9.75%, 06/15/2025 | U.S.$| 45 | $44225 |
|  Iron Mountain, Inc.<br>4.875%, 09/15/2027<sup>(c)</sup> |  | 3 | 2753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 09/15/2029<sup>(c)</sup> |  | 69 | 59879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/2028<sup>(c)</sup> |  | 53 | 48382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/2028<sup>(c)</sup> |  | 124 | 114504 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <br>4.875%, 05/15/2029<sup>(c)</sup> |  | 49 | 43178 |
|  |  |  | 492038 |
|  |  |  | 3738465 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Calpine Corp. <br>5.125%, 03/15/2028<sup>(c)</sup> |  | 28 | 25011 |
|  Vistra Corp.<br>7.00%, 12/15/2026<sup>(c)(j)</sup> |  | 70 | 65100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 10/15/2026<sup>(c)(j)</sup> |  | 78 | 74685 |
|  |  |  | 164796 |
|  **Other Utility – 0.0%** |  |  |  |
|  Solaris Midstream Holdings LLC <br>7.625%, 04/01/2026<sup>(c)</sup> |  | 60 | 57880 |
|  |  |  | 222676 |
|  Total Corporates - Non-Investment Grade <br>(cost $32,970,867) |  |  | 28548227 |
|  **GOVERNMENTS - TREASURIES – 3.3%** |  |  |  |
|  **United States – 3.3%** |  |  |  |
|  U.S. Treasury Bonds <br>1.25%, 05/15/2050 |  | 14 | 8697 |
|  U.S. Treasury Notes<br>0.625%, 08/15/2030<sup>(k)</sup> |  | 2130 | 1752920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/2028<sup>(k)</sup> |  | 4020 | 3586594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 08/15/2029<sup>(k)(l)</sup> |  | 2556 | 2305592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2032 |  | 678 | 608155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/2029<sup>(k)</sup> |  | 1524 | 1440229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 05/31/2027<sup>(k)</sup> |  | 4890 | 4742439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 |  | 1342 | 1312196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/2024 |  | 1232 | 1221698 |
|  Total Governments - Treasuries <br>(cost $18,205,769) |  |  | 16978520 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 47** |

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------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **<br>Shares** | **U.S. $ Value** |
|  **INVESTMENT COMPANIES – 1.9%** |  |  |  |
|  **Funds and Investment Trusts – 1.9%<sup>(m)</sup>** |  |  |  |
|  Consumer Discretionary Select Sector SPDR Fund<sup>(b)</sup> |  | 7266 | $1129936 |
|  Financial Select Sector SPDR Fund |  | 25790 | 852359 |
|  Health Care Select Sector SPDR Fund<sup>(b)</sup> |  | 42217 | 5266993 |
|  iShares 10-20 Year Treasury Bond ETF<sup>(b)</sup> |  | 3581 | 421161 |
|  iShares Russell 2000 ETF<sup>(b)</sup> |  | 591 | 108449 |
|  iShares US Technology ETF<sup>(b)</sup> |  | 16853 | 1411776 |
|  ROBO Global Robotics and Automation Index ETF |  | 14651 | 687718 |
|  Total Investment Companies <br>(cost $10,645,662) |  |  | 9878392 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **CORPORATES - INVESTMENT<br>GRADE – 1.5%** | **CORPORATES - INVESTMENT<br>GRADE – 1.5%** |  |  |
|  **Financial Institutions – 1.0%** |  |  |  |
|  **Banking – 0.6%** |  |  |  |
|  Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand <br>5.375%, 04/17/2025<sup>(c)</sup> | U.S.$| 184 | 184839 |
|  Banco Santander SA <br>4.175%, 03/24/2028 |  | 200 | 188204 |
|  Bank of America Corp. <br>Series Z <br>6.50%, 10/23/2024<sup>(b)(j)</sup> |  | 7 | 7059 |
|  Barclays PLC <br>1.00%, 12/31/2099<sup>(j)</sup> |  | 200 | 194242 |
|  BNP Paribas SA <br>7.75%, 12/31/2099<sup>(c)(j)</sup> |  | 200 | 199452 |
|  Citigroup, Inc.<br>3.875%, 02/18/2026<sup>(j)</sup> |  | 50 | 43423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/30/2023<sup>(j)</sup> |  | 365 | 361547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V<br>4.70%, 01/30/2025<sup>(j)</sup> |  | 47 | 39798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y<br>4.15%, 11/15/2026<sup>(j)</sup> |  | 65 | 55065 |
|  Credit Agricole SA <br>8.125%, 12/23/2025<sup>(c)(j)</sup> |  | 400 | 409816 |
|  First-Citizens Bank & Trust Co. <br>3.929%, 06/19/2024 |  | 31 | 30684 |
|  Goldman Sachs Group, Inc. (The)<br>Series O<br>5.30%, 11/10/2026<sup>(j)</sup> |  | 23 | 22221 |

---

---

| | |
|:---|:---|
| **48 <sup>\|</sup> 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 P<br>5.00%, 11/10/2022<sup>(j)</sup> | U.S.$| 185 | $174102 |
|  HSBC Holdings PLC <br>6.00%, 09/29/2023<sup>(c)(j)</sup> | EUR | 300 | 301576 |
|  Truist Financial Corp. <br>Series Q <br>5.10%, 03/01/2030<sup>(j)</sup> | U.S.$| 273 | 258708 |
|  UBS Group AG <br>7.00%, 02/19/2025<sup>(c)(j)</sup> |  | 400 | 402212 |
|  |  |  | 2872948 |
|  **Brokerage – 0.0%** |  |  |  |
|  Charles Schwab Corp. (The) <br>Series G <br>5.375%, 06/01/2025<sup>(j)</sup> |  | 114 | 113641 |
|  **Finance – 0.1%** |  |  |  |
|  Aircastle Ltd.<br>2.85%, 01/26/2028<sup>(c)</sup> |  | 15 | 12251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 05/01/2024 |  | 14 | 13676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/2026 |  | 2 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2023 |  | 3 | 2989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/11/2025<sup>(c)</sup> |  | 200 | 192670 |
|  Aviation Capital Group LLC<br>1.95%, 01/30/2026<sup>(c)</sup> |  | 4 | 3453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/2027<sup>(c)</sup> |  | 25 | 21380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/01/2025<sup>(c)</sup> |  | 39 | 36466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/2025<sup>(c)</sup> |  | 30 | 28600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/2024<sup>(c)</sup> |  | 67 | 65691 |
|  Huarong Finance II Co., Ltd. <br>5.50%, 01/16/2025<sup>(c)</sup> |  | 200 | 185600 |
|  |  |  | 564618 |
|  **Insurance – 0.2%** |  |  |  |
|  Liberty Mutual Group, Inc. <br>7.80%, 03/15/2037<sup>(c)</sup> |  | 271 | 313135 |
|  MetLife Capital Trust IV <br>7.875%, 12/15/2037<sup>(c)</sup> |  | 254 | 281729 |
|  MetLife, Inc. <br>6.40%, 12/15/2036 |  | 5 | 5151 |
|  Prudential Financial, Inc.<br>5.20%, 03/15/2044<sup>(b)</sup> |  | 44 | 42733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/2043 |  | 126 | 125574 |
|  |  |  | 768322 |
|  **REITs – 0.1%** |  |  |  |
|  GLP Capital LP/GLP Financing II, Inc. <br>5.375%, 04/15/2026 |  | 20 | 19695 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 49** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  MPT Operating Partnership LP/MPT Finance Corp.<br>5.00%, 10/15/2027 | U.S.$| 33 | $29824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/2026 |  | 96 | 92237 |
|  Trust Fibra Uno <br>4.869%, 01/15/2030<sup>(c)</sup> |  | 200 | 171750 |
|  VICI Properties LP/VICI Note Co., Inc.<br>5.625%, 05/01/2024<sup>(c)</sup> |  | 90 | 90130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/2027<sup>(c)</sup> |  | 108 | 106306 |
|  |  |  | 509942 |
|  |  |  | 4829471 |
|  **Industrial – 0.5%** |  |  |  |
|  **Basic – 0.1%** |  |  |  |
|  ArcelorMittal SA <br>6.75%, 03/01/2041 |  | 54 | 53081 |
|  Arconic Corp. <br>6.00%, 05/15/2025<sup>(c)</sup> |  | 54 | 53122 |
|  Braskem Netherlands Finance BV <br>4.50%, 01/31/2030<sup>(c)</sup> |  | 200 | 175750 |
|  Celanese US Holdings LLC<br>5.90%, 07/05/2024 |  | 33 | 33266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/2025 |  | 33 | 33091 |
|  CF Industries, Inc. <br>4.95%, 06/01/2043 |  | 3 | 2669 |
|  GUSAP III LP <br>4.25%, 01/21/2030<sup>(c)</sup> |  | 200 | 186065 |
|  Industrias Penoles SAB de CV <br>5.65%, 09/12/2049<sup>(c)</sup> |  | 201 | 182068 |
|  |  |  | 719112 |
|  **Capital Goods – 0.0%** |  |  |  |
|  General Electric Co. <br>Series D <br>5.159% (LIBOR 3 Month + 3.33%), 12/15/2022<sup>(j)(n)</sup> |  | 122 | 115384 |
|  **Communications - Media – 0.1%** |  |  |  |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. <br>5.875%, 08/15/2027<sup>(c)</sup> |  | 56 | 51246 |
|  Magallanes, Inc.<br>3.755%, 03/15/2027<sup>(c)</sup> |  | 5 | 4670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.279%, 03/15/2032<sup>(c)</sup> |  | 8 | 6949 |
|  Netflix, Inc. <br>5.875%, 11/15/2028 |  | 168 | 170171 |
|  |  |  | 233036 |

---

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Communications -<br>Telecommunications – 0.0%** |  |  |  |
|  Hughes Satellite Systems Corp. <br>5.25%, 08/01/2026 | U.S.$| 55 | $52297 |
|  **Consumer Cyclical - Automotive – 0.0%** |  |  |  |
|  General Motors Co. <br>6.25%, 10/02/2043 |  | 17 | 16247 |
|  Lear Corp. <br>4.25%, 05/15/2029 |  | 3 | 2751 |
|  |  |  | 18998 |
|  **Consumer Cyclical - Other – 0.0%** |  |  |  |
|  MDC Holdings, Inc. <br>6.00%, 01/15/2043 |  | 195 | 160035 |
|  Toll Brothers Finance Corp. <br>4.875%, 03/15/2027 |  | 3 | 2817 |
|  |  |  | 162852 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  Macy's Retail Holdings LLC<br>5.875%, 03/15/2030<sup>(b)(c)</sup> |  | 24 | 20515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2032<sup>(b)(c)</sup> |  | 21 | 17666 |
|  |  |  | 38181 |
|  **Consumer Non-Cyclical – 0.0%** |  |  |  |
|  Newell Brands, Inc. <br>4.10%, 04/01/2023 |  | 4 | 3984 |
|  **Energy – 0.1%** |  |  |  |
|  Apache Corp. <br>4.25%, 01/15/2030 |  | 50 | 45181 |
|  Cenovus Energy, Inc.<br>5.375%, 07/15/2025 |  | 35 | 35926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039 |  | 4 | 3859 |
|  Continental Resources, Inc./OK <br>5.75%, 01/15/2031<sup>(c)</sup> |  | 82 | 78377 |
|  Ecopetrol SA<br>4.625%, 11/02/2031 |  | 46 | 35708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 11/02/2051 |  | 39 | 25838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/29/2030 |  | 93 | 86200 |
|  Energy Transfer LP<br>4.40%, 03/15/2027 |  | 12 | 11624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/2028 |  | 3 | 2929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 12/15/2045 |  | 135 | 129742 |
|  Plains All American Pipeline LP/PAA Finance Corp. <br>4.50%, 12/15/2026 |  | 3 | 2924 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. <br>4.00%, 01/15/2032 |  | 17 | 14962 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 51** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Western Midstream Operating LP<br>3.95%, 06/01/2025 | U.S.$| 21 | $20094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/2030 |  | 48 | 43179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/2028 |  | 56 | 52043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/2028 |  | 29 | 27333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/2044 |  | 19 | 16681 |
|  |  |  | 632600 |
|  **Services – 0.0%** |  |  |  |
|  Expedia Group, Inc. <br>6.25%, 05/01/2025<sup>(c)</sup> |  | 3 | 3078 |
|  **Technology – 0.1%** |  |  |  |
|  Baidu, Inc. <br>3.075%, 04/07/2025<sup>(b)</sup> |  | 250 | 240333 |
|  CDW LLC/CDW Finance Corp. <br>4.125%, 05/01/2025 |  | 6 | 5913 |
|  Microchip Technology, Inc. <br>4.25%, 09/01/2025 |  | 58 | 57613 |
|  Western Digital Corp.<br>3.10%, 02/01/2032 |  | 16 | 12061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/2026 |  | 10 | 9633 |
|  |  |  | 325553 |
|  **Transportation - Airlines – 0.1%** |  |  |  |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.75%, 10/20/2028<sup>(c)</sup> |  | 67 | 64110 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. <br>6.50%, 06/20/2027<sup>(c)</sup> |  | 354 | 355066 |
|  |  |  | 419176 |
|  |  |  | 2724251 |
|  **Utility – 0.0%** |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Israel Electric Corp., Ltd. <br>Series 6 <br>5.00%, 11/12/2024<sup>(c)</sup> |  | 200 | 201700 |
|  Total Corporates - Investment Grade <br>(cost $8,209,098) |  |  | 7755422 |
|  **EMERGING MARKETS -<br>SOVEREIGNS – 0.8%** |  |  |  |
|  **Angola – 0.1%** |  |  |  |
|  Angolan Government International Bond<br>9.50%, 11/12/2025<sup>(c)</sup> |  | 386 | 367665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.375%, 05/08/2048<sup>(c)</sup> |  | 200 | 152000 |
|  |  |  | 519665 |

---

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Argentina – 0.0%** |  |  |  |
|  Argentine Republic Government International Bond<br>0.50%, 07/09/2030 | U.S.$| 307 | $72648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/09/2029 |  | 96 | 22236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/09/2035 |  | 62 | 13940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/09/2041 |  | 52 | 13541 |
|  |  |  | 122365 |
|  **Bahrain – 0.1%** |  |  |  |
|  Bahrain Government International Bond<br>7.00%, 10/12/2028<sup>(c)</sup> |  | 200 | 199912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 05/14/2030<sup>(c)</sup> |  | 200 | 200725 |
|  |  |  | 400637 |
|  **Dominican Republic – 0.1%** |  |  |  |
|  Dominican Republic International Bond <br>8.625%, 04/20/2027<sup>(c)</sup> |  | 425 | 445400 |
|  **Ecuador – 0.1%** |  |  |  |
|  Ecuador Government International Bond<br>Zero Coupon, 07/31/2030<sup>(c)</sup> |  | 48 | 16160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/31/2040<sup>(c)</sup> |  | 200 | 68268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/31/2035<sup>(c)</sup> |  | 436 | 166936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/2030<sup>(c)</sup> |  | 166 | 87193 |
|  |  |  | 338557 |
|  **El Salvador – 0.0%** |  |  |  |
|  El Salvador Government International Bond<br>5.875%, 01/30/2025<sup>(c)</sup> |  | 9 | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 02/01/2041<sup>(c)</sup> |  | 334 | 111640 |
|  |  |  | 116410 |
|  **Gabon – 0.0%** |  |  |  |
|  Gabon Government International Bond <br>6.625%, 02/06/2031<sup>(c)</sup> |  | 200 | 148350 |
|  **Ivory Coast – 0.1%** |  |  |  |
|  Ivory Coast Government International Bond<br>4.875%, 01/30/2032<sup>(c)</sup> | EUR | 170 | 128537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/15/2025<sup>(c)</sup> |  | 152 | 142661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 10/17/2031<sup>(c)</sup> |  | 135 | 108687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 06/15/2033<sup>(c)</sup> | U.S.$| 258 | 216930 |
|  |  |  | 596815 |
|  **Lebanon – 0.0%** |  |  |  |
|  Lebanon Government International Bond<br>6.60%, 11/27/2026<sup>(a)(c)(o)</sup> |  | 189 | 13147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/22/2024<sup>(a)(c)(o)</sup> |  | 45 | 3187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/23/2027<sup>(a)(c)(o)</sup> |  | 46 | 3171 |
|  |  |  | 19505 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 53** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  **Nigeria – 0.0%** |  |  |  |  |
|  Nigeria Government International Bond <br>7.625%, 11/28/2047<sup>(c)</sup> | U.S.$| 200 |  | $123000 |
|  **Oman – 0.1%** |  |  |  |  |
|  Oman Government International Bond <br>6.25%, 01/25/2031<sup>(c)</sup> |  | 213 |  | 214597 |
|  **Pakistan – 0.0%** |  |  |  |  |
|  Pakistan Government International Bond <br>6.00%, 04/08/2026<sup>(c)</sup> |  | 200 |  | 124022 |
|  **Senegal – 0.1%** |  |  |  |  |
|  Senegal Government International Bond <br>6.25%, 05/23/2033<sup>(c)</sup> |  | 365 |  | 293893 |
|  **South Africa – 0.1%** |  |  |  |  |
|  Republic of South Africa Government International Bond<br>5.75%, 09/30/2049 |  | 247 |  | 175061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/16/2025 |  | 300 |  | 303619 |
|  |  |  |  | 478680 |
|  **Ukraine – 0.0%** |  |  |  |  |
|  Ukraine Government International Bond<br>7.75%, 09/01/2025<sup>(c)</sup> |  | 100 |  | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/2026<sup>(c)</sup> |  | 285 |  | 57713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/2029<sup>(c)</sup> |  | 188 |  | 38070 |
|  |  |  |  | 119783 |
|  **Venezuela – 0.0%** |  |  |  |  |
|  Venezuela Government International Bond <br>9.25%, 09/15/2027<sup>(a)(o)</sup> |  | 815 |  | 69275 |
|  Total Emerging Markets - Sovereigns <br>(cost $6,355,453) |  |  |  | 4130954 |
|  **BANK LOANS – 0.8%** |  |  |  |  |
|  **Financial Institutions – 0.1%** |  |  |  |  |
|  **Finance – 0.0%** |  |  |  |  |
|  Orbit Private Holdings I Ltd. <br>6.750% (LIBOR 3 Month + 4.50%), 12/11/2028<sup>(d)(p)</sup> |  | 20 |  | 19502 |
|  **Insurance – 0.1%** |  |  |  |  |
|  Hub International Limited<br>5.782% (LIBOR 2 Month + 3.25%), 04/25/2025<sup>(p)</sup> |  | 0 | \*\* | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.982% (LIBOR 3 Month + 3.25%), 04/25/2025<sup>(p)</sup> |  | 121 |  | 119118 |

---

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| | |
|:---|:---|
| **54 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** |  | **U.S. $ Value** |
|  Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) <br>6.274% (LIBOR 1 Month + 3.75%), 09/03/2026<sup>(p)</sup> | U.S.$| 145 |  | $142517 |
|  |  |  |  | 261938 |
|  |  |  |  | 281440 |
|  **Industrial – 0.7%** |  |  |  |  |
|  **Capital Goods – 0.1%** |  |  |  |  |
|  ACProducts Holdings, Inc.<br>6.500% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(p)</sup> |  | 45 |  | 36981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.127% (LIBOR 3 Month + 4.25%), 05/17/2028<sup>(p)</sup> |  | 136 |  | 110944 |
|  Chariot Buyer LLC <br>6.024% (LIBOR 1 Month + 3.50%), 11/03/2028<sup>(p)</sup> |  | 20 |  | 18905 |
|  Granite US Holdings Corporation <br>6.313% (LIBOR 3 Month + 4.00%), 09/30/2026<sup>(d)(p)</sup> |  | 162 |  | 157141 |
|  |  |  |  | 323971 |
|  **Communications - Media – 0.1%** |  |  |  |  |
|  Advantage Sales & Marketing, Inc. <br>6.876% (LIBOR 1 Month + 4.50%), 10/28/2027<sup>(p)</sup> |  | 148 |  | 138393 |
|  Clear Channel Outdoor Holdings, Inc.<br>6.024% (LIBOR 3 Month + 3.50%), 08/21/2026<sup>(p)</sup> |  | 0 | \*\* | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.306% (LIBOR 1 Month + 3.50%), 08/21/2026<sup>(p)</sup> |  | 34 |  | 31594 |
|  iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) <br>5.524% (LIBOR 1 Month + 3.00%), 05/01/2026<sup>(p)</sup> |  | 35 |  | 34248 |
|  Univision Communications, Inc. <br>5.274% (LIBOR 1 Month + 2.75%), 03/15/2024<sup>(p)</sup> |  | 39 |  | 18119 |
|  |  |  |  | 222436 |
|  **Communications -<br>Telecommunications – 0.1%** |  |  |  |  |
|  Crown Subsea Communications Holding, Inc. <br>7.314% (LIBOR 1 Month + 4.75%), 04/27/2027<sup>(p)</sup> |  | 128 |  | 124799 |
|  Intrado Corporation <br>6.524% (LIBOR 1 Month + 4.00%), 10/10/2024<sup>(p)</sup> |  | 127 |  | 103065 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 55** |

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------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Proofpoint, Inc. <br>9.320% (LIBOR 3 Month + 6.25%), 08/31/2029<sup>(p)</sup> | U.S.$| 230 | $224250 |
|  Zacapa SARL <br>6.304% (SOFR 3 Month + 4.25%), 03/22/2029<sup>(p)</sup> |  | 197 | 190062 |
|  |  |  | 642176 |
|  **Consumer Cyclical - Automotive – 0.0%** |  |  |  |
|  Clarios Global LP <br>5.774% (LIBOR 1 Month + 3.25%), 04/30/2026<sup>(p)</sup> |  | 51 | 49292 |
|  **Consumer Cyclical - Other – 0.0%** |  |  |  |
|  Caesars Resort Collection, LLC <br>5.274% (LIBOR 1 Month + 2.75%), 12/23/2024<sup>(p)</sup> |  | 179 | 176689 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  Great Outdoors Group, LLC <br>6.274% (LIBOR 1 Month + 3.75%), 03/06/2028<sup>(p)</sup> |  | 51 | 49393 |
|  Restoration Hardware, Inc. <br>5.809% (SOFR 1 Month + 3.25%), 10/20/2028<sup>(p)</sup> |  | 60 | 55475 |
|  |  |  | 104868 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  Kronos Acquisition Holdings, Inc. <br>6.820% (LIBOR 3 Month + 3.75%), 12/22/2026<sup>(p)</sup> |  | 79 | 75825 |
|  LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) <br>6.274% (LIBOR 1 Month + 3.75%), 11/16/2025<sup>(p)</sup> |  | 96 | 92584 |
|  Padagis LLC <br>7.043% (LIBOR 3 Month + 4.75%), 07/06/2028<sup>(d)(p)</sup> |  | 47 | 43059 |
|  PetSmart LLC <br>6.270% (LIBOR 1 Month + 3.75%), 02/11/2028<sup>(p)</sup> |  | 198 | 193050 |
|  US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) <br>(US Outpatient Imaging Services, Inc.) <br>7.563% (LIBOR 3 Month + 5.25%), 12/15/2027<sup>(p)</sup> |  | 168 | 160187 |
|  |  |  | 564705 |

---

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| | |
|:---|:---|
| **56 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 0.1%** |  |  |  |
|  CITGO Petroleum Corporation <br>8.774% (LIBOR 1 Month + 6.25%), 03/28/2024<sup>(p)</sup> | U.S.$| 54 | $54019 |
|  GIP II Blue Holding, L.P. <br>6.750% (LIBOR 3 Month + 4.50%), 09/29/2028<sup>(p)</sup> |  | 122 | 120377 |
|  Parkway Generation, LLC <br>7.274% (LIBOR 1 Month + 4.75%), 02/18/2029<sup>(p)</sup> |  | 80 | 77977 |
|  |  |  | 252373 |
|  **Other Industrial – 0.0%** |  |  |  |
|  American Tire Distributors, Inc. <br>9.033% (LIBOR 3 Month + 6.25%), 10/20/2028<sup>(p)</sup> |  | 94 | 89992 |
|  Dealer Tire, LLC <br>6.774% (LIBOR 1 Month + 4.25%), 12/12/2025<sup>(p)</sup> |  | 39 | 38649 |
|  Rockwood Service Corporation <br>6.743% (LIBOR 1 Month + 4.25%), 01/23/2027<sup>(d)(p)</sup> |  | 9 | 8923 |
|  |  |  | 137564 |
|  **Services – 0.0%** |  |  |  |
|  Amentum Government Services Holdings LLC <br>6.524% (LIBOR 1 Month + 4.00%), 01/29/2027<sup>(p)</sup> |  | 39 | 38024 |
|  Verscend Holding Corp. <br>6.524% (LIBOR 1 Month + 4.00%), 08/27/2025<sup>(p)</sup> |  | 88 | 86975 |
|  |  |  | 124999 |
|  **Technology – 0.2%** |  |  |  |
|  Ascend Learning, LLC <br>8.274% (LIBOR 1 Month + 5.75%), 12/10/2029<sup>(p)</sup> |  | 60 | 53760 |
|  Banff Guarantor, Inc. <br>7.872% (LIBOR 1 Month + 5.50%), 02/27/2026<sup>(d)(p)</sup> |  | 40 | 38200 |
|  Boxer Parent Company, Inc. <br>6.274% (LIBOR 1 Month + 3.75%), 10/02/2025<sup>(p)</sup> |  | 163 | 156699 |
|  Endurance International Group Holdings, Inc. <br>5.873% (LIBOR 1 Month + 3.50%), 02/10/2028<sup>(p)</sup> |  | 176 | 164633 |
|  FINThrive Software Intermediate Holdings, Inc. <br>9.274% (LIBOR 1 Month + 6.75%), 12/17/2029<sup>(p)</sup> |  | 40 | 35260 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 57** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Loyalty Ventures, Inc. <br>7.024% (LIBOR 1 Month + 4.50%), 11/03/2027<sup>(p)</sup> | U.S.$| 150 | $108454 |
|  Peraton Corp. <br>6.274% (LIBOR 1 Month + 3.75%), 02/01/2028<sup>(p)</sup> |  | 64 | 62373 |
|  Presidio Holdings, Inc.<br>6.030% (LIBOR 1 Month + 3.50%), 01/22/2027<sup>(p)</sup> |  | 2 | 1871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.310% (LIBOR 3 Month + 3.50%), 01/22/2027<sup>(p)</sup> |  | 40 | 39791 |
|  Veritas US Inc. <br>7.250% (LIBOR 3 Month + 5.00%), 09/01/2025<sup>(p)</sup> |  | 220 | 174606 |
|  |  |  | 835647 |
|  |  |  | 3434720 |
|  **Utility – 0.0%** |  |  |  |
|  **Electric – 0.0%** |  |  |  |
|  Granite Generation LLC<br>6.000% (LIBOR 3 Month + 3.75%), 11/09/2026<sup>(p)</sup> |  | 34 | 32223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.274% (LIBOR 1 Month + 3.75%), 11/09/2026<sup>(p)</sup> |  | 169 | 160992 |
|  |  |  | 193215 |
|  Total Bank Loans <br>(cost $4,137,105) |  |  | 3909375 |
|  **EMERGING MARKETS - CORPORATE BONDS – 0.7%** |  |  |  |
|  **Industrial – 0.6%** |  |  |  |
|  **Basic – 0.2%** |  |  |  |
|  Braskem Idesa SAPI <br>7.45%, 11/15/2029<sup>(c)</sup> |  | 200 | 172375 |
|  CSN Inova Ventures <br>6.75%, 01/28/2028<sup>(c)</sup> |  | 219 | 206813 |
|  Eldorado Gold Corp. <br>6.25%, 09/01/2029<sup>(b)(c)</sup> |  | 46 | 36785 |
|  Indika Energy Capital IV Pte Ltd. <br>8.25%, 10/22/2025<sup>(b)(c)</sup> |  | 250 | 239875 |
|  Stillwater Mining Co. <br>4.50%, 11/16/2029<sup>(c)</sup> |  | 200 | 163100 |
|  Vedanta Resources Finance II PLC <br>13.875%, 01/21/2024<sup>(c)</sup> |  | 201 | 173614 |
|  Volcan Cia Minera SAA <br>4.375%, 02/11/2026<sup>(c)</sup> |  | 34 | 29448 |
|  |  |  | 1022010 |

---

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| | |
|:---|:---|
| **58 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Capital Goods – 0.1%** |  |  |  |
|  Cemex SAB de CV<br>5.125%, 06/08/2026<sup>(c)(j)</sup> | U.S.$| 200 | $165750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 06/05/2027<sup>(c)</sup> |  | 300 | 303000 |
|  Embraer Netherlands Finance BV<br>5.40%, 02/01/2027 |  | 90 | 86698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/17/2028<sup>(c)</sup> |  | 200 | 199038 |
|  Odebrecht Holdco Finance Ltd. <br>Zero Coupon, 09/10/2058<sup>(c)</sup> |  | 127 | 825 |
|  |  |  | 755311 |
|  **Communications -<br>Telecommunications – 0.0%** |  |  |  |
|  C&W Senior Financing DAC <br>6.875%, 09/15/2027<sup>(c)</sup> |  | 200 | 177436 |
|  Digicel Group Holdings Ltd. <br>7.00%, 09/16/2022<sup>(f)(g)(j)</sup> |  | 9 | 3893 |
|  |  |  | 181329 |
|  **Consumer Cyclical - Other – 0.1%** |  |  |  |
|  Melco Resorts Finance Ltd. <br>5.375%, 12/04/2029<sup>(c)</sup> |  | 200 | 129000 |
|  Wynn Macau Ltd. <br>5.50%, 10/01/2027<sup>(c)</sup> |  | 214 | 154080 |
|  |  |  | 283080 |
|  **Consumer Cyclical - Retailers – 0.0%** |  |  |  |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022<sup>(e)(f)</sup> |  | 40 | 9 |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022<sup>(e)(f)(g)</sup> |  | 28 | 2 |
|  |  |  | 11 |
|  **Consumer Non-Cyclical – 0.1%** |  |  |  |
|  BRF GmbH <br>4.35%, 09/29/2026<sup>(c)</sup> |  | 210 | 191271 |
|  Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL <br>5.25%, 04/27/2029<sup>(c)</sup> |  | 13 | 11976 |
|  Teva Pharmaceutical Finance Netherlands III BV<br>4.75%, 05/09/2027 |  | 200 | 175225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/09/2029<sup>(b)</sup> |  | 200 | 173725 |
|  Tonon Luxembourg SA <br>6.50% (0.50% Cash and 6.00% PIK), 10/31/2024<sup>(a)(f)(g)(o)</sup> |  | 5 | 1 |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018<sup>(a)(d)(e)(f)(h)</sup> |  | 434 | 43 |
|  |  |  | 552241 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 59** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Energy – 0.1%** |  |  |  |
|  Leviathan Bond Ltd.<br>5.75%, 06/30/2023<sup>(c)</sup> | U.S.$| 18 | $17891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/2027<sup>(c)</sup> |  | 109 | 105916 |
|  Peru LNG SRL <br>5.375%, 03/22/2030<sup>(c)</sup> |  | 217 | 183365 |
|  |  |  | 307172 |
|  **Technology – 0.0%** |  |  |  |
|  CA Magnum Holdings <br>5.375%, 10/31/2026<sup>(c)</sup> |  | 200 | 179000 |
|  |  |  | 3280154 |
|  **Utility – 0.1%** |  |  |  |
|  **Electric – 0.1%** |  |  |  |
|  Cemig Geracao e Transmissao SA <br>9.25%, 12/05/2024<sup>(c)</sup> |  | 200 | 210150 |
|  Investment Energy Resources Ltd. <br>6.25%, 04/26/2029<sup>(c)</sup> |  | 270 | 241988 |
|  Terraform Global Operating LLC <br>6.125%, 03/01/2026<sup>(f)</sup> |  | 12 | 11504 |
|  |  |  | 463642 |
|  **Financial Institutions – 0.0%** |  |  |  |
|  **Other Finance – 0.0%** |  |  |  |
|  OEC Finance Ltd. <br>5.25%, 12/27/2033<sup>(c)(g)</sup> |  | 116 | 2986 |
|  Total Emerging Markets - Corporate Bonds <br>(cost $4,405,499) |  |  | 3746782 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS – 0.6%** |  |  |  |
|  **Risk Share Floating Rate – 0.6%** |  |  |  |
|  Bellemeade Re Ltd.<br>Series 2018-3A, Class M2<br>5.194% (LIBOR 1 Month + 2.75%), 10/25/2028<sup>(c)(n)</sup> |  | 150 | 147241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-3A, Class M1C<br>4.394% (LIBOR 1 Month + 1.95%), 07/25/2029<sup>(c)(n)</sup> |  | 164 | 162672 |
|  Connecticut Avenue Securities Trust <br>Series 2018-R07, Class 1B1 <br>6.794% (LIBOR 1 Month + 4.35%), 04/25/2031<sup>(c)(n)</sup> |  | 51 | 50638 |
|  Eagle Re Ltd. <br>Series 2018-1, Class M2 <br>5.444% (LIBOR 1 Month + 3.00%), 11/25/2028<sup>(c)(n)</sup> |  | 150 | 149532 |

---

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| | |
|:---|:---|
| **60 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes<br>Series 2015-HQA1, Class B<br>11.244% (LIBOR 1 Month + 8.80%), 03/25/2028<sup>(n)</sup> | U.S.$| 790 | $797132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-HQA3, Class M3<br>6.294% (LIBOR 1 Month + 3.85%), 03/25/2029<sup>(n)</sup> |  | 237 | 241347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-DNA3, Class M2<br>4.494% (LIBOR 1 Month + 2.05%), 07/25/2049<sup>(c)(n)</sup> |  | 11 | 10900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DNA1, Class M2<br>4.144% (LIBOR 1 Month + 1.70%), 01/25/2050<sup>(c)(n)</sup> |  | 75 | 74225 |
|  Federal National Mortgage Association Connecticut Avenue Securities<br>Series 2015-C02, Class 1M2<br>6.444% (LIBOR 1 Month + 4.00%), 05/25/2025<sup>(n)</sup> |  | 53 | 53892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C03, Class 1M2<br>7.444% (LIBOR 1 Month + 5.00%), 07/25/2025<sup>(n)</sup> |  | 3 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C04, Class 2M2<br>7.994% (LIBOR 1 Month + 5.55%), 04/25/2028<sup>(n)</sup> |  | 119 | 123040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C01, Class 2M2<br>9.394% (LIBOR 1 Month + 6.95%), 08/25/2028<sup>(n)</sup> |  | 59 | 61636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C04, Class 1B<br>12.694% (LIBOR 1 Month + 10.25%), 01/25/2029<sup>(n)</sup> |  | 197 | 211382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class 1B1<br>8.194% (LIBOR 1 Month + 5.75%), 07/25/2029<sup>(n)</sup> |  | 27 | 29281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C03, Class 1B1<br>7.294% (LIBOR 1 Month + 4.85%), 10/25/2029<sup>(n)</sup> |  | 27 | 28272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C05, Class 1B1<br>6.044% (LIBOR 1 Month + 3.60%), 01/25/2030<sup>(n)</sup> |  | 27 | 27659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class 1B1<br>6.594% (LIBOR 1 Month + 4.15%), 02/25/2030<sup>(n)</sup> |  | 143 | 147036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C01, Class 1B1<br>5.994% (LIBOR 1 Month + 3.55%), 07/25/2030<sup>(n)</sup> |  | 107 | 108801 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 61** |

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**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Home Re Ltd. <br>Series 2018-1, Class M2 <br>5.444% (LIBOR 1 Month + 3.00%), 10/25/2028<sup>(c)(n)</sup> | U.S.$| 235 | $233396 |
|  Traingle Re Ltd. <br>Series 2020-1, Class M2 <br>8.044% (LIBOR 1 Month + 5.60%), 10/25/2030<sup>(c)(n)</sup> |  | 150 | 151834 |
|  |  |  | 2812639 |
|  **Agency Fixed Rate – 0.0%** |  |  |  |
|  Federal National Mortgage Association Grantor Trust <br>Series 2004-T5, Class AB4 <br>2.799%, 05/28/2035 |  | 87 | 79153 |
|  **Non-Agency Fixed Rate – 0.0%** |  |  |  |
|  Alternative Loan Trust <br>Series 2006-28CB, Class A14 <br>6.25%, 10/25/2036 |  | 9 | 5357 |
|  CSMC Mortgage-Backed Trust <br>Series 2006-7, Class 3A12 <br>6.25%, 08/25/2036 |  | 9 | 4536 |
|  |  |  | 9893 |
|  Total Collateralized Mortgage Obligations <br>(cost $2,929,666) |  |  | 2901685 |
|  **COLLATERALIZED LOAN<br>OBLIGATIONS – 0.5%** |  |  |  |
|  **CLO - Floating Rate – 0.5%** |  |  |  |
|  Ares XXXIV CLO Ltd. <br>Series 2015-2A, Class CR <br>4.74% (LIBOR 3 Month + 2.00%), 04/17/2033<sup>(c)(n)</sup> |  | 270 | 252501 |
|  Dryden 49 Senior Loan Fund <br>Series 2017-49A, Class E <br>9.04% (LIBOR 3 Month + 6.30%), 07/18/2030<sup>(c)(n)</sup> |  | 250 | 225860 |
|  Dryden 78 CLO Ltd. <br>Series 2020-78A, Class C <br>4.69% (LIBOR 3 Month + 1.95%), 04/17/2033<sup>(c)(n)</sup> |  | 250 | 235032 |
|  Dryden 98 CLO Ltd. <br>Series 2022-98A, Class E <br>7.304% (SOFR + 6.40%), 04/20/2035<sup>(c)(n)</sup> |  | 250 | 225369 |
|  Elmwood CLO VIII Ltd. <br>Series 2021-1A, Class E1 <br>8.71% (LIBOR 3 Month + 6.00%), 01/20/2034<sup>(c)(n)</sup> |  | 150 | 137394 |

---

---

| | |
|:---|:---|
| **62 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Elmwood CLO XII Ltd. <br>Series 2021-5A, Class E <br>9.06% (LIBOR 3 Month + 6.35%), 01/20/2035<sup>(c)(n)</sup> | U.S.$| 250 | $228524 |
|  Octagon Investment Partners 29 Ltd. <br>Series 2016-1A, Class DR <br>5.883% (LIBOR 3 Month + 3.10%), 01/24/2033<sup>(c)(n)</sup> |  | 263 | 246158 |
|  Rad CLO 11 Ltd. <br>Series 2021-11A, Class E <br>8.762% (LIBOR 3 Month + 6.25%), 04/15/2034<sup>(c)(n)</sup> |  | 250 | 229041 |
|  Regatta XIX Funding Ltd. <br>Series 2022-1A, Class E <br>7.959% (SOFR + 6.88%), 04/20/2035<sup>(c)(n)</sup> |  | 250 | 227412 |
|  Rockford Tower CLO Ltd. <br>Series 2017-2A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 10/15/2029<sup>(c)(n)</sup> |  | 306 | 293112 |
|  Trimaran Cavu Ltd. <br>Series 2019-1A, Class E <br>9.75% (LIBOR 3 Month + 7.04%), 07/20/2032<sup>(c)(n)</sup> |  | 250 | 216903 |
|  Voya CLO Ltd. <br>Series 2019-1A, Class DR <br>5.362% (LIBOR 3 Month + 2.85%), 04/15/2031<sup>(c)(n)</sup> |  | 109 | 97561 |
|  Total Collateralized Loan Obligations <br>(cost $2,840,217) |  |  | 2614867 |
|  **QUASI-SOVEREIGNS – 0.1%** |  |  |  |
|  **Quasi-Sovereign Bonds – 0.1%** |  |  |  |
|  **Mexico – 0.1%** |  |  |  |
|  Petroleos Mexicanos<br>6.49%, 01/23/2027 |  | 51 | 45186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/23/2029<sup>(b)</sup> |  | 41 | 33944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/21/2047 |  | 182 | 114278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/28/2060 |  | 31 | 19297 |
|  |  |  | 212705 |
|  **Ukraine – 0.0%** |  |  |  |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030<sup>(f)</sup> |  | 324 | 56457 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 63** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **United Arab Emirates – 0.0%** |  |  |  |
|  DP World Crescent Ltd. <br>3.875%, 07/18/2029<sup>(c)</sup> | U.S.$| 220 | $211200 |
|  Total Quasi-Sovereigns <br>(cost $776,119) |  |  | 480362 |
|  **GOVERNMENTS - SOVEREIGN<br>BONDS – 0.1%** |  |  |  |
|  **Colombia – 0.0%** |  |  |  |
|  Colombia Government International Bond <br>5.625%, 02/26/2044 |  | 200 | 144788 |
|  **Mexico – 0.1%** |  |  |  |
|  Mexico Government International Bond <br>2.659%, 05/24/2031 |  | 238 | 196945 |
|  Total Governments - Sovereign Bonds <br>(cost $383,894) |  |  | 341733 |
|  |  | **Shares** |  |
|  **PREFERRED STOCKS – 0.1%** |  |  |  |
|  **Industrials – 0.1%** |  |  |  |
|  **Auto Components – 0.0%** |  |  |  |
|  Energy Technology <br>0.00%<sup>(a)(d)(e)</sup> |  | 117 | 88335 |
|  **Energy Equipment & Services – 0.0%** |  |  |  |
|  Gulfport Energy Corp. <br>10.00%<sup>(a)(d)</sup> |  | 10 | 67000 |
|  **Industrial Conglomerates – 0.1%** |  |  |  |
|  WESCO International, Inc. <br>Series A <br>10.625% |  | 3350 | 93197 |
|  |  |  | 248532 |
|  **Consumer Discretionary – 0.0%** |  |  |  |
|  **Household Durables – 0.0%** |  |  |  |
|  Hovnanian Enterprises, Inc. <br>7.625% |  | 1190 | 24276 |
|  Total Preferred Stocks <br>(cost $193,246) |  |  | 272808 |

---

---

| | |
|:---|:---|
| **64 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.0%** |  |  |  |
|  **Non-Agency Floating Rate CMBS – 0.0%** |  |  |  |
|  DBWF Mortgage Trust <br>Series 2018-GLKS, Class E <br>5.384% (LIBOR 1 Month + 3.02%), 12/19/2030<sup>(c)(n)</sup> | U.S.$| 100 | $94500 |
|  Morgan Stanley Capital I Trust <br>Series 2019-BPR, Class E <br>7.391% (LIBOR 1 Month + 5.00%), 05/15/2036<sup>(c)(n)</sup> |  | 39 | 30523 |
|  |  |  | 125023 |
|  **Non-Agency Fixed Rate CMBS – 0.0%** |  |  |  |
|  Citigroup Commercial Mortgage Trust <br>Series 2014-GC23, Class D <br>4.631%, 07/10/2047<sup>(c)</sup> |  | 35 | 32730 |
|  GS Mortgage Securities Trust <br>Series 2014-GC18, Class D <br>5.226%, 01/10/2047<sup>(c)</sup> |  | 28 | 11657 |
|  JPMBB Commercial Mortgage Securities Trust<br>Series 2013-C17, Class D <br>5.049%, 01/15/2047<sup>(c)</sup> |  | 71 | 66624 |
|  |  |  | 111011 |
|  Total Commercial Mortgage-Backed Securities<br>(cost $259,511) |  |  | 236034 |
|  **EMERGING MARKETS -<br>TREASURIES – 0.0%** |  |  |  |
|  **Russia – 0.0%** |  |  |  |
|  Russian Federal Bond – OFZ <br>Series 6212 <br>7.05%, 01/19/2028<sup>(d)</sup><br>(cost $355,236) | RUB | 23770 | 116122 |
|  |  | **Shares** |  |
|  **WARRANTS – 0.0%** |  |  |  |
|  **Industrials – 0.0%** |  |  |  |
|  **Construction & Engineering – 0.0%** |  |  |  |
|  Willscot Corp., expiring 11/29/2022<sup>(a)(d)(e)</sup> |  | 1913 | 47349 |
|  **Energy – 0.0%** |  |  |  |
|  **Oil, Gas & Consumable Fuels – 0.0%** |  |  |  |
|  Battalion Oil Corp., expiring 10/08/2022<sup>(d)(e)</sup> |  | 8 | – 0 |
|  Battalion Oil Corp., expiring 10/08/2022<sup>(d)(e)</sup> |  | 6 | – 0 |
|  Battalion Oil Corp., expiring 10/08/2022<sup>(b)(d)(e)</sup> |  | 10 | – 0 |
|  SandRidge Energy, Inc., A-CW22, expiring 10/04/2022 |  | 4816 | 144 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 65** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **<br>Shares** |  | **U.S. $ Value** |
|  SandRidge Energy, Inc., B-CW22, expiring 10/04/2022 |  | 2024 |  | $3 |
|  |  |  |  | 147 |
|  **Information Technology – 0.0%** |  |  |  |  |
|  **Software – 0.0%** |  |  |  |  |
|  Avaya Holdings Corp., expiring 12/15/2022 |  | 4686 |  | 94 |
|  **Diversified – 0.0%** |  |  |  |  |
|  **Special Purpose Acquisition<br>Company – 0.0%** |  |  |  |  |
|  CWT Travel Holdings, Inc., A-CW26,<br>expiring 11/19/2026<sup>(d)(e)</sup> |  | 1052 |  | 16 |
|  CWT Travel Holdings, Inc., B-CW28,<br>expiring 11/19/2028<sup>(d)(e)</sup> |  | 1108 |  | 20 |
|  |  |  |  | 36 |
|  Total Warrants <br>(cost $15,546) |  |  |  | 47626 |
|  |  | **Principal<br>Amount<br>(000)** |  |  |
|  **ASSET-BACKED SECURITIES – 0.0%** |  |  |  |  |
|  **Other ABS - Fixed Rate – 0.0%** |  |  |  |  |
|  Marlette Funding Trust <br>Series 2018-3A, Class C <br>4.63%, 09/15/2028<sup>(c)</sup><br>(cost $8,595) | U.S.$| 9 |  | 8547 |
|  **MORTGAGE PASS-THROUGHS – 0.0%** |  |  |  |  |
|  **Agency Fixed Rate 30-Year – 0.0%** |  |  |  |  |
|  Federal National Mortgage Association <br>Series 2006 <br>5.00%, 01/01/2036<br>(cost $85) |  | 0 | \*\* | 82 |
|  |  | **Shares** |  |  |
|  **SHORT-TERM INVESTMENTS – 14.8%** |  |  |  |  |
|  **Investment Companies – 14.7%** |  |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.03%<sup>(m)(q)(r)</sup>(cost $75,289,117) |  | 75289117 |  | 75289117 |

---

---

| | |
|:---|:---|
| **66 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **U.S. Treasury Bills – 0.1%** |  |  |  |
|  **United States – 0.1%** |  |  |  |
|  U.S. Treasury Bill <br>Zero Coupon, 10/13/2022<br>(cost $732,299) | U.S.$| 734 | $732191 |
|  Total Short-Term Investments <br>(cost $76,021,416) |  |  | 76021308 |
|  |  | **Shares** |  |
|  **Total Investments Before Security Lending Collateral for Securities Loaned – 96.8%** <br>(cost $497,948,930) |  |  | 495800518 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 1.1%** |  |  |  |
|  **Investment Companies – 1.1%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>2.03%<sup>(m)(q)(r)</sup> <br>(cost $5,351,891) |  | 5351891 | 5351891 |
|  **Total Investments – 97.9%** <br> (cost $503,300,821) |  |  | 501152409 |
|  Other assets less liabilities – 2.1% |  |  | 10900882 |
|  **Net Assets – 100.0%** |  |  | $**512053291** |

---

**FUTURES (see Note D)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>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** |
|  10 Yr Australian Bond Futures | 136 | September 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11163166 | $61634 |
|  10 Yr Canadian Bond Futures | 163 | December 2022 | 15462877 | (21852) |
|  10 Yr Japan Bond (OSE) Futures | 28 | September 2022 | 30137412 | 45361 |
|  E-Mini Russell 2000 Futures | 7 | September 2022 | 645610 | (24809) |
|  Euro Buxl 30 Yr Bond Futures | 49 | September 2022 | 8105327 | (206183) |
|  Euro STOXX 50 Index Futures | 167 | September 2022 | 5907500 | (142328) |
|  Euro-BOBL Futures | 54 | September 2022 | 6679222 | (53787) |
|  Euro-Bund Futures | 92 | September 2022 | 13680631 | (61773) |
|  Euro-Schatz Futures | 82 | September 2022 | 8950108 | (53684) |
|  FTSE 100 Index Futures | 3 | September 2022 | 253977 | 1023 |
|  FTSE China A50 Futures | 51 | September 2022 | 689622 | (3904) |
|  FTSE KLCI Futures | 159 | September 2022 | 2644079 | 11881 |
|  FTSE/JSE Top 40 Futures | 70 | September 2022 | 2482995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111958) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 67** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Hang Seng Index Futures | 14 | September 2022 | $1768038 | $18360 |
|  Long Gilt Futures | 308 | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38617762 | (747549) |
|  MSCI Emerging Markets Futures | 405 | September 2022 | 19883475 | (336724) |
|  OMXS 30 Index Futures | 13 | September 2022 | 234024 | (8740) |
|  S&P Mid 400 E-Mini Futures | 26 | September 2022 | 6318780 | (224150) |
|  S&P TSX 60 Index Futures | 4 | September 2022 | 709636 | (21797) |
|  SET 50 Futures | 848 | September 2022 | 4602050 | 179143 |
|  SPI 200 Futures | 11 | September 2022 | 1299870 | 61164 |
|  TOPIX Index Futures | 32 | September 2022 | 4519273 | (7573) |
|  U.S. Long Bond (CBT) Futures | 2 | December 2022 | 271687 | (2847) |
|  U.S. T-Note 2 Yr (CBT) Futures | 92 | December 2022 | 19166188 | (35238) |
|  U.S. T-Note 5 Yr (CBT) Futures | 200 | December 2022 | 22164063 | (84553) |
|  U.S. T-Note 10 Yr (CBT) Futures | 352 | December 2022 | 41151000 | (338735) |
|  U.S. Ultra Bond (CBT) Futures | 236 | December 2022 | 35282000 | (298943) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Canadian Bond Futures | 16 | December 2022 | 1517828 | 1619 |
|  E-Mini Russell 2000 Futures | 115 | September 2022 | 12524075 | 220571 |
|  Euro STOXX 50 Index Futures | 8 | September 2022 | 282994 | 7237 |
|  FTSE 100 Index Futures | 32 | September 2022 | 2709086 | 85205 |
|  FTSE Taiwan Index Futures | 82 | September 2022 | 4286960 | 14662 |
|  Long Gilt Futures | 17 | December 2022 | 2131500 | 41143 |
|  Mexican BOLSA Index Futures | 25 | September 2022 | 556970 | 46246 |
|  MSCI EAFE Futures | 1 | September 2022 | 91355 | 6073 |
|  MSCI Emerging Markets Futures | 3 | September 2022 | 147285 | 3028 |
|  MSCI Singapore IX ETS Futures | 191 | September 2022 | 3945880 | 92766 |
|  S&P 500 E-Mini Futures | 300 | September 2022 | 59347500 | (94837) |
|  SGX Nifty 50 Futures | 73 | September 2022 | 2556460 | 11457 |
|  SPI 200 Futures | 24 | September 2022 | 2836080 | 2964 |
|  TOPIX Index Futures | 15 | September 2022 | 2118409 | (16515) |
|  U.S. 10 Yr Ultra Futures | 7 | December 2022 | 876313 | 7811 |
|  U.S. T-Note 2 Yr (CBT) Futures | 73 | December 2022 | 15207953 | 25004 |
|  U.S. T-Note 5 Yr (CBT) Futures | 14 | December 2022 | 1551484 | 8404 |
|  U.S. T-Note 10 Yr (CBT) Futures | 186 | December 2022 | 21744563 | 134071 |
|  U.S. Ultra Bond (CBT) Futures | 46 | December 2022 | 6877000 | 30557 |
|  WIG 20 Index Futures | 368 | September 2022 | 2395915 | 268260 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1512835) |

---

---

| | |
|:---|:---|
| **68 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

**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 | 3599 | USD | 929 | 09/15/2022 | $(4854) |
|  Bank of America, NA | EUR | 2232 | USD | 2272 | 09/29/2022 | 24849 |
|  Barclays Bank PLC | BRL | 3244 | USD | 633 | 09/02/2022 | 9789 |
|  Barclays Bank PLC | USD | 626 | BRL | 3244 | 09/02/2022 | (2818) |
|  Barclays Bank PLC | CLP | 2816845 | USD | 2935 | 09/15/2022 | (200509) |
|  Barclays Bank PLC | PEN | 6723 | USD | 1742 | 09/15/2022 | (3402) |
|  Barclays Bank PLC | USD | 1183 | COP | 5143854 | 09/15/2022 | (24257) |
|  Barclays Bank PLC | USD | 2741 | PEN | 10669 | 09/15/2022 | 28417 |
|  Barclays Bank PLC | NOK | 15008 | USD | 1559 | 09/21/2022 | 48474 |
|  Barclays Bank PLC | NZD | 1776 | USD | 1096 | 09/21/2022 | 9911 |
|  Barclays Bank PLC | SEK | 16443 | USD | 1607 | 09/21/2022 | 62669 |
|  Barclays Bank PLC | USD | 1116 | CAD | 1432 | 09/21/2022 | (26075) |
|  Barclays Bank PLC | USD | 3590 | GBP | 3045 | 09/21/2022 | (51467) |
|  Barclays Bank PLC | INR | 720 | USD | 9 | 09/28/2022 | 1 |
|  Barclays Bank PLC | USD | 3142 | MXN | 62869 | 09/29/2022 | (36993) |
|  Barclays Bank PLC | CNH | 24770 | USD | 3682 | 10/20/2022 | 94686 |
|  Barclays Bank PLC | TWD | 157587 | USD | 5306 | 10/21/2022 | 107200 |
|  Barclays Bank PLC | IDR | 38361917 | USD | 2605 | 10/27/2022 | 27212 |
|  Barclays Bank PLC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57273132 | USD | 3828 | 10/27/2022 | (19479) |
|  Barclays Bank PLC | PHP | 99285 | USD | 1775 | 10/27/2022 | 15409 |
|  Barclays Bank PLC | USD | 4044 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61203467 | 10/27/2022 | 67610 |
|  Barclays Bank PLC | USD | 956 | IDR | 14209018 | 10/27/2022 | (980) |
|  Barclays Bank PLC | USD | 3204 | KRW | 4182561 | 10/27/2022 | (86305) |
|  Barclays Bank PLC | MYR | 20621 | USD | 4632 | 12/15/2022 | 26972 |
|  Barclays Bank PLC | MYR | 11433 | USD | 2551 | 12/15/2022 | (2238) |
|  Barclays Bank PLC | USD | 6519 | MYR | 28819 | 12/15/2022 | (82683) |
|  BNP Paribas SA | USD | 536 | COP | 2444681 | 09/15/2022 | 14653 |
|  Citibank, NA | KRW | 5300392 | USD | 4040 | 10/27/2022 | 89410 |
|  Citibank, NA | USD | 1735 | PHP | 98743 | 10/27/2022 | 14878 |
|  Credit Suisse International | CZK | 36481 | USD | 1487 | 09/09/2022 | (7282) |
|  Credit Suisse International | PLN | 7320 | USD | 1514 | 09/09/2022 | (41599) |
|  Credit Suisse International | USD | 2406 | HUF | 985776 | 09/09/2022 | 63186 |
|  Credit Suisse International | USD | 707 | HUF | 272548 | 09/09/2022 | (24334) |
|  Credit Suisse International | PEN | 4982 | USD | 1294 | 09/15/2022 | 462 |
|  Credit Suisse International | USD | 714 | CLP | 630941 | 09/15/2022 | (11778) |
|  Credit Suisse International | EUR | 2394 | USD | 2477 | 09/21/2022 | 68349 |
|  Credit Suisse International | NOK | 8067 | USD | 850 | 09/21/2022 | 37941 |
|  Credit Suisse International | USD | 1085 | AUD | 1576 | 09/21/2022 | (6250) |
|  Credit Suisse International | USD | 779 | NZD | 1265 | 09/21/2022 | (4463) |
|  Credit Suisse International | USD | 2678 | INR | 213693 | 09/28/2022 | 3658 |
|  Credit Suisse International | MXN | 32408 | USD | 1564 | 09/29/2022 | (36079) |
|  Credit Suisse International | TWD | 28388 | USD | 934 | 10/21/2022 | (2426) |
|  Credit Suisse International | USD | 1122 | KRW | 1468504 | 10/27/2022 | (27123) |
|  Deutsche Bank AG | BRL | 19750 | USD | 3813 | 09/02/2022 | 17152 |
|  Deutsche Bank AG | USD | 3651 | BRL | 19750 | 09/02/2022 | 145539 |
|  Deutsche Bank AG | HUF | 330234 | USD | 861 | 09/09/2022 | 33902 |
|  Deutsche Bank AG | USD | 675 | CZK | 16325 | 09/09/2022 | (5763) |
|  Deutsche Bank AG | USD | 731 | PLN | 3397 | 09/09/2022 | (8518) |
|  Deutsche Bank AG | USD | 580 | COP | 2525098 | 09/15/2022 | (11223) |
|  Deutsche Bank AG | GBP | 1925 | USD | 2257 | 09/21/2022 | 18884 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 69** |

