AB Cap Fund, Inc.

0001193125-19-097270.txt : 20190404 0001193125-19-097270.hdr.sgml : 20190404 20190404083329 ACCESSION NUMBER: 0001193125-19-097270 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 25 CONFORMED PERIOD OF REPORT: 20190131 FILED AS OF DATE: 20190404 DATE AS OF CHANGE: 20190404 EFFECTIVENESS DATE: 20190404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AB CAP FUND, INC. CENTRAL INDEX KEY: 0000081443 IRS NUMBER: 132625045 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01716 FILM NUMBER: 19731241 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 CAP FUND, INC. DATE OF NAME CHANGE: 20110524 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN CAP FUND,INC DATE OF NAME CHANGE: 20040908 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCEBERNSTEIN SMALL CAP GROWTH FUND INC DATE OF NAME CHANGE: 19931001

0000081443 S000010309 AB Small Cap Growth Portfolio

C000028521 Class A QUASX

C000028522 Class B QUABX

C000028523 Class C QUACX

C000028524 Advisor Class QUAYX

C000028525 Class R QUARX

C000028526 Class K QUAKX

C000028527 Class I QUAIX

C000159958 Class Z QUAZX

0000081443 S000047115 AB Multi-Manager Select 2010 Fund

C000147649 Advisor Class TDBYX

C000147650 Class Z TDBZX

C000147651 Class 1

C000147652 Class 2

C000147653 Class A TDBAX

C000147654 Class B

C000147655 Class C TDBCX

C000147656 Class I TDIBX

C000147657 Class K TDBKX

C000147658 Class R TDBRX

0000081443 S000047116 AB Multi-Manager Select 2055 Fund

C000147659 Class Z TDPZX

C000147660 Advisor Class TDPYX

C000147661 Class 1

C000147662 Class 2

C000147663 Class A TDAPX

C000147664 Class B

C000147665 Class C TDCPX

C000147666 Class I TDIPX

C000147667 Class K TDPKX

C000147668 Class R TDPRX

0000081443 S000047117 AB Multi-Manager Select Retirement Allocation Fund

C000147669 Advisor Class TDAYX

C000147670 Class 1

C000147671 Class 2

C000147672 Class A TDAAX

C000147673 Class B

C000147674 Class C TDACX

C000147675 Class I TDAIX

C000147676 Class K TDAKX

C000147677 Class R TDARX

C000147678 Class Z TDAZX

0000081443 S000047118 AB Multi-Manager Select 2015 Fund

C000147679 Advisor Class TDCYX

C000147680 Class 1

C000147681 Class 2

C000147682 Class A TDCAX

C000147683 Class B

C000147684 Class C TDCCX

C000147685 Class I TDCIX

C000147686 Class K TDCKX

C000147687 Class R TDCRX

C000147688 Class Z TDCZX

0000081443 S000047119 AB Multi-Manager Select 2020 Fund

C000147689 Advisor Class TDDYX

C000147690 Class 1

C000147691 Class 2

C000147692 Class A TDDAX

C000147693 Class B

C000147694 Class C TDDCX

C000147695 Class I TDDIX

C000147696 Class K TDDKX

C000147697 Class R TDDRX

C000147698 Class Z TDDZX

0000081443 S000047120 AB Multi-Manager Select 2025 Fund

C000147699 Advisor Class TDGYX

C000147700 Class 1

C000147701 Class 2

C000147702 Class A TDAGX

C000147703 Class B

C000147704 Class C TDCGX

C000147705 Class I TDIGX

C000147706 Class K TDGKX

C000147707 Class R TDGRX

C000147708 Class Z TDGZX

0000081443 S000047121 AB Multi-Manager Select 2030 Fund

C000147709 Advisor Class TDYHX

C000147710 Class 1

C000147711 Class 2

C000147712 Class A TDHAX

C000147713 Class B

C000147714 Class C TDHCX

C000147715 Class I TDIHX

C000147716 Class K TDHKX

C000147717 Class R TDHRX

C000147718 Class Z TDHZX

0000081443 S000047122 AB Multi-Manager Select 2035 Fund

C000147719 Advisor Class TDMYX

C000147720 Class 1

C000147721 Class 2

C000147722 Class A TDMAX

C000147723 Class B

C000147724 Class C TDMCX

C000147725 Class I TDIMX

C000147726 Class K TDMKX

C000147727 Class R TDRMX

C000147728 Class Z TDMZX

0000081443 S000047123 AB Multi-Manager Select 2040 Fund

C000147729 Advisor Class TDJYX

C000147730 Class 1

C000147731 Class 2

C000147732 Class A TDJAX

C000147733 Class B

C000147734 Class C TDJCX

C000147735 Class I TDJIX

C000147736 Class K TDJKX

C000147737 Class R TDJRX

C000147738 Class Z TDJZX

0000081443 S000047124 AB Multi-Manager Select 2045 Fund

C000147739 Advisor Class TDNYX

C000147740 Class 1

C000147741 Class 2

C000147742 Class A TDNAX

C000147743 Class B

C000147744 Class C TDNCX

C000147745 Class I TDNIX

C000147746 Class K TDNKX

C000147747 Class R TDNRX

C000147748 Class Z TDNZX

0000081443 S000047125 AB Multi-Manager Select 2050 Fund

C000147749 Advisor Class TDLYX

C000147750 Class 1

C000147751 Class 2

C000147752 Class A TDLAX

C000147753 Class B

C000147754 Class C TDCLX

C000147755 Class I TDLIX

C000147756 Class K TDLKX

C000147757 Class R TDLRX

C000147758 Class Z TDLZX

N-CSRS 1 d637596dncsrs.htm AB CAP FUND, INC. AB Cap Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-01716

AB CAP FUND, INC.

(Exact name of registrant as specified in charter)

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)

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

Date of fiscal year end: July 31, 2019

Date of reporting period: January 31, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

JAN^01.31.19

LOGO

SEMI-ANNUAL REPORT

AB MULTI-MANAGER SELECT

RETIREMENT FUNDS

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

AB MULTI-MANAGER SELECT 2010 FUND

AB MULTI-MANAGER SELECT 2015 FUND

AB MULTI-MANAGER SELECT 2020 FUND

AB MULTI-MANAGER SELECT 2025 FUND

AB MULTI-MANAGER SELECT 2030 FUND

AB MULTI-MANAGER SELECT 2035 FUND

AB MULTI-MANAGER SELECT 2040 FUND

AB MULTI-MANAGER SELECT 2045 FUND

AB MULTI-MANAGER SELECT 2050 FUND

AB MULTI-MANAGER SELECT 2055 FUND

LOGO

Beginning January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, each Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund at (800) 221 5672.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with a Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

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. The Fund’s portfolio holdings reports are available on the Commission’s website at www.sec.gov. The Fund’s portfolio holdings reports may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330. 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^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We are pleased to provide this report for AB Multi-Manager Select Retirement Funds (collectively the “Funds”, and individually a “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Funds’ investment strategies.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

AB’s global research organization connects and collaborates across platforms and teams to deliver impactful insights and innovative products. Better insights lead to better opportunities—anywhere in the world.

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 1

SEMI-ANNUAL REPORT

March 18, 2019

This report provides management’s discussion of the performance for AB Multi-Manager Select Retirement Funds for the semi-annual reporting period ended January 31, 2019.

Each Fund’s investment objective is to seek the highest total return (total return includes capital appreciation and income) over time consistent with its asset mix.

NAV RETURNS AS OF JANUARY 31, 2019 (unaudited)



	6 Months		12 Months

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

Class A Shares		-0.33%		-1.74%

Class C Shares		-0.69%		-2.40%

Advisor Class Shares¹		-0.26%		-1.48%

Class R Shares¹		-0.45%		-2.04%

Class K Shares¹		-0.37%		-1.77%

Class I Shares¹		-0.24%		-1.52%

Class Z Shares¹		-0.31%		-1.53%

S&P Target Date Retirement Income Index		-0.21%		-0.55%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2010 FUND

Class A Shares		-0.91%		-2.57%

Class C Shares		-1.31%		-3.23%

Advisor Class Shares¹		-0.86%		-2.35%

Class R Shares¹		-1.05%		-2.79%

Class K Shares¹		-1.00%		-2.57%

Class I Shares¹		-0.81%		-2.28%

Class Z Shares¹		-0.82%		-2.39%

S&P Target Date 2010 Index		-0.59%		-0.95%

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 Funds.



2 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NAV RETURNS AS OF JANUARY 31, 2019 (unaudited)



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2015 FUND

Class A Shares		-1.43%		-3.38%

Class C Shares		-1.80%		-4.11%

Advisor Class Shares¹		-1.23%		-3.07%

Class R Shares¹		-1.56%		-3.64%

Class K Shares¹		-1.38%		-3.37%

Class I Shares¹		-1.38%		-3.19%

Class Z Shares¹		-1.27%		-3.18%

S&P Target Date 2015 Index		-0.95%		-1.36%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2020 FUND

Class A Shares		-1.92%		-3.89%

Class C Shares		-2.34%		-4.66%

Advisor Class Shares¹		-1.73%		-3.61%

Class R Shares¹		-2.12%		-4.22%

Class K Shares¹		-1.94%		-3.94%

Class I Shares¹		-1.85%		-3.72%

Class Z Shares¹		-1.74%		-3.58%

S&P Target Date 2020 Index		-1.32%		-1.81%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2025 FUND

Class A Shares		-2.50%		-4.48%

Class C Shares		-2.92%		-5.23%

Advisor Class Shares¹		-2.40%		-4.21%

Class R Shares¹		-2.64%		-4.74%

Class K Shares¹		-2.54%		-4.55%

Class I Shares¹		-2.42%		-4.26%

Class Z Shares¹		-2.33%		-4.19%

S&P Target Date 2025 Index		-1.96%		-2.59%



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 3

NAV RETURNS AS OF JANUARY 31, 2019 (unaudited)



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2030 FUND

Class A Shares		-3.15%		-5.30%

Class C Shares		-3.45%		-6.01%

Advisor Class Shares¹		-3.02%		-5.10%

Class R Shares¹		-3.28%		-5.56%

Class K Shares¹		-3.07%		-5.27%

Class I Shares¹		-2.99%		-5.03%

Class Z Shares¹		-3.07%		-5.03%

S&P Target Date 2030 Index		-2.69%		-3.39%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2035 FUND

Class A Shares		-3.63%		-5.86%

Class C Shares		-3.99%		-6.62%

Advisor Class Shares¹		-3.52%		-5.68%

Class R Shares¹		-3.73%		-6.18%

Class K Shares¹		-3.67%		-5.88%

Class I Shares¹		-3.58%		-5.69%

Class Z Shares¹		-3.50%		-5.63%

S&P Target Date 2035 Index		-3.36%		-4.18%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2040 FUND

Class A Shares		-4.19%		-6.53%

Class C Shares		-4.54%		-7.20%

Advisor Class Shares¹		-4.15%		-6.34%

Class R Shares¹		-4.30%		-6.71%

Class K Shares¹		-4.17%		-6.50%

Class I Shares¹		-4.17%		-6.33%

Class Z Shares¹		-4.14%		-6.31%

S&P Target Date 2040 Index		-3.79%		-4.65%



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NAV RETURNS AS OF JANUARY 31, 2019 (unaudited)



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2045 FUND

Class A Shares		-4.36%		-6.67%

Class C Shares		-4.69%		-7.36%

Advisor Class Shares¹		-4.23%		-6.38%

Class R Shares¹		-4.52%		-6.89%

Class K Shares¹		-4.39%		-6.67%

Class I Shares¹		-4.30%		-6.42%

Class Z Shares¹		-4.27%		-6.41%

S&P Target Date 2045 Index		-4.05%		-4.98%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2050 FUND

Class A Shares		-4.53%		-6.79%

Class C Shares		-4.87%		-7.51%

Advisor Class Shares¹		-4.43%		-6.68%

Class R Shares¹		-4.63%		-7.08%

Class K Shares¹		-4.50%		-6.79%

Class I Shares¹		-4.40%		-6.65%

Class Z Shares¹		-4.38%		-6.60%

S&P Target Date 2050 Index		-4.23%		-5.17%



	6 Months		12 Months

AB MULTI-MANAGER SELECT 2055 FUND

Class A Shares		-4.62%		-6.81%

Class C Shares		-4.99%		-7.57%

Advisor Class Shares¹		-4.53%		-6.63%

Class R Shares¹		-4.75%		-7.12%

Class K Shares¹		-4.61%		-6.90%

Class I Shares¹		-4.53%		-6.63%

Class Z Shares¹		-4.52%		-6.65%

S&P Target Date 2055 Index		-4.27%		-5.24%



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 5

INVESTMENT RESULTS

The preceding tables show the Funds’ performance compared to their benchmarks, the Standard & Poor’s (“S&P”) Target Date Index Series, for the six- and 12-month periods ended January 31, 2019.

The benchmarks are as follows: Retirement Allocation Fund, the S&P Target Date Retirement Income Index; Select 2010 Fund, the S&P Target Date 2010 Index; Select 2015 Fund, the S&P Target Date 2015 Index; Select 2020 Fund, the S&P Target Date 2020 Index; Select 2025 Fund, the S&P Target Date 2025 Index; Select 2030 Fund, the S&P Target Date 2030 Index; Select 2035 Fund, the S&P Target Date 2035 Index; Select 2040 Fund, the S&P Target Date 2040 Index; Select 2045 Fund, the S&P Target Date 2045 Index; Select 2050 Fund, the S&P Target Date 2050 Index; and Select 2055 Fund, the S&P Target Date 2055 Index.

For the six-month period, all share classes of all vintages underperformed their respective benchmarks, before sales charges.

Relative to the respective benchmarks, strategic asset allocation contributed to returns for all vintages. Underweights to both core and short-duration bonds detracted from performance for all vintages, except 2010 and Retirement Allocation. An overweight to defensive equities and underweights to non-US large-caps and US small/mid-caps contributed. Underlying Portfolio selection detracted for all vintages. Notable detractors included AQR Style Premia Alternative Fund (fixed-income diversifier), AB High Income Fund (high-yield bonds) and Boston Partners Long/Short Research Fund (equity diversifier). Contributors included AB All Market Real Return Portfolio (inflation-sensitive), AQR Large Cap Defensive Style Fund (defensive equities) and AQR International Defensive Style Fund (defensive equities). Tactical asset allocation, employed through the Adviser’s dynamic asset allocation (“DAA”) process, had no material impact on returns for all vintages. During the period, DAA caused the Funds to be, on average, overweight real assets, core bonds, defensive equities and emerging-market equities, and to be underweight US large-caps and short-duration bonds. Primary detractors from DAA were the overweight positions in real assets and defensive equities, while the underweight to US large-caps and overweight to emerging-market equities offset these losses.

For the 12-month period, all share classes of all vintages underperformed their respective benchmarks, before sales charges.

Strategic asset allocation detracted from performance for the 2045, 2050 and 2055 vintages, but contributed for all other vintages. Underweight positions to short-duration and core bonds, as well as an overweight to non-US small-cap equities, detracted from performance. Lower allocations in non-US large-caps and higher allocations to defensive equities, fixed-income diversifiers and inflation-sensitive assets contributed. Underlying



6 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

Portfolio selection detracted for all vintages. Notable detractors included AQR Style Premia Alternative Fund (fixed-income diversifier), as well as Boston Partners Long/Short Research Fund (equity diversifier) and AQR Equity Market Neutral Fund (equity diversifier). Notable contributors included MFS Institutional International Equity Fund (equities), AQR International Defensive Style Fund (defensive equities) and AB Discovery Growth Fund (equities). Tactical asset allocation detracted from performance for all vintages. During the period, DAA caused the Funds to be, on average, overweight to core bonds and inflation-sensitive assets, and underweight to US large-caps. The main detractors from DAA were the overweight to inflation-sensitive assets and the underweight to US large-caps.

The Funds did not directly utilize derivatives during either period.

Please note: MFS is a registered service mark of Massachusetts Financial Services Company. None of Boston Partners; AQR Capital Management, LLC or Massachusetts Financial Services Company make any representations regarding the advisability of investing in the Funds.

MARKET REVIEW AND INVESTMENT STRATEGY

Global equities fell during the six-month period ended January 31, 2019. Strong corporate earnings and economic data sent US equity indices to record highs early in the period. However, performance quickly turned negative amid increased volatility. Investors worried about slowing global growth, especially in China, and rising interest rates driven by the actions of the US Federal Reserve (the “Fed”). Trade conflicts between the US and China exacerbated investor fears. In the US, growth-style stocks outperformed value-style stocks, and large-cap stocks outperformed their small-cap peers. While investors remained concerned about slow economic activity in Europe and ongoing Brexit uncertainty, global equities rallied toward the end of the period, as a strong start to earnings season and a more dovish monetary policy in the US boosted investor confidence.

Fixed-income markets generally had positive performance. Despite uncertainty regarding global trade tensions, geopolitics and the health of the global economy, concerns over tighter monetary policy gave way to increased investor interest in riskier assets following more dovish commentary from the Fed in January. Developed-market treasuries, investment-grade securities, global high yield and emerging-market debt sectors rallied. Developed-market treasury yield curves generally either fell across the curve or flattened, with shorter maturities rising while longer maturities moved lower (bond yields move inversely to price). The Fed raised rates twice, the European Central Bank ended its bond-buying program and the Peoples’ Bank of China cut its reserve requirement ratio.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 7

INVESTMENT POLICIES

In seeking to achieve their investment objective, the Funds focus their investments while seeking to minimize short-term risks on a combination of AB mutual funds and mutual funds and exchange-traded funds (“ETFs”) managed by unaffiliated third parties (“Underlying Portfolios”) representing a variety of asset classes and investment styles. Each Fund invests in the Underlying Portfolios in accordance with its current asset mix. In order to implement the Funds’ investment strategies, Morningstar Investment Management LLC (“Morningstar”), the Funds’ sub-adviser, selects Underlying Portfolios within each asset class for investment by the Funds from among AB mutual funds and funds offered by other fund complexes that have entered into a participation agreement or similar arrangement with the Funds. The Adviser has directed Morningstar to normally select Underlying Portfolios so that 10% to 50% of each Fund’s net assets is invested in AB mutual funds. ETFs will normally represent a significant portion of the Fund’s investments, and these ETFs are typically passive vehicles intended to track the performance of particular securities indices rather than actively managed funds.

Other than the AB Multi-Manager Select Retirement Allocation Fund, each Fund is managed to the specific year of planned retirement included in its name (the “retirement date”). Each Fund’s asset mix becomes more conservative, with an increasing exposure to investments in fixed-income securities and short-term bonds, each year until reaching the year approximately 15 years after the retirement date. At that time, the Fund will no longer be managed to become more conservative each year, although the Adviser may continue to vary the relative weightings of the Fund’s asset classes as described fully in the prospectus. The AB Multi-Manager Select Retirement Allocation Fund is managed according to a conservative asset allocation, and the Fund’s portfolio allocation will not necessarily become more conservative over time.

The Funds allocate their investments in Underlying Portfolios that invest in the following asset classes: traditional equity securities, defensive equity securities, equity diversifiers, inflation-sensitive instruments, fixed-income diversifiers, core fixed-income securities and short-duration fixed-income securities (including high-yield bonds or “junk bonds”). For these purposes, inflation-sensitive instruments include investments in funds focused on real estate securities, commodities and inflation-indexed securities; fixed-income diversifiers include investments in funds engaged in certain alternative strategies that seek reduced volatility and low correlation with fixed-income markets such as market neutral funds; short-duration fixed-income

(continued on next page)



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securities include investments in funds focused on minimizing risk of loss by maintaining average maturities of three years or less; defensive equity securities include investments in funds focusing on low volatility equities and other equity strategies emphasizing high-quality cash flows and dividends; and equity diversifiers include investments in funds engaged in certain alternative strategies that seek reduced volatility and limited correlation with equity markets such as equity long/short funds. The Funds may also invest directly in investments within each asset class. Each Underlying Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps, in an effort to earn income, to gain or adjust exposure to individual securities or markets, or to protect all or a portion of the Underlying Portfolio’s portfolio from a decline in value.

In making asset allocation decisions, the Adviser uses its proprietary DAA process. 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 will aim to adjust the Funds’ investment exposure in changing market conditions and thereby reduce overall portfolio volatility by seeking to mitigate the effects of market fluctuations, while preserving consistent long-term return potential. For example, the Adviser may seek to reduce a 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. The Adviser expects to pursue this process for the Funds primarily by adjusting Underlying Portfolio investments.



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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 Target Date Index Series^® (each, an “Index”) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for each particular target date. These asset class exposures include US large-cap, US mid-cap, US small-cap, international equities, emerging-market equities, US and international real estate investment trusts, core fixed-income, cash equivalents, Treasury inflation-protected securities, high-yield corporate bonds and commodities. Each Index uses the performance of other indices to track each asset class for purposes of Index calculation. The original inception date for the Indices was September 25, 2008, except the S&P Target Date 2050 Index, which was May 31, 2011, and the S&P Target Date 2055 Index, which was May 31, 2012. The performance of the Indices does not reflect the deduction of expenses associated with a fund, such as investment management fees. An investor cannot invest directly in an index and its results are not indicative of the performance for any specific investment, including the Funds.

A Word About Risk

Market Risk: The value of the Funds’ investments will fluctuate as the stock or bond market fluctuates. The value of their investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing may be underperforming the stock market generally.

Allocation Risk: The allocation of investments among the Underlying Portfolios’ different investment styles, such as equity or debt securities, or US or non-US securities, may have a more significant effect on the Funds’ net asset value (“NAV”) when one of these investments is performing more poorly than the other. There is no assurance that allocation decisions will result in the desired effects. Subjective decisions made by the Adviser and/or Morningstar may cause the Funds to incur losses or to miss profit opportunities on which they might otherwise have capitalized. The limited universe of Underlying Portfolios and the requirement that a specified percentage of the Funds’ assets be invested in AB mutual funds as noted above may adversely affect the Funds’ performance.

Interest-Rate Risk: Changes in interest rates will affect the value of the Funds’ investments in Underlying Portfolios that invest 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.



10 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

DISCLOSURES AND RISKS (continued)

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 by Underlying Portfolios in fixed-income securities with lower ratings are subject to a higher probability that an issuer will default or fail to meet its payment obligations.

High-Yield Debt Security Risk: Investments in fixed-income securities with ratings below investment-grade, 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.

Inflation Risk: This is the risk that the value of assets or income from the Funds’ investments in the Underlying Portfolios will be less in the future as inflation decreases the value of money. As inflation increases, the value of each Underlying Portfolio’s assets can decline as can the value of that Underlying Portfolio’s distributions.

Foreign (Non-US) Risk: Investments in non-US issuers by Underlying Portfolios may involve more risk than investments in US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Funds’ investments or reduce their returns.