---

------

**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)** |
|  Deutsche Bank AG | USD | 9 | INR | 720 | 09/28/2022 | $– 0 |
|  Deutsche Bank AG | USD | 1989 | INR | 158535 | 09/28/2022 | (29) |
|  Deutsche Bank AG | EUR | 826 | USD | 826 | 09/29/2022 | (5435) |
|  Deutsche Bank AG | USD | 749 | MXN | 15661 | 09/29/2022 | 24736 |
|  Deutsche Bank AG | CNH | 16045 | USD | 2369 | 10/20/2022 | 44794 |
|  Deutsche Bank AG | USD | 3431 | CNH | 23068 | 10/20/2022 | (89843) |
|  Deutsche Bank AG | USD | 794 | IDR | 12058281 | 10/27/2022 | 16306 |
|  Deutsche Bank AG | THB | 171026 | USD | 4846 | 11/10/2022 | 134955 |
|  Goldman Sachs Bank USA | BRL | 2712 | USD | 512 | 09/02/2022 | (9189) |
|  Goldman Sachs Bank USA | USD | 524 | BRL | 2712 | 09/02/2022 | (2355) |
|  Goldman Sachs Bank USA | USD | 1135 | HUF | 449387 | 09/09/2022 | (9781) |
|  Goldman Sachs Bank USA | USD | 2872 | PLN | 13644 | 09/09/2022 | 28636 |
|  Goldman Sachs Bank USA | CHF | 3661 | USD | 3877 | 09/21/2022 | 125545 |
|  Goldman Sachs Bank USA | USD | 2855 | NZD | 4486 | 09/21/2022 | (111060) |
|  Goldman Sachs Bank USA | USD | 1359 | EUR | 1333 | 09/29/2022 | (16953) |
|  Goldman Sachs Bank USA | USD | 822 | MXN | 16948 | 09/29/2022 | 14511 |
|  Goldman Sachs Bank USA | CNH | 18384 | USD | 2723 | 10/20/2022 | 60471 |
|  Goldman Sachs Bank USA | USD | 205 | TWD | 6089 | 10/21/2022 | (3998) |
|  HSBC Bank USA | USD | 2343 | TWD | 69740 | 10/21/2022 | (42470) |
|  HSBC Bank USA | KRW | 1538577 | USD | 1183 | 10/27/2022 | 36643 |
|  JPMorgan Chase Bank, NA | CZK | 30961 | USD | 1274 | 09/09/2022 | 6073 |
|  JPMorgan Chase Bank, NA | CZK | 63553 | USD | 2596 | 09/09/2022 | (8026) |
|  JPMorgan Chase Bank, NA | PLN | 3284 | USD | 695 | 09/09/2022 | (2722) |
|  JPMorgan Chase Bank, NA | USD | 741 | PLN | 3426 | 09/09/2022 | (12213) |
|  JPMorgan Chase Bank, NA | USD | 1592 | CLP | 1631480 | 09/15/2022 | 223376 |
|  JPMorgan Chase Bank, NA | USD | 877 | CLP | 779427 | 09/15/2022 | (9439) |
|  JPMorgan Chase Bank, NA | USD | 714 | PEN | 2789 | 09/15/2022 | 10012 |
|  JPMorgan Chase Bank, NA | AUD | 2299 | USD | 1613 | 09/21/2022 | 39495 |
|  JPMorgan Chase Bank, NA | CAD | 7046 | USD | 5428 | 09/21/2022 | 63617 |
|  JPMorgan Chase Bank, NA | CHF | 968 | USD | 1021 | 09/21/2022 | 29637 |
|  JPMorgan Chase Bank, NA | EUR | 1333 | USD | 1358 | 09/21/2022 | 16114 |
|  JPMorgan Chase Bank, NA | GBP | 1553 | USD | 1879 | 09/21/2022 | 75153 |
|  JPMorgan Chase Bank, NA | NOK | 16157 | USD | 1688 | 09/21/2022 | 61588 |
|  JPMorgan Chase Bank, NA | SEK | 33731 | USD | 3300 | 09/21/2022 | 133135 |
|  JPMorgan Chase Bank, NA | USD | 2730 | CAD | 3498 | 09/21/2022 | (67067) |
|  JPMorgan Chase Bank, NA | USD | 2245 | EUR | 2200 | 09/21/2022 | (30901) |
|  JPMorgan Chase Bank, NA | USD | 3594 | JPY | 478689 | 09/21/2022 | (143512) |
|  JPMorgan Chase Bank, NA | USD | 828 | NOK | 8008 | 09/21/2022 | (22057) |
|  JPMorgan Chase Bank, NA | USD | 2080 | SEK | 21480 | 09/21/2022 | (62910) |
|  JPMorgan Chase Bank, NA | EUR | 2010 | USD | 2048 | 09/29/2022 | 24185 |
|  JPMorgan Chase Bank, NA | MXN | 24496 | USD | 1219 | 09/29/2022 | 8930 |
|  JPMorgan Chase Bank, NA | ZAR | 40106 | USD | 2394 | 10/13/2022 | 61619 |
|  JPMorgan Chase Bank, NA | USD | 2733 | TWD | 81463 | 10/21/2022 | (45456) |
|  JPMorgan Chase Bank, NA | CAD | 3806 | USD | 2939 | 10/27/2022 | 42376 |
|  JPMorgan Chase Bank, NA | IDR | 6770276 | USD | 458 | 10/27/2022 | 2683 |
|  JPMorgan Chase Bank, NA | KRW | 1459377 | USD | 1115 | 10/27/2022 | 26912 |
|  JPMorgan Chase Bank, NA | USD | 1916 | IDR | 29023981 | 10/27/2022 | 34455 |
|  Morgan Stanley Capital Services, Inc. | BRL | 13793 | USD | 2744 | 09/02/2022 | 92509 |
|  Morgan Stanley Capital Services, Inc. | USD | 2663 | BRL | 13793 | 09/02/2022 | (11979) |

---

---

| | |
|:---|:---|
| **70 <sup>\|</sup> 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)** |
|  Morgan Stanley Capital Services, Inc. | USD | 756 | CHF | 721 | 09/08/2022 | $(18064) |
|  Morgan Stanley Capital Services, Inc. | USD | 663 | JPY | 90644 | 09/08/2022 | (9977) |
|  Morgan Stanley Capital Services, Inc. | EUR | 1313 | USD | 1315 | 09/21/2022 | (6646) |
|  Morgan Stanley Capital Services, Inc. | USD | 2459 | CAD | 3199 | 09/21/2022 | (22972) |
|  Morgan Stanley Capital Services, Inc. | NOK | 7358 | USD | 757 | 09/22/2022 | 16719 |
|  Morgan Stanley Capital Services, Inc. | USD | 2722 | BRL | 13793 | 10/04/2022 | (91462) |
|  Morgan Stanley Capital Services, Inc. | AUD | 1001 | USD | 691 | 10/20/2022 | 5901 |
|  Morgan Stanley Capital Services, Inc. | USD | 576 | CNH | 3985 | 10/20/2022 | 1282 |
|  Morgan Stanley Capital Services, Inc. | GBP | 783 | USD | 930 | 11/17/2022 | 19088 |
|  Morgan Stanley Capital Services, Inc. | USD | 729 | MYR | 3237 | 12/15/2022 | (6138) |
|  State Street Bank & Trust Co. | JPY | 54094 | USD | 404 | 09/08/2022 | 14218 |
|  State Street Bank & Trust Co. | NOK | 202 | USD | 21 | 09/21/2022 | 485 |
|  State Street Bank & Trust Co. | USD | 211 | EUR | 205 | 09/21/2022 | (4416) |
|  State Street Bank & Trust Co. | USD | 486 | JPY | 64713 | 09/21/2022 | (19308) |
|  State Street Bank & Trust Co. | SEK | 29724 | USD | 2925 | 09/22/2022 | 134248 |
|  State Street Bank & Trust Co. | USD | 127 | SEK | 1336 | 09/22/2022 | (1699) |
|  State Street Bank & Trust Co. | EUR | 296 | USD | 304 | 09/29/2022 | 5819 |
|  State Street Bank & Trust Co. | USD | 757 | EUR | 744 | 09/29/2022 | (7494) |
|  State Street Bank & Trust Co. | USD | 426 | AUD | 611 | 10/20/2022 | (7139) |
|  State Street Bank & Trust Co. | CAD | 401 | USD | 311 | 10/27/2022 | 5582 |
|  State Street Bank & Trust Co. | USD | 309 | CAD | 399 | 10/27/2022 | (5410) |
|  State Street Bank & Trust Co. | USD | 789 | THB | 27814 | 11/10/2022 | (23131) |
|  State Street Bank & Trust Co. | USD | 97 | GBP | 82 | 11/17/2022 | (1233) |
|  |  |  |  |  |  | $1011639 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 71** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

**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)** |
| CNY | 36260 | 02/17/2025 | China 7-Day Reverse Repo Rate | 2.547% | Quarterly | $58363 | $– 0 | $58363 |
| CNY | 107914 | 02/20/2025 | China 7-Day Reverse Repo Rate | 2.598% | Quarterly | 191627 | – 0 | 191627 |
| CNY | 109516 | 02/21/2025 | China 7-Day Reverse Repo Rate | 2.620% | Quarterly | 202817 | – 0 | 202817 |
| CHF | 1570 | 09/21/2031 | 1 Day SARON | (0.192)% | Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219886) |
| CHF | 590 | 11/19/2031 | 1 Day SARON | 0.100% | Annual | (78357) | – 0 | (78357) |
| NZD | 50 | 12/08/2031 | 3 Month BKBM | 2.513% | Quarterly/<br>Semi-Annual | (3773) | – 0 | (3773) |
| NZD | 890 | 01/14/2032 | 3 Month BKBM | 2.755% | Quarterly/<br>Semi-Annual | (57742) | – 0 | (57742) |
| NZD | 1280 | 03/04/2032 | 3 Month BKBM | 3.050% | Quarterly/<br>Semi-Annual | (57963) | – 0 | (57963) |
| NOK | 9340 | 05/10/2032 | 6 Month NIBOR | 3.140% | Semi-Annual/<br>Annual | (26167) | – 0 | (26167) |
| NOK | 7720 | 05/25/2032 | 6 Month NIBOR | 2.913% | Semi-Annual/<br>Annual | (36171) | – 0 | (36171) |
| NOK | 5000 | 06/15/2032 | 6 Month NIBOR | 3.335% | Semi-Annual/<br>Annual | (6163) | – 0 | (6163) |
| NZD | 1100 | 07/21/2032 | 3 Month BKBM | 3.973% | Quarterly/<br>Semi-Annual | (7290) | – 0 | (7290) |
| NZD | 900 | 08/22/2032 | 3 Month BKBM | 3.721% | Quarterly/<br>Semi-Annual | (17789) | – 0 | (17789) |
| CHF | 480 | 08/22/2032 | 1 Day SARON | 1.365% | Annual | (15295) | – 0 | (15295) |
| SEK | 60 | 08/22/2032 | 2.370% | 3 Month STIBOR | Annual/<br>Quarterly | 217 | – 0 | 217 |
|  |  |  |  |  |  | $(97951) | $(24379) | $(73572) |

---

---

| | |
|:---|:---|
| **72 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

**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>August 31,<br>2022** | **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** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 38, 5 Year Index, 06/20/2027\* | 5.00% | Quarterly | 5.32% | USD | &nbsp;&nbsp;&nbsp;&nbsp;11722 | $(26998) | $239288 | $(266286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Xover Series 37, 5 Year Index, 06/20/2027\* | 5.00 | Quarterly | 5.91 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;3070 | (72442) | 189939 | (262381) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Republic of South Africa, 5.875%, 09/16/2025, 06/20/2027\* | 1.00 | Quarterly | 2.83 | USD | &nbsp;&nbsp;&nbsp;&nbsp;300 | (22294) | (14290) | (8004) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(121734) | $&nbsp;&nbsp;&nbsp;&nbsp;414937 | $&nbsp;&nbsp;&nbsp;&nbsp;(536671) |

---

\* Termination date

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2022** | **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)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00% | Monthly | 7.50% | USD | 667 | $279161 | $207731 | $71430 |
|  JPMorgan Securities, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 696 | 151149 | 112017 | 39132 |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Citigroup Global Markets, Inc |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 20 | (8391) | (9505) | 1114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 343 | (143530) | (56492) | (87038) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB-<br>Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3279 | (701483) | (303991) | (397492) |
|  Deutsche Bank AG |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 1022 | (427617) | (171894) | (255723) |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.,<br>5.250%, 03/15/2025, 12/20/2023\* | 5.00 | Quarterly | 1.86 | USD | 50 | 2360 | 840 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 4 | (1614) | (1826) | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 4 | (1614) | (1826) | 212 |
|  Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 24 | (10004) | (10453) | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 8 | (3227) | (3573) | 346 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 73** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread<br>August 31,<br>2022** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00% | Monthly | 7.50% | USD | 24 | $(10005) | $(9662) | $(343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 23 | (9682) | (9296) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 25 | (10327) | (9857) | (470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BB<br>Series 6, 05/11/2063\* | 5.00 | Monthly | 7.50 | USD | 25 | (10650) | (10105) | (545) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(905474) | $&nbsp;&nbsp;&nbsp;&nbsp;(277892) | $&nbsp;&nbsp;&nbsp;&nbsp;(627582) |

---

\* Termination date

**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** |
|  Bank of America, NA | Bank of America, NA | Bank of America, NA | Bank of America, NA | Bank of America, NA | Bank of America, NA | Bank of America, NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABEULV | ESTR Plus 0.15% | Quarterly | EUR | 350 | 05/15/2023 | $(22408) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABEULV | ESTR Plus 0.15% | Quarterly | EUR | 153 | 05/15/2023 | (8863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSCU | OBFR Plus 0.25% | Quarterly | USD | 1062 | 11/15/2022 | (99393) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSCU | OBFR Plus 0.25% | Quarterly | USD | 769 | 11/15/2022 | (68360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSCU | OBFR Plus 0.25% | Quarterly | USD | 749 | 11/15/2022 | (67524) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSCU | OBFR Plus 0.25% | Maturity | USD | 662 | 11/15/2022 | (57134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSLV | OBFR Plus 0.25% | Quarterly | USD | 351 | 11/15/2022 | (27815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSLV | OBFR Plus 0.25% | Quarterly | USD | 584 | 04/17/2023 | 7027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSLV | OBFR Plus 0.25% | Quarterly | USD | 420 | 04/17/2023 | (32488) |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital US Inflation Linked Bonds 1 to 10 Year | SOFR Plus 0.24% | Annual | USD | 92807 | 11/01/2022 | (1768080) |
|  Citibank, NA | Citibank, NA | Citibank, NA | Citibank, NA | Citibank, NA | Citibank, NA | Citibank, NA |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGABROEG | FedFundEffective Plus 0.35% | Quarterly | USD | 1352 | 12/15/2022 | 57798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGABROEG | FedFundEffective Plus 0.35% | Quarterly | USD | 1054 | 12/15/2022 | 45162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGABROEG | FedFundEffective Plus 0.35% | Quarterly | USD | 637 | 12/15/2022 | (58336) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGABROEG | FedFundEffective Plus 0.35% | Quarterly | USD | 501 | 12/15/2022 | (26750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CGABROEG | FedFundEffective Plus 0.35% | Quarterly | USD | 180 | 12/15/2022 | 7677 |

---

---

| | |
|:---|:---|
| **74 <sup>\|</sup> 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)** |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | ESTR Plus 0.35% | Monthly | EUR | 372 |  | 07/15/2025 | $5632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | ESTR Plus 0.35% | Monthly | EUR | 281 |  | 07/15/2025 | 3664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | ESTR Plus 0.35% | Monthly | EUR | 189 |  | 07/15/2025 | 3122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricite de France SA | ESTR Plus 0.35% | Monthly | EUR | 188 |  | 07/15/2025 | 2928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSABVISP | SOFR Plus 0.40% | Quarterly | USD | 798 |  | 08/15/2023 | (49055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GSABVISP | SOFR Plus 0.40% | Quarterly | USD | 787 |  | 08/15/2023 | (42164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI | 3 Month EURIBOR | Maturity | EUR | 478 |  | 09/20/2022 | (32157) |
|  JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.35% | Monthly | GBP | 1798 |  | 08/14/2023 | 208806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 16 |  | 08/14/2023 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 14 |  | 08/14/2023 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 10 |  | 08/14/2023 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 6 |  | 08/14/2023 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 3 |  | 08/14/2023 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 3 |  | 08/14/2023 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ContourGlobal PLC | SONIA Plus 0.35% | Monthly | GBP | 2 |  | 08/14/2023 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 368 |  | 08/14/2023 | 8621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 185 |  | 08/14/2023 | 4688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 141 |  | 08/14/2023 | 3180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 94 |  | 08/14/2023 | 1716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 88 |  | 08/14/2023 | 2070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HomeServe PLC | SONIA Plus 0.35% | Monthly | GBP | 0 | \*\*\* | 08/14/2023 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPABJVAL<sup>(1)</sup> | TONAR Plus 0.18% | Quarterly | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110735 |  | 11/15/2022 | 1692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPABJVAL<sup>(2)</sup> | TONAR Plus 0.18% | Quarterly | JPY | 77688 |  | 11/15/2022 | 936 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 75** |

---

------

**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; JPABJVAL<sup>(3)</sup> | TONAR Plus 0.18% | Maturity | JPY | 76916 |  | 11/15/2022 | $(2155) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPABJVAL<sup>(4)</sup> | TONAR Plus 0.18% | Quarterly | JPY | 32777 |  | 11/15/2022 | 407 |
|  Merrill Lynch International | Merrill Lynch International | Merrill Lynch International | Merrill Lynch International | Merrill Lynch International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index | 0.00% | Annual | USD | 2628 |  | 09/15/2022 | (58372) |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.54% | Monthly | GBP | 143 |  | 10/18/2023 | 36510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.54% | Monthly | GBP | 62 |  | 10/18/2023 | 15994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.54% | Monthly | GBP | 37 |  | 10/18/2023 | 9258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.54% | Monthly | GBP | 29 |  | 10/18/2023 | 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avast PLC | SONIA Plus 0.54% | Monthly | GBP | 11 |  | 10/18/2023 | 2746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Commodity Index | 0.14% | Annual | USD | 33311 |  | 09/15/2022 | (2078449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 23 |  | 10/18/2023 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 16 |  | 10/18/2023 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 15 |  | 10/18/2023 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 12 |  | 10/18/2023 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 8 |  | 10/18/2023 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 5 |  | 10/18/2023 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 4 |  | 10/18/2023 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 2 |  | 10/18/2023 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brewin Dolphin Holdings PLC | SONIA Plus 0.54% | Monthly | GBP | 0 | \*\*\* | 10/18/2023 | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Monthly | KRW | 1284000 |  | 09/08/2022 | (25772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Monthly | KRW | 882750 |  | 09/08/2022 | (24251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Monthly | KRW | 802500 |  | 09/08/2022 | (9931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 197 |  | 10/18/2023 | 19389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 182 |  | 10/18/2023 | 19351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 179 |  | 10/18/2023 | 14687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 178 |  | 10/18/2023 | 14751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 174 |  | 10/18/2023 | 14299 |

---

---

| | |
|:---|:---|
| **76 <sup>\|</sup> 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; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 106 | 10/18/2023 | $11394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 86 | 10/18/2023 | 7858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 83 | 10/18/2023 | 6970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 78 | 10/18/2023 | 6704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 74 | 10/18/2023 | 5701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 62 | 10/18/2023 | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meggitt PLC | SONIA Plus 0.54% | Monthly | GBP | 4 | 10/18/2023 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micro Focus International PLC | SONIA Plus 0.54% | Monthly | GBP | 165 | 10/18/2023 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Monthly | CHF | 957 | 09/16/2022 | (43446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Monthly | CHF | 319 | 09/16/2022 | (15127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Monthly | CHF | 106 | 09/16/2022 | (4329) |
|  UBS AG |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Total Return Index | OBFR Plus 0.05% | Quarterly | USD | 6267 | 06/15/2023 | 410734 |
|  **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International | Goldman Sachs International |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 334 | 07/15/2025 | 38140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Montwhly | USD | 194 | 07/15/2025 | 45234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 194 | 07/15/2025 | 42543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 151 | 07/15/2025 | 33474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 145 | 07/15/2025 | 30264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 140 | 07/15/2025 | 21460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.35% | Monthly | USD | 132 | 07/15/2025 | 10783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.34% | Monthly | USD | 130 | 07/15/2025 | 13335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 120 | 07/15/2025 | 28191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.34% | Monthly | USD | 101 | 07/15/2025 | 15068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.31% | Monthly | USD | 81 | 07/15/2025 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 78 | 07/15/2025 | 13326 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 77** |

---

------

**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; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 63 |  | 07/15/2025 | $(21218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.35% | Monthly | USD | 58 |  | 07/15/2025 | 6895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 57 |  | 07/15/2025 | 12030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 48 |  | 07/15/2025 | 6754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 37 |  | 07/15/2025 | 8008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 25 |  | 07/15/2025 | 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.33% | Monthly | USD | 19 |  | 07/15/2025 | 3267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 14 |  | 07/15/2025 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 6 |  | 07/15/2025 | 1531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 5 |  | 07/15/2025 | 1175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.35% | Monthly | USD | 1 |  | 07/15/2025 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 1 |  | 07/15/2025 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.33% | Monthly | USD | 1 |  | 07/15/2025 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 1 |  | 07/15/2025 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System Inc. | SOFR Minus 0.32% | Monthly | USD | 0 | \*\*\* | 07/15/2025 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 379 |  | 01/05/2023 | 113600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 362 |  | 01/05/2023 | 105619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 281 |  | 01/05/2023 | 73268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 248 |  | 01/05/2023 | 63527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 168 |  | 01/05/2023 | 51085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 120 |  | 01/05/2023 | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.07% | Monthly | USD | 109 |  | 01/05/2023 | 29015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 16 |  | 01/05/2023 | 3873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.31% | Monthly | USD | 153 |  | 07/15/2025 | (5562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.30% | Monthly | USD | 88 |  | 07/15/2025 | 20312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 57 |  | 07/15/2025 | 19419 |

---

---

| | |
|:---|:---|
| **78 <sup>\|</sup> 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; New York Community Bancorp, Inc. | SOFR Minus 0.31% | Monthly | USD | 49 |  | 07/15/2025 | $(31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 43 |  | 07/15/2025 | 15292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 37 |  | 07/15/2025 | 13458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 26 |  | 07/15/2025 | (672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 3 |  | 07/15/2025 | (68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 0 | \*\*\* | 07/15/2025 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | SOFR Minus 0.32% | Monthly | USD | 0 | \*\*\* | 07/15/2025 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 181 |  | 07/15/2025 | (2904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 104 |  | 07/15/2025 | (2452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 73 |  | 07/15/2025 | (1768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.11% | Monthly | CAD | 63 |  | 07/15/2025 | (745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 62 |  | 07/15/2025 | (1287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 48 |  | 07/15/2025 | (920) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.09% | Monthly | CAD | 30 |  | 07/15/2025 | (493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.15% | Monthly | CAD | 26 |  | 07/15/2025 | (476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.19% | Monthly | CAD | 12 |  | 07/15/2025 | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.19% | Monthly | CAD | 11 |  | 07/15/2025 | (171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.18% | Monthly | CAD | 10 |  | 07/15/2025 | (189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.11% | Monthly | CAD | 10 |  | 07/15/2025 | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.19% | Monthly | CAD | 10 |  | 07/15/2025 | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.93% | Monthly | CAD | 9 |  | 07/15/2025 | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.18% | Monthly | CAD | 7 |  | 07/15/2025 | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.17% | Monthly | CAD | 7 |  | 07/15/2025 | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 7 |  | 07/15/2025 | (132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.17% | Monthly | CAD | 5 |  | 07/15/2025 | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 0.35% | Monthly | CAD | 4 |  | 07/15/2025 | (77) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 79** |

---

------

**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; TELUS Corp. | CDOR Plus 1.10% | Monthly | CAD | 3 |  | 07/15/2025 | $(73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.18% | Monthly | CAD | 2 |  | 07/15/2025 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.19% | Monthly | CAD | 2 |  | 07/15/2025 | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.17% | Monthly | CAD | 1 |  | 07/15/2025 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TELUS Corp. | CDOR Plus 1.94% | Monthly | CAD | 0 | \*\*\* | 07/15/2025 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.55% | Monthly | USD | 606 |  | 07/15/2025 | (133902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.55% | Monthly | USD | 492 |  | 07/15/2025 | (97172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.62% | Monthly | USD | 111 |  | 07/15/2025 | (16913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.62% | Monthly | USD | 72 |  | 07/15/2025 | (2891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.62% | Monthly | USD | 48 |  | 07/15/2025 | (8159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.62% | Monthly | USD | 42 |  | 07/15/2025 | (7038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unity Software Inc. | SOFR Minus 0.62% | Monthly | USD | 15 |  | 07/15/2025 | (2568) |
|  JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 338 |  | 08/14/2023 | 43755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 230 |  | 08/14/2023 | 24525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 210 |  | 08/14/2023 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 123 |  | 08/14/2023 | 6323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 103 |  | 08/14/2023 | 14767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.29% | Monthly | USD | 58 |  | 08/14/2023 | 1107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Inc. | OBFR Minus 0.28% | Monthly | USD | 11 |  | 08/14/2023 | 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 494 |  | 08/14/2023 | 121839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 351 |  | 08/14/2023 | 79867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 317 |  | 08/14/2023 | 75248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 167 |  | 08/14/2023 | 27558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.125% | Monthly | USD | 100 |  | 08/14/2023 | 19416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.125% | Monthly | USD | 93 |  | 08/14/2023 | 17258 |

---

---

| | |
|:---|:---|
| **80 <sup>\|</sup> 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; Gold Fields Ltd. | OBFR Plus 1.50% | Monthly | USD | 83 | 08/14/2023 | $3690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 71 | 08/14/2023 | 16320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 67 | 08/14/2023 | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 1.50% | Monthly | USD | 62 | 08/14/2023 | 6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.375% | Monthly | USD | 36 | 08/14/2023 | 6643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 1.50% | Monthly | USD | 28 | 08/14/2023 | 2983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 20 | 08/14/2023 | 3141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 0.25% | Monthly | USD | 7 | 08/14/2023 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 1.50% | Monthly | USD | 2 | 08/14/2023 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Fields Ltd. | OBFR Plus 1.50% | Monthly | USD | 1 | 08/14/2023 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 64 | 08/14/2023 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 59 | 08/14/2023 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 57 | 08/14/2023 | (1998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 56 | 08/14/2023 | (2101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 46 | 08/14/2023 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 37 | 08/14/2023 | (902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR<br>Minus 0.28% | Monthly | USD | 33 | 08/14/2023 | (1451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.78% | Monthly | USD | 31 | 08/14/2023 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 7 | 08/14/2023 | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 5 | 08/14/2023 | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE U.S. Dollar Index | OBFR Minus 0.28% | Monthly | USD | 3 | 08/14/2023 | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPQABHYS | OBFR Minus 0.05% | Quarterly | USD | 144 | 05/15/2023 | 8863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPQABHYS | OBFR Minus 0.05% | Quarterly | USD | 110 | 05/15/2023 | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPQABHYS | OBFR Minus 0.05% | Quarterly | USD | 110 | 05/15/2023 | 5400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPQABHYS | OBFR Minus 0.05% | Quarterly | USD | 99 | 05/15/2023 | 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc. | OBFR Minus 0.29% | Monthly | USD | 109 | 08/14/2023 | (20225) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 81** |

---

------

**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; MasTec, Inc. | OBFR Minus 0.29% | Monthly | USD | 26 |  | 08/14/2023 | $(2474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc. | OBFR Minus 0.29% | Monthly | USD | 23 |  | 08/14/2023 | (3509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc. | OBFR Minus 0.29% | Monthly | USD | 12 |  | 08/14/2023 | (1068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc. | OBFR Minus 0.29% | Monthly | USD | 4 |  | 08/14/2023 | (474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.30% | Monthly | USD | 162 |  | 08/14/2023 | 35224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 43 |  | 08/14/2023 | 5486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 34 |  | 08/14/2023 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 30 |  | 08/14/2023 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 1.04% | Monthly | USD | 21 |  | 08/14/2023 | (731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 15 |  | 08/14/2023 | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 14 |  | 08/14/2023 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 6 |  | 08/14/2023 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 2 |  | 08/14/2023 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 0 | \*\*\* | 08/14/2023 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. | OBFR Minus 0.28% | Monthly | USD | 0 | \*\*\* | 08/14/2023 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | OBFR Minus 0.30% | Monthly | USD | 173 |  | 08/14/2023 | 44862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 41 |  | 08/14/2023 | 4183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 40 |  | 08/14/2023 | (621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 35 |  | 08/14/2023 | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 34 |  | 08/14/2023 | (1134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.30% | Monthly | USD | 20 |  | 08/14/2023 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 20 |  | 08/14/2023 | (185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.29% | Monthly | USD | 16 |  | 08/14/2023 | (198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 1.04% | Monthly | USD | 15 |  | 08/14/2023 | (356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 8 |  | 08/14/2023 | 1115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 7 |  | 08/14/2023 | 1001 |

---

---

| | |
|:---|:---|
| **82 <sup>\|</sup> 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; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 6 | 08/14/2023 | $298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.29% | Monthly | USD | 3 | 08/14/2023 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.30% | Monthly | USD | 1 | 08/14/2023 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.30% | Monthly | USD | 1 | 08/14/2023 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 0.28% | Monthly | USD | 1 | 08/14/2023 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | OBFR Minus 1.04% | Monthly | USD | 1 | 08/14/2023 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.28% | Monthly | USD | 1395 | 08/14/2023 | (179067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.28% | Monthly | USD | 378 | 08/14/2023 | (41066) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 86 | 08/14/2023 | (1405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.28% | Monthly | USD | 85 | 08/14/2023 | (5602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 66 | 08/14/2023 | (463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 41 | 08/14/2023 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Annual | USD | 27 | 08/14/2023 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 20 | 08/14/2023 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 20 | 08/14/2023 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | OBFR Minus 0.29% | Monthly | USD | 2 | 08/14/2023 | 16 |
|  Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC | Morgan Stanley Capital Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBOVESPA Futures | 0.00% | Monthly | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560 | 10/13/2022 | 35947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSABHOWN | FedFundEffective Minus 0.22% | Quarterly | USD | 604 | 04/17/2023 | 16608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | FedFundEffective Minus 0.29% | Monthly | USD | 14 | 10/18/2023 | 2599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | FedFundEffective Minus 0.29% | Monthly | USD | 6 | 10/18/2023 | 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | FedFundEffective Minus 0.29% | Monthly | USD | 4 | 10/18/2023 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | FedFundEffective Minus 0.29% | Monthly | USD | 3 | 10/18/2023 | 501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NortonLifeLock Inc. | FedFundEffective Minus 0.29% | Monthly | USD | 1 | 10/18/2023 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 155 | 10/18/2023 | (15333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 102 | 10/18/2023 | 15633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 89 | 10/18/2023 | (702) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 83** |

---

------

**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; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 76 | 10/18/2023 | $16230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 71 | 10/18/2023 | 16788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 71 | 10/18/2023 | 14888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 68 | 10/18/2023 | 4084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 67 | 10/18/2023 | 18393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 42 | 10/18/2023 | 1043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 40 | 10/18/2023 | 11452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 29 | 10/18/2023 | 5521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 20 | 10/18/2023 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 20 | 10/18/2023 | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 19 | 10/18/2023 | 381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 15 | 10/18/2023 | 4423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 14 | 10/18/2023 | 2294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 13 | 10/18/2023 | 1729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Annual | USD | 13 | 10/18/2023 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 10 | 10/18/2023 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 9 | 10/18/2023 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 9 | 10/18/2023 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 9 | 10/18/2023 | 1419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 9 | 10/18/2023 | (481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 8 | 10/18/2023 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 6 | 10/18/2023 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 5 | 10/18/2023 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 5 | 10/18/2023 | 784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 4 | 10/18/2023 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 3 | 10/18/2023 | 519 |

---

---

| | |
|:---|:---|
| **84 <sup>\|</sup> 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; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | $385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 2 |  | 10/18/2023 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | 1 |  | 10/18/2023 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC | FedFundEffective Minus 0.26% | Monthly | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | \*\*\* | 10/18/2023 | (28) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2537998) |

---

**VARIANCE SWAPS (see Note D)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Volatility<br>Strike<br>Rate** | **Payment<br>Frequency** | **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)** |
|  **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** | **Buy Contracts** |
|  Citibank, NA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Stock Index 09/16/2022\* | 37.75% | Maturity | USD | 678 | $(279699) | $– 0 | $(279699) |
|  Goldman Sachs International |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Stock Index 11/18/2022\* | 32.65 | Maturity | USD | &nbsp;&nbsp;&nbsp;&nbsp;146 | 9656 | – 0 | 9656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index 09/16/2022\* | 38.30 | Maturity | USD | 173 | (97754) | – 0 | (97754) |
|  JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA | JPMorgan Chase Bank, NA |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index 11/11/2022\* | 23.10 | Maturity | JPY | 24782 | 9014 | – 0 | 9014 |
|  Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index 11/11/2022\* | 23.30 | Maturity | JPY | 31104 | 7291 | – 0 | 7291 |
|  UBS AG |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index 10/14/2022\* | 25.44 | Maturity | USD | &nbsp;&nbsp;&nbsp;&nbsp;32362 | (89968) | – 0 | (89968) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 85** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Volatility<br>Strike<br>Rate** | **Payment<br>Frequency** | **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)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/ASX 200 Index 09/15/2022\* | 25.30% | Maturity | AUD | 1297 | $(333262) | $– 0 | $(333262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/ASX 200 Index 11/17/2022\* | 18.73 | Maturity | AUD | 121 | 9185 | – 0 | 9185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index 11/18/2022\* | 26.10 | Maturity | USD | 477 | 40219 | – 0 | 40219 |
|  **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** | **Sale Contracts** |
|  Bank of America, NA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Stock Index 09/16/2022\* | 27.90 | Maturity | USD | 189 | (50500) | – 0 | (50500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index 09/16/2022\* | 32.05 | Maturity | USD | 121 | 45901 | – 0 | 45901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index 09/16/2022\* | 26.90 | Maturity | USD | 464 | (35732) | – 0 | (35732) |
|  Citibank, NA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Price EUR Index 09/16/2022\* | 23.15 | Maturity | EUR | 121 | (13051) | – 0 | (13051) |
|  JPMorgan Chase Bank, NA |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index 09/09/2022\* | 18.50 | Maturity | JPY | 7195 | 7428 | – 0 | 7428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index 10/14/2022\* | 20.40 | Maturity | JPY | 20810 | 6808 | – 0 | 6808 |
|  Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC | Morgan Stanley & Co. International PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/ASX 200 Index 09/15/2022\* | 19.55 | Maturity | AUD | 375 | 134784 | – 0 | 134784 |
|  UBS AG |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Stock Index 09/16/2022\* | 32.75 | Maturity | USD | 510 | 112252 | – 0 | 112252 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517428) |

---

\* Termination date

\*\* Principal amount less than 500. 

\*\*\* 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) 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 August 31, 2022, the aggregate market value of these securities amounted to $43,104,874 or 8.4% of net assets.

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

(e) Fair valued by the Adviser.

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(f) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities,
which represent 0.02% of net assets as of August 31, 2022, 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** |
|  Diamond Offshore Drilling, Inc. | 04/26/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25902 | 0.01% |
|  Digicel Group Holdings Ltd. <br>7.00%, 09/16/2022 | 06/19/2020 | 1702 | 3893 | 0.00% |
|  Exide Technologies (Exchange Priority) <br>11.00%, 10/31/2024 | 10/26/2020 | – 0 | – 0 | 0.00% |
|  Exide Technologies<br>(First Lien) <br>11.00%, 10/31/2024 | 06/21/2019 | 17967 | – 0 | 0.00% |
|  K2016470219 South Africa Ltd. <br>3.00%, 12/31/2022 | 04/26/2017 | 36815 | 9 | 0.00% |
|  K2016470260 South Africa Ltd. <br>25.00%, 12/31/2022 | 04/26/2017 | 28502 | 2 | 0.00% |
|  Magnetation LLC/Mag Finance Corp. <br>11.00%, 05/15/2018 | 04/26/2017 | 15 | – 0 | 0.00% |
|  State Agency of Roads of Ukraine <br>6.25%, 06/24/2030 | 06/17/2021 | 324000 | 56457 | 0.01% |
|  Terraform Global Operating LLC <br>6.125%, 03/01/2026 | 02/08/2018 | 12000 | 11504 | 0.00% |
|  Tonon Luxembourg SA <br>6.50%, 10/31/2024 | 04/26/2017 | 2770 | 1 | 0.00% |
|  Virgolino de Oliveira Finance SA <br>10.50%, 01/28/2018 | 03/29/2017 | 33434 | 43 | 0.00% |

---

(g) Pay-In-Kind Payments (PIK). The issuer may
pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at August 31, 2022.

(h) Defaulted matured security.

(i) Convertible security.

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

(k) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(l) Position, or a portion thereof, has been segregated to collateralize margin requirements for open exchange-traded
derivatives.

(m) 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.

(n) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2022.

(o) Defaulted.

(p) The stated coupon rate represents the greater of the LIBOR or an alternate base rate such as the SOFR or the LIBOR/SOFR
floor rate plus a spread at August 31, 2022.

(q) Affiliated investments.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 87** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

---

| | |
|:---|:---|
| Currency Abbreviations:<br>AUD – Australian Dollar<br> BRL – Brazilian Real<br> CAD – Canadian Dollar<br> CHF – Swiss Franc<br> CLP – Chilean Peso<br> CNH – Chinese Yuan Renminbi (Offshore)<br> CNY – Chinese Yuan Renminbi<br> COP – Colombian Peso<br> CZK – Czech Koruna<br> EUR – Euro<br> GBP – Great British Pound<br> HUF – Hungarian Forint<br> IDR – Indonesian Rupiah<br> INR – Indian Rupee | JPY – Japanese Yen<br> KRW – South Korean Won<br> MXN – Mexican Peso<br> MYR – Malaysian Ringgit<br> NOK – Norwegian Krone<br> NZD – New Zealand Dollar<br> PEN – Peruvian Sol<br> PHP – Philippine Peso<br> PLN – Polish Zloty<br> RUB – Russian Ruble<br> SEK – Swedish Krona<br> THB – Thailand Baht<br> TWD – New Taiwan Dollar<br> USD – United States Dollar<br> ZAR – South African Rand |

---

---

| | |
|:---|:---|
| Glossary:<br>ABS – Asset-Backed Securities<br> ADR – American Depositary Receipt<br> ASX – Australian Stock Exchange<br> BKBM – Bank Bill Benchmark (New Zealand)<br> BOBL – Bundesobligationen<br> CBT – Chicago Board of Trade<br> CDOR – Canadian Dealer Offered Rate<br> CDX-CMBX.NA – North American Commercial Mortgage-Backed Index<br> CDX-NAHY – North American High Yield Credit Default Swap Index<br> CLO – Collateralized Loan Obligations<br> CMBS – Commercial Mortgage-Backed Securities<br> EAFE – Europe, Australia, and Far East<br> ESTR – Euro Short Term Rate<br> ETF – Exchange Traded Fund<br> ETS – Emission Trading Scheme<br> EURIBOR – Euro Interbank Offered Rate<br> FedFundEffective – Federal Funds Effective Rate<br> FTSE – Financial Times Stock Exchange<br> ICE – Intercontinental Exchange<br> JSE – Johannesburg Stock Exchange | KLCI – Kuala Lumpur Composite Index<br> KOSPI – Korea Composite Stock Price Index<br> LIBOR – London Interbank Offered Rate<br> MSCI – Morgan Stanley Capital International<br> NIBOR – Norwegian Interbank Offered Rate<br> OBFR – Overnight Bank Funding Rate<br> OMXS – Stockholm Stock Exchange<br> OSE – Osaka Securities Exchange<br> REG – Registered Shares<br> REIT – Real Estate Investment Trust<br> SARON – Swiss Average Rate Overnight<br> SET – Stock Exchange of Thailand<br> SGX – Singapore Exchange<br> SOFR – Secured Overnight Financing Rate<br> SONIA – Sterling Overnight Index Average<br> SPDR – Standard & Poor's Depository Receipt<br> SPI – Share Price Index<br> STIBOR – Stockholm Interbank Offered Rate<br> TONAR – Tokyo Overnight Average Rate<br> TOPIX – Tokyo Price Index<br> TSX – Toronto Stock Exchange<br> WIG – Warszawski Indeks Gieldowy |

---

---

| | |
|:---|:---|
| **88 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(1) The following table represents the 50 largest equity basket holdings underlying the total return swap in JPABJVAL as of
August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Nippon Yusen KK | 432 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620215 | 4.2% |
|  Mitsubishi Heavy Industries, Ltd. | 719 |  | 3861858 | 3.5% |
|  Sumitomo Mitsui Financial Group | 874 |  | 3663553 | 3.3% |
|  Marubeni Corp. | 2511 |  | 3646405 | 3.3% |
|  Tokyo Electric Power Co. Holdings | 6700 |  | 3644584 | 3.3% |
|  Nintendo Co., Ltd. | 62 |  | 3515145 | 3.2% |
|  Trend Micro, Inc./Japan | 393 |  | 3391538 | 3.1% |
|  SoftBank Group Corp. | 571 |  | 3174162 | 2.9% |
|  Toyota Motor Corp. | 1465 |  | 3079110 | 2.8% |
|  Japan Tobacco, Inc. | 1263 |  | 2980921 | 2.7% |
|  Toyo Suisan Kaisha, Ltd. | 515 |  | 2941314 | 2.7% |
|  Subaru Corp. | 1119 |  | 2836469 | 2.6% |
|  TDK Corp. | 557 |  | 2738049 | 2.5% |
|  Central Japan Railway Co. | 160 |  | 2633568 | 2.4% |
|  Brother Industries, Ltd. | 972 |  | 2601338 | 2.3% |
|  Otsuka Holdings Co., Ltd. | 565 |  | 2576518 | 2.3% |
|  Taisei Corp. | 604 |  | 2558185 | 2.3% |
|  Nitto Denko Corp. | 290 |  | 2498894 | 2.3% |
|  Takeda Pharmaceutical Co., Ltd. | 647 |  | 2489867 | 2.3% |
|  Nomura Real Estate Holdings, Inc. | 717 |  | 2456392 | 2.2% |
|  Daito Trust Construction Co., Ltd. | 177 |  | 2433421 | 2.2% |
|  T&D Holdings, Inc. | 1589 |  | 2417118 | 2.2% |
|  Pan Pacific International Holdings | 963 |  | 2412638 | 2.2% |
|  NGK Insulators, Ltd. | 1199 |  | 2397691 | 2.2% |
|  SBI Holdings, Inc./Japan | 846 |  | 2323308 | 2.1% |
|  McDonald's Holdings Co./Japan | 444 |  | 2206204 | 2.0% |
|  NEC Corp. | 424 |  | 2160814 | 2.0% |
|  Hoya Corp. | 139 |  | 1983455 | 1.8% |
|  Aisin Corp. | 476 |  | 1978576 | 1.8% |
|  Lion Corp. | 1117 |  | 1821199 | 1.6% |
|  Lida Group Holdings Co., Ltd. | 813 |  | 1726858 | 1.6% |
|  Nabtesco Corp. | 516 |  | 1715016 | 1.5% |
|  Astellas Pharma, Inc. | 861 |  | 1708711 | 1.5% |
|  ZOZO, Inc. | 479 |  | 1491238 | 1.3% |
|  Kobe Bussan Co., Ltd. | 392 |  | 1400387 | 1.3% |
|  Z Holdings Corp. | 3323 |  | 1379174 | 1.3% |
|  Shionogi & Co., Ltd. | 187 |  | 1269109 | 1.1% |
|  Sony Group Corp. | 112 |  | 1250490 | 1.1% |
|  Murata Manufacturing Co., Ltd. | 151 |  | 1139869 | 1.0% |
|  Honda Motor Co., Ltd. | 248 |  | 924296 | 0.8% |
|  TOPPAN, Inc. | 411 |  | 900436 | 0.8% |
|  Tobu Railway Co., Ltd. | 240 |  | 790259 | 0.7% |
|  Tokyo Electron, Ltd. | 16 |  | 707755 | 0.6% |
|  Dai-ichi Life Holdings, Inc. | 293 |  | 705379 | 0.6% |
|  AGC, Inc. | 138 |  | 655723 | 0.6% |
|  Yamada Holdings Co., Ltd. | 1299 |  | 626091 | 0.6% |
|  United Urban Investment Corp. | 4 |  | 597373 | 0.5% |
|  Chubu Electric Power Co., Inc. | 352 |  | 498007 | 0.4% |
|  Keyence Corp. | 9 |  | 489944 | 0.4% |
|  Ajinomoto Co., Inc. | 125 |  | 481022 | 0.4% |
|  Other Long | 2459 |  | 6235184 | 5.6% |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 89** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(2) The following table represents the 50 largest equity basket holdings underlying the total return swap in JPABJVAL as of
August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Nippon Yusen KK | 303 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241405 | 4.2% |
|  Mitsubishi Heavy Industries, Ltd. | 504 |  | 2709364 | 3.5% |
|  Sumitomo Mitsui Financial Group | 613 |  | 2570239 | 3.3% |
|  Marubeni Corp. | 1762 |  | 2558209 | 3.3% |
|  Tokyo Electric Power Co. Holdings | 4700 |  | 2556932 | 3.3% |
|  Nintendo Co., Ltd. | 43 |  | 2466121 | 3.2% |
|  Trend Micro, Inc./Japan | 276 |  | 2379401 | 3.1% |
|  SoftBank Group Corp. | 400 |  | 2226897 | 2.9% |
|  Toyota Motor Corp. | 1028 |  | 2160212 | 2.8% |
|  Japan Tobacco, Inc. | 886 |  | 2091325 | 2.7% |
|  Toyo Suisan Kaisha, Ltd. | 361 |  | 2063538 | 2.7% |
|  Subaru Corp. | 785 |  | 1989982 | 2.6% |
|  TDK Corp. | 391 |  | 1920934 | 2.5% |
|  Central Japan Railway Co. | 112 |  | 1847632 | 2.4% |
|  Brother Industries, Ltd. | 682 |  | 1825021 | 2.3% |
|  Otsuka Holdings Co., Ltd. | 396 |  | 1807608 | 2.3% |
|  Taisei Corp. | 424 |  | 1794746 | 2.3% |
|  Nitto Denko Corp. | 203 |  | 1753149 | 2.3% |
|  Takeda Pharmaceutical Co., Ltd. | 454 |  | 1746816 | 2.3% |
|  Nomura Real Estate Holdings, Inc. | 503 |  | 1723331 | 2.2% |
|  Daito Trust Construction Co., Ltd. | 124 |  | 1707216 | 2.2% |
|  T&D Holdings, Inc. | 1115 |  | 1695777 | 2.2% |
|  Pan Pacific International Holdings | 676 |  | 1692635 | 2.2% |
|  NGK Insulators, Ltd. | 841 |  | 1682149 | 2.2% |
|  SBI Holdings, Inc./Japan | 594 |  | 1629963 | 2.1% |
|  McDonald's Holdings Co./Japan | 311 |  | 1547807 | 2.0% |
|  NEC Corp. | 297 |  | 1515963 | 2.0% |
|  Hoya Corp. | 98 |  | 1391532 | 1.8% |
|  Aisin Corp. | 334 |  | 1388110 | 1.8% |
|  Lion Corp. | 784 |  | 1277699 | 1.6% |
|  Lida Group Holdings Co., Ltd. | 571 |  | 1211512 | 1.6% |
|  Nabtesco Corp. | 362 |  | 1203204 | 1.5% |
|  Astellas Pharma, Inc. | 604 |  | 1198781 | 1.5% |
|  ZOZO, Inc. | 336 |  | 1046208 | 1.3% |
|  Kobe Bussan Co., Ltd. | 275 |  | 982470 | 1.3% |
|  Z Holdings Corp. | 2332 |  | 967587 | 1.3% |
|  Shionogi & Co., Ltd. | 131 |  | 890369 | 1.1% |
|  Sony Group Corp. | 79 |  | 877306 | 1.1% |
|  Murata Manufacturing Co., Ltd. | 106 |  | 799698 | 1.0% |
|  Honda Motor Co., Ltd. | 174 |  | 648458 | 0.8% |
|  TOPPAN, Inc. | 288 |  | 631719 | 0.8% |
|  Tobu Railway Co., Ltd. | 168 |  | 554422 | 0.7% |
|  Tokyo Electron, Ltd. | 11 |  | 496540 | 0.6% |
|  Dai-ichi Life Holdings, Inc. | 206 |  | 494873 | 0.6% |
|  AGC, Inc. | 97 |  | 460036 | 0.6% |
|  Yamada Holdings Co., Ltd. | 911 |  | 439247 | 0.6% |
|  United Urban Investment Corp. | 3 |  | 419099 | 0.5% |
|  Chubu Electric Power Co., Inc. | 247 |  | 349387 | 0.4% |
|  Keyence Corp. | 7 |  | 343730 | 0.4% |
|  Ajinomoto Co., Inc. | 87 |  | 337471 | 0.4% |
|  Other Long | 1725 |  | 4374419 | 5.6% |

---

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(3) The following table represents the 50 largest equity basket holdings underlying the total return swap in JPABJVAL as of
August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Nippon Yusen KK | 300 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3209171 | 4.2% |
|  Mitsubishi Heavy Industries, Ltd. | 499 |  | 2682422 | 3.5% |
|  Sumitomo Mitsui Financial Group | 607 |  | 2544681 | 3.3% |
|  Marubeni Corp. | 1744 |  | 2532769 | 3.3% |
|  Tokyo Electric Power Co. Holdings | 4654 |  | 2531505 | 3.3% |
|  Nintendo Co., Ltd. | 43 |  | 2441597 | 3.2% |
|  Trend Micro, Inc./Japan | 273 |  | 2355740 | 3.1% |
|  SoftBank Group Corp. | 396 |  | 2204752 | 2.9% |
|  Toyota Motor Corp. | 1018 |  | 2138730 | 2.8% |
|  Japan Tobacco, Inc. | 877 |  | 2070528 | 2.7% |
|  Toyo Suisan Kaisha, Ltd. | 358 |  | 2043018 | 2.7% |
|  Subaru Corp. | 777 |  | 1970193 | 2.6% |
|  TDK Corp. | 387 |  | 1901831 | 2.5% |
|  Central Japan Railway Co. | 111 |  | 1829259 | 2.4% |
|  Brother Industries, Ltd. | 675 |  | 1806873 | 2.3% |
|  Otsuka Holdings Co., Ltd. | 392 |  | 1789633 | 2.3% |
|  Taisei Corp. | 420 |  | 1776899 | 2.3% |
|  Nitto Denko Corp. | 201 |  | 1735716 | 2.3% |
|  Takeda Pharmaceutical Co., Ltd. | 449 |  | 1729446 | 2.3% |
|  Nomura Real Estate Holdings, Inc. | 498 |  | 1706194 | 2.2% |
|  Daito Trust Construction Co., Ltd. | 123 |  | 1690239 | 2.2% |
|  T&D Holdings, Inc. | 1104 |  | 1678914 | 2.2% |
|  Pan Pacific International Holdings | 669 |  | 1675803 | 2.2% |
|  NGK Insulators, Ltd. | 833 |  | 1665421 | 2.2% |
|  SBI Holdings, Inc./Japan | 588 |  | 1613754 | 2.1% |
|  McDonald's Holdings Co./Japan | 308 |  | 1532415 | 2.0% |
|  NEC Corp. | 294 |  | 1500888 | 2.0% |
|  Hoya Corp. | 97 |  | 1377695 | 1.8% |
|  Aisin Corp. | 331 |  | 1374306 | 1.8% |
|  Lion Corp. | 776 |  | 1264993 | 1.6% |
|  Lida Group Holdings Co., Ltd. | 565 |  | 1199464 | 1.6% |
|  Nabtesco Corp. | 358 |  | 1191239 | 1.5% |
|  Astellas Pharma, Inc. | 598 |  | 1186860 | 1.5% |
|  ZOZO, Inc. | 333 |  | 1035804 | 1.3% |
|  Kobe Bussan Co., Ltd. | 272 |  | 972700 | 1.3% |
|  Z Holdings Corp. | 2308 |  | 957965 | 1.3% |
|  Shionogi & Co., Ltd. | 130 |  | 881515 | 1.1% |
|  Sony Group Corp. | 78 |  | 868582 | 1.1% |
|  Murata Manufacturing Co., Ltd. | 105 |  | 791746 | 1.0% |
|  Honda Motor Co., Ltd. | 172 |  | 642010 | 0.8% |
|  TOPPAN, Inc. | 285 |  | 625437 | 0.8% |
|  Tobu Railway Co., Ltd. | 167 |  | 548909 | 0.7% |
|  Tokyo Electron, Ltd. | 11 |  | 491602 | 0.6% |
|  Dai-ichi Life Holdings, Inc. | 204 |  | 489951 | 0.6% |
|  AGC, Inc. | 96 |  | 455461 | 0.6% |
|  Yamada Holdings Co., Ltd. | 902 |  | 434879 | 0.6% |
|  United Urban Investment Corp. | 3 |  | 414932 | 0.5% |
|  Chubu Electric Power Co., Inc. | 245 |  | 345912 | 0.4% |
|  Keyence Corp. | 6 |  | 340312 | 0.4% |
|  Ajinomoto Co., Inc. | 87 |  | 334115 | 0.4% |
|  Other Long | 1708 |  | 4330918 | 5.6% |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 91** |

---

------

**CONSOLIDATED PORTFOLIO OF INVESTMENTS** (continued)

(4) The following table represents the 50 largest equity basket holdings underlying the total return swap in JPABJVAL as of
August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Nippon Yusen KK | 128 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367555 | 4.2% |
|  Mitsubishi Heavy Industries, Ltd. | 213 |  | 1143086 | 3.5% |
|  Sumitomo Mitsui Financial Group | 259 |  | 1084389 | 3.3% |
|  Marubeni Corp. | 743 |  | 1079313 | 3.3% |
|  Tokyo Electric Power Co. Holdings | 1983 |  | 1078774 | 3.3% |
|  Nintendo Co., Ltd. | 18 |  | 1040461 | 3.2% |
|  Trend Micro, Inc./Japan | 116 |  | 1003874 | 3.1% |
|  SoftBank Group Corp. | 169 |  | 939532 | 2.9% |
|  Toyota Motor Corp. | 434 |  | 911397 | 2.8% |
|  Japan Tobacco, Inc. | 374 |  | 882334 | 2.7% |
|  Toyo Suisan Kaisha, Ltd. | 152 |  | 870611 | 2.7% |
|  Subaru Corp. | 331 |  | 839577 | 2.6% |
|  TDK Corp. | 165 |  | 810445 | 2.5% |
|  Central Japan Railway Co. | 47 |  | 779520 | 2.4% |
|  Brother Industries, Ltd. | 288 |  | 769980 | 2.3% |
|  Otsuka Holdings Co., Ltd. | 167 |  | 762633 | 2.3% |
|  Taisei Corp. | 179 |  | 757207 | 2.3% |
|  Nitto Denko Corp. | 86 |  | 739657 | 2.3% |
|  Takeda Pharmaceutical Co., Ltd. | 191 |  | 736985 | 2.3% |
|  Nomura Real Estate Holdings, Inc. | 212 |  | 727077 | 2.2% |
|  Daito Trust Construction Co., Ltd. | 52 |  | 720277 | 2.2% |
|  T&D Holdings, Inc. | 470 |  | 715452 | 2.2% |
|  Pan Pacific International Holdings | 285 |  | 714126 | 2.2% |
|  NGK Insulators, Ltd. | 355 |  | 709702 | 2.2% |
|  SBI Holdings, Inc./Japan | 250 |  | 687684 | 2.1% |
|  McDonald's Holdings Co./Japan | 131 |  | 653023 | 2.0% |
|  NEC Corp. | 125 |  | 639587 | 2.0% |
|  Hoya Corp. | 41 |  | 587090 | 1.8% |
|  Aisin Corp. | 141 |  | 585646 | 1.8% |
|  Lion Corp. | 331 |  | 539064 | 1.6% |
|  Lida Group Holdings Co., Ltd. | 241 |  | 511139 | 1.6% |
|  Nabtesco Corp. | 153 |  | 507634 | 1.5% |
|  Astellas Pharma, Inc. | 255 |  | 505768 | 1.5% |
|  ZOZO, Inc. | 142 |  | 441397 | 1.3% |
|  Kobe Bussan Co., Ltd. | 116 |  | 414506 | 1.3% |
|  Z Holdings Corp. | 984 |  | 408227 | 1.3% |
|  Shionogi & Co., Ltd. | 55 |  | 375648 | 1.1% |
|  Sony Group Corp. | 33 |  | 370137 | 1.1% |
|  Murata Manufacturing Co., Ltd. | 45 |  | 337394 | 1.0% |
|  Honda Motor Co., Ltd. | 73 |  | 273586 | 0.8% |
|  TOPPAN, Inc. | 122 |  | 266523 | 0.8% |
|  Tobu Railway Co., Ltd. | 71 |  | 233912 | 0.7% |
|  Tokyo Electron, Ltd. | 5 |  | 209491 | 0.6% |
|  Dai-ichi Life Holdings, Inc. | 87 |  | 208788 | 0.6% |
|  AGC, Inc. | 41 |  | 194090 | 0.6% |
|  Yamada Holdings Co., Ltd. | 384 |  | 185319 | 0.6% |
|  United Urban Investment Corp. | 1 |  | 176819 | 0.5% |
|  Chubu Electric Power Co., Inc. | 104 |  | 147407 | 0.4% |
|  Keyence Corp. | 3 |  | 145020 | 0.4% |
|  Ajinomoto Co., Inc. | 37 |  | 142380 | 0.4% |
|  Other Long | 728 |  | 1845575 | 5.6% |

---

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **92 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES** 

**August 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $422,659,813) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420511401 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $80,641,008—including investment of cash collateral for securities loaned of $5,351,891) | 80641008 |
|  Cash collateral due from broker | 17218884 |
|  Foreign currencies, at value (cost $2,734,664) | 2687071 |
|  Unrealized appreciation on total return swaps | 2676240 |
|  Unrealized appreciation on forward currency exchange contracts | 2673021 |
|  Unaffiliated interest and dividends receivable | 1681588 |
|  Receivable for investment securities sold | 1167208 |
|  Market value on credit default swaps (net premiums paid $320,588) | 432670 |
|  Unrealized appreciation on variance swaps | 382538 |
|  Receivable for terminated total return swaps | 230412 |
|  Affiliated dividends receivable | 114436 |
|  Receivable for shares of beneficial interest sold | 22104 |
|  Total assets | 530438581 |
| **Liabilities** | **Liabilities** |
|  Due to custodian | 344074 |
|  Payable for collateral received on securities loaned | 5333743 |
|  Unrealized depreciation on total return swaps | 5214238 |
|  Unrealized depreciation on forward currency exchange contracts | 1661382 |
|  Market value on credit default swaps (net premiums received $598,480) | 1338144 |
|  Unrealized depreciation on variance swaps | 899966 |
|  Cash collateral due to broker | 872000 |
|  Payable for shares of beneficial interest redeemed | 712232 |
|  Payable for investment securities purchased and foreign currency transactions | 613580 |
|  Payable for terminated total return swaps | 248930 |
|  Advisory fee payable | 243407 |
|  Payable for variation margin on futures | 174730 |
|  Distribution fee payable | 104070 |
|  Payable for variation margin on centrally cleared swaps | 35720 |
|  Foreign capital gains tax payable | 19345 |
|  Collateral due to securities lending agent | 18148 |
|  Transfer Agent fee payable | 14390 |
|  Payable for terminated credit default swaps | 1552 |
|  Trustees' fees payable | 108 |
|  Accrued expenses | 535531 |
|  Total liabilities | 18385290 |
|  Net Assets | $**512053291** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Shares of beneficial interest, at par | $372 |
|  Additional paid-in capital | 565802193 |
|  Accumulated loss | (53749274) |
|  **Net Assets** | $**512053291** |

---

(a) Includes securities on loan with a value of $11,747,603 (see Note E).

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 93** |

---

------

**CONSOLIDATED STATEMENT OF ASSETS & LIABILITIES** (continued)

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;433653523 | 31536634 | $&nbsp;&nbsp;&nbsp;&nbsp;13.75 \* |
| **C** | $5845234 | 434542 | $13.45 |
| **Advisor** | $63739098 | 4569195 | $13.95 |
| **R** | $2855579 | 210991 | $13.53 |
| **K** | $5672464 | 414989 | $13.67 |
| **I** | $287393 | 20371 | $14.11 |

---

\* The maximum offering price per share for Class A shares was $14.36 which reflects a sales charge of 4.25%. 

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **94 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED STATEMENT OF OPERATIONS** 

**Year Ended August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** | **Investment Income** | **Investment Income** |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $635,298) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 305755 |  |
|  Interest | 4581576 |  |
|  Securities lending income | 95845 |  |
|  Other income | 1662 | $10044753 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 3326627 |  |
|  Distribution fee—Class A | 1280966 |  |
|  Distribution fee—Class C | 81779 |  |
|  Distribution fee—Class R | 16102 |  |
|  Distribution fee—Class K | 16565 |  |
|  Transfer agency—Class A | 466594 |  |
|  Transfer agency—Class C | 8079 |  |
|  Transfer agency—Advisor Class | 67475 |  |
|  Transfer agency—Class R | 8437 |  |
|  Transfer agency—Class K | 13383 |  |
|  Transfer agency—Class I | 382 |  |
|  Custody and accounting | 450038 |  |
|  Audit and tax | 137000 |  |
|  Registration fees | 89307 |  |
|  Legal | 44157 |  |
|  Printing | 43822 |  |
|  Trustees' fees | 25267 |  |
|  Miscellaneous | 44019 |  |
|  Total expenses | 6119999 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (61087) |  |
|  Net expenses |  | 6058912 |
|  Net investment income |  | 3985841 |

---

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 95** |

---

------

**CONSOLIDATED STATEMENT OF OPERATIONS** (continued)

---

| | |
|:---|:---|
| **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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10412147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 127232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (33799782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 12398718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaptions written | 7737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (1107843) |
|  Net change in unrealized appreciation/depreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>(b)</sup> | (96558231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 91324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (391961) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (3793450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (425643) |
|  Net loss on investment and foreign currency transactions | (113039752) |
|  **Net Decrease in Net Assets from Operations** | $**(109053911)** |

---

(a) Net of foreign realized capital gains taxes of $1,515.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $6,119.

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **96 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**August 31,<br>2022** | **Year Ended**<br>**August 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $3985841 | $6392051 |
|  Net realized gain (loss) on investment and foreign currency transactions | (11961791) | 111063368 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (101077961) | 9198796 |
|  Net increase (decrease) in net assets from operations | (109053911) | 126654215 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (50069353) | (15587969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (848075) | (391667) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (7225344) | (2421226) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (315935) | (83732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (658119) | (206196) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (29331) | (8700) |
| **Transactions in Shares of Beneficial Interest** |  |  |
|  Net decrease | (12905351) | (54365790) |
|  Total increase (decrease) | (181105419) | 53588935 |
| **Net Assets** |  |  |
|  Beginning of period | 693158710 | 639569775 |
|  End of period | $**512053291** | $**693158710** |

---

See notes to consolidated financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 97** |

---

------

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**August 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of six 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 August 31, 2022, net assets of the Fund were $512,053,291, of which $39,879,251, or approximately 8%, 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, Class R, Class K and Class I shares. Class B 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. 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

---

| | |
|:---|:---|
| **98 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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 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 Fund'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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 99** |

---

------

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

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 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

---

| | |
|:---|:---|
| **100 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 101** |

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------

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

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 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 August 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** |  |  |  |  |  |
|  Common Stocks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85429907 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165350 | $– 0 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93595257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 44023785 | 11166943 | – 0 |  | 55190728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 30623974 | 15302266 | – 0 |  | 45926240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 29162012 | 6657214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209342 |  | 36028568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 21751708 | 8305816 | – 0 |  | 30057524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 20077320 | 3830017 | 45458 | <sup>(a)</sup> | 23952795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 9304096 | 7853957 | 200422 | <sup>(a)</sup> | 17358475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 3598024 | 6115125 | 0 | <sup>(a)</sup> | 9713149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6676740 | 2183708 | – 0 |  | 8860448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 7793214 | 1024952 | – 0 |  | 8818166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 6200486 | 2109836 | 0 | <sup>(a)</sup> | 8310322 |
|  Corporates – Non-Investment Grade | – 0 | 28540125 | 8102 | <sup>(a)</sup> | 28548227 |
|  Governments – Treasuries | – 0 | 16978520 | – 0 |  | 16978520 |
|  Investment Companies | 9878392 | – 0 | – 0 |  | 9878392 |

---

---

| | |
|:---|:---|
| **102 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  Corporates – Investment Grade | $– 0 | $7755422 | $– 0 |  | $7755422 |
|  Emerging Markets – Sovereigns | – 0 | 4130954 | – 0 |  | 4130954 |
|  Bank Loans | – 0 | 3642550 | 266825 |  | 3909375 |
|  Emerging Markets – Corporate Bonds | – 0 | 3746739 | 43 |  | 3746782 |
|  Collateralized Mortgage Obligations | – 0 | 2901685 | – 0 |  | 2901685 |
|  Collateralized Loan Obligations | – 0 | 2614867 | – 0 |  | 2614867 |
|  Quasi-Sovereigns | – 0 | 480362 | – 0 |  | 480362 |
|  Governments – Sovereign Bonds | – 0 | 341733 | – 0 |  | 341733 |
|  Preferred Stocks | 117473 | – 0 | 155335 |  | 272808 |
|  Commercial Mortgage-Backed Securities | – 0 | 236034 | – 0 |  | 236034 |
|  Emerging Markets – Treasuries | – 0 | – 0 | 116122 |  | 116122 |
|  Warrants | 241 | – 0 | 47385 | <sup>(a)</sup> | 47626 |
|  Asset-Backed Securities | – 0 | 8547 | – 0 |  | 8547 |
|  Mortgage Pass-Throughs | – 0 | 82 | – 0 |  | 82 |
|  Short-Term Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 75289117 | – 0 | – 0 |  | 75289117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | – 0 | 732191 | – 0 |  | 732191 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 5351891 | – 0 | – 0 |  | 5351891 |
|  Total Investments in Securities | 355278380 | 144824995 | 1049034 | <sup>(a)</sup> | 501152409 |
|  **Other Financial Instruments<sup>(b)</sup>:** | **Other Financial Instruments<sup>(b)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |  |
|  Futures | 1385644 | – 0 | – 0 |  | 1385644 <sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 2673021 | – 0 |  | 2673021 |
|  Centrally Cleared Interest Rate Swaps | – 0 | 453024 | – 0 |  | 453024 <sup>(c)</sup> |
|  Credit Default Swaps | – 0 | 432670 | – 0 |  | 432670 <sup>(c)</sup> |
|  Total Return Swaps | – 0 | 2676240 | – 0 |  | 2676240 |
|  Variance Swaps | – 0 | 382538 | – 0 |  | 382538 |
|  **Liabilities:** |  |  |  |  |  |
|  Futures | (2898479) | – 0 | – 0 |  | (2898479)<sup>(c)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (1661382) | – 0 |  | (1661382) |
|  Centrally Cleared Interest Rate Swaps | – 0 | (550975) | – 0 |  | (550975)<sup>(c)</sup> |
|  Centrally Cleared Credit Default Swaps | – 0 | (121734) | – 0 |  | (121734)<sup>(c)</sup> |
|  Credit Default Swaps | – 0 | (1338144) | – 0 |  | (1338144) |
|  Total Return Swaps | – 0 | (5214238) | – 0 |  | (5214238) |
|  Variance Swaps | – 0 | (899966) | – 0 |  | (899966) |
|  **Total** | $**353765545** | $**141656049** | $**1049034** |  | $**496470628** |

---

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 103** |

---

------

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

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(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.

**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

---

| | |
|:---|:---|
| **104 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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. 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 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.

**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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 105** |

---

------

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

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.

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 $184,843 for the year ended August 31, 2022.

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 $4,816 from the sale of Class A shares and received $3,065 and $1,670 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended August 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended August 31, 2022, such waiver amounted to $59,916.

---

| | |
|:---|:---|
| **106 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>8/31/21<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;105669 | $&nbsp;&nbsp;&nbsp;&nbsp;295566 | $&nbsp;&nbsp;&nbsp;&nbsp;325946 | $&nbsp;&nbsp;&nbsp;&nbsp;75289 | $&nbsp;&nbsp;&nbsp;&nbsp;306 |
|  Government Money Market Portfolio\* | 5299 | 126654 | 126601 | 5352 | 14 |
|  Total |  |  |  | $80641 | $320 |

---

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

**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 Investment Company Act of 1940 (the "Plan"). 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, .50% of the Fund's average daily net assets attributable to Class R shares and .25% of the Fund's average daily net assets attributable to Class K 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 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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 107** |

---

------

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

**NOTE D** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended August 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517172998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584625859 |
|  U.S. government securities | 18340948 | 10097124 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523289804 |
|  Gross unrealized appreciation | $44502705 |
|  Gross unrealized depreciation | (69024561) |
|  Net unrealized depreciation | $(24521856) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal

---

| | |
|:---|:---|
| **108 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

to the daily fluctuation in the value of the contract. Such receipts or payments 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.

During the year ended August 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended August 31, 2022, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 109** |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could

---

| | |
|:---|:---|
| **110 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

result in the Fund selling or buying a security or currency at a price different from the current market value.

The Fund may also invest in options on swap agreements, also called "swaptions". A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based "premium". A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Fund's maximum payment for written put swaptions equates to the notional amount of the underlying swap. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

During the year ended August 31, 2022, the Fund held written swaptions for hedging and non-hedging purposes.

During the year ended August 31, 2022, the Fund held purchased swaptions for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. 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. Therefore, the Fund considers the creditworthiness of

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 111** |

---

------

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

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 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 (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the consolidated statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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

---

| | |
|:---|:---|
| **112 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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.

**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 a 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 year ended August 31, 2022, the Fund held interest rate swaps for hedging and non-hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended August 31, 2022, the Fund held inflation (CPI) 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 113** |

---

------

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

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 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 a 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.

---

| | |
|:---|:---|
| **114 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

During the year ended August 31, 2022, 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 year ended August 31, 2022, the Fund held total return swaps for hedging and non-hedging purposes.

**Variance Swaps:** 

The Fund may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual "variance" as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its "volatility") over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the year ended August 31, 2022, the Fund held variance 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 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 115** |

---

------

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

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 year ended August 31, 2022, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on futures | $355604 <br>\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on futures | $1905144 <br>\* |
|  Equity contracts | Receivable/Payable for variation margin on futures | &nbsp;&nbsp;&nbsp;&nbsp;1030040 \* | Receivable/Payable for variation margin on futures | 993335 \* |
|  Credit contracts |  |  | Receivable/Payable for variation margin on centrally cleared swaps | 536671 \* |
|  Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>453024 <br>\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Receivable/Payable for variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>526596 <br>\* |
|  Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized appreciation on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>2673021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized depreciation on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 1661382 |
|  Credit contracts | Market value on credit default swaps | 432670 | Market value on credit default swaps | 1338144 |
|  Interest rate contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized depreciation on total return swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>1768080 |
|  Credit contracts |  |  | Unrealized depreciation on total return swaps | 32157 |

---

---

| | |
|:---|:---|
| **116 <sup>\|</sup> 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 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Unrealized depreciation on total return swaps | $2136821 |
|  Equity contracts | Unrealized appreciation on total return swaps | $2676240 | Unrealized depreciation on total return swaps | 1277180 |
|  Equity contracts | Unrealized appreciation on variance swaps | 382538 | Unrealized depreciation on variance swaps | 899966 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;8003137 |  | $&nbsp;&nbsp;&nbsp;&nbsp;13075476 |

---

\* 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 of<br>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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32552233) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3688943 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (1247549) | 3296982 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 127232 | 91324 |
|  Credit contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (2567) | – 0 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 117** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of<br>Gain or (Loss)<br>on Derivatives<br>Within Consolidated<br>Statement of<br>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 swaptions written; Net change in unrealized appreciation/depreciation of swaptions written | $7737 | $– 0 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (1653398) | (2582381) |
|  Commodity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | 17050851 | (3688901) |
|  Foreign exchange contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (80967) | 80916 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (296311) | 283688 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (2621457) | 2113228 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21268662) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4094087) |

---

---

| | |
|:---|:---|
| **118 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended August 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404730568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $179862803 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $122691244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $137672056 |
|  Purchased Swaptions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $820000 <sup>(a)</sup> |
|  Swaptions Written: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $820000 <sup>(b)</sup> |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $10100000 <sup>(c)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $51970754 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $1703375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $7765709 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $12784580 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $13309153 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $232707372 |
|  Variance Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $5429790 |

---

(a) Positions were open for one month during the year.

(b) Positions were open for two months during the year.

(c) Positions were open for four months during the year.

(d) Positions were open for nine months during the year.

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 August 31, 2022. Exchange-traded derivatives

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 119** |

---

------

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

and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

**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 | $77777 | $(77777) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| – 0 |
|  Barclays Bank PLC | 498350 | (498350) | – 0 | – 0 – | – 0 |
|  BNP Paribas SA | 14653 | – 0 | – 0 | – 0 – | 14653 |
|  Citibank, NA/Citigroup Global Markets, Inc | 214925 | (214925) | – 0 | – 0 – | – 0 |
|  Credit Suisse International | 173596 | (173596) | – 0 | – 0 – | – 0 |
|  Deutsche Bank AG | 436268 | (436268) | – 0 | – 0 – | – 0 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 1412562 | (686606) | – 0 | – 0 – | 725956 |
|  HSBC Bank USA | 36643 | (36643) | – 0 | – 0 – | – 0 |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 1906390 | (672783) | (290000) | – 0 – | 943607 |
|  Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services,<br>Inc. | 660563 | (360631) | – 0 | – 0 – | 299932 |
|  State Street Bank & Trust Co. | 160352 | (69830) | – 0 | – 0 – | 90522 |
|  UBS AG | 572390 | (423230) | (149160) | – 0 – | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164469 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3650639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074670 |

---

---

| | |
|:---|:---|
| **120 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $475071 | $(77777) | $– 0 | $(397294) | $– 0 |
|  Barclays Bank PLC | 2305286 | (498350) | – 0 | (1781479) | 25457 |
|  Citibank, NA/Citigroup Global Markets, Inc | 529757 | (214925) | – 0 | (176619) | 138213 |
|  Credit Suisse International | 862817 | (173596) | (330000) | (359221) | – 0 |
|  Deutsche Bank AG | 548428 | (436268) | (112160) | – 0 | – 0 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 686606 | (686606) | – 0 | – 0 | – 0 |
|  HSBC Bank USA | 42470 | (36643) | – 0 | – 0 | 5827 |
|  JPMorgan Chase Bank, NA/JPMorgan Securities, LLC | 672783 | (672783) | – 0 | – 0 | – 0 |
|  Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 360631 | (360631) | – 0 | – 0 | – 0 |
|  State Street Bank & Trust Co. | 69830 | (69830) | – 0 | – 0 | – 0 |
|  UBS AG | 423230 | (423230) | – 0 | – 0 | – 0 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;6976909 | $&nbsp;&nbsp;&nbsp;&nbsp;(3650639) | $&nbsp;&nbsp;&nbsp;&nbsp;(442160 | $&nbsp;&nbsp;&nbsp;&nbsp;(2714613 | $&nbsp;&nbsp;&nbsp;&nbsp;169497 |

---

\* 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.  |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  Merrill Lynch International | $58372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| – 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| 58372 |
|  Morgan Stanley Capital Services LLC. | 2078449 | – 0 – | (1861000) | – 0 – | 217449 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136821 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275821 |

---

\* 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 <sup>\|</sup> 121** |

---

------

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

**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. 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 Government Money Market Portfolio, an eligible money market vehicle,

---

| | |
|:---|:---|
| **122 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

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 Government Money Market Portfolio are reflected in the consolidated statement of operations. When the Fund earns net securities lending income from 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 Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of 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 year ended August 31, 2022 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** | **Government Money<br>Market Portfolio** | **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<br>Fee<br>Waived** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5351891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8356754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81993 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 |

---

\* As of August 31, 2022.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 123** |

---

------

**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** |
|  | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 548960 | 493414 | $8539252 | $8213843 |
|  Shares issued in reinvestment of dividends and distributions | 2786096 | 877313 | 45608403 | 13940496 |
|  Shares converted from Class C | 133254 | 801989 | 2093479 | 13457470 |
|  Shares redeemed | (4259735) | (4187417) | (66911696) | (68953969) |
|  **Net decrease** | **(791425)** | **(2014701)** | $**(10670562)** | $**(33342160)** |
| **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 37104 | 49854 | $588661 | $817361 |
|  Shares issued in reinvestment of dividends and distributions | 50106 | 22012 | 806699 | 347117 |
|  Shares converted to Class A | (135681) | (811867) | (2093479) | (13457470) |
|  Shares redeemed | (104856) | (195215) | (1650552) | (3160401) |
|  **Net decrease** | **(153327)** | **(935216)** | $**(2348671)** | $**(15453393)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 430293 | 573061 | $6797993 | $9485036 |
|  Shares issued in reinvestment of dividends and distributions | 384769 | 124470 | 6379466 | 1996503 |
|  Shares redeemed | (823727) | (959669) | (13103581) | (16051284) |
|  **Net increase (decrease)** | **(8665)** | **(262138)** | $**73878** | $**(4569745)** |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  Shares sold | 30270 | 29117 | $467858 | $471783 |
|  Shares issued in reinvestment of dividends and distributions | 19550 | 5306 | 315934 | 83732 |
|  Shares redeemed | (40196) | (34963) | (632211) | (575829) |
|  **Net increase (decrease)** | **9624** | **(540)** | $**151581** | $**(20314)** |

---

---

| | |
|:---|:---|
| **124 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 |
| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  Shares sold | 40206 | 37889 | $617069 | $621966 |
|  Shares issued in reinvestment of dividends and distributions | 40400 | 13017 | 658113 | 206194 |
|  Shares redeemed | (88974) | (108851) | (1421992) | (1825454) |
|  **Net decrease** | **(8368)** | **(57945)** | $**(146810)** | $**(997294)** |
| **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  Shares sold | 786 | 651 | $12218 | $11200 |
|  Shares issued in reinvestment of dividends and distributions | 1452 | 440 | 24346 | 7135 |
|  Shares redeemed | (82) | (72) | (1331) | (1219) |
|  **Net increase** | **2156** | **1019** | $**35233** | $**17116** |

---

**NOTE G** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 125** |

---

------

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

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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 because the markets are less developed and less liquid as well as being subject to 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.

---

| | |
|:---|:---|
| **126 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO CONSOLIDATED 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-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 instrument, 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 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 127** |

---

------

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

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**—The Fund is subject to short sale risk because it may engage in short sales either directly or indirectly through investment in the Underlying Portfolio. Short sales involve the risk that the Fund or Underlying Portfolio 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 or Underlying Portfolio's investment in the security, because the price of the security cannot fall below zero. The Fund or Underlying Portfolio may not always be able to close out a short position on favorable terms.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

---

| | |
|:---|:---|
| **128 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the consolidated statement of operations. The Fund did not utilize the Facility during the year ended August 31, 2022.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 129** |

---

------

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

**NOTE I** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18699490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 59138115 | – 0 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59146157 | $18699490 |

---

As of August 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6758634 |
|  Accumulated capital and other losses | (21354352) |
|  Unrealized appreciation/(depreciation) | (24607815) |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39203533)<sup>(c)</sup> |

---

(a) As of August 31, 2022, the Fund had a net capital loss carryforward of $20,783,689. As of August 31, 2022, the cumulative
deferred loss on straddles was $570,663.

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

(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, 2022, the Fund had a net short-term capital loss carryforward of $20,783,689, which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to book/tax differences associated with the treatment of earnings from the Subsidiary resulted in a net increase in accumulated loss and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE J** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on

---

| | |
|:---|:---|
| **130 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

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

Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE K** 

**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 <sup>\|</sup> 131** |

---

------

**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** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $18.16 | $15.44 | $15.65 | $14.78 |  | $14.71 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .10 | .16 | .19 | .21 |  | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.90) | 3.03 | .07 <sup>(c)</sup> | .66 |  | .05 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.80) | 3.19 | .26 | .87 |  | .25 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.47 | (.34) | – 0 |  | (.18 |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |
|  Total dividends and distributions | (1.61) | (.47 | (.47) | – 0 |  | (.18 |
|  Net asset value, end of period | **$13.75** | **$18.16** | **$15.44** | **$15.65** |  | **$14.78** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (16.85) | 21.16 | 1.44% | 5.88 | % | 1.79 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $433654 | $586995 | $530168 | $578919 |  | $620635 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.02 | 1.03 | 1.03% | .96 | % | .84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.03 | 1.05 | 1.04% | 1.03 | % | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .64 | .99 | 1.23% | 1.45 | % | 1.38 |
|  Portfolio turnover rate | 105 | 117 | 76% | 81 | % | 38 |
|  <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 | .02 | .02 | .02% | .07 | % | .20 |

---

See footnote summary on page 138.

---

| | |
|:---|:---|
| **132 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $17.92 | $15.20 | $15.38 | $14.64 |  | $14.53 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | (.02 | (.10 | .08 | .10 |  | .09 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.84) | 3.13 | .05 <sup>(c)</sup> | .64 |  | .06 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.86) | 3.03 | .13 | .74 |  | .15 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.31 | (.18) | – 0 |  | (.04 |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |
|  Total dividends and distributions | (1.61) | (.31 | (.31) | – 0 |  | (.04 |
|  Net asset value, end of period | **$13.45** | **$17.92** | **$15.20** | **$15.38** |  | **$14.64** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (17.50) | 20.33 | .67% | 5.05 | % | 1.01 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5845 | $10537 | $23156 | $37609 |  | $61466 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.78 | 1.78 | 1.79% | 1.71 | % | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.79 | 1.80 | 1.80% | 1.78 | % | 1.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (.16 | (.61 | .52% | .71 | % | .63 |
|  Portfolio turnover rate | 105 | 117 | 76% | 81 | % | 38 |
|  <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 | .02 | .02 | .02% | .07 | % | .20 |

---

See footnote summary on page 138.

---

| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 133** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $18.35 | $15.60 | $15.81 | $14.90 |  | $14.80 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .20 | .23 | .25 |  | .24 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.93) | 3.06 | .07 <sup>(c)</sup> | .66 |  | .07 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.79) | 3.26 | .30 | .91 |  | .31 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.51 | (.38) | – 0 |  | (.21 |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |
|  Total dividends and distributions | (1.61) | (.51 | (.51) | – 0 |  | (.21 |
|  Net asset value, end of period | **$13.95** | **$18.35** | **$15.60** | **$15.81** |  | **$14.90** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (16.61) | 21.43 | 1.68% | 6.17 | % | 2.02 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $63739 | $84018 | $75493 | $82885 |  | $82258 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | .77 | .78 | .78% | .71 | % | .59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | .78 | .79 | .79% | .78 | % | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .89 | 1.22 | 1.48% | 1.70 | % | 1.63 |
|  Portfolio turnover rate | 105 | 117 | 76% | 81 | % | 38 |
|  <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 | .02 | .02 | .02% | .07 | % | .20 |

---

See footnote summary on page 138.

---

| | |
|:---|:---|
| **134 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

---

------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $17.97 | $15.29 | $15.48 | $14.69 |  | $14.63 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .04 | .09 | .13 | .15 |  | .14 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.87) | 3.00 | .06 <sup>(c)</sup> | .64 |  | .06 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.83) | 3.09 | .19 | .79 |  | .20 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.41 | (.25) | – 0 |  | (.14 |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |
|  Total dividends and distributions | (1.61) | (.41 | (.38) | – 0 |  | (.14 |
|  Net asset value, end of period | **$13.53** | **$17.97** | **$15.29** | **$15.48** |  | **$14.69** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (17.16) | 20.66 | 1.05% | 5.45 | % | 1.34 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $2856 | $3618 | $3087 | $4124 |  | $4414 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.44 | 1.45 | 1.44% | 1.38 | % | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.45 | 1.47 | 1.45% | 1.44 | % | 1.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .23 | .57 | .86% | 1.04 | % | .97 |
|  Portfolio turnover rate | 105 | 117 | 76% | 81 | % | 38 |
|  <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 | .02 | .02 | .02% | .07 | % | .20 |

---

See footnote summary on page 138.

---

| | |
|:---|:---|
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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $18.08 | $15.37 | $15.58 | $14.73 |  | $14.66 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .08 | .13 | .17 | .20 |  | .19 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.88) | 3.02 | .07 <sup>(c)</sup> | .65 |  | .06 |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.80) | 3.15 | .24 | .85 |  | .25 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.44 | (.32) | – 0 |  | (.18 |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |
|  Total dividends and distributions | (1.61) | (.44 | (.45) | – 0 |  | (.18 |
|  Net asset value, end of period | **$13.67** | **$18.08** | **$15.37** | **$15.58** |  | **$14.73** |
|  **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (16.93) | 21.01 | 1.35% | 5.84 | % | 1.60 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5672 | $7653 | $7395 | $10298 |  | $15032 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.13 | 1.14 | 1.13% | 1.06 | % | .94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | 1.14 | 1.16 | 1.14% | 1.13 | % | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .53 | .77 | 1.15% | 1.36 | % | 1.28 |
|  Portfolio turnover rate | 105 | 117 | 76% | 81 | % | 38 |
|  <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 | .02 | .02 | .02% | .07 | % | .20 |

---

See footnote summary on page 138.

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**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |  |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |  |
|  Net asset value, beginning of period | $18.55 | $15.76 | $15.97 | $15.05 |  | $14.76 |  |
|  **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .14 | .22 | .22 | .25 |  | .24 |  |
|  Net realized and unrealized gain (loss) on investment transactions | (2.97) | 3.07 | .07 <sup>(c)</sup> | .67 |  | .05 |  |
|  Contributions from Affiliates | – 0 | – 0 | .00 <sup>(d)</sup> | .00 | <sup>(d)</sup> | .00 | <sup>(d)</sup> |
|  Capital contributions | – 0 | – 0 | .00 <sup>(d)</sup> | – 0 |  | – 0 |  |
|  Net increase (decrease) in net asset value from operations | (2.83) | 3.29 | .29 | .92 |  | .29 |  |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.50 | (.37) | – 0 |  | – 0 |  |
|  Distributions from net realized gain on investment transactions | (1.61) | – 0 | (.13) | – 0 |  | – 0 |  |
|  Total dividends and distributions | (1.61) | (.50 | (.50) | – 0 |  | – 0 |  |
|  Net asset value, end of period | **$14.11** | **$18.55** | **$15.76** | **$15.97** |  | **$15.05** |  |
|  **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(e)</sup>\* | (16.64) | 21.44 | 1.64% | 6.18 | % | 1.97 | % |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $287 | $338 | $271 | $254 |  | $230 |  |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | .80 | .81 | .80% | .74 | % | .62 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(f)</sup><sup>‡</sup> | .81 | .83 | .82% | .80 | % | .81 | % |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .88 | 1.31 | 1.44% | 1.68 | % | 1.60 | % |
|  Portfolio turnover rate<sup>.</sup> | 105 | 117 | 76% | 81 | % | 38 | % |
|  <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 | .02 | .02 | .02% | .07 | % | .20 | % |

---

See footnote summary on page 138.

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------

**CONSOLIDATED FINANCIAL HIGHLIGHTS** (continued)

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

(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 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 years ended August 31, 2022, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, such waiver amounted to .01%,
..01%, .01%, .07% and .19%, respectively.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the year ended August 31, 2018 by .03%. 

See notes to consolidated financial statements.

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Trustees of** 

**AB All Market Total Return Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities of AB All Market Total Return Portfolio (the "Fund") (one of the series constituting The AB Portfolios (the "Company")), including the consolidated portfolio of investments, as of August 31, 2022, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the series constituting The AB Portfolios) at August 31, 2022, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and/or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g461205g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

October 27, 2022

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended August 31, 2022. For individual shareholders, the Fund designates 55.61% of dividends paid as qualified dividend income. For corporate shareholders, 21.76% of dividends paid qualify for the dividends received deduction. For foreign shareholders, 20.31% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $59,138,115 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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**BOARD OF TRUSTEES** 

**TRUSTEES** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,** Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President<br> and Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |
| **OFFICERS** |  |
| **Alexander Barenboym**<sup>(2)</sup>**,** Vice President<br> **Daniel J. Loewy**<sup>(2)</sup>**,** Vice President<br> **Defne Ozaltun**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Clerk<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller and Chief Accounting Officer<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br>State Street Corporation CCB/5<br>1 Iron Street<br>Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br>One Battery Park Plaza<br>New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor<br>Services, Inc.<br>P.O. Box 786003<br>San Antonio, TX 78278<br>Toll-Free (800) 221-5672<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br>One Manhattan West<br> New York, NY 10001 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Multi-Asset Solutions Team. Messrs. Barenboym and Loewy and Ms. Ozaltun are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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**MANAGEMENT OF THE FUND** 

**Board of Trustees Information** 

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund's Trustees is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INTERESTED TRUSTEE** |  |  |  |
| Onur Erzan,<sup>#</sup><br>1345 Avenue of the Americas,<br>New York, NY 10105<br>46<br>(2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81 <br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br> (2005) <br>| Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi- Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

---

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| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 147** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br>70<br> (2008) | Private Investor since prior to 2017. Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Trustees is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Trustees.

\*\*\* The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund. 

# Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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|:---|:---|
| **148 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITIONS<br>HELD WITH TRUST** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Alexander Barenboym<br>51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Daniel J. Loewy<br>48 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation. |
| Defne Ozaltun<br>31 | Vice President | Senior Portfolio Manager for the Adviser's Multi-Asset Solutions team and Vice President of the Adviser\*\*, with which she has been associated since prior to 2017. |
| Emilie D. Wrapp<br>66 | Clerk | Senior Vice President, Assistant General Counsel and Assistant Clerk of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller and Chief Accounting Officer | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information (SAI) has additional information about the Fund's Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 149** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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|:---|:---|
| **150 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 151** |

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**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 August 2-3, 2022 (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 for 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

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|:---|:---|
| **152 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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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 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 2020 and 2021 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

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| | |
|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 153** |

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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.

**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 Class A 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 Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2022 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 the periods reviewed, the directors concluded that the Fund's investment performance was acceptable. 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.

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.

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| | |
|:---|:---|
| **154 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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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, 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A 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 above the medians. After reviewing and discussing the Adviser's explanation of the reasons for this, 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

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 155** |

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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.

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|:---|:---|
| **156 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**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.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 157** |

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**NOTES** 

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|:---|:---|
| **158 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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**NOTES** 

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|:---|:---|
| **abfunds.com** | **AB ALL MARKET TOTAL RETURN PORTFOLIO <sup>\|</sup> 159** |

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**NOTES** 

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|:---|:---|
| **160 <sup>\|</sup> AB ALL MARKET TOTAL RETURN PORTFOLIO** | **abfunds.com** |

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![LOGO](g461205g43p34.jpg)

AB ALL MARKET TOTAL RETURN PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

AMTR-0151-0822 ![LOGO](g461205g22c48.jpg)

------

**AUG** <sup>08.31.22</sup>

![LOGO](g407283g43p34.jpg)

ANNUAL REPORT

## AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO
![LOGO](g407283covart_7465.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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

------

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g407283g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Sustainable Thematic Balanced Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g407283g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**October 6, 2022** 

This report provides management's discussion of fund performance for the AB Sustainable Thematic Balanced Portfolio for the annual reporting period ended August 31, 2022. Prior to December 1, 2021, the Fund was named AB Conservative Wealth Strategy.

Effective December 1, 2021, the Fund made certain changes to its principal strategies, including the modification of the strategies to increase allocation to equity securities, to decrease investment in fixed-income securities and securities of non-US issuers and the use of derivatives, and to emphasize sustainable investment themes. In light of these changes, the performance shown for periods prior to December 1, 2021, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.

**The Fund's investment objective is to achieve a high total return without, in the opinion of the Adviser, undue risk to principal.** 

**NAV RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** |  |  |
| Class A Shares | -10.41% | -18.04% |
| Class C Shares | -10.79% | -18.73% |
| Advisor Class Shares<sup>1</sup> | -10.27% | -17.79% |
| Class R Shares<sup>1</sup> | -10.49% | -18.25% |
| Class K Shares<sup>1</sup> | -10.39% | -18.07% |
| Class I Shares<sup>1</sup> | -10.31% | -17.83% |
| Class Z Shares<sup>1</sup> | -10.19% | -16.27%<sup>2</sup> |
| Primary Benchmark:<sup>3</sup> S&P 500 Index | -8.84% | -11.23% |
| Blended Benchmark:<br>60% S&P 500 Index / 40% Bloomberg US Government/Credit Index | -8.40% | -11.37% |
| Bloomberg Global Aggregate Bond Index (USD hedged) | -6.48% | -9.99% |

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| | |
|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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2 Since inception on 12/14/2021.

3 Effective December 1, 2021, the primary benchmark changed from the Bloomberg Global Aggregate Bond (USD hedged) Index to the S&P 500 Index.

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|:---|:---|
| **2 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**INVESTMENT RESULTS** 

The preceding table shows the Fund's performance compared to its primary benchmark, the Standard & Poor's ("S&P") 500 Index, and its blended benchmark, a 60% / 40% blend of S&P 500 Index / Bloomberg US Government/Credit Index, respectively, for the six- and 12-month periods ended August 31, 2022. The table also includes the previous primary benchmark, the Bloomberg Global Aggregate Bond Index (USD hedged). The inception date for Class Z shares was December 14, 2021; due to limited performance history, there is no discussion of comparison to the benchmarks for this share class for the 12-month period.

During the six- and 12-month periods, all share classes of the Fund underperformed the primary and blended benchmarks; all share classes also underperformed the previous benchmark, the Bloomberg Global Aggregate Bond Index (USD hedged), before sales charges.

In the period before the Fund's transition to its new investment strategy, from September 1, 2021, through November 30, 2021, all share classes underperformed the previous benchmark, the Bloomberg Global Aggregate Bond Index (USD hedged), before sales charges. Overall asset-class allocation to diversifiers and fixed income was negative, while allocation to equities contributed to absolute performance. Security selection within equities detracted from returns, while diversifiers and fixed-income assets contributed. Diversifiers include alternative asset classes and alternative investment strategies that are expected to have low correlation with returns on equities and fixed-income securities. These investments include commodities and related derivatives, real estate-related securities and inflation-linked securities.

During the period from December 1, 2021, through August 31, 2022, all share classes underperformed the primary and blended benchmarks, before sales charges. For the period January 1, 2022, through August 31, 2022, overall asset-class allocation to equities was negative, while allocation to fixed income contributed to absolute performance. Within equities, security selection detracted most, relative to the primary benchmark. Sector selection contributed, led by an underweight to communication services as well as overweights to health care and industrials. These contributions were offset somewhat by an underweight to energy, which was the leading positive performer in the benchmark during the period, and an underweight to consumer staples.

During the 12-month period, the Fund utilized derivatives for hedging and investment purposes in the form of futures, variance swaps, inflation Consumer Price Index swaps, credit default swaps and total return swaps, which detracted from absolute returns, while currency forwards and interest rate swaps contributed. The Fund's repositioning due to the transition to the new investment strategy was a significant contributor to the Fund's turnover rate of 174%.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 3** |

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**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended August 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants and supply-chain disruptions. Volatility increased as persistently high inflation set off a global wave of tighter monetary policy led by the US Federal Reserve (the "Fed"). The escalating European energy crisis caused by Russia's invasion of Ukraine, and continued weakness in China, contributed to fears of a broad global downturn. The Fed raised interest rates four times during the period, including two consecutive 0.75% increases. Equity markets rallied briefly as some weaker-than-expected economic data pointed to modestly lower inflation in the US, which raised optimism that policy rates might peak at lower levels. Stocks fell sharply after Fed Chair Jerome Powell remarked that the Fed would be willing to risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks started tightening monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. In credit sectors, investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds outperformed respective treasury markets in the US and eurozone. Securitized assets generally outperformed corporate bonds. Emerging-market bonds lagged as the US dollar advanced against most developed- and emerging-market currencies. Brent crude oil prices rose due to increased demand, and as major oil producers limited production increases.

The Fund's Senior Investment Management Team (the "Team") seeks to capitalize on long-term sustainable investment themes through investing in companies that contribute to positive social and environmental outcomes, while defensively managing market volatility with a balanced portfolio allocation. In the equity sleeve, the Team targets US companies with strong environmental, social and governance ("ESG") practices using a combination of bottom-up and top-down research, and pairs with a fixed-income sleeve consisting predominantly of US government agency and treasury securities. The Team's approach to building a sustainable equity sleeve with attractive financial return potential is to invest in companies aligned with the United Nations Sustainable Development Goals ("SDGs"), which 193 nations have committed to advancing. The estimated cost to achieve these goals between 2016 and 2030 is $90 trillion, creating substantial opportunity for investment in companies aligned with these goals.

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| **4 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**INVESTMENT POLICIES** 

The Fund invests in a diversified portfolio of equity and fixed-income securities. Normally, the Fund's investments will consist of approximately 60% equity securities and 40% fixed-income securities, but these target allocations may vary. Under normal market conditions, the Fund will not deviate more than 10% from each target allocation. The Fund will not purchase a security if as a result less than 25% of its total assets would be invested in either equity securities or fixed-income securities. Under normal circumstances, at least 80% of the Fund's net assets will be invested in securities of issuers that meet the Fund's sustainability criteria, as described below.

In its equity investments, the Fund pursues opportunistic growth by investing primarily in a portfolio of US companies whose business activities the Adviser believes position the company to benefit from certain environmentally or socially oriented sustainable investment themes that align with one or more of the United Nations SDGs. These themes principally include the advancement of health, climate, and empowerment. A company that derives at least 25% of its total revenues from activities consistent with the achievement of the SDGs meets the Fund's sustainability criteria, although many of the companies in which the Fund invests will derive a much greater portion of their revenues from such activities.

The Adviser normally considers a universe of primarily US mid- to large-capitalization companies for investment.

The Adviser employs a combination of "top-down" and "bottom-up" investment processes with the goal of identifying, based on its internal research and analysis, the most attractive US equity securities that fit into sustainable investment themes. First, under the "top-down" approach, the Adviser identifies the sustainable investment themes. In addition to this "top-down" thematic approach, the Adviser then uses a "bottom-up" analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management and on evaluating a company's risks, including those related to ESG factors. ESG factors, which can vary across companies and industries, may include environmental impact, corporate governance, ethical business practices, diversity and employee practices, product safety, supply chain management and community impact. Eligible investments include securities of issuers that the Adviser believes will maximize total return while also contributing to positive societal impact aligned with one or more SDGs. While the Adviser emphasizes focusing on individual companies with favorable ESG attributes over the use of broad-based negative screens (e.g., disqualifying business activities)

(continued on next page)

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 5** |

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in assessing an issuer's exposure to ESG factors, the Fund will not invest in issuers of equity securities that derive revenue from direct involvement in alcohol, coal, gambling, pornography, prisons, tobacco or weapons.

The Fund's fixed-income securities will consist predominantly of US government and agency securities, which must meet the Fund's sustainability and ESG criteria for government securities. In this regard, the Adviser evaluates government securities based on the alignment of the nation's policies with the SDGs and an internal scoring system that considers the nation's policies on ESG issues.

The Fund expects to use derivatives, such as options, futures contracts, forwards and swaps. Derivatives may provide more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Fund's exposures than making direct investments. For example, the Fund may use bond futures contracts and interest rate swaps to gain and adjust its exposures to the fixed-income markets.

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| **6 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The S&P 500<sup>®</sup> Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Bloomberg US Government/Credit Index measures the investment-grade, US dollar-denominated, fixed-rate, taxable bond market and includes Treasuries and government-related (agency, sovereign, supranational and local authority debt guaranteed by the US government) and investment-grade corporate securities. The Bloomberg Global Aggregate Bond Index (USD hedged) represents the performance of global investment-grade developed fixed-income markets, hedged to the US dollar. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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, "sustainability" is not a uniformly defined characteristic, and the Fund's sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment 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.

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

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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. 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.

**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

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| **8 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to July 14, 2017, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

8/31/2012 TO 8/31/2022

![LOGO](g407283g13a01.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Sustainable Thematic Balanced Portfolio Class A shares (from 8/31/2012 to 8/31/2022) as compared to the performance of the Fund's current and previous benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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| **10 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |  |
| 1 Year | -18.04% | -21.51% |
| 5 Years | 0.56% | -0.31% |
| 10 Years | 2.37% | 1.93% |
| **CLASS C SHARES** |  |  |
| 1 Year | -18.73% | -19.53% |
| 5 Years | -0.22% | -0.22% |
| 10 Years<sup>1</sup> | 1.59% | 1.59% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |  |
| 1 Year | -17.79% | -17.79% |
| 5 Years | 0.83% | 0.83% |
| 10 Years | 2.65% | 2.65% |
| **CLASS R SHARES**<sup>2</sup> |  |  |
| 1 Year | -18.25% | -18.25% |
| 5 Years | 0.18% | 0.18% |
| 10 Years | 1.98% | 1.98% |
| **CLASS K SHARES**<sup>2</sup> |  |  |
| 1 Year | -18.07% | -18.07% |
| 5 Years | 0.48% | 0.48% |
| 10 Years | 2.29% | 2.29% |
| **CLASS I SHARES**<sup>2</sup> |  |  |
| 1 Year | -17.83% | -17.83% |
| 5 Years | 0.80% | 0.80% |
| 10 Years | 2.61% | 2.61% |
| **CLASS Z SHARES**<sup>2</sup> |  |  |
| Since Inception<sup>3</sup> | -16.27% | -16.27% |

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**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.18%, 1.93%, 0.93%, 1.58%, 1.28%, 0.95% and 0.85% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursement agreements reduced the Fund's total annual operating expense ratios (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) to 1.00%, 1.75%, 0.75%, 1.25%, 1.00%, 0.75% and 0.75% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursement agreements may not be terminated before December 31, 2022, and may be extended by the Adviser for additional one-year terms. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

(footnotes continued on next page)

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| 2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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3 Inception date: 12/14/2021.

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| **12 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -25.92% |
| 5 Years | -2.04% |
| 10 Years | 0.95% |
| **CLASS C SHARES** |  |
| 1 Year | -24.03% |
| 5 Years | -1.96% |
| 10 Years<sup>1</sup> | 0.61% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -22.41% |
| 5 Years | -0.94% |
| 10 Years | 1.65% |
| **CLASS R SHARES**<sup>2</sup> |  |
| 1 Year | -22.81% |
| 5 Years | -1.56% |
| 10 Years | 1.00% |
| **CLASS K SHARES**<sup>2</sup> |  |
| 1 Year | -22.62% |
| 5 Years | -1.27% |
| 10 Years | 1.30% |
| **CLASS I SHARES**<sup>2</sup> |  |
| 1 Year | -22.47% |
| 5 Years | -0.97% |
| 10 Years | 1.62% |
| **CLASS Z SHARES**<sup>2</sup> |  |
| Since Inception<sup>3</sup> | -23.24% |

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1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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3 Inception date: 12/14/2021.

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 13** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| **14 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account Value<br>March 1, 2022** | **Ending<br>Account Value<br>August 31, 2022** | **Expenses Paid<br>During Period\*** | **Annualized<br>Expense Ratio\*** |
| **Class A** |  |  |  |  |
|  Actual | $1000 | $895.90 | $5.02 | 1.05% |
|  Hypothetical\*\* | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1019.91 | $&nbsp;&nbsp;&nbsp;&nbsp;5.35 | 1.05% |
| **Class C** |  |  |  |  |
|  Actual | $1000 | $892.10 | $8.92 | 1.87% |
|  Hypothetical\*\* | $1000 | $1015.78 | $9.50 | 1.87% |
| **Advisor Class** |  |  |  |  |
|  Actual | $1000 | $897.30 | $3.35 | 0.70% |
|  Hypothetical\*\* | $1000 | $1021.68 | $3.57 | 0.70% |
| **Class R** |  |  |  |  |
|  Actual | $1000 | $895.10 | $6.07 | 1.27% |
|  Hypothetical\*\* | $1000 | $1018.80 | $6.46 | 1.27% |
| **Class K** |  |  |  |  |
|  Actual | $1000 | $896.10 | $5.11 | 1.07% |
|  Hypothetical\*\* | $1000 | $1019.81 | $5.45 | 1.07% |
| **Class I** |  |  |  |  |
|  Actual | $1000 | $896.90 | $3.68 | 0.77% |
|  Hypothetical\*\* | $1000 | $1021.32 | $3.92 | 0.77% |
| **Class Z** |  |  |  |  |
|  Actual | $1000 | $898.10 | $3.59 | 0.75% |
|  Hypothetical\*\* | $1000 | $1021.42 | $3.82 | 0.75% |

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\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 15** |

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**PORTFOLIO SUMMARY** 

**August 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $115.1

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![LOGO](g407283g21a01.jpg)

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|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's security type breakdown is expressed as a percentage of total investments and may vary over time.  |

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| **16 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**August 31, 2022** 

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| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 64.5%** |  |  |
|  **Information Technology – 23.7%** |  |  |
|  **Communications Equipment – 3.4%** |  |  |
|  Ciena Corp.<sup>(a)</sup> | 38681 | $1962674 |
|  Lumentum Holdings, Inc.<sup>(a)</sup> | 23920 | 1998516 |
|  |  | 3961190 |
|  **Electronic Equipment, Instruments & Components – 5.1%** |  |  |
|  Flex Ltd.<sup>(a)</sup> | 126903 | 2260143 |
|  Keysight Technologies, Inc.<sup>(a)</sup> | 10729 | 1758376 |
|  TE Connectivity Ltd. | 15359 | 1938459 |
|  |  | 5956978 |
|  **IT Services – 3.8%** |  |  |
|  Accenture PLC – Class A | 4951 | 1428166 |
|  MAXIMUS, Inc. | 15875 | 961866 |
|  Visa, Inc. – Class A | 9883 | 1963851 |
|  |  | 4353883 |
|  **Semiconductors & Semiconductor Equipment – 4.2%** |  |  |
|  Monolithic Power Systems, Inc. | 3183 | 1442472 |
|  NVIDIA Corp. | 6175 | 932054 |
|  NXP Semiconductors NV | 9900 | 1629342 |
|  Wolfspeed, Inc.<sup>(a)</sup> | 7094 | 804956 |
|  |  | 4808824 |
|  **Software – 4.4%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 3513 | 1311894 |
|  Intuit, Inc. | 3268 | 1411057 |
|  Microsoft Corp. | 9006 | 2354799 |
|  |  | 5077750 |
|  **Technology Hardware, Storage & Peripherals – 2.8%** |  |  |
|  Apple, Inc. | 12376 | 1945755 |
|  Dell Technologies, Inc. – Class C | 32677 | 1251202 |
|  |  | 3196957 |
|  |  | 27355582 |
|  **Health Care – 14.1%** |  |  |
|  **Health Care Equipment & Supplies – 5.1%** |  |  |
|  Alcon, Inc. | 21915 | 1439377 |
|  Becton Dickinson and Co. | 7691 | 1941362 |
|  Koninklijke Philips NV | 37137 | 615732 |
|  STERIS PLC | 9459 | 1904853 |
|  |  | 5901324 |
|  **Health Care Providers & Services – 2.5%** |  |  |
|  Laboratory Corp. of America Holdings | 5626 | 1267369 |

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  UnitedHealth Group, Inc. | 3003 | $1559548 |
|  |  | 2826917 |
|  **Life Sciences Tools & Services – 6.5%** |  |  |
|  Bio-Rad Laboratories, Inc. – Class A<sup>(a)</sup> | 3186 | 1545338 |
|  Bruker Corp. | 21604 | 1209824 |
|  Danaher Corp. | 8997 | 2428380 |
|  ICON PLC<sup>(a)</sup> | 3671 | 770286 |
|  West Pharmaceutical Services, Inc. | 5106 | 1514899 |
|  |  | 7468727 |
|  |  | 16196968 |
|  **Industrials – 11.6%** |  |  |
|  **Aerospace & Defense – 1.1%** |  |  |
|  Hexcel Corp. | 22283 | 1307344 |
|  **Building Products – 2.3%** |  |  |
|  Owens Corning | 20124 | 1644735 |
|  Trex Co., Inc.<sup>(a)</sup> | 20818 | 974074 |
|  |  | 2618809 |
|  **Commercial Services & Supplies – 3.4%** |  |  |
|  Tetra Tech, Inc. | 10960 | 1488478 |
|  Waste Management, Inc. | 14185 | 2397690 |
|  |  | 3886168 |
|  **Electrical Equipment – 2.1%** |  |  |
|  Rockwell Automation, Inc. | 6052 | 1433961 |
|  Vestas Wind Systems A/S (Sponsored ADR) | 119849 | 993548 |
|  |  | 2427509 |
|  **Machinery – 2.7%** |  |  |
|  Deere & Co. | 5734 | 2094343 |
|  Xylem, Inc./NY | 11346 | 1033621 |
|  |  | 3127964 |
|  |  | 13367794 |
|  **Financials – 6.1%** |  |  |
|  **Banks – 1.2%** |  |  |
|  SVB Financial Group<sup>(a)</sup> | 3338 | 1356964 |
|  **Capital Markets – 3.1%** |  |  |
|  Intercontinental Exchange, Inc. | 16505 | 1664529 |
|  MSCI, Inc. | 4334 | 1947006 |
|  |  | 3611535 |
|  **Insurance – 1.8%** |  |  |
|  Aflac, Inc. | 33849 | 2011308 |
|  |  | 6979807 |

---

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| | |
|:---|:---|
| **18 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  **Consumer Discretionary – 4.4%** |  |  |  |
|  **Auto Components – 0.9%** |  |  |  |
|  Aptiv PLC<sup>(a)</sup> |  | 10329 | $965039 |
|  **Household Durables – 1.0%** |  |  |  |
|  TopBuild Corp.<sup>(a)</sup> |  | 6405 | 1176983 |
|  **Specialty Retail – 1.2%** |  |  |  |
|  Home Depot, Inc. (The) |  | 4903 | 1414123 |
|  **Textiles, Apparel & Luxury Goods – 1.3%** |  |  |  |
|  NIKE, Inc. – Class B |  | 14298 | 1522022 |
|  |  |  | 5078167 |
|  **Utilities – 3.2%** |  |  |  |
|  **Electric Utilities – 2.0%** |  |  |  |
|  NextEra Energy, Inc. |  | 26784 | 2278247 |
|  **Water Utilities – 1.2%** |  |  |  |
|  American Water Works Co., Inc. |  | 9778 | 1451544 |
|  |  |  | 3729791 |
|  **Real Estate – 1.4%** |  |  |  |
|  **Equity Real Estate Investment Trusts (REITs) – 1.4%** |  |  |  |
|  SBA Communications Corp. |  | 4859 | 1580390 |
|  **Consumer Staples – 0.0%** |  |  |  |
|  **Food & Staples Retailing – 0.0%** |  |  |  |
|  Progenics Pharmaceuticals, Inc.<sup>(a)(b)(c)</sup> |  | 24977 | – 0 |
|  Total Common Stocks <br>(cost $84,444,543) |  |  | 74288499 |
|  |  | **Principal<br>Amount<br>(000)** |  |
|  **GOVERNMENTS - TREASURIES – 31.9%** |  |  |  |
|  **United States – 31.9%** |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | U.S.$| 1692 | 1051217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 11/15/2051 |  | 655 | 478954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | 1137 | 912764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 |  | 962 | 796258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 |  | 3354 | 3093294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 |  | 557 | 512067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 |  | 494 | 461581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 08/15/2029 |  | 585 | 688707 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 19** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/2025 | U.S.$| 5857 | $5364463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/2030 |  | 3766 | 3114177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 02/15/2026 |  | 314 | 295540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/28/2027 |  | 2976 | 2794645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2032 |  | 2843 | 2548923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2025 |  | 3919 | 3784284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/2025 |  | 847 | 812157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 03/31/2024 |  | 1933 | 1893638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 |  | 1333 | 1267636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/31/2023 |  | 1872 | 1866256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 |  | 2574 | 2482301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 1069 | 1027601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2024 |  | 1530 | 1514461 |
|  Total Governments - Treasuries <br>(cost $40,648,438) |  |  | 36760924 |
|  **AGENCIES – 1.5%** |  |  |  |
|  **Agency Debentures – 1.5%** |  |  |  |
|  Federal National Mortgage Association <br>6.625%, 11/15/2030<br>(cost $1,916,790) |  | 1382 | 1691174 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 2.2%** |  |  |  |
|  **Investment Companies – 2.2%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB,<br>2.03%<sup>(d)(e)(f)</sup> <br>(cost $2,481,683) |  | 2481683 | 2481683 |
|  **Total Investments – 100.1%** <br>(cost $129,491,454) |  |  | 115222280 |
|  Other assets less liabilities – (0.1)% |  |  | (76861) |
|  **Net Assets – 100.0%** |  |  | $**115145419** |

---

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) Affiliated investments.