Capitalization Risk: Investments in small- and mid-capitalization companies by Underlying Portfolios tend to be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies often have limited product lines, markets or financial resources.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses, and may be subject to counterparty risk to a greater degree than more traditional investments.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 11

DISCLOSURES AND RISKS (continued)

Leverage Risk: Borrowing money or other leverage may make an Underlying Portfolio’s investments more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of its investments. An Underlying Portfolio may create leverage through the use of certain portfolio management techniques such as reverse repurchase agreements or forward commitments, or by borrowing money.

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. In addition, shareholders of the Funds bear both their proportionate share of expenses in the Funds (including management fees) and, indirectly, the expenses of the investment companies.

Management Risk: The Funds are subject to management risk because they are actively managed investment funds. The Adviser and Morningstar will apply their investment techniques and risk analyses in making investment decisions for the Funds, but there is no guarantee that their techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Funds will fluctuate, so that 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.

All fees and expenses related to the operation of the Funds have been deducted. NAV returns do not reflect sales charges; if sales charges were reflected, the Funds’ 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 different share classes will vary due to different expenses associated with each class. Performance assumes reinvestment of distributions and does not account for taxes.



12 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-1.74%		-5.89%

Since Inception¹		2.94%		1.87%

CLASS C SHARES

1 Year		-2.40%		-3.35%

Since Inception¹		2.15%		2.15%

ADVISOR CLASS SHARES²

1 Year		-1.48%		-1.48%

Since Inception¹		3.17%		3.17%

CLASS R SHARES²

1 Year		-2.04%		-2.04%

Since Inception¹		2.64%		2.64%

CLASS K SHARES²

1 Year		-1.77%		-1.77%

Since Inception¹		2.90%		2.90%

CLASS I SHARES²

1 Year		-1.52%		-1.52%

Since Inception¹		3.15%		3.15%

CLASS Z SHARES²

1 Year		-1.53%		-1.53%

Since Inception¹		3.17%		3.17%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 5.66%, 6.53%, 5.46%, 3.69%, 3.39%, 3.01% and 5.52% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.46%, 1.21%, 0.21%, 0.71%, 0.46%, 0.21% and 0.21% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 13

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

1	Inception date: 12/15/2014.

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 Funds.



14 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-7.49%

Since Inception¹		1.20%

CLASS C SHARES

1 Year		-4.99%

Since Inception¹		1.49%

ADVISOR CLASS SHARES²

1 Year		-3.23%

Since Inception¹		2.49%

CLASS R SHARES²

1 Year		-3.63%

Since Inception¹		1.99%

CLASS K SHARES²

1 Year		-3.36%

Since Inception¹		2.27%

CLASS I SHARES²

1 Year		-3.18%

Since Inception¹		2.48%

CLASS Z SHARES²

1 Year		-3.13%

Since Inception¹		2.51%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 15

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2010 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-2.57%		-6.75%

Since Inception¹		3.80%		2.72%

CLASS C SHARES

1 Year		-3.23%		-4.17%

Since Inception¹		2.99%		2.99%

ADVISOR CLASS SHARES²

1 Year		-2.35%		-2.35%

Since Inception¹		4.05%		4.05%

CLASS R SHARES²

1 Year		-2.79%		-2.79%

Since Inception¹		3.54%		3.54%

CLASS K SHARES²

1 Year		-2.57%		-2.57%

Since Inception¹		3.74%		3.74%

CLASS I SHARES²

1 Year		-2.28%		-2.28%

Since Inception¹		4.03%		4.03%

CLASS Z SHARES²

1 Year		-2.39%		-2.39%

Since Inception¹		4.03%		4.03%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 3.44%, 4.21%, 3.29%, 3.02%, 2.73%, 2.26% and 2.22% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.41%, 1.16%, 0.16%, 0.66%, 0.41%, 0.16% and 0.16% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



16 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2010 FUND

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 17

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2010 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-8.40%

Since Inception¹		1.87%

CLASS C SHARES

1 Year		-5.85%

Since Inception¹		2.18%

ADVISOR CLASS SHARES²

1 Year		-3.94%

Since Inception¹		3.24%

CLASS R SHARES²

1 Year		-4.54%

Since Inception¹		2.70%

CLASS K SHARES²

1 Year		-4.32%

Since Inception¹		2.93%

CLASS I SHARES²

1 Year		-4.05%

Since Inception¹		3.19%

CLASS Z SHARES²

1 Year		-4.06%

Since Inception¹		3.21%

1	Inception date: 12/15/2014.



18 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2015 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-3.38%		-7.45%

Since Inception¹		4.23%		3.15%

CLASS C SHARES

1 Year		-4.11%		-5.01%

Since Inception¹		3.44%		3.44%

ADVISOR CLASS SHARES²

1 Year		-3.07%		-3.07%

Since Inception¹		4.50%		4.50%

CLASS R SHARES²

1 Year		-3.64%		-3.64%

Since Inception¹		3.96%		3.96%

CLASS K SHARES²

1 Year		-3.37%		-3.37%

Since Inception¹		4.25%		4.25%

CLASS I SHARES²

1 Year		-3.19%		-3.19%

Since Inception¹		4.47%		4.47%

CLASS Z SHARES²

1 Year		-3.18%		-3.18%

Since Inception¹		4.48%		4.48%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.76%, 2.51%, 1.51%, 2.13%, 1.83%, 1.47% and 1.41% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.37%, 1.12%, 0.12%, 0.62%, 0.37%, 0.12% and 0.12% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 19

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2015 FUND

1	Inception date: 12/15/2014.



20 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2015 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-9.19%

Since Inception¹		2.16%

CLASS C SHARES

1 Year		-6.79%

Since Inception¹		2.47%

ADVISOR CLASS SHARES²

1 Year		-4.86%

Since Inception¹		3.54%

CLASS R SHARES²

1 Year		-5.37%

Since Inception¹		3.01%

CLASS K SHARES²

1 Year		-5.21%

Since Inception¹		3.27%

CLASS I SHARES²

1 Year		-4.94%

Since Inception¹		3.52%

CLASS Z SHARES²

1 Year		-4.95%

Since Inception¹		3.50%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 21

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2020 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-3.89%		-7.99%

Since Inception¹		4.69%		3.60%

CLASS C SHARES

1 Year		-4.66%		-5.54%

Since Inception¹		3.87%		3.87%

ADVISOR CLASS SHARES²

1 Year		-3.61%		-3.61%

Since Inception¹		4.95%		4.95%

CLASS R SHARES²

1 Year		-4.22%		-4.22%

Since Inception¹		4.40%		4.40%

CLASS K SHARES²

1 Year		-3.94%		-3.94%

Since Inception¹		4.69%		4.69%

CLASS I SHARES²

1 Year		-3.72%		-3.72%

Since Inception¹		4.89%		4.89%

CLASS Z SHARES²

1 Year		-3.58%		-3.58%

Since Inception¹		4.95%		4.95%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.38%, 2.13%, 1.13%, 1.79%, 1.48%, 1.04% and 1.06% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.38%, 1.13%, 0.13%, 0.63%, 0.38%, 0.13% and 0.13% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



22 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2020 FUND

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 23

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2020 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-9.88%

Since Inception¹		2.52%

CLASS C SHARES

1 Year		-7.47%

Since Inception¹		2.81%

ADVISOR CLASS SHARES²

1 Year		-5.49%

Since Inception¹		3.89%

CLASS R SHARES²

1 Year		-6.03%

Since Inception¹		3.35%

CLASS K SHARES²

1 Year		-5.85%

Since Inception¹		3.62%

CLASS I SHARES²

1 Year		-5.59%

Since Inception¹		3.83%

CLASS Z SHARES²

1 Year		-5.50%

Since Inception¹		3.88%

1	Inception date: 12/15/2014.



24 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2025 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-4.48%		-8.57%

Since Inception¹		5.31%		4.22%

CLASS C SHARES

1 Year		-5.23%		-6.10%

Since Inception¹		4.55%		4.55%

ADVISOR CLASS SHARES²

1 Year		-4.21%		-4.21%

Since Inception¹		5.60%		5.60%

CLASS R SHARES²

1 Year		-4.74%		-4.74%

Since Inception¹		5.05%		5.05%

CLASS K SHARES²

1 Year		-4.55%		-4.55%

Since Inception¹		5.32%		5.32%

CLASS I SHARES²

1 Year		-4.26%		-4.26%

Since Inception¹		5.58%		5.58%

CLASS Z SHARES²

1 Year		-4.19%		-4.19%

Since Inception¹		5.61%		5.61%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.27%, 2.03%, 1.02%, 1.66%, 1.36%, 1.00% and 0.94% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.37%, 1.12%, 0.12%, 0.62%, 0.37%, 0.12% and 0.12% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 25

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2025 FUND

1	Inception date: 12/15/2014.



26 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2025 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-10.49%

Since Inception¹		2.99%

CLASS C SHARES

1 Year		-8.02%

Since Inception¹		3.35%

ADVISOR CLASS SHARES²

1 Year		-6.25%

Since Inception¹		4.38%

CLASS R SHARES²

1 Year		-6.74%

Since Inception¹		3.84%

CLASS K SHARES²

1 Year		-6.44%

Since Inception¹		4.12%

CLASS I SHARES²

1 Year		-6.26%

Since Inception¹		4.36%

CLASS Z SHARES²

1 Year		-6.19%

Since Inception¹		4.38%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 27

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2030 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-5.30%		-9.34%

Since Inception¹		6.04%		4.94%

CLASS C SHARES

1 Year		-6.01%		-6.87%

Since Inception¹		5.30%		5.30%

ADVISOR CLASS SHARES²

1 Year		-5.10%		-5.10%

Since Inception¹		6.33%		6.33%

CLASS R SHARES²

1 Year		-5.56%		-5.56%

Since Inception¹		5.78%		5.78%

CLASS K SHARES²

1 Year		-5.27%		-5.27%

Since Inception¹		6.06%		6.06%

CLASS I SHARES²

1 Year		-5.03%		-5.03%

Since Inception¹		6.33%		6.33%

CLASS Z SHARES²

1 Year		-5.03%		-5.03%

Since Inception¹		6.32%		6.32%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.28%, 2.04%, 1.03%, 1.69%, 1.39%, 1.06% and 0.97% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.38%, 1.13%, 0.13%, 0.63%, 0.38%, 0.13% and 0.13% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



28 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2030 FUND

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 29

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2030 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-11.16%

Since Inception¹		3.59%

CLASS C SHARES

1 Year		-8.69%

Since Inception¹		3.96%

ADVISOR CLASS SHARES²

1 Year		-6.93%

Since Inception¹		4.99%

CLASS R SHARES²

1 Year		-7.51%

Since Inception¹		4.42%

CLASS K SHARES²

1 Year		-7.21%

Since Inception¹		4.71%

CLASS I SHARES²

1 Year		-6.99%

Since Inception¹		4.96%

CLASS Z SHARES²

1 Year		-6.99%

Since Inception¹		4.97%

1	Inception date: 12/15/2014.



30 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2035 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-5.86%		-9.83%

Since Inception¹		6.59%		5.48%

CLASS C SHARES

1 Year		-6.62%		-7.48%

Since Inception¹		5.79%		5.79%

ADVISOR CLASS SHARES²

1 Year		-5.68%		-5.68%

Since Inception¹		6.85%		6.85%

CLASS R SHARES²

1 Year		-6.18%		-6.18%

Since Inception¹		6.31%		6.31%

CLASS K SHARES²

1 Year		-5.88%		-5.88%

Since Inception¹		6.59%		6.59%

CLASS I SHARES²

1 Year		-5.69%		-5.69%

Since Inception¹		6.83%		6.83%

CLASS Z SHARES²

1 Year		-5.63%		-5.63%

Since Inception¹		6.85%		6.85%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.32%, 2.08%, 1.07%, 1.69%, 1.38%, 0.99% and 0.96% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.38%, 1.13%, 0.13%, 0.63%, 0.38%, 0.13% and 0.13% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 31

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2035 FUND

1	Inception date: 12/15/2014.



32 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2035 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-11.69%

Since Inception¹		3.99%

CLASS C SHARES

1 Year		-9.38%

Since Inception¹		4.30%

ADVISOR CLASS SHARES²

1 Year		-7.60%

Since Inception¹		5.36%

CLASS R SHARES²

1 Year		-8.07%

Since Inception¹		4.82%

CLASS K SHARES²

1 Year		-7.75%

Since Inception¹		5.12%

CLASS I SHARES²

1 Year		-7.55%

Since Inception¹		5.35%

CLASS Z SHARES²

1 Year		-7.61%

Since Inception¹		5.35%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 33

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2040 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-6.53%		-10.50%

Since Inception¹		6.81%		5.70%

CLASS C SHARES

1 Year		-7.20%		-8.04%

Since Inception¹		6.05%		6.05%

ADVISOR CLASS SHARES²

1 Year		-6.34%		-6.34%

Since Inception¹		7.07%		7.07%

CLASS R SHARES²

1 Year		-6.71%		-6.71%

Since Inception¹		6.58%		6.58%

CLASS K SHARES²

1 Year		-6.50%		-6.50%

Since Inception¹		6.84%		6.84%

CLASS I SHARES²

1 Year		-6.33%		-6.33%

Since Inception¹		7.06%		7.06%

CLASS Z SHARES²

1 Year		-6.31%		-6.31%

Since Inception¹		7.09%		7.09%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.46%, 2.22%, 1.21%, 1.81%, 1.52%, 1.13% and 1.09% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.39%, 1.14%, 0.14%, 0.64%, 0.39%, 0.14% and 0.14% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



34 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2040 FUND

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 35

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2040 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-12.38%

Since Inception¹		4.11%

CLASS C SHARES

1 Year		-9.97%

Since Inception¹		4.46%

ADVISOR CLASS SHARES²

1 Year		-8.28%

Since Inception¹		5.49%

CLASS R SHARES²

1 Year		-8.69%

Since Inception¹		4.98%

CLASS K SHARES²

1 Year		-8.48%

Since Inception¹		5.23%

CLASS I SHARES²

1 Year		-8.31%

Since Inception¹		5.46%

CLASS Z SHARES²

1 Year		-8.22%

Since Inception¹		5.51%

1	Inception date: 12/15/2014.



36 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2045 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-6.67%		-10.63%

Since Inception¹		6.92%		5.82%

CLASS C SHARES

1 Year		-7.36%		-8.20%

Since Inception¹		6.12%		6.12%

ADVISOR CLASS SHARES²

1 Year		-6.38%		-6.38%

Since Inception¹		7.19%		7.19%

CLASS R SHARES²

1 Year		-6.89%		-6.89%

Since Inception¹		6.64%		6.64%

CLASS K SHARES²

1 Year		-6.67%		-6.67%

Since Inception¹		6.94%		6.94%

CLASS I SHARES²

1 Year		-6.42%		-6.42%

Since Inception¹		7.17%		7.17%

CLASS Z SHARES²

1 Year		-6.41%		-6.41%

Since Inception¹		7.18%		7.18%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.58%, 2.34%, 1.33%, 1.85%, 1.57%, 1.17% and 1.14% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.40%, 1.15%, 0.15%, 0.65%, 0.40%, 0.15% and 0.15% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 37

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2045 FUND

1	Inception date: 12/15/2014.



38 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2045 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-12.61%

Since Inception¹		4.15%

CLASS C SHARES

1 Year		-10.18%

Since Inception¹		4.48%

ADVISOR CLASS SHARES²

1 Year		-8.32%

Since Inception¹		5.54%

CLASS R SHARES²

1 Year		-8.86%

Since Inception¹		5.00%

CLASS K SHARES²

1 Year		-8.57%

Since Inception¹		5.30%

CLASS I SHARES²

1 Year		-8.41%

Since Inception¹		5.53%

CLASS Z SHARES²

1 Year		-8.42%

Since Inception¹		5.52%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 39

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2050 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-6.79%		-10.74%

Since Inception¹		6.95%		5.84%

CLASS C SHARES

1 Year		-7.51%		-8.37%

Since Inception¹		6.14%		6.14%

ADVISOR CLASS SHARES²

1 Year		-6.68%		-6.68%

Since Inception¹		7.19%		7.19%

CLASS R SHARES²

1 Year		-7.08%		-7.08%

Since Inception¹		6.68%		6.68%

CLASS K SHARES²

1 Year		-6.79%		-6.79%

Since Inception¹		6.93%		6.93%

CLASS I SHARES²

1 Year		-6.65%		-6.65%

Since Inception¹		7.20%		7.20%

CLASS Z SHARES²

1 Year		-6.60%		-6.60%

Since Inception¹		7.21%		7.21%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 2.88%, 3.69%, 2.61%, 2.56%, 2.25%, 1.68% and 1.83% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.39%, 1.14%, 0.14%, 0.64%, 0.39%, 0.14 and 0.14% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



40 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2050 FUND

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 41

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2050 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-12.68%

Since Inception¹		4.15%

CLASS C SHARES

1 Year		-10.45%

Since Inception¹		4.46%

ADVISOR CLASS SHARES²

1 Year		-8.58%

Since Inception¹		5.54%

CLASS R SHARES²

1 Year		-9.07%

Since Inception¹		5.01%

CLASS K SHARES²

1 Year		-8.86%

Since Inception¹		5.25%

CLASS I SHARES²

1 Year		-8.62%

Since Inception¹		5.53%

CLASS Z SHARES²

1 Year		-8.69%

Since Inception¹		5.52%

1	Inception date: 12/15/2014.



42 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE

AB MULTI-MANAGER SELECT 2055 FUND

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-6.81%		-10.79%

Since Inception¹		6.79%		5.68%

CLASS C SHARES

1 Year		-7.57%		-8.42%

Since Inception¹		6.00%		6.00%

ADVISOR CLASS SHARES²

1 Year		-6.63%		-6.63%

Since Inception¹		7.05%		7.05%

CLASS R SHARES²

1 Year		-7.12%		-7.12%

Since Inception¹		6.53%		6.53%

CLASS K SHARES²

1 Year		-6.90%		-6.90%

Since Inception¹		6.78%		6.78%

CLASS I SHARES²

1 Year		-6.63%		-6.63%

Since Inception¹		7.05%		7.05%

CLASS Z SHARES²

1 Year		-6.65%		-6.65%

Since Inception¹		7.05%		7.05%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 2.31%, 3.14%, 2.06%, 2.35%, 2.06%, 1.62% and 1.64% 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 and inclusive of the Fund’s proportionate share of Underlying Portfolio fees and expenses. Contractual fee waivers and/or expense reimbursements limit the Fund’s annual operating expense ratios exclusive of acquired fund fees and expenses, interest expense, taxes, extraordinary expenses, and brokerage commissions and other transaction costs to 0.39%, 1.14%, 0.14%, 0.64%, 0.39%, 0.14% and 0.14% for Class A, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. These waivers/reimbursements may not be terminated before November 30, 2019 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through January 5, 2016 under the expense limitation in effect prior to that date may be reimbursed by the Fund until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Fund’s operating expenses to exceed the applicable expense limitations. 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)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 43

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2055 FUND

1	Inception date: 12/15/2014.



44 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

HISTORICAL PERFORMANCE (continued)

AB MULTI-MANAGER SELECT 2055 FUND

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-12.77%

Since Inception¹		3.99%

CLASS C SHARES

1 Year		-10.40%

Since Inception¹		4.34%

ADVISOR CLASS SHARES²

1 Year		-8.72%

Since Inception¹		5.36%

CLASS R SHARES²

1 Year		-9.13%

Since Inception¹		4.86%

CLASS K SHARES²

1 Year		-8.82%

Since Inception¹		5.12%

CLASS I SHARES²

1 Year		-8.63%

Since Inception¹		5.38%

CLASS Z SHARES²

1 Year		-8.66%

Since Inception¹		5.39%

1	Inception date: 12/15/2014.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 45

EXPENSE EXAMPLE

(unaudited)

As a shareholder of a 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 first line of each 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. Each Fund will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Fund invests. These expenses are not included in the table below.

Hypothetical Example for Comparison Purposes

The first line of each table below also provides information about hypothetical account values and hypothetical expenses based on a 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. Each Fund will indirectly bear its pro rata share of the expenses incurred by the Underlying Portfolios in which the Fund invests. These expenses are not included in the table below.

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.



46 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)

AB Multi-Manager Select Retirement Allocation Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	996.70	$	2.26		0.45	%	$	4.18		0.83	%
Hypothetical**	$	1,000	$	1,022.94	$	2.29		0.45	%	$	4.23		0.83	%
Class C
Actual	$	1,000	$	993.10	$	6.03		1.20	%	$	7.94		1.58	%
Hypothetical**	$	1,000	$	1,019.16	$	6.11		1.20	%	$	8.03		1.58	%
Advisor Class
Actual	$	1,000	$	997.40	$	1.01		0.20	%	$	2.92		0.58	%
Hypothetical**	$	1,000	$	1,024.20	$	1.02		0.20	%	$	2.96		0.58	%
Class R
Actual	$	1,000	$	995.50	$	3.52		0.70	%	$	5.43		1.08	%
Hypothetical**	$	1,000	$	1,021.68	$	3.57		0.70	%	$	5.50		1.08	%
Class K
Actual	$	1,000	$	996.30	$	2.26		0.45	%	$	4.18		0.83	%
Hypothetical**	$	1,000	$	1,022.94	$	2.29		0.45	%	$	4.23		0.83	%
Class I
Actual	$	1,000	$	997.60	$	1.01		0.20	%	$	2.92		0.58	%
Hypothetical**	$	1,000	$	1,024.20	$	1.02		0.20	%	$	2.96		0.58	%
Class Z
Actual	$	1,000	$	996.90	$	1.01		0.20	%	$	2.92		0.58	%
Hypothetical**	$	1,000	$	1,024.20	$	1.02		0.20	%	$	2.96		0.58	%

AB Multi-Manager Select 2010 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	990.90	$	2.01		0.40	%	$	4.27		0.85	%
Hypothetical**	$	1,000	$	1,023.19	$	2.04		0.40	%	$	4.33		0.85	%
Class C
Actual	$	1,000	$	986.90	$	5.76		1.15	%	$	8.01		1.60	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%	$	8.13		1.60	%
Advisor Class
Actual	$	1,000	$	991.40	$	0.75		0.15	%	$	3.01		0.60	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	3.06		0.60	%
Class R
Actual	$	1,000	$	989.50	$	3.26		0.65	%	$	5.52		1.10	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%	$	5.60		1.10	%
Class K
Actual	$	1,000	$	990.00	$	2.01		0.40	%	$	4.26		0.85	%
Hypothetical**	$	1,000	$	1,023.19	$	2.04		0.40	%	$	4.33		0.85	%



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 47

EXPENSE EXAMPLE (continued)

(unaudited)


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class I
Actual	$	1,000	$	991.90	$	0.75		0.15	%	$	3.01		0.60	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	3.06		0.60	%
Class Z
Actual	$	1,000	$	991.80	$	0.75		0.15	%	$	3.01		0.60	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	3.06		0.60	%

AB Multi-Manager Select 2015 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	985.70	$	1.75		0.35	%	$	4.20		0.84	%
Hypothetical**	$	1,000	$	1,023.44	$	1.79		0.35	%	$	4.28		0.84	%
Class C
Actual	$	1,000	$	982.00	$	5.55		1.11	%	$	7.99		1.60	%
Hypothetical**	$	1,000	$	1,019.61	$	5.65		1.11	%	$	8.13		1.60	%
Advisor Class
Actual	$	1,000	$	987.70	$	0.55		0.11	%	$	3.01		0.60	%
Hypothetical**	$	1,000	$	1,024.65	$	0.56		0.11	%	$	3.06		0.60	%
Class R
Actual	$	1,000	$	984.40	$	3.05		0.61	%	$	5.50		1.10	%
Hypothetical**	$	1,000	$	1,022.13	$	3.11		0.61	%	$	5.60		1.10	%
Class K
Actual	$	1,000	$	986.20	$	1.80		0.36	%	$	4.26		0.85	%
Hypothetical**	$	1,000	$	1,023.39	$	1.84		0.36	%	$	4.33		0.85	%
Class I
Actual	$	1,000	$	986.20	$	0.55		0.11	%	$	3.00		0.60	%
Hypothetical**	$	1,000	$	1,024.65	$	0.56		0.11	%	$	3.06		0.60	%
Class Z
Actual	$	1,000	$	987.30	$	0.60		0.12	%	$	3.06		0.61	%
Hypothetical**	$	1,000	$	1,022.13	$	0.61		0.12	%	$	3.11		0.61	%

AB Multi-Manager Select 2020 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	980.80	$	1.85		0.37	%	$	4.19		0.84	%
Hypothetical**	$	1,000	$	1,023.34	$	1.89		0.37	%	$	4.28		0.84	%



48 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class C
Actual	$	1,000	$	976.60	$	5.58		1.12	%	$	7.92		1.59	%
Hypothetical**	$	1,000	$	1,019.56	$	5.70		1.12	%	$	8.08		1.59	%
Advisor Class
Actual	$	1,000	$	982.70	$	0.60		0.12	%	$	2.95		0.59	%
Hypothetical**	$	1,000	$	1,024.60	$	0.61		0.12	%	$	3.01		0.59	%
Class R
Actual	$	1,000	$	978.80	$	3.09		0.62	%	$	5.44		1.09	%
Hypothetical**	$	1,000	$	1,022.08	$	3.16		0.62	%	$	5.55		1.09	%
Class K
Actual	$	1,000	$	980.60	$	1.85		0.37	%	$	4.19		0.84	%
Hypothetical**	$	1,000	$	1,023.34	$	1.89		0.37	%	$	4.28		0.84	%
Class I
Actual	$	1,000	$	981.50	$	0.60		0.12	%	$	2.95		0.59	%
Hypothetical**	$	1,000	$	1,024.60	$	0.61		0.12	%	$	3.01		0.59	%
Class Z
Actual	$	1,000	$	982.60	$	0.60		0.12	%	$	2.95		0.59	%
Hypothetical**	$	1,000	$	1,024.60	$	0.61		0.12	%	$	3.01		0.59	%

AB Multi-Manager Select 2025 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	975.00	$	1.89		0.38	%	$	4.13		0.83	%
Hypothetical**	$	1,000	$	1,023.29	$	1.94		0.38	%	$	4.23		0.83	%
Class C
Actual	$	1,000	$	970.80	$	5.61		1.13	%	$	7.85		1.58	%
Hypothetical**	$	1,000	$	1,019.51	$	5.75		1.13	%	$	8.03		1.58	%
Advisor Class
Actual	$	1,000	$	976.00	$	0.65		0.13	%	$	2.89		0.58	%
Hypothetical**	$	1,000	$	1,024.55	$	0.66		0.13	%	$	2.96		0.58	%
Class R
Actual	$	1,000	$	973.60	$	3.08		0.62	%	$	5.32		1.07	%
Hypothetical**	$	1,000	$	1,022.08	$	3.16		0.62	%	$	5.45		1.07	%
Class K
Actual	$	1,000	$	974.60	$	1.89		0.38	%	$	4.13		0.83	%
Hypothetical**	$	1,000	$	1,023.29	$	1.94		0.38	%	$	4.23		0.83	%
Class I
Actual	$	1,000	$	975.80	$	0.65		0.13	%	$	2.89		0.58	%
Hypothetical**	$	1,000	$	1,024.55	$	0.66		0.13	%	$	2.96		0.58	%
Class Z
Actual	$	1,000	$	976.70	$	0.60		0.12	%	$	2.84		0.57	%
Hypothetical**	$	1,000	$	1,024.60	$	0.61		0.12	%	$	2.91		0.57	%



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 49

EXPENSE EXAMPLE (continued)

(unaudited)

AB Multi-Manager Select 2030 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	968.50	$	1.94		0.39	%	$	4.07		0.82	%
Hypothetical**	$	1,000	$	1,023.24	$	1.99		0.39	%	$	4.18		0.82	%
Class C
Actual	$	1,000	$	965.50	$	5.65		1.14	%	$	7.78		1.57	%
Hypothetical**	$	1,000	$	1,019.46	$	5.80		1.14	%	$	7.98		1.57	%
Advisor Class
Actual	$	1,000	$	969.80	$	0.70		0.14	%	$	2.83		0.57	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.91		0.57	%
Class R
Actual	$	1,000	$	967.20	$	3.17		0.64	%	$	5.31		1.07	%
Hypothetical**	$	1,000	$	1,021.98	$	3.26		0.64	%	$	5.45		1.07	%
Class K
Actual	$	1,000	$	969.30	$	1.94		0.39	%	$	4.07		0.82	%
Hypothetical**	$	1,000	$	1,023.24	$	1.99		0.39	%	$	4.18		0.82	%
Class I
Actual	$	1,000	$	970.10	$	0.70		0.14	%	$	2.83		0.57	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.91		0.57	%
Class Z
Actual	$	1,000	$	969.30	$	0.69		0.14	%	$	2.83		0.57	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.91		0.57	%

AB Multi-Manager Select 2035 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	963.70	$	1.93		0.39	%	$	4.01		0.81	%
Hypothetical**	$	1,000	$	1,023.24	$	1.99		0.39	%	$	4.13		0.81	%
Class C
Actual	$	1,000	$	960.10	$	5.63		1.14	%	$	7.71		1.56	%
Hypothetical**	$	1,000	$	1,019.46	$	5.80		1.14	%	$	7.93		1.56	%
Advisor Class
Actual	$	1,000	$	964.80	$	0.69		0.14	%	$	2.77		0.56	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.85		0.56	%
Class R
Actual	$	1,000	$	962.70	$	3.17		0.64	%	$	5.24		1.06	%
Hypothetical**	$	1,000	$	1,021.98	$	3.26		0.64	%	$	5.40		1.06	%
Class K
Actual	$	1,000	$	963.30	$	1.93		0.39	%	$	4.01		0.81	%
Hypothetical**	$	1,000	$	1,023.24	$	1.99		0.39	%	$	4.13		0.81	%



50 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class I
Actual	$	1,000	$	964.20	$	0.69		0.14	%	$	2.77		0.56	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.85		0.56	%
Class Z
Actual	$	1,000	$	965.00	$	0.69		0.14	%	$	2.77		0.56	%
Hypothetical**	$	1,000	$	1,024.50	$	0.71		0.14	%	$	2.85		0.56	%

AB Multi-Manager Select 2040 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	958.10	$	1.97		0.40	%	$	3.95		0.80	%
Hypothetical**	$	1,000	$	1,023.19	$	2.04		0.40	%	$	4.08		0.80	%
Class C
Actual	$	1,000	$	954.60	$	5.67		1.15	%	$	7.64		1.55	%
Hypothetical**	$	1,000	$	1,019.41	$	5.85		1.15	%	$	7.88		1.55	%
Advisor Class
Actual	$	1,000	$	958.50	$	0.74		0.15	%	$	2.72		0.55	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	2.80		0.55	%
Class R
Actual	$	1,000	$	957.00	$	3.21		0.65	%	$	5.18		1.05	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%	$	5.35		1.05	%
Class K
Actual	$	1,000	$	958.30	$	1.97		0.40	%	$	3.95		0.80	%
Hypothetical**	$	1,000	$	1,023.19	$	2.04		0.40	%	$	4.08		0.80	%
Class I
Actual	$	1,000	$	958.30	$	0.74		0.15	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	2.80		0.55	%
Class Z
Actual	$	1,000	$	958.60	$	0.74		0.15	%	$	2.72		0.55	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	2.80		0.55	%

AB Multi-Manager Select 2045 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	956.40	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 51

EXPENSE EXAMPLE (continued)

(unaudited)


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class C
Actual	$	1,000	$	953.10	$	5.71		1.16	%	$	7.63		1.55	%
Hypothetical**	$	1,000	$	1,019.36	$	5.90		1.16	%	$	7.88		1.55	%
Advisor Class
Actual	$	1,000	$	957.70	$	0.74		0.15	%	$	2.66		0.54	%
Hypothetical**	$	1,000	$	1,024.45	$	0.77		0.15	%	$	2.75		0.54	%
Class R
Actual	$	1,000	$	954.80	$	3.20		0.65	%	$	5.12		1.04	%
Hypothetical**	$	1,000	$	1,021.93	$	3.31		0.65	%	$	5.30		1.04	%
Class K
Actual	$	1,000	$	956.10	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%
Class I
Actual	$	1,000	$	957.00	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%
Class Z
Actual	$	1,000	$	1,000.00	$	0.81		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%

AB Multi-Manager Select 2050 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	954.70	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%
Class C
Actual	$	1,000	$	951.30	$	5.71		1.16	%	$	7.62		1.55	%
Hypothetical**	$	1,000	$	1,019.36	$	5.90		1.16	%	$	7.88		1.55	%
Advisor Class
Actual	$	1,000	$	955.70	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%
Class R
Actual	$	1,000	$	953.70	$	3.25		0.66	%	$	5.17		1.05	%
Hypothetical**	$	1,000	$	1,021.88	$	3.36		0.66	%	$	5.35		1.05	%
Class K
Actual	$	1,000	$	955.00	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%
Class I
Actual	$	1,000	$	956.00	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%
Class Z
Actual	$	1,000	$	956.20	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%



52 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

EXPENSE EXAMPLE (continued)

(unaudited)

AB Multi-Manager Select 2055 Fund


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	953.80	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%
Class C
Actual	$	1,000	$	950.10	$	5.70		1.16	%	$	7.62		1.55	%
Hypothetical**	$	1,000	$	1,019.36	$	5.90		1.16	%	$	7.88		1.55	%
Advisor Class
Actual	$	1,000	$	954.70	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%
Class R
Actual	$	1,000	$	952.50	$	3.25		0.66	%	$	5.17		1.05	%
Hypothetical**	$	1,000	$	1,021.88	$	3.36		0.66	%	$	5.35		1.05	%
Class K
Actual	$	1,000	$	953.90	$	2.02		0.41	%	$	3.94		0.80	%
Hypothetical**	$	1,000	$	1,023.14	$	2.09		0.41	%	$	4.08		0.80	%
Class I
Actual	$	1,000	$	954.70	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%
Class Z
Actual	$	1,000	$	954.80	$	0.79		0.16	%	$	2.71		0.55	%
Hypothetical**	$	1,000	$	1,024.40	$	0.82		0.16	%	$	2.80		0.55	%

*	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 Funds’ investments in affiliated/unaffiliated underlying portfolios, the Funds incur 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 Funds in an amount equal to the Funds’ pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Funds’ total expenses are equal to the classes’ annualized expense ratio plus the Funds’ 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 MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 53

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $12,509

LOGO

All data are as of January 31, 2019. The Fund’s portfolio breakdown is expressed as a percentage of total investments, based on the Adviser’s internal classification. Underlying Portfolios may not invest 100% of their assets in the category to which the Underlying Portfolio is assigned. The percentages may vary over time.



54 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2010 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $17,066

LOGO



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 55

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2015 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $45,021

LOGO



56 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2020 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $100,158

LOGO



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 57

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2025 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $155,365

LOGO



58 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2030 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $126,309

LOGO



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 59

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2035 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $121,650

LOGO



60 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2040 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $75,553

LOGO



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 61

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2045 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $65,525

LOGO



62 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2050 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $29,157

LOGO



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 63

PORTFOLIO SUMMARY

AB MULTI-MANAGER SELECT 2055 FUND

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($thousand): $33,315

LOGO



64 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.7%
Funds and Investment Trusts – 99.7%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		45,672	$	381,362
AB Bond Inflation Strategy Portfolio – Class Z^(b)		83,719		876,542
AB Global Bond Fund, Inc. – Class Z^(b)		203,967		1,690,890
AB Global Real Estate Investment Fund II – Class I^(b)		8,628		96,804
AB High Income Fund, Inc. – Class Z^(b)		30,965		250,509
AB Relative Value Fund – Class Z^(b)		32,967		172,746
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		59,618		495,426
AQR Equity Market Neutral Fund – Class R6		11,396		122,398
AQR International Defensive Style Fund – Class R6		30,248		376,287
AQR Large Cap Defensive Style Fund – Class R6		19,296		383,408
Baird Short Term Bond Fund		103,638		995,963
BlackRock Total Return Bond Fund – Class K		66,259		752,035
Boston Partners Long/Short Research Fund – Class INS		16,682		251,729
DFA Commodity Strategy Portfolio		44,956		246,358
iShares Core S&P 500 ETF		2,796		759,254
PIMCO Real Return Fund		57,945		622,335
Schwab US Dividend Equity ETF		12,692		632,189
T. Rowe Price International Funds – International Discovery Fund – Class I		2,123		126,914
Vanguard FTSE Developed Markets ETF		6,145		245,001
Vanguard FTSE Emerging Markets ETF		3,051		127,471
Vanguard Short-Term Bond ETF		19,625		1,551,552
Vanguard Total Bond Market ETF		16,442		1,316,840


Total Investment Companies (cost $12,573,481)				12,474,013


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $20,402)		20,402		20,402


Total Investments – 99.9% (cost $12,593,883)				12,494,415
Other assets less liabilities – 0.1%				14,540


Net Assets – 100.0%			$	12,508,955

(a)	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.

(b)	Affiliated investments.

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



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 65

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT RETIREMENT ALLOCATION FUND

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



66 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2010 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.1%
Funds and Investment Trusts – 99.1%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		63,496	$	530,191
AB Bond Inflation Strategy Portfolio – Class Z^(b)		142,536		1,492,352
AB Discovery Value Fund – Class Z^(b)		9,592		181,865
AB Global Bond Fund, Inc. – Class Z^(b)		319,032		2,644,773
AB Global Real Estate Investment Fund II – Class I^(b)		12,056		135,272
AB High Income Fund, Inc. – Class Z^(b)		63,265		511,812
AB Relative Value Fund – Class Z^(b)		46,580		244,079
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		39,727		330,133
AQR Equity Market Neutral Fund – Class R6		15,189		163,131
AQR International Defensive Style Fund – Class R6		41,874		520,914
AQR Large Cap Defensive Style Fund – Class R6		26,556		527,665
AQR Style Premia Alternative Fund – Class R6		35,903		327,793
Baird Short Term Bond Fund		68,293		656,299
BlackRock Total Return Bond Fund – Class K		87,488		992,994
Boston Partners Long/Short Research Fund – Class INS		22,716		342,789
DFA Commodity Strategy Portfolio		61,261		335,712
iShares Core S&P 500 ETF		7,002		1,901,393
MFS Institutional International Equity Fund		7,294		172,651
PIMCO Real Return Fund		77,230		829,446
Schwab US Dividend Equity ETF		17,595		876,407
T. Rowe Price Emerging Markets Stock Fund – Class I		4,356		182,311
T. Rowe Price International Funds – International Discovery Fund – Class I		2,984		178,383
Vanguard FTSE Developed Markets ETF		8,411		335,347
Vanguard FTSE Emerging Markets ETF		4,239		177,105
Vanguard Short-Term Bond ETF		8,299		656,119
Vanguard Total Bond Market ETF		20,793		1,665,311


Total Investment Companies (cost $17,114,126)				16,912,247


SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $128,825)		128,825		128,825


Total Investments – 99.9% (cost $17,242,951)				17,041,072
Other assets less liabilities – 0.1%				24,479


Net Assets – 100.0%			$	17,065,551



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 67

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2010 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



68 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2015 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.5%
Funds and Investment Trusts – 99.5%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		226,049	$	1,887,512
AB Bond Inflation Strategy Portfolio – Class Z^(b)		374,285		3,918,765
AB Discovery Growth Fund, Inc. – Class Z^(b)		46,609		494,983
AB Discovery Value Fund – Class Z^(b)		26,137		495,559
AB Global Bond Fund, Inc. – Class Z^(b)		730,945		6,059,537
AB Global Real Estate Investment Fund II – Class I^(b)		32,850		368,580
AB High Income Fund, Inc. – Class Z^(b)		221,995		1,795,936
AB Relative Value Fund – Class Z^(b)		122,392		641,336
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		105,969		880,605
AQR Equity Market Neutral Fund – Class R6		41,398		444,615
AQR International Defensive Style Fund – Class R6		147,676		1,837,093
AQR Large Cap Defensive Style Fund – Class R6		69,639		1,383,732
AQR Style Premia Alternative Fund – Class R6		144,024		1,314,937
BlackRock Total Return Bond Fund – Class K		228,737		2,596,165
Boston Partners Long/Short Research Fund – Class INS		60,084		906,663
DFA Commodity Strategy Portfolio		245,540		1,345,559
iShares Core S&P 500 ETF		20,074		5,451,095
MFS Institutional International Equity Fund		38,709		916,234
PIMCO Real Return Fund		242,718		2,606,787
Schwab US Dividend Equity ETF		46,142		2,298,333
T. Rowe Price Emerging Markets Stock Fund – Class I		23,125		967,765
T. Rowe Price International Funds – International Discovery Fund – Class I		7,810		466,933
Vanguard FTSE Developed Markets ETF		22,108		881,446
Vanguard FTSE Emerging Markets ETF		11,620		485,484
Vanguard Short-Term Bond ETF		11,033		872,269
Vanguard Total Bond Market ETF		43,621		3,493,606


Total Investment Companies (cost $45,500,495)				44,811,529


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $89,079)		89,079		89,079


Total Investments – 99.7% (cost $45,589,574)				44,900,608
Other assets less liabilities – 0.3%				120,698


Net Assets – 100.0%			$	45,021,306



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 69

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2015 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



70 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2020 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 101.7%
Funds and Investment Trusts – 101.7%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		496,745	$	4,147,821
AB Bond Inflation Strategy Portfolio – Class Z^(b)		670,985		7,025,212
AB Discovery Growth Fund, Inc. – Class Z^(b)		103,819		1,102,554
AB Discovery Value Fund – Class Z^(b)		112,663		2,136,083
AB Global Bond Fund, Inc. – Class Z^(b)		1,390,959		11,531,051
AB Global Real Estate Investment Fund II – Class I^(b)		71,894		806,647
AB High Income Fund, Inc. – Class Z^(b)		625,555		5,060,741
AB Relative Value Fund – Class Z^(b)		471,409		2,470,184
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		236,916		1,968,775
AQR Equity Market Neutral Fund – Class R6		187,715		2,016,064
AQR International Defensive Style Fund – Class R6		387,142		4,816,052
AQR Large Cap Defensive Style Fund – Class R6		169,303		3,364,058
AQR Style Premia Alternative Fund – Class R6		222,311		2,029,699
BlackRock Total Return Bond Fund – Class K		354,050		4,018,465
Boston Partners Long/Short Research Fund – Class INS		133,445		2,013,679
DFA Commodity Strategy Portfolio		547,978		3,002,919
iShares Core S&P 500 ETF		54,874		14,901,035
MFS Institutional International Equity Fund		87,212		2,064,306
PIMCO Real Return Fund		560,545		6,020,256
Schwab US Dividend Equity ETF		113,147		5,635,852
T. Rowe Price Emerging Markets Stock Fund – Class I		51,958		2,174,424
T. Rowe Price International Funds – International Discovery Fund – Class I		17,790		1,063,638
Vanguard FTSE Developed Markets ETF		61,791		2,463,607
Vanguard FTSE Emerging Markets ETF		25,628		1,070,738
Vanguard Total Bond Market ETF		111,203		8,906,248


Total Investment Companies (cost $103,170,893)				101,810,108


SHORT-TERM INVESTMENTS – 0.4%
Investment Companies – 0.4%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $423,981)		423,981		423,981


Total Investments – 102.1% (cost $103,594,874)				102,234,089
Other assets less liabilities – (2.1)%				(2,076,227	)


Net Assets – 100.0%			$	100,157,862



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 71

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2020 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



72 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2025 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.9%
Funds and Investment Trusts – 99.9%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		562,044	$	4,693,064
AB Bond Inflation Strategy Portfolio – Class Z^(b)		582,283		6,096,506
AB Discovery Growth Fund, Inc. – Class Z^(b)		301,096		3,197,635
AB Discovery Value Fund – Class Z^(b)		167,093		3,168,084
AB Global Bond Fund, Inc. – Class Z^(b)		1,936,132		16,050,534
AB Global Real Estate Investment Fund II – Class I^(b)		242,953		2,725,930
AB High Income Fund, Inc. – Class Z^(b)		1,351,740		10,935,579
AB Relative Value Fund – Class Z^(b)		1,004,011		5,261,020
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		367,987		3,057,971
AQR Equity Market Neutral Fund – Class R6		277,377		2,979,029
AQR International Defensive Style Fund – Class R6		593,514		7,383,321
AQR Large Cap Defensive Style Fund – Class R6		258,195		5,130,336
AQR Style Premia Alternative Fund – Class R6		333,447		3,044,370
BlackRock Total Return Bond Fund – Class K		267,666		3,038,005
Boston Partners Long/Short Research Fund – Class INS		310,281		4,682,149
DFA Commodity Strategy Portfolio		851,012		4,663,549
iShares Core S&P 500 ETF		95,611		25,963,167
MFS Institutional International Equity Fund		131,248		3,106,640
PIMCO Real Return Fund		425,619		4,571,144
Schwab US Dividend Equity ETF		174,254		8,679,592
T. Rowe Price Emerging Markets Stock Fund – Class I		76,912		3,218,758
T. Rowe Price International Funds – International Discovery Fund – Class I		52,188		3,120,300
Vanguard FTSE Developed Markets ETF		210,656		8,398,855
Vanguard FTSE Emerging Markets ETF		37,857		1,581,665
Vanguard Total Bond Market ETF		129,743		10,391,117


Total Investments – 99.9% (cost $157,497,304)				155,138,320
Other assets less liabilities – 0.1%				226,680


Net Assets – 100.0%			$	155,365,000

(a)	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.