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

(f) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

---

| | |
|:---|:---|
| **20 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**STATEMENT OF ASSETS & LIABILITIES** 

**August 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $127,009,771) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112740597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $2,481,683) | 2481683 |
|  Foreign currencies, at value (cost $82,405) | 77543 |
|  Unaffiliated interest and dividends receivable | 264418 |
|  Affiliated dividends receivable | 4834 |
|  Receivable for shares of beneficial interest sold | 3162 |
|  Other assets | 2740 |
|  Total assets | 115574977 |
| **Liabilities** |  |
|  Custody and accounting fees payable | 219028 |
|  Payable for shares of beneficial interest redeemed | 58819 |
|  Audit and tax fee payable | 57881 |
|  Distribution fee payable | 28216 |
|  Printing fee payable | 24889 |
|  Payable for terminated total return swaps | 5808 |
|  Advisory fee payable | 4930 |
|  Transfer Agent fee payable | 4666 |
|  Foreign capital gains tax payable | 363 |
|  Accrued expenses | 24958 |
|  Total liabilities | 429558 |
|  Net Assets | $**115145419** |
| **Composition of Net Assets** |  |
|  Shares of beneficial interest, at par | $105 |
|  Additional paid-in capital | 123481380 |
|  Accumulated loss | (8336066) |
|  **Net Assets** | $**115145419** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;101192119 | 9255387 | $&nbsp;&nbsp;&nbsp;&nbsp;10.93 \* |
| **C** | $3649538 | 334399 | $10.91 |
| **Advisor** | $4331281 | 393396 | $11.01 |
| **R** | $4357322 | 398898 | $10.92 |
| **K** | $1571973 | 143506 | $10.95 |
| **I** | $35097 | 3152 | $11.13 |
| **Z** | $8089 | 740 | $10.93 |

---

\* The maximum offering price per share for Class A shares was $11.42 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 21** |

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------

**STATEMENT OF OPERATIONS** 

**Year Ended August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $21,822) | $513272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 248309 |  |
|  Interest | 595392 |  |
|  Securities lending income | 5877 | $1362850 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 723603 |  |
|  Distribution fee—Class A | 300015 |  |
|  Distribution fee—Class C | 49399 |  |
|  Distribution fee—Class R | 23235 |  |
|  Distribution fee—Class K | 4827 |  |
|  Transfer agency—Class A | 120779 |  |
|  Transfer agency—Class C | 5154 |  |
|  Transfer agency—Advisor Class | 9193 |  |
|  Transfer agency—Class R | 12082 |  |
|  Transfer agency—Class K | 3861 |  |
|  Transfer agency—Class I | 46 |  |
|  Transfer agency—Class Z | 1 |  |
|  Custody and accounting | 320741 |  |
|  Registration fees | 99967 |  |
|  Audit and tax | 74468 |  |
|  Legal | 54642 |  |
|  Printing | 36391 |  |
|  Trustees' fees | 19479 |  |
|  Miscellaneous | 22191 |  |
|  Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880074 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (322969) |  |
|  Net expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557105 |
|  Net investment loss |  | (194255) |

---

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|:---|:---|
| **22 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**STATEMENT OF OPERATIONS** (continued)

**Year Ended August 31, 2022** 

---

| | |
|:---|:---|
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |
|  Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | $1131879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> | 5383202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 447899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (1170241) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | 694573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (164245) |
|  Net change in unrealized appreciation/depreciation of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios | (1812635) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (31658621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (212389) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 616025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps | (756134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | (72828) |
|  Net loss on investment and foreign currency transactions | (27573515) |
|  **Net Decrease in Net Assets from Operations** | $**(27767770)** |

---

(a) Net of foreign realized capital gains taxes of $236.

See notes to financial statements

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 23** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>August 31,<br>2022** | **Year Ended<br>August 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income (loss) | $(194255) | $1401924 |
|  Net realized gain on investment transactions | 6323067 | 12739214 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (33896582) | 8219821 |
|  Net increase (decrease) in net assets from operations | (27767770) | 22360959 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4495636) | (4585056) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (130885) | (264659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (199535) | (198708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (156270) | (137730) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (73358) | (61098) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1430) | (1500) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z<sup>(a)</sup> | (363) | – 0 |
| **Transactions in Shares of Beneficial Interest** |  |  |
|  Net decrease | (9943576) | (14713905) |
| **Capital Contributions** |  |  |
|  Total increase (decrease) | (42768823) | 2398303 |
| **Net Assets** |  |  |
|  Beginning of period | 157914242 | 155515939 |
|  End of period | $**115145419** | $**157914242** |

---

(a) Commenced distribution on December 15, 2021.

See notes to financial statements.

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| | |
|:---|:---|
| **24 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of six 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") (formerly known as AB Conservative Wealth Strategy). The Fund offers Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares. Effective December 15, 2021, the Fund commenced offering Class Z shares. Class B 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. 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 nine 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 Fund's Board of Trustees (the "Board"). Pursuant to these procedures, AllianceBernstein L.P. (the "Adviser")

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 25** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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.

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|:---|:---|
| **26 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 27** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

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 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.

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|:---|:---|
| **28 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**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 August 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $27355582 | $– 0 | $– 0 |  | $27355582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 16196968 | – 0 | – 0 |  | 16196968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 13367794 | – 0 | – 0 |  | 13367794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6979807 | – 0 | – 0 |  | 6979807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5078167 | – 0 | – 0 |  | 5078167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3729791 | – 0 | – 0 |  | 3729791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1580390 | – 0 | – 0 |  | 1580390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | – 0 | – 0 | 0 | <sup>(a)</sup> | – 0 |
|  Governments – Treasuries | – 0 | 36760924 | – 0 |  | 36760924 |
|  Agencies | – 0 | 1691174 | – 0 |  | 1691174 |
|  Short-Term Investments | 2481683 |  | – 0 |  | 2481683 |
|  Total Investments in Securities | 76770182 | 38452098 | 0 | <sup>(a)</sup> | 115222280 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 |  | – 0 |
|  **Total** | $**76770182** | $**38452098** | $**0** | **<sup>(a)</sup>** | $**115222280** |

---

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

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

**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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 29** |

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**NOTES TO 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.

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. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from 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

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|:---|:---|
| **30 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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. Prior to December 1, 2021, the Fund paid 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 was accrued daily and paid monthly.

Effective December 1, 2021, the Adviser has contractually agreed to waive its management fees and/or bear certain expenses of the Fund until December 31, 2022 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%, 1.25%, 1.00%, .75%, and .75% of average daily net assets, for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. The Expense Caps may not be terminated by the Adviser before December 31, 2022. For the year ended August 31, 2022, such reimbursements/waivers amounted to $277,202.

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 $48,975 for the year ended August 31, 2022.

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 $1,316 from the sale of Class A shares and received $616 and $564 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended August 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "Government Money Market Portfolio") which has a contractual annual

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 31** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

advisory fee rate of .20% of the portfolio's average daily net assets and bears its own expenses. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended August 31, 2022, such waiver amounted to $5,564.

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, 2022. For the year ended August 31, 2022, such waivers and/or reimbursements amounted to $40,182.

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Distributions** | **Distributions** | **Distributions** |
| <br>**Fund** |<br>**Market<br>Value<br>8/31/21<br>(000)** |<br>**Purchases<br>at Cost<br>(000)** |<br>**Sales<br>Proceeds<br>(000)** |<br>**Realized<br>Gain<br>(Loss)<br>(000)** |<br>**Change in<br>Unrealized<br>Appr./<br>(Depr.)<br>(000)** |<br>**Market<br>Value<br>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** | | **Realized<br>Gains<br>(000)** |
|  Government Money Market Portfolio | $9906 | $79276 | $86700 | $– 0 | $– 0 | $2482 | $19 |  | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  AB Bond Fund, Inc. – AB All Market Real Return Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;11284 | – 0 | 11020 | 2243 | (2507) | – 0 | – 0 |  | – 0 |
|  AB High Income Fund, Inc. | 16501 | 227 | 16311 | (1111) | 694 | – 0 | 229 |  | – 0 |
|  Government Money Market Portfolio\* | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;11662 | &nbsp;&nbsp;&nbsp;&nbsp;13014 | – 0 | – 0 | – 0 | 0 | \*\* | – 0 |
|  Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1132 | $&nbsp;&nbsp;&nbsp;&nbsp;(1813 | $&nbsp;&nbsp;&nbsp;&nbsp;2482 | $&nbsp;&nbsp;&nbsp;&nbsp;248 |  | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

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

\*\* Amount is less than $500. 

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO 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 Investment Company Act of 1940 (the "Plan"). 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, .50% of the Fund's average daily net assets attributable to Class R shares and .25% of the Fund's average daily net assets attributable to Class K 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 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 year ended August 31, 2022 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147945386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188977818 |
|  U.S. government securities | 80236084 | 43671581 |

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 33** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

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| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130204427 |
|  Gross unrealized appreciation | $2354123 |
|  Gross unrealized depreciation | (17336270) |
|  Net unrealized depreciation | $(14982147) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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.

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| **34 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Use of long futures subjects the Fund to risk of loss in excess of the amounts shown on the 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.

During the year ended August 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended August 31, 2022, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps 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 or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 35** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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 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 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 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 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 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 statement of operations.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund

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|:---|:---|
| **36 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments 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 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 a 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 year ended August 31, 2022, the Fund held interest rate swaps for hedging and non-hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 37** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended August 31, 2022, the Fund held inflation (CPI) 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 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 a 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

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|:---|:---|
| **38 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended August 31, 2022, 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 year ended August 31, 2022, the Fund held total return swaps for hedging and non-hedging purposes.

**Variance Swaps:** 

The Fund may enter into variance swaps to hedge equity market risk or adjust exposure to the equity markets. Variance swaps are contracts in which two parties agree to exchange cash payments based on the difference between the stated level of variance and the actual variance realized on underlying asset(s) or index(es). Actual "variance" as used here is defined as the sum of the square of the returns on the reference asset(s) or index(es) (which in effect is a measure of its "volatility") over the length of the contract term. So the parties to a variance swap can be said to exchange actual volatility for a contractually stated rate of volatility.

During the year ended August 31, 2022, the Fund held variance 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 counterparties. ISDA Master Agreements include

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 39** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended August 31, 2022, the Fund had entered into the following derivatives:

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>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 | $(17607) | $(6841) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (1152634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622866 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 447899 | (212389) |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342012 | (1095874) |

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|:---|:---|
| **40 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign exchange contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | $(12058) | $12052 |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (20343) | 43521 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(615038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284167 |
|  Total |  | $(27769) | $(352498) |

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The following table represents the average monthly volume of the Fund's derivative transactions during the year ended August 31, 2022:

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| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $&nbsp;&nbsp;&nbsp;&nbsp;37742691 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $25416828 <sup>(a)</sup> |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $20737335 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $34886924 <sup>(b)</sup> |
|  Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $20650000 <sup>(a)</sup> |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $13923517 <sup>(a)</sup> |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $2260000 <sup>(a)</sup> |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $9225236 <sup>(a)</sup> |
|  Variance Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $197841 <sup>(c)</sup> |

---

(a) Positions were open for three months during the year.

(b) Positions were open for five months during the year.

(c) Positions were open for less than one month during the year.

**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

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 41** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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 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 Government Money Market

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| **42 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from 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 Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of 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 year ended August 31, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Government Money<br>Market Portfolio** | **Government Money<br>Market Portfolio** |
| **Market<br>Value of<br>Securities**<br> **on Loan\*** |<br>**Cash<br>Collateral\*** |<br>**Market<br>Value of<br>Non-Cash<br>Collateral\*** |<br>**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 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |

---

\* As of August 31, 2022.

**NOTE F** 

**Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 125234 | 299660 | $1560941 | $3906358 |
|  Shares issued in reinvestment of dividends and distributions | 304518 | 326790 | 4016597 | 4071800 |
|  Shares converted from Class C | 55493 | 378636 | 693086 | 5027932 |
|  Shares redeemed | (1283007) | (1671623) | (15514294) | (21640581) |
|  **Net decrease** | **(797762)** | **(666537)** | $**(9243670)** | $**(8634491)** |

---

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 43** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class C** |  |  |  |  |
|  Shares sold | 57180 | 36184 | $704253 | $476020 |
|  Shares issued in reinvestment of dividends and distributions | 8853 | 19127 | 117219 | 238896 |
|  Shares converted to Class A | (55569) | (379065) | (693086) | (5027932) |
|  Shares redeemed | (130825) | (87125) | (1600885) | (1115502) |
|  **Net decrease** | **(120361)** | **(410879)** | $**(1472499)** | $**(5428518)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 2234240 | 86461 | $26915071 | $1123346 |
|  Shares issued in reinvestment of dividends and distributions | 11682 | 12869 | 154899 | 160868 |
|  Shares redeemed | (2269772) | (117652) | (26723485) | (1516311) |
|  **Net increase (decrease)** | **(23850)** | **(18322)** | $**346485** | $**(232097)** |
| **Class R** |  |  |  |  |
|  Shares sold | 96090 | 106346 | $1165120 | $1380459 |
|  Shares issued in reinvestment of dividends and distributions | 11839 | 11036 | 156270 | 137730 |
|  Shares redeemed | (60265) | (111887) | (708949) | (1454186) |
|  **Net increase** | **47664** | **5495** | $**612441** | $**64003** |
| **Class K** |  |  |  |  |
|  Shares sold | 6293 | 7882 | $79440 | $102146 |
|  Shares issued in reinvestment of dividends and distributions | 5549 | 4896 | 73356 | 61096 |
|  Shares redeemed | (29575) | (50437) | (351792) | (644142) |
|  **Net decrease** | **(17733)** | **(37659)** | $**(198996)** | $**(480900)** |
| **Class I** |  |  |  |  |
|  Shares sold | 141 | 198 | $1715 | $2603 |
|  Shares issued in reinvestment of dividends and distributions | 77 | 88 | 1041 | 1115 |
|  Shares redeemed | (9) | (425) | (114) | (5620) |
|  **Net increase (decrease)** | **209** | **(139)** | $**2642** | $**(1902)** |

---

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|:---|:---|
| **44 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class Z<sup>(a)</sup>** |  |  |  |  |
|  Shares sold | 740 | – 0 | $10021 | $– 0 |
|  Shares issued in reinvestment of dividends and distributions | 0 <sup>(b)</sup> | – 0 | 0 <sup>(c)</sup> | – 0 |
|  **Net increase** | **740** | **– 0** | $**10021** | $**– 0** |

---

(a) Commenced distribution on December 15, 2021.

(b) Amount is less than one share.

(c) Amount is less than $.50.

**NOTE G** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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, "sustainability" is not a uniformly defined characteristic, and the Fund's sustainability criteria may differ from those used by other funds. In addition, in evaluating an investment, the investment 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.

**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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 45** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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 instrument, 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.

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|:---|:---|
| **46 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 47** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended August 31, 2022.

**NOTE I** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 1315457 | – 0 |
|  Total taxable distributions paid | $5057477 | $5248751 |

---

As of August 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed Ordinary Income | $1182077 |
|  Undistributed capital gains | 5480985 |
|  Unrealized appreciation/(depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14998765)<sup>(a)</sup> |
|  Total accumulated earnings/(deficit) | $(8335703)<sup>(b)</sup> |

---

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|:---|:---|
| **48 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the
tax deferral of losses on wash sales.

(b) The difference between book-basis and tax-basis components of accumulated earnings/(deficit) are attributable primarily to
the accrual of foreign capital gains tax.

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, 2022, the Fund did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE J** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**NOTE K** 

**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.

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|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 49** |

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**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.80 | $12.38 | $12.58 | $12.14 | $12.79 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | (.02 | .12 | .14 | .16 | .17 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.39) | 1.74 | .10 | .37 | .10 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.41) | 1.86 | .24 | .53 | .27 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.36 | (.44 | (.40 | (.09 | (.56 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 | (.19 |
|  Total dividends and distributions | (.46 | (.44 | (.44 | (.09 | (.92 |
|  Net asset value, end of period | **$10.93** | **$13.80** | **$12.38** | **$12.58** | **$12.14** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (18.04) | 15.54 | 1.77 | 4.47 | 2.14 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $101192 | $138753 | $132657 | $145002 | $160517 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.09 | 1.25 | 1.14 | 1.05 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.31 | 1.36 | 1.29 | 1.23 | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (.13 | .95 | 1.13 | 1.32 | 1.36 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | 90 |
|  <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 | .04 | .14 | .17 | .20 | .25 |

---

See footnote summary on page 56.

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|:---|:---|
| **50 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** |  | **2018** |
|  Net asset value, beginning of period | $13.76 | $12.32 | $12.51 | $12.07 |  | $12.58 |
|  **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | (.11 | .02 | .05 | .07 |  | .08 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.41) | 1.75 | .09 | .37 |  | .09 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | <sup>(c)</sup> | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 |  | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.52) | 1.77 | .14 | .44 |  | .17 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.33 | (.29 | – 0 |  | (.38 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 |  | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 |  | (.13 |
|  Total dividends and distributions | (.33 | (.33 | (.33 | – 0 |  | (.68 |
|  Net asset value, end of period | **$10.91** | **$13.76** | **$12.32** | **$12.51** |  | **$12.07** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (18.73) | 14.64 | .97 | 3.73 | % | 1.37 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $3650 | $6257 | $10667 | $14989 |  | $22039 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.90 | 1.98 | 1.89 | 1.80 | % | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 2.06 | 2.09 | 2.04 | 1.98 | % | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (.93 | .18 | .44 | .59 | % | .64 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | % | 90 |
|  <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 | .04 | .14 | .17 | .20 | % | .25 |

---

See footnote summary on page 56.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 51** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.88 | $12.44 | $12.64 | $12.20 | $12.86 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .04 | .16 | .17 | .19 | .20 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.43) | 1.76 | .10 | .37 | .10 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.39) | 1.92 | .27 | .56 | .30 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.38 | (.48 | (.43 | (.12 | (.59 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 | (.20 |
|  Total dividends and distributions | (.48 | (.48 | (.47 | (.12 | (.96 |
|  Net asset value, end of period | **$11.01** | **$13.88** | **$12.44** | **$12.64** | **$12.20** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (17.79) | 15.82 | 2.02 | 4.81 | 2.39 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $4331 | $5790 | $5419 | $6464 | $8772 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .71 | 1.00 | .89 | .80 | .79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.06 | 1.11 | 1.04 | .97 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .33 | 1.20 | 1.41 | 1.58 | 1.60 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | 90 |
|  <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 | .04 | .14 | .17 | .20 | .25 |

---

See footnote summary on page 56.

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| | |
|:---|:---|
| **52 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.79 | $12.37 | $12.57 | $12.13 | $12.76 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | (.05 | .07 | .09 | .11 | .12 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.40) | 1.75 | .10 | .38 | .09 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.45) | 1.82 | .19 | .49 | .21 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.32 | (.40 | (.35 | (.05 | (.50 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 | (.17 |
|  Total dividends and distributions | (.42 | (.40 | (.39 | (.05 | (.84 |
|  Net asset value, end of period | **$10.92** | **$13.79** | **$12.37** | **$12.57** | **$12.13** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (18.25) | 15.05 | 1.36 | 4.06 | 1.73 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $4357 | $4844 | $4278 | $4604 | $3896 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.36 | 1.65 | 1.53 | 1.46 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.72 | 1.76 | 1.68 | 1.63 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (.40 | .55 | .74 | .89 | .94 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | 90 |
|  <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 | .04 | .14 | .17 | .20 | .25 |

---

See footnote summary on page 56.

---

| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 53** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.82 | $12.35 | $12.55 | $12.11 | $12.75 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | (.02 | .11 | .14 | .15 | .15 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.40) | 1.74 | .08 | .37 | .11 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.42) | 1.85 | .22 | .52 | .26 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.35 | (.38 | (.38 | (.08 | (.55 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 | (.18 |
|  Total dividends and distributions | (.45 | (.38 | (.42 | (.08 | (.90 |
|  Net asset value, end of period | **$10.95** | **$13.82** | **$12.35** | **$12.55** | **$12.11** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (18.07) | 15.44 | 1.58 | 4.45 | 2.07 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $1572 | $2229 | $2456 | $5832 | $6734 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.13 | 1.35 | 1.23 | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.41 | 1.46 | 1.38 | 1.32 | 1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | (.17 | .83 | 1.12 | 1.24 | 1.23 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | 90 |
|  <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 | .04 | .14 | .17 | .20 | .25 |

---

See footnote summary on page 56.

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| | |
|:---|:---|
| **54 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $14.03 | $12.58 | $12.78 | $12.34 | $12.82 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .02 | .16 | .16 | .18 | .25 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.44) | 1.77 | .11 | .39 | .05 |
|  Contributions from Affiliates | – 0 | – 0 | .00 | .00 | – 0 |
|  Capital contributions | – 0 | – 0 | .00 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.42) | 1.93 | .27 | .57 | .30 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.38 | (.48 | (.43 | (.13 | (.46 |
|  Distributions from net realized gain on investment transactions | (.10 | – 0 | (.04 | – 0 | (.17 |
|  Return of capital | – 0 | – 0 | – 0 | – 0 | (.15 |
|  Total dividends and distributions | (.48 | (.48 | (.47 | (.13 | (.78 |
|  Net asset value, end of period | **$11.13** | **$14.03** | **$12.58** | **$12.78** | **$12.34** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (17.83) | 15.81 | 2.02 | 4.72 | 2.34 |
|  **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
|  Net assets, end of period (000's omitted) | $35 | $41 | $39 | $33 | $10 |
|  Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: | Ratio to average net assets of: |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .83 | 1.01 | .91 | .86 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.08 | 1.13 | 1.06 | 1.02 | .94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .14 | 1.18 | 1.33 | 1.46 | 1.99 |
|  Portfolio turnover rate | 174 | 120 | 96 | 100 | 90 |
|  <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 | .04 | .14 | .17 | .20 | .25 |

---

See footnote summary on page 56.

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 55** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | |
|:---|:---|
|  | **Class Z** |
|  | **December 15,**<br> **2021<sup>(f)</sup> to**<br> **August 31,**<br> **2022** |
|  Net asset value, beginning of period | $13.54 |
|  **Income From Investment Operations** |  |
|  Net investment income<sup>(a)(b)</sup> | .02 |
|  Net realized and unrealized gain (loss) on investment transactions | (2.14) |
|  Net increase (decrease) in net asset value from operations | (2.12) |
|  **Less: Dividends and Distributions** |  |
|  Dividends from net investment income | (.39 |
|  Distributions from net realized gain on investment transactions | (.10 |
|  Total distributions | (.49 |
|  Net asset value, end of period | **$10.93** |
|  **Total Return** |  |
|  Total investment return based on net asset value<sup>(d)</sup> | (16.27) |
|  **Ratios/Supplemental Data** |  |
|  Net assets, end of period (000's omitted) | $8 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>‡</sup> | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>‡</sup> | .96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | .21 |
|  Portfolio turnover rate | 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 |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 |

---

(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 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, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, such waiver amounted to .03%,
..11%, .15%, .17% and .21%, respectively.

(f) Commencement of distribution.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the year ended August 31, 2018 by .28%. 

^ Annualized.

See notes to financial statements.

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| | |
|:---|:---|
| **56 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Trustees of** 

**AB Sustainable Thematic Balanced Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Sustainable Thematic Balanced Portfolio (formerly known as AB Conservative Wealth Strategy) (the "Fund") (one of the series constituting The AB Portfolios (the "Company")), including the portfolio of investments, as of August 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting The AB Portfolios) at August 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 57** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and/or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g407283g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

October 27, 2022

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| | |
|:---|:---|
| **58 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended August 31, 2022. For individual shareholders, the Fund designates 45.77% of dividends paid as qualified dividend income. For corporate shareholders, 27.94% of dividends paid qualify for the dividends received deduction. For foreign shareholders, 4.77% of ordinary dividends paid may be considered to be qualifying to be taxed as interest-related dividends. The Fund designates $1,315,457 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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| | |
|:---|:---|
| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 59** |

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**TRUSTEES** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |
| **OFFICERS** |  |
| **Tiffanie Wong**<sup>(2)</sup>**,**<br> Vice President<br> **Benjamin Ruegsegger**<sup>(2)</sup>**,**<br> Vice President<br> **Daniel C. Roarty**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Clerk<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller and Chief Accounting Officer<br> **Vincent S. Noto,** Chief Compliance Officer |

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br>State Street Corporation CCB/5<br>1 Iron Street<br>Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br>One Battery Park Plaza<br>New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor Services, Inc.<br>P.O. Box 786003<br>San Antonio, TX 78278<br>Toll-Free (800) 221-5672<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

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1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Sustainable Thematic Balanced Team. Messrs. Ruegsegger, Roarty, and Ms. Wong are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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| | |
|:---|:---|
| **60 <sup>\|</sup> AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO** | **abfunds.com** |

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------

**MANAGEMENT OF THE FUND** 

**Board of Trustees Information** 

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund's Trustees is set forth below.

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |  |  |
| Onur Erzan,<sup>#</sup><br>1345 Avenue of the Americas, New York, NY 10105<br>46<br>(2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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| **abfunds.com** | **AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO <sup>\|</sup> 61** |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS <br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES** |  |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81 <br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS <br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br> (2005) <br>| Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS <br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br>(2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br>70<br>(2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS <br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |  |
| Carol C. McMullen,<sup>##</sup><br>67<br>(2016) <br>| Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS <br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |  |
| Garry L. Moody,<sup>##</sup> <br>70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Trustees is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Trustees.

\*\*\* The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund. 

# Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITIONS<br>HELD WITH TRUST** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Tiffanie Wong<br>36 | Vice President | Senior Vice President of the Adviser\*\* with which she has been associated in a similar capacity to her current position since prior to 2017. She is also Director-Fixed Income Responsible Investment Portfolio Management; and Director – US Investment Grade-Credit |
| Benjamin Ruegsegger<br>43 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated in a substantially similar capacity to his current position since 2017. He has also been a Senior Research Analyst of the Adviser since prior to 2017. |
| Daniel C. Roarty<br>50 | Vice President | Senior Vice President of the Adviser\*\* with which he has been associated since prior to 2017. He is also Chief Investment Officer of Sustainable Thematic Equities Team. |
| Emilie D. Wrapp<br>66 | Clerk | Senior Vice President, Assistant General Counsel and Assistant Clerk of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller and Chief Accounting Officer | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

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\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information (SAI) has additional information about the Fund's Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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**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 (formerly AB Conservative Wealth Strategy) (the "Fund") at a meeting held in-person on August 2-3, 2022 (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 for 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.

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

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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 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 2020 and 2021 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, 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

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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 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 Class A 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 Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2022 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 payable by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median.

The directors also considered the schedule of fees charged by the Adviser to any offshore funds and for any separately managed accounts managed by it that utilize investment strategies similar to those of the Fund.

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year. The information provided included a pro forma expense ratio to reflect changes to the Fund's expense ratio effective December 21, 2021. 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 pro forma expense ratio was equal to the medians. Based on their review, the directors concluded that the Fund's pro forma expense ratio was acceptable.

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**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.

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**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.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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**NOTES** 

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**NOTES** 

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![LOGO](g407283g43p34.jpg)

AB SUSTAINABLE THEMATIC BALANCED PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

STB-0151-0822 ![LOGO](g407283g22c48.jpg)

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**AUG** <sup>08.31.22</sup>

![LOGO](g296784g43p34.jpg)

ANNUAL REPORT

## AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO
![LOGO](g296784covart_7465.jpg)

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 <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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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| **FROM THE PRESIDENT** | ![LOGO](g296784g92f19.jpg) |

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Dear Shareholder,

We're pleased to provide this report for the AB Tax-Managed All Market Income Portfolio (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g296784g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**October 6, 2022** 

This report provides management's discussion of fund performance for the AB Tax-Managed All Market Income Portfolio for the annual reporting period ended August 31, 2022.

**The Fund's investment objective is to seek current income with consideration of capital appreciation.** 

**NAV RETURNS AS OF AUGUST 31, 2022** (unaudited)

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|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO**<sup>1</sup> |  |  |
| Class A Shares | -9.41% | -15.52% |
| Class C Shares | -9.81% | -16.17% |
| Advisor Class Shares<sup>2</sup> | -9.28% | -15.28% |
| Primary Benchmark: Bloomberg 5-Year GO Municipal Bond Index | -2.40% | -5.55% |
| MSCI ACWI (net) | -11.21% | -15.88% |

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| 1 | **Includes the impact of proceeds received and credited to the Fund resulting from class-action settlements, which enhanced the performance of all share classes of the Fund for the six- and 12-month periods ended August 31, 2022, by 0.01% and 0.01%, respectively.**  |

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| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its primary benchmark, the Bloomberg 5-Year General Obligation ("GO") Municipal Bond Index, and the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") (net) for the six- and 12-month periods ended August 31, 2022.

For the 12-month period, all share classes of the Fund underperformed the primary benchmark and, except for Class C, outperformed the MSCI ACWI (net), before sales charges. Overall allocation to equities and fixed-income assets detracted from absolute performance, while nontraditional income assets were neutral. Security selection within equities and fixed income contributed, while selection within nontraditional income assets detracted.

During the six-month period, all share classes of the Fund underperformed the primary benchmark and outperformed the MSCI ACWI (net), before sales charges. Overall allocation to equities and fixed-income assets detracted, while nontraditional income assets were neutral. Security selection within equities, fixed income and nontraditional income assets contributed.

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| **2 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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The Fund utilized derivatives for hedging and investment purposes in the form of futures, total return swaps and purchased options, which detracted from absolute returns for both periods, while credit default swaps contributed; currency forwards and interest rate swaps added for the six-month period, but detracted for the 12-month period; inflation Consumer Price Index swaps detracted for the six-month period, but added for the 12-month period.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended August 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants and supply-chain disruptions. Volatility increased as persistently high inflation set off a global wave of tighter monetary policy led by the US Federal Reserve (the "Fed"). The escalating European energy crisis caused by Russia's invasion of Ukraine, and continued weakness in China, contributed to fears of a broad global downturn. The Fed raised interest rates four times during the period, including two consecutive 0.75% increases. Equity markets rallied briefly as some weaker-than-expected economic data pointed to modestly lower inflation in the US, which raised optimism that policy rates might peak at lower levels. Stocks fell sharply after Fed Chair Jerome Powell remarked that the Fed would be willing to risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

Fixed-income government bond market yields increased rapidly, and bond prices fell in all developed markets. Most major central banks started tightening monetary policy by raising short-term interest rates and ending bond purchases to combat high and persistent inflation. In credit sectors, investment-grade corporate bonds trailed treasuries, underperforming in the US against US Treasuries, while outperforming in the eurozone relative to eurozone treasuries. High-yield corporate bonds outperformed respective treasury markets in the US and eurozone. Securitized assets generally outperformed corporate bonds. Emerging-market bonds lagged as the US dollar advanced against most developed- and emerging-market currencies. Brent crude oil prices rose due to increased demand, and as major oil producers limited production increases.

In the six-month period ended August 31, 2022, municipal bonds declined amid a broader sell-off in fixed-income assets as investors revised their inflation and interest-rate expectations up. Higher credit quality municipal bonds outperformed lower-rated municipal bonds. Returns were also negative for municipal bonds over the 12-month period, with most of the

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 3** |

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decline occurring during the final six months, when upward revisions to inflation expectations were greatest.

The Fund's Senior Investment Management Team (the "Team") seeks current income with consideration of capital appreciation. The Team's global multi-asset strategy focuses on generating high, stable income for taxable investors. The Team utilizes a rigorous quantitative research toolset with fundamental expertise across all regions and markets.

The municipal components may purchase municipal securities that are insured under policies issued by certain insurance companies. Historically, insured municipal securities typically received a higher credit rating, which meant that the issuer of the securities paid a lower interest rate. As a result of declines in the credit quality and associated downgrades of most bond insurers, insurance has less value than it did in the past. The market now values insured municipal securities, primarily based on the credit quality of the issuer of the security, with little value given to the insurance feature. In purchasing such insured securities, the Adviser evaluates the risk and return of municipal securities through its own research. If an insurance company's rating is downgraded or the company becomes insolvent, the prices of municipal securities insured by the insurance company may decline. As of August 31, 2022, the Fund's percentages of total investments in insured bonds and in insured bonds that have been pre-refunded or escrowed to maturity were 4.76% and 0.00%, respectively.

**INVESTMENT POLICIES** 

The Adviser allocates the Fund's investments primarily among a broad range of income-producing securities, including common stock of companies that regularly pay dividends, preferred stocks, debt securities (including high-yield debt securities, also known as "junk bonds"), and derivatives related to these types of securities. The Fund pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging-market countries.

In selecting equity securities for the Fund, the Adviser focuses on securities that have high dividend yields and that it believes are undervalued by the market relative to their long-term earnings potential. In order to provide diversification and the opportunity for increased return, the Adviser also acquires equity securities for the Fund that are expected to exhibit relatively little correlation with the returns of the Fund's holdings in high dividend yield equity securities.

The Fund intends to meet the tax requirement for passing municipal bond interest through to Fund shareholders as tax-exempt interest

(continued on next page)

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| **4 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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dividends, which currently requires that at least 50% of the Fund's assets be invested in tax-exempt debt securities. In the event that the Internal Revenue Code or the related rules, regulations and interpretations of the Internal Revenue Service should in the future change so as to permit the Fund to pass through tax-exempt dividends when the Fund invests a lesser amount of its assets in tax-exempt debt securities, the Fund's allocations to equity securities may increase. In selecting tax-exempt securities for the Fund's debt investments, the Adviser may draw on the capabilities of separate investment teams that specialize in different areas that are generally defined by the maturity of the debt securities and/or their ratings. These fixed-income teams draw on the resources and expertise of the Adviser's fixed-income research staff, which includes fixed-income research analysts and economists.

In addition, the Fund may engage in certain alternative income strategies that generally utilize derivatives to diversify sources of income and manage risk. For example, the Fund may take long positions in currency derivatives on higher yielding currencies and/or short positions in currency derivatives on lower yielding currencies.

The Adviser adjusts the Fund's investment exposure utilizing the Adviser's Dynamic Asset Allocation ("DAA") approach. DAA comprises a series of analytical and forecasting tools employed by the Adviser to gauge fluctuations in the risk/return profile of various asset classes. DAA seeks to adjust the Fund's investment exposure in changing market conditions and thereby reduce overall portfolio volatility by mitigating the effects of market fluctuations, while preserving consistent long-term return potential. For example, the Adviser may seek to reduce the Fund's risk exposure to one or more assets classes when DAA suggests that market risks relevant to those asset classes are rising but return opportunities are declining. In addition to merely increasing or decreasing asset class exposure by buying or selling securities of that asset class, the Adviser may pursue DAA implementation for the Fund by investing in derivatives or exchange-traded funds.

The Adviser intends to utilize a variety of derivatives in its management of the Fund. The Adviser may use derivatives to gain exposure to an asset class, such as using interest rate derivatives to gain exposure to certain bonds. As noted above, the Adviser may separately pursue certain alternative investment strategies that utilize derivatives, and may enter into derivatives in making the adjustments called for by DAA. As a result of the use of derivatives, the Fund may be leveraged, with net investment exposure in excess of net assets.

(continued on next page)

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 5** |

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Currency exchange rate fluctuation can have a dramatic impact on returns. The Fund's foreign currency exposures will come from investment in securities priced or denominated in foreign currencies and from direct holdings in foreign currencies and currency-related derivatives. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Fund investments or decide not to hedge this exposure.

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| **6 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**All indices are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The Bloomberg 5-Year GO Municipal Bond Index represents the performance of long-term, investment-grade tax-exempt bonds with maturities ranging from four to six years. The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

**Allocation Risk:** The allocation of investments among different investment styles, such as equity or debt, growth or value, US or non-US securities, or diversification strategies, may have a more significant effect on the Fund's net asset value ("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.

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**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. The Fund may be subject to greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**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.

**Municipal Market Risk:** This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund's investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state's municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. The Fund's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have

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| **8 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

**Foreign (Non-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US 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 because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

**Derivatives Risk:** Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Fund. 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:** To the extent the Fund uses leveraging techniques, its NAV may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Fund's investments.

**Illiquid Investments Risk:** Illiquid investments risk exists when certain investments become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well-developed and the securities may trade less frequently. Illiquid investments risk may be higher in a rising interest-rate environment, when the value and liquidity of fixed-income securities generally go down.

**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

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 9** |

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**DISCLOSURES AND RISKS** (continued)

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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to April 17, 2017, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.** 

**All fees and expenses related to the operation of the Fund have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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| **10 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

8/31/2012 TO 8/31/2022

![LOGO](g296784g45r71.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Tax-Managed All Market Income Portfolio Class A shares (from 8/31/2012 to 8/31/2022) as compared to the performance of the Fund's benchmarks. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2022** (unaudited)

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|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |  |
| 1 Year | -15.52% | -19.08% |
| 5 Years | 0.78% | -0.10% |
| 10 Years | 3.06% | 2.61% |
| **CLASS C SHARES** |  |  |
| 1 Year | -16.17% | -16.98% |
| 5 Years | 0.02% | 0.02% |
| 10 Years<sup>1</sup> | 2.30% | 2.30% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |  |
| 1 Year | -15.28% | -15.28% |
| 5 Years | 1.03% | 1.03% |
| 10 Years | 3.33% | 3.33% |

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**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.41%, 2.15% and 1.16% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursement agreements reduced the Fund's total annual operating expense ratios, exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs, to 0.99%, 1.74% and 0.74% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursement agreements may not be terminated before December 31, 2022. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| 2 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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| **12 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -23.19% |
| 5 Years | -1.80% |
| 10 Years | 1.66% |
| **CLASS C SHARES** |  |
| 1 Year | -21.16% |
| 5 Years | -1.69% |
| 10 Years<sup>1</sup> | 1.34% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -19.61% |
| 5 Years | -0.70% |
| 10 Years | 2.36% |

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1 Assumes conversion of Class C shares into Class A shares after eight years.

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| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 13** |

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**HISTORICAL PERFORMANCE** (continued)

**RETURNS AFTER TAXES ON DISTRIBUTIONS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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|  | Returns |
| **CLASS A SHARES** |  |
| 1 Year | -23.97% |
| 5 Years | -3.09% |
| 10 Years | 0.72% |
| **CLASS C SHARES** |  |
| 1 Year | -21.74% |
| 5 Years | -2.74% |
| 10 Years<sup>1</sup> | 0.58% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -20.48% |
| 5 Years | -2.06% |
| 10 Years | 1.37% |

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**RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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|:---|:---|
|  | Returns |
| **CLASS A SHARES** |  |
| 1 Year | -13.20% |
| 5 Years | -1.16% |
| 10 Years | 1.43% |
| **CLASS C SHARES** |  |
| 1 Year | -12.08% |
| 5 Years | -1.11% |
| 10 Years<sup>1</sup> | 1.15% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -11.03% |
| 5 Years | -0.32% |
| 10 Years | 2.00% |

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1 Assumes conversion of Class C shares into Class A shares after eight years.

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| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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| **14 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 15** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>March 1,<br>2022** | **Ending<br>Account<br>Value<br>August 31,<br>2022** | **Expenses<br>Paid<br>During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** | **Total<br>Expenses<br>Paid<br>During<br>Period+** | **Total<br>Annualized<br>Expense<br>Ratio+** |
| **Class A** |  |  |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $905.90 | $&nbsp;&nbsp;&nbsp;&nbsp;4.71 | 0.98% | $&nbsp;&nbsp;&nbsp;&nbsp;4.76 | 0.99% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.27 | $4.99 | 0.98% | $5.04 | 0.99% |
| **Class C** |  |  |  |  |  |  |
|  Actual | $1000 | $901.90 | $8.29 | 1.73% | $8.34 | 1.74% |
|  Hypothetical\*\* | $1000 | $1016.48 | $8.79 | 1.73% | $8.84 | 1.74% |
| **Advisor Class** |  |  |  |  |  |  |
|  Actual | $1000 | $907.20 | $3.51 | 0.73% | $3.56 | 0.74% |
|  Hypothetical\*\* | $1000 | $1021.53 | $3.72 | 0.73% | $3.77 | 0.74% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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| | |
|:---|:---|
| + | In connection with the Fund's investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Fund's total expenses are equal to the classes' annualized expense ratio plus the Fund's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

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| | |
|:---|:---|
| **16 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**August 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $78.6

------

![LOGO](g296784g72z27.jpg)

------

![LOGO](g296784g06q90.jpg)

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| | |
|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's security type and sector breakdowns are expressed as a percentage of total investments and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). "Other" weightings represent 1.1% or less in the following sectors: Industrial and Materials.  |

---

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The "Portfolio of Investments" section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund's prospectus.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 17** |

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**PORTFOLIO SUMMARY** (continued)

**August 31, 2022** (unaudited)

------

![LOGO](g296784g71j62.jpg)

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| | |
|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's quality rating breakdown is expressed as a percentage of the Fund's total investments in municipal securities and may vary over time. The Fund also enters into derivative transactions, which may be used for hedging or investment purposes (see "Portfolio of Investments" section of the report for additional details). The quality ratings are determined by using the S&P Global Ratings ("S&P"), Moody's Investors Services, Inc. ("Moody's") and Fitch Ratings, Ltd. ("Fitch"). The Fund considers the credit ratings issued by S&P, Moody's and Fitch and uses the highest rating issued by the agencies. These ratings are a measure of the quality and safety of a bond or portfolio, based on the issuer's financial condition. AAA is the highest (best) and D is the lowest (worst). If applicable, the pre-refunded category includes bonds which are secured by U.S. Government securities and therefore are deemed high-quality investment grade by the Adviser. If applicable, Not Applicable (N/A) includes non-creditworthy investments such as equities, currency contracts, futures and options. If applicable, the Not Rated category includes bonds that are not rated by a nationally recognized statistical rating organization. The Adviser evaluates the creditworthiness of non-rated securities based on a number of factors including, but not limited to, cash flows, enterprise value and economic environment.  |

---

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| | |
|:---|:---|
| **18 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**August 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **MUNICIPAL OBLIGATIONS – 60.9%** |  |  |  |
|  **Long-Term Municipal Bonds – 59.6%** |  |  |  |
|  **Alabama – 0.5%** |  |  |  |
|  Black Belt Energy Gas District <br>(Morgan Stanley) <br>Series 2019-A <br>4.00%, 12/01/2049 | $— | 265 | $267702 |
|  Lower Alabama Gas District (The) <br>(Goldman Sachs Group, Inc. (The)) <br>Series 2016-A <br>5.00%, 09/01/2046 |  | 100 | 104277 |
|  |  |  | 371979 |
|  **Arizona – 0.7%** |  |  |  |
|  Arizona Industrial Development Authority <br>(Arizona Industrial Development Authority) <br>Series 2019-2, Class A <br>3.625%, 05/20/2033 |  | 138 | 133182 |
|  Arizona Industrial Development Authority <br>(Legacy Cares, Inc.) <br>Series 2020 <br>7.75%, 07/01/2050<sup>(a)</sup> |  | 100 | 106303 |
|  Glendale Industrial Development Authority <br>(Beatitudes Campus Obligated Group (The)) <br>Series 2017 <br>5.00%, 11/15/2040 |  | 235 | 218762 |
|  Tempe Industrial Development Authority <br>(Mirabella at ASU, Inc.) <br>Series 2017-A <br>6.125%, 10/01/2047<sup>(a)</sup> |  | 110 | 104273 |
|  |  |  | 562520 |
|  **California – 2.5%** |  |  |  |
|  ARC70 II TRUST <br>Series 2021 <br>4.00%, 12/01/2059 |  | 100 | 87220 |
|  California Community Housing Agency <br>(California Community Housing Agency Brio Apartments & Next on Lex Apartments) <br>Series 2021 <br>4.00%, 02/01/2056<sup>(a)</sup> |  | 150 | 133308 |
|  California Community Housing Agency <br>(California Community Housing Agency Summit at Sausalito Apartments) <br>Series 2021 <br>3.00%, 02/01/2057<sup>(a)</sup> |  | 100 | 71674 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 19** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  California Community Housing Agency <br>(California Community Housing Agency Twin Creek Apartments) <br>Series 2022 <br>Zero Coupon, 08/01/2065<sup>(a)</sup> | $— | 1000 | $63980 |
|  California Housing Finance Agency <br>Series 2021-3, Class A <br>3.25%, 08/20/2036 |  | 99 | 89372 |
|  California School Finance Authority <br>(Bright Star Schools Obligated Group) <br>Series 2017 <br>5.00%, 06/01/2054<sup>(a)</sup> |  | 250 | 248013 |
|  California Statewide Communities Development Authority <br>(NCCD-Hooper Street LLC) <br>Series 2019 <br>5.25%, 07/01/2052<sup>(a)</sup> |  | 100 | 91179 |
|  CMFA Special Finance Agency <br>Series 2022-A <br>4.00%, 08/01/2058<sup>(a)</sup> |  | 100 | 83536 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Latitude33) <br>Series 2021-A <br>3.00%, 12/01/2056<sup>(a)</sup> |  | 100 | 70666 |
|  CMFA Special Finance Agency <br>(CMFA Special Finance Agency Solana at Grand) <br>Series 2021-A <br>4.00%, 08/01/2056<sup>(a)</sup> |  | 100 | 88803 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority 777 Place-Pomona)<br>Series 2021<br>3.25%, 05/01/2057<sup>(a)</sup> |  | 100 | 74077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/2057<sup>(a)</sup> |  | 100 | 73353 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Altana Apartments) <br>Series 2021 <br>4.00%, 10/01/2056<sup>(a)</sup> |  | 100 | 79999 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Crescent) <br>Series 2022 <br>4.30%, 07/01/2059<sup>(a)</sup> |  | 100 | 87209 |

---

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| | |
|:---|:---|
| **20 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Millennium South Bay-Hawthorne) <br>Series 2021 <br>4.00%, 07/01/2058<sup>(a)</sup> | $— | 100 | $72492 |
|  CSCDA Community Improvement Authority <br>(CSCDA Community Improvement Authority Theo Apartments) <br>Series 2021 <br>4.00%, 05/01/2057<sup>(a)</sup> |  | 100 | 74902 |
|  Golden State Tobacco Securitization Corp. <br>Series 2021-B <br>Zero Coupon, 06/01/2066 |  | 225 | 26496 |
|  Hastings Campus Housing Finance Authority <br>Series 2020-A <br>5.00%, 07/01/2061<sup>(a)</sup> |  | 150 | 142612 |
|  River Islands Public Financing Authority <br>(River Islands Public Financing Authority Community Facilities District No 2003-1) <br>Series 2022 <br>5.75%, 09/01/2052 |  | 100 | 94251 |
|  San Francisco City & County Airport Comm <br>(San Francisco Intl Airport) <br>Series 2017-D <br>5.00%, 05/01/2025 |  | 220 | 231213 |
|  |  |  | 1984355 |
|  **Colorado – 1.1%** |  |  |  |
|  City & County of Denver CO. Airport System Revenue <br>(Denver Intl Airport) <br>Series 2018-A <br>5.00%, 12/01/2028 |  | 545 | 595953 |
|  Colorado Health Facilities Authority <br>(Aberdeen Ridge, Inc. Obligated Group) <br>Series 2021-A <br>5.00%, 05/15/2049 |  | 100 | 86169 |
|  Colorado Health Facilities Authority <br>(Frasier Meadows Manor, Inc. Obligated Group) <br>Series 2023-2 <br>4.00%, 05/15/2041<sup>(b)</sup> |  | 100 | 84387 |
|  Douglas County Housing Partnership <br>(Bridgewater Castle Rock ALF LLC) <br>Series 2021 <br>5.375%, 01/01/2041<sup>(a)</sup> |  | 100 | 78420 |
|  |  |  | 844929 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 21** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Connecticut – 1.5%** |  |  |  |
|  State of Connecticut Special Tax Revenue <br>Series 2012-A <br>5.00%, 01/01/2027 | $— | 1135 | $1145060 |
|  **District of Columbia – 0.2%** |  |  |  |
|  District of Columbia Tobacco Settlement Financing Corp. <br>Series 2006 <br>Zero Coupon, 06/15/2055 |  | 1625 | 142198 |
|  **Florida – 5.9%** |  |  |  |
|  Alachua County Health Facilities Authority <br>(Oak Hammock at the University of Florida Obligated Group) <br>Series 2022 <br>4.00%, 10/01/2040 |  | 100 | 89506 |
|  Cape Coral Health Facilities Authority <br>(Gulf Care, Inc. Obligated Group) <br>Series 2015 <br>6.00%, 07/01/2050<sup>(a)</sup> |  | 270 | 257702 |
|  Capital Projects Finance Authority/FL <br>(CAPFA Capital Corp. 2000F) <br>Series 2020-A <br>5.00%, 10/01/2034 |  | 500 | 512989 |
|  Capital Trust Agency, Inc. <br>(Aviva Senior Life) <br>Series 2017 <br>5.00%, 07/01/2046<sup>(a)</sup> |  | 240 | 202270 |
|  Capital Trust Agency, Inc. <br>(Educational Growth Fund LLC) <br>Series 2021 <br>5.00%, 07/01/2056<sup>(a)</sup> |  | 100 | 93954 |
|  County of Broward FL Airport System Revenue <br>Series 2019-A <br>5.00%, 10/01/2036 |  | 500 | 529235 |
|  County of Miami-Dade FL <br>Series 2012-A <br>5.00%, 10/01/2025 (Pre-refunded/ETM) |  | 560 | 561245 |
|  County of Miami-Dade FL Aviation Revenue <br>Series 2014-B <br>5.00%, 10/01/2025 |  | 665 | 697138 |
|  Florida Development Finance Corp. <br>(Brightline Trains Florida LLC) <br>Series 2022 <br>2.90%, 12/01/2056 (Pre-refunded/ETM) |  | 560 | 557120 |

---

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| | |
|:---|:---|
| **22 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Florida Higher Educational Facilities Financial Authority <br>(Ringling College of Art and Design, Inc.) <br>Series 2019 <br>5.00%, 03/01/2049 | 315 | $| 319136 |
|  North Broward Hospital District<br>Series 2017-B<br>5.00%, 01/01/2037 | 115 |  | 118302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/2048 | 310 |  | 311811 |
|  Palm Beach County Health Facilities Authority <br>(Jupiter Medical Center Obligated Group) <br>Series 2022 <br>5.00%, 11/01/2038 | 280 |  | 287812 |
|  Village Community Development District No. 13 <br>Series 2021 <br>1.80%, 05/01/2026 | 100 |  | 91475 |
|  |  |  | 4629695 |
|  **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** | **Georgia – 3.6%** |
|  Augusta Development Authority <br>(AU Health System Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2030 | 150 |  | 144406 |
|  City of Atlanta GA Department of Aviation <br>Series 2014-A <br>5.00%, 01/01/2028 | 625 |  | 645451 |
|  Development Authority for Fulton County <br>(Georgia Tech Athletic Association) <br>Series 2019 <br>5.00%, 10/01/2035 | 835 |  | 927343 |
|  Main Street Natural Gas, Inc. <br>(Citigroup, Inc.) <br>Series 2022-B <br>5.00%, 12/01/2052 | 345 |  | 362223 |
|  Main Street Natural Gas, Inc. <br>(Royal Bank of Canada) <br>Series 2018-C <br>4.00%, 08/01/2048 | 450 |  | 457489 |
|  Private Colleges & Universities Authority <br>Series 2014 <br>5.00%, 04/01/2044 (Pre-refunded/ETM) | 210 |  | 218390 |
|  State of Georgia <br>Series 2021-A <br>4.00%, 07/01/2038 | 100 |  | 103600 |
|  |  |  | 2858902 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 23** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Guam – 0.3%** |  |  |  |
|  Guam Power Authority <br>Series 2022-A <br>5.00%, 10/01/2043 | $— | 200 | $208067 |
|  **Illinois – 6.8%** |  |  |  |
|  Chicago Board of Education<br>Series 2012-A<br>5.00%, 12/01/2042 |  | 525 | 520997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-A<br>7.00%, 12/01/2044 |  | 100 | 108887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>6.75%, 12/01/2030<sup>(a)</sup> |  | 135 | 154742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/2042<sup>(a)</sup> |  | 100 | 113160 |
|  Chicago O'Hare International Airport <br>(TrIPs Obligated Group) <br>Series 2018 <br>5.00%, 07/01/2033 |  | 105 | 109354 |
|  Illinois Finance Authority <br>(Ascension Health Credit Group) <br>Series 2016-C <br>5.00%, 02/15/2041 |  | 415 | 435138 |
|  Illinois Finance Authority <br>(Bradley University) <br>Series 2021-A <br>4.00%, 08/01/2046 |  | 250 | 213756 |
|  Illinois Finance Authority <br>(CHF-Chicago LLC) <br>Series 2017-A <br>5.00%, 02/15/2047 |  | 210 | 200861 |
|  Illinois Finance Authority <br>(Park Place of Elmhurst Obligated Group) <br>Series 2021 <br>5.125%, 05/15/2060 |  | 448 | 347605 |
|  Illinois Finance Authority <br>(Rosalind Franklin University of Medicine & Science) <br>Series 2017-C <br>5.00%, 08/01/2049 |  | 425 | 431215 |
|  Metropolitan Pier & Exposition Authority<br>Series 2012<br>Zero Coupon, 12/15/2041 |  | 350 | 133651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 12/15/2050 |  | 325 | 74966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 06/15/2057 |  | 115 | 117020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-B<br>Zero Coupon, 12/15/2054 |  | 150 | 27768 |

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| | |
|:---|:---|
| **24 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Railsplitter Tobacco Settlement Authority <br>Series 2017 <br>5.00%, 06/01/2023 | 365 | $| 371373 |
|  State of Illinois |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016<br>5.00%, 02/01/2027 | 310 |  | 329377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/2028 | 340 |  | 360395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A<br>5.00%, 12/01/2025 | 135 |  | 141602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-D<br>5.00%, 11/01/2024 | 230 |  | 238050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/2028 | 250 |  | 266833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B<br>4.00%, 12/01/2039 | 430 |  | 400923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>5.50%, 03/01/2042 | 220 |  | 241486 |
|  |  |  | 5339159 |
|  **Indiana – 0.4%** | **Indiana – 0.4%** | **Indiana – 0.4%** | **Indiana – 0.4%** |
|  Indiana Finance Authority <br>(Brightmark Plastics Renewal Indiana LLC) <br>Series 2019 <br>7.00%, 03/01/2039<sup>(a)</sup> | 185 |  | 147362 |
|  Indiana Finance Authority <br>(Greencroft Goshen Obligated Group) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021<br>4.00%, 11/15/2043 | 100 |  | 84233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2<br>4.00%, 11/15/2037<sup>(b)</sup> | 100 |  | 83908 |
|  |  |  | 315503 |
|  **Iowa – 1.0%** | **Iowa – 1.0%** | **Iowa – 1.0%** | **Iowa – 1.0%** |
|  Iowa Finance Authority <br>(Iowa Fertilizer Co. LLC) <br>Series 2022 <br>5.00%, 12/01/2050 | 300 |  | 306986 |
|  Iowa Finance Authority <br>(Lifespace Communities, Inc. Obligated Group) <br>Series 2018-A <br>5.00%, 05/15/2043 | 100 |  | 95282 |
|  Xenia Rural Water District <br>Series 2016 <br>5.00%, 12/01/2031 (Pre-refunded/ETM) | 340 |  | 375362 |
|  |  |  | 777630 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 25** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** | **Kansas – 0.3%** |
|  Wyandotte County-Kansas City Unified Government <br>(Wyandotte County-Kansas City Unified Government Sales Tax) <br>Series 2018 <br>4.50%, 06/01/2040 | $— | 255 | $239097 |
|  **Kentucky – 1.2%** | **Kentucky – 1.2%** | **Kentucky – 1.2%** | **Kentucky – 1.2%** |
|  Kentucky Economic Development Finance Authority <br>(Baptist Healthcare System Obligated Group) <br>Series 2017-B <br>5.00%, 08/15/2037 |  | 410 | 425846 |
|  Kentucky Economic Development Finance Authority <br>(Owensboro Health, Inc. Obligated Group) <br>Series 2017-A <br>5.00%, 06/01/2037 |  | 315 | 325332 |
|  Kentucky Public Energy Authority <br>(Morgan Stanley) <br>Series 2019-C <br>4.00%, 02/01/2050 |  | 220 | 219746 |
|  |  |  | 970924 |
|  **Louisiana – 1.1%** | **Louisiana – 1.1%** | **Louisiana – 1.1%** | **Louisiana – 1.1%** |
|  City of New Orleans LA <br>Series 2021-A <br>5.00%, 12/01/2035 |  | 440 | 487753 |
|  New Orleans Aviation Board <br>Series 2017-B <br>5.00%, 01/01/2048 |  | 400 | 407091 |
|  |  |  | 894844 |
|  **Maryland – 0.5%** | **Maryland – 0.5%** | **Maryland – 0.5%** | **Maryland – 0.5%** |
|  City of Baltimore MD <br>(East Baltimore Research Park Project) <br>Series 2017-A <br>5.00%, 09/01/2038 |  | 100 | 101811 |
|  Maryland Economic Development Corp. <br>(Purple Line Transit Partners LLC) <br>Series 2022 <br>5.25%, 06/30/2055 |  | 300 | 317370 |
|  |  |  | 419181 |