(b)	Affiliated investments.

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 73

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2030 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 100.0%
Funds and Investment Trusts – 100.0%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		303,441	$	2,533,732
AB Bond Inflation Strategy Portfolio – Class Z^(b)		119,080		1,246,768
AB Discovery Growth Fund, Inc. – Class Z^(b)		244,601		2,597,663
AB Discovery Value Fund – Class Z^(b)		200,121		3,794,304
AB Global Bond Fund, Inc. – Class Z^(b)		1,066,644		8,842,481
AB Global Real Estate Investment Fund II – Class I^(b)		206,109		2,312,545
AB High Income Fund, Inc. – Class Z^(b)		1,246,035		10,080,422
AB Relative Value Fund – Class Z^(b)		1,293,264		6,776,703
AB Unconstrained Bond Fund, Inc. – Class Z^(b)		149,071		1,238,778
AQR Equity Market Neutral Fund – Class R6		347,097		3,727,827
AQR International Defensive Style Fund – Class R6		557,593		6,936,462
AQR Large Cap Defensive Style Fund – Class R6		286,822		5,699,151
AQR Style Premia Alternative Fund – Class R6		135,344		1,235,689
BlackRock Total Return Bond Fund – Class K		109,634		1,244,344
Boston Partners Long/Short Research Fund – Class INS		417,175		6,295,168
DFA Commodity Strategy Portfolio		456,999		2,504,354
Franklin Growth Fund – Class R6		13,225		1,297,485
iShares Core S&P 500 ETF		84,551		22,959,824
MFS Institutional International Equity Fund		106,283		2,515,722
PIMCO Real Return Fund		116,139		1,247,328
Schwab US Dividend Equity ETF		126,720		6,311,923
T. Rowe Price Emerging Markets Stock Fund – Class I		63,509		2,657,849
T. Rowe Price International Funds – International Discovery Fund – Class I		42,895		2,564,677
Vanguard FTSE Developed Markets ETF		222,469		8,869,839
Vanguard FTSE Emerging Markets ETF		62,488		2,610,749
Vanguard Total Bond Market ETF		102,884		8,239,980


Total Investment Companies (cost $128,390,564)				126,341,767


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $281,311)		281,311		281,311


Total Investments – 100.2% (cost $128,671,875)				126,623,078
Other assets less liabilities – (0.2)%				(313,683	)


Net Assets – 100.0%			$	126,309,395



74 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2030 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 75

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2035 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 100.3%
Funds and Investment Trusts – 100.3%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		291,783	$	2,436,386
AB Discovery Growth Fund, Inc. – Class Z^(b)		352,857		3,747,345
AB Discovery Value Fund – Class Z^(b)		192,441		3,648,684
AB Global Bond Fund, Inc. – Class Z^(b)		893,914		7,410,547
AB Global Real Estate Investment Fund II – Class I^(b)		195,132		2,189,386
AB High Income Fund, Inc. – Class Z^(b)		906,587		7,334,289
AB Relative Value Fund – Class Z^(b)		1,243,627		6,516,607
AQR Equity Market Neutral Fund – Class R6		338,880		3,639,565
AQR International Defensive Style Fund – Class R6		540,475		6,723,510
AQR Large Cap Defensive Style Fund – Class R6		279,311		5,549,908
AQR Style Premia Alternative Fund – Class R6		128,600		1,174,115
Boston Partners Long/Short Research Fund – Class INS		401,574		6,059,742
DFA Commodity Strategy Portfolio		437,824		2,399,277
Franklin Growth Fund – Class R6		25,752		2,526,484
iShares Core S&P 500 ETF		99,041		26,894,584
MFS Institutional International Equity Fund		207,022		4,900,208
Schwab US Dividend Equity ETF		97,373		4,850,149
T. Rowe Price Emerging Markets Stock Fund – Class I		59,775		2,501,598
T. Rowe Price International Funds – International Discovery Fund – Class I		41,760		2,496,847
Vanguard FTSE Developed Markets ETF		273,329		10,897,627
Vanguard FTSE Emerging Markets ETF		59,385		2,481,106
Vanguard Total Bond Market ETF		69,743		5,585,717


Total Investment Companies (cost $123,180,184)				121,963,681


SHORT-TERM INVESTMENTS – 0.5%
INVESTMENT COMPANIES – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $675,102)		675,102		675,102


Total Investments – 100.8% (cost $123,855,286)				122,638,783
Other assets less liabilities – (0.8)%				(989,260	)


Net Assets – 100.0%			$	121,649,523



76 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2035 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 77

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2040 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.9%
Funds and Investment Trusts – 99.9%^(a)
AB All Market Real Return Portfolio – Class Z^(b)		90,687	$	757,233
AB Discovery Growth Fund, Inc. – Class Z^(b)		224,667		2,385,967
AB Discovery Value Fund – Class Z^(b)		164,390		3,116,834
AB Global Bond Fund, Inc. – Class Z^(b)		364,169		3,018,958
AB Global Real Estate Investment Fund II – Class I^(b)		120,529		1,352,336
AB High Income Fund, Inc. – Class Z^(b)		180,727		1,462,078
AB Relative Value Fund – Class Z^(b)		1,001,119		5,245,864
AQR Equity Market Neutral Fund – Class R6		138,403		1,486,453
AQR International Defensive Style Fund – Class R6		269,589		3,353,686
AQR Large Cap Defensive Style Fund – Class R6		94,853		1,884,739
Boston Partners Long/Short Research Fund – Class INS		248,707		3,752,985
DFA Commodity Strategy Portfolio		262,453		1,438,241
Franklin Growth Fund – Class R6		15,765		1,546,743
iShares Core S&P 500 ETF		64,762		17,586,121
MFS Institutional International Equity Fund		190,741		4,514,830
MFS Value Fund – Class R5		27,894		1,062,781
Schwab US Dividend Equity ETF		60,991		3,037,962
T. Rowe Price Emerging Markets Stock Fund – Class I		55,997		2,343,466
T. Rowe Price International Funds – International Discovery Fund – Class I		37,646		2,250,860
Vanguard FTSE Developed Markets ETF		205,977		8,212,303
Vanguard FTSE Emerging Markets ETF		54,938		2,295,310
Vanguard Total Bond Market ETF		42,318		3,389,249


Total Investment Companies (cost $76,358,825)				75,494,999


SHORT-TERM INVESTMENTS – 0.8%
Investment Companies – 0.8%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $606,398)		606,398		606,398


Total Investments – 100.7% (cost $76,965,223)				76,101,397
Other assets less liabilities – (0.7)%				(548,020	)


Net Assets – 100.0%			$	75,553,377



78 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2040 FUND

(a)	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.

(b)	Affiliated investments.

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

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 79

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2045 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.8%
Funds and Investment Trusts – 99.8%^(a)
AB Discovery Growth Fund, Inc. – Class Z^(b)		193,996	$	2,060,243
AB Discovery Value Fund – Class Z^(b)		140,598		2,665,739
AB Global Bond Fund, Inc. – Class Z^(b)		316,644		2,624,980
AB Global Real Estate Investment Fund II – Class I^(b)		104,763		1,175,436
AB Relative Value Fund – Class Z^(b)		870,339		4,560,575
AQR Equity Market Neutral Fund – Class R6		118,941		1,277,424
AQR International Defensive Style Fund – Class R6		183,438		2,281,971
AQR Large Cap Defensive Style Fund – Class R6		48,309		959,909
Boston Partners Long/Short Research Fund – Class INS		214,461		3,236,212
DFA Commodity Strategy Portfolio		234,516		1,285,149
Franklin Growth Fund – Class R6		26,727		2,622,139
iShares Core S&P 500 ETF		60,349		16,387,771
MFS Institutional International Equity Fund		192,284		4,551,366
MFS Value Fund – Class R5		24,260		924,305
Schwab US Dividend Equity ETF		39,390		1,962,016
T. Rowe Price Emerging Markets Stock Fund – Class I		48,307		2,021,641
T. Rowe Price International Funds – International Discovery Fund – Class I		32,957		1,970,505
Vanguard FTSE Developed Markets ETF		196,655		7,840,635
Vanguard FTSE Emerging Markets ETF		63,994		2,673,669
Vanguard Total Bond Market ETF		28,760		2,303,388


Total Investment Companies (cost $65,879,992)				65,385,073


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $139,324)		139,324		139,324


Total Investments – 100.0% (cost $66,019,316)				65,524,397
Other assets less liabilities – 0.0%				885


Net Assets – 100.0%			$	65,525,282

(a)	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.

(b)	Affiliated investments.

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



80 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2045 FUND

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 81

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2050 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 100.1%
Funds and Investment Trusts – 100.1%^(a)
AB Discovery Growth Fund, Inc. – Class Z^(b)		83,610	$	887,943
AB Discovery Value Fund – Class Z^(b)		61,889		1,173,412
AB Global Bond Fund, Inc. – Class Z^(b)		139,105		1,153,183
AB Global Real Estate Investment Fund II – Class I^(b)		45,461		510,073
AB Relative Value Fund – Class Z^(b)		391,938		2,053,756
AQR Equity Market Neutral Fund – Class R6		53,571		575,350
AQR International Defensive Style Fund – Class R6		59,004		734,015
AQR Large Cap Defensive Style Fund – Class R6		21,721		431,601
Boston Partners Long/Short Research Fund – Class INS		96,579		1,457,370
DFA Commodity Strategy Portfolio		103,356		566,391
Franklin Growth Fund – Class R6		15,021		1,473,751
iShares Core S&P 500 ETF		28,180		7,652,279
MFS Institutional International Equity Fund		98,213		2,324,704
MFS Value Fund – Class R5		10,927		416,304
Schwab US Dividend Equity ETF		5,909		294,327
T. Rowe Price Emerging Markets Stock Fund – Class I		21,164		885,702
T. Rowe Price International Funds – International Discovery Fund – Class I		14,616		873,896
Vanguard FTSE Developed Markets ETF		94,528		3,768,831
Vanguard FTSE Emerging Markets ETF		28,285		1,181,747
Vanguard Total Bond Market ETF		9,644		772,388


Total Investment Companies (cost $29,704,433)				29,187,023


SHORT-TERM INVESTMENTS – 0.2%
Investment Companies – 0.2%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $47,642)		47,642		47,642


Total Investments – 100.3% (cost $29,752,075)				29,234,665
Other assets less liabilities – (0.3)%				(77,689	)


Net Assets – 100.0%			$	29,156,976

(a)	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.

(b)	Affiliated investments.

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



82 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2050 FUND

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 83

PORTFOLIO OF INVESTMENTS

AB MULTI-MANAGER SELECT 2055 FUND

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

INVESTMENT COMPANIES – 99.5%
Funds and Investment Trusts – 99.5%^(a)
AB Discovery Growth Fund, Inc. – Class Z^(b)		98,444	$	1,045,481
AB Discovery Value Fund – Class Z^(b)		71,354		1,352,872
AB Global Bond Fund, Inc. – Class Z^(b)		156,940		1,301,031
AB Global Real Estate Investment Fund II – Class I^(b)		52,840		592,871
AB Relative Value Fund – Class Z^(b)		442,945		2,321,031
AQR Equity Market Neutral Fund – Class R6		60,197		646,515
AQR International Defensive Style Fund – Class R6		38,984		484,961
AQR Large Cap Defensive Style Fund – Class R6		8,555		169,994
Boston Partners Long/Short Research Fund – Class INS		109,278		1,649,004
DFA Commodity Strategy Portfolio		117,157		642,020
Franklin Growth Fund – Class R6		16,952		1,663,125
iShares Core S&P 500 ETF		33,155		9,003,240
MFS Institutional International Equity Fund		126,250		2,988,334
MFS Value Fund – Class R5		12,048		459,019
Schwab US Dividend Equity ETF		6,497		323,616
T. Rowe Price Emerging Markets Stock Fund – Class I		24,423		1,022,092
T. Rowe Price International Funds – International Discovery Fund – Class I		16,494		986,168
Vanguard FTSE Developed Markets ETF		107,980		4,305,163
Vanguard FTSE Emerging Markets ETF		32,039		1,338,589
Vanguard Total Bond Market ETF		10,884		871,699


Total Investment Companies (cost $33,705,334)				33,166,825


SHORT-TERM INVESTMENTS – 0.5%
Investment Companies – 0.5%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(a)(b)(c) (cost $153,171)		153,171		153,171


Total Investments – 100.0% (cost $33,858,505)				33,319,996
Other assets less liabilities – 0.0%				(5,222	)


Net Assets – 100.0%			$	33,314,774

(a)	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.

(b)	Affiliated investments.

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



84 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)

AB MULTI-MANAGER SELECT 2055 FUND

Glossary:

ETF – Exchange Traded Fund

FTSE – Financial Times Stock Exchange

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 85

STATEMENT OF ASSETS & LIABILITIES

January 31, 2019 (unaudited)


	AB Multi-Manager Select Retirement Allocation Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $8,542,177)	$	8,509,734
Affiliated issuers (cost $4,051,706)		3,984,681
Cash		2,794
Receivable due from Adviser		23,218
Affiliated dividends receivable		5,380
Unaffiliated dividends receivable		3,060
Receivable for capital stock sold		2,636

Total assets		12,531,503

Liabilities
Payable for capital stock redeemed		9,193
Payable for investments purchased		5,347
Distribution fee payable		2,606
Directors’ fees payable		2,429
Transfer Agent fee payable		1,500
Accrued expenses		1,473

Total liabilities		22,548

Net Assets	$	12,508,955

Composition of Net Assets
Capital stock, at par	$	125
Additional paid-in capital		12,692,554
Accumulated loss		(183,724	)

	$	12,508,955

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	385,760		35,748	$	10.79	*

C	$	125,886		12,005	$	10.49

Advisor	$	527,480		49,165	$	10.73

R	$	412,740		41,768	$	9.88

K	$	10,741,980		1,082,331	$	9.92

I	$	11,245		1,108	$	10.15

Z	$	303,864		30,650	$	9.91

*	The maximum offering price per share for Class A shares was $11.27 which reflects a sales charge of 4.25%.

See notes to financial statements.



86 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2010 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $10,894,651)	$	10,841,770
Affiliated issuers (cost $6,348,300)		6,199,302
Cash		1,850
Receivable due from Adviser		23,152
Affiliated dividends receivable		9,078
Unaffiliated dividends receivable		4,069
Receivable for capital stock sold		3,103

Total assets		17,082,324

Liabilities
Payable for investments purchased		8,873
Distribution fee payable		3,341
Directors’ fees payable		2,429
Transfer Agent fee payable		1,058
Payable for capital stock redeemed		230
Accrued expenses		842

Total liabilities		16,773

Net Assets	$	17,065,551

Composition of Net Assets
Capital stock, at par	$	171
Additional paid-in capital		17,187,704
Accumulated loss		(122,324	)

	$	17,065,551

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	497,800		47,249	$	10.54	*

C	$	56,359		5,343	$	10.55

Advisor	$	1,381,533		132,294	$	10.44

R	$	357,002		35,968	$	9.93

K	$	14,698,957		1,485,747	$	9.89

I	$	63,685		6,455	$	9.87

Z	$	10,215		1,035	$	9.87

*	The maximum offering price per share for Class A shares was $11.01 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 87

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2015 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $28,495,289)	$	28,268,716
Affiliated issuers (cost $17,094,285)		16,631,892
Cash		2,083
Receivable for capital stock sold		108,007
Receivable due from Adviser		24,555
Affiliated dividends receivable		24,291
Unaffiliated dividends receivable		11,132

Total assets		45,070,676

Liabilities
Payable for investments purchased		24,005
Payable for capital stock redeemed		12,690
Distribution fee payable		7,904
Directors’ fees payable		2,429
Transfer Agent fee payable		1,720
Accrued expenses		622

Total liabilities		49,370

Net Assets	$	45,021,306

Composition of Net Assets
Capital stock, at par	$	456
Additional paid-in capital		45,126,460
Accumulated loss		(105,610	)

	$	45,021,306

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	1,189,017		118,101	$	10.07	*

C	$	536,316		53,576	$	10.01

Advisor	$	4,373,735		429,665	$	10.18

R	$	285,451		29,003	$	9.84

K	$	34,131,090		3,469,399	$	9.84

I	$	4,398,423		447,705	$	9.82

Z	$	107,274		10,959	$	9.79

*	The maximum offering price per share for Class A shares was $10.52 which reflects a sales charge of 4.25%.

See notes to financial statements.



88 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2020 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $65,651,304)	$	65,561,040
Affiliated issuers (cost $37,943,570)		36,673,049
Cash		4,656
Affiliated dividends receivable		56,125
Receivable for capital stock sold		28,921
Receivable due from Adviser		28,139
Unaffiliated dividends receivable		18,817

Total assets		102,370,747

Liabilities
Payable for capital stock redeemed		2,122,189
Payable for investments purchased		55,042
Distribution fee payable		21,814
Transfer Agent fee payable		4,253
Directors’ fees payable		2,429
Accrued expenses		7,158

Total liabilities		2,212,885

Net Assets	$	100,157,862

Composition of Net Assets
Capital stock, at par	$	1,005
Additional paid-in capital		100,406,237
Accumulated loss		(249,380	)

	$	100,157,862

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	4,497,509		442,869	$	10.16	*

C	$	1,216,375		120,782	$	10.07

Advisor	$	4,344,513		427,736	$	10.16

R	$	5,071,818		512,197	$	9.90

K	$	84,167,605		8,461,847	$	9.95

I	$	182,197		17,863	$	10.20

Z	$	677,845		68,363	$	9.92

*	The maximum offering price per share for Class A shares was $10.61 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 89

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2025 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $100,278,327)	$	99,951,997
Affiliated issuers (cost $57,218,977)		55,186,323
Receivable for investments sold		477,968
Affiliated dividends receivable		100,451
Receivable for capital stock sold		55,761
Receivable due from Adviser		33,166
Unaffiliated dividends receivable		14,396

Total assets		155,820,062

Liabilities
Due to custodian		28,004
Payable for capital stock redeemed		273,789
Payable for investments purchased		98,754
Distribution fee payable		32,637
Transfer Agent fee payable		6,610
Directors’ fees payable		2,429
Accrued expenses		12,839

Total liabilities		455,062

Net Assets	$	155,365,000

Composition of Net Assets
Capital stock, at par	$	1,533
Additional paid-in capital		154,651,783
Distributable earnings		711,684

	$	155,365,000

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	4,357,233		421,074	$	10.35	*

C	$	505,131		49,042	$	10.30

Advisor	$	7,441,703		719,188	$	10.35

R	$	7,915,988		788,556	$	10.04

K	$	132,900,676		13,127,790	$	10.12

I	$	1,372,901		135,426	$	10.14

Z	$	871,368		86,312	$	10.10

*	The maximum offering price per share for Class A shares was $10.81 which reflects a sales charge of 4.25%.

See notes to financial statements.



90 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2030 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $87,173,046)	$	86,918,371
Affiliated issuers (cost $41,498,829)		39,704,707
Cash		2,930
Receivable for capital stock sold		181,687
Affiliated dividends receivable		79,448
Receivable due from Adviser		29,334
Unaffiliated dividends receivable		5,295

Total assets		126,921,772

Liabilities
Payable for capital stock redeemed		491,016
Payable for investments purchased		77,272
Distribution fee payable		25,769
Transfer Agent fee payable		5,189
Directors’ fees payable		2,429
Accrued expenses		10,702

Total liabilities		612,377

Net Assets	$	126,309,395

Composition of Net Assets
Capital stock, at par	$	1,219
Additional paid-in capital		126,100,497
Distributable earnings		207,679

	$	126,309,395

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	7,220,895		683,164	$	10.57	*

C	$	1,636,170		156,445	$	10.46

Advisor	$	7,505,379		709,966	$	10.57

R	$	3,415,830		332,048	$	10.29

K	$	104,207,694		10,081,141	$	10.34

I	$	2,042,747		197,237	$	10.36

Z	$	280,680		27,193	$	10.32

*	The maximum offering price per share for Class A shares was $11.04 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 91

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2035 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $88,320,027)	$	88,680,437
Affiliated issuers (cost $35,535,259)		33,958,346
Affiliated dividends receivable		60,145
Receivable for capital stock sold		49,250
Receivable due from Adviser		30,075

Total assets		122,778,253

Liabilities
Payable for capital stock redeemed		1,026,747
Payable for investments purchased		58,541
Distribution fee payable		25,102
Transfer Agent fee payable		5,069
Directors’ fees payable		2,431
Accrued expenses		10,840

Total liabilities		1,128,730

Net Assets	$	121,649,523

Composition of Net Assets
Capital stock, at par	$	1,155
Additional paid-in capital		120,784,085
Distributable earnings		864,283

	$	121,649,523

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	5,551,763		515,600	$	10.77	*

C	$	1,030,458		96,682	$	10.66

Advisor	$	5,217,604		483,499	$	10.79

R	$	2,947,019		282,388	$	10.44

K	$	105,483,135		10,039,124	$	10.51

I	$	1,320,605		124,219	$	10.63

Z	$	98,939		9,436	$	10.49

*	The maximum offering price per share for Class A shares was $11.25 which reflects a sales charge of 4.25%.

See notes to financial statements.



92 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2040 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $58,093,701)	$	58,155,729
Affiliated issuers (cost $18,871,522)		17,945,668
Receivable for capital stock sold		49,715
Receivable due from Adviser		26,154
Affiliated dividends receivable		16,838

Total assets		76,194,104

Liabilities
Payable for investments purchased		366,072
Payable for capital stock redeemed		245,455
Distribution fee payable		15,157
Transfer Agent fee payable		3,051
Directors’ fees payable		2,432
Accrued expenses		8,560

Total liabilities		640,727

Net Assets	$	75,553,377

Composition of Net Assets
Capital stock, at par	$	728
Additional paid-in capital		74,334,920
Distributable earnings		1,217,729

	$	75,553,377

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	4,284,279		403,819	$	10.61	*

C	$	855,157		81,525	$	10.49

Advisor	$	3,899,033		366,648	$	10.63

R	$	2,419,304		235,196	$	10.29

K	$	62,201,505		6,011,024	$	10.35

I	$	812,610		78,190	$	10.39

Z	$	1,081,489		104,774	$	10.32

*	The maximum offering price per share for Class A shares was $11.08 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 93

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2045 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $52,001,745)	$	52,298,100
Affiliated issuers (cost $14,017,571)		13,226,297
Receivable for capital stock sold		40,306
Receivable due from Adviser		25,431
Affiliated dividends receivable		7,361

Total assets		65,597,495

Liabilities
Payable for capital stock redeemed		41,993
Distribution fee payable		12,423
Payable for investments purchased		6,780
Transfer Agent fee payable		2,575
Directors’ fees payable		2,432
Accrued expenses		6,010

Total liabilities		72,213

Net Assets	$	65,525,282

Composition of Net Assets
Capital stock, at par	$	621
Additional paid-in capital		64,404,443
Distributable earnings		1,120,218

	$	65,525,282

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	3,077,508		284,483	$	10.82	*

C	$	233,769		21,633	$	10.81

Advisor	$	4,359,676		400,772	$	10.88

R	$	557,080		53,162	$	10.48

K	$	56,170,762		5,344,937	$	10.51

I	$	519,139		49,014	$	10.59

Z	$	607,348		57,977	$	10.48

*	The maximum offering price per share for Class A shares was $11.30 which reflects a sales charge of 4.25%.

See notes to financial statements.



94 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2050 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $23,537,458)	$	23,408,656
Affiliated issuers (cost $6,214,617)		5,826,009
Receivable for capital stock sold		38,654
Receivable for investments sold		31,186
Receivable due from Adviser		24,202
Unaffiliated dividends receivable		2,938
Affiliated dividends receivable		208

Total assets		29,331,853

Liabilities
Payable for capital stock redeemed		159,010
Distribution fee payable		5,523
Payable for investments purchased		2,951
Directors’ fees payable		2,432
Transfer Agent fee payable		2,169
Accrued expenses		2,792

Total liabilities		174,877

Net Assets	$	29,156,976

Composition of Net Assets
Capital stock, at par	$	272
Additional paid-in capital		28,871,132
Distributable earnings		285,572

	$	29,156,976

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	1,314,188		116,658	$	11.27	*

C	$	74,170		6,648	$	11.16

Advisor	$	2,708,017		240,190	$	11.27

R	$	921,003		87,000	$	10.59

K	$	23,605,583		2,219,492	$	10.64

I	$	359,610		33,054	$	10.88

Z	$	174,405		16,414	$	10.63

*	The maximum offering price per share for Class A shares was $11.77 which reflects a sales charge of 4.25%.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 95

STATEMENT OF ASSETS & LIABILITIES (continued)


	AB Multi-Manager Select 2055 Fund
Assets
Investments in Underlying Portfolios, at value
Unaffiliated issuers (cost $26,667,931)	$	26,553,539
Affiliated issuers (cost $7,190,574)		6,766,457
Receivable for capital stock sold		51,597
Receivable due from Adviser		24,851
Affiliated dividends receivable		3,698

Total assets		33,400,142

Liabilities
Payable for capital stock redeemed		65,330
Distribution fee payable		6,426
Payable for investments purchased		3,339
Directors’ fees payable		2,431
Transfer Agent fee payable		2,053
Accrued expenses		5,789

Total liabilities		85,368

Net Assets	$	33,314,774

Composition of Net Assets
Capital stock, at par	$	312
Additional paid-in capital		33,184,727
Distributable earnings		129,735

	$	33,314,774

Net Asset Value Per Share—11 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	1,594,928		143,598	$	11.11	*

C	$	111,311		10,111	$	11.01

Advisor	$	1,916,294		170,509	$	11.24

R	$	524,999		49,632	$	10.58

K	$	28,648,527		2,694,934	$	10.63

I	$	244,722		22,735	$	10.76

Z	$	273,993		25,792	$	10.62

*	The maximum offering price per share for Class A shares was $11.60 which reflects a sales charge of 4.25%.

See notes to financial statements.



96 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2019 (unaudited)


	AB Multi-Manager Select Retirement Allocation Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	105,468
Income distributions from affiliated Underlying Portfolios		75,275		$	180,743

Expenses
Advisory fee (see Note B)		9,473
Distribution fee – Class A		590
Distribution fee – Class C		622
Distribution fee – Class R		1,018
Distribution fee – Class K		13,217
Transfer agency – Class A		3,440
Transfer agency – Class C		917
Transfer agency – Advisor Class		2,727
Transfer agency – Class R		331
Transfer agency – Class K		9,272
Transfer agency – Class I		7
Transfer agency – Class Z		66
Registration fees		46,903
Custodian		33,440
Audit and tax		18,194
Legal		15,735
Directors’ fees		12,759
Printing		2,192
Miscellaneous		3,798

Total expenses		174,701
Less: expenses waived and reimbursed by the Adviser (see Note B)		(146,447	)

Net expenses					28,254

Net investment income					152,489

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Affiliated Underlying Portfolios					(27,445	)
Unaffiliated Underlying Portfolios					(46,495	)
Net realized gain distributions from:
Affiliated Underlying Portfolios					14,357
Unaffiliated Underlying Portfolios					18,944
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(61,777	)
Unaffiliated Underlying Portfolios					(89,619	)

Net loss on investment transactions					(192,035	)

Net Decrease in Net Assets from Operations				$	(39,546	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 97

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2010 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	136,184
Income distributions from affiliated Underlying Portfolios		122,399		$	258,583

Expenses
Advisory fee (see Note B)		13,272
Distribution fee – Class A		521
Distribution fee – Class C		365
Distribution fee – Class R		895
Distribution fee – Class K		19,287
Transfer agency – Class A		1,267
Transfer agency – Class C		236
Transfer agency – Advisor Class		4,061
Transfer agency – Class R		465
Transfer agency – Class K		14,356
Transfer agency – Class I		22
Transfer agency – Class Z		1
Registration fees		47,535
Custodian		33,459
Audit and tax		16,124
Legal		15,654
Directors’ fees		12,759
Printing		2,354
Miscellaneous		3,812

Total expenses		186,445
Less: expenses waived and reimbursed by the Adviser (see Note B)		(152,472	)

Net expenses					33,973

Net investment income					224,610

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					935
Unaffiliated Underlying Portfolios					(18,957	)
Net realized gain distributions from:
Affiliated Underlying Portfolios					35,319
Unaffiliated Underlying Portfolios					26,237
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(172,616	)
Unaffiliated Underlying Portfolios					(288,910	)

Net loss on investment transactions					(417,992	)

Net Decrease in Net Assets from Operations				$	(193,382	)

See notes to financial statements.



98 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2015 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	362,920
Income distributions from affiliated Underlying Portfolios		348,699		$	711,619

Expenses
Advisory fee (see Note B)		35,740
Distribution fee – Class A		1,912
Distribution fee – Class C		2,727
Distribution fee – Class R		702
Distribution fee – Class K		47,448
Transfer agency – Class A		575
Transfer agency – Class C		208
Transfer agency – Advisor Class		1,111
Transfer agency – Class R		365
Transfer agency – Class K		35,948
Transfer agency – Class I		2,059
Transfer agency – Class Z		3
Registration fees		47,315
Custodian		34,180
Audit and tax		16,124
Legal		15,653
Directors’ fees		12,759
Printing		3,376
Miscellaneous		3,904

Total expenses		262,109
Less: expenses waived and reimbursed by the Adviser (see Note B)		(184,089	)

Net expenses					78,020

Net investment income					633,599

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(6,448	)
Unaffiliated Underlying Portfolios					102,989
Net realized gain distributions from:
Affiliated Underlying Portfolios					154,737
Unaffiliated Underlying Portfolios					74,007
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(606,537	)
Unaffiliated Underlying Portfolios					(1,155,371	)

Net loss on investment transactions					(1,436,623	)

Net Decrease in Net Assets from Operations				$	(803,024	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 99

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2020 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	795,953
Income distributions from affiliated Underlying Portfolios		775,906		$	1,571,859

Expenses
Advisory fee (see Note B)		76,927
Distribution fee – Class A		6,075
Distribution fee – Class C		6,116
Distribution fee – Class R		8,957
Distribution fee – Class K		110,967
Transfer agency – Class A		1,671
Transfer agency – Class C		447
Transfer agency – Advisor Class		1,163
Transfer agency – Class R		4,658
Transfer agency – Class K		84,962
Transfer agency – Class I		104
Transfer agency – Class Z		53
Registration fees		47,085
Custodian		35,642
Audit and tax		16,124
Legal		15,738
Directors’ fees		12,759
Printing		5,718
Miscellaneous		4,761

Total expenses		439,927
Less: expenses waived and reimbursed by the Adviser (see Note B)		(244,898	)

Net expenses					195,029

Net investment income					1,376,830

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized loss on:
Affiliated Underlying Portfolios					(21,896	)
Unaffiliated Underlying Portfolios					(134,496	)
Net realized gain distributions from:
Affiliated Underlying Portfolios					515,571
Unaffiliated Underlying Portfolios					161,039
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(1,653,286	)
Unaffiliated Underlying Portfolios					(2,351,466	)

Net loss on investment transactions					(3,484,534	)

Net Decrease in Net Assets from Operations				$	(2,107,704	)

See notes to financial statements.



100 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2025 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	1,204,458
Income distributions from affiliated Underlying Portfolios		1,314,017		$	2,518,475

Expenses
Advisory fee (see Note B)		117,332
Distribution fee – Class A		6,742
Distribution fee – Class C		3,352
Distribution fee – Class R		11,934
Distribution fee – Class K		172,663
Transfer agency – Class A		1,946
Transfer agency – Class C		279
Transfer agency – Advisor Class		2,011
Transfer agency – Class R		6,206
Transfer agency – Class K		132,192
Transfer agency – Class I		764
Transfer agency – Class Z		50
Registration fees		48,890
Custodian		37,802
Audit and tax		16,124
Legal		15,659
Directors’ fees		12,759
Printing		7,924
Miscellaneous		5,430

Total expenses		600,059
Less: expenses waived and reimbursed by the Adviser (see Note B)		(306,660	)

Net expenses					293,399

Net investment income					2,225,076

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain on:
Affiliated Underlying Portfolios					37,340
Unaffiliated Underlying Portfolios					663,140
Net realized gain distributions from:
Affiliated Underlying Portfolios					1,158,917
Unaffiliated Underlying Portfolios					401,179
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(3,139,963	)
Unaffiliated Underlying Portfolios					(5,454,711	)

Net loss on investment transactions					(6,334,098	)

Net Decrease in Net Assets from Operations				$	(4,109,022	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 101

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2030 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	1,034,682
Income distributions from affiliated Underlying Portfolios		1,054,663		$	2,089,345

Expenses
Advisory fee (see Note B)		94,924
Distribution fee – Class A		8,719
Distribution fee – Class C		6,729
Distribution fee – Class R		5,681
Distribution fee – Class K		135,370
Transfer agency – Class A		2,280
Transfer agency – Class C		477
Transfer agency – Advisor Class		1,810
Transfer agency – Class R		2,954
Transfer agency – Class K		98,101
Transfer agency – Class I		1,170
Transfer agency – Class Z		16
Registration fees		47,755
Custodian		35,979
Audit and tax		16,124
Legal		15,710
Directors’ fees		12,759
Printing		7,555
Miscellaneous		4,725

Total expenses		498,838
Less: expenses waived and reimbursed by the Adviser (see Note B)		(251,966	)

Net expenses					246,872

Net investment income					1,842,473

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(135,937	)
Unaffiliated Underlying Portfolios					442,343
Net realized gain distributions from:
Affiliated Underlying Portfolios					1,263,931
Unaffiliated Underlying Portfolios					406,982
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(2,987,193	)
Unaffiliated Underlying Portfolios					(5,049,041	)

Net loss on investment transactions					(6,058,915	)

Net Decrease in Net Assets from Operations				$	(4,216,442	)

See notes to financial statements.



102 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2035 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	1,023,802
Income distributions from affiliated Underlying Portfolios		888,855		$	1,912,657

Expenses
Advisory fee (see Note B)		90,984
Distribution fee – Class A		7,122
Distribution fee – Class C		3,992
Distribution fee – Class R		4,552
Distribution fee – Class K		135,230
Transfer agency – Class A		2,516
Transfer agency – Class C		376
Transfer agency – Advisor Class		1,590
Transfer agency – Class R		2,367
Transfer agency – Class K		97,971
Transfer agency – Class I		632
Transfer agency – Class Z		5
Registration fees		47,308
Custodian		35,906
Audit and tax		16,197
Legal		15,739
Directors’ fees		12,760
Printing		8,341
Miscellaneous		4,852

Total expenses		488,440
Less: expenses waived and reimbursed by the Adviser (see Note B)		(250,914	)

Net expenses					237,526

Net investment income					1,675,131

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(131,045	)
Unaffiliated Underlying Portfolios					235,145
Net realized gain distributions from:
Affiliated Underlying Portfolios					1,335,011
Unaffiliated Underlying Portfolios					451,084
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(2,799,256	)
Unaffiliated Underlying Portfolios					(5,198,950	)

Net loss on investment transactions					(6,108,011	)

Net Decrease in Net Assets from Operations				$	(4,432,880	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 103

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2040 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	668,292
Income distributions from affiliated Underlying Portfolios		461,698		$	1,129,990

Expenses
Advisory fee (see Note B)		56,003
Distribution fee – Class A		5,174
Distribution fee – Class C		3,197
Distribution fee – Class R		4,180
Distribution fee – Class K		79,492
Transfer agency – Class A		2,130
Transfer agency – Class C		353
Transfer agency – Advisor Class		1,578
Transfer agency – Class R		2,173
Transfer agency – Class K		58,653
Transfer agency – Class I		385
Transfer agency – Class Z		91
Registration fees		47,251
Custodian		35,914
Audit and tax		16,197
Legal		15,708
Directors’ fees		12,762
Printing		7,194
Miscellaneous		4,294

Total expenses		352,729
Less: expenses waived and reimbursed by the Adviser (see Note B)		(203,617	)

Net expenses					149,112

Net investment income					980,878

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(76,516	)
Unaffiliated Underlying Portfolios					67,164
Net realized gain distributions from:
Affiliated Underlying Portfolios					997,336
Unaffiliated Underlying Portfolios					323,312
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(1,932,065	)
Unaffiliated Underlying Portfolios					(3,646,629	)

Net loss on investment transactions					(4,267,398	)

Net Decrease in Net Assets from Operations				$	(3,286,520	)

See notes to financial statements.



104 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2045 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	598,870
Income distributions from affiliated Underlying Portfolios		349,190		$	948,060

Expenses
Advisory fee (see Note B)		49,231
Distribution fee – Class A		4,020
Distribution fee – Class C		1,295
Distribution fee – Class R		1,199
Distribution fee – Class K		72,297
Transfer agency – Class A		2,088
Transfer agency – Class C		189
Transfer agency – Advisor Class		1,801
Transfer agency – Class R		624
Transfer agency – Class K		50,353
Transfer agency – Class I		288
Transfer agency – Class Z		47
Registration fees		47,533
Custodian		34,510
Audit and tax		16,197
Legal		15,708
Directors’ fees		12,762
Printing		6,615
Miscellaneous		4,305

Total expenses		321,062
Less: expenses waived and reimbursed by the Adviser (see Note B)		(190,997	)

Net expenses					130,065

Net investment income					817,995

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(116,378	)
Unaffiliated Underlying Portfolios					104,052
Net realized gain distributions from:
Affiliated Underlying Portfolios					873,066
Unaffiliated Underlying Portfolios					294,108
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(1,548,325	)
Unaffiliated Underlying Portfolios					(3,497,259	)

Net loss on investment transactions					(3,890,736	)

Net Decrease in Net Assets from Operations				$	(3,072,741	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 105

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2050 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	261,910
Income distributions from affiliated Underlying Portfolios		154,803		$	416,713

Expenses
Advisory fee (see Note B)		21,849
Distribution fee – Class A		1,564
Distribution fee – Class C		363
Distribution fee – Class R		1,714
Distribution fee – Class K		30,442
Transfer agency – Class A		1,612
Transfer agency – Class C		111
Transfer agency – Advisor Class		2,899
Transfer agency – Class R		891
Transfer agency – Class K		21,193
Transfer agency – Class I		163
Transfer agency – Class Z		11
Registration fees		46,904
Custodian		33,374
Audit and tax		16,124
Legal		15,735
Directors’ fees		12,762
Printing		5,109
Miscellaneous		3,918

Total expenses		216,738
Less: expenses waived and reimbursed by the Adviser (see Note B)		(159,428	)

Net expenses					57,310

Net investment income					359,403

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(58,805	)
Unaffiliated Underlying Portfolios					74,103
Net realized gain distributions from:
Affiliated Underlying Portfolios					387,892
Unaffiliated Underlying Portfolios					135,788
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(679,778	)
Unaffiliated Underlying Portfolios					(1,615,142	)

Net loss on investment transactions					(1,755,942	)

Net Decrease in Net Assets from Operations				$	(1,396,539	)

See notes to financial statements.



106 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF OPERATIONS (continued)


	AB Multi-Manager Select 2055 Fund
Investment Income
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	301,354
Income distributions from affiliated Underlying Portfolios		181,799		$	483,153

Expenses
Advisory fee (see Note B)		25,388
Distribution fee – Class A		1,884
Distribution fee – Class C		528
Distribution fee – Class R		944
Distribution fee – Class K		37,382
Transfer agency – Class A		1,817
Transfer agency – Class C		151
Transfer agency – Advisor Class		1,906
Transfer agency – Class R		491
Transfer agency – Class K		26,799
Transfer agency – Class I		108
Transfer agency – Class Z		16
Registration fees		47,347
Custodian		33,531
Audit and tax		16,124
Legal		15,706
Directors’ fees		12,762
Printing		7,027
Miscellaneous		3,556

Total expenses		233,467
Less: expenses waived and reimbursed by the Adviser (see Note B)		(165,729	)

Net expenses					67,738

Net investment income					415,415

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain (loss) on:
Affiliated Underlying Portfolios					(102,464	)
Unaffiliated Underlying Portfolios					25,071
Net realized gain distributions from:
Affiliated Underlying Portfolios					459,275
Unaffiliated Underlying Portfolios					157,097
Net change in unrealized appreciation/depreciation in:
Affiliated Underlying Portfolios					(791,502	)
Unaffiliated Underlying Portfolios					(1,877,191	)

Net loss on investment transactions					(2,129,714	)

Net Decrease in Net Assets from Operations				$	(1,714,299	)

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 107

STATEMENT OF CHANGES IN NET ASSETS


	AB Multi-Manager Select Retirement Allocation Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	152,489		$	242,477
Net realized gain (loss) on Underlying Portfolios		(73,940	)		366,925
Net realized gain distributions from Underlying Portfolios		33,301			37,998
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(151,396	)		(352,620	)

Net increase (decrease) in net assets from operations		(39,546	)		294,780
Distributions to Shareholders*
Class A		(13,892	)		(3,562	)
Class C		(3,558	)		(1,351	)
Advisor Class		(23,187	)		(271	)
Class R		(19,634	)		(12,760	)
Class K		(539,149	)		(295,707	)
Class I		(616	)		(186	)
Class Z		(16,519	)		(345	)
Capital Stock Transactions
Net increase		21,422			3,688,571

Total increase (decrease)		(634,679	)		3,669,169
Net Assets
Beginning of period		13,143,634			9,474,465

End of period	$	12,508,955		$	13,143,634

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



108 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2010 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	224,610		$	389,345
Net realized gain (loss) on Underlying Portfolios		(18,022	)		688,614
Net realized gain distributions from Underlying Portfolios		61,556			65,835
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(461,526	)		(459,754	)

Net increase (decrease) in net assets from operations		(193,382	)		684,040
Distributions to Shareholders*
Class A		(18,944	)		(14,333	)
Class C		(1,772	)		(3,654	)
Advisor Class		(71,554	)		(28,146	)
Class R		(18,726	)		(16,365	)
Class K		(823,756	)		(674,206	)
Class I		(3,785	)		(2,714	)
Class Z		(659	)		(558	)
Capital Stock Transactions
Net increase (decrease)		(168,066	)		5,223,037

Total increase (decrease)		(1,300,644	)		5,167,101
Net Assets
Beginning of period		18,366,195			13,199,094

End of period	$	17,065,551		$	18,366,195

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 109

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2015 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	633,599		$	1,046,614
Net realized gain on Underlying Portfolios		96,541			2,611,328
Net realized gain distributions from Underlying Portfolios		228,744			211,730
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(1,761,908	)		(1,716,297	)

Net increase (decrease) in net assets from operations		(803,024	)		2,153,375
Distributions to Shareholders*
Class A		(74,508	)		(125,419	)
Class C		(30,225	)		(31,893	)
Advisor Class		(277,429	)		(4,778	)
Class R		(16,919	)		(23,496	)
Class K		(2,243,216	)		(2,266,288	)
Class I		(295,355	)		(8,965	)
Class Z		(905	)		(719	)
Capital Stock Transactions
Net increase		4,936,420			2,065,626

Total increase		1,194,839			1,757,443
Net Assets
Beginning of period		43,826,467			42,069,024

End of period	$	45,021,306		$	43,826,467

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



110 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2020 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,376,830		$	2,295,168
Net realized gain (loss) on Underlying Portfolios		(156,392	)		6,356,038
Net realized gain distributions from Underlying Portfolios		676,610			545,318
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(4,004,752	)		(3,979,024	)

Net increase (decrease) in net assets from operations		(2,107,704	)		5,217,500
Distributions to Shareholders*
Class A		(320,758	)		(242,134	)
Class C		(81,255	)		(58,887	)
Advisor Class		(305,786	)		(11,815	)
Class R		(375,807	)		(135,215	)
Class K		(6,395,585	)		(4,334,581	)
Class I		(13,871	)		(1,186	)
Class Z		(50,867	)		(631	)
Capital Stock Transactions
Net increase		8,384,386			7,440,816

Total increase (decrease)		(1,267,247	)		7,873,867
Net Assets
Beginning of period		101,425,109			93,551,242

End of period	$	100,157,862		$	101,425,109

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 111

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2025 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	2,225,076		$	3,545,507
Net realized gain on Underlying Portfolios		700,480			10,109,753
Net realized gain distributions from Underlying Portfolios		1,560,096			1,126,105
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(8,594,674	)		(4,849,352	)

Net increase (decrease) in net assets from operations		(4,109,022	)		9,932,013
Distributions to Shareholders*
Class A		(389,255	)		(216,429	)
Class C		(42,179	)		(24,198	)
Advisor Class		(592,431	)		(42,556	)
Class R		(770,191	)		(151,386	)
Class K		(11,038,212	)		(5,911,167	)
Class I		(112,663	)		(33,735	)
Class Z		(73,963	)		(1,842	)
Capital Stock Transactions
Net increase		19,822,361			16,475,943

Total increase		2,694,445			20,026,643
Net Assets
Beginning of period		152,670,555			132,643,912