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| | |
|:---|:---|
| **26 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Massachusetts – 1.0%** | **Massachusetts – 1.0%** | **Massachusetts – 1.0%** | **Massachusetts – 1.0%** |
|  Commonwealth of Massachusetts Transportation Fund Revenue <br>Series 2021 <br>5.00%, 06/01/2038 | $— | 165 | $185465 |
|  Massachusetts Development Finance Agency <br>(Northeastern University) <br>Series 2022 <br>5.00%, 10/01/2038 |  | 520 | 576359 |
|  |  |  | 761824 |
|  **Michigan – 1.9%** | **Michigan – 1.9%** | **Michigan – 1.9%** | **Michigan – 1.9%** |
|  City of Detroit MI |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018<br>5.00%, 04/01/2036 |  | 15 | 15459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/2037 |  | 50 | 51397 |
|  Grand Rapids Economic Development Corp. <br>(Beacon Hill at Eastgate) <br>Series 2017-A <br>5.00%, 11/01/2047 |  | 325 | 318594 |
|  Michigan Finance Authority <br>(Great Lakes Water Authority Water Supply System)<br>AGM Series 2014-D2 <br>5.00%, 07/01/2028 |  | 500 | 522223 |
|  Michigan Finance Authority <br>(Michigan Finance Authority Tobacco Settlement Revenue) <br>Series 2020-B <br>Zero Coupon, 06/01/2065 |  | 155 | 15824 |
|  Michigan State Hospital Finance Authority <br>(Trinity Health Corp.) <br>Series 2017-C <br>5.00%, 12/01/2023 |  | 445 | 458829 |
|  Michigan Tobacco Settlement Finance Authority <br>(Tobacco Settlement Financing Corp./MI) <br>Series 2008-C <br>Zero Coupon, 06/01/2058 |  | 1500 | 68827 |
|  |  |  | 1451153 |
|  **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** | **Minnesota – 0.6%** |
|  Minneapolis-St Paul Metropolitan Airports Commission<br>Series 2022-B <br>4.25%, 01/01/2041<sup>(b)</sup> |  | 230 | 223859 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 27** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  State of Minnesota <br>Series 2021-A <br>4.00%, 09/01/2039 | 255 | $| 260695 |
|  |  |  | 484554 |
|  **Missouri – 0.9%** | **Missouri – 0.9%** | **Missouri – 0.9%** | **Missouri – 0.9%** |
|  Cape Girardeau County Industrial Development Authority <br>(SoutheastHEALTH Obligated Group) <br>Series 2017-A <br>5.00%, 03/01/2036 | 470 |  | 485800 |
|  Lee's Summit Industrial Development Authority <br>(John Knox Village Obligated Group) <br>Series 2016-A <br>5.00%, 08/15/2046 | 245 |  | 226038 |
|  |  |  | 711838 |
|  **Nevada – 0.2%** | **Nevada – 0.2%** | **Nevada – 0.2%** | **Nevada – 0.2%** |
|  City of Sparks NV <br>(City of Sparks NV Sales Tax) <br>Series 2019-A <br>2.75%, 06/15/2028<sup>(a)</sup> | 100 |  | 90620 |
|  State of Nevada Department of Business & Industry <br>(Fulcrum Sierra Biofuels LLC) <br>Series 2018 <br>6.95%, 02/15/2038<sup>(a)</sup> | 100 |  | 92101 |
|  |  |  | 182721 |
|  **New Jersey – 4.8%** | **New Jersey – 4.8%** | **New Jersey – 4.8%** | **New Jersey – 4.8%** |
|  New Jersey Economic Development Authority <br>Series 2014-P <br>5.00%, 06/15/2029 (Pre-refunded/ETM) | 500 |  | 522891 |
|  New Jersey Economic Development Authority <br>(North Star Academy Charter School of Newark, Inc.) <br>Series 2017 <br>5.00%, 07/15/2047 | 415 |  | 418137 |
|  New Jersey Economic Development Authority <br>(Port Newark Container Terminal LLC) <br>Series 2017 <br>5.00%, 10/01/2047 | 415 |  | 424503 |
|  New Jersey Health Care Facilities Financing Authority <br>(RWJ Barnabas Health Obligated Group) <br>Series 2019 <br>5.00%, 07/01/2042 | 375 |  | 395346 |

---

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| | |
|:---|:---|
| **28 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New Jersey Transportation Trust Fund Authority <br>(New Jersey Transportation Trust Fund Authority State Lease) <br>Series 2019 <br>5.00%, 06/15/2038 | 250 | $| 262088 |
|  New Jersey Turnpike Authority<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-A<br>5.00%, 01/01/2029 | 675 |  | 702839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A<br>4.00%, 01/01/2042 | 500 |  | 479278 |
|  Tobacco Settlement Financing Corp./NJ <br>Series 2018-B <br>5.00%, 06/01/2046 | 515 |  | 518796 |
|  |  |  | 3723878 |
|  **New York – 3.0%** | **New York – 3.0%** | **New York – 3.0%** | **New York – 3.0%** |
|  Build NYC Resource Corp. <br>(Integration Charter Schools) <br>Series 2021 <br>5.00%, 06/01/2056<sup>(a)</sup> | 100 |  | 96689 |
|  County of Nassau NY<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C<br>5.00%, 10/01/2026 | 225 |  | 245897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A<br>4.00%, 04/01/2042 | 190 |  | 179603 |
|  Metropolitan Transportation Authority <br>Series 2016-D <br>5.00%, 11/15/2030 | 245 |  | 257580 |
|  New York City Transitional Finance Authority Building Aid Revenue <br>(New York City Transitional Finance Authority Building Aid Revenue State Lease) <br>Series 2018-S <br>5.00%, 07/15/2032 | 195 |  | 217533 |
|  New York Counties Tobacco Trust V <br>Series 2005 <br>Zero Coupon, 06/01/2050 | 550 |  | 74256 |
|  New York Liberty Development Corp. <br>(Goldman Sachs Headquarters LLC) <br>Series 2005 <br>5.25%, 10/01/2035 | 200 |  | 223549 |
|  New York State Thruway Authority <br>(New York State Thruway Authority Gen Toll Road) <br>Series 2020-N <br>5.00%, 01/01/2039 | 295 |  | 316750 |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 29** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  New York Transportation Development Corp. <br>(Delta Air Lines, Inc.) <br>Series 2020 <br>4.375%, 10/01/2045 | 200 | $| 184800 |
|  New York Transportation Development Corp. <br>(Laguardia Gateway Partners LLC) <br>Series 2016-A <br>5.00%, 07/01/2041 | 460 |  | 470594 |
|  Westchester County Local Development Corp. <br>(Purchase Senior Learning Community Obligated Group) <br>Series 2021 <br>2.875%, 07/01/2026<sup>(a)</sup> | 100 |  | 93669 |
|  |  |  | 2360920 |
|  **North Carolina – 0.6%** | **North Carolina – 0.6%** | **North Carolina – 0.6%** | **North Carolina – 0.6%** |
|  North Carolina Medical Care Commission <br>Series 2017 <br>5.00%, 09/01/2041 (Pre-refunded/ETM) | 250 |  | 263742 |
|  North Carolina Turnpike Authority <br>Series 2020 <br>5.00%, 02/01/2024 | 175 |  | 180175 |
|  |  |  | 443917 |
|  **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** | **Ohio – 2.8%** |
|  Buckeye Tobacco Settlement Financing Authority<br>Series 2020-B<br>Zero Coupon, 06/01/2057 | 395 |  | 47657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/2055 | 985 |  | 936726 |
|  County of Allen OH Hospital Facilities Revenue <br>(Bon Secours Mercy Health, Inc.) <br>Series 2017-A <br>5.00%, 08/01/2028 | 315 |  | 347750 |
|  County of Cuyahoga OH <br>(MetroHealth System (The)) <br>Series 2017 <br>5.00%, 02/15/2042 | 560 |  | 571572 |
|  County of Miami OH <br>(Kettering Health Network Obligated Group) <br>Series 2019 <br>5.00%, 08/01/2033 | 195 |  | 207216 |
|  Port of Greater Cincinnati Development Authority <br>Series 2021 <br>4.375%, 06/15/2056 | 100 |  | 92912 |
|  |  |  | 2203833 |

---

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| | |
|:---|:---|
| **30 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Oklahoma – 0.1%** | **Oklahoma – 0.1%** | **Oklahoma – 0.1%** | **Oklahoma – 0.1%** |
|  Oklahoma Development Finance Authority <br>(OU Medicine, Inc.) <br>Series 2022-A <br>5.50%, 08/15/2044 | $— | 100 | $89394 |
|  **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** | **Oregon – 0.1%** |
|  Yamhill County Hospital Authority <br>(Friendsview Manor Obligated Group) <br>Series 2021-B <br>1.75%, 11/15/2026 |  | 70 | 65563 |
|  **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** | **Pennsylvania – 2.2%** |
|  Allegheny County Hospital Development Authority <br>(UPMC Obligated Group) <br>Series 2019 <br>5.00%, 07/15/2030 |  | 305 | 339602 |
|  Allentown Neighborhood Improvement Zone Development Authority <br>Series 2017 <br>5.00%, 05/01/2042<sup>(a)</sup> |  | 220 | 223733 |
|  Berks County Industrial Development Authority <br>(Tower Health Obligated Group) <br>Series 2017 <br>5.00%, 11/01/2047 |  | 100 | 77760 |
|  Commonwealth of Pennsylvania <br>Series 2016 <br>5.00%, 09/15/2023 |  | 600 | 616412 |
|  Crawford County Hospital Authority <br>(Meadville Medical Center Obligated Group) <br>Series 2016-A <br>6.00%, 06/01/2051 |  | 215 | 220672 |
|  Pennsylvania Economic Development Financing Authority <br>(PA Bridges Finco LP) <br>Series 2015 <br>5.00%, 12/31/2034 |  | 220 | 226846 |
|  |  |  | 1705025 |
|  **Puerto Rico – 3.5%** | **Puerto Rico – 3.5%** | **Puerto Rico – 3.5%** | **Puerto Rico – 3.5%** |
|  Children's Trust Fund <br>Series 2008-A <br>Zero Coupon, 05/15/2057 |  | 2000 | 122985 |
|  Commonwealth of Puerto Rico <br>Series 2022-A <br>5.068%, 11/01/2051 |  | 140 | 68950 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 31** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Commonwealth of Puerto Rico<br>Series 2021-A<br>Zero Coupon, 07/01/2024 | $— | 9 | $8556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2033 |  | 36 | 20234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2033 |  | 28 | 25889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2035 |  | 25 | 22826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2037 |  | 21 | 19088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2041 |  | 29 | 25277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/2046 |  | 30 | 25549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2023 |  | 15 | 15699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/01/2025 |  | 31 | 31814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2027 |  | 31 | 32402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 07/01/2029 |  | 30 | 32336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/2031 |  | 29 | 31980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C<br>0.00%, 11/01/2043 |  | 335 | 172294 |
|  GDB Debt Recovery Authority of Puerto Rico <br>Series 2018 <br>7.50%, 08/20/2040 |  | 71 | 63269 |
|  Puerto Rico Commonwealth Aqueduct & Sewer Authority <br>Series 2008-A <br>6.125%, 07/01/2024 |  | 10 | 10339 |
|  Puerto Rico Electric Power Authority<br>Series 2007-T<br>5.00%, 07/01/2032<sup>(c)(d)</sup> |  | 65 | 52650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2037<sup>(c)(d)</sup> |  | 110 | 89100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-W<br>5.00%, 07/01/2028<sup>(c)(d)</sup> |  | 90 | 72900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/2038<sup>(c)(d)</sup> |  | 100 | 81375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2008-WW<br>5.375%, 07/01/2024<sup>(c)(d)</sup> |  | 45 | 36506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A<br>5.25%, 07/01/2030<sup>(c)(d)</sup> |  | 55 | 44550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-C<br>5.00%, 07/01/2024<sup>(c)(d)</sup> |  | 25 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/2028<sup>(c)(d)</sup> |  | 65 | 52650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-DDD<br>5.00%, 07/01/2021<sup>(c)(e)</sup> |  | 15 | 12113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-X<br>5.25%, 07/01/2040<sup>(c)(d)</sup> |  | 70 | 56700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-ZZ<br>5.25%, 07/01/2024<sup>(c)(d)</sup> |  | 25 | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-A<br>5.00%, 07/01/2029<sup>(c)(d)</sup> |  | 40 | 32400 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGM Series 2007-V<br>5.25%, 07/01/2031 |  | 245 | 248011 |

---

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| | |
|:---|:---|
| **32 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth <br>(AES Puerto Rico LP) <br>Series 2000 <br>6.625%, 06/01/2026 | 225 | $| 233132 |
|  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue<br>Series 2018-A<br>Zero Coupon, 07/01/2024 | 2 |  | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2027 | 6 |  | 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2029 | 6 |  | 4588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zero Coupon, 07/01/2046 | 419 |  | 119475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A<br>4.329%, 07/01/2040 | 100 |  | 97078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/2058 | 772 |  | 746993 |
|  |  |  | 2757107 |
|  **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** | **Tennessee – 0.7%** |
|  Bristol Industrial Development Board <br>(Bristol Industrial Development Board Sales Tax) <br>Series 2016-A <br>5.125%, 12/01/2042<sup>(a)</sup> | 280 |  | 279452 |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board <br>(Trousdale Foundation Obligated Group) <br>Series 2018-A <br>6.25%, 04/01/2049<sup>(a)(c)(d)</sup> | 100 |  | 37600 |
|  Metropolitan Government Nashville & Davidson County Industrial Development Board <br>(South Nashville Central Business Improvement District) <br>Series 2021 <br>4.00%, 06/01/2051<sup>(a)</sup> | 100 |  | 84026 |
|  Tennessee Housing Development Agency <br>Series 2017 <br>4.00%, 07/01/2048 | 140 |  | 141037 |
|  |  |  | 542115 |
|  **Texas – 3.9%** | **Texas – 3.9%** | **Texas – 3.9%** | **Texas – 3.9%** |
|  Baytown Municipal Development District <br>(Baytown Municipal Development District Hotel Occupancy Tax) <br>Series 2021 <br>4.00%, 10/01/2050 | 100 |  | 82336 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 33** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  Brazoria County Industrial Development Corp. <br>(Aleon Renewable Metals LLC) <br>Series 2022 <br>10.00%, 06/01/2042<sup>(a)</sup> | $— | 100 | $98045 |
|  Decatur Hospital Authority <br>Series 2021 <br>4.00%, 09/01/2044 |  | 250 | 209325 |
|  Harris County-Houston Sports Authority <br>AGM Series 2014-A <br>5.00%, 11/15/2025 |  | 615 | 644372 |
|  Hidalgo County Regional Mobility Authority<br>Series 2022-A<br>Zero Coupon, 12/01/2051 |  | 400 | 76651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B<br>Zero Coupon, 12/01/2055 |  | 100 | 13433 |
|  Irving Hospital Authority <br>(Baylor Medical Center at Irving) <br>Series 2017-A <br>5.00%, 10/15/2044 |  | 500 | 510853 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(BSPV - Plano LLC) <br>Series 2019 <br>7.25%, 12/01/2053<sup>(c)(d)</sup> |  | 35 | 31500 |
|  New Hope Cultural Education Facilities Finance Corp. <br>(Longhorn Village) <br>Series 2017 <br>5.00%, 01/01/2037 |  | 325 | 326610 |
|  Red River Education Finance Corp. <br>(St. Edward's University, Inc.) <br>Series 2016 <br>5.00%, 06/01/2046 |  | 90 | 92307 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Stayton at Museum Way) <br>Series 2020-A <br>5.75%, 12/01/2054 |  | 180 | 142065 |
|  Tarrant County Cultural Education Facilities Finance Corp. <br>(Trinity Terrace Project) <br>Series 2014-A1 <br>5.00%, 10/01/2044 |  | 300 | 302484 |
|  Texas Private Activity Bond Surface Transportation Corp. <br>(NTE Mobility Partners Segments 3 LLC) <br>Series 2019 <br>5.00%, 06/30/2058 |  | 230 | 232233 |

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Uptown Development Authority <br>Series 2017-A <br>5.00%, 09/01/2040 | 325 | $| 329924 |
|  |  |  | 3092138 |
|  **Utah – 0.3%** | **Utah – 0.3%** | **Utah – 0.3%** | **Utah – 0.3%** |
|  City of Salt Lake City UT Airport Revenue <br>Series 2018-A <br>5.00%, 07/01/2048 | 255 |  | 262081 |
|  **Vermont – 0.4%** | **Vermont – 0.4%** | **Vermont – 0.4%** | **Vermont – 0.4%** |
|  Vermont Economic Development Authority <br>(Casella Waste Systems, Inc.) <br>Series 2018 <br>4.625%, 04/01/2036<sup>(a)</sup> | 100 |  | 98427 |
|  Vermont Economic Development Authority <br>(Wake Robin Corp.) <br>Series 2017-A <br>5.00%, 05/01/2047 | 235 |  | 221033 |
|  |  |  | 319460 |
|  **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** | **Virginia – 1.0%** |
|  Richmond Redevelopment & Housing Authority <br>(American Tobacco Holdings LLC) <br>Series 2017 <br>5.55%, 01/01/2037<sup>(a)</sup> | 220 |  | 206133 |
|  Tobacco Settlement Financing Corp./VA <br>Series 2007-B1 <br>5.00%, 06/01/2047 | 410 |  | 410006 |
|  Virginia Small Business Financing Authority <br>(Total Fiber Recovery @ Chesapeake LLC)<br>Series 2022<br>6.50%, 06/01/2029<sup>(a)</sup> | 100 |  | 97962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 06/01/2042<sup>(a)</sup> | 100 |  | 96467 |
|  |  |  | 810568 |
|  **Washington – 1.4%** | **Washington – 1.4%** | **Washington – 1.4%** | **Washington – 1.4%** |
|  Kalispel Tribe of Indians <br>Series 2018-B <br>5.25%, 01/01/2038<sup>(a)</sup> | 155 |  | 166415 |
|  King County Public Hospital District No. 1 <br>Series 2018 <br>5.00%, 12/01/2031 | 265 |  | 291722 |
|  Washington State Housing Finance Commission <br>Series 2012-A <br>6.75%, 10/01/2047 (Pre-refunded/ETM)<sup>(a)</sup> | 340 |  | 341221 |

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 35** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **U.S. $ Value** | **U.S. $ Value** |
|  Washington State Housing Finance Commission <br>(Presbyterian Retirement Communities Northwest Obligated Group) <br>Series 2016 <br>5.00%, 01/01/2046<sup>(a)</sup> | 315 | $| 280028 |
|  |  |  | 1079386 |
|  **Wisconsin – 2.6%** | **Wisconsin – 2.6%** | **Wisconsin – 2.6%** | **Wisconsin – 2.6%** |
|  City of Milwaukee WI <br>AGM Series 2022-N <br>5.00%, 04/01/2032 | 670 |  | 771934 |
|  Wisconsin Health & Educational Facilities Authority <br>(Oakwood Lutheran Senior Ministries Obligated Group)<br>Series 2021 <br>4.00%, 01/01/2047 | 100 |  | 81980 |
|  Wisconsin Public Finance Authority <br>Series 2022 <br>6.00%, 02/01/2062<sup>(a)</sup> | 150 |  | 152871 |
|  Wisconsin Public Finance Authority <br>(Bancroft Neurohealth Obligated Group) <br>Series 2016 <br>5.125%, 06/01/2048<sup>(a)</sup> | 160 |  | 159646 |
|  Wisconsin Public Finance Authority <br>(Celanese US Holdings LLC) <br>Series 2016-A <br>5.00%, 01/01/2024 | 265 |  | 270945 |
|  Wisconsin Public Finance Authority <br>(CFC-SA LLC) <br>Series 2022 <br>5.00%, 02/01/2052 | 100 |  | 103619 |
|  Wisconsin Public Finance Authority <br>(Gannon University)<br>Series 2017<br>5.00%, 05/01/2042 | 100 |  | 101940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/2047 | 310 |  | 313801 |
|  Wisconsin Public Finance Authority <br>(Samaritan Housing Foundation Obligated Group) <br>Series 2021 <br>4.00%, 06/01/2056<sup>(a)</sup> | 100 |  | 68296 |
|  |  |  | 2025032 |
|  Total Long-Term Municipal Bonds <br>(cost $49,037,470) |  |  | 46776550 |

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| | |
|:---|:---|
| **36 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **Short-Term Municipal Notes – 1.3%** |  |  |  |
|  **Iowa – 0.4%** |  |  |  |
|  Iowa Finance Authority <br>(Iowa Health System Obligated Group) <br>Series 2018 <br>1.08%, 07/01/2041<sup>(f)</sup> | $— | 350 | $350000 |
|  **Minnesota – 0.9%** |  |  |  |
|  City of Minneapolis MN/St Paul Housing & Redevelopment Authority <br>(Allina Health Obligated Group) <br>Series 2009-B <br>1.03%, 11/15/2035<sup>(f)</sup> |  | 700 | 700000 |
|  Total Short-Term Municipal Notes <br>(cost $1,050,000) |  |  | 1050000 |
|  Total Municipal Obligations <br>(cost $50,087,470) |  |  | 47826550 |
|  | **Shares** | **Shares** |  |
|  **COMMON STOCKS – 28.6%** |  |  |  |
|  **Information Technology – 6.5%** |  |  |  |
|  **Communications Equipment – 0.1%** |  |  |  |
|  Juniper Networks, Inc. |  | 4125 | 117232 |
|  **Electronic Equipment, Instruments & Components – 0.1%** |  |  |  |
|  Arrow Electronics, Inc.<sup>(c)</sup> |  | 375 | 39304 |
|  **IT Services – 1.2%** |  |  |  |
|  Automatic Data Processing, Inc. |  | 429 | 104852 |
|  Capgemini SE |  | 425 | 73431 |
|  Fidelity National Information Services, Inc. |  | 1013 | 92558 |
|  FleetCor Technologies, Inc.<sup>(c)</sup> |  | 76 | 16152 |
|  Gartner, Inc.<sup>(c)</sup> |  | 224 | 63912 |
|  Genpact Ltd. |  | 1781 | 83671 |
|  International Business Machines Corp. |  | 1181 | 151699 |
|  Mastercard, Inc. – Class A |  | 170 | 55143 |
|  Otsuka Corp. |  | 1400 | 45253 |
|  Paychex, Inc. |  | 932 | 114953 |
|  VeriSign, Inc.<sup>(c)</sup> |  | 413 | 75257 |
|  Visa, Inc. – Class A |  | 532 | 105714 |
|  |  |  | 982595 |
|  **Semiconductors & Semiconductor Equipment – 0.9%** |  |  |  |
|  Broadcom, Inc. |  | 304 | 151729 |
|  Enphase Energy, Inc.<sup>(c)</sup> |  | 260 | 74474 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 37** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  KLA Corp. | 462 | $| 158988 |
|  Micron Technology, Inc. | 1973 |  | 111534 |
|  QUALCOMM, Inc. | 1202 |  | 158989 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 449 |  | 37424 |
|  Texas Instruments, Inc. | 174 |  | 28747 |
|  |  |  | 721885 |
|  **Software – 2.7%** |  |  |  |
|  Adobe, Inc.<sup>(c)</sup> | 157 |  | 58630 |
|  Bentley Systems, Inc. – Class B | 146 |  | 5368 |
|  Cadence Design Systems, Inc.<sup>(c)</sup> | 677 |  | 117642 |
|  Constellation Software, Inc./Canada | 64 |  | 96341 |
|  Crowdstrike Holdings, Inc. – Class A<sup>(c)</sup> | 103 |  | 18809 |
|  DocuSign, Inc.<sup>(c)</sup> | 34 |  | 1980 |
|  Dropbox, Inc. – Class A<sup>(c)</sup> | 2863 |  | 61240 |
|  Fortinet, Inc.<sup>(c)</sup> | 2441 |  | 118852 |
|  Microsoft Corp. | 2897 |  | 757479 |
|  NortonLifeLock, Inc. | 9656 |  | 218129 |
|  Oracle Corp. | 3997 |  | 296377 |
|  ServiceNow, Inc.<sup>(c)</sup> | 335 |  | 145598 |
|  Synopsys, Inc.<sup>(c)</sup> | 262 |  | 90657 |
|  Trade Desk, Inc. (The) – Class A<sup>(c)</sup> | 961 |  | 60255 |
|  VMware, Inc. – Class A | 645 |  | 74839 |
|  |  |  | 2122196 |
|  **Technology Hardware, Storage & Peripherals – 1.5%** |  |  |  |
|  Apple, Inc. | 5471 |  | 860151 |
|  HP, Inc. | 3876 |  | 111280 |
|  NetApp, Inc. | 1676 |  | 120890 |
|  Ricoh Co., Ltd. | 6500 |  | 51086 |
|  |  |  | 1143407 |
|  |  |  | 5126619 |
|  **Health Care – 4.5%** |  |  |  |
|  **Biotechnology – 0.4%** | **Biotechnology – 0.4%** | **Biotechnology – 0.4%** | **Biotechnology – 0.4%** |
|  AbbVie, Inc. | 1738 |  | 233692 |
|  Moderna, Inc.<sup>(c)</sup> | 634 |  | 83859 |
|  |  |  | 317551 |
|  **Health Care Equipment & Supplies – 0.2%** |  |  |  |
|  Demant A/S<sup>(c)</sup> | 268 |  | 8256 |
|  Hologic, Inc.<sup>(c)</sup> | 1518 |  | 102556 |
|  IDEXX Laboratories, Inc.<sup>(c)</sup> | 94 |  | 32676 |
|  |  |  | 143488 |
|  **Health Care Providers & Services – 1.4%** |  |  |  |
|  AmerisourceBergen Corp. | 937 |  | 137327 |
|  Cardinal Health, Inc. | 175 |  | 12376 |

---

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| | |
|:---|:---|
| **38 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Centene Corp.<sup>(c)</sup> | 2194 | $| 196890 |
|  CVS Health Corp. | 630 |  | 61834 |
|  Elevance Health, Inc. | 113 |  | 54817 |
|  Humana, Inc. | 307 |  | 147906 |
|  McKesson Corp. | 367 |  | 134689 |
|  Molina Healthcare, Inc.<sup>(c)</sup> | 469 |  | 158227 |
|  UnitedHealth Group, Inc. | 296 |  | 153722 |
|  |  |  | 1057788 |
|  **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** | **Life Sciences Tools & Services – 0.3%** |
|  Bio-Rad Laboratories, Inc. – Class A<sup>(c)</sup> | 123 |  | 59660 |
|  Mettler-Toledo International, Inc.<sup>(c)</sup> | 116 |  | 140645 |
|  Sartorius Stedim Biotech | 26 |  | 9510 |
|  Thermo Fisher Scientific, Inc. | 33 |  | 17995 |
|  |  |  | 227810 |
|  **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** |
|  Bayer AG | 2443 |  | 129205 |
|  Eli Lilly & Co. | 807 |  | 243093 |
|  Johnson & Johnson | 517 |  | 83413 |
|  Merck & Co., Inc. | 3514 |  | 299955 |
|  Novo Nordisk A/S – Class B | 3108 |  | 332288 |
|  Pfizer, Inc. | 4192 |  | 189604 |
|  Roche Holding AG | 1063 |  | 350127 |
|  Takeda Pharmaceutical Co., Ltd. | 4600 |  | 127144 |
|  |  |  | 1754829 |
|  |  |  | 3501466 |
|  **Financials – 4.4%** |  |  |  |
|  **Banks – 1.7%** | **Banks – 1.7%** | **Banks – 1.7%** | **Banks – 1.7%** |
|  Australia & New Zealand Banking Group Ltd. | 514 |  | 7946 |
|  Bank Leumi Le-Israel BM | 9057 |  | 95743 |
|  CaixaBank SA | 1875 |  | 5662 |
|  Commerzbank AG<sup>(c)</sup> | 8462 |  | 56305 |
|  DBS Group Holdings Ltd. | 2900 |  | 67522 |
|  JPMorgan Chase & Co. | 1951 |  | 221887 |
|  KBC Group NV | 421 |  | 20078 |
|  KeyCorp | 4622 |  | 81763 |
|  Mitsubishi UFJ Financial Group, Inc. | 10600 |  | 54950 |
|  National Bank of Canada | 1941 |  | 128415 |
|  Nordea Bank Abp | 11284 |  | 104624 |
|  Oversea-Chinese Banking Corp., Ltd. | 10500 |  | 90501 |
|  Regions Financial Corp. | 2439 |  | 52853 |
|  Resona Holdings, Inc. | 2600 |  | 9571 |
|  Royal Bank of Canada | 1153 |  | 107219 |
|  Societe Generale SA | 6120 |  | 134918 |
|  Standard Chartered PLC | 652 |  | 4516 |
|  Toronto-Dominion Bank (The) | 1006 |  | 64718 |
|  |  |  | 1309191 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 39** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Capital Markets – 0.5%** | **Capital Markets – 0.5%** | **Capital Markets – 0.5%** |
|  Ameriprise Financial, Inc. | 130 | $34841 |
|  Carlyle Group, Inc. (The) | 3080 | 100192 |
|  CME Group, Inc. | 277 | 54184 |
|  Goldman Sachs Group, Inc. (The) | 204 | 67865 |
|  Houlihan Lokey, Inc. | 751 | 58954 |
|  Morgan Stanley | 364 | 31020 |
|  Partners Group Holding AG | 25 | 24131 |
|  Singapore Exchange Ltd. | 5800 | 39359 |
|  |  | 410546 |
|  **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** | **Consumer Finance – 0.1%** |
|  Ally Financial, Inc. | 3444 | 114341 |
|  **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** |
|  M&G PLC | 52843 | 119923 |
|  **Insurance – 1.7%** |  |  |
|  Admiral Group PLC | 710 | 17465 |
|  Assicurazioni Generali SpA | 1429 | 20959 |
|  Aviva PLC | 21756 | 105544 |
|  Fidelity National Financial, Inc. | 3474 | 135833 |
|  Japan Post Holdings Co., Ltd. | 18400 | 126937 |
|  Japan Post Insurance Co., Ltd. | 8000 | 122541 |
|  Legal & General Group PLC | 17085 | 50043 |
|  Marsh & McLennan Cos., Inc. | 435 | 70196 |
|  Medibank Pvt Ltd. | 31711 | 79879 |
|  MetLife, Inc. | 2260 | 145386 |
|  NN Group NV | 3987 | 163857 |
|  Progressive Corp. (The) | 544 | 66722 |
|  Prudential Financial, Inc. | 1340 | 128305 |
|  Sampo Oyj – Class A | 1401 | 63382 |
|  Willis Towers Watson PLC | 361 | 74666 |
|  |  | 1371715 |
|  **Mortgage Real Estate Investment Trusts (REITs) – 0.2%** |  |  |
|  Annaly Capital Management, Inc. | 19242 | 124111 |
|  |  | 3449827 |
|  **Communication Services – 2.2%** |  |  |
|  **Diversified Telecommunication Services – 0.8%** |  |  |
|  BCE, Inc. | 899 | 43384 |
|  Comcast Corp. – Class A | 2079 | 75239 |
|  HKT Trust & HKT Ltd. | 59000 | 79153 |
|  Nippon Telegraph & Telephone Corp. | 2900 | 78603 |
|  Orange SA | 5794 | 58678 |

---

---

| | |
|:---|:---|
| **40 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Spark New Zealand Ltd. | 42249 | $139756 |
|  Telefonica SA | 26666 | 110051 |
|  Telenor ASA | 527 | 5767 |
|  |  | 590631 |
|  **Entertainment – 0.2%** |  |  |
|  Electronic Arts, Inc. | 1209 | 153386 |
|  Ubisoft Entertainment SA<sup>(c)</sup> | 518 | 23887 |
|  |  | 177273 |
|  **Interactive Media & Services – 0.7%** |  |  |
|  Alphabet, Inc. – Class A<sup>(c)</sup> | 1829 | 197934 |
|  Alphabet, Inc. – Class C<sup>(c)</sup> | 2310 | 252137 |
|  Auto Trader Group PLC<sup>(a)</sup> | 7116 | 53731 |
|  Kakaku.com, Inc. | 1400 | 25771 |
|  Meta Platforms, Inc. – Class A<sup>(c)</sup> | 238 | 38777 |
|  |  | 568350 |
|  **Media – 0.4%** |  |  |
|  Interpublic Group of Cos., Inc. (The) | 3706 | 102434 |
|  Omnicom Group, Inc. | 1771 | 118480 |
|  Vivendi SE | 9957 | 90255 |
|  |  | 311169 |
|  **Wireless Telecommunication Services – 0.1%** |  |  |
|  SoftBank Corp. | 9277 | 101706 |
|  |  | 1749129 |
|  **Energy – 2.1%** |  |  |
|  **Oil, Gas & Consumable Fuels – 2.1%** |  |  |
|  ConocoPhillips | 1807 | 197776 |
|  Devon Energy Corp. | 1527 | 107837 |
|  Enbridge, Inc. | 2024 | 83466 |
|  Eni SpA | 10998 | 129919 |
|  EOG Resources, Inc. | 1299 | 157569 |
|  Equinor ASA | 6284 | 243886 |
|  Inpex Corp. | 9500 | 109199 |
|  Keyera Corp. | 1130 | 27842 |
|  Marathon Petroleum Corp. | 1692 | 170469 |
|  ONEOK, Inc. | 904 | 55352 |
|  Repsol SA<sup>(c)</sup> | 6329 | 82202 |
|  Shell PLC | 6082 | 160978 |
|  Suncor Energy, Inc. | 2222 | 71887 |
|  Woodside Energy Group Ltd. | 2470 | 57374 |
|  |  | 1655756 |
|  **Industrials – 2.0%** |  |  |
|  **Aerospace & Defense – 0.3%** |  |  |
|  BAE Systems PLC | 13423 | 120889 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 41** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Dassault Aviation SA | 37 | $5081 |
|  Huntington Ingalls Industries, Inc. | 593 | 136544 |
|  |  | 262514 |
|  **Air Freight & Logistics – 0.1%** |  |  |
|  Nippon Express Holdings, Inc. | 1100 | 60525 |
|  **Airlines – 0.0%** |  |  |
|  Delta Air Lines, Inc.<sup>(c)</sup> | 448 | 13919 |
|  **Building Products – 0.1%** |  |  |
|  Assa Abloy AB – Class B | 1566 | 31718 |
|  Owens Corning | 1041 | 85081 |
|  |  | 116799 |
|  **Construction & Engineering – 0.1%** |  |  |
|  AECOM | 425 | 31089 |
|  Kajima Corp. | 2613 | 27495 |
|  |  | 58584 |
|  **Machinery – 0.4%** |  |  |
|  Caterpillar, Inc. | 39 | 7204 |
|  Cummins, Inc. | 387 | 83348 |
|  Mitsubishi Heavy Industries Ltd. | 2400 | 92521 |
|  Snap-on, Inc. | 658 | 143352 |
|  |  | 326425 |
|  **Marine – 0.3%** |  |  |
|  AP Moller – Maersk A/S – Class A | 55 | 128486 |
|  AP Moller – Maersk A/S – Class B | 3 | 7198 |
|  Kuehne & Nagel International AG | 227 | 52462 |
|  SITC International Holdings Co., Ltd. | 18000 | 45645 |
|  |  | 233791 |
|  **Professional Services – 0.5%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 1024 | 97997 |
|  RELX PLC | 3349 | 87644 |
|  Robert Half International, Inc. | 1325 | 101985 |
|  Wolters Kluwer NV | 965 | 94370 |
|  |  | 381996 |
|  **Road & Rail – 0.2%** |  |  |
|  Aurizon Holdings Ltd. | 5114 | 12934 |
|  Canadian National Railway Co. | 534 | 63506 |
|  Knight-Swift Transportation Holdings, Inc. | 1201 | 60663 |
|  |  | 137103 |
|  |  | 1591656 |
|  **Consumer Discretionary – 1.7%** |  |  |
|  **Auto Components – 0.0%** |  |  |
|  Aisin Corp. | 300 | 8920 |

---

---

| | |
|:---|:---|
| **42 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Automobiles – 0.5%** |  |  |
|  Tesla, Inc.<sup>(c)</sup> | 1254 | $345615 |
|  **Distributors – 0.0%** |  |  |
|  LKQ Corp. | 246 | 13092 |
|  **Hotels, Restaurants & Leisure – 0.2%** |  |  |
|  Booking Holdings, Inc.<sup>(c)</sup> | 64 | 120052 |
|  Darden Restaurants, Inc. | 69 | 8536 |
|  Marriott International, Inc./MD – Class A | 134 | 20601 |
|  |  | 149189 |
|  **Household Durables – 0.1%** |  |  |
|  Persimmon PLC | 3907 | 66853 |
|  **Internet & Direct Marketing Retail – 0.4%** |  |  |
|  Amazon.com, Inc.<sup>(c)</sup> | 2076 | 263174 |
|  ZOZO, Inc. | 1500 | 33155 |
|  |  | 296329 |
|  **Leisure Products – 0.1%** |  |  |
|  Bandai Namco Holdings, Inc. | 700 | 52526 |
|  **Specialty Retail – 0.4%** |  |  |
|  AutoZone, Inc.<sup>(c)</sup> | 117 | 247948 |
|  O'Reilly Automotive, Inc.<sup>(c)</sup> | 53 | 36947 |
|  Ulta Beauty, Inc.<sup>(c)</sup> | 133 | 55843 |
|  |  | 340738 |
|  **Textiles, Apparel & Luxury Goods – 0.0%** |  |  |
|  Pandora A/S | 261 | 15680 |
|  |  | 1288942 |
|  **Consumer Staples – 1.5%** |  |  |
|  **Beverages – 0.2%** |  |  |
|  Coca-Cola Co. (The) | 1647 | 101636 |
|  Heineken Holding NV | 247 | 17522 |
|  Keurig Dr Pepper, Inc. | 882 | 33622 |
|  Kirin Holdings Co., Ltd. | 1100 | 18108 |
|  |  | 170888 |
|  **Food & Staples Retailing – 0.5%** |  |  |
|  George Weston Ltd. | 58 | 6631 |
|  Jeronimo Martins SGPS SA | 2201 | 48800 |
|  Koninklijke Ahold Delhaize NV | 4098 | 112723 |
|  Kroger Co. (The) | 2740 | 131355 |
|  Walmart, Inc.<sup>(c)</sup> | 423 | 56069 |
|  |  | 355578 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 43** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Food Products – 0.4%** |  |  |
|  Archer-Daniels-Midland Co. | 1817 | $159696 |
|  Bunge Ltd. | 1414 | 140226 |
|  Salmar ASA | 672 | 44438 |
|  |  | 344360 |
|  **Household Products – 0.2%** |  |  |
|  Colgate-Palmolive Co. | 957 | 74847 |
|  Procter & Gamble Co., (The) | 498 | 68694 |
|  |  | 143541 |
|  **Tobacco – 0.2%** |  |  |
|  Imperial Brands PLC | 5909 | 129950 |
|  Philip Morris International, Inc. | 357 | 34090 |
|  |  | 164040 |
|  |  | 1178407 |
|  **Real Estate – 1.4%** |  |  |
|  **Equity Real Estate Investment Trusts (REITs) – 1.3%** |  |  |
|  Extra Space Storage, Inc. | 704 | 139906 |
|  Iron Mountain, Inc. | 2625 | 138101 |
|  Land Securities Group PLC | 6836 | 51560 |
|  Link REIT | 2900 | 22443 |
|  Medical Properties Trust, Inc. | 8300 | 121263 |
|  Nippon Building Fund, Inc. | 4 | 19924 |
|  Public Storage | 331 | 109504 |
|  Simon Property Group, Inc. | 1132 | 115441 |
|  Stockland | 49251 | 121151 |
|  Vornado Realty Trust | 872 | 22864 |
|  Weyerhaeuser Co. | 4086 | 139578 |
|  |  | 1001735 |
|  **Real Estate Management & Development – 0.1%** |  |  |
|  Nomura Real Estate Holdings, Inc. | 5200 | 127753 |
|  |  | 1129488 |
|  **Utilities – 1.2%** |  |  |
|  **Electric Utilities – 0.4%** |  |  |
|  American Electric Power Co., Inc. | 565 | 56613 |
|  Endesa SA | 3490 | 59860 |
|  Enel SpA | 4450 | 20911 |
|  NRG Energy, Inc. | 3399 | 140311 |
|  Terna – Rete Elettrica Nazionale | 1547 | 10998 |
|  |  | 288693 |
|  **Gas Utilities – 0.4%** |  |  |
|  AltaGas Ltd. | 6131 | 132204 |
|  APA Group | 1473 | 11107 |

---

---

| | |
|:---|:---|
| **44 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Naturgy Energy Group SA | 1532 | $42244 |
|  Snam SpA | 3016 | 14335 |
|  UGI Corp. | 3262 | 128849 |
|  |  | 328739 |
|  **Independent Power and Renewable Electricity Producers – 0.1%** |  |  |
|  RWE AG | 485 | 18516 |
|  Uniper SE | 664 | 3593 |
|  Vistra Corp. | 2737 | 67741 |
|  |  | 89850 |
|  **Multi-Utilities – 0.3%** |  |  |
|  Ameren Corp. | 408 | 37789 |
|  E.ON SE | 6548 | 55852 |
|  Sempra Energy | 933 | 153917 |
|  |  | 247558 |
|  |  | 954840 |
|  **Materials – 1.1%** |  |  |
|  **Chemicals – 0.3%** |  |  |
|  Mitsubishi Chemical Holdings Corp. | 6787 | 35632 |
|  OCI NV | 1144 | 42949 |
|  Sumitomo Chemical Co., Ltd. | 32600 | 128324 |
|  Westlake Corp. | 94 | 9271 |
|  |  | 216176 |
|  **Containers & Packaging – 0.1%** |  |  |
|  Packaging Corp. of America | 668 | 91463 |
|  **Metals & Mining – 0.7%** |  |  |
|  Anglo American PLC | 3365 | 108132 |
|  BHP Group Ltd. | 2175 | 59334 |
|  Fortescue Metals Group Ltd. | 9896 | 122983 |
|  Glencore PLC<sup>(c)</sup> | 4750 | 25971 |
|  Rio Tinto Ltd. | 1468 | 93238 |
|  Teck Resources Ltd. – Class B | 3872 | 131135 |
|  |  | 540793 |
|  |  | 848432 |
|  Total Common Stocks <br>(cost $23,444,339) |  | 22474562 |
|  **PREFERRED STOCKS – 5.9%** |  |  |
|  **Real Estate – 5.9%** |  |  |
|  **Diversified REITs – 0.9%** |  |  |
|  Armada Hoffler Properties, Inc. <br>Series A<br>6.75% | 7400 | 192400 |
|  Gladstone Commercial Corp. <br>Series E<br>6.625% | 6051 | 152425 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 45** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Global Net Lease, Inc. <br>Series A <br>7.25% | 4357 | $105178 |
|  Global Net Lease, Inc. <br>Series B <br>6.875% | 3646 | 88817 |
|  PS Business Parks, Inc. <br>Series X <br>5.25% | 445 | 8415 |
|  PS Business Parks, Inc. <br>Series Y <br>5.20% | 3627 | 68804 |
|  Vornado Realty Trust <br>Series L <br>5.40% | 4225 | 91767 |
|  |  | 707806 |
|  **Health Care REITs – 0.1%** |  |  |
|  Global Medical REIT, Inc. <br>Series A <br>7.50% | 3302 | 83210 |
|  Healthcare Trust, Inc. <br>Series B <br>7.125% | 353 | 8483 |
|  |  | 91693 |
|  **Hotel & Resort REITs – 1.2%** |  |  |
|  Chatham Lodging Trust <br>Series A <br>6.625% | 3885 | 86480 |
|  DiamondRock Hospitality Co. <br>8.25% | 6828 | 179508 |
|  Hersha Hospitality Trust <br>Series C <br>6.875% | 782 | 17830 |
|  Hersha Hospitality Trust <br>Series D <br>6.50% | 3923 | 85168 |
|  Hersha Hospitality Trust <br>Series E <br>6.50% | 2727 | 60403 |
|  Pebblebrook Hotel Trust <br>Series E <br>6.375% | 1194 | 26650 |
|  Pebblebrook Hotel Trust <br>Series F <br>6.30% | 6397 | 143357 |

---

---

| | |
|:---|:---|
| **46 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  Pebblebrook Hotel Trust <br>Series H <br>5.70% | 8025 | $157049 |
|  Summit Hotel Properties, Inc. <br>Series E <br>6.25% | 8671 | 168651 |
|  Summit Hotel Properties, Inc. <br>Series F <br>5.875% | 1400 | 27048 |
|  |  | 952144 |
|  **Industrial REITs – 0.2%** |  |  |
|  Plymouth Industrial REIT, Inc. <br>Series A <br>7.50% | 2966 | 76345 |
|  Rexford Industrial Realty, Inc. <br>Series C <br>5.625% | 3633 | 91188 |
|  |  | 167533 |
|  **Office REITs – 0.4%** |  |  |
|  City Office REIT, Inc. <br>Series A <br>6.625% | 4636 | 101204 |
|  Hudson Pacific Properties, Inc. <br>Series C <br>4.75% | 3780 | 72236 |
|  Vornado Realty Trust <br>Series M <br>5.25% | 3061 | 63699 |
|  Vornado Realty Trust <br>Series N <br>5.25% | 1851 | 38612 |
|  |  | 275751 |
|  **Real Estate Development – 0.6%** |  |  |
|  Agree Realty Corp. <br>Series A <br>4.25% | 11459 | 215085 |
|  Necessity Retail REIT, Inc. (The) <br>Series C <br>7.375% | 8150 | 195111 |
|  Sunstone Hotel Investors, Inc. <br>Series H <br>6.125% | 3575 | 81260 |
|  Vornado Realty Trust <br>Series O <br>4.45% | 1000 | 17600 |
|  |  | 509056 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 47** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **Real Estate Operating Companies – 0.1%** |  |  |
|  Brookfield Property Partners LP <br>Series A2 <br>6.375% | 3477 | $68740 |
|  **Real Estate Services – 0.2%** |  |  |
|  CTO Realty Growth, Inc. <br>Series A <br>6.375% | 2403 | 57432 |
|  Sunstone Hotel Investors, Inc. <br>Series I <br>5.70% | 4218 | 89379 |
|  |  | 146811 |
|  **Residential REITs – 0.5%** |  |  |
|  American Homes 4 Rent <br>Series G <br>5.875% | 1615 | 39761 |
|  American Homes 4 Rent <br>Series H <br>6.25% | 9652 | 244196 |
|  Bluerock Residential Growth REIT, Inc. <br>Series D <br>7.125% | 2680 | 67617 |
|  UMH Properties, Inc. <br>Series D <br>6.375% | 3000 | 74550 |
|  |  | 426124 |
|  **Retail REITs – 0.6%** |  |  |
|  Cedar Realty Trust, Inc. <br>Series C <br>6.50% | 5761 | 61355 |
|  Kimco Realty Corp. <br>Series M <br>5.25% | 629 | 15140 |
|  Necessity Retail REIT, Inc. (The) <br>Series A <br>7.50% | 1350 | 32238 |
|  Saul Centers, Inc. <br>Series D <br>6.125% | 6875 | 158537 |
|  Urstadt Biddle Properties, Inc. <br>Series H <br>6.25% | 6790 | 162620 |
|  Urstadt Biddle Properties, Inc. <br>Series K <br>5.875% | 1424 | 32724 |
|  |  | 462614 |

---

---

| | |
|:---|:---|
| **48 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** |  | **<br>Shares** | **U.S. $ Value** |
|  **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** | **Specialized REITs – 1.1%** |
|  Digital Realty Trust, Inc. <br>Series K <br>5.85% |  | 3332 | $83600 |
|  Digital Realty Trust, Inc. <br>Series L <br>5.20% |  | 10725 | 251716 |
|  EPR Properties <br>Series G <br>5.75% |  | 1114 | 24575 |
|  National Storage Affiliates Trust <br>Series A <br>6.00% |  | 8233 | 203931 |
|  Public Storage <br>Series F <br>5.15% |  | 67 | 1627 |
|  Public Storage <br>Series H <br>5.60% |  | 6548 | 165926 |
|  Public Storage <br>Series I <br>4.875% |  | 1717 | 39611 |
|  Public Storage <br>Series J <br>4.70% |  | 1187 | 26340 |
|  Public Storage <br>Series K <br>4.75% |  | 261 | 5672 |
|  Public Storage <br>Series L <br>4.625% |  | 62 | 1369 |
|  Public Storage <br>Series S <br>4.10% |  | 1280 | 24294 |
|  |  |  | 828661 |
|  Total Preferred Stocks <br>(cost $5,064,934) |  |  | 4636933 |
|  |  | **Notional<br>Amount** |  |
|  **OPTIONS PURCHASED - PUTS – 1.7%** | **OPTIONS PURCHASED - PUTS – 1.7%** | **OPTIONS PURCHASED - PUTS – 1.7%** | **OPTIONS PURCHASED - PUTS – 1.7%** |
|  **Options on Equity Indices – 1.7%** | **Options on Equity Indices – 1.7%** | **Options on Equity Indices – 1.7%** | **Options on Equity Indices – 1.7%** |
|  Euro STOXX 50 Index <br>Expiration: Feb 2023; Contracts: 1,580;<br>Exercise Price: EUR 2,950.00;<br>Counterparty: Citibank, NA<sup>(c)</sup> | EUR | 4661000 | 132544 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 49** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Notional<br>Amount** | **<br>Notional<br>Amount** | **U.S. $ Value** |
|  FTSE 100 Index <br>Expiration: Feb 2023; Contracts: 340;<br>Exercise Price: GBP 6,400.00; <br>Counterparty: Citibank, NA<sup>(c)</sup> |  | 2176000 | $51172 |
|  Nikkei 225 Index <br>Expiration: Feb 2023; Contracts: 20,000;<br>Exercise Price: JPY 24,250.00; <br>Counterparty: UBS AG<sup>(c)</sup> |  | 485000000 | 75087 |
|  S&P 500 Index <br>Expiration: Feb 2023; Contracts: 11,300;<br>Exercise Price: USD 3,450.00; <br>Counterparty: UBS AG<sup>(c)</sup> |  | 38985000 | 1101213 |
|  Total Options Purchased – Puts <br>(premiums paid $1,065,697) |  |  | 1360016 |
|  | **Shares** | **Shares** |  |
|  **INVESTMENT COMPANIES – 1.5%** | **INVESTMENT COMPANIES – 1.5%** | **INVESTMENT COMPANIES – 1.5%** | **INVESTMENT COMPANIES – 1.5%** |
|  **Funds and Investment Trusts – 1.5%<sup>(g)</sup>** | **Funds and Investment Trusts – 1.5%<sup>(g)</sup>** | **Funds and Investment Trusts – 1.5%<sup>(g)</sup>** | **Funds and Investment Trusts – 1.5%<sup>(g)</sup>** |
|  Vanguard Global ex-U.S. Real Estate ETF |  | 13474 | 584098 |
|  Vanguard Real Estate ETF |  | 6080 | 565500 |
|  Total Investment Companies <br>(cost $1,273,985) |  |  | 1149598 |
|  | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** |  |
|  **CORPORATES - NON-INVESTMENT GRADE – 0.1%** | **CORPORATES - NON-INVESTMENT GRADE – 0.1%** | **CORPORATES - NON-INVESTMENT GRADE – 0.1%** | **CORPORATES - NON-INVESTMENT GRADE – 0.1%** |
|  **Industrial – 0.1%** | **Industrial – 0.1%** | **Industrial – 0.1%** | **Industrial – 0.1%** |
|  **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** | **Transportation - Airlines – 0.1%** |
|  American Airlines, Inc./AAdvantage<br>Loyalty IP Ltd. <br>5.75%, 04/20/2029<sup>(a)</sup> <br>(cost $100,000) | $— | 100 | 90331 |
|  | **Shares** | **Shares** |  |
|  **SHORT-TERM INVESTMENTS – 0.8%** |  |  |  |
|  **Investment Companies – 0.8%** |  |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.03%<sup>(g)(h)(i)</sup> <br>(cost $660,667) |  | 660667 | 660667 |
|  **Total Investments – 99.5%** <br>(cost $81,697,092) |  |  | 78198657 |
|  Other assets less liabilities – 0.5% |  |  | 392702 |
|  **Net Assets – 100.0%** |  |  | $**78591359** |

---

---

| | |
|:---|:---|
| **50 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**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** |
|  10 Yr Australian Bond Futures | 3 | September 2022 | $246246 | $1458 |
|  10 Yr Mini Japan Government Bond Futures | 7 | September 2022 | 753385 | 639 |
|  Euro STOXX 50 Index Futures | 53 | September 2022 | 1874835 | (24414) |
|  Euro-Bund Futures | 4 | September 2022 | 594810 | (1974) |
|  FTSE 100 Index Futures | 9 | September 2022 | 761930 | (8423) |
|  FTSE China A50 Futures | 6 | September 2022 | 81132 | (460) |
|  FTSE KLCI Futures | 16 | September 2022 | 266071 | 1418 |
|  FTSE/JSE Top 40 Futures | 8 | September 2022 | 283771 | (14682) |
|  Hang Seng Index Futures | 4 | September 2022 | 505154 | 5246 |
|  Long Gilt Futures | 1 | December 2022 | 125382 | (1662) |
|  MSCI Emerging Markets Futures | 14 | September 2022 | 687330 | (25311) |
|  OMXS 30 Index Futures | 2 | September 2022 | 36004 | (1344) |
|  S&P 500 E-Mini Futures | 53 | September 2022 | 10484725 | (483935) |
|  S&P TSX 60 Index Futures | 1 | September 2022 | 177409 | 4582 |
|  SET 50 Futures | 108 | September 2022 | 586110 | 25330 |
|  TOPIX Index Futures | 10 | September 2022 | 1412273 | 8412 |
|  U.S. T-Note 10 Yr (CBT) Futures | 38 | December 2022 | 4442438 | (25957) |
|  **Sold Contracts** |  |  |  |  |
|  10 Yr Canadian Bond Futures | 2 | December 2022 | 189729 | 256 |
|  FTSE 100 Index Futures | 4 | September 2022 | 338636 | 9560 |
|  FTSE Taiwan Index Futures | 11 | September 2022 | 575080 | (257) |
|  Long Gilt Futures | 2 | December 2022 | 250765 | 4900 |
|  Mexican BOLSA Index Futures | 3 | September 2022 | 66836 | 5612 |
|  MSCI Singapore IX ETS Futures | 26 | September 2022 | 537136 | 12626 |
|  S&P 500 E-Mini Futures | 1 | September 2022 | 197825 | 8573 |
|  SGX Nifty 50 Futures | 11 | September 2022 | 385220 | 1722 |
|  SPI 200 Futures | 3 | September 2022 | 354510 | 456 |
|  U.S. T-Note 10 Yr (CBT) Futures | 5 | December 2022 | 584531 | 3556 |
|  WIG 20 Index Futures | 46 | September 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299489 | 37916 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456157) |