End of period	$	155,365,000		$	152,670,555

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



112 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2030 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,842,473		$	2,680,438
Net realized gain on Underlying Portfolios		306,406			7,382,616
Net realized gain distributions from Underlying Portfolios		1,670,913			1,301,133
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(8,036,234	)		(2,801,568	)

Net increase (decrease) in net assets from operations		(4,216,442	)		8,562,619
Distributions to Shareholders*
Class A		(447,256	)		(334,911	)
Class C		(116,127	)		(34,208	)
Advisor Class		(551,741	)		(51,399	)
Class R		(260,958	)		(107,753	)
Class K		(8,418,874	)		(5,272,452	)
Class I		(157,959	)		(87,746	)
Class Z		(13,357	)		(1,208	)
Capital Stock Transactions
Net increase		15,396,880			20,661,038

Total increase		1,214,166			23,333,980
Net Assets
Beginning of period		125,095,229			101,761,249

End of period	$	126,309,395		$	125,095,229

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 113

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2035 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	1,675,131		$	2,369,866
Net realized gain on Underlying Portfolios		104,100			8,030,619
Net realized gain distributions from Underlying Portfolios		1,786,095			1,172,209
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(7,998,206	)		(2,544,407	)

Net increase (decrease) in net assets from operations		(4,432,880	)		9,028,287
Distributions to Shareholders*
Class A		(420,513	)		(243,473	)
Class C		(73,973	)		(22,037	)
Advisor Class		(400,034	)		(32,252	)
Class R		(250,575	)		(95,053	)
Class K		(8,708,695	)		(4,969,417	)
Class I		(106,377	)		(9,121	)
Class Z		(3,931	)		(1,278	)
Capital Stock Transactions
Net increase		15,862,963			25,029,324

Total increase		1,465,985			28,684,980
Net Assets
Beginning of period		120,183,538			91,498,558

End of period	$	121,649,523		$	120,183,538

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



114 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2040 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	980,878		$	1,306,558
Net realized gain (loss) on Underlying Portfolios		(9,352	)		6,741,192
Net realized gain distributions from Underlying Portfolios		1,320,648			932,492
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(5,578,694	)		(2,402,959	)

Net increase (decrease) in net assets from operations		(3,286,520	)		6,577,283
Distributions to Shareholders*
Class A		(383,451	)		(207,464	)
Class C		(75,024	)		(19,934	)
Advisor Class		(361,392	)		(24,735	)
Class R		(235,648	)		(61,568	)
Class K		(6,062,552	)		(3,142,964	)
Class I		(80,254	)		(14,558	)
Class Z		(100,593	)		(33,615	)
Capital Stock Transactions
Net increase		12,101,472			6,402,578

Total increase		1,516,038			9,475,023
Net Assets
Beginning of period		74,037,339			64,562,316

End of period	$	75,553,377		$	74,037,339

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 115

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2045 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	817,995		$	1,058,800
Net realized gain (loss) on Underlying Portfolios		(12,326	)		5,421,593
Net realized gain distributions from Underlying Portfolios		1,167,174			849,847
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(5,045,584	)		(1,533,701	)

Net increase (decrease) in net assets from operations		(3,072,741	)		5,796,539
Distributions to Shareholders*
Class A		(284,103	)		(144,425	)
Class C		(23,144	)		(11,591	)
Advisor Class		(355,592	)		(1,774	)
Class R		(62,438	)		(109,129	)
Class K		(5,366,230	)		(2,550,896	)
Class I		(49,633	)		(10,611	)
Class Z		(47,178	)		(20,179	)
Capital Stock Transactions
Net increase		9,183,529			8,222,531

Total increase (decrease)		(77,530	)		11,170,465
Net Assets
Beginning of period		65,602,812			54,432,347

End of period	$	65,525,282		$	65,602,812

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



116 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2050 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	359,403		$	411,842
Net realized gain on Underlying Portfolios		15,298			2,189,488
Net realized gain distributions from Underlying Portfolios		523,680			330,716
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(2,294,920	)		(698,321	)

Net increase (decrease) in net assets from operations		(1,396,539	)		2,233,725
Distributions to Shareholders*
Class A		(92,300	)		(42,184	)
Class C		(4,739	)		(3,114	)
Advisor Class		(204,348	)		(6,016	)
Class R		(73,016	)		(31,453	)
Class K		(1,892,865	)		(1,194,147	)
Class I		(28,033	)		(663	)
Class Z		(9,493	)		(774	)
Capital Stock Transactions
Net increase		5,648,375			4,397,516

Total increase		1,947,042			5,352,890
Net Assets
Beginning of period		27,209,934			21,857,044

End of period	$	29,156,976		$	27,209,934

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 117

STATEMENT OF CHANGES IN NET ASSETS (continued)


	AB Multi-Manager Select 2055 Fund
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment income	$	415,415		$	494,577
Net realized gain (loss) on Underlying Portfolios		(77,393	)		2,407,674
Net realized gain distributions from Underlying Portfolios		616,372			395,450
Net change in unrealized appreciation/depreciation of investments in Underlying Portfolios		(2,668,693	)		(543,859	)

Net increase (decrease) in net assets from operations		(1,714,299	)		2,753,842
Distributions to Shareholders*
Class A		(121,957	)		(48,753	)
Class C		(7,710	)		(3,547	)
Advisor Class		(138,726	)		(23,398	)
Class R		(41,502	)		(18,929	)
Class K		(2,466,122	)		(1,168,981	)
Class I		(18,942	)		(2,901	)
Class Z		(16,714	)		(791	)
Capital Stock Transactions
Net increase		4,829,575			6,113,937

Total increase		303,603			7,600,479
Net Assets
Beginning of period		33,011,171			25,410,692

End of period	$	33,314,774		$	33,011,171

*	The prior year’s amounts have been reclassified to conform with the current year’s presentation. See Note I, Recent Accounting Pronouncements, in the Notes to Financial Statements for more information.

See notes to financial statements.



118 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS

January 31, 2019 (unaudited)

NOTE A

Significant Accounting Policies

AB Cap Fund, Inc. (the “Company”), which is a Maryland corporation, is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company operates as a series company currently comprised of 28 portfolios. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Multi-Manager Select Retirement Allocation Fund, AB Multi-Manager Select 2010 Fund, AB Multi-Manager Select 2015 Fund, AB Multi-Manager Select 2020 Fund, AB Multi-Manager Select 2025 Fund, AB Multi-Manager Select 2030 Fund, AB Multi-Manager Select 2035 Fund, AB Multi-Manager Select 2040 Fund, AB Multi-Manager Select 2045 Fund, AB Multi-Manager Select 2050 Fund and AB Multi-Manager Select 2055 Fund (the “Funds”), each a diversified portfolio. The Funds have authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z, Class T, Class 1 and Class 2 shares. Class B, Class T, Class 1 and Class 2 shares have not been issued. Class A shares are sold with a front-end sales charge of up to 4.25% for purchases not exceeding $1,000,000. With respect to purchases of $1,000,000 or more, Class A shares redeemed within one year of purchase may be subject to a contingent deferred sales charge of 1%. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares will automatically convert to Class A shares ten 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, Class I and Class Z shares are sold without an initial or contingent deferred sales charge and are not subject to ongoing distribution expenses. All eleven 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. In order to implement the Funds’ investment strategies, Morningstar Investment Management LLC, the Funds’ sub-adviser, selects mutual funds and ETFs (“Underlying Portfolios”) for investment by the Funds from among AB mutual funds and funds offered by other fund complexes that have entered into a participation agreement or similar arrangement with the Funds. 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. Each Fund is an investment company under U.S. GAAP



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 119

NOTES TO FINANCIAL STATEMENTS (continued)

and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Funds.

1. Security Valuation

Net asset value per share of the Funds, which may be based on the NAVs of the Underlying Portfolios, is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m., Eastern Time. Investments in the Underlying Portfolios are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Funds 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. 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 Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments

•

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

•

Level 3—significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)



120 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

The following tables summarize the valuation of the Funds’ investments by the above fair value hierarchy levels as of January 31, 2019:

Investments in Underlying
Portfolios:

Level 1

Level 2

Level 3

Total

AB Multi-Manager Select Retirement Allocation Fund

Investment Companies

12,474,013

– 0

–

– 0

–

12,474,013

Short-Term Investments

20,402

– 0

–

– 0

–

20,402

Total^(a)

12,494,415

– 0

–

– 0

–

12,494,415

AB Multi-Manager Select 2010 Fund

Investment Companies

16,912,247

– 0

–

– 0

–

16,912,247

Short-Term Investments

128,825

– 0

–

– 0

–

128,825

Total^(a)

17,041,072

– 0

–

– 0

–

17,041,072

AB Multi-Manager Select 2015 Fund

Investment Companies

44,811,529

– 0

–

– 0

–

44,811,529

Short-Term Investments

89,079

– 0

–

– 0

–

89,079

Total^(a)

44,900,608

– 0

–

– 0

–

44,900,608

AB Multi-Manager Select 2020 Fund

Investment Companies

101,810,108

– 0

–

– 0

–

101,810,108

Short-Term Investments

423,981

– 0

–

– 0

–

423,981

Total^(a)

102,234,089

– 0

–

– 0

–

102,234,089

AB Multi-Manager Select 2025 Fund

Investment Companies

155,138,320

– 0

–

– 0

–

155,138,320

Total^(a)

155,138,320

– 0

–

– 0

–

155,138,320

AB Multi-Manager Select 2030 Fund

Investment Companies

126,341,767

– 0

–

– 0

–

126,341,767

Short-Term Investments

281,311

– 0

–

– 0

–

281,311

Total^(a)

126,623,078

– 0

–

– 0

–

126,623,078

AB Multi-Manager Select 2035 Fund

Investment Companies

121,963,681

– 0

–

– 0

–

121,963,681

Short-Term Investments

675,102

– 0

–

– 0

–

675,102

Total^(a)

122,638,783

– 0

–

– 0

–

122,638,783

AB Multi-Manager Select 2040 Fund

Investment Companies

75,494,999

– 0

–

– 0

–

75,494,999

Short-Term Investments

606,398

– 0

–

– 0

–

606,398

Total^(a)

76,101,397

– 0

–

– 0

–

76,101,397

AB Multi-Manager Select 2045 Fund

Investment Companies

65,385,073

– 0

–

– 0

–

65,385,073

Short-Term Investments

139,324

– 0

–

– 0

–

139,324

Total^(a)

65,524,397

– 0

–

– 0

–

65,524,397



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 121

NOTES TO FINANCIAL STATEMENTS (continued)

Investments in Underlying
Portfolios:

Level 1

Level 2

Level 3

Total

AB Multi-Manager Select 2050 Fund

Investment Companies

29,187,023

– 0

–

– 0

–

29,187,023

Short-Term Investments

47,642

– 0

–

– 0

–

47,642

Total^(a)

29,234,665

– 0

–

– 0

–

29,234,665

AB Multi-Manager Select 2055 Fund

Investment Companies

33,166,825

– 0

–

– 0

–

33,166,825

Short-Term Investments

153,171

– 0

–

– 0

–

153,171

Total^(a)

33,319,996

– 0

–

– 0

–

33,319,996

(a)	There were no transfers between any levels during the reporting period.

The Funds recognize all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established a Valuation Committee (the “Committee”) to oversee the pricing and valuation of all securities held in the Funds. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.



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In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Taxes

It is each 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.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ 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 Funds’ financial statements.

4. Investment Income and Investment Transactions

Income and capital gain distributions from the Underlying Portfolios, if any, are recorded on the ex-dividend date. Transactions in shares of the Underlying Portfolios are accounted for on the trade date. Investment gains and losses are determined on the identified cost basis.

5. Class Allocations

All income earned and expenses incurred by the Funds are borne on a pro-rata basis by each settled class of shares, based on the proportionate interest in each Fund represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses included in the accompanying statements of operations do not include any expenses of the Underlying Portfolios. Expenses of the Company are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

6. 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.



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NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, each Fund pays the Adviser an advisory fee at an annual rate of .15% of the Funds’ average daily net assets. The fee is accrued daily and paid monthly. From its advisory fees received from the Funds, the Adviser pays the fees of Morningstar Investment Management LLC, the Funds’ sub-adviser. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding the fees and expenses of Underlying Portfolios, interest expense, taxes, extraordinary expenses, brokerage commissions and other transaction costs, and expenses associated with securities sold short) on an annual basis (the “Expense Caps”) as follows:


	Effective November 30, 2018
Multi-Manager Select Fund	Class A			Class C			Advisor Class			Class R			Class K			Class I			Class Z
Retirement Allocation Fund		0.46	%		1.21	%		0.21	%		0.71	%		0.46	%		0.21	%		0.21	%
2010 Fund		0.41	%		1.16	%		0.16	%		0.66	%		0.41	%		0.16	%		0.16	%
2015 Fund		0.37	%		1.12	%		0.12	%		0.62	%		0.37	%		0.12	%		0.12	%
2020 Fund		0.38	%		1.13	%		0.13	%		0.63	%		0.38	%		0.13	%		0.13	%
2025 Fund		0.37	%		1.12	%		0.12	%		0.62	%		0.37	%		0.12	%		0.12	%
2030 Fund		0.38	%		1.13	%		0.13	%		0.63	%		0.38	%		0.13	%		0.13	%
2035 Fund		0.38	%		1.13	%		0.13	%		0.63	%		0.38	%		0.13	%		0.13	%
2040 Fund		0.39	%		1.14	%		0.14	%		0.64	%		0.39	%		0.14	%		0.14	%
2045 Fund		0.40	%		1.15	%		0.15	%		0.65	%		0.40	%		0.15	%		0.15	%
2050 Fund		0.39	%		1.14	%		0.14	%		0.64	%		0.39	%		0.14	%		0.14	%
2055 Fund		0.39	%		1.14	%		0.14	%		0.64	%		0.39	%		0.14	%		0.14	%


	December 1, 2017 to November 30, 2018
Multi-Manager Select Fund	Class A			Class C			Advisor Class			Class R			Class K			Class I			Class Z
Retirement Allocation Fund		0.45	%		1.20	%		0.20	%		0.70	%		0.45	%		0.20	%		0.20	%
2010 Fund		0.39	%		1.14	%		0.14	%		0.64	%		0.39	%		0.14	%		0.14	%
2015 Fund		0.35	%		1.10	%		0.10	%		0.60	%		0.35	%		0.10	%		0.10	%
2020 Fund		0.37	%		1.12	%		0.12	%		0.62	%		0.37	%		0.12	%		0.12	%
2025 Fund		0.38	%		1.13	%		0.13	%		0.63	%		0.38	%		0.13	%		0.13	%
2030 Fund		0.40	%		1.15	%		0.15	%		0.65	%		0.40	%		0.15	%		0.15	%
2035 Fund		0.40	%		1.15	%		0.15	%		0.65	%		0.40	%		0.15	%		0.15	%
2040 Fund		0.41	%		1.16	%		0.16	%		0.66	%		0.41	%		0.16	%		0.16	%
2045 Fund		0.41	%		1.16	%		0.16	%		0.66	%		0.41	%		0.16	%		0.16	%
2050 Fund		0.42	%		1.17	%		0.17	%		0.67	%		0.42	%		0.17	%		0.17	%
2055 Fund		0.42	%		1.17	%		0.17	%		0.67	%		0.42	%		0.17	%		0.17	%



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	December 1, 2016 to November 30, 2017
Multi-Manager Select Fund	Class A			Class C			Advisor Class			Class R			Class K			Class I			Class Z
Retirement Allocation Fund		0.42	%		1.17	%		0.17	%		0.67	%		0.42	%		0.17	%		0.17	%
2010 Fund		0.40	%		1.15	%		0.15	%		0.65	%		0.40	%		0.15	%		0.15	%
2015 Fund		0.40	%		1.15	%		0.15	%		0.65	%		0.40	%		0.15	%		0.15	%
2020 Fund		0.44	%		1.19	%		0.19	%		0.69	%		0.44	%		0.19	%		0.19	%
2025 Fund		0.43	%		1.18	%		0.18	%		0.68	%		0.43	%		0.18	%		0.18	%
2030 Fund		0.48	%		1.23	%		0.23	%		0.73	%		0.48	%		0.23	%		0.23	%
2035 Fund		0.48	%		1.23	%		0.23	%		0.73	%		0.48	%		0.23	%		0.23	%
2040 Fund		0.52	%		1.27	%		0.27	%		0.77	%		0.52	%		0.27	%		0.27	%
2045 Fund		0.50	%		1.25	%		0.25	%		0.75	%		0.50	%		0.25	%		0.25	%
2050 Fund		0.50	%		1.25	%		0.25	%		0.75	%		0.50	%		0.25	%		0.25	%
2055 Fund		0.51	%		1.26	%		0.26	%		0.76	%		0.51	%		0.26	%		0.26	%

The currently effective Expense Caps may not be terminated by the Adviser before November 30, 2019. For the six months ended January 31, 2019, such waivers and reimbursement amounted to:


Multi-Manager Select Fund	Amount		Multi-Manager Select Fund	Amount
Retirement Allocation Fund	$	146,415	2035 Fund	$	250,620
2010 Fund		152,418	2040 Fund		203,427
2015 Fund		183,955	2045 Fund		190,816
2020 Fund		244,558	2050 Fund		159,343
2025 Fund		306,334	2055 Fund		165,621
2030 Fund		251,671

Any fees waived and expenses borne by the Adviser through January 5, 2016 are subject to repayment by the Funds until the end of the third fiscal year after the fiscal period in which the fees were waived or the expenses were borne. For the period ended July 31, 2016, such waivers that were subject to repayment amounted to:


Multi-Manager Select Fund	Amount		Fund	Amount
Retirement Allocation Fund	$	148,582	2035 Fund	$	140,240
2010 Fund		149,220	2040 Fund		135,952
2015 Fund		149,516	2045 Fund		138,850
2020 Fund		143,920	2050 Fund		144,451
2025 Fund		145,154	2055 Fund		144,775
2030 Fund		138,748



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In any case, no repayment will be made that would cause the Funds’ total annual operating expenses to exceed the net fee percentages set forth per the Expense Caps in effect at the time of the fee waiver/bearing of expenses or at the time of the potential repayment.

During 2017, AXA S.A. (“AXA”), a French holding company for the AXA Group, a worldwide leader in life, property and casualty and health insurance and asset management, announced its intention to pursue the sale of a minority stake in its subsidiary, AXA Equitable Holdings, Inc. (“AXA Equitable”), the holding company for a diversified financial services organization, through an initial public offering (“IPO”). AXA Equitable is the holding company for a diverse group of financial services companies, including AllianceBernstein L.P., the investment adviser to the Funds (“the Adviser”). In March 2018, AXA announced its intention to sell its entire interest in AXA Equitable over time, subject to market conditions and other factors (the “Plan”). During the second quarter of 2018, AXA Equitable completed the IPO, and, in the fourth quarter of 2018, AXA completed a public offering of additional shares of AXA Equitable’s common stock and simultaneously sold shares to AXA Equitable pursuant to a separate agreement with it. As a result of the foregoing sales of AXA Equitable shares, AXA currently owns approximately 59% of the shares of common stock of AXA Equitable. Contemporaneously with the IPO, AXA sold $862.5 million aggregate principal amount of its 7.25% mandatorily exchangeable notes (the “MxB Notes”) due May 15, 2021, and exchangeable into up to 43,125,000 shares of common stock (or approximately 7% of the outstanding shares of common stock of AXA Equitable). AXA retains ownership (including voting rights) of such shares of common stock until the MxB Notes are exchanged, which may be on a date that is earlier than the maturity date at AXA’s option upon the occurrence of certain events.

It is anticipated that one or more of the transactions contemplated by the Plan may ultimately result in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and therefore may be deemed an “assignment” causing a termination of each Funds’ current investment advisory agreement. In order to ensure that the existing investment advisory services could continue uninterrupted, at meetings held in late July through early August 2018, the Boards of Directors/Trustees (each a “Board” and collectively, the “Boards”) approved new investment advisory agreements with the Adviser, in connection with the Plan. The Boards also agreed to call and hold a joint meeting of shareholders on October 11, 2018, for shareholders of each Funds to (1) approve the new investment advisory agreement with the Adviser that would be effective after the first Change of Control Event and (2) approve any future advisory agreement approved by the Board and that has terms not materially different from the current agreement, in the event there are



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subsequent Change of Control Events arising from completion of the Plan that terminate the advisory agreement after the first Change of Control Event. Approval of a future advisory agreement means that shareholders may not have another opportunity to vote on a new agreement with the Adviser even upon a change of control, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of AXA Equitable.

At the adjourned shareholder meeting reconvened on November 14, 2018, or as further adjourned and reconvened on December 11, 2018, shareholders approved the new and future investment advisory agreements.

The Funds compensate 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 Funds. ABIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or net-working services. For the six months ended January 31, 2019, such compensation retained by ABIS was as follows:


Multi-Manager Select Fund	Amount		Multi-Manager Select Fund	Amount
Retirement Allocation Fund	$	8,986	2035 Fund	$	29,309
2010 Fund		8,985	2040 Fund		17,679
2015 Fund		10,621	2045 Fund		15,636
2020 Fund		24,553	2050 Fund		8,805
2025 Fund		37,477	2055 Fund		9,052
2030 Fund		29,503

AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, serves as the distributor of the Funds’ shares. The Distributor has advised the Funds that it has retained front-end sales charges from the sale of Class A shares and received contingent deferred sales charges imposed upon redemptions by shareholders of Class A and



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Class C shares for each Fund for the six months ended January 31, 2019 as follows:


	Front-End Sales Charges			Contingent Deferred Sales Charges
Multi-Manager Select Fund	Class A			Class A			Class C
Retirement Allocation Fund	$	148		$	6		$	– 0	–
2010 Fund		– 0	–		– 0	–		– 0	–
2015 Fund		49			40			– 0	–
2020 Fund		90			1			– 0	–
2025 Fund		160			200			51
2030 Fund		212			306			148
2035 Fund		116			84			145
2040 Fund		154			44			34
2045 Fund		192			312			40
2050 Fund		57			65			17
2055 Fund		536			83			– 0	–

The Funds 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. Effective August 1, 2018, 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, 2019. In connection with the investment by the Funds in Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Funds in an amount equal to each Funds’ pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Funds as an acquired fund fee and expense. For the six months ended January 31, 2019, such waivers amounted to:


Multi-Manager Select Fund	Amount		Multi-Manager Select Fund	Amount
Retirement Allocation Fund	$	32	2035 Fund	$	294
2010 Fund		54	2040 Fund		190
2015 Fund		134	2045 Fund		181
2020 Fund		340	2050 Fund		85
2025 Fund		326	2055 Fund		108
2030 Fund		295



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A summary of the Funds’ transactions in AB mutual funds for the six months ended January 31, 2019 is as follows:


Multi-Manager Select Retirement Allocation Fund
															Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	64	$	2,000	$	2,044	$	– 0	–	$	– 0	–	$	20	$	1	$	– 0	–
AB All Market Real Return Portfolio		662		79		319		(1	)		(40	)		381		7		– 0	–
AB Bond Inflation Strategy		791		235		143		(5	)		(1	)		877		12		– 0	–
AB Global Bond Fund, Inc.		1,715		524		562		(14	)		28			1,691		29		– 0	–
AB Global Real Estate Investment Fund II		120		101		118		(9	)		3			97		5		– 0	–
AB High Income Fund, Inc.		265		32		36		(1	)		(9	)		251		9		– 0	–
AB Relative Value Fund		265		40		103		4			(33	)		173		6		14
AB Unconstrained Bond Fund, Inc.		527		56		77		(1	)		(10	)		495		6		– 0	–

Total							$	(27	)	$	(62	)	$	3,985	$	75	$	14



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Multi-Manager Select 2010 Fund
															Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	70	$	2,477	$	2,418	$	– 0	–	$	– 0	–	$	129	$	1	$	– 0	–
AB All Market Real Return Portfolio		925		58		393		29			(89	)		530		9		– 0	–
AB Bond Inflation Strategy		1,660		105		256		(1	)		(16	)		1,492		24		– 0	–
AB Discovery Value Fund, Inc.		181		38		3		(1	)		(33	)		182		3		15
AB Global Bond Fund, Inc.		2,766		602		742		(20	)		39			2,645		45		– 0	–
AB Global Real Estate Investment Fund II		188		106		150		(13	)		4			135		8		– 0	–
AB High Income Fund, Inc.		555		42		62		0	*		(23	)		512		18		– 0	–
AB Relative Value Fund		370		60		145		7			(48	)		244		9		20
AB Unconstrained Bond Fund, Inc.		370		15		48		0	*		(7	)		330		5		– 0	–

Total							$	1		$	(173	)	$	6,199	$	122	$	35

*	Amount is less than $500.



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Multi-Manager Select 2015 Fund
																Distributions
Fund	Market Value 7/31/18 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	– 0	–	$	16,691	$	16,602	$	– 0	–	$	– 0	–	$	89	$	3	$	– 0	–
AB All Market Real Return Portfolio		2,637			880		1,432		74			(271	)		1,888		35		– 0	–
AB Bond Inflation Strategy		3,936			1,248		1,219		(26	)		(20	)		3,919		64		– 0	–
AB Discovery Growth Fund, Inc.		437			259		120		5			(86	)		495		9		58
AB Discovery Value Fund, Inc.		440			197		49		(1	)		(92	)		495		6		42
AB Global Bond Fund, Inc.		5,701			3,038		2,723		(64	)		107			6,059		109		– 0	–
AB Global Real Estate Investment Fund II		446			409		462		(26	)		2			369		22		– 0	–
AB High Income Fund, Inc.		1,760			571		450		(6	)		(79	)		1,796		65		– 0	–
AB Relative Value Fund		877			366		492		38			(148	)		641		24		55
AB Unconstrained Bond Fund, Inc.		886			251		236		– 0	–		(20	)		881		12		– 0	–

Total								$	(6	)	$	(607	)	$	16,632	$	349	$	155



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Multi-Manager Select 2020 Fund
															Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	34	$	19,925	$	19,535	$	– 0	–	$	– 0	–	$	424	$	7	$	– 0	–
AB All Market Real Return Portfolio		6,100		751		2,277		173			(599	)		4,148		76		– 0	–
AB Bond Inflation Strategy		7,065		1,018		990		(20	)		(48	)		7,025		108		– 0	–
AB Discovery Growth Fund, Inc.		964		399		80		(2	)		(178	)		1,103		20		130
AB Discovery Value Fund, Inc.		2,048		504		29		(12	)		(375	)		2,136		28		178
AB Global Bond Fund, Inc.		11,146		4,171		3,879		(121	)		214			11,531		201		– 0	–
AB Global Real Estate Investment Fund II		1,002		657		802		(46	)		(4	)		807		46		– 0	–
AB High Income Fund, Inc.		5,131		699		552		(11	)		(207	)		5,060		173		– 0	–
AB Relative Value Fund		2,912		635		682		18			(413	)		2,470		91		208
AB Unconstrained Bond Fund, Inc.		2,035		167		189		(1	)		(43	)		1,969		26		– 0	–

Total							$	(22	)	$	(1,653	)	$	36,673	$	776	$	516



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Multi-Manager Select 2025 Fund
																Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)			Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	839	$	30,375	$	31,214	$	– 0	–	$	– 0	–	$	– 0	–	$	7	$	– 0	–
AB All Market Real Return Portfolio		7,733		743		3,248		140			(675	)		4,693			90		– 0	–
AB Bond Inflation Strategy		6,058		786		691		(20	)		(37	)		6,096			95		– 0	–
AB Discovery Growth Fund, Inc.		2,951		1,328		509		131			(703	)		3,198			63		415
AB Discovery Value Fund, Inc.		3,017		1,037		280		(64	)		(542	)		3,168			43		279
AB Global Bond Fund, Inc.		15,172		6,168		5,428		(194	)		332			16,050			282		– 0	–
AB Global Real Estate Investment Fund II		3,068		1,350		1,630		2			(64	)		2,726			122		– 0	–
AB High Income Fund, Inc.		10,584		1,590		771		12			(479	)		10,936			370		– 0	–
AB Relative Value Fund		6,291		1,177		1,334		38			(911	)		5,261			203		465
AB Unconstrained Bond Fund, Inc.		2,986		347		206		(8	)		(61	)		3,058			39		– 0	–

Total							$	37		$	(3,140	)	$	55,186		$	1,314	$	1,159



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Multi-Manager Select 2030 Fund
															Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	305	$	23,538	$	23,562	$	– 0	–	$	– 0	–	$	281	$	7	$	– 0	–
AB All Market Real Return Portfolio		5,083		628		2,840		(38	)		(299	)		2,534		48		– 0	–
AB Bond Inflation Strategy		1,210		108		59		(2	)		(10	)		1,247		19		– 0	–
AB Discovery Growth Fund, Inc.		2,417		1,086		430		80			(555	)		2,598		51		335
AB Discovery Value Fund, Inc.		3,697		1,314		471		(17	)		(729	)		3,794		52		338
AB Global Bond Fund, Inc.		8,665		4,618		4,518		(136	)		213			8,842		160		– 0	–
AB Global Real Estate Investment Fund II		2,462		1,123		1,212		(7	)		(53	)		2,313		100		– 0	–
AB High Income Fund, Inc.		10,053		2,030		1,565		(41	)		(397	)		10,080		344		– 0	–
AB Relative Value Fund		7,716		1,626		1,460		26			(1,131	)		6,777		258		591
AB Unconstrained Bond Fund, Inc.		1,219		97		50		(1	)		(26	)		1,239		16		– 0	–

Total							$	(136	)	$	(2,987	)	$	39,705	$	1,055	$	1,264



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Multi-Manager Select 2035 Fund
															Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	897	$	20,597	$	20,819	$	– 0	–	$	– 0	–	$	675	$	6	$	– 0	–
AB All Market Real Return Portfolio		4,804		428		2,480		(37	)		(279	)		2,436		45		– 0	–
AB Discovery Growth Fund, Inc.		3,435		1,547		616		50			(669	)		3,747		70		460
AB Discovery Value Fund, Inc.		3,560		1,041		269		(21	)		(662	)		3,649		50		320
AB Global Bond Fund, Inc.		7,124		3,613		3,391		(58	)		123			7,411		131		– 0	–
AB Global Real Estate Investment Fund II		2,377		1,050		1,182		(36	)		(20	)		2,189		96		– 0	–
AB High Income Fund, Inc.		7,087		1,358		795		(34	)		(282	)		7,334		249		– 0	–
AB Relative Value Fund		7,396		1,375		1,249		5			(1,010	)		6,517		242		555

Total							$	(131	)	$	(2,799	)	$	33,958	$	889	$	1,335



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Multi-Manager Select 2040 Fund
																Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)			Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	634	$	11,985	$	12,012		$	– 0	–	$	– 0	–	$	607	$	4	$	– 0	–
AB All Market Real Return Portfolio		2,216		203		1,524			(86	)		(52	)		757		14		– 0	–
AB Discovery Growth Fund, Inc.		2,144		767		112			30			(443	)		2,386		44		290
AB Discovery Value Fund, Inc.		2,905		780		– 0	–		– 0	–		(568	)		3,117		40		258
AB Global Bond Fund, Inc.		2,906		2,021		1,937			(34	)		63			3,019		55		– 0	–
AB Global Real Estate Investment Fund II		1,479		571		662			(2	)		(34	)		1,352		58		– 0	–
AB High Income Fund, Inc.		1,437		212		123			(3	)		(61	)		1,462		50		– 0	–
AB Relative Value Fund		5,246		1,168		349			18			(837	)		5,246		197		449

Total								$	(77	)	$	(1,932	)	$	17,946	$	462	$	997



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Multi-Manager Select 2045 Fund
																Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)			Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	292	$	11,624	$	11,777	$	– 0	–	$	– 0	–	$	139		$	4		$	– 0	–
AB All Market Real Return Portfolio		1,298		106		1,335		(90	)		21			– 0	–		– 0	–		– 0	–
AB Discovery Growth Fund, Inc.		1,874		771		227		9			(367	)		2,060			38			252
AB Discovery Value Fund, Inc.		2,585		691		100		(3	)		(507	)		2,666			35			228
AB Global Bond Fund, Inc.		2,595		1,732		1,727		(24	)		49			2,625			49			– 0	–
AB Global Real Estate Investment Fund II		1,322		465		580		(1	)		(31	)		1,175			51			– 0	–
AB Relative Value Fund		4,666		879		264		(7	)		(713	)		4,561			172			393

Total							$	(116	)	$	(1,548	)	$	13,226		$	349		$	873



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Multi-Manager Select 2050 Fund
																Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)			Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	232	$	6,766	$	6,950	$	– 0	–	$	– 0	–	$	48		$	2		$	– 0	–
AB All Market Real Return Portfolio		550		69		588		(39	)		8			– 0	–		– 0	–		– 0	–
AB Discovery Growth Fund, Inc.		768		449		171		(8	)		(150	)		888			16			110
AB Discovery Value Fund, Inc.		1,057		427		87		1			(225	)		1,173			16			101
AB Global Bond Fund, Inc.		1,015		788		661		(10	)		21			1,153			21			– 0	–
AB Global Real Estate Investment Fund II		547		260		283		(2	)		(12	)		510			23			– 0	–
AB Relative Value Fund		1,914		584		121		(1	)		(322	)		2,054			77			177

Total							$	(59	)	$	(680	)	$	5,826		$	155		$	388



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Multi-Manager Select 2055 Fund
																Distributions
Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)			Change in Unrealized Appr./ (Depr.) (000)			Market Value 1/31/19 (000)			Dividend Income (000)			Realized Gains (000)
Government Money Market Portfolio	$	284	$	6,152	$	6,283	$	– 0	–	$	– 0	–	$	153		$	2		$	– 0	–
AB All Market Real Return Portfolio		648		76		689		(45	)		10			– 0	–		– 0	–		– 0	–
AB Discovery Growth Fund, Inc.		944		422		126		(15	)		(180	)		1,045			20			131
AB Discovery Value Fund, Inc.		1,300		411		85		(8	)		(265	)		1,353			19			121
AB Global Bond Fund, Inc.		1,221		902		834		(12	)		24			1,301			24			– 0	–
AB Global Real Estate Investment Fund II		654		279		321		(7	)		(12	)		593			27			– 0	–
AB Relative Value Fund		2,349		573		217		(15	)		(369	)		2,321			90			207

Total							$	(102	)	$	(792	)	$	6,766		$	182		$	459

Brokerage commissions paid on investment transactions and brokerage commissions paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser, for the six months ended January 31, 2019 were as follows:

Multi-Manager Select Fund

Total

Commissions

Sanford C.

Bernstein &

Co. LLC

Sanford C.

Bernstein

Limited

Retirement Allocation Fund

416

– 0

–

– 0

–

2010 Fund

493

– 0

–

– 0

–

2015 Fund

2,181

– 0

–

– 0

–

2020 Fund

2,035

– 0

–

– 0

–

2025 Fund

3,263

– 0

–

– 0

–

2030 Fund

4,489

– 0

–

– 0

–

2035 Fund

3,032

– 0

–

– 0

–

2040 Fund

1,773

– 0

–

– 0

–

2045 Fund

1,882

– 0

–

– 0

–

2050 Fund

1,091

– 0

–

– 0

–

2055 Fund

1,435

– 0

–

– 0

–



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE C

Distribution Services Agreement

The Funds have adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Funds pay distribution and servicing fees to the Distributor at an annual rate of up to .25% of each Fund’s average daily net assets attributable to Class A shares and 1% of each Fund’s average daily net assets attributable to Class C shares, .50% of each Fund’s average daily net assets attributable to Class R shares and .25% of each 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. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

Since the commencement of the Funds’ operations, the Distributor has incurred expenses in excess of the distribution costs eligible to be reimbursed by each Fund for Class C, Class R and Class K as follows:


Multi-Manager Select Fund	Class C			Class R		Class K
Retirement Allocation Fund	$	565		$	899	$	– 0	–
2010 Fund		32			2,797		– 0	–
2015 Fund		3,733			2,324		– 0	–
2020 Fund		4,819			16,662		– 0	–
2025 Fund		4,207			21,497		– 0	–
2030 Fund		7,920			13,410		11,980
2035 Fund		6,869			11,358		– 0	–
2040 Fund		5,026			8,642		– 0	–
2045 Fund		835			12,330		1,566
2050 Fund		– 0	–		3,089		– 0	–
2055 Fund		454			1,658		3,832

While such costs may be recovered from the Funds in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Funds’ shares.



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NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2019, were as follows:


Multi-Manager Select Fund	Purchases		Sales
Retirement Allocation Fund	$	3,103,057	$	3,523,190
2010 Fund		3,559,577		4,505,579
2015 Fund		20,791,214		18,089,937
2020 Fund		29,639,113		24,467,601
2025 Fund		47,641,230		36,492,182
2030 Fund		44,971,897		35,738,049
2035 Fund		41,107,926		30,597,789
2040 Fund		24,774,838		17,095,388
2045 Fund		21,572,851		16,422,880
2050 Fund		11,910,805		7,454,325
2055 Fund		12,331,471		9,173,366

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


Fund	Gross Unrealized					Net Unrealized Depreciation
Fund	Appreciation		(Depreciation)			Net Unrealized Depreciation
AB Multi-Manager Select Retirement Allocation Fund	$	87,339	$	(186,807	)	$	(99,468	)
AB Multi-Manager Select 2010 Fund		145,453		(347,332	)		(201,879	)
AB Multi-Manager Select 2015 Fund		411,766		(1,100,732	)		(688,966	)
AB Multi-Manager Select 2020 Fund		1,279,868		(2,640,653	)		(1,360,785	)
AB Multi-Manager Select 2025 Fund		2,149,275		(4,508,259	)		(2,358,984	)
AB Multi-Manager Select 2030 Fund		1,926,687		(3,975,484	)		(2,048,797	)
AB Multi-Manager Select 2035 Fund		2,466,461		(3,682,964	)		(1,216,503	)
AB Multi-Manager Select 2040 Fund		1,321,072		(2,184,898	)		(863,826	)
AB Multi-Manager Select 2045 Fund		1,348,986		(1,843,905	)		(494,919	)
AB Multi-Manager Select 2050 Fund		407,357		(924,767	)		(517,410	)
AB Multi-Manager Select 2055 Fund		455,025		(993,534	)		(538,509	)

1. Currency Transactions

A Fund may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis through its investments in an Underlying Portfolio. A Fund or an Underlying Portfolio 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. A Fund or an Underlying Portfolio 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 Funds or the Underlying Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser



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NOTES TO FINANCIAL STATEMENTS (continued)

or an Underlying Portfolio’s investment adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. A Fund or an Underlying Portfolio 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

Capital Stock

Each class consists of 1,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:



	AB Multi-Manager Select Retirement Allocation Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		10,157			20,022		$	112,885		$	221,653

Shares issued in reinvestment of dividends and distributions		1,329			318			13,892			3,563

Shares redeemed		(20,629	)		(3,666	)		(225,205	)		(40,707	)

Net increase (decrease)		(9,143	)		16,674		$	(98,428	)	$	184,509


Class C
Shares sold		615			1,536		$	6,500		$	16,692

Shares issued in reinvestment of dividends and distributions		320			104			3,252			1,133

Shares redeemed		(1,055	)		(6,800	)		(11,472	)		(74,490	)

Net decrease		(120	)		(5,160	)	$	(1,720	)	$	(56,665	)


Advisor Class
Shares sold		48,111			4,104		$	534,032		$	46,098

Shares issued in reinvestment of dividends and distributions		2,182			15			22,673			162

Shares redeemed		(7,429	)		(91	)		(79,086	)		(1,023	)

Net increase		42,864			4,028		$	477,619		$	45,237



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	AB Multi-Manager Select Retirement Allocation Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class R
Shares sold		1,289			42,201		$	13,171		$	446,436

Shares issued in reinvestment of dividends and distributions		1,999			1,187			19,130			12,438

Shares redeemed		(49	)		(6,460	)		(493	)		(67,864	)

Net increase		3,239			36,928		$	31,808		$	391,010


Class K
Shares sold		101,538			538,261		$	1,041,620		$	5,670,429

Shares issued in reinvestment of dividends and distributions		56,103			28,109			539,149			295,707

Shares redeemed		(123,899	)		(266,695	)		(1,289,729	)		(2,790,676	)

Net increase		33,742			299,675		$	291,040		$	3,175,460


Class I
Shares sold		– 0	–		1,946		$	– 0	–	$	20,540

Shares issued in reinvestment of dividends and distributions		0	^(a)		6			4			68

Shares redeemed		(51	)		(101,137	)		(549	)		(1,071,703	)

Net decrease		(51	)		(99,185	)	$	(545	)	$	(1,051,095	)


Class Z
Shares sold		33			95,068		$	333		$	1,000,111

Shares issued in reinvestment of dividends and distributions		1,661			0	^(a)		15,941			4

Shares redeemed		(67,138	)		– 0	–		(694,626	)		– 0	–

Net increase (decrease)		(65,444	)		95,068		$	(678,352	)	$	1,000,115

(a)	Amount is less than one share.



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NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2010 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		11,040			4,989		$	112,019		$	56,857

Shares issued in reinvestment of dividends and distributions		1,211			819			12,271			9,148

Shares redeemed		(1,839	)		(2,818	)		(19,864	)		(31,720	)

Net increase		10,412			2,990		$	104,426		$	34,285


Class C
Shares sold		– 0	–		592		$	– 0	–	$	6,571

Shares issued in reinvestment of dividends and distributions		175			330			1,771			3,654

Shares redeemed		(5,682	)		(3,051	)		(62,418	)		(33,386	)

Net decrease		(5,507	)		(2,129	)	$	(60,647	)	$	(23,161	)


Advisor Class
Shares sold		62,069			– 0	–	$	686,208		$	– 0	–

Shares issued in reinvestment of dividends and distributions		7,126			2,538			71,553			28,145

Shares redeemed		(6,998	)		(2,915	)		(73,493	)		(33,323	)

Net increase (decrease)		62,197			(377	)	$	684,268		$	(5,178	)


Class R
Shares sold		1,634			4,510		$	16,843		$	48,138

Shares issued in reinvestment of dividends and distributions		1,961			1,541			18,723			16,363

Shares redeemed		(2,852	)		(7,371	)		(29,994	)		(78,462	)

Net increase (decrease)		743			(1,320	)	$	5,572		$	(13,961	)



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	AB Multi-Manager Select 2010 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class K
Shares sold		75,651			737,164		$	780,356		$	7,864,159

Shares issued in reinvestment of dividends and distributions		86,620			63,664			823,756			674,206

Shares redeemed		(242,023	)		(310,265	)		(2,508,263	)		(3,318,000	)

Net increase (decrease)		(79,752	)		490,563		$	(904,151	)	$	5,220,365


Class I
Shares sold		582			1,583		$	6,034		$	16,749

Shares issued in reinvestment of dividends and distributions		326			201			3,093			2,129

Shares redeemed		(630	)		(765	)		(6,668	)		(8,197	)

Net increase		278			1,019		$	2,459		$	10,681


Class Z
Shares issued in reinvestment of dividends and distributions		1			1			7			6

Net increase		1			1		$	7		$	6



	AB Multi-Manager Select 2015 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		8,533			20,862		$	91,152		$	229,197

Shares issued in reinvestment of dividends and distributions		7,314			6,864			70,366			74,606

Shares converted from Class C		2,165			– 0	–		23,527			– 0	–

Shares redeemed		(56,034	)		(73,553	)		(585,457	)		(803,121	)

Net decrease		(38,022	)		(45,827	)	$	(400,412	)	$	(499,318	)



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	AB Multi-Manager Select 2015 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class C
Shares sold		118			118		$	1,218		$	1,294

Shares issued in reinvestment of dividends and distributions		2,247			1,925			21,524			20,850

Shares converted to Class A		(2,182	)		– 0	–		(23,527	)		– 0	–

Shares redeemed		(1	)		(16,202	)		(2	)		(176,594	)

Net increase (decrease)		182			(14,159	)	$	(787	)	$	(154,450	)


Advisor Class
Shares sold		505,990			185		$	5,532,832		$	2,079

Shares issued in reinvestment of dividends and distributions		28,439			372			276,714			4,095

Shares redeemed		(111,115	)		(1,154	)		(1,219,908	)		(12,696	)

Net increase (decrease)		423,314			(597	)	$	4,589,638		$	(6,522	)


Class R
Shares sold		1,679			3,424		$	17,436		$	36,788

Shares issued in reinvestment of dividends and distributions		1,798			2,208			16,918			23,495

Shares redeemed		(1,023	)		(16,082	)		(10,946	)		(169,564	)

Net increase (decrease)		2,454			(10,450	)	$	23,408		$	(109,281	)


Class K
Shares sold		148,914			1,223,580		$	1,536,474		$	13,197,414

Shares issued in reinvestment of dividends and distributions		238,640			212,797			2,243,216			2,266,289

Shares redeemed		(759,074	)		(1,123,782	)		(7,716,968	)		(12,249,211	)

Net increase (decrease)		(371,520	)		312,595		$	(3,937,278	)	$	3,214,492



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NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2015 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class I
Shares sold		865,812			1,133		$	9,238,548		$	12,212

Shares issued in reinvestment of dividends and distributions		31,371			772			294,574			8,234

Shares redeemed		(463,918	)		(36,846	)		(4,963,558	)		(400,890	)

Net increase (decrease)		433,265			(34,941	)	$	4,569,564		$	(380,444	)


Class Z
Shares sold		9,806			108		$	92,226		$	1,143

Shares issued in reinvestment of dividends and distributions		19			1			176			8

Shares redeemed		(12	)		0	^(a)		(115	)		(2	)

Net increase		9,813			109		$	92,287		$	1,149

(a)	Amount is less than one share.