---

**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 | 416 | USD | 108 | 09/15/2022 | $(562) |
|  Barclays Bank PLC | CLP | &nbsp;&nbsp;&nbsp;&nbsp;352883 | USD | 368 | 09/15/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24733) |
|  Barclays Bank PLC | PEN | 826 | USD | 214 | 09/15/2022 | (418) |
|  Barclays Bank PLC | USD | 309 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | 09/15/2022 | 3125 |
|  Barclays Bank PLC | SEK | 2489 | USD | 243 | 09/21/2022 | 9487 |
|  Barclays Bank PLC | USD | 169 | CAD | 217 | 09/21/2022 | (3949) |
|  Barclays Bank PLC | INR | 87 | USD | 1 | 09/28/2022 | 1 |
|  Barclays Bank PLC | CNH | 3123 | USD | 464 | 10/20/2022 | 11939 |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 51** |

---

------

**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)** |
|  Barclays Bank PLC | TWD | 18892 | USD | 636 | 10/21/2022 | $12852 |
|  Barclays Bank PLC | IDR | &nbsp;&nbsp;&nbsp;&nbsp;6682076 | USD | 447 | 10/27/2022 | (2273) |
|  Barclays Bank PLC | IDR | 4426521 | USD | 301 | 10/27/2022 | 3139 |
|  Barclays Bank PLC | PHP | 12685 | USD | 227 | 10/27/2022 | 1969 |
|  Barclays Bank PLC | USD | 367 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;5574175 | 10/27/2022 | 7368 |
|  Barclays Bank PLC | USD | 107 | IDR | 1595716 | 10/27/2022 | (110) |
|  Barclays Bank PLC | USD | 374 | KRW | 487735 | 10/27/2022 | (10064) |
|  Barclays Bank PLC | MYR | 1838 | USD | 413 | 12/15/2022 | 2677 |
|  Barclays Bank PLC | MYR | 1659 | USD | 370 | 12/15/2022 | (357) |
|  Barclays Bank PLC | USD | 670 | MYR | 2959 | 12/15/2022 | (9227) |
|  BNP Paribas SA | USD | 1 | COP | 4696 | 09/15/2022 | 28 |
|  Citibank, NA | KRW | 649831 | USD | 495 | 10/27/2022 | 10962 |
|  Citibank, NA | USD | 222 | PHP | 12621 | 10/27/2022 | 1902 |
|  Credit Suisse International | PEN | 695 | USD | 180 | 09/15/2022 | 65 |
|  Credit Suisse International | USD | 82 | CLP | 72387 | 09/15/2022 | (1351) |
|  Credit Suisse International | USD | 293 | INR | 23369 | 09/28/2022 | 400 |
|  Credit Suisse International | TWD | 2990 | USD | 98 | 10/21/2022 | (255) |
|  Credit Suisse International | USD | 152 | KRW | 198436 | 10/27/2022 | (3665) |
|  Deutsche Bank AG | BRL | 2604 | USD | 503 | 09/02/2022 | 2262 |
|  Deutsche Bank AG | USD | 481 | BRL | 2604 | 09/02/2022 | 19190 |
|  Deutsche Bank AG | USD | 89 | COP | 385246 | 09/15/2022 | (1712) |
|  Deutsche Bank AG | USD | 230 | INR | 18296 | 09/28/2022 | (3) |
|  Deutsche Bank AG | USD | 1 | INR | 87 | 09/28/2022 | – 0 |
|  Deutsche Bank AG | CNH | 2260 | USD | 334 | 10/20/2022 | 6309 |
|  Deutsche Bank AG | USD | 387 | CNH | 2603 | 10/20/2022 | (10137) |
|  Deutsche Bank AG | USD | 120 | IDR | 1818625 | 10/27/2022 | 2459 |
|  Deutsche Bank AG | THB | 18421 | USD | 522 | 11/10/2022 | 14536 |
|  Goldman Sachs Bank USA | BRL | 648 | USD | 122 | 09/02/2022 | (2195) |
|  Goldman Sachs Bank USA | USD | 125 | BRL | 648 | 09/02/2022 | (563) |
|  Goldman Sachs Bank USA | USD | 142 | COP | 602165 | 09/15/2022 | (6231) |
|  Goldman Sachs Bank USA | USD | 113 | PEN | 446 | 09/15/2022 | 2549 |
|  Goldman Sachs Bank USA | CHF | 516 | USD | 546 | 09/21/2022 | 17688 |
|  Goldman Sachs Bank USA | USD | 43 | INR | 3447 | 09/28/2022 | (39) |
|  Goldman Sachs Bank USA | CNH | 2254 | USD | 334 | 10/20/2022 | 7412 |
|  Goldman Sachs Bank USA | USD | 26 | TWD | 765 | 10/21/2022 | (502) |
|  HSBC Bank USA | USD | 294 | TWD | 8763 | 10/21/2022 | (5337) |
|  HSBC Bank USA | KRW | 173690 | USD | 134 | 10/27/2022 | 4136 |
|  JPMorgan Chase Bank, NA | USD | 192 | CLP | 196217 | 09/15/2022 | 26866 |
|  JPMorgan Chase Bank, NA | USD | 123 | CLP | 109730 | 09/15/2022 | (1329) |
|  JPMorgan Chase Bank, NA | USD | 106 | COP | 495438 | 09/15/2022 | 5686 |
|  JPMorgan Chase Bank, NA | SEK | 3858 | USD | 379 | 09/21/2022 | 16416 |
|  JPMorgan Chase Bank, NA | USD | 413 | CAD | 529 | 09/21/2022 | (10156) |
|  JPMorgan Chase Bank, NA | USD | 43 | INR | 3447 | 09/28/2022 | (38) |
|  JPMorgan Chase Bank, NA | USD | 85 | CNH | 573 | 10/20/2022 | (1933) |
|  JPMorgan Chase Bank, NA | USD | 313 | TWD | 9329 | 10/21/2022 | (5084) |
|  JPMorgan Chase Bank, NA | IDR | 783649 | USD | 53 | 10/27/2022 | 310 |
|  JPMorgan Chase Bank, NA | KRW | &nbsp;&nbsp;&nbsp;&nbsp;205960 | USD | 157 | 10/27/2022 | 3798 |
|  JPMorgan Chase Bank, NA | USD | 296 | IDR | &nbsp;&nbsp;&nbsp;&nbsp;4483932 | 10/27/2022 | 5323 |
|  Morgan Stanley Capital Services, Inc. | BRL | 1956 | USD | 389 | 09/02/2022 | 13120 |
|  Morgan Stanley Capital Services, Inc. | USD | 378 | BRL | 1956 | 09/02/2022 | (1699) |
|  Morgan Stanley Capital Services, Inc. | USD | 386 | BRL | 1956 | 10/04/2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12972 |

---

---

| | |
|:---|:---|
| **52 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**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)** |
|  Morgan Stanley Capital Services, Inc. | USD | 121 | MYR | 539 | 12/15/2022 | $(1021) |
|  State Street Bank & Trust Co. | CZK | 12356 | USD | 504 | 09/09/2022 | (1819) |
|  State Street Bank & Trust Co. | CZK | 2600 | USD | 107 | 09/09/2022 | 392 |
|  State Street Bank & Trust Co. | HUF | 62260 | USD | 162 | 09/09/2022 | 6134 |
|  State Street Bank & Trust Co. | PLN | 1391 | USD | 289 | 09/09/2022 | (6448) |
|  State Street Bank & Trust Co. | USD | 420 | HUF | 170605 | 09/09/2022 | 7305 |
|  State Street Bank & Trust Co. | USD | 240 | HUF | 93561 | 09/09/2022 | (5592) |
|  State Street Bank & Trust Co. | USD | 394 | PLN | 1869 | 09/09/2022 | 3317 |
|  State Street Bank & Trust Co. | USD | 178 | PLN | 826 | 09/09/2022 | (2615) |
|  State Street Bank & Trust Co. | AUD | 269 | USD | 188 | 09/21/2022 | 4407 |
|  State Street Bank & Trust Co. | CAD | 1003 | USD | 774 | 09/21/2022 | 9601 |
|  State Street Bank & Trust Co. | CHF | 51 | USD | 54 | 09/21/2022 | 1981 |
|  State Street Bank & Trust Co. | EUR | 320 | USD | 330 | 09/21/2022 | 8279 |
|  State Street Bank & Trust Co. | EUR | 262 | USD | 263 | 09/21/2022 | (1236) |
|  State Street Bank & Trust Co. | GBP | 431 | USD | 513 | 09/21/2022 | 12263 |
|  State Street Bank & Trust Co. | NOK | 4563 | USD | 477 | 09/21/2022 | 17189 |
|  State Street Bank & Trust Co. | NZD | 276 | USD | 172 | 09/21/2022 | 3440 |
|  State Street Bank & Trust Co. | SEK | 1019 | USD | 99 | 09/21/2022 | 2971 |
|  State Street Bank & Trust Co. | USD | 116 | AUD | 168 | 09/21/2022 | (523) |
|  State Street Bank & Trust Co. | USD | 309 | CAD | 401 | 09/21/2022 | (3224) |
|  State Street Bank & Trust Co. | USD | 327 | EUR | 321 | 09/21/2022 | (4156) |
|  State Street Bank & Trust Co. | USD | 452 | GBP | 383 | 09/21/2022 | (6687) |
|  State Street Bank & Trust Co. | USD | 501 | JPY | 66627 | 09/21/2022 | (20608) |
|  State Street Bank & Trust Co. | USD | 180 | NOK | 1746 | 09/21/2022 | (4668) |
|  State Street Bank & Trust Co. | USD | 506 | NZD | 801 | 09/21/2022 | (15840) |
|  State Street Bank & Trust Co. | USD | 365 | SEK | 3776 | 09/21/2022 | (10703) |
|  State Street Bank & Trust Co. | USD | 138 | NOK | 1379 | 09/22/2022 | 933 |
|  State Street Bank & Trust Co. | MXN | 3622 | USD | 175 | 09/29/2022 | (3908) |
|  State Street Bank & Trust Co. | MXN | &nbsp;&nbsp;&nbsp;&nbsp;3862 | USD | 192 | 09/29/2022 | 1348 |
|  State Street Bank & Trust Co. | USD | 177 | MXN | 3646 | 09/29/2022 | 3392 |
|  State Street Bank & Trust Co. | USD | 442 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;8853 | 09/29/2022 | (4564) |
|  State Street Bank & Trust Co. | ZAR | 5735 | USD | 343 | 10/13/2022 | 9186 |
|  State Street Bank & Trust Co. | NZD | 210 | USD | 130 | 11/18/2022 | 1338 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96944 |

---

**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> **August 31,**<br> **2022** | **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)** |
|  **Buy Contracts** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-NAHY Series 38, 5 Year Index, 06/20/2027\* | (5.00)% | Quarterly | 5.32% | USD | &nbsp;&nbsp;&nbsp;&nbsp;2406 | $5426 | $11318 | $(5892) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iTraxx Xover Series 37, 5 Year Index, 06/20/2027\* | (5.00) | Quarterly | 5.91 | EUR | 630 | 14887 | 15805 | (918) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;20313 | $&nbsp;&nbsp;&nbsp;&nbsp;27123 | $&nbsp;&nbsp;&nbsp;&nbsp;(6810) |

---

\* Termination date

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 53** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

**CENTRALLY CLEARED INFLATION (CPI) 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)** |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 01/15/2025 | 2.565% | CPI# | Maturity | $29554 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $29554 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | 01/15/2025 | 2.585% | CPI# | Maturity | 14662 | – 0 | 14662 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | 01/15/2025 | 2.613% | CPI# | Maturity | 14503 | – 0 | 14503 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 01/15/2026 | CPI# | 3.766% | Maturity | (4511) | – 0 | (4511) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | 01/15/2026 | CPI# | 3.765% | Maturity | (1355) | – 0 | (1355) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | 01/15/2027 | CPI# | 3.320% | Maturity | &nbsp;&nbsp;&nbsp;&nbsp;(43693) | – 0 | &nbsp;&nbsp;&nbsp;&nbsp;(43693) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | 01/15/2027 | CPI# | 3.466% | Maturity | (33103) | (738) | (32365) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | 01/15/2027 | CPI# | 3.323% | Maturity | (23027) | – 0 | (23027) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1170 | 01/15/2028 | 0.735% | CPI# | Maturity | 274697 | – 0 | 274697 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;1080 | 01/15/2028 | 1.230% | CPI# | Maturity | 214681 | – 0 | 214681 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | 01/15/2028 | 1.230% | CPI# | Maturity | 61621 | – 0 | 61621 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | 01/15/2029 | CPI# | 3.390% | Maturity | (34564) | – 0 | (34564) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | 01/15/2029 | CPI# | 3.735% | Maturity | (9215) | – 0 | (9215) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | 01/15/2029 | CPI# | 3.331% | Maturity | (32362) | – 0 | (32362) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | 01/15/2030 | 1.585% | CPI# | Maturity | 119463 | – 0 | 119463 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | 01/15/2030 | 1.572% | CPI# | Maturity | 14312 | – 0 | 14312 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | 01/15/2030 | 1.587% | CPI# | Maturity | 14208 | – 0 | 14208 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 01/15/2031 | 2.782% | CPI# | Maturity | 21491 | – 0 | 21491 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | 01/15/2031 | 2.989% | CPI# | Maturity | 14975 | – 0 | 14975 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 01/15/2031 | 2.680% | CPI# | Maturity | 21148 | – 0 | 21148 |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | 01/15/2032 | CPI# | 3.064% | Maturity | (18912) | – 0 | (18912) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 04/15/2032 | CPI# | 2.909% | Maturity | (5288) | – 0 | (5288) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;609285 | $&nbsp;&nbsp;&nbsp;&nbsp;(738 | $&nbsp;&nbsp;&nbsp;&nbsp;610023 |

---

# Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI).

**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)** |
| USD | 820 | 09/10/2024 | 3 Month<br>LIBOR | 1.341% | Quarterly/<br> Semi-Annual | $&nbsp;&nbsp;&nbsp;&nbsp;(37220) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;(37220) |
| USD | 3800 | 01/15/2027 | 1 Day<br>SOFR | 2.982% | Annual | (17175) | – 0 | (17175) |
| USD | 145 | 10/09/2029 | 3 Month<br>LIBOR | 1.476% | Quarterly/<br>Semi-Annual | (15991) | – 0 | (15991) |
| USD | 145 | 10/09/2029 | 3 Month<br>LIBOR | 1.479% | Quarterly/<br>Semi-Annual | (15961) | – 0 | (15961) |
| USD | 1100 | 01/15/2030 | 1 Day<br>SOFR | 1.982% | Annual | (67542) | – 0 | (67542) |
| CHF | 90 | 09/17/2031 | 1 Day<br>SARON | (0.181)% | Annual | (13246) | (694) | (12552) |
| CHF | 60 | 11/19/2031 | 1 Day<br>SARON | 0.100% | Annual | (7969) | – 0 | (7969) |

---

---

| | |
|:---|:---|
| **54 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**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 | 300 | 12/08/2031 | 3 Month<br>BKBM | 2.513% | Quarterly/<br>Semi-Annual | $(22637) | $– 0 | $(22637) |
| USD | 300 | 04/15/2032 | 1.284% | 1 Day<br>SOFR | Annual | 41450 | – 0 | 41450 |
| NOK | 1480 | 05/25/2032 | 6 Month<br>NIBOR | 2.913% | Semi-Annual/<br> Annual | (6935) | – 0 | (6935) |
| NOK | 770 | 06/15/2032 | 6 Month<br>NIBOR | 3.335% | Semi-Annual/<br> Annual | (949) | – 0 | (949) |
| NZD | 310 | 07/11/2032 | 3 Month<br>BKBM | 3.815% | Quarterly/<br>Semi-Annual | (4369) | – 0 | (4369) |
| CHF | 190 | 07/11/2032 | 1 Day<br>SARON | 1.580% | Annual | (1665) | – 0 | (1665) |
| NOK | 950 | 07/21/2032 | 6 Month<br>NIBOR | 3.140% | Semi-Annual/<br> Annual | (3189) | – 0 | (3189) |
| SEK | 40 | 08/22/2032 | 2.370% | 3 Month<br>STIBOR | Annual/<br>Quarterly | 145 | – 0 | 145 |
| USD | 400 | 02/15/2041 | 1 Day<br>SOFR | 1.770% | Annual | (63456) | – 0 | (63456) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(236709) | $&nbsp;&nbsp;&nbsp;&nbsp;(694 | $&nbsp;&nbsp;&nbsp;&nbsp;(236015) |

---

**CREDIT DEFAULT SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2022** | **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** |  |  |  |  |  |  |  |  |
|  Citigroup Global Markets, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 6 | $(1273) | $(549) | $(724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 51 | &nbsp;&nbsp;&nbsp;&nbsp;(11137) | &nbsp;&nbsp;&nbsp;&nbsp;(6197) | &nbsp;&nbsp;&nbsp;&nbsp;(4940) |
|  Credit Suisse International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 2 | (478) | (208) | (270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 3 | (636) | (343) | (293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 40 | (8592) | (3744) | (4848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 59 | (12888) | (5472) | (7416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 101 | (21956) | (11770) | (10186) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 55** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Swap Counterparty & <br>Referenced Obligation** | **Fixed<br>Rate<br>(Pay)<br>Receive** | **Payment<br>Frequency** | **Implied<br>Credit<br>Spread at<br>August 31,<br>2022** | **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)** |
|  Goldman Sachs International |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00% | Monthly | 7.50% | USD | 5 | $(1114) | $(617) | $(497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 19 | (4136) | (2292) | (1844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 51 | (10979) | (4525) | (6454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDX-CMBX.NA.BBB- Series 6, 05/11/2063\* | 3.00 | Monthly | 7.50 | USD | 109 | (23707) | (14841) | (8866) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(96896) | $&nbsp;&nbsp;&nbsp;&nbsp;(50558) | $&nbsp;&nbsp;&nbsp;&nbsp;(46338) |

---

\* Termination date

**INTEREST RATE SWAPS (see Note D)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Rate Type** | **Rate Type** | | | | |
| <br>**Swap<br>Counterparty** |<br>**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)** |
|  Citibank, NA | USD 195 | 10/09/2029 | 1.125% | SIFMA \* | Quarterly | $&nbsp;&nbsp;&nbsp;&nbsp;17569 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;17569 |

---

\* Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap Index.

**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** |
|  Bank of America, NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABUSCG<sup>(1)</sup> | OBFR Plus<br>0.10% | Maturity | USD | 6138 | 09/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;(136170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MLABWGC1<sup>(2)</sup> | OBFR Plus<br>0.22% | Maturity | USD | 11496 | 09/23/2022 | (225053) |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Maturity | KRW | 120 | 09/08/2022 | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Maturity | KRW | 60 | 09/08/2022 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOSPI 200 Futures | 0.00% | Maturity | KRW | 180 | 09/08/2022 | (4832) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Market Index Futures | 0.00% | Maturity | CHF | 217 | 09/16/2022 | (10352) |
|  **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** | **Pay Total Return on Reference Obligation** |
|  Bank of America, NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI Daily TR Gross World USD Index | OBFR Plus<br>0.31% | Maturity | USD | 8906 | 02/28/2023 | (26143) |

---

---

| | |
|:---|:---|
| **56 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**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; S&P 500 Total Return Index | FedFundEffective<br>Plus 0.29% | Quarterly | USD | 6197 | 03/01/2023 | $(61397) |
|  JPMorgan Chase Bank, NA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI Daily TR Gross World USD Index | SOFR Plus<br>0.10% | Quarterly | USD | 2664 | 02/28/2023 | 206892 |
|  Morgan Stanley Capital Services LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBOVESPA Futures | 0.00% | Maturity | BRL | 778 | 10/13/2022 | 4265 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(251008) |

---

(a) 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 August 31, 2022, the aggregate market value of these securities amounted to $5,621,452 or 7.2% of net assets.

(b) When-Issued or delayed delivery security.

(c) Non-income producing security.

(d) Defaulted.

(e) Defaulted matured security.

(f) Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest
payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks.

(g) 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.

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

(i) Affiliated investments.

As of August 31, 2022, the Fund's percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.8% and 0.0%, respectively.

---

| | |
|:---|:---|
| Currency Abbreviations:<br>AUD – Australian Dollar<br> BRL – Brazilian Real<br> CAD – Canadian Dollar<br> CHF – Swiss Franc<br> CLP – Chilean Peso<br> CNH – Chinese Yuan Renminbi (Offshore)<br> COP – Colombian Peso<br> CZK – Czech Koruna<br> EUR – Euro<br> GBP – Great British Pound<br> HUF – Hungarian Forint<br> IDR – Indonesian Rupiah<br> INR – Indian Rupee | JPY – Japanese Yen<br> KRW – South Korean Won<br> MXN – Mexican Peso<br> MYR – Malaysian Ringgit<br> NOK – Norwegian Krone<br> NZD – New Zealand Dollar<br> PEN – Peruvian Sol<br> PHP – Philippine Peso<br> PLN – Polish Zloty<br> SEK – Swedish Krona<br> THB – Thailand Baht<br> TWD – New Taiwan Dollar<br> USD – United States Dollar<br> ZAR – South African Rand |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 57** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

Glossary:

ADR – American Depositary Receipt

AGM – Assured Guaranty Municipal

BKBM – Bank Bill Benchmark (New Zealand)

CBT – Chicago Board of Trade

CPI – Consumer Price Index

ETF – Exchange Traded Fund

ETM – Escrowed to Maturity

ETS – Emission Trading Scheme

FedFundEffective – Federal Funds Effective Rate

FTSE – Financial Times Stock Exchange

JSE – Johannesburg Stock Exchange

KLCI – Kuala Lumpur Composite Index

KOSPI – Korea Composite Stock Price Index

LIBOR – London Interbank Offered Rate

MSCI – Morgan Stanley Capital International

NIBOR – Norwegian Interbank Offered Rate

OBFR – Overnight Bank Funding Rate

OMXS – Stockholm Stock Exchange

REIT – Real Estate Investment Trust

SARON – Swiss Average Rate Overnight

SET – Stock Exchange of Thailand

SGX – Singapore Exchange

SOFR – Secured Overnight Financing Rate

SPI – Share Price Index

STIBOR – Stockholm Interbank Offered Rate

TOPIX – Tokyo Price Index

TSX – Toronto Stock Exchange

UPMC – University of Pittsburgh Medical Center

WIG – Warszawski Indeks Gieldowy

(1) The following table represents the long equity basket holdings underlying the total return swap in MLABUSCG as of
August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Microsoft Corp. | 2292 | USD | &nbsp;&nbsp;&nbsp;&nbsp;599369 | 9.8% |
|  Mastercard, Inc. | 1661 |  | 538787 | 8.8% |
|  Abbott Laboratories | 4156 |  | 426636 | 7.0% |
|  Charles Schwab Corp. (The) | 5955 |  | 422520 | 6.9% |
|  CDW Corp./DE | 2243 |  | 382825 | 6.2% |
|  Amazon.com, Inc. | 2997 |  | 379874 | 6.2% |
|  IQVIA Holdings, Inc. | 1765 |  | 375428 | 6.1% |
|  Automatic Data Processing, Inc. | 1437 |  | 351212 | 5.7% |
|  NIKE, Inc. | 3227 |  | 343533 | 5.6% |
|  American Tower Corp. | 1300 |  | 330208 | 5.4% |
|  Amphenol Corp. | 3732 |  | 274429 | 4.4% |
|  Zoetis, Inc. | 1712 |  | 267997 | 4.4% |
|  TJX Cos., Inc. (The) | 4189 |  | 261188 | 4.2% |
|  Aptiv PLC | 2549 |  | 238171 | 3.9% |
|  Stericycle, Inc. | 4487 |  | 224745 | 3.7% |
|  Constellation Brands, Inc. | 909 |  | 223741 | 3.6% |
|  Cooper Cos., Inc. (The) | 705 |  | 202642 | 3.3% |
|  Meta Platforms, Inc. | 1187 |  | 193461 | 3.2% |
|  Eaton Corp. PLC | 741 |  | 101216 | 1.6% |

---

---

| | |
|:---|:---|
| **58 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**PORTFOLIO OF INVESTMENTS** (continued)

(2) The following table represents the 50 largest long equity basket holdings underlying the total return swap in MLABWGC1 as
of August 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Description** | **Shares** | **Current<br>Notional** | **Current<br>Notional** | **Percent of<br>Basket's Value** |
|  Microsoft Corp. | 2642 | USD | &nbsp;&nbsp;&nbsp;&nbsp;690877 | 6.0% |
|  Alphabet, Inc. | 4229 |  | 461549 | 4.0% |
|  Otis Worldwide Corp. | 5823 |  | 420553 | 3.7% |
|  Asahi Group Holdings Ltd | 11974 |  | 403645 | 3.5% |
|  Visa, Inc. | 1910 |  | 379470 | 3.3% |
|  Goldman Sachs Group, Inc. (The) | 1130 |  | 375876 | 3.3% |
|  Samsung Electronics Co., Ltd. | 8109 |  | 361956 | 3.1% |
|  PayPal Holdings, Inc. | 3550 |  | 331719 | 2.9% |
|  Elevance Health, Inc. | 675 |  | 327262 | 2.8% |
|  Starbucks Corp. | 3882 |  | 326357 | 2.8% |
|  Shell PLC | 120 |  | 318817 | 2.8% |
|  Meta Platforms, Inc. | 1944 |  | 316759 | 2.8% |
|  Cognizant Technology Solutions Corp. | 4937 |  | 311850 | 2.7% |
|  Comcast Corp. | 7752 |  | 280550 | 2.4% |
|  Roche Holding AG | 839 |  | 271089 | 2.4% |
|  Sanofi | 3202 |  | 264615 | 2.3% |
|  Amazon.com, Inc. | 2070 |  | 262430 | 2.3% |
|  CBRE Group, Inc. | 3228 |  | 254874 | 2.2% |
|  Coca-Cola Co. (The) | 3916 |  | 241642 | 2.1% |
|  Galaxy Entertainment Group Ltd. | 40098 |  | 225298 | 2.0% |
|  Thermo Fisher Scientific, Inc. | 409 |  | 222816 | 1.9% |
|  Akamai Technologies, Inc. | 2390 |  | 215769 | 1.9% |
|  Parker-Hannifin Corp. | 791 |  | 209721 | 1.8% |
|  Mitsubishi UFJ Financial Group, Inc. | 40169 |  | 208949 | 1.8% |
|  Prosus NV | 3300 |  | 204933 | 1.8% |
|  Medtronic PLC | 2317 |  | 203695 | 1.8% |
|  Electronic Arts, Inc. | 1599 |  | 202917 | 1.8% |
|  Applied Materials, Inc. | 2097 |  | 197261 | 1.7% |
|  Dover Corp. | 1430 |  | 178732 | 1.6% |
|  Linde PLC | 612 |  | 173215 | 1.5% |
|  SAP SE | 1914 |  | 163492 | 1.4% |
|  Credit Suisse Group AG | 30812 |  | 159749 | 1.4% |
|  Volvo AB - Class B | 9841 |  | 156664 | 1.4% |
|  Compass Group PLC | 65 |  | 140766 | 1.2% |
|  Wells Fargo & Co | 2903 |  | 126876 | 1.1% |
|  Iberdrola SA | 11987 |  | 125181 | 1.1% |
|  Koninklijke Philips NV | 6699 |  | 112142 | 1.0% |
|  Alibaba Group Holding Ltd. | 9301 |  | 111742 | 1.0% |
|  NIKE, Inc. | 907 |  | 96547 | 0.8% |
|  Cheniere Energy, Inc. | 602 |  | 96495 | 0.8% |
|  Citigroup, Inc. | 1958 |  | 95550 | 0.8% |
|  Kering SA | 166 |  | 84113 | 0.7% |
|  ABN AMRO Bank NV (GDR) | 8603 |  | 82826 | 0.7% |
|  Neste Oyj | 1558 |  | 77176 | 0.7% |
|  Yum China Holdings, Inc. | 1483 |  | 74322 | 0.6% |
|  London Stock Exchange Group PLC | 8 |  | 72168 | 0.6% |
|  Infineon Technologies AG | 2870 |  | 70133 | 0.6% |
|  Moody's Corp. | 211 |  | 59984 | 0.5% |
|  adidas AG | 389 |  | 58061 | 0.5% |
|  Service Corp. International/US | 164 |  | 10117 | 0.1% |
|  Other Long | 6122 |  | 682409 | 6.0% |

---

See notes to financial statements.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 59** |

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------

**STATEMENT OF ASSETS & LIABILITIES** 

**August 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $81,036,425) | $77537990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $660,667) | 660667 |
|  Cash collateral due from broker | 2210660 |
|  Foreign currencies, at value (cost $252,366) | 247416 |
|  Unaffiliated interest and dividends receivable | 645193 |
|  Unrealized appreciation on forward currency exchange contracts | 307450 |
|  Unrealized appreciation on total return swaps | 212939 |
|  Receivable due from Adviser | 67181 |
|  Receivable for shares of beneficial interest sold | 24301 |
|  Receivable for variation margin on centrally cleared swaps | 20450 |
|  Unrealized appreciation on interest rate swaps | 17569 |
|  Affiliated dividends receivable | 3085 |
|  Total assets | 81954901 |
| **Liabilities** |  |
|  Due to custodian | 78615 |
|  Cash collateral due to broker | 1231000 |
|  Payable for investment securities purchased | 743142 |
|  Unrealized depreciation on total return swaps | 463947 |
|  Unrealized depreciation on forward currency exchange contracts | 210506 |
|  Payable for variation margin on futures | 197134 |
|  Market value on credit default swaps (net premiums received $50,558) | 96896 |
|  Payable for shares of beneficial interest redeemed | 35877 |
|  Distribution fee payable | 10275 |
|  Transfer Agent fee payable | 2747 |
|  Payable for terminated centrally cleared interest rate swaps | 1006 |
|  Trustees' fees payable | 14 |
|  Accrued expenses | 292383 |
|  Total liabilities | 3363542 |
|  Net Assets | $**78591359** |
| **Composition of Net Assets** |  |
|  Shares of beneficial interest, at par | $73 |
|  Additional paid-in capital | 90287105 |
|  Accumulated loss | (11695819) |
|  **Net Assets** | $**78591359** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;40389013 | 3763867 | $&nbsp;&nbsp;&nbsp;&nbsp;10.73 \* |
| **C** | $1564492 | 142578 | $10.97 |
| **Advisor** | $36637854 | 3408915 | $10.75 |

---

\* The maximum offering price per share for Class A shares was $11.21 which reflects a sales charge of 4.25%. 

See notes to financial statements.

---

| | |
|:---|:---|
| **60 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**STATEMENT OF OPERATIONS** 

**Year Ended August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706944 |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $48,513) | 1028037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 8205 | $2743186 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 532631 |  |
|  Distribution fee—Class A | 118497 |  |
|  Distribution fee—Class C | 19021 |  |
|  Transfer agency—Class A | 29548 |  |
|  Transfer agency—Class C | 1303 |  |
|  Transfer agency—Advisor Class | 29587 |  |
|  Custody and accounting | 250262 |  |
|  Audit and tax | 94775 |  |
|  Registration fees | 50920 |  |
|  Legal | 37668 |  |
|  Printing | 24954 |  |
|  Trustees' fees | 19013 |  |
|  Miscellaneous | 40388 |  |
|  Total expenses | 1248567 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | (399151) |  |
|  Net expenses |  | 849416 |
|  Net investment income |  | 1893770 |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | (162535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | (4125043) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | 28038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (1378315) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (1122150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (268018) |
|  Net change in unrealized appreciation/depreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (9081779) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts |  | (127088) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (1020989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (404550) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (105864) |
|  Net loss on investment and foreign currency transactions |  | (17768293) |
|  **Net Decrease in Net Assets from Operations** |  | $**(15874523)** |

---

(a) Net of foreign realized capital gains taxes of $233.

See notes to financial statements.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 61** |

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------

**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>August 31,<br>2022** | **Year Ended<br>August 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $1893770 | $2001844 |
|  Net realized gain (loss) on investment and foreign currency transactions | (7028023) | 8612596 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (10740270) | 1930401 |
|  Contributions from Affiliates (see Note B) | – 0 | 77 |
|  Net increase (decrease) in net assets from operations | (15874523) | 12544918 |
|  Distributions to Shareholders | Distributions to Shareholders | Distributions to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1623960) | (1655580) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (49812 | (72699) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1726644) | (1075197) |
|  Return of Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (145258) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4455) | – 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (154444) | – 0 |
| **Transactions in Shares of Beneficial Interest** |  |  |
|  Net increase (decrease) | 1922293 | (3564890) |
|  Total increase (decrease) | (17656803) | 6176552 |
| **Net Assets** | **Net Assets** | **Net Assets** |
|  Beginning of period | 96248162 | 90071610 |
|  End of period | $**78591359** | $**96248162** |

---

See notes to financial statements.

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| | |
|:---|:---|
| **62 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of six 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 All Market Income Portfolio (the "Fund"). The Fund offers Class A, Class C and Advisor Class shares. Class B 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 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 four 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 Fund'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.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 63** |

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------

**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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

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| | |
|:---|:---|
| **64 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value
of investments)

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

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 65** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively, the values may be obtained through unobservable management determined inputs and/or management's proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on an exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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 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.

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| | |
|:---|:---|
| **66 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**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 August 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Long-Term Municipal Bonds | $– 0 | $46776550 | $– 0 | $46776550 |
|  Short-Term Municipal Notes | – 0 | 1050000 | – 0 | 1050000 |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 4956849 | 169770 | – 0 | 5126619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2544936 | 956530 | – 0 | 3501466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1863471 | 1586356 | – 0 | 3449827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 981771 | 767358 | – 0 | 1749129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 872198 | 783558 | – 0 | 1655756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 824688 | 766968 | – 0 | 1591656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1111808 | 177134 | – 0 | 1288942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 806866 | 371541 | – 0 | 1178407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 786657 | 342831 | – 0 | 1129488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 717424 | 237416 | – 0 | 954840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 231869 | 616563 | – 0 | 848432 |
|  Preferred Stocks | 4636933 | – 0 | – 0 | 4636933 |
|  Options Purchased—Puts | – 0 | 1360016 | – 0 | 1360016 |
|  Investment Companies | 1149598 | – 0 | – 0 | 1149598 |
|  Corporates—Non-Investment Grade | – 0 | 90331 | – 0 | 90331 |
|  Short-Term Investments | 660667 | – 0 | – 0 | 660667 |
|  Total Investments in Securities | 22145735 | 56052922 | – 0 | 78198657 |
|  **Other Financial Instruments<sup>(a)</sup>:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Futures | 132262 | – 0 | – 0 | 132262 <sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | 307450 | – 0 | 307450 |
|  Centrally Cleared Credit Default Swaps | – 0 | 20313 | – 0 | 20313 <sup>(b)</sup> |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | 815315 | – 0 | 815315 <sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | 41595 | – 0 | 41595 <sup>(b)</sup> |
|  Interest Rate Swaps | – 0 | 17569 | – 0 | 17569 |
|  Total Return Swaps | – 0 | 212939 | – 0 | 212939 |
|  **Liabilities:** |  |  |  |  |
|  Futures | (588419) | – 0 | – 0 | (588419)<sup>(b)</sup> |
|  Forward Currency Exchange Contracts | – 0 | (210506) | – 0 | (210506) |
|  Centrally Cleared Inflation (CPI) Swaps | – 0 | (206030) | – 0 | (206030)<sup>(b)</sup> |
|  Centrally Cleared Interest Rate Swaps | – 0 | (278304) | – 0 | (278304)<sup>(b)</sup> |
|  Credit Default Swaps | – 0 | (96896) | – 0 | (96896) |
|  Total Return Swaps | – 0 | (463947) | – 0 | (463947) |
|  **Total** | $**21689578** | $**56212420** | $**– 0** | $**77901998** |

---

(a) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

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

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 67** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 has a tax year-end of June 30 concurrent with the filing of the Fund's tax return.

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 gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest

---

| | |
|:---|:---|
| **68 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

income. Investment transactions are accounted for on the date the securities are purchased or sold. The Fund accounts for distributions received from 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.

**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. The Adviser has contractually agreed to waive advisory fees and/or to bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transactions costs), on an annual basis (the "Expense Caps") to .99%, 1.74% and .74% of the daily average net assets for the Class A, Class C and Advisor Class shares, respectively. For the year ended August 31, 2022, such reimbursement amounted to $393,057. The Expense Caps will remain in effect through December 31, 2022.

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 69** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 $32,523 for the year ended August 31, 2022.

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 $461 from the sale of Class A shares and received $58 and $277 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended August 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended August 31, 2022, such waiver amounted to $2,536.

In connection with the Fund's investments in AB All Market Real Return Portfolio, 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 February 28, 2023. For the year ended August 31, 2022, such waivers and/or reimbursements amounted to $3,558.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Distributions** | **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/21<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>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  Government Money Market Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;2985 | $&nbsp;&nbsp;&nbsp;&nbsp;61515 | $&nbsp;&nbsp;&nbsp;&nbsp;63839 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;661 | $&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |

---

---

| | |
|:---|:---|
| **70 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Distributions** | **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/21<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>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  AB Bond Fund, Inc. – AB All Market Real Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;1915 | $&nbsp;&nbsp;&nbsp;&nbsp;1752 | $&nbsp;&nbsp;&nbsp;&nbsp;(163) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total |  |  |  | $(163) | $– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;661 | $8 | $– 0 |

---

During the year ended August 31, 2021, the Adviser reimbursed the Fund $77 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 Investment Company Act of 1940 (the "Plan"). 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 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.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 71** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE D** 

**Investment Transactions** 

Purchases and sales of investment securities (excluding short-term investments) for the year ended August 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64985359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67548884 |
|  U.S. government securities | – 0 | 165553 |

---

As of August 31, 2022, the cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81975438 |
|  Gross unrealized appreciation | $3329592 |
|  Gross unrealized depreciation | (7177653) |
|  Net unrealized depreciation | $(3848061) |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily

---

| | |
|:---|:---|
| **72 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

fluctuation in the value of the contract. Such receipts or payments 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 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.

During the year ended August 31, 2022, the Fund held futures for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 year ended August 31, 2022, the Fund held forward currency exchange contracts for hedging and non-hedging purposes.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 73** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Option Transactions** 

For hedging and investment purposes, the Fund may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Fund may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under "Currency Transactions" and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, its premium would represent a loss to the Fund. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. The Fund's maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are recorded by the Fund on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value.

---

| | |
|:---|:---|
| **74 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended August 31, 2022, the Fund held purchased options for hedging and non-hedging purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Swaps** 

The Fund may enter into swaps to hedge its exposure to interest rates. 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 or rates for a specified amount of an underlying asset. 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. 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 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 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 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 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 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 statement of operations.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 75** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) 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 and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 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 a 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

---

| | |
|:---|:---|
| **76 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended August 31, 2022, the Fund held interest rate swaps for hedging and non-hedging purposes.

**Inflation (CPI) Swaps:** 

Inflation swap agreements are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Fund against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if there are unexpected inflation increases.

During the year ended August 31, 2022, the Fund held inflation (CPI) 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 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.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 77** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

Credit default swaps may involve greater risks than if a 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 year ended August 31, 2022, 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 year ended August 31, 2022, 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 counterparties. ISDA Master Agreements include

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| | |
|:---|:---|
| **78 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 year ended August 31, 2022, the Fund had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of**<br>**Assets and**<br>**Liabilities**<br>**Location** | **Fair Value** | **Statement of**<br>**Assets and**<br>**Liabilities**<br>**Location** | **Fair Value** |
|  Interest rate contracts | Receivable/<br>Payable for<br>variation<br>margin on<br>futures | $10809 \* | Receivable/<br>Payable for<br>variation<br>margin on<br>futures | $29593 \* |
|  Equity contracts | Receivable/<br>Payable for<br>variation<br>margin on<br>futures | 121453 \* | Receivable/<br>Payable for<br>variation<br>margin on<br>futures | 558826 \* |
|  Credit contracts |  |  | Receivable/<br>Payable for<br>variation<br>margin on<br>centrally<br>cleared<br>swaps | 6810 \* |

---

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 79** |

---

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**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of**<br>**Assets and**<br>**Liabilities**<br>**Location** | **Fair Value** | **Statement of**<br>**Assets and**<br>**Liabilities**<br>**Location** | **Fair Value** |
|  Interest rate contracts | Receivable/<br>Payable for<br>variation<br>margin on<br>centrally<br>cleared<br>swaps | $856910 \* | Receivable/<br>Payable for<br>variation<br>margin on<br>centrally<br>cleared<br>swaps | $482902 \* |
|  Foreign currency contracts | Unrealized<br>appreciation<br>on forward<br>currency<br>exchange<br>contracts | 307450 | Unrealized<br>depreciation<br>on forward<br>currency<br>exchange<br>contracts | 210506 |
|  Equity contracts | Investments<br>in<br>securities,<br>at value | 1360016 |  |  |
|  Interest rate contracts | Unrealized<br>appreciation<br>on interest<br>rate swaps | 17569 |  |  |
|  Credit contracts |  |  | Market<br>value on<br>credit<br>default<br>swaps | 96896 |
|  Equity contracts | Unrealized<br>appreciation<br>on total<br>return<br>swaps | 212939 | Unrealized<br>depreciation<br>on total<br>return<br>swaps | 463947 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;2887146 |  | $&nbsp;&nbsp;&nbsp;&nbsp;1849480 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments. 

---

| | |
|:---|:---|
| **80 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>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 | $(852931) | $(75354) |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | (525384) | (945635) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts | 28038 | (127088) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments | (1189308) | 481020 |
|  Interest rate contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (521046) | (162221) |
|  Credit contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (103555) | (8815) |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps | (497549) | (233514) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;(3661735) | $&nbsp;&nbsp;&nbsp;&nbsp;(1071607) |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 81** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended August 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $29948745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $7525403 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $28827049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $29418077 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $60857021 |
|  Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $285000 |
|  Centrally Cleared Interest Rate Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $7100625 |
|  Centrally Cleared Inflation Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $8297692 |
|  Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $574362 |
|  Centrally Cleared Credit Default Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $3549510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $5984377 <sup>(a)</sup> |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $&nbsp;&nbsp;&nbsp;&nbsp;22401333 |

---

(a) Positions were open for two months during the year.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the 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 August 31, 2022. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  Barclays Bank PLC | $52557 | $(51131) | $– 0 | $– 0 – $| 1426 |
|  BNP Paribas SA | 28 | – 0 | – 0 | – 0 – | 28 |
|  Citibank, NA/Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214149 | &nbsp;&nbsp;&nbsp;&nbsp;(12410 | &nbsp;&nbsp;&nbsp;&nbsp;(90000 | &nbsp;&nbsp;&nbsp;&nbsp;– 0 – | &nbsp;&nbsp;&nbsp;&nbsp;111739 |
|  Credit Suisse International | 465 | (465) | – 0 | – 0 – | – 0 |
|  Deutsche Bank AG | 44756 | (11852) | – 0 | – 0 – | 32904 |
|  Goldman Sachs Bank USA | 27649 | (27649) | – 0 | – 0 – | – 0 |

---

---

| | |
|:---|:---|
| **82 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  HSBC Bank USA | $4136 | $(4136) | $– 0 | $– 0 | $– 0 |
|  JPMorgan Chase Bank, NA | 265291 | (18540) | – 0 | – 0 | 246751 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 19167 | (19167) | – 0 | – 0 | – 0 |
|  State Street Bank & Trust Co. | 93476 | (92591) | – 0 | – 0 | 885 |
|  UBS AG | 1176300 | – 0 | (1141000) |  | 35300 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;1897974 | $&nbsp;&nbsp;&nbsp;&nbsp;(237941 | $&nbsp;&nbsp;&nbsp;&nbsp;(1231000 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;429033 |
| **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 | $449325 | $– 0 | $(297000) | $– 0 | $152325 |
|  Barclays Bank PLC | 51131 | (51131) | – 0 | – 0 | – 0 |
|  Citibank, NA/Citigroup Global Markets, Inc. | 12410 | (12410) | – 0 | – 0 | – 0 |
|  Credit Suisse International | 49821 | (465) | – 0 | – 0 | 49356 |
|  Deutsche Bank AG | 11852 | (11852) | – 0 | – 0 | – 0 |
|  Goldman Sachs Bank USA/Goldman Sachs International | 49466 | (27649) | (21817) | – 0 | – 0 |
|  HSBC Bank USA | 5337 | (4136) | – 0 | – 0 | 1201 |
|  JPMorgan Chase Bank, NA | 18540 | (18540) | – 0 | – 0 | – 0 |
|  Morgan Stanley Capital Services LLC/Morgan Stanley Capital Services, Inc. | 30876 | (19167) | – 0 | – 0 | 11709 |
|  State Street Bank & Trust Co. | 92591 | (92591) | – 0 | – 0 | – 0 |
|  Total | $771349 | $(237941) | $(318817) | $– 0 | $214591 |

---

\* 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 83** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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** |
|  | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 | Year Ended<br>August 31,<br> 2022 | Year Ended<br>August 31,<br> 2021 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 53519 | 22718 | $656267 | $282212 |
|  Shares issued in reinvestment of dividends and distributions | 128096 | 116701 | 1573447 | 1452606 |
|  Shares converted from Class C | 19435 | 108239 | 225540 | 1360446 |
|  Shares redeemed | (500924) | (807608) | (5907388) | (10111097) |
|  **Net decrease** | **(299874)** | **(559950)** | $**(3452134)** | $**(7015833)** |
| **Class C** | **Class C** |  |  |  |
|  Shares sold | 23142 | 6955 | $270685 | $87721 |
|  Shares issued in reinvestment of dividends and distributions | 3892 | 5290 | 49323 | 66843 |
|  Shares converted to Class A | (19013) | (106049) | (225540) | (1360446) |
|  Shares redeemed | (46759) | (67354) | (580835) | (845748) |
|  **Net decrease** | **(38738)** | **(161158)** | $**(486367)** | $**(2051630)** |
| **Advisor Class** | **Advisor Class** |  |  |  |
|  Shares sold | 1546113 | 914429 | $19455659 | $11625588 |
|  Shares issued in reinvestment of dividends and distributions | 131237 | 63877 | 1610301 | 797031 |
|  Shares redeemed | (1322990) | (563557) | (15205166) | (6920046) |
|  **Net increase** | **354360** | **414749** | $**5860794** | $**5502573** |

---

---

| | |
|:---|:---|
| **84 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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. The Fund may be subject to a greater risk of rising interest rates than would normally be the case due to the end of a recent period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 85** |

---

------

**NOTES TO 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.

**Municipal Market Risk**—This is the risk that special factors may adversely affect the value of municipal securities and have a significant effect on the yield or value of the Fund's investments in municipal securities. These factors include economic conditions, political or legislative changes, public health crises, uncertainties related to the tax status of municipal securities, or the rights of investors in these securities. To the extent that the Fund invests more of its assets in a particular state's municipal securities, the Fund may be vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health crises (including the occurrence of a contagious disease or illness) and catastrophic natural disasters, such as hurricanes, fires or earthquakes. For example, the novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many issuers of municipal securities, which could impair any such issuer's ability to meet its financial obligations when due and adversely impact the value of its securities held by the Fund. As the full effects of the COVID-19 pandemic on state and local economies and on issuers of municipal securities are still uncertain, the financial difficulties of issuers of municipal securities may continue or worsen, adversely affecting the performance of the Fund. The Fund's investments in certain municipal securities with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities.

**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 because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

---

| | |
|:---|:---|
| **86 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**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 instrument, 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 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.

**Illiquid Investments Risk**—Illiquid investments risk exists when certain investments are or become difficult to purchase or sell. Difficulty in selling such investments may result in sales at disadvantageous prices affecting the value of your investment in the Fund. Causes of illiquid investments risk may include low trading volumes and large positions. Foreign fixed-income securities may have more illiquid investments risk because secondary trading markets for these securities may be smaller and less well developed and the securities may trade less frequently. Illiquid investments risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally go down.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 87** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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,

---

| | |
|:---|:---|
| **88 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended August 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal period through August 31, 2022 and the tax years ended June 30, 2022 and August 31, 2021 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **July 1, 2022**<br>**to<br>August 31, 2022** | **September 1, 2021**<br>**to**<br>**June 30, 2022** | **September 1, 2020**<br>**to**<br>**August 31, 2021** |
|  Distributions paid from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $69202 | $631992 | $1525942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | – 0 | 1587432 | 4701 |
|  Total taxable distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69202 | $2219424 | $1530643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income | 265285 | 846505 | 1272833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital | – 0 | 304157 | – 0 |
|  Total distributions paid | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2803476 |

---

As of June 30, 2022, the Fund's most recent tax year-end, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Accumulated capital losses | $(5186076)<sup>(a)</sup> |
|  Other losses | (600675)<sup>(b)</sup> |
|  Unrealized appreciation/(depreciation) | (6357223)<sup>(c)</sup> |
|  Total accumulated earnings/(deficit) | $(12143974) |

---

(a) As of June 30, 2022, the Fund had a net capital loss carryforward of $5,166,612. As of June 30, 2022,
the cumulative deferred loss on straddles was $19,464.

(b) As of June 30, 2022, the Fund had a qualified late-year ordinary loss deferral of $600,675.

(c) 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 foreign investment companies (PFICs), the tax treatment of swaps, the tax deferral of losses on wash sales, and the tax treatment
of callable bonds.

---

| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 89** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 June 30, 2022, the Fund's most recent tax year end, the Fund had a net short-term capital loss carryforward of $3,418,703 and a net long-term capital loss carryforward of $1,747,909, which may be carried forward for an indefinite period.

During the current fiscal year, there were no permanent differences that resulted in adjustments to accumulated loss or additional paid-in capital.

**NOTE I** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**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.

---

| | |
|:---|:---|
| **90 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **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** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.17 | $11.83 | $12.75 | $12.68 | $13.93 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .22 | .27 | .32 | .35 | .36 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.21) | 1.45 | (.64 | .49 | (.01 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.99) | 1.72 | (.32 | .84 | .35 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.22 | (.38 | (.60 | (.37 | (.69 |
|  Distributions from net realized gain on investment transactions | (.19 | – 0 | – 0 | (.40 | (.91 |
|  Return of capital | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.45 | (.38 | (.60 | (.77 | (1.60) |
|  Net asset value, end of period | **$10.73** | **$13.17** | **$11.83** | **$12.75** | **$12.68** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (15.52) | 14.87 | (2.72) | 7.22 | 2.54 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $40389 | $53519 | $54677 | $64994 | $68946 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .99 | .99 | .98 | .99 | .99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.40 | 1.40 | 1.33 | 1.35 | 1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.86 | 2.16 | 2.66 | 2.85 | 2.77 |
|  Portfolio turnover rate | 72 | 68 | 35 | 22 | 50 |
|  <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 | .01 | .01 | .02 | .02 | .04 |

---

See footnote summary on page 94.

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 91** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.45 | $12.06 | $12.98 | $12.90 | $13.93 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .13 | .18 | .24 | .26 | .27 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.26) | 1.49 | (.66 | .49 | (.02 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (2.13) | 1.67 | (.42 | .75 | .25 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.13 | (.28 | (.50 | (.27 | (.37 |
|  Distributions from net realized gain on investment transactions | (.19 | – 0 | – 0 | (.40 | (.91 |
|  Return of capital | (.03 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.35 | (.28 | (.50 | (.67 | (1.28) |
|  Net asset value, end of period | **$10.97** | **$13.45** | **$12.06** | **$12.98** | **$12.90** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.17) | 13.97 | (3.37) | 6.33 | 1.83 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $1564 | $2439 | $4131 | $5537 | $7383 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.74 | 1.74 | 1.73 | 1.74 | 1.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 2.15 | 2.14 | 2.09 | 2.10 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.10 | 1.43 | 1.92 | 2.11 | 2.02 |
|  Portfolio turnover rate | 72 | 68 | 35 | 22 | 50 |
|  <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 | .01 | .01 | .02 | .02 | .04 |

---

See footnote summary on page 94.

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| **92 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $13.19 | $11.84 | $12.77 | $12.70 | $13.96 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .25 | .30 | .35 | .38 | .39 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (2.21) | 1.46 | (.65 | .49 | .00 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (1.96) | 1.76 | (.30 | .87 | .39 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.25 | (.41 | (.63 | (.40 | (.74 |
|  Distributions from net realized gain on investment transactions | (.19 | – 0 | – 0 | (.40 | (.91 |
|  Return of capital | (.04 | – 0 | – 0 | – 0 | – 0 |
|  Total dividends and distributions | (.48 | (.41 | (.63 | (.80 | (1.65) |
|  Net asset value, end of period | **$10.75** | **$13.19** | **$11.84** | **$12.77** | **$12.70** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (15.28) | 15.13 | (2.47) | 7.48 | 2.95 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period<br>(000's omitted) | $36638 | $40290 | $31264 | $33141 | $35479 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | .73 | .74 | .73 | .74 | .74 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)(f)</sup><sup>‡</sup> | 1.15 | 1.15 | 1.08 | 1.10 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 2.09 | 2.38 | 2.91 | 3.10 | 3.02 |
|  Portfolio turnover rate | 72 | 68 | 35 | 22 | 50 |
|  <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 | .01 | .01 | .02 | .02 | .04 |

---

See footnote summary on page 94.

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**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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, 2020, such waiver amounted to .01% and .01%, respectively.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Class A** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .99% | .99% | .98% | .99% | .99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.40% | 1.40% | 1.33% | 1.35% | 1.30% |
|  **Class C** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.74% | 1.74% | 1.73% | 1.74% | 1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 2.15% | 2.14% | 2.09% | 2.10% | 2.04% |
|  **Advisor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .73% | .74% | .73% | .74% | .74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.15% | 1.15% | 1.08% | 1.10% | 1.05% |

---

\* 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, 2022 and August 31, 2018 by .01% and .01%, respectively. 

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| | |
|:---|:---|
| + | The net asset value and total return include adjustments in accordance with accounting principles generally accepted in the United States of America for financial reporting purposes. As such, the net asset value and total return for shareholder transactions may differ from financial statements.  |

---

See notes to financial statements.

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| **94 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Trustees of** 

**AB Tax-Managed All Market Income Portfolio** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Tax-Managed All Market Income Portfolio (the "Fund") (one of the series constituting The AB Portfolios (the "Company")), including the portfolio of investments, as of August 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting The AB Portfolios) at August 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and/or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g296784g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

October 27, 2022

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended June 30, 2022. For individual shareholders, the Fund designates 100.00% of dividends paid as qualified dividend income. For corporate shareholders, 57.04% of dividends paid qualify for the dividends received deduction. The Fund designates $1,587,432 of dividends paid as long-term capital gains dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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**BOARD OF TRUSTEES** 

**TRUSTEES** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and<br> Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |

---

**OFFICERS** 

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| | |
|:---|:---|
| **Morgan C. Harting**<sup>(2)</sup>**,** <br> Vice President<br> **Daniel J. Loewy**<sup>(2)</sup>**,** Vice President<br> **Karen Watkin**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Clerk<br> **Michael B. Reyes,** Senior Vice President | **Joseph J. Mantineo,** Treasurer and Chief Financial Officer<br> **Phyllis J. Clarke,** Controller and Chief Accounting Officer<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br> State Street Corporation CCB/5<br> 1 Iron Street<br> Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672<br>**Independent Registered Public**<br> **Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Multi-Asset Solutions Team. Messrs. Harting and Loewy and Ms. Watkin are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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| **98 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** 

**Board of Trustees Information** 

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund's Trustees is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INTERESTED TRUSTEE** |  |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas, New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INDEPENDENT TRUSTEES** |  |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup><br> *Chairman of the Board* <br> 81<br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 75 |  |

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| **100 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br> 71<br> (2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup><br> 78<br> (2005) | Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br> 74<br> (2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br> 70<br> (2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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| **102 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 103** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS**<br> **IN AB FUND**<br> **COMPLEX**<br> **OVERSEEN BY**<br> **TRUSTEE** | **OTHER PUBLIC**<br> **COMPANY**<br> **DIRECTORSHIPS**<br> **CURRENTLY HELD**<br> **BY TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br> 70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Trustees is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Trustees.

\*\*\* The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund. 

# Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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| **104 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITIONS<br>HELD WITH TRUST** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and<br>Chief Executive Officer | See biography above. |
| Morgan C. Harting<br> 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Daniel J. Loewy<br>48 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer of Dynamic Asset Allocation. |
| Karen Watkin<br> 45 | Vice President | Portfolio Manager for the Multi-Asset Solutions business in EMEA and Senior Vice President of the Adviser\*\*, with which she has been associated since prior to 2017. |
| Emilie D. Wrapp<br>66 | Clerk | Senior Vice President, Assistant General Counsel and Assistant Clerk of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br> 46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller and Chief Accounting Officer | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information (SAI) has additional information about the Fund's Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 105** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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| **106 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 107** |

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**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 All Market Income Portfolio (the "Fund") at a meeting held in-person on August 2-3, 2022 (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 for 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 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

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| **108 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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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 2020 and 2021 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 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 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.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 109** |

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**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 Class A 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 Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2022 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 the periods reviewed, the directors concluded that the Fund's investment performance was acceptable. 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.

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 by the Adviser 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-advised accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows;

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| **110 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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(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, 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year and the directors considered 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. 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)

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 111** |

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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.

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| **112 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**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.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 113** |

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**NOTES** 

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| **114 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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**NOTES** 

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| **abfunds.com** | **AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO <sup>\|</sup> 115** |

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**NOTES** 

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| **116 <sup>\|</sup> AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO** | **abfunds.com** |

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![LOGO](g296784g43p34.jpg)

AB TAX-MANAGED ALL MARKET INCOME PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TAMI-0151-0822 ![LOGO](g296784g22c48.jpg)

------

**AUG** <sup>08.31.22</sup>

![LOGO](g476883g43p34.jpg)

ANNUAL REPORT

## AB WEALTH APPRECIATION STRATEGY
![LOGO](g476883covart_390.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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

------

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| | |
|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g476883g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Wealth Appreciation Strategy (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g476883g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**October 10, 2022** 

This report provides management's discussion of fund performance for the AB Wealth Appreciation Strategy for the annual reporting period ended August 31, 2022.

**The Fund's investment objective is long-term growth of capital.** 

**NAV RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB WEALTH APPRECIATION STRATEGY** |  |  |
| Class A Shares | -11.17% | -16.10% |
| Class C Shares | -11.50% | -16.70% |
| Advisor Class Shares<sup>1</sup> | -11.06% | -15.87% |
| Class R Shares<sup>1</sup> | -11.34% | -16.43% |
| Class K Shares<sup>1</sup> | -11.20% | -16.20% |
| MSCI ACWI (net) | -11.21% | -15.88% |

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|:---|:---|
| 1 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") (net), for the six- and 12-month periods ended August 31, 2022.

During the 12-month period, all share classes except Advisor Class underperformed the benchmark, before sales charges. Over the six-month period, all share classes except Class C and R outperformed, before sales charges. Across both periods, sector selection detracted, relative to the benchmark, while country, currency and security selection contributed. Sector selection was most significantly impacted by underweights to energy and utilities over the 12-month period, with both unusually outperforming together, as fears of rising energy prices along with worries about an economic slowdown, drove returns. In the six-month period, underweights to defensive sectors, such as utilities and consumer staples, detracted from returns. For both periods, an overweight to industrials helped to partially offset losses.

In the six-month period, security selection was stronger among large-cap stocks in US and international developed markets, while selection within

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|:---|:---|
| **2 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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smaller-cap stocks and emerging markets detracted. For the 12-month period, the pattern remained the same, except stock selection within emerging markets, which contributed. Security selection in the communication-services and technology sectors was strong over both periods, with additional contribution from selection within financials over the six-month period, and industrials and real estate over the 12-month period. Allocation to smaller-cap stocks in the US helped performance in the six-month period, while exposure to smaller-cap stocks detracted from performance in the US for the 12-month period and in both periods for non-US stocks.

The Fund did not use derivatives during either period.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended August 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants and supply-chain disruptions. Volatility increased as persistently high inflation set off a global wave of tighter monetary policy led by the US Federal Reserve (the "Fed"). The escalating European energy crisis caused by Russia's invasion of Ukraine, and continued weakness in China, contributed to fears of a broad global downturn. The Fed raised interest rates four times during the period, including two consecutive 0.75% increases. Equity markets rallied briefly as some weaker-than-expected economic data pointed to modestly lower inflation in the US, which raised optimism that policy rates might peak at lower levels. Stocks fell sharply after Fed Chair Jerome Powell remarked that the Fed would be willing to risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Fund's Senior Investment Management Team (the "Team") seeks improved equity risk control by utilizing the Adviser's Strategic Equities services as the core equity allocation to US and international markets. This diversified exposure across equity markets and emphasis on a broad set of stocks, which includes companies with historical and projected stable earnings and higher profitability, eliminates the need for diversifiers to limit volatility. The Team believes this allocation offers the potential to achieve higher returns, with similar levels of volatility, increasing risk-adjusted returns in an all-equity service to meet the long-term growth goal—growth of capital.

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| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund invests primarily in equity securities, either directly or through underlying investment companies advised by the Adviser ("Underlying Portfolios"). A majority of the Fund's assets are expected to be invested directly in US large-cap equity securities, primarily common stocks, in accordance with the Adviser's US Strategic Equities investment strategy ("US Strategic Equities"), as described below. In addition, the Fund seeks to achieve exposure to international large-cap equity securities through investments in other registered investment companies advised by the Adviser, which may include International Strategic Equities Portfolio of Bernstein Fund, Inc. ("Bernstein International Strategic Equities Portfolio"). The Fund also invests in other Underlying Portfolios to efficiently gain exposure to certain other types of equity securities, including small- and mid-cap and emerging-market equity securities. An Underlying Portfolio is selected based on the segment of the equity market to which the Underlying Portfolio provides exposure, its investment philosophy, and how it complements and diversifies the Fund's overall portfolio.

Under US Strategic Equities, portfolio managers of the Adviser that specialize in various investment disciplines identify high-conviction large-cap equity securities based on their fundamental investment research for potential investment by the Fund. These securities are then assessed in terms of both this fundamental research and quantitative analysis in creating the Fund's portfolio. In applying the quantitative analysis, the Adviser considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior.

Bernstein International Strategic Equities Portfolio focuses on investing in non-US large-cap and mid-cap equity securities. Bernstein International Strategic Equities Portfolio follows a strategy similar to US Strategic Equities, but in the international context.

Fluctuations in currency exchange rates can have a dramatic impact on the returns of foreign equity securities. The Adviser may employ currency hedging strategies in the Fund or the Underlying Portfolios, including the use of currency-related derivatives, to seek to reduce currency risk in the Fund or the Underlying Portfolios, but it is not required to do so. The Fund is managed without regard to tax considerations.

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|:---|:---|
| **4 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The MSCI ACWI is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

**Foreign (Non-US) Risk:** Investments in securities of non-US issuers may involve more risk than those of US 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 because the markets are less developed and less liquid as well as being subject to 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 selection risk. In addition, shareholders of the Fund bear both

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** (continued)

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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to July 14, 2017, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.** 

**All fees and expenses related to the operation of the Fund have been deducted. Net asset value ("NAV") returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **6 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

8/31/2012 TO 8/31/2022

![LOGO](g476883g46p11.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Wealth Appreciation Strategy Class A shares (from 8/31/2012 to 8/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 7** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2022** (unaudited)

---

| | | |
|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** |
| 1 Year | -16.10% | -19.65% |
| 5 Years | 6.36% | 5.44% |
| 10 Years | 7.98% | 7.51% |
| **CLASS C SHARES** | **CLASS C SHARES** | **CLASS C SHARES** |
| 1 Year | -16.70% | -17.47% |
| 5 Years | 5.56% | 5.56% |
| 10 Years<sup>1</sup> | 7.17% | 7.17% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |  |
| 1 Year | -15.87% | -15.87% |
| 5 Years | 6.62% | 6.62% |
| 10 Years | 8.26% | 8.26% |
| **CLASS R SHARES**<sup>2</sup> |  |  |
| 1 Year | -16.43% | -16.43% |
| 5 Years | 5.87% | 5.87% |
| 10 Years | 7.51% | 7.51% |
| **CLASS K SHARES**<sup>2</sup> |  |  |
| 1 Year | -16.20% | -16.20% |
| 5 Years | 6.20% | 6.20% |
| 10 Years | 7.84% | 7.84% |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.37%, 2.13%, 1.12%, 1.84% and 1.53% for Class A, Class C, Advisor Class, Class R and Class K shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursement agreements reduced the Fund's total annual operating expense ratios to 1.02%, 1.77%, 0.77%, 1.49% and 1.18% for Class A, Class C, Advisor Class, Class R and Class K shares, respectively. These waivers/reimbursement agreements may not be terminated before December 31, 2022. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Fund and the indirect expenses of the Fund's Underlying Portfolios, as based upon the allocation of the Fund's assets among the Underlying Portfolios. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 Assumes conversion of Class C shares into Class A shares after eight years.

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| | |
|:---|:---|
| 2 | These share classes are offered at NAV to eligible investors and their SEC returns are the same as their NAV returns. Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **8 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** | **CLASS A SHARES** |
| 1 Year | -24.36% |
| 5 Years | 2.86% |
| 10 Years | 6.16% |
| **CLASS C SHARES** | **CLASS C SHARES** |
| 1 Year | -22.32% |
| 5 Years | 2.98% |
| 10 Years<sup>1</sup> | 5.83% |
| **ADVISOR CLASS SHARES**<sup>2</sup> | **ADVISOR CLASS SHARES**<sup>2</sup> |
| 1 Year | -20.80% |
| 5 Years | 4.02% |
| 10 Years | 6.90% |
| **CLASS R SHARES**<sup>2</sup> | **CLASS R SHARES**<sup>2</sup> |
| 1 Year | -21.41% |
| 5 Years | 3.29% |
| 10 Years | 6.15% |
| **CLASS K SHARES**<sup>2</sup> | **CLASS K SHARES**<sup>2</sup> |
| 1 Year | -21.14% |
| 5 Years | 3.61% |
| 10 Years | 6.48% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | Please note that these share classes are for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 9** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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|:---|:---|
| **10 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>March 1,<br>2022** | **Ending<br>Account<br>Value<br>August 31,<br>2022** | **Expenses<br>Paid<br>During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** | **Total<br>Expenses<br>Paid<br>During<br>Period+** | **Total<br>Annualized<br>Expense<br>Ratio+** |
| **Class A** |  |  |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $888.30 | $3.14 | 0.66% | $4.76 | 1.00% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.88 | $&nbsp;&nbsp;&nbsp;&nbsp;3.36 | 0.66% | $&nbsp;&nbsp;&nbsp;&nbsp;5.09 | 1.00% |
| **Class C** |  |  |  |  |  |  |
|  Actual | $1000 | $885.00 | $6.75 | 1.42% | $8.36 | 1.76% |
|  Hypothetical\*\* | $1000 | $1018.05 | $7.22 | 1.42% | $8.94 | 1.76% |
| **Advisor Class** |  |  |  |  |  |  |
|  Actual | $1000 | $889.40 | $1.95 | 0.41% | $3.57 | 0.75% |
|  Hypothetical\*\* | $1000 | $1023.14 | $2.09 | 0.41% | $3.82 | 0.75% |
| **Class R** |  |  |  |  |  |  |
|  Actual | $1000 | $886.60 | $5.33 | 1.12% | $6.94 | 1.46% |
|  Hypothetical\*\* | $1000 | $1019.56 | $5.70 | 1.12% | $7.43 | 1.46% |
| **Class K** |  |  |  |  |  |  |
|  Actual | $1000 | $888.00 | $3.85 | 0.81% | $5.47 | 1.15% |
|  Hypothetical\*\* | $1000 | $1021.12 | $4.13 | 0.81% | $5.85 | 1.15% |

---

\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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|:---|:---|
| + | In connection with the Fund's investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Fund's total expenses are equal to the classes' annualized expense ratio plus the Fund's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 11** |

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**PORTFOLIO SUMMARY** 

**August 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,084.1

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![LOGO](g476883g09v03.jpg)

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![LOGO](g476883g21g32.jpg)

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|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's security type and sector breakdowns are expressed as a percentage of total investments and may vary over time. Sectors shown include investments of Underlying Portfolios.  |

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Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The "Portfolio of Investments" section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund's prospectus.

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|:---|:---|
| **12 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** 

**August 31, 2022** 

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS – 55.9%** |  |  |
|  **Information Technology – 15.6%** |  |  |
|  **Electronic Equipment, Instruments & Components – 0.4%** |  |  |
|  CDW Corp./DE | 27316 | $4662841 |
|  **IT Services – 2.4%** |  |  |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 58229 | 5440918 |
|  Visa, Inc. – Class A | 104459 | 20757048 |
|  |  | 26197966 |
|  **Semiconductors & Semiconductor Equipment – 2.6%** |  |  |
|  Analog Devices, Inc. | 23778 | 3603080 |
|  KLA Corp. | 12100 | 4163973 |
|  NVIDIA Corp. | 50350 | 7599829 |
|  NXP Semiconductors NV | 37323 | 6142620 |
|  QUALCOMM, Inc. | 45611 | 6032967 |
|  |  | 27542469 |
|  **Software – 7.1%** |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 18665 | 6970258 |
|  Autodesk, Inc.<sup>(a)</sup> | 20959 | 4228269 |
|  Microsoft Corp. | 170379 | 44548997 |
|  NortonLifeLock, Inc. | 285923 | 6459000 |
|  Oracle Corp. | 150944 | 11192497 |
|  ServiceNow, Inc.<sup>(a)</sup> | 7545 | 3279208 |
|  |  | 76678229 |
|  **Technology Hardware, Storage & Peripherals – 3.1%** |  |  |
|  Apple, Inc. | 188434 | 29625594 |
|  Western Digital Corp.<sup>(a)</sup> | 93263 | 3941294 |
|  |  | 33566888 |
|  |  | 168648393 |
|  **Health Care – 9.1%** |  |  |
|  **Biotechnology – 1.3%** |  |  |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 7169 | 4165619 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 34677 | 9770592 |
|  |  | 13936211 |
|  **Health Care Equipment &<br>Supplies – 1.9%** |  |  |
|  Align Technology, Inc.<sup>(a)</sup> | 8841 | 2154552 |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 47935 | 4318943 |
|  Medtronic PLC | 99449 | 8743556 |
|  Zimmer Biomet Holdings, Inc. | 44668 | 4749102 |
|  |  | 19966153 |
|  **Health Care Providers & Services – 3.1%** |  |  |
|  Elevance Health, Inc. | 19810 | 9610029 |

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 13** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  UnitedHealth Group, Inc. | 47039 | $24428764 |
|  |  | 34038793 |
|  **Life Sciences Tools & Services – 0.5%** |  |  |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 25315 | 5383488 |
|  **Pharmaceuticals – 2.3%** |  |  |
|  Johnson & Johnson | 39506 | 6373898 |
|  Roche Holding AG (Sponsored ADR) | 277179 | 11209119 |
|  Zoetis, Inc. | 46191 | 7230277 |
|  |  | 24813294 |
|  |  | 98137939 |
|  **Financials – 6.3%** |  |  |
|  **Banks – 2.7%** |  |  |
|  Bank of America Corp. | 313031 | 10520972 |
|  PNC Financial Services Group, Inc. (The) | 34030 | 5376740 |
|  Wells Fargo & Co. | 305614 | 13358388 |
|  |  | 29256100 |
|  **Capital Markets – 2.2%** |  |  |
|  Charles Schwab Corp. (The) | 46275 | 3283211 |
|  Goldman Sachs Group, Inc. (The) | 38848 | 12923564 |
|  LPL Financial Holdings, Inc. | 34861 | 7715785 |
|  |  | 23922560 |
|  **Insurance – 1.4%** |  |  |
|  Progressive Corp. (The) | 71173 | 8729368 |
|  Willis Towers Watson PLC | 29850 | 6173876 |
|  |  | 14903244 |
|  |  | 68081904 |
|  **Communication Services – 6.0%** |  |  |
|  **Diversified Telecommunication Services – 0.8%** |  |  |
|  Comcast Corp. – Class A | 250236 | 9056041 |
|  **Entertainment – 0.6%** |  |  |
|  Walt Disney Co. (The)<sup>(a)</sup> | 56031 | 6279954 |
|  **Interactive Media & Services – 3.7%** |  |  |
|  Alphabet, Inc. – Class C<sup>(a)</sup> | 279176 | 30472060 |
|  Meta Platforms, Inc. – Class A<sup>(a)</sup> | 59702 | 9727247 |
|  |  | 40199307 |
|  **Wireless Telecommunication Services – 0.9%** |  |  |
|  T-Mobile US, Inc.<sup>(a)</sup> | 65838 | 9478039 |
|  |  | 65013341 |
|  **Consumer Discretionary – 5.8%** |  |  |
|  **Auto Components – 0.3%** |  |  |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 252773 | 3546405 |

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| **14 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Automobiles – 0.3%** |  |  |
|  Stellantis NV<sup>(b)</sup> | 240765 | $3226251 |
|  **Hotels, Restaurants & Leisure – 0.5%** |  |  |
|  Booking Holdings, Inc.<sup>(a)</sup> | 2876 | 5394830 |
|  **Internet & Direct Marketing Retail – 2.3%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 179344 | 22735439 |
|  Etsy, Inc.<sup>(a)</sup> | 18661 | 1970788 |
|  |  | 24706227 |
|  **Specialty Retail – 1.8%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup> | 3492 | 7400281 |
|  Home Depot, Inc. (The) | 42131 | 12151423 |
|  |  | 19551704 |
|  **Textiles, Apparel & Luxury Goods – 0.6%** |  |  |
|  NIKE, Inc. – Class B | 64893 | 6907860 |
|  |  | 63333277 |
|  **Industrials – 5.3%** |  |  |
|  **Aerospace & Defense – 0.9%** |  |  |
|  Raytheon Technologies Corp. | 107980 | 9691205 |
|  **Building Products – 0.5%** |  |  |
|  Otis Worldwide Corp. | 75335 | 5440694 |
|  **Construction & Engineering – 0.7%** |  |  |
|  AECOM | 109500 | 8009925 |
|  **Electrical Equipment – 1.3%** |  |  |
|  Eaton Corp. PLC | 57380 | 7840403 |
|  Regal Rexnord Corp. | 41913 | 5766810 |
|  |  | 13607213 |
|  **Professional Services – 0.5%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 46929 | 4491105 |
|  Robert Half International, Inc. | 18067 | 1390617 |
|  |  | 5881722 |
|  **Road & Rail – 1.4%** |  |  |
|  CSX Corp. | 301134 | 9530891 |
|  Knight-Swift Transportation Holdings, Inc. | 108256 | 5468011 |
|  |  | 14998902 |
|  |  | 57629661 |
|  **Consumer Staples – 3.1%** |  |  |
|  **Beverages – 1.3%** |  |  |
|  Coca-Cola Co. (The) | 150165 | 9266682 |
|  Constellation Brands, Inc. – Class A | 18406 | 4528796 |
|  |  | 13795478 |

---

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 15** |

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**PORTFOLIO OF INVESTMENTS** (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Food & Staples Retailing – 1.5%** |  |  |  |
|  Costco Wholesale Corp. | 10306 | $| 5380762 |
|  Walmart, Inc.<sup>(a)</sup> | 84165 |  | 11156071 |
|  |  |  | 16536833 |
|  **Household Products – 0.3%** |  |  |  |
|  Procter & Gamble Co., (The) | 26773 |  | 3693068 |
|  |  |  | 34025379 |
|  **Energy – 1.8%** |  |  |  |
|  **Energy Equipment & Services – 0.4%** |  |  |  |
|  Baker Hughes Co. | 178912 |  | 4519317 |
|  **Oil, Gas & Consumable Fuels – 1.4%** |  |  |  |
|  Chevron Corp. | 30941 |  | 4890535 |
|  EOG Resources, Inc. | 82707 |  | 10032359 |
|  |  |  | 14922894 |
|  |  |  | 19442211 |
|  **Utilities – 1.3%** |  |  |  |
|  **Electric Utilities – 1.3%** |  |  |  |
|  American Electric Power Co., Inc. | 76977 |  | 7713095 |
|  NextEra Energy, Inc. | 69633 |  | 5922983 |
|  |  |  | 13636078 |
|  **Real Estate – 1.0%** |  |  |  |
|  **Equity Real Estate Investment Trusts (REITs) – 1.0%** |  |  |  |
|  American Tower Corp. | 19463 |  | 4944575 |
|  Mid-America Apartment Communities, Inc. | 15458 |  | 2560927 |
|  Prologis, Inc. | 29951 |  | 3729199 |
|  |  |  | 11234701 |
|  **Materials – 0.6%** |  |  |  |
|  **Chemicals – 0.6%** |  |  |  |
|  Linde PLC | 24668 |  | 6977591 |
|  Total Common Stocks <br>(cost $446,709,047) |  |  | 606160475 |
|  **INVESTMENT COMPANIES – 43.6%** | **INVESTMENT COMPANIES – 43.6%** | **INVESTMENT COMPANIES – 43.6%** | **INVESTMENT COMPANIES – 43.6%** |
|  **Funds and Investment<br>Trusts – 43.6%<sup>(c)(d)</sup>** |  |  |  |
|  AB Discovery Growth Fund, Inc. – Class Z | 2723095 |  | 27394331 |
|  AB Trust – AB Discovery Value Fund – Class Z | 1662682 |  | 35331989 |
|  Bernstein Fund, Inc. – International Small Cap Portfolio – Class Z | 5724104 |  | 57698966 |
|  Bernstein Fund, Inc. – International Strategic Equities Portfolio – Class Z | 27997092 |  | 301248707 |
|  Bernstein Fund, Inc. – Small Cap Core Portfolio Class Z | 1908423 |  | 24065219 |

---

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| **16 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio – Class Z | 1095313 | $27032333 |
|  Total Investment Companies <br>(cost $527,006,303) |  | 472771545 |
|  **SHORT-TERM INVESTMENTS – 0.7%** | **SHORT-TERM INVESTMENTS – 0.7%** | **SHORT-TERM INVESTMENTS – 0.7%** |
|  **Investment Companies – 0.7%** | **Investment Companies – 0.7%** | **Investment Companies – 0.7%** |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.03%<sup>(c)(d)(e)</sup> <br>(cost $7,150,612) | 7150612 | 7150612 |
|  **Total Investments – 100.2%** <br> (cost $980,865,962) |  | 1086082632 |
|  Other assets less liabilities – (0.2)% |  | (2022170) |
|  **Net Assets – 100.0%** |  | $**1084060462** |

---

(a) Non-income producing security.

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

(c) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

(d) Affiliated investments.

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

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 17** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**August 31, 2022** 

---

| | |
|:---|:---|
| **Assets** |  |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $446,709,047) | $606160475 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $534,156,915) | 479922157 |
|  Foreign currencies, at value (cost $242,660) | 241545 |
|  Unaffiliated dividends receivable | 1122288 |
|  Receivable for shares of beneficial interest sold | 536292 |
|  Receivable for investment securities sold | 340344 |
| Affiliated dividends receivable | 11911 |
| Other assets | 18690 |
|  Total assets | 1088353702 |
| **Liabilities** |  |
|  Payable for investment securities purchased | 3320463 |
|  Payable for shares of beneficial interest redeemed | 336548 |
|  Advisory fee payable | 325630 |
|  Distribution fee payable | 77693 |
|  Transfer Agent fee payable | 22628 |
|  Administrative fee payable | 15404 |
|  Trustees' fees payable | 198 |
|  Accrued expenses | 194676 |
|  Total liabilities | 4293240 |
|  Net Assets | $**1084060462** |
| **Composition of Net Assets** |  |
|  Shares of beneficial interest, at par | $635 |
|  Additional paid-in capital | 919216380 |
|  Distributable earnings | 164843447 |
|  **Net Assets** | $**1084060462** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $&nbsp;&nbsp;&nbsp;&nbsp;318353324 | 18626669 | $&nbsp;&nbsp;&nbsp;&nbsp;17.09 \* |
| **C** | $5165634 | 299873 | $17.23 |
| **Advisor** | $753315477 | 44178851 | $17.05 |
| **R** | $1924506 | 113440 | $16.96 |
| **K** | $5301521 | 312685 | $16.95 |

---

(a) Includes securities on loan with a value of $2,842,904 (see Note E).

\* The maximum offering price per share for Class A shares was $17.85 which reflects a sales charge of 4.25%. 

See notes to financial statements.

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|:---|:---|
| **18 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**STATEMENT OF OPERATIONS** 

**Year Ended August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17608793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $129,330) | 8853835 |  |
|  Securities lending income | 14857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26477485 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 8205357 |  |
|  Distribution fee—Class A | 949095 |  |
|  Distribution fee—Class C | 65872 |  |
|  Distribution fee—Class R | 10981 |  |
|  Distribution fee—Class K | 20621 |  |
|  Transfer agency—Class A | 172107 |  |
|  Transfer agency—Class C | 3562 |  |
|  Transfer agency—Advisor Class | 392412 |  |
|  Transfer agency—Class R | 5711 |  |
|  Transfer agency—Class K | 16497 |  |
|  Administrative | 89361 |  |
|  Custody and accounting | 81118 |  |
|  Registration fees | 79666 |  |
|  Audit and tax | 66898 |  |
|  Legal | 44533 |  |
|  Printing | 36152 |  |
|  Trustees' fees | 33390 |  |
|  Miscellaneous | 52441 |  |
|  Total expenses | 10325774 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (4240166) |  |
|  Net expenses |  | 6085608 |
|  Net investment income |  | 20391877 |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | 629084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions |  | 55174175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 74 |
|  Net realized gain distributions from Affiliated Underlying Portfolios |  | 24655365 |
|  Net change in unrealized appreciation/depreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | (168700312) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (144024207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (22575) |
|  Net loss on investment and foreign currency transactions |  | (232288396) |
|  **Net Decrease in Net Assets from Operations** |  | $**(211896519)** |

---

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 19** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>August 31,<br>2022** | **Year Ended<br>August 31,<br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $20391877 | $9595310 |
|  Net realized gain on investment and foreign currency transactions | 55803333 | 83861379 |
|  Net realized gain distributions from Affiliated Underlying Portfolios | 24655365 | 5021276 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (312747094) | 257114648 |
|  Contributions from Affiliates (see Note B) | – 0 | 8544 |
|  Net increase (decrease) in net assets from operations | (211896519) | 355601157 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (33948474) | (10399971) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (515872) | (287019) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (79324605) | (27251883) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (189307) | (49181) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K | (871487) | (244459) |
| **Transactions in Shares of Beneficial Interest** |  |  |
|  Net decrease | (3883794) | (149863806) |
|  Total increase (decrease) | (330630058) | 167504838 |
| **Net Assets** |  |  |
|  Beginning of period | 1414690520 | 1247185682 |
|  End of period | $**1084060462** | $**1414690520** |

---

See notes to financial statements.

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|:---|:---|
| **20 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of six 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, Advisor Class, Class R and Class K shares. Class B, Class I 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 years after the end of the calendar month of purchase. Class R and Class K shares are sold without an initial or contingent deferred sales charge. 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 Fund'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

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 21** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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.

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|:---|:---|
| **22 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 23** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of August 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks<sup>(a)</sup> | $606160475 | $– 0 | $– 0 | $606160475 |
|  Investment Companies | 472771545 | – 0 | – 0 | 472771545 |
|  Short-Term Investments | 7150612 | – 0 | – 0 | 7150612 |
|  Total Investments in Securities | 1086082632 | – 0 | – 0 | 1086082632 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**1086082632** | $**– 0** | $**– 0** | $**1086082632** |

---

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written 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

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|:---|:---|
| **24 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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. The Fund amortizes premiums and accretes discounts as adjustments to interest income. The Fund accounts for distributions received from 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

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 25** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

**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 year ended August 31, 2022, the reimbursement for such services amounted to $89,361.

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 $259,990 for the year ended August 31, 2022.

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 $4,739 from the sale of Class A shares and received $1,197 and $406 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended August 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended August 31, 2022, such waiver amounted to $4,069.

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| **26 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2022. For the year ended August 31, 2022, such waivers and/or reimbursements amounted to $4,236,042.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Distributions** | **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/21<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>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  Government Money Market Portfolio | $178 | $&nbsp;&nbsp;&nbsp;&nbsp;132478 | $&nbsp;&nbsp;&nbsp;&nbsp;125505 | $– 0 | $– 0 | $7151 | $27 | $– 0 |
|  AB Discovery Growth Fund, Inc. | 46132 | 5774 | 5576 | 373 | (19309) | 27394 | 733 | 5041 |
|  AB Trust—AB Discovery Value Fund | 45559 | 4116 | 6194 | 683 | (8832) | 35332 | 3205 | 910 |
|  Bernstein Fund, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small Cap Portfolio | 84230 | 3069 | 7381 | (67) | (22152) | 57699 | 1648 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Strategic Equities Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;438133 | 39023 | 74159 | &nbsp;&nbsp;&nbsp;&nbsp;(1036 | (100712) | 301249 | 11087 | 13073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Core Portfolio | 33157 | 1855 | 4872 | 852 | (6927) | 24065 | 43 | 1812 |
|  Sanford C. Bernstein Fund, Inc.— Emerging Markets Portfolio | 37313 | 3263 | 2600 | (176) | (10768) | 27032 | 866 | 2397 |
|  Government Money Market Portfolio\* | – 0 | 28682 | 28682 | – 0 | – 0 | – 0 | 1 | – 0 |
|  Total |  |  |  | $629 | $&nbsp;&nbsp;&nbsp;&nbsp;(168700 | $&nbsp;&nbsp;&nbsp;&nbsp;479922 | $&nbsp;&nbsp;&nbsp;&nbsp;17610 | $&nbsp;&nbsp;&nbsp;&nbsp;24655 |

---

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

---

| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 27** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

During the year ended August 31, 2021, the Adviser reimbursed the Fund $8,544 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 Investment Company Act of 1940 (the "Plan"). 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, .50% of the Fund's average daily net assets attributable to Class R shares and .25% of the Fund's average daily net assets attributable to Class K shares. There are no distribution and servicing fees on the Advisor Class. 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 year ended August 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245915246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319083476 |
|  U.S. government securities | – 0 | – 0 |

---

---

| | |
|:---|:---|
| **28 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983883432 |
|  Gross unrealized appreciation | $183846647 |
|  Gross unrealized depreciation | (81647447) |
|  Net unrealized appreciation | $102199200 |

---

**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 year ended August 31, 2022.

**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. 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

---

| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 29** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

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 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 Government Money Market Portfolio are reflected in the statement of operations. When the Fund earns net securities lending income from 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 Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Fund's share of the advisory fees of 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.

---

| | |
|:---|:---|
| **30 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

A summary of the Fund's transactions surrounding securities lending for the year ended August 31, 2022 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** | **Government Money<br>Market Portfolio** | **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;2842904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0 – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13626 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |

---

\* As of August 31, 2022.

**NOTE F** 

**Shares of Beneficial Interest** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 465290 | 287997 | $9094886 | $5633614 |
|  Shares issued in reinvestment of dividends and distributions | 1563099 | 534181 | 31855963 | 9748848 |
|  Shares converted from Class C | 53976 | 526068 | 1082060 | 10598927 |
|  Shares redeemed | (2646371) | (2477281) | (50792438) | (48189697) |
|  **Net decrease** | **(564006)** | **(1129035)** | $**(8759529)** | $**(22208308)** |
|  **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  Shares sold | 17773 | 25458 | $354557 | $500282 |
|  Shares issued in reinvestment of dividends and distributions | 24495 | 14813 | 505821 | 272558 |
|  Shares converted to Class A | (53543) | (524010) | (1082060) | (10598927) |
|  Shares redeemed | (49581) | (104463) | (968498) | (2021069) |
|  **Net decrease** | **(60856)** | **(588202)** | $**(1190180)** | $**(11847156)** |
| **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  Shares sold | 2844148 | 2748034 | $55041905 | $53467404 |
|  Shares issued in reinvestment of dividends and distributions | 3615944 | 1447054 | 73367502 | 26307441 |
|  Shares redeemed | (6008495) | (9975132) | (119086708) | (195227016) |
|  **Net increase (decrease)** | **451597** | **(5780044)** | $**9322699** | $**(115452171)** |

---

---

| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 31** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  Shares sold | 17029 | 9231 | $336771 | $181767 |
|  Shares issued in reinvestment of dividends and distributions | 9330 | 2704 | 189304 | 49180 |
|  Shares redeemed | (19597) | (12506) | (373952) | (240323) |
|  **Net increase (decrease)** | **6762** | **(571)** | $**152123** | $**(9376)** |
| **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  Shares sold | 36048 | 52523 | $696511 | $1016484 |
|  Shares issued in reinvestment of dividends and distributions | 43057 | 13476 | 871480 | 244457 |
|  Shares redeemed | (257687) | (85282) | (4976898) | (1607736) |
|  **Net decrease** | **(178582)** | **(19283)** | $**(3408907)** | $**(346795)** |

---

**NOTE G** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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 because the markets are less developed and less liquid as well as being subject to increased economic, political, regulatory or other uncertainties.

---

| | |
|:---|:---|
| **32 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

---

------

**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 selection 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.

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

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| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 33** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended August 31, 2022.

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| | |
|:---|:---|
| **34 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE I** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29856559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17132564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 84993186 | 21099949 |
|  Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114849745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38232513 |

---

As of August 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed capital gains | $64344313 |
|  Other losses | (1697167)<sup>(a)</sup> |
|  Unrealized appreciation/(depreciation) | 102196301 <sup>(b)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164843447 |

---

(a) As of August 31, 2022, the Fund had a post-October short term capital loss deferral of $1,697,167.

(b) 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, 2022, the Fund did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE J** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

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| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 35** |

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------

**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE K** 

**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.

---

| | |
|:---|:---|
| **36 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $22.18 | $17.50 | $16.11 | $16.99 | $16.27 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .29 | .11 | .19 | .21 | .17 |
|  Net realized and unrealized gain (loss) on investment transactions | (3.57) | 5.10 | 1.86 | (.58 | 1.77 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.28) | 5.21 | 2.05 | (.37 | 1.94 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.26 | (.22) | (.20 | (.16 | (.43 |
|  Distributions from net realized gain on investment transactions | (1.55) | (.31) | (.46 | (.35 | (.79 |
|  Total dividends and distributions | (1.81) | (.53) | (.66 | (.51 | (1.22) |
|  Net asset value, end of period | **$17.09** | **$22.18** | **$17.50** | **$16.11** | **$16.99** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.10) | 30.41% | 12.85 | (1.78) | 12.21 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $318353 | $425623 | $355496 | $350232 | $393100 |
|  **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .65 | .64% | .64 | .64 | .64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .98 | .99% | 1.01 | 1.01 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.46 | .55% | 1.20 | 1.34 | 1.02 |
|  Portfolio turnover rate | 20 | 15% | 18 | 20 | 22 |
|  <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 | .36 | .38% | .40 | .40 | .40 |

---

See footnote summary on page 42.

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| | |
|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 37** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $22.24 | $17.52 | $16.10 | $16.91 | $16.15 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .14 | (.02) | .08 | .10 | .06 |
|  Net realized and unrealized gain (loss) on investment transactions | (3.60) | 5.10 | 1.84 | (.56 | 1.73 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.46) | 5.08 | 1.92 | (.46 | 1.79 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | – 0 | (.05) | (.04 | (.00 | (.24 |
|  Distributions from net realized gain on investment transactions | (1.55) | (.31) | (.46 | (.35 | (.79 |
|  Total dividends and distributions | (1.55) | (.36) | (.50 | (.35 | (1.03) |
|  Net asset value, end of period | **$17.23** | **$22.24** | **$17.52** | **$16.10** | **$16.91** |
|  **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** | **Total Return** |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.70) | 29.39% | 11.98 | (2.46) | 11.31 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5166 | $8023 | $16621 | $23546 | $38133 |
|  **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.41 | 1.39% | 1.39 | 1.40 | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.74 | 1.75% | 1.76 | 1.76 | 1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | .72 | (.10)% | .50 | .64 | .34 |
|  Portfolio turnover rate | 20 | 15% | 18 | 20 | 22 |
|  <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 | .36 | .38% | .40 | .40 | .40 |

---

See footnote summary on page 42.

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| **38 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $22.13 | $17.46 | $16.08 | $16.96 | $16.25 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .33 | .16 | .23 | .25 | .21 |
|  Net realized and unrealized gain (loss) on investment transactions | (3.55) | 5.08 | 1.85 | (.57 | 1.76 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.22) | 5.24 | 2.08 | (.32 | 1.97 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.31 | (.26) | (.24 | (.21 | (.47 |
|  Distributions from net realized gain on investment transactions | (1.55) | (.31) | (.46 | (.35 | (.79 |
|  Total dividends and distributions | (1.86) | (.57) | (.70 | (.56 | (1.26) |
|  Net asset value, end of period | **$17.05** | **$22.13** | **$17.46** | **$16.08** | **$16.96** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (15.87) | 30.73% | 13.08 | (1.49) | 12.44 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $753314 | $967876 | $864334 | $869353 | $931834 |
|  **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .40 | .39% | .39 | .39 | .39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .73 | .74% | .76 | .76 | .76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.69 | .81% | 1.44 | 1.58 | 1.26 |
|  Portfolio turnover rate | 20 | 15% | 18 | 20 | 22 |
|  <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 | .36 | .38% | .40 | .40 | .40 |

---

See footnote summary on page 42.

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 39** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $22.03 | $17.40 | $15.99 | $16.84 | $16.14 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .19 | .02 | .11 | .15 | .10 |
|  Net realized and unrealized gain (loss) on investment transactions | (3.54) | 5.07 | 1.84 | (.57 | 1.73 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.35) | 5.09 | 1.95 | (.42 | 1.83 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.17 | (.15) | (.08 | (.08 | (.34 |
|  Distributions from net realized gain on investment transactions | (1.55) | (.31) | (.46 | (.35 | (.79 |
|  Total dividends and distributions | (1.72) | (.46) | (.54 | (.43 | (1.13) |
|  Net asset value, end of period | **$16.96** | **$22.03** | **$17.40** | **$15.99** | **$16.84** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.43) | 29.78% | 12.31 | (2.17) | 11.62 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $1925 | $2351 | $1866 | $2248 | $2898 |
|  **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.11 | 1.11% | 1.09 | 1.10 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.45 | 1.46% | 1.46 | 1.46 | 1.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.00 | .09% | .69 | .93 | .59 |
|  Portfolio turnover rate | 20 | 15% | 18 | 20 | 22 |
|  <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 | .36 | .38% | .40 | .40 | .40 |

---

See footnote summary on page 42.

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| **40 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class K** | **Class K** | **Class K** | **Class K** | **Class K** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $22.02 | $17.37 | $16.00 | $16.87 | $16.17 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .31 | .08 | .17 | .19 | .15 |
|  Net realized and unrealized gain (loss) on investment transactions | (3.60) | 5.07 | 1.83 | (.57 | 1.75 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.29) | 5.15 | 2.00 | (.38 | 1.90 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.23 | (.19) | (.17 | (.14 | (.41 |
|  Distributions from net realized gain on investment transactions | (1.55) | (.31) | (.46 | (.35 | (.79 |
|  Total dividends and distributions | (1.78) | (.50) | (.63 | (.49 | (1.20) |
|  Net asset value, end of period | **$16.95** | **$22.02** | **$17.37** | **$16.00** | **$16.87** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.20) | 30.24% | 12.63 | (1.90) | 12.01 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $5302 | $10818 | $8869 | $10672 | $11729 |
|  **Ratio to average net assets of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .80 | .80% | .78 | .79 | .78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.14 | 1.15% | 1.15 | 1.15 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.57 | .39% | 1.08 | 1.19 | .92 |
|  Portfolio turnover rate | 20 | 15% | 18 | 20 | 22 |
|  <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 | .36 | .38% | .40 | .40 | .40 |

---

See footnote summary on page 42.

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 41** |

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**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, such waiver amounted to .34%,
..35%, .37%, .36% and .37%, respectively.

\* Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund's performance for the year ended August 31, 2018 by .05%. 

See notes to financial statements.

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| **42 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Trustees of** 

**AB Wealth Appreciation Strategy** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Wealth Appreciation Strategy (the "Fund") (one of the series constituting The AB Portfolios (the "Company")), including the portfolio of investments, as of August 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting The AB Portfolios) at August 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and/or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g476883g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

October 27, 2022

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| **44 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended August 31, 2022. For individual shareholders, the Fund designates 90.90% of dividends paid as qualified dividend income. For corporate shareholders, 80.84% of dividends paid qualify for the dividends received deduction. The Fund designates $84,993,186 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 45** |

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**TRUSTEES** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman<br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup><br> **Onur Erzan,** President and Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |
| **OFFICERS** |  |
| **Ding Liu**<sup>(2)</sup>**,** Vice President<br> **Nelson Yu**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Clerk<br> **Michael B. Reyes,** Senior Vice President<br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer | **Phyllis J. Clarke,** Controller and Chief Accounting Officer<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br>State Street Corporation CCB/5<br> 1 Iron Street<br>Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br>501 Commerce Street<br>Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br>One Battery Park Plaza<br>New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor<br>Services, Inc.<br>P.O. Box 786003<br>San Antonio, TX 78278<br> Toll-Free (800) 221-5672<br>**Independent Registered Public Accounting Firm**<br> Ernst & Young LLP<br>One Manhattan West<br> New York, NY 10001 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Multi-Asset Solutions Team. Messrs. Liu and Yu are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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| **46 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** 

**Board of Trustees Information** 

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund's Trustees is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas,<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 47** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81 <br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 75 |  |

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| **48 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** |
| Jorge A. Bermudez,<sup>##</sup><br>71<br>(2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br> (2005) <br>| Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 49** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2006) <br>| Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup> <br>70 <br>(2020) <br>| Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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|:---|:---|
| **50 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) <br>| Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 51** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,**<br> **ADDRESS\*, AGE AND**<br> **(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL**<br> **OCCUPATION(S),**<br> **DURING PAST FIVE YEARS**<br> **AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY HELD<br>BY TRUSTEE** |
| **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** | **INDEPENDENT TRUSTEES<br>(continued)** |
| Garry L. Moody,<sup>##</sup> <br>70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

---

\* The address for each of the Fund's disinterested Trustees is c/o AllianceBernstein L.P., Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Trustees.

\*\*\* The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund. 

# Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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|:---|:---|
| **52 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITIONS<br>HELD WITH TRUST** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and Chief Executive Officer | See biography above. |
| Ding Liu<br> 45 | Vice President | Senior Vice President and Senior Quantitative Analyst of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Nelson Yu<br> 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer – Investment Sciences and Insights since 2021. |
| Emilie D. Wrapp<br>66 | Clerk | Senior Vice President, Assistant General Counsel and Assistant Clerk of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller and Chief Accounting Officer | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information (SAI) has additional information about the Fund's Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 53** |

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended,

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|:---|:---|
| **54 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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and has operated effectively since its inception. No material exceptions have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 55** |

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**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 3-5, 2022 (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 for 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

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| **56 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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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 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 2020 and 2021 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

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 57** |

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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 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 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 Class A 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 Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2022 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 took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

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| **58 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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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, 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A 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. 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

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 59** |

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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.

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| **60 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**This page is not part of the Shareholder Report or the Financial Statements.** 

------

**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**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.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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|:---|:---|
| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 61** |

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**NOTES** 

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| **62 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES** 

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| **abfunds.com** | **AB WEALTH APPRECIATION STRATEGY <sup>\|</sup> 63** |

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**NOTES** 

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| **64 <sup>\|</sup> AB WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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![LOGO](g476883g43p34.jpg)

AB WEALTH APPRECIATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

WA-0151-0822 ![LOGO](g476883g22c48.jpg)

------

**AUG** <sup>08.31.22</sup>

![LOGO](g476603g43p34.jpg)

ANNUAL REPORT

## AB TAX-MANAGED WEALTH APPRECIATION STRATEGY
![LOGO](g476603covart_390.jpg)

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 <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 is a registered service mark of AllianceBernstein and AllianceBernstein<sup>®</sup> is a registered service mark used by permission of the owner, AllianceBernstein L.P.

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|:---|:---|
| **FROM THE PRESIDENT** | ![LOGO](g476603g92f19.jpg) |

---

Dear Shareholder,

We're pleased to provide this report for the AB Tax-Managed Wealth Appreciation Strategy (the "Fund"). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund's investment strategy.

At AB, we're striving to help our clients achieve better outcomes by:

<sup>+</sup> Fostering diverse perspectives that give us a distinctive approach to navigating global capital markets

<sup>+</sup> Applying differentiated investment insights through a connected global research network

<sup>+</sup> Embracing innovation to design better ways to invest and leading-edge mutual-fund solutions

Whether you're an individual investor or a multibillion-dollar institution, we're putting our knowledge and experience to work for you every day.

For more information about AB's comprehensive range of products and shareholder resources, please log on to www.abfunds.com.

Thank you for your investment in AB mutual funds—and for placing your trust in our firm.

Sincerely,

![LOGO](g476603g55d83.jpg)

Onur Erzan

President and Chief Executive Officer, AB Mutual Funds

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 1** |

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**ANNUAL REPORT** 

**October 10, 2022** 

This report provides management's discussion of fund performance for the AB Tax-Managed Wealth Appreciation Strategy for the annual reporting period ended August 31, 2022.

**The Fund's investment objective is long-term growth of capital.** 

**NAV RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | 6 Months | 12 Months |
| **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY**<sup>1</sup> |  |  |
| Class A Shares | -11.28% | -16.08% |
| Class C Shares | -11.60% | -16.73% |
| Advisor Class Shares<sup>2</sup> | -11.17% | -15.87% |
| MSCI ACWI (net) | -11.21% | -15.88% |

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| | |
|:---|:---|
| 1 | **Includes the impact of proceeds received and credited to the Fund resulting from class-action settlements, which enhanced the performance of all share classes of the Fund for the six- and 12-month periods ended August 31, 2022, by 0.02% and 0.02%, respectively.**  |

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| | |
|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

---

**INVESTMENT RESULTS** 

The table above shows the Fund's performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index ("MSCI ACWI") (net), for the six- and 12-month periods ended August 31, 2022.

During both periods, Class A and C shares underperformed the benchmark, while Advisor Class shares outperformed, before sales charges. Across both periods, sector selection detracted, relative to the benchmark, while country, currency and security selection contributed. Sector selection was most significantly impacted by underweights to energy and utilities over the 12-month period, with both unusually outperforming together, as fears of rising energy prices along with worries about an economic slowdown, drove returns. In the six-month period, underweights to defensive sectors, such as utilities and consumer staples, detracted from returns. For both periods, an overweight to industrials helped to partially offset losses.

In the six-month period, security selection was stronger among large-cap stocks in US and international developed markets, while selection within smaller-cap stocks and emerging markets detracted. For the 12-month

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|:---|:---|
| **2 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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period, the pattern remained the same, except stock selection within emerging markets, which contributed. Security selection in the communication-services and technology sectors was strong over both periods, with additional contribution from selection within financials over the six-month period, and industrials and real estate over the 12-month period. Allocation to smaller-cap stocks in the US helped performance in the six-month period, while exposure to smaller-cap stocks detracted from performance in the US for the 12-month period and in both periods for non-US stocks.

The Fund utilized derivatives in the form of futures for investment purposes, which had an immaterial impact on absolute returns for both periods.

**MARKET REVIEW AND INVESTMENT STRATEGY** 

US, international and emerging-market stocks declined during the 12-month period ended August 31, 2022. Initially, positive earnings momentum overshadowed concerns surrounding coronavirus variants and supply-chain disruptions. Volatility increased as persistently high inflation set off a global wave of tighter monetary policy led by the US Federal Reserve (the "Fed"). The escalating European energy crisis caused by Russia's invasion of Ukraine, and continued weakness in China, contributed to fears of a broad global downturn. The Fed raised interest rates four times during the period, including two consecutive 0.75% increases. Equity markets rallied briefly as some weaker-than-expected economic data pointed to modestly lower inflation in the US, which raised optimism that policy rates might peak at lower levels. Stocks fell sharply after Fed Chair Jerome Powell remarked that the Fed would be willing to risk recession to lower inflation. Against a backdrop of rising rates, growth stocks came under pressure throughout most of the period. Within large-cap markets, both growth and value stocks declined in absolute terms, but value stocks outperformed growth stocks significantly. Large-cap stocks outperformed small-cap stocks on a relative basis, but both declined in absolute terms.

The Fund's Senior Investment Management Team (the "Team") seeks improved equity risk control by utilizing the Adviser's Strategic Equities services as the core equity allocation to US and international markets. This diversified exposure across equity markets and emphasis on a broad set of stocks, which includes companies with historical and projected stable earnings and higher profitability, eliminates the need for diversifiers to limit volatility. The Team believes this allocation offers the potential to achieve higher returns, with similar levels of volatility, increasing risk-adjusted returns in an all-equity service to meet the long-term growth goal—growth of capital.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 3** |

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**INVESTMENT POLICIES** 

The Fund invests primarily in equity securities, either directly or through underlying investment companies advised by the Adviser ("Underlying Portfolios"). A majority of the Fund's assets are expected to be invested directly in US large-cap equity securities, primarily common stocks, in accordance with the Adviser's US Strategic Equities investment strategy ("US Strategic Equities"), as described below. In addition, the Fund seeks to achieve exposure to international large-cap equity securities through investments in other registered investment companies advised by the Adviser, which may include International Strategic Equities Portfolio of Bernstein Fund, Inc. ("Bernstein International Strategic Equities Portfolio"). The Fund also invests in other Underlying Portfolios to efficiently gain exposure to certain other types of equity securities, including small- and mid-cap and emerging-market equity securities. An Underlying Portfolio is selected based on the segment of the equity market to which the Underlying Portfolio provides exposure, its investment philosophy, and how it complements and diversifies the Fund's overall portfolio.

Under US Strategic Equities, portfolio managers of the Adviser that specialize in various investment disciplines identify high-conviction large-cap equity securities based on their fundamental investment research for potential investment by the Fund. These securities are then assessed in terms of both this fundamental research and quantitative analysis in creating the Fund's portfolio. In applying the quantitative analysis, the Adviser considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior.

Bernstein International Strategic Equities Portfolio focuses on investing in non-US large-cap and mid-cap equity securities. Bernstein International Strategic Equities Portfolio follows a strategy similar to US Strategic Equities, but in the international context.

Fluctuations in currency exchange rates can have a dramatic impact on the returns of foreign equity securities. The Adviser may employ currency hedging strategies in the Fund or the Underlying Portfolios, including the use of currency-related derivatives, to seek to reduce currency risk in the Fund or the Underlying Portfolios, but it is not required to do so.

The Fund seeks to maximize after-tax returns to shareholders by taking into account the tax impact of buy and sell investment decisions on its shareholders. For example, the Adviser may sell certain securities in

(continued on next page)

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|:---|:---|
| **4 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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order to realize capital losses. Capital losses may be used to offset realized capital gains. To minimize capital gains distributions, the Adviser may sell securities in the Fund with the highest cost basis. The Adviser may monitor the length of time the Fund has held an investment to evaluate whether the investment should be sold at a short-term gain or held for a longer period so that the gain on the investment will be taxed at the lower long-term rate. In making this decision, the Adviser considers whether, in its judgment, the risk of continued exposure to the investment is worth the tax savings of a lower capital gains rate. There can be no assurance that any of these strategies will be effective or that their use will not adversely affect the gross returns of the Fund.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 5** |

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**DISCLOSURES AND RISKS** 

**Benchmark Disclosure** 

**The MSCI ACWI is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio.** The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Fund.

**A Word About Risk** 

**Market Risk:** The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock market generally.

**Foreign (Non-US) Risk:** The Fund's investments in securities of non-US issuers may involve more risk than those of US 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 because the markets are less developed and less liquid as well as being subject to 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

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|:---|:---|
| **6 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**DISCLOSURES AND RISKS** (continued)

market and selection 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.

**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.

These risks are fully discussed in the Fund's prospectus. As with all investments, you may lose money by investing in the Fund.

**An Important Note About Historical Performance** 

**The investment return and principal value of an investment in the Fund will fluctuate as the prices of the individual securities in which it invests fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. You may obtain performance information current to the most recent month-end by visiting www.abfunds.com. The performance shown for periods prior to July 14, 2017, is based on the Fund's prior principal strategies and may not be representative of the Fund's performance under its current principal strategies.** 

**All fees and expenses related to the operation of the Fund have been deducted. Net asset value ("NAV") returns do not reflect sales charges; if sales charges were reflected, the Fund's quoted performance would be lower. SEC returns reflect the applicable sales charges for each share class: a 4.25% maximum front-end** 

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 7** |

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**DISCLOSURES AND RISKS** (continued)

**sales charge for Class A shares and a 1% 1-year contingent deferred sales charge for Class C shares. Returns for the different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.** 

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|:---|:---|
| **8 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** 

**GROWTH OF A $10,000 INVESTMENT IN THE FUND** (unaudited)

8/31/2012 TO 8/31/2022

![LOGO](g476603g01a12.jpg)

This chart illustrates the total value of an assumed $10,000 investment in AB Tax-Managed Wealth Appreciation Strategy Class A shares (from 8/31/2012 to 8/31/2022) as compared to the performance of the Fund's benchmark. The chart reflects the deduction of the maximum 4.25% sales charge from the initial $10,000 investment in the Fund and assumes the reinvestment of dividends and capital gains distributions.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 9** |

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**HISTORICAL PERFORMANCE** (continued)

**AVERAGE ANNUAL RETURNS AS OF AUGUST 31, 2022** (unaudited)

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| | | |
|:---|:---|:---|
|  | NAV Returns | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |  |
| 1 Year | -16.08% | -19.65% |
| 5 Years | 6.20% | 5.28% |
| 10 Years | 8.39% | 7.92% |
| **CLASS C SHARES** |  |  |
| 1 Year | -16.73% | -17.53% |
| 5 Years | 5.40% | 5.40% |
| 10 Years<sup>1</sup> | 7.58% | 7.58% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |  |
| 1 Year | -15.87% | -15.87% |
| 5 Years | 6.47% | 6.47% |
| 10 Years | 8.67% | 8.67% |

---

**The Fund's current prospectus fee table shows the Fund's total annual operating expense ratios as 1.36%, 2.12% and 1.11% for Class A, Class C and Advisor Class shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursement agreements reduced the Fund's total annual operating expense ratios to 1.01%, 1.76% and 0.76% for Class A, Class C and Advisor Class shares, respectively. These waivers/reimbursement agreements may not be terminated before December 31, 2022. Absent reimbursements or waivers, performance would have been lower. The net and gross expenses shown include the total operating expenses of the Fund and the indirect expenses of the Fund's Underlying Portfolios, as based upon the allocation of the Fund's assets among the Underlying Portfolios. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.** 

1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | This share class is offered at NAV to eligible investors and the SEC returns are the same as the NAV returns. Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **10 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**HISTORICAL PERFORMANCE** (continued)

**SEC AVERAGE ANNUAL RETURNS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | SEC Returns<br>(reflects applicable<br>sales charges) |
| **CLASS A SHARES** |  |
| 1 Year | -24.26% |
| 5 Years | 2.75% |
| 10 Years | 6.55% |
| **CLASS C SHARES** |  |
| 1 Year | -22.24% |
| 5 Years | 2.88% |
| 10 Years<sup>1</sup> | 6.23% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -20.67% |
| 5 Years | 3.92% |
| 10 Years | 7.30% |

---

1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 11** |

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**HISTORICAL PERFORMANCE** (continued)

**RETURNS AFTER TAXES ON DISTRIBUTIONS** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | Returns |
| **CLASS A SHARES** |  |
| 1 Year | -25.25% |
| 5 Years | 1.31% |
| 10 Years | 5.37% |
| **CLASS C SHARES** |  |
| 1 Year | -23.06% |
| 5 Years | 1.69% |
| 10 Years<sup>1</sup> | 5.29% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -21.76% |
| 5 Years | 2.40% |
| 10 Years | 6.04% |

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**RETURNS AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES** 

**AS OF THE MOST RECENT CALENDAR QUARTER-END** 

**SEPTEMBER 30, 2022** (unaudited)

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| | |
|:---|:---|
|  | Returns |
| **CLASS A SHARES** |  |
| 1 Year | -13.29% |
| 5 Years | 2.03% |
| 10 Years | 5.07% |
| **CLASS C SHARES** |  |
| 1 Year | -12.24% |
| 5 Years | 2.19% |
| 10 Years<sup>1</sup> | 4.88% |
| **ADVISOR CLASS SHARES**<sup>2</sup> |  |
| 1 Year | -11.08% |
| 5 Years | 2.93% |
| 10 Years | 5.68% |

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1 Assumes conversion of Class C shares into Class A shares after eight years.

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|:---|:---|
| 2 | Please note that this share class is for investors purchasing shares through accounts established under certain fee-based programs sponsored and maintained by certain broker-dealers and financial intermediaries, institutional pension plans and/or investment advisory clients of, and certain other persons associated with, the Adviser and its affiliates or the Fund.  |

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|:---|:---|
| **12 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**EXPENSE EXAMPLE** 

(unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

**Actual Expenses** 

The table below provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the hypothetical example is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 13** |

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**EXPENSE EXAMPLE** (continued)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br>Account<br>Value<br>March 1,<br>2022** | **Ending<br>Account<br>Value<br>August 31,<br>2022** | **Expenses<br>Paid<br>During<br>Period\*** | **Annualized<br>Expense<br>Ratio\*** | **Total<br>Expenses<br>Paid<br>During<br>Period+** | **Total<br>Annualized<br>Expense<br>Ratio+** |
| **Class A** |  |  |  |  |  |  |
|  Actual | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | 0.64% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | 0.98% |
|  Hypothetical\*\* | $1000 | $1021.98 | $3.26 | 0.64% | $4.99 | 0.98% |
| **Class C** |  |  |  |  |  |  |
|  Actual | $1000 | $884.00 | $6.65 | 1.40% | $8.26 | 1.74% |
|  Hypothetical\*\* | $1000 | $1018.15 | $7.12 | 1.40% | $8.84 | 1.74% |
| **Advisor Class** |  |  |  |  |  |  |
|  Actual | $1000 | $888.30 | $1.86 | 0.39% | $3.47 | 0.73% |
|  Hypothetical\*\* | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.24 | $1.99 | 0.39% | $3.72 | 0.73% |

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\* Expenses are equal to the classes' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

\*\* Assumes 5% annual return before expenses. 

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|:---|:---|
| + | In connection with the Fund's investments in affiliated/unaffiliated 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/unaffiliated 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 of the affiliated underlying portfolios. The Fund's total expenses are equal to the classes' annualized expense ratio plus the Fund's pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  |

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| **14 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO SUMMARY** 

**August 31, 2022** (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $691.8

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![LOGO](g476603g01a19.jpg)

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![LOGO](g476603g01b19.jpg)

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| | |
|:---|:---|
| 1 | All data are as of August 31, 2022. The Fund's security type and sector breakdowns are expressed as a percentage of total investments and may vary over time. Sectors shown include investments of Underlying Portfolios.  |

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Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor's. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The "Portfolio of Investments" section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Fund's prospectus.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 15** |

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**PORTFOLIO OF INVESTMENTS** 

**August 31, 2022** 

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **COMMON STOCKS – 56.1%** |  |  |  |
|  **Information Technology – 15.5%** |  |  |  |
|  **Communications Equipment – 0.1%** |  |  |  |
|  Cisco Systems, Inc. | 14232 | $| 636455 |
|  **Electronic Equipment, Instruments & Components – 0.5%** |  |  |  |
|  CDW Corp./DE | 20234 |  | 3453944 |
|  **IT Services – 2.3%** |  |  |  |
|  Genpact Ltd. | 26878 |  | 1262728 |
|  PayPal Holdings, Inc.<sup>(a)</sup> | 25356 |  | 2369265 |
|  Visa, Inc. – Class A | 61639 |  | 12248286 |
|  |  |  | 15880279 |
|  **Semiconductors & Semiconductor Equipment – 2.7%** |  |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup> | 4089 |  | 347033 |
|  Analog Devices, Inc. | 9748 |  | 1477114 |
|  KLA Corp. | 4368 |  | 1503160 |
|  Micron Technology, Inc. | 26962 |  | 1524162 |
|  NVIDIA Corp. | 30472 |  | 4599444 |
|  NXP Semiconductors NV | 21441 |  | 3528760 |
|  QUALCOMM, Inc. | 33319 |  | 4407104 |
|  Texas Instruments, Inc. | 8454 |  | 1396685 |
|  |  |  | 18783462 |
|  **Software – 6.9%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup> | 10783 |  | 4026804 |
|  Autodesk, Inc.<sup>(a)</sup> | 12613 |  | 2544547 |
|  Microsoft Corp. | 110009 |  | 28764053 |
|  NortonLifeLock, Inc. | 170995 |  | 3862777 |
|  Oracle Corp. | 91074 |  | 6753137 |
|  ServiceNow, Inc.<sup>(a)</sup> | 4631 |  | 2012725 |
|  |  |  | 47964043 |
|  **Technology Hardware, Storage & Peripherals – 3.0%** |  |  |  |
|  Apple, Inc. | 123767 |  | 19458648 |
|  Western Digital Corp.<sup>(a)</sup> | 21883 |  | 924775 |
|  |  |  | 20383423 |
|  |  |  | 107101606 |
|  **Health Care – 8.9%** | **Health Care – 8.9%** | **Health Care – 8.9%** | **Health Care – 8.9%** |
|  **Biotechnology – 1.3%** | **Biotechnology – 1.3%** | **Biotechnology – 1.3%** | **Biotechnology – 1.3%** |
|  Gilead Sciences, Inc. | 412 |  | 26150 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup> | 4270 |  | 2481126 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 22419 |  | 6316777 |
|  |  |  | 8824053 |

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| **16 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **Health Care Equipment & Supplies – 1.8%** |  |  |  |
|  Edwards Lifesciences Corp.<sup>(a)</sup> | 36521 | $| 3290542 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup> | 4252 |  | 1478080 |
|  Intuitive Surgical, Inc.<sup>(a)</sup> | 2352 |  | 483901 |
|  Medtronic PLC | 70556 |  | 6203284 |
|  Zimmer Biomet Holdings, Inc. | 6717 |  | 714151 |
|  |  |  | 12169958 |
|  **Health Care Providers & Services – 3.1%** |  |  |  |
|  Elevance Health, Inc. | 13112 |  | 6360762 |
|  UnitedHealth Group, Inc. | 29692 |  | 15419947 |
|  |  |  | 21780709 |
|  **Life Sciences Tools & Services – 0.5%** |  |  |  |
|  IQVIA Holdings, Inc.<sup>(a)</sup> | 15597 |  | 3316858 |
|  **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** | **Pharmaceuticals – 2.2%** |
|  Johnson & Johnson | 17276 |  | 2787310 |
|  Merck & Co., Inc. | 10156 |  | 866916 |
|  Organon & Co. | 1015 |  | 28958 |
|  Pfizer, Inc. | 8730 |  | 394858 |
|  Roche Holding AG (Sponsored ADR) | 172615 |  | 6980551 |
|  Viatris, Inc. | 779 |  | 7439 |
|  Zoetis, Inc. | 26995 |  | 4225527 |
|  |  |  | 15291559 |
|  |  |  | 61383137 |
|  **Consumer Discretionary – 6.4%** | **Consumer Discretionary – 6.4%** | **Consumer Discretionary – 6.4%** | **Consumer Discretionary – 6.4%** |
|  **Auto Components – 0.3%** | **Auto Components – 0.3%** | **Auto Components – 0.3%** | **Auto Components – 0.3%** |
|  Goodyear Tire & Rubber Co. (The)<sup>(a)</sup> | 138470 |  | 1942734 |
|  Magna International, Inc. | 4191 |  | 241946 |
|  |  |  | 2184680 |
|  **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** | **Automobiles – 0.2%** |
|  Stellantis NV | 127208 |  | 1704587 |
|  **Hotels, Restaurants & Leisure – 0.5%** | **Hotels, Restaurants & Leisure – 0.5%** | **Hotels, Restaurants & Leisure – 0.5%** | **Hotels, Restaurants & Leisure – 0.5%** |
|  Booking Holdings, Inc.<sup>(a)</sup> | 1611 |  | 3021930 |
|  Starbucks Corp. | 8298 |  | 697613 |
|  |  |  | 3719543 |
|  **Internet & Direct Marketing Retail – 2.2%** |  |  |  |
|  Amazon.com, Inc.<sup>(a)</sup> | 111237 |  | 14101514 |
|  Etsy, Inc.<sup>(a)</sup> | 11852 |  | 1251690 |
|  |  |  | 15353204 |
|  **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** | **Specialty Retail – 2.4%** |
|  AutoZone, Inc.<sup>(a)</sup> | 2586 |  | 5480277 |
|  Home Depot, Inc. (The) | 29596 |  | 8536078 |
|  TJX Cos., Inc. (The) | 37947 |  | 2365996 |
|  |  |  | 16382351 |

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 17** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** | **Textiles, Apparel & Luxury Goods – 0.8%** |
|  Deckers Outdoor Corp.<sup>(a)</sup> | 790 | $254040 |
|  NIKE, Inc. – Class B | 47114 | 5015286 |
|  |  | 5269326 |
|  |  | 44613691 |
|  **Financials – 6.1%** | **Financials – 6.1%** | **Financials – 6.1%** |
|  **Banks – 2.8%** | **Banks – 2.8%** | **Banks – 2.8%** |
|  Bank of America Corp. | 220137 | 7398805 |
|  JPMorgan Chase & Co. | 7890 | 897330 |
|  PNC Financial Services Group, Inc. (The) | 17709 | 2798022 |
|  Wells Fargo & Co. | 194040 | 8481488 |
|  |  | 19575645 |
|  **Capital Markets – 2.1%** | **Capital Markets – 2.1%** | **Capital Markets – 2.1%** |
|  Charles Schwab Corp. (The) | 23620 | 1675839 |
|  Goldman Sachs Group, Inc. (The) | 22032 | 7329385 |
|  LPL Financial Holdings, Inc. | 23154 | 5124675 |
|  S&P Global, Inc. | 957 | 337036 |
|  |  | 14466935 |
|  **Insurance – 1.2%** | **Insurance – 1.2%** | **Insurance – 1.2%** |
|  Progressive Corp. (The) | 37894 | 4647699 |
|  Willis Towers Watson PLC | 18936 | 3916533 |
|  |  | 8564232 |
|  |  | 42606812 |
|  **Communication Services – 5.8%** | **Communication Services – 5.8%** | **Communication Services – 5.8%** |
|  **Diversified Telecommunication Services – 0.8%** |  |  |
|  Comcast Corp. – Class A | 143824 | 5204991 |
|  **Entertainment – 0.6%** | **Entertainment – 0.6%** | **Entertainment – 0.6%** |
|  Electronic Arts, Inc. | 1749 | 221896 |
|  Walt Disney Co. (The)<sup>(a)</sup> | 35600 | 3990048 |
|  |  | 4211944 |
|  **Interactive Media & Services – 3.5%** |  |  |
|  Alphabet, Inc. – Class A<sup>(a)</sup> | 12280 | 1328942 |
|  Alphabet, Inc. – Class C<sup>(a)</sup> | 151620 | 16549323 |
|  Meta Platforms, Inc. – Class A<sup>(a)</sup> | 38749 | 6313374 |
|  |  | 24191639 |
|  **Wireless Telecommunication Services – 0.9%** |  |  |
|  T-Mobile US, Inc.<sup>(a)</sup> | 45188 | 6505264 |
|  |  | 40113838 |
|  **Industrials – 5.1%** | **Industrials – 5.1%** | **Industrials – 5.1%** |
|  **Aerospace & Defense – 0.8%** |  |  |
|  Raytheon Technologies Corp. | 64222 | 5763924 |

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| **18 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Building Products – 0.4%** | **Building Products – 0.4%** | **Building Products – 0.4%** |
|  Otis Worldwide Corp. | 36328 | $2623608 |
|  **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** | **Construction & Engineering – 0.7%** |
|  AECOM | 66087 | 4834264 |
|  **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** | **Electrical Equipment – 1.2%** |
|  Eaton Corp. PLC | 32989 | 4507617 |
|  Regal Rexnord Corp. | 25378 | 3491759 |
|  |  | 7999376 |
|  **Machinery – 0.1%** |  |  |
|  Ingersoll Rand, Inc. | 10221 | 484169 |
|  **Professional Services – 0.6%** | **Professional Services – 0.6%** | **Professional Services – 0.6%** |
|  Booz Allen Hamilton Holding Corp. | 31172 | 2983160 |
|  Robert Half International, Inc. | 15911 | 1224670 |
|  |  | 4207830 |
|  **Road & Rail – 1.3%** |  |  |
|  CSX Corp. | 167603 | 5304635 |
|  Knight-Swift Transportation Holdings, Inc. | 61662 | 3114548 |
|  Norfolk Southern Corp. | 3002 | 729876 |
|  |  | 9149059 |
|  |  | 35062230 |
|  **Consumer Staples – 3.4%** | **Consumer Staples – 3.4%** | **Consumer Staples – 3.4%** |
|  **Beverages – 1.1%** |  |  |
|  Coca-Cola Co. (The) | 80485 | 4966729 |
|  Constellation Brands, Inc. – Class A | 10435 | 2567532 |
|  |  | 7534261 |
|  **Food & Staples Retailing – 1.5%** |  |  |
|  Costco Wholesale Corp. | 7999 | 4176278 |
|  Walmart, Inc.<sup>(a)</sup> | 46273 | 6133486 |
|  |  | 10309764 |
|  **Household Products – 0.8%** |  |  |
|  Procter & Gamble Co., (The) | 40752 | 5621331 |
|  |  | 23465356 |
|  **Energy – 1.9%** | **Energy – 1.9%** | **Energy – 1.9%** |
|  **Energy Equipment & Services – 0.4%** |  |  |
|  Baker Hughes Co. | 24890 | 628721 |
|  Schlumberger NV | 58581 | 2234865 |
|  |  | 2863586 |
|  **Oil, Gas & Consumable Fuels – 1.5%** |  |  |
|  Chevron Corp. | 26222 | 4144650 |
|  EOG Resources, Inc. | 49061 | 5951099 |
|  |  | 10095749 |
|  |  | 12959335 |

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 19** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **Utilities – 1.3%** | **Utilities – 1.3%** | **Utilities – 1.3%** |
|  **Electric Utilities – 1.3%** |  |  |
|  American Electric Power Co., Inc. | 53822 | $5392965 |
|  Edison International | 4800 | 325296 |
|  NextEra Energy, Inc. | 37269 | 3170101 |
|  |  | 8888362 |
|  **Real Estate – 1.1%** | **Real Estate – 1.1%** | **Real Estate – 1.1%** |
|  **Equity Real Estate Investment Trusts (REITs) – 1.1%** |  |  |
|  American Tower Corp. | 9600 | 2438880 |
|  Mid-America Apartment Communities, Inc. | 18244 | 3022484 |
|  Prologis, Inc. | 15294 | 1904256 |
|  |  | 7365620 |
|  **Real Estate Management & Development – 0.0%** |  |  |
|  CBRE Group, Inc. – Class A<sup>(a)</sup> | 450 | 35532 |
|  |  | 7401152 |
|  **Materials – 0.6%** | **Materials – 0.6%** | **Materials – 0.6%** |
|  **Chemicals – 0.6%** | **Chemicals – 0.6%** | **Chemicals – 0.6%** |
|  Linde PLC | 13163 | 3723286 |
|  LyondellBasell Industries NV – Class A | 4814 | 399562 |
|  Westlake Corp. | 1866 | 184044 |
|  |  | 4306892 |
|  Total Common Stocks <br>(cost $225,500,694) |  | 387902411 |
|  **INVESTMENT COMPANIES – 42.8%** | **INVESTMENT COMPANIES – 42.8%** | **INVESTMENT COMPANIES – 42.8%** |
|  **Funds and Investment Trusts – 42.8%<sup>(b)(c)</sup>** |  |  |
|  AB Discovery Growth Fund, Inc. – Class Z | 1710828 | 17210925 |
|  AB Trust – AB Discovery Value Fund – Class Z | 1049928 | 22310975 |
|  Bernstein Fund, Inc. – International Small Cap Portfolio – Class Z | 3561321 | 35898117 |
|  Bernstein Fund, Inc. – International Strategic Equities Portfolio – Class Z | 17558302 | 188927333 |
|  Bernstein Fund, Inc. – Small Cap Core Portfolio – Class Z | 1195188 | 15071317 |
|  Sanford C Bernstein Fund, Inc. – Emerging Markets Portfolio – Class Z | 685861 | 16927039 |
|  Total Investment Companies <br>(cost $331,081,883) |  | 296345706 |

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|:---|:---|
| **20 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**PORTFOLIO OF INVESTMENTS** (continued)

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| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS – 1.0%** | **SHORT-TERM INVESTMENTS – 1.0%** | **SHORT-TERM INVESTMENTS – 1.0%** |
|  **Investment Companies – 1.0%** |  |  |
|  AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.03%<sup>(b)(c)(d)</sup> <br>(cost $7,145,138) | 7145138 | $7145138 |
|  **Total Investments – 99.9%** <br>(cost $563,727,715) |  | 691393255 |
|  Other assets less liabilities – 0.1% |  | 386267 |
|  **Net Assets – 100.0%** |  | $**691779522** |

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(a) Non-income producing security.

(b) Affiliated investments.

(c) To obtain a copy of the fund's shareholder report, please go to the Securities and Exchange Commission's website
at www.sec.gov, or call AB at (800) 227-4618.

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

Glossary:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

See notes to financial statements.

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| | |
|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 21** |

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**STATEMENT OF ASSETS & LIABILITIES** 

**August 31, 2022** 

---

| | |
|:---|:---|
| **Assets** | **Assets** |
|  Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $225,500,694) | $387902411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $338,227,021) | 303490844 |
|  Foreign currencies, at value (cost $99,719) | 95807 |
|  Receivable for investment securities sold | 1959015 |
|  Unaffiliated dividends receivable | 587968 |
|  Receivable for shares of beneficial interest sold | 76567 |
|  Affiliated dividends receivable | 10487 |
|  Other assets | 10586 |
|  Total assets | 694133685 |
| **Liabilities** | **Liabilities** |
|  Payable for investment securities purchased | 1713678 |
|  Payable for shares of beneficial interest redeemed | 254878 |
|  Advisory fee payable | 210826 |
|  Administrative fee payable | 15674 |
|  Distribution fee payable | 9306 |
|  Transfer Agent fee payable | 6287 |
|  Trustees' fees payable | 89 |
|  Accrued expenses | 143425 |
|  Total liabilities | 2354163 |
|  Net Assets | $**691779522** |
| **Composition of Net Assets** | **Composition of Net Assets** |
|  Shares of beneficial interest, at par | $401 |
|  Additional paid-in capital | 534349786 |
|  Distributable earnings | 157429335 |
|  **Net Assets** | $**691779522** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| **A** | $39643257 | 2310946 | $17.15 \* |
| **C** | $530286 | 31210 | $16.99 |
| **Advisor** | $&nbsp;&nbsp;&nbsp;&nbsp;651605979 | 37765488 | $&nbsp;&nbsp;&nbsp;&nbsp;17.25 |

---

\* The maximum offering price per share for Class A shares was $17.91 which reflects a sales charge of 4.25%. 

See notes to financial statements.

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|:---|:---|
| **22 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**STATEMENT OF OPERATIONS** 

**Year Ended August 31, 2022** 

---

| | | |
|:---|:---|:---|
| **Investment Income** |  |  |
|  Dividends |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | $10731346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $100,568) | 5496857 | $16228203 |
| **Expenses** |  |  |
|  Advisory fee (see Note B) | 5108139 |  |
|  Distribution fee—Class A | 112369 |  |
|  Distribution fee—Class C | 7282 |  |
|  Transfer agency—Class A | 7153 |  |
|  Transfer agency—Class C | 172 |  |
|  Transfer agency—Advisor Class | 117799 |  |
|  Administrative | 89565 |  |
|  Audit and tax | 68663 |  |
|  Registration fees | 57219 |  |
|  Legal | 41218 |  |
|  Custody and accounting | 40178 |  |
|  Printing | 29251 |  |
|  Trustees' fees | 27494 |  |
|  Miscellaneous | 34423 |  |
|  Total expenses | 5740925 |  |
|  Less: expenses waived and reimbursed by the Adviser (see Note B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2608565) |  |
|  Net expenses |  | 3132360 |
|  Net investment income |  | 13095843 |
| **Realized and Unrealized Gain (Loss) on Investment and Foreign Currency Transactions** |  |  |
|  Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | (452282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment transactions<sup>(a)</sup> |  | 19604341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures |  | (313651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (227) |
|  Net realized gain distributions from Affiliated Underlying Portfolios |  | 14980119 |
|  Net change in unrealized appreciation/depreciation of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Underlying Portfolios |  | (103194633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (75914140) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities |  | (9051) |
|  Net loss on investment and foreign currency transactions |  | (145299524) |
|  **Net Decrease in Net Assets from Operations** |  | $**(132203681)** |

---

(a) Net of foreign realized capital gains taxes of $2,428.

See notes to financial statements.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 23** |

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**STATEMENT OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>August 31, <br>2022** | **Year Ended<br>August 31, <br>2021** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
|  Net investment income | $13095843 | $6197379 |
|  Net realized gain on investment and foreign currency transactions | 18838181 | 30790903 |
|  Net realized gain distributions from Affiliated Underlying Portfolios | 14980119 | 2823876 |
|  Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities | (179117824) | 162981991 |
|  Contributions from Affiliates (see Note B) | – 0 | 3159 |
|  Net increase (decrease) in net assets from operations | (132203681) | 202797308 |
|  Distributions to Shareholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2624214) | (417754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (30366) | (4650) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (44521140) | (8582612) |
| **Transactions in Shares of Beneficial Interest** |  |  |
|  Net increase (decrease) | 17720111 | (39043294) |
|  Total increase (decrease) | (161659290) | 154748998 |
| **Net Assets** |  |  |
|  Beginning of period | 853438812 | 698689814 |
|  End of period | $**691779522** | $**853438812** |

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See notes to financial statements.

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|:---|:---|
| **24 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2022** 

**NOTE A** 

**Significant Accounting Policies** 

The AB Portfolios (the "Company") is registered under the Investment Company Act of 1940 as a diversified, open end management investment company. The Company, which is a Massachusetts Business Trust, operates as a series company currently comprised of six 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 B 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. Effective May 31, 2021, Class C shares automatically convert to Class A shares eight years after the end of the calendar month of purchase. Prior to May 31, 2021, Class C shares automatically converted to Class A shares 10 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 four 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 Fund'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.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 25** |

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**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 or over the counter ("OTC") market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); 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

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| **26 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates,
prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 27** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund's investments by the above fair value hierarchy levels as of August 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in<br>Securities:** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Common Stocks<sup>(a)</sup> | $387902411 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 | $387902411 |
|  Investment Companies | 296345706 | – 0 | – 0 | 296345706 |
|  Short-Term Investments | 7145138 | – 0 | – 0 | 7145138 |
|  Total Investments in Securities | 691393255 | – 0 | – 0 | 691393255 |
|  **Other Financial Instruments<sup>(b)</sup>** | – 0 | – 0 | – 0 | – 0 |
|  **Total** | $**691393255** | $**– 0** | $**– 0** | $**691393255** |

---

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the
unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written 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.

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| **28 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO 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.

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. Investment gains or losses are determined on the identified cost basis. The Fund amortizes premiums and accretes discounts as adjustments to interest income. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. The Fund accounts for distributions received from 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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 29** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

**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 year ended August 31, 2022, the reimbursement for such services amounted to $89,565.

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 $76,629 for the year ended August 31, 2022.

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 $1,822 from the sale of Class A shares and received $6 and $63 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A and Class C shares, respectively, for the year ended August 31, 2022.

The Fund may invest in AB Government Money Market Portfolio (the "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. The Adviser has contractually agreed to waive .10% of the advisory fee of Government Money Market Portfolio (resulting in a net advisory fee of .10%) until August 31, 2023. In connection with the investment by the Fund in 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 Government Money Market Portfolio, as borne indirectly by the Fund as an acquired fund fee and expense. For the year ended August 31, 2022, such waiver amounted to $4,212.

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| **30 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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, 2022. For the year ended August 31, 2022, such waivers and/or reimbursements amounted to $2,604,353.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Distributions** | **Distributions** |
| **Fund** | **Market<br>Value<br>8/31/21<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>8/31/22<br>(000)** | **Dividend<br>Income<br>(000)** | **Realized<br>Gains<br>(000)** |
|  Government Money Market Portfolio | $– 0 | $86025 | $78880 | $– 0 | $– 0 | $7145 | $24 | $– 0 |
|  AB Discovery Growth Fund, Inc. | 26686 | 5289 | 2792 | (570) | (11402) | 17211 | 460 | 3163 |
|  AB Trust – AB Discovery Value Fund | 28594 | 2656 | 3747 | 363 | (5555) | 22311 | 2069 | 587 |
|  Bernstein Fund, Inc.: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Small Cap Portfolio | 51882 | 1891 | 4119 | (38) | (13718) | 35898 | 1015 | 876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Strategic Equities Portfolio | 258831 | 20184 | 27706 | (587) | (61794) | 188928 | 6635 | 7823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Small Cap Core Portfolio | 20051 | 1170 | 2363 | 380 | (4167) | 15071 | 27 | 1143 |
|  Sanford C. Bernstein Fund, Inc. –Emerging Markets Portfolio | 21597 | 1889 | – 0 | – 0 | (6559) | 16927 | 501 | 1388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(452 | $&nbsp;&nbsp;&nbsp;&nbsp;(103195 | $&nbsp;&nbsp;&nbsp;&nbsp;303491 | $&nbsp;&nbsp;&nbsp;&nbsp;10731 | $&nbsp;&nbsp;&nbsp;&nbsp;14980 |

---

During the year ended August 31, 2021, the Adviser reimbursed the Fund $3,159 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 Investment Company Act of 1940 (the "Plan"). 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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 31** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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. 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 year ended August 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175805825 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183389709 |
|  U.S. government securities | – 0 | – 0 |

---

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

---

| | |
|:---|:---|
|  Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564132993 |
|  Gross unrealized appreciation | $170348378 |
|  Gross unrealized depreciation | (43088116) |
|  Net unrealized appreciation | $127260262 |

---

**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.

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| **32 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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 and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, 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. Such receipts or payments 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 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.

During the year ended August 31, 2022, the Fund held futures for 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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 33** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

its credit risk to OTC 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 year ended August 31, 2022, the Fund had entered into the following derivatives:

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or<br>(Loss) on Derivatives<br>Within Statement of<br>Operations** | **Realized Gain<br>or (Loss) on<br>Derivatives** | **Change in<br>Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures | $(313651) | $&nbsp;&nbsp;&nbsp;&nbsp;– 0 |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;(313651) | $– 0 |

---

The following table represents the average monthly volume of the Fund's derivative transactions during the year ended August 31, 2022:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $2553348.0 <sup>(a)</sup> |

---

(a) Positions were open for four months during the year.

**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

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| **34 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Amount** | **Amount** |
|  | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 | Year Ended<br>August 31,<br>2022 | Year Ended<br>August 31,<br>2021 |
| **Class A** | **Class A** |  |  |  |
|  Shares sold | 74680 | 46346 | $1554369 | $863359 |
|  Shares issued in reinvestment of dividends and distributions | 113868 | 20852 | 2332020 | 371580 |
|  Shares converted from Class C | 7133 | 54526 | 137865 | 1032666 |
|  Shares redeemed | (141041) | (184252) | (2806302) | (3371515) |
|  **Net increase (decrease)** | **54640** | **(62528)** | $**1217952** | $**(1103910)** |
| **Class C** |  |  |  |  |
|  Shares sold | 4910 | 1944 | $95067 | $36240 |
|  Shares issued in reinvestment of distributions | 1490 | 251 | 30361 | 4436 |
|  Shares converted to Class A | (7201) | (55190) | (137865) | (1032666) |
|  Shares redeemed | (32606) | (27856) | (691976) | (527962) |
|  **Net decrease** | **(33407)** | **(80851)** | $**(704413)** | $**(1519952)** |
| **Advisor Class** |  |  |  |  |
|  Shares sold | 2658155 | 2495754 | $51710603 | $47548608 |
|  Shares issued in reinvestment of dividends and distributions | 1871277 | 429733 | 38473464 | 7687922 |
|  Shares redeemed | (3748672) | (4837677) | (72977495) | (91655962) |
|  **Net increase (decrease)** | **780760** | **(1912190)** | $**17206572** | $**(36419432)** |

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 35** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**NOTE F** 

**Risks Involved in Investing in the Fund** 

**Market Risk**—The value of the Fund's assets will fluctuate as the stock, bond or commodities markets fluctuate. The value of its 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) and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing, such as growth or value, may be underperforming the stock 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 because the markets are less developed and less liquid as well as being subject to 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 selection 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.

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| **36 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**LIBOR Transition and Associated Risk**—A Fund may be exposed to debt securities, derivatives or other financial instruments that utilize the London Interbank Offered Rate, or "LIBOR," as a "benchmark" or "reference rate" for various interest rate calculations. In 2017, the United Kingdom Financial Conduct Authority ("FCA"), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and LIBOR's administrator, ICE Benchmark Administration, have since announced that most LIBOR settings (which reflect LIBOR rates quoted in different currencies over various time periods) will no longer be published after the end of 2021 but that the most widely used U.S. Dollar LIBOR settings will continue to be published until June 30, 2023. However, banks were strongly encouraged to cease entering into agreements with counterparties referencing LIBOR by the end of 2021. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Since 2018 the Federal Reserve Bank of New York has published the secured overnight funding rate (referred to as SOFR), which is intended to replace U.S. Dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (repo) market and has been used increasingly on a voluntary basis in new instruments and transactions. In addition, on March 15, 2022, the Adjustable Interest Rate Act was signed into law. This law provides a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions.

The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect a Fund's performance and/or net asset value. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition from LIBOR to other reference rates may lead to increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, potentially adversely affecting a Fund's performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known.

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 37** |

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**NOTES TO FINANCIAL STATEMENTS** (continued)

**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.

**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, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Fund did not utilize the Facility during the year ended August 31, 2022.

**NOTE H** 

**Distributions to Shareholders** 

The tax character of distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 were as follows:

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| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11250443 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6191520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 35925277 | 2813496 |
|  Total taxable distributions paid | $47175720 | $9005016 |

---

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| **38 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

---

------

**NOTES TO FINANCIAL STATEMENTS** (continued)

As of August 31, 2022, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1910466 |
|  Undistributed capital gains | 28262521 |
|  Unrealized appreciation/(depreciation) | 127256348 <sup>(a)</sup> |
|  Total accumulated earnings/(deficit) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157429335 |

---

(a) 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, 2022, the Fund did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares resulted in a net decrease in distributable earnings and a net increase in additional paid-in capital. These reclassifications had no effect on net assets.

**NOTE I** 

**Recent Accounting Pronouncements** 

In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2020-04, "Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

**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.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 39** |

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**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $21.60 | $16.81 | $15.66 | $16.76 | $16.85 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .28 | .11 | .18 | .20 | .18 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.56) | 4.87 | 1.75 | (.57 | 1.78 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.28) | 4.98 | 1.93 | (.37 | 1.96 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.24 | (.15) | (.33 | (.16 | (.39 |
|  Distributions from net realized gain on investment transactions | (.93 | (.04) | (.45 | (.57 | (1.66) |
|  Total dividends and distributions | (1.17) | (.19) | (.78 | (.73 | (2.05) |
|  Net asset value, end of period | **$17.15** | **$21.60** | **$16.81** | **$15.66** | **$16.76** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.08) | 29.83% | 12.44 | (1.66) | 12.13 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $39643 | $48742 | $38983 | $36908 | $39519 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .63 | .63% | .63 | .63 | .62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .97 | .98% | .99 | .99 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.44 | .57% | 1.15 | 1.30 | 1.05 |
|  Portfolio turnover rate | 23 | 15% | 21 | 19 | 25 |
|  <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 | .36 | .38% | .39 | .39 | .40 |

---

See footnote summary on page 43.

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| **40 <sup>\|</sup> AB TAX-MANAGED WEALTH APPRECIATION STRATEGY** | **abfunds.com** |

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------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $21.33 | $16.59 | $15.44 | $16.47 | $16.55 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)(b)</sup> | .10 | (.01 | .09 | .08 | .05 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.51) | 4.79 | 1.69 | (.54 | 1.75 |
|  Contributions from Affiliates | – 0 | .00 | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.41) | 4.78 | 1.78 | (.46 | 1.80 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | – 0 | – 0 | (.18 | – 0 | (.22 |
|  Distributions from net realized gain on investment transactions | (.93 | (.04 | (.45 | (.57 | (1.66) |
|  Total dividends and distributions | (.93 | (.04 | (.63 | (.57 | (1.88) |
|  Net asset value, end of period | **$16.99** | **$21.33** | **$16.59** | **$15.44** | **$16.47** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (16.73) | 28.85 | 11.63 | (2.42) | 11.31 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $530 | $1378 | $2413 | $4522 | $8577 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.39 | 1.38 | 1.38 | 1.38 | 1.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | 1.72 | 1.74 | 1.74 | 1.74 | 1.75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup> | .50 | (.05 | .58 | .53 | .32 |
|  Portfolio turnover rate | 23 | 15 | 21 | 19 | 25 |
|  <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 | .36 | .38 | .39 | .39 | .40 |

---

See footnote summary on page 43.

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 41** |

---

------

**FINANCIAL HIGHLIGHTS** (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** | **Advisor Class** |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net asset value, beginning of period | $21.72 | $16.90 | $15.73 | $16.84 | $16.92 |
|  **Income From Investment Operations** |  |  |  |  |  |
|  Net investment income<sup>(a)(b)</sup> | .33 | .16 | .22 | .24 | .21 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | (3.58) | 4.89 | 1.77 | (.58 | 1.80 |
|  Contributions from Affiliates | – 0 | .00 <sup>(c)</sup> | – 0 | – 0 | – 0 |
|  Net increase (decrease) in net asset value from operations | (3.25) | 5.05 | 1.99 | (.34 | 2.01 |
|  **Less: Dividends and Distributions** |  |  |  |  |  |
|  Dividends from net investment income | (.29 | (.19) | (.37 | (.20 | (.43 |
|  Distributions from net realized gain on investment transactions | (.93 | (.04) | (.45 | (.57 | (1.66) |
|  Total dividends and distributions | (1.22) | (.23) | (.82 | (.77 | (2.09) |
|  Net asset value, end of period | **$17.25** | **$21.72** | **$16.90** | **$15.73** | **$16.84** |
|  **Total Return** |  |  |  |  |  |
|  Total investment return based on net asset value<sup>(d)</sup>\* | (15.87) | 30.14% | 12.78 | (1.44) | 12.41 |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $651607 | $803319 | $657294 | $655810 | $700240 |
|  Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .38 | .38% | .38 | .38 | .38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements<sup>(e)</sup><sup>‡</sup> | .72 | .73% | .74 | .74 | .75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 1.68 | .82% | 1.41 | 1.51 | 1.28 |
|  Portfolio turnover rate | 23 | 15% | 21 | 19 | 25 |
|  <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 | .36 | .38% | .39 | .39 | .40 |

---

See footnote summary on page 43.

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**FINANCIAL HIGHLIGHTS** (continued)

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

(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 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, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, such waiver amounted to .33%,
..35%, .36%, .36% and .37%, respectively.

\* 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, 2022 and August 31, 2018 by .02% and .02%, respectively. 

See notes to financial statements.

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 43** |

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** 

**To the Shareholders and the Board of Trustees of** 

**AB Tax-Managed Wealth Appreciation Strategy** 

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of AB Tax-Managed Wealth Appreciation Strategy (the "Fund") (one of the series constituting The AB Portfolios (the "Company")), including the portfolio of investments, as of August 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting The AB Portfolios) at August 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures

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**REPORT OF INDEPENDENT REGISTERED** 

**PUBLIC ACCOUNTING FIRM** (continued)

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and/or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g476603g91r55.jpg)

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

October 27, 2022

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**2022 FEDERAL TAX INFORMATION** 

(unaudited)

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Fund during the taxable year ended August 31, 2022. For individual shareholders, the Fund designates 100% of dividends paid as qualified dividend income. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction. The Fund designates $35,925,277 of dividends paid as long-term capital gain dividends.

Shareholders should not use the above information to prepare their income tax returns. The information necessary to complete your income tax returns will be included with your Form 1099-DIV which will be sent to you separately in January 2023.

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**TRUSTEES** 

---

| | |
|:---|:---|
| **Marshall C. Turner, Jr.**<sup>(1)</sup>**,**<br> Chairman <br> **Jorge A. Bermudez**<sup>(1)</sup><br> **Michael J. Downey**<sup>(1)</sup> <br> **Onur Erzan,** President and<br> Chief Executive Officer | **Nancy P. Jacklin**<sup>(1)</sup><br> **Jeanette W. Loeb**<sup>(1)</sup><br> **Carol C. McMullen**<sup>(1)</sup><br> **Garry L. Moody**<sup>(1)</sup> |

---

**OFFICERS** 

---

| | |
|:---|:---|
| **Ding Liu**<sup>(2)</sup>**,** Vice President<br> **Nelson Yu**<sup>(2)</sup>**,** Vice President<br> **Emilie D. Wrapp,** Clerk<br> **Michael B. Reyes,** Senior Vice President <br> **Joseph J. Mantineo,** Treasurer and Chief Financial Officer | **Phyllis J. Clarke,** Controller and Chief Accounting Officer<br> **Vincent S. Noto,** Chief Compliance Officer |

---

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| | |
|:---|:---|
| **Custodian and Accounting Agent**<br> State Street Bank and Trust Company<br> State Street Corporation CCB/5<br> 1 Iron Street<br> Boston, MA 02210<br>**Principal Underwriter**<br> AllianceBernstein Investments, Inc.<br> 501 Commerce Street<br> Nashville, TN 37203<br>**Legal Counsel**<br> Seward & Kissel LLP<br> One Battery Park Plaza<br> New York, NY 10004 | **Transfer Agent**<br> AllianceBernstein Investor Services, Inc.<br> P.O. Box 786003<br> San Antonio, TX 78278<br> Toll-Free (800) 221-5672<br>**Independent Registered Public**<br> **Accounting Firm**<br> Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 |

---

1 Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

2 The day-to-day management of, and investment decisions for, the Fund's portfolio are made by the Adviser's Multi-Asset Solutions Team. Messrs. Liu and Yu are the investment professionals primarily responsible for the day-to-day management of the Fund's portfolio.

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 47** |

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**MANAGEMENT OF THE FUND** 

**Board of Trustees Information** 

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Certain information concerning the Fund's Trustees is set forth below.

---

| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INTERESTED TRUSTEE** | **INTERESTED TRUSTEE** |  |  |
| Onur Erzan,<sup>#</sup><br> 1345 Avenue of the Americas,<br> New York, NY 10105<br> 46<br> (2021) | Senior Vice President of AllianceBernstein L.P. (the "Adviser"), Head of Global Client Group and Head of Private Wealth. He oversees AB's entire private wealth management business and third-party institutional and retail franchise, where he is responsible for all client services, sales and marketing, as well as product strategy, management and development worldwide. Director, President and Chief Executive Officer of the AB Mutual Funds as of April 1, 2021. He is also a member of the Equitable Holdings Management Committee. Prior to joining the firm in 2021, he spent over 19 years with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice. In addition, he co-led McKinsey's Banking & Securities Solutions (a portfolio of data, analytics and digital assets and capabilities) globally. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |  |  |
| Marshall C. Turner, Jr.,<sup>##</sup> <br>*Chairman of the Board* <br> 81<br>(2005) | Private Investor since prior to 2017. Former Chairman and CEO of Dupont Photomasks, Inc. (semi-conductor manufacturing equipment). He was a Director of Xilinx, Inc. (programmable logic semi-conductors and adaptable, intelligent computing) from 2007 through August 2020, and is a former director of 33 other companies and organizations. He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the board of the George Lucas Educational Foundation. He has served as a director of one AB Fund since 1992, and director or trustee of all AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014. | 75 |  |

---

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|:---|:---|
| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 49** |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Jorge A. Bermudez,<sup>##</sup><br>71<br>(2020) | Private Investor since prior to 2017. Formerly, Chief Risk Officer of Citigroup, Inc., a global financial services company, from November 2007 to March 2008, Chief Executive Officer of Citigroup's Commercial Business Group in North America and Citibank Texas from 2005 to 2007, and a variety of other executive and leadership roles at various businesses within Citigroup prior to then; Chairman (2018) of the Texas A&M Foundation Board of Trustees (Trustee since 2013) and Chairman of the Smart Grid Center Board at Texas A&M University since 2012; director of, among others, Citibank N.A. from 2005 to 2008, the Federal Reserve Bank of Dallas, Houston Branch from 2009 to 2011, the Federal Reserve Bank of Dallas from 2011 to 2017, and the Electric Reliability Council of Texas from 2010 to 2016. He has served as director or trustee of the AB Funds since January 2020. | 75 | Moody's Corporation since April 2011 |
| Michael J. Downey,<sup>##</sup> <br>78<br> (2005) <br>| Private Investor since prior to 2017. Formerly, Chairman of The Asia Pacific Fund, Inc. (registered investment company) since prior to 2017 until January 2019. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Nancy P. Jacklin,<sup>##</sup> <br>74<br> (2006) | Private Investor since prior to 2017. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chair of the Governance and Nominating Committees of the AB Funds since August 2014. | 75 |  |
| Jeanette W. Loeb,<sup>##</sup><br>70<br>(2020) | Chief Executive Officer of PetCareRx (e-commerce pet pharmacy) from 2002 to 2011 and 2015 to present. Director of New York City Center since 2005. She was a director of AB Multi-Manager Alternative Fund, Inc. (fund of hedge funds) from 2012 to 2018. Formerly, affiliated with Goldman Sachs Group, Inc. (financial services) from 1977 to 1994, including as a partner thereof from 1986 to 1994. She has served as director or trustee of the AB Funds since April 2020. | 75 | Apollo Investment Corp. (business development company) since August 2011 |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Carol C. McMullen,<sup>##</sup><br> 67<br> (2016) | Managing Director of Slalom Consulting (consulting) since 2014, private investor and a member of the Advisory Board of Butcher Box (since 2018). Formerly, member, Partners Healthcare Investment Committee (2010-2019); Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Chief Investment Officer, Core and Growth and Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016. | 75 |  |

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**MANAGEMENT OF THE FUND** (continued)

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| | | | |
|:---|:---|:---|:---|
| **NAME,<br>ADDRESS\*, AGE AND<br>(YEAR FIRST ELECTED\*\*)** | **PRINCIPAL <br>OCCUPATION(S),<br>DURING PAST FIVE YEARS<br>AND OTHER INFORMATION\*\*\*** | **PORTFOLIOS<br>IN AB FUND<br>COMPLEX<br>OVERSEEN BY<br>TRUSTEE** | **OTHER PUBLIC<br>COMPANY<br>DIRECTORSHIPS<br>CURRENTLY<br>HELD BY<br>TRUSTEE** |
| **INDEPENDENT TRUSTEES**<br> **(continued)** | **INDEPENDENT TRUSTEES**<br> **(continued)** |  |  |
| Garry L. Moody,<sup>##</sup> <br> 70<br> (2008) | Private Investor since prior to 2017. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Investment Company Institute's Board of Governors and the Independent Directors Council's Governing Council, where he serves as Chairman of its Governance Committee. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008. | 75 |  |

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\* The address for each of the Fund's disinterested Trustees is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

\*\* There is no stated term of office for the Fund's Trustees.

\*\*\* The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for the Fund. 

# Mr. Erzan is an "interested person" of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

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**MANAGEMENT OF THE FUND** (continued)

**Officer Information** 

Certain information concerning the Fund's Officers is listed below.

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| | | |
|:---|:---|:---|
| **NAME, ADDRESS\*<br>AND AGE** | **POSITIONS**<br>**HELD WITH TRUST** | **PRINCIPAL OCCUPATION<br>DURING PAST FIVE YEARS** |
| Onur Erzan<br>46 | President and<br>Chief Executive Officer | See biography above. |
| Ding Liu<br>45 | Vice President | Senior Vice President and Senior Quantitative Analyst of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Nelson Yu<br> 51 | Vice President | Senior Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. He is also Chief Investment Officer – Investment Sciences and Insights since 2021. |
| Emilie D. Wrapp<br>66 | Clerk | Senior Vice President, Assistant General Counsel and Assistant Clerk of ABI\*\*, with which she has been associated since prior to 2017. |
| Michael B. Reyes<br>46 | Senior Vice President | Vice President of the Adviser\*\*, with which he has been associated since prior to 2017. |
| Joseph J. Mantineo<br>63 | Treasurer and Chief Financial Officer | Senior Vice President of AllianceBernstein Investor Services, Inc. ("ABIS")\*\*, with which he has been associated since prior to 2017. |
| Phyllis J. Clarke<br>61 | Controller and Chief Accounting Officer | Vice President of ABIS\*\*, with which she has been associated since prior to 2017. |
| Vincent S. Noto<br>57 | Chief Compliance Officer | Senior Vice President and Mutual Fund Chief Compliance Officer of the Adviser\*\* since prior to 2017. |

---

\* The address for each of the Fund's Officers is 1345 Avenue of the Americas, New York, NY 10105.

\*\* The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund's Statement of Additional Information (SAI) has additional information about the Fund's Trustees and Officers and is available without charge upon request. Contact your financial representative or AB at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

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**Operation and Effectiveness of the Fund's Liquidity Risk Management Program:** 

In October 2016, the Securities and Exchange Commission ("SEC") adopted the open-end fund liquidity rule (the "Liquidity Rule"). In June 2018 the SEC adopted a requirement that funds disclose information about the operation and effectiveness of their Liquidity Risk Management Program ("LRMP") in their reports to shareholders.

One of the requirements of the Liquidity Rule is for the Fund to designate an Administrator of the Fund's Liquidity Risk Management Program. The Administrator of the Fund's LRMP is AllianceBernstein L.P., the Fund's investment adviser (the "Adviser"). The Adviser has delegated the responsibility to its Liquidity Risk Management Committee (the "Committee").

Another requirement of the Liquidity Rule is for the Fund's Board of Trustees (the "Fund Board") to receive an annual written report from the Administrator of the LRMP, which addresses the operation of the Fund's LRMP and assesses its adequacy and effectiveness. The Adviser provided the Fund Board with such annual report during the first quarter of 2022, which covered the period January 1, 2021 through December 31, 2021 (the "Program Reporting Period").

The LRMP's principal objectives include supporting the Fund's compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner.

Pursuant to the LRMP, the Fund classifies the liquidity of its portfolio investments into one of the four categories defined by the SEC: Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid. These classifications are reported to the SEC on Form N-PORT.

During the Program Reporting Period, the Committee reviewed whether the Fund's strategy is appropriate for an open-end structure, incorporating any holdings of less liquid and illiquid assets. If the Fund participated in derivative transactions, the exposure from such transactions were considered in the LRMP.

The Committee also performed an analysis to determine whether the Fund is required to maintain a Highly Liquid Investment Minimum ("HLIM"). The Committee also incorporated the following information when determining the Fund's reasonably anticipated trading size for purposes of liquidity monitoring: historical net redemption activity, a Fund's concentration in an issuer, shareholder concentration, investment performance, total net assets, and distribution channels.

The Adviser informed the Fund Board that the Committee believes the Fund's LRMP is adequately designed, has been implemented as intended, and has operated effectively since its inception. No material exceptions

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have been noted since the implementation of the LRMP. During the Program Reporting Period, liquidity in all markets was significantly recovered and improved compared to the prior reporting period which included extreme levels of price volatility and relative illiquidity beginning in March 2020 with COVID-19 impacts. As such, the program operated in a relatively robust and benign liquidity environment experienced in markets during the Program Reporting Period. There were no liquidity events that impacted the Fund or its ability to timely meet redemptions during the Program Reporting Period.

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**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 3-5, 2022 (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 for 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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 57** |

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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 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 2020 and 2021 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

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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 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 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 Class A 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 Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2022 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 took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

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

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| **abfunds.com** | **AB TAX-MANAGED WEALTH APPRECIATION STRATEGY <sup>\|</sup> 59** |

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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, 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 Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A 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. 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

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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.

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**This page is not part of the Shareholder Report or the Financial Statements.** 

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**AB FAMILY OF FUNDS** 

**US EQUITY** 

**CORE** 

Core Opportunities Fund

Select US Equity Portfolio

Sustainable US Thematic Portfolio

**GROWTH** 

Concentrated Growth Fund

Discovery Growth Fund

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

**VALUE** 

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

**INTERNATIONAL/ GLOBAL EQUITY** 

**CORE** 

Global Core Equity Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Sustainable International Thematic Fund

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

**GROWTH** 

Concentrated International Growth Portfolio

**VALUE** 

All China Equity Portfolio

International Value Fund

**FIXED INCOME** 

**MUNICIPAL** 

High Income Municipal Portfolio

Intermediate California Municipal Portfolio

Intermediate Diversified Municipal Portfolio

Intermediate New York Municipal Portfolio

Municipal Bond Inflation Strategy

Tax-Aware Fixed Income Opportunities Portfolio

National Portfolio

Arizona Portfolio

California Portfolio

Massachusetts Portfolio

Minnesota Portfolio

New Jersey Portfolio

New York Portfolio

Ohio Portfolio

Pennsylvania Portfolio

Virginia Portfolio

**TAXABLE** 

Bond Inflation Strategy

Global Bond Fund

High Income Fund

High Yield Portfolio

Income Fund

Intermediate Duration Portfolio

Limited Duration High Income Portfolio

Short Duration Income Portfolio

Short Duration Portfolio

Sustainable Thematic Credit Portfolio

Total Return Bond Portfolio

**ALTERNATIVES** 

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

**MULTI-ASSET** 

All Market Income Portfolio

All Market Total Return Portfolio

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Sustainable Thematic Balanced Portfolio<sup>1</sup>

Tax-Managed All Market Income Portfolio

**CLOSED-END FUNDS** 

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

**EXCHANGE-TRADED FUNDS** 

Tax-Aware Short Duration Municipal ETF

Ultra Short Income ETF

**We also offer Government Money Market Portfolio, which serves as the money market fund exchange vehicle for the AB mutual funds. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.** 

**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.** 

1 Prior to December 1, 2021, Sustainable Thematic Balanced Portfolio was named Conservative Wealth Strategy.

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**NOTES** 

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**NOTES** 

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![LOGO](g476603g43p34.jpg)

AB TAX-MANAGED WEALTH APPRECIATION STRATEGY

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

TWA-0151-0822 ![LOGO](g476603g22c48.jpg)

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**ITEM 2. CODE OF ETHICS.** 

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant's code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.** 

The registrant's Board of Directors has determined that independent directors Garry L. Moody, Marshall C. Turner, Jr. and Jorge A. Bermudez qualify as audit committee financial experts.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.** 

(a) - (c) The following table sets forth the aggregate fees billed by the independent registered public accounting firm Ernst & Young LLP for the Fund's last two fiscal years for professional services rendered for: (i) the audit of the Fund's annual financial statements included in the Fund's annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (i), which include advice and education related to accounting and auditing issues, quarterly press release review (for those Funds that issue quarterly press releases), and preferred stock maintenance testing (for those Funds that issue preferred stock); and (iii) tax compliance, tax advice and tax return preparation.

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| | | | |
|:---|:---|:---|:---|
|  | | Audit-Related Fees | Audit-Related Fees |
|  | | Audit Fees | Tax Fees |
|  AB All Market Total Return Portfolio | 2021 | $101410 | $45521 |
|  | 2022 | $106481 | $27413 |
|  AB Wealth Appreciation Strategy | 2021 | $42593 | $33716 |
|  | 2022 | $44723 | $21632 |
|  AB Sustainable Thematic Balanced Portfolio | 2021 | $65372 | $36511 |
|  | 2022 | $47641 | $25239 |
|  AB Tax-Managed All Market Income Portfolio | 2021 | $49146 | $54499 |
|  | 2022 | $51603 | $34581 |
|  AB Tax-Managed Wealth Appreciation Strategy | 2021 | $42593 | $35427 |
|  | 2022 | $44723 | $23144 |

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(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund's Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund's independent registered public accounting firm. The Fund's Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund's Audit Committee.

(f) Not applicable.

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(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund's Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

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| | | | |
|:---|:---|:---|:---|
|  | | All Fees for<br>Non-Audit Services<br>Provided to the<br>Portfolio, the Adviser<br>and Service Affiliates | Total Amount of<br>Foregoing Column Pre-<br>approved by the Audit<br>Committee<br>(Portion Comprised of<br>Audit Related Fees)<br>(Portion Comprised of<br>Tax Fees) |
|  AB All Market Total Return Portfolio | 2021 | $886256 | $45521 |
|  |  |  | $— |
|  |  |  | $(45521) |
|  | 2022 | $2125299 | $27413 |
|  |  |  | $— |
|  |  |  | $(27413) |
|  AB Wealth Appreciation Strategy | 2021 | $874452 | $33716 |
|  |  |  | $— |
|  |  |  | $(33716) |
|  | 2022 | $2131080 | $21632 |
|  |  |  | $— |
|  |  |  | $(21632) |
|  AB Sustainable Thematic Balanced Portfolio | 2021 | $877247 | $36511 |
|  |  |  | $— |
|  |  |  | $(36511) |
|  | 2022 | $2127473 | $25239 |
|  |  |  | $— |
|  |  |  | $(25239) |
|  AB Tax-Managed All Market Income Portfolio | 2021 | $895235 | $54499 |
|  |  |  | $— |
|  |  |  | $(54499) |
|  | 2022 | $2118131 | $34581 |
|  |  |  | $— |
|  |  |  | $(34581) |
|  AB Tax-Managed Wealth Appreciation Strategy | 2021 | $876162 | $35427 |
|  |  |  | $— |
|  |  |  | $(35427) |
|  | 2022 | $2129568 | $23144 |
|  |  |  | $— |
|  |  |  | $(23144) |

---

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund's independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor's independence.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.** 

Not applicable to the registrant.

**ITEM 6. INVESTMENTS.** 

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** 

Not applicable to the registrant.

------

**ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** 

Not applicable to the registrant.

**ITEM 13. EXHIBITS.** 

The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| **EXHIBIT NO.** | **DESCRIPTION OF EXHIBIT** |
| 12 (a) (1) | [Code of Ethics that is subject to the disclosure of Item 2 hereof](d476603dex99codeeth.htm) |
| 12 (b) (1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d476603dex99cert.htm) |
| 12 (b) (2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d476603dex99cert.htm#a1) |
| 12 (c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d476603dex99906cert.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: | March 3, 2023 |

---

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: | March 3, 2023 |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | Treasurer and Chief Financial Officer |
| Date: | March 3, 2023 |

---

## Ex-99.Code

Exhibit 12(a) (1)

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

The AllianceBernstein Mutual Fund Complex's code of ethics (this "Code") for the investment companies within the complex (collectively, the "Funds" and each, a "Company") applies to each Company's Principal Executive Officer, Principal Financial and Accounting Officer and Controller (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company. For the purposes of this Code, members of the Covered Officer's family include his or her spouse, children, stepchildren, financial dependents, parents and stepparents.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Directors or Trustees (the "Directors") that the Covered Officers may also be officers or employees of one or more of the other Funds or of other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

• not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Company;

• not use material non-public knowledge of portfolio transactions made or
contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

------

There are some conflict of interest situations, whether involving a Covered Officer directly or a member of his family, that should always be discussed with the General Counsel of Alliance Capital Management L.P. (the "General Counsel"), if material. Examples of these include:

• service as a director on the board of directors or trustees of any public or private company (other than a not-for-profit organization);

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Company's service
providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements and disclosure controls and
procedures generally applicable to the Company;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company
to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made
by the Funds; and

------

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the General Counsel that he has received, read, and understands the Code;

• annually thereafter affirm to the General Counsel that he has complied with the requirements of the Code;

• complete at least annually a questionnaire relating to affiliations or other relationships that may give rise to
conflicts of interest;

• not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for
reports of potential violations that are made in good faith; and

• notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, waivers sought by a Covered Officer will be considered by the Company's Audit Committee (the "Committee").

The Company will follow these procedures in investigating and enforcing this Code:

• the General Counsel will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the General Counsel believes that no material violation has occurred, the General
Counsel is not required to take any further action;

• any matter that the General Counsel believes is a material violation will be reported to the Committee;

• if the Committee concurs that a material violation has occurred, it will inform and make a recommendation to the
Directors, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to
dismiss the Covered Officer;

• the Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

------

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, the Company's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, it is understood that this Code is in all respects separate and apart from, and operates independently of, any such policies and procedures. In particular, the Company's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-l under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Directors, including a majority of independent directors.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Directors, the investment adviser, their counsel, counsel to the Company and, if deemed appropriate by the Directors of the Company, to the Directors of the other Funds.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Date: July 22, 2003, as amended March 17, 2004

------

Exhibit A

<u>Persons Covered by this Code of Ethics</u> 

Principal Executive Officer

Principal Financial and Accounting Officer

Controller

## Ex-99.Cert

**Exhibit 12(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President 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 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: March 3, 2023

---

| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

------

**Exhibit 12(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Joseph J. Mantineo, 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: March 3, 2023

---

| |
|:---|
| /s/ Joseph J. Mantineo |
| Joseph J. Mantineo |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 12(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 August 31, 2022 (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: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |
| By: | /s/ Joseph J. Mantineo |
|  | Joseph J. Mantineo |
|  | 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.