	AB Multi-Manager Select 2020 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		62,999			76,594		$	652,641		$	858,597

Shares issued in reinvestment of dividends and distributions		30,012			19,918			290,217			222,285

Shares converted from Class C		– 0	–		1,296			– 0	–		14,282

Shares redeemed		(103,487	)		(114,415	)		(1,088,774	)		(1,296,246	)

Net decrease		(10,476	)		(16,607	)	$	(145,916	)	$	(201,082	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2020 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class C
Shares sold		1,160			10,116		$	12,384		$	114,282

Shares issued in reinvestment of dividends and distributions		8,473			5,315			81,254			58,885

Shares converted to Class A		– 0	–		(1,309	)		– 0	–		(14,282	)

Shares redeemed		(3,481	)		(43,088	)		(38,222	)		(484,397	)

Net increase (decrease)		6,152			(28,966	)	$	55,416		$	(325,512	)


Advisor Class
Shares sold		401,008			3,253		$	4,412,047		$	36,587

Shares issued in reinvestment of dividends and distributions		31,622			1,057			305,784			11,815

Shares redeemed		(25,002	)		(3,923	)		(258,108	)		(44,694	)

Net increase		407,628			387		$	4,459,723		$	3,708


Class R
Shares sold		220,824			73,022		$	2,326,077		$	808,303

Shares issued in reinvestment of dividends and distributions		39,852			12,382			375,807			135,215

Shares redeemed		(11,090	)		(10,803	)		(118,554	)		(117,978	)

Net increase		249,586			74,601		$	2,583,330		$	825,540


Class K
Shares sold		522,845			2,363,787		$	5,436,775		$	26,139,717

Shares issued in reinvestment of dividends and distributions		675,352			396,214			6,395,584			4,334,580

Shares redeemed		(1,077,595	)		(1,940,368	)		(11,129,791	)		(21,334,864	)

Net increase		120,602			819,633		$	702,568		$	9,139,433



148 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2020 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class I
Shares sold		57,015			2,254		$	640,596		$	24,818

Shares issued in reinvestment of dividends and distributions		1,333			75			12,947			839

Shares redeemed		(44,886	)		(197,083	)		(506,125	)		(2,171,873	)

Net increase (decrease)		13,462			(194,754	)	$	147,418		$	(2,146,216	)


Class Z
Shares sold		49,520			13,223		$	538,663		$	145,225

Shares issued in reinvestment of dividends and distributions		5,297			1			50,000			7

Shares redeemed		(690	)		(26	)		(6,816	)		(287	)

Net increase		54,127			13,198		$	581,847		$	144,945



	AB Multi-Manager Select 2025 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		47,472			242,076		$	533,279		$	2,796,814

Shares issued in reinvestment of dividends and distributions		38,436			18,647			375,907			214,064

Shares converted from Class C		180			219			2,073			2,494

Shares redeemed		(141,243	)		(209,213	)		(1,502,246	)		(2,405,508	)

Net increase (decrease)		(55,155	)		51,729		$	(590,987	)	$	607,864



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 149

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2025 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class C
Shares sold		3,827			18,082		$	43,903		$	209,960

Shares issued in reinvestment of dividends and distributions		4,278			2,104			41,666			24,023

Shares converted to Class A		(182	)		(221	)		(2,073	)		(2,494	)

Shares redeemed		(21,081	)		(14,011	)		(223,604	)		(160,948	)

Net increase (decrease)		(13,158	)		5,954		$	(140,108	)	$	70,541


Advisor Class
Shares sold		650,013			15,547		$	7,353,893		$	181,119

Shares issued in reinvestment of dividends and distributions		59,442			2,801			581,338			32,181

Shares redeemed		(80,848	)		(3,650	)		(880,163	)		(42,568	)

Net increase		628,607			14,698		$	7,055,068		$	170,732


Class R
Shares sold		639,059			79,762		$	6,897,888		$	898,398

Shares issued in reinvestment of dividends and distributions		81,158			13,505			770,190			151,386

Shares redeemed		(164,657	)		(118,256	)		(1,624,051	)		(1,335,397	)

Net increase (decrease)		555,560			(24,989	)	$	6,044,027		$	(285,613	)


Class K
Shares sold		921,025			3,492,010		$	10,110,334		$	39,334,653

Shares issued in reinvestment of dividends and distributions		1,153,418			525,905			11,038,211			5,911,168

Shares redeemed		(1,424,697	)		(2,380,104	)		(15,204,303	)		(26,996,433	)

Net increase		649,746			1,637,811		$	5,944,242		$	18,249,388



150 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2025 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class I
Shares sold		114,282			65,258		$	1,291,527		$	740,292

Shares issued in reinvestment of dividends and distributions		11,652			2,943			111,627			33,171

Shares redeemed		(63,327	)		(284,648	)		(722,323	)		(3,182,315	)

Net increase (decrease)		62,607			(216,447	)	$	680,831		$	(2,408,852	)


Class Z
Shares sold		69,123			6,727		$	758,307		$	76,170

Shares issued in reinvestment of dividends and distributions		7,650			114			72,984			1,280

Shares redeemed		(203	)		(497	)		(2,003	)		(5,567	)

Net increase		76,570			6,344		$	829,288		$	71,883



	AB Multi-Manager Select 2030 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		162,577			229,711		$	1,693,494		$	2,709,595

Shares issued in reinvestment of dividends and distributions		44,645			28,449			443,329			332,574

Shares redeemed		(129,415	)		(167,860	)		(1,442,247	)		(1,984,518	)

Net increase		77,807			90,300		$	694,576		$	1,057,651


Class C
Shares sold		44,645			49,625		$	493,226		$	572,226

Shares issued in reinvestment of dividends and distributions		11,627			2,941			114,287			34,208

Shares redeemed		(3,090	)		(32,511	)		(35,291	)		(385,893	)

Net increase		53,182			20,055		$	572,222		$	220,541



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 151

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2030 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Advisor Class
Shares sold		596,617			4,519		$	6,939,311		$	54,330

Shares issued in reinvestment of dividends and distributions		55,049			4,309			546,637			50,462

Shares redeemed		(30,146	)		(155	)		(353,114	)		(1,837	)

Net increase		621,520			8,673		$	7,132,834		$	102,955


Class R
Shares sold		163,775			81,745		$	1,797,799		$	942,367

Shares issued in reinvestment of dividends and distributions		26,986			9,427			260,957			107,751

Shares redeemed		(15,818	)		(49,019	)		(179,439	)		(564,059	)

Net increase		174,943			42,153		$	1,879,317		$	486,059


Class K
Shares sold		1,126,575			2,849,160		$	12,456,356		$	32,916,996

Shares issued in reinvestment of dividends and distributions		867,031			460,477			8,418,873			5,272,451

Shares redeemed		(1,549,867	)		(1,466,528	)		(16,401,130	)		(16,935,087	)

Net increase		443,739			1,843,109		$	4,474,099		$	21,254,360


Class I
Shares sold		87,115			30,585		$	998,584		$	349,952

Shares issued in reinvestment of dividends and distributions		16,133			7,583			156,975			87,052

Shares redeemed		(60,226	)		(261,363	)		(702,389	)		(2,981,019	)

Net increase (decrease)		43,022			(223,195	)	$	453,170		$	(2,544,015	)


Class Z
Shares sold		17,349			7,292		$	179,292		$	84,506

Shares issued in reinvestment of dividends and distributions		1,281			47			12,421			535

Shares redeemed		(102	)		(137	)		(1,051	)		(1,554	)

Net increase		18,528			7,202		$	190,662		$	83,487



152 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2035 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		106,554			93,119		$	1,245,976		$	1,122,140

Shares issued in reinvestment of dividends and distributions		41,585			20,230			418,344			242,360

Shares converted from Class C		1,359			94			16,321			1,123

Shares redeemed		(81,592	)		(62,924	)		(932,581	)		(761,482	)

Net increase		67,906			50,519		$	748,060		$	604,141


Class C
Shares sold		37,742			13,828		$	423,897		$	165,873

Shares issued in reinvestment of dividends and distributions		7,427			1,719			73,972			20,469

Shares converted to Class A		(1,373	)		(95	)		(16,321	)		(1,123	)

Shares redeemed		(2,803	)		(11,832	)		(31,732	)		(143,113	)

Net increase		40,993			3,620		$	449,816		$	42,106


Advisor Class
Shares sold		493,220			6,180		$	5,860,571		$	74,894

Shares issued in reinvestment of dividends and distributions		39,686			2,685			400,033			32,251

Shares redeemed		(86,580	)		(16,982	)		(1,015,874	)		(206,687	)

Net increase (decrease)		446,326			(8,117	)	$	5,244,730		$	(99,542	)


Class R
Shares sold		198,396			36,528		$	2,222,172		$	431,909

Shares issued in reinvestment of dividends and distributions		25,700			8,138			250,573			95,052

Shares redeemed		(45,981	)		(89,358	)		(490,896	)		(1,057,006	)

Net increase (decrease)		178,115			(44,692	)	$	1,981,849		$	(530,045	)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 153

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2035 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class K
Shares sold		1,205,675			2,880,887		$	13,445,026		$	33,926,583

Shares issued in reinvestment of dividends and distributions		887,736			424,374			8,708,694			4,969,416

Shares redeemed		(1,448,195	)		(834,194	)		(15,942,812	)		(9,871,056	)

Net increase		645,216			2,471,067		$	6,210,908		$	29,024,943


Class I
Shares sold		96,497			31,098		$	1,140,598		$	364,563

Shares issued in reinvestment of dividends and distributions		10,606			722			105,321			8,552

Shares redeemed		(6,895	)		(378,723	)		(83,130	)		(4,396,224	)

Net increase (decrease)		100,208			(346,903	)	$	1,162,789		$	(4,023,109	)


Class Z
Shares sold		6,136			1,407		$	62,184		$	16,599

Shares issued in reinvestment of dividends and distributions		299			51			2,931			596

Shares redeemed		(28	)		(535	)		(304	)		(6,365	)

Net increase		6,407			923		$	64,811		$	10,830



	AB Multi-Manager Select 2040 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		68,573			98,076		$	768,272		$	1,193,695

Shares issued in reinvestment of dividends and distributions		38,011			17,147			374,784			207,132

Shares redeemed		(32,676	)		(128,561	)		(373,135	)		(1,580,160	)

Net increase (decrease)		73,908			(13,338	)	$	769,921		$	(179,333	)



154 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2040 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class C
Shares sold		26,509			31,813		$	289,032		$	383,043

Shares issued in reinvestment of dividends and distributions		7,554			1,565			73,654			18,794

Shares redeemed		(358	)		(19,747	)		(4,012	)		(238,454	)

Net increase		33,705			13,631		$	358,674		$	163,383


Advisor Class
Shares sold		318,821			3,808		$	3,817,834		$	47,082

Shares issued in reinvestment of dividends and distributions		35,134			1,756			347,126			21,284

Shares redeemed		(30,943	)		(695	)		(350,876	)		(8,409	)

Net increase		323,012			4,869		$	3,814,084		$	59,957


Class R
Shares sold		102,690			71,603		$	1,158,567		$	850,724

Shares issued in reinvestment of dividends and distributions		24,649			5,226			235,647			61,566

Shares redeemed		(1,460	)		(98,714	)		(17,180	)		(1,189,277	)

Net increase (decrease)		125,879			(21,885	)	$	1,377,034		$	(276,987	)


Class K
Shares sold		521,596			1,719,561		$	5,870,291		$	20,394,889

Shares issued in reinvestment of dividends and distributions		630,859			266,127			6,062,552			3,142,963

Shares redeemed		(652,515	)		(1,143,123	)		(7,234,312	)		(13,648,971	)

Net increase		499,940			842,565		$	4,698,531		$	9,888,881


Class I
Shares sold		41,976			21,535		$	491,896		$	251,906

Shares issued in reinvestment of dividends and distributions		8,184			1,173			78,971			13,927

Shares redeemed		(2,373	)		(307,324	)		(28,343	)		(3,573,346	)

Net increase (decrease)		47,787			(284,616	)	$	542,524		$	(3,307,513	)



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 155

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2040 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class Z
Shares sold		38,186			1,720		$	443,669		$	20,624

Shares issued in reinvestment of dividends and distributions		10,489			2,849			100,591			33,613

Shares redeemed		(308	)		(4	)		(3,556	)		(47	)

Net increase		48,367			4,565		$	540,704		$	54,190



	AB Multi-Manager Select 2045 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		55,049			66,282		$	655,388		$	821,974

Shares issued in reinvestment of dividends and distributions		27,547			11,457			276,296			140,573

Shares redeemed		(57,048	)		(71,674	)		(660,344	)		(885,113	)

Net increase		25,548			6,065		$	271,340		$	77,434


Class C
Shares sold		2,392			5,238		$	28,164		$	64,655

Shares issued in reinvestment of dividends and distributions		2,307			945			23,142			11,590

Shares redeemed		(4,532	)		(7,892	)		(48,504	)		(98,204	)

Net increase (decrease)		167			(1,709	)	$	2,802		$	(21,959	)


Advisor Class
Shares sold		387,509			1,282		$	4,673,249		$	16,080

Shares issued in reinvestment of dividends and distributions		35,160			93			354,414			1,157

Shares redeemed		(25,946	)		(24	)		(316,124	)		(296	)

Net increase		396,723			1,351		$	4,711,539		$	16,941



156 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2045 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class R
Shares sold		38,836			28,776		$	443,624		$	346,669

Shares issued in reinvestment of dividends and distributions		6,423			9,163			62,436			109,129

Shares redeemed		(20,974	)		(196,607	)		(227,264	)		(2,382,257	)

Net increase (decrease)		24,285			(158,668	)	$	278,796		$	(1,926,459	)


Class K
Shares sold		602,428			1,551,245		$	6,730,251		$	18,653,506

Shares issued in reinvestment of dividends and distributions		550,948			213,286			5,366,229			2,550,896

Shares redeemed		(785,836	)		(628,123	)		(8,673,827	)		(7,634,282	)

Net increase		367,540			1,136,408		$	3,422,653		$	13,570,120


Class I
Shares sold		19,592			22,417		$	236,624		$	268,014

Shares issued in reinvestment of dividends and distributions		4,925			832			48,368			10,030

Shares redeemed		(1,113	)		(325,784	)		(13,667	)		(3,823,107	)

Net increase (decrease)		23,404			(302,535	)	$	271,325		$	(3,545,063	)


Class Z
Shares sold		17,182			2,612		$	178,192		$	31,469

Shares issued in reinvestment of dividends and distributions		4,859			1,689			47,177			20,178

Shares redeemed		(27	)		(11	)		(295	)		(130	)

Net increase		22,014			4,290		$	225,074		$	51,517



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NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2050 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		29,933			28,262		$	373,882		$	355,048

Shares issued in reinvestment of dividends and distributions		8,841			3,374			92,213			42,183

Shares redeemed		(11,623	)		(27,517	)		(139,624	)		(345,274	)

Net increase		27,151			4,119		$	326,471		$	51,957


Class C
Shares sold		688			1,948		$	8,132		$	24,224

Shares issued in reinvestment of dividends and distributions		381			212			3,947			2,618

Shares redeemed		(199	)		(3,166	)		(2,334	)		(39,852	)

Net increase (decrease)		870			(1,006	)	$	9,745		$	(13,010	)


Advisor Class
Shares sold		248,008			9,945		$	3,120,477		$	124,168

Shares issued in reinvestment of dividends and distributions		19,481			429			203,380			5,387

Shares redeemed		(47,275	)		(23	)		(563,223	)		(296	)

Net increase		220,214			10,351		$	2,760,634		$	129,259


Class R
Shares sold		36,324			23,072		$	412,617		$	277,992

Shares issued in reinvestment of dividends and distributions		7,435			2,641			72,866			31,344

Shares redeemed		(2,557	)		(28,891	)		(26,433	)		(348,609	)

Net increase (decrease)		41,202			(3,178	)	$	459,050		$	(39,273	)


Class K
Shares sold		364,600			742,443		$	4,133,285		$	8,947,024

Shares issued in reinvestment of dividends and distributions		192,169			100,433			1,892,865			1,194,145

Shares redeemed		(398,811	)		(292,358	)		(4,423,870	)		(3,548,390	)

Net increase		157,958			550,518		$	1,602,280		$	6,592,779



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	AB Multi-Manager Select 2050 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class I
Shares sold		28,957			8,596		$	350,010		$	101,823

Shares issued in reinvestment of dividends and distributions		2,680			11			26,982			130

Shares redeemed		(1,660	)		(209,218	)		(20,161	)		(2,464,839	)

Net increase (decrease)		29,977			(200,611	)	$	356,831		$	(2,362,886	)


Class Z
Shares sold		11,361			3,195		$	125,300		$	38,896

Shares issued in reinvestment of dividends and distributions		864			1			8,497			9

Shares redeemed		(41	)		(18	)		(433	)		(215	)

Net increase		12,184			3,178		$	133,364		$	38,690



	AB Multi-Manager Select 2055 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		37,839			40,070		$	458,512		$	500,062

Shares issued in reinvestment of dividends and distributions		10,874			3,507			111,783			43,478

Shares redeemed		(18,075	)		(21,905	)		(213,513	)		(272,685	)

Net increase		30,638			21,672		$	356,782		$	270,855


Class C
Shares sold		1,130			2,816		$	13,105		$	34,573

Shares issued in reinvestment of dividends and distributions		756			288			7,708			3,546

Shares redeemed		(33	)		(11,118	)		(388	)		(138,967	)

Net increase (decrease)		1,853			(8,014	)	$	20,425		$	(100,848	)



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NOTES TO FINANCIAL STATEMENTS (continued)



	AB Multi-Manager Select 2055 Fund
	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Advisor Class
Shares sold		128,165			924		$	1,591,863		$	11,582

Shares issued in reinvestment of dividends and distributions		13,339			1,864			138,725			23,396

Shares redeemed		(18,530	)		(377	)		(228,560	)		(4,833	)

Net increase		122,974			2,411		$	1,502,028		$	30,145


Class R
Shares sold		21,617			27,843		$	246,007		$	336,277

Shares issued in reinvestment of dividends and distributions		4,134			1,542			40,518			18,352

Shares redeemed		(322	)		(33,118	)		(3,742	)		(401,555	)

Net increase (decrease)		25,429			(3,733	)	$	282,783		$	(46,926	)


Class K
Shares sold		418,626			777,395		$	4,799,065		$	9,300,633

Shares issued in reinvestment of dividends and distributions		250,622			97,987			2,466,121			1,168,980

Shares redeemed		(464,887	)		(232,831	)		(5,027,908	)		(2,814,494	)

Net increase		204,361			642,551		$	2,237,278		$	7,655,119


Class I
Shares sold		16,589			13,074		$	195,982		$	155,133

Shares issued in reinvestment of dividends and distributions		1,792			197			17,852			2,376

Shares redeemed		(2,666	)		(160,863	)		(32,336	)		(1,882,864	)

Net increase (decrease)		15,715			(147,592	)	$	181,498		$	(1,725,355	)


Class Z
Shares sold		20,717			2,660		$	235,038		$	32,148

Shares issued in reinvestment of dividends and distributions		1,595			13			15,677			159

Shares redeemed		(186	)		(116	)		(1,934	)		(1,360	)

Net increase		22,126			2,557		$	248,781		$	30,947



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NOTES TO FINANCIAL STATEMENTS (continued)

At January 31, 2019, certain shareholders of the Retirement Allocation Fund, 2010 Fund, 2015 Fund, 2020 Fund, 2025 Fund, 2030 Fund, 2035 Fund, 2040 Fund, 2045 Fund, 2050 Fund and 2055 Fund owned 50%, 33%, 40%, 38%, 50%, 37%, 34%, 40%, 37%, 35% and 29%, respectively, in aggregate of the Funds’ outstanding shares. Significant transactions by such shareholders, if any, may impact the Funds’ performance.

NOTE F

Risks Involved in Investing in the Funds

Allocation Risk—The allocation of investments among the Underlying Portfolios’ different investment styles, such as equity or debt securities, or U.S. or non-U.S. securities, may have a more significant effect on a Fund’s net asset value (“NAV”) when one of these investments is performing more poorly than the other. There is no assurance that allocation decisions will result in the desired effects. Subjective decisions made by the Adviser and/or Morningstar may cause the Funds to incur losses or to miss profit opportunities on which it might otherwise have capitalized. The limited universe of Underlying Portfolios and the requirement that a specified percentage of Fund assets be invested in AB Mutual Funds as noted above may adversely affect Fund performance.

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Funds’ investments in Underlying Portfolios that invest in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Funds’ investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

High Yield Debt Security Risk—Investments in fixed-income securities with ratings below investment grade, 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.

Inflation Risk—This is the risk that the value of assets or income from the Funds’ investments in the Underlying Portfolios will be less in the future as inflation decreases the value of money. As inflation increases, the value of



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NOTES TO FINANCIAL STATEMENTS (continued)

each Underlying Portfolio’s assets can decline as can the value of that Underlying Portfolio’s distributions.

Foreign (Non-U.S.) Risk—Investments in non-U.S. issuers by Underlying Portfolios may involve more risk than investments in U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Funds’ investments or reduce its returns.

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

Derivatives Risk—The Underlying Portfolios may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Underlying Portfolios, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When an Underlying Portfolio 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 Underlying Portfolio’s investments. An Underlying Portfolio 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 Underlying Portfolios, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to an Underlying Portfolio than if the Underlying Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. In addition, shareholders of a Fund bear both their proportionate share of expenses in the Funds (including management fees) and, indirectly, the expenses of the investment companies.

Indemnification Risk—In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnifications. The Funds’



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NOTES TO FINANCIAL STATEMENTS (continued)

maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these indemnification provisions and expect the risk of loss thereunder to be remote. Therefore, the Funds have not accrued any liability in connection with these indemnification provisions.

NOTE G

Distributions to Shareholders

The tax character of distributions to be paid for the year ending July 31, 2019 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended July 31, 2018 and July 31, 2017 were as follows:


AB Multi-Manager Select Retirement Allocation Fund	2018		2017
Distributions paid from:
Ordinary income	$	212,992	$	175,055
Long-term capital gains		101,190		– 0	–

Total distributions paid	$	314,182	$	175,055


AB Multi-Manager Select 2010 Fund	2018		2017
Distributions paid from:
Ordinary income	$	428,455	$	292,563
Long-term capital gains		311,521		– 0	–

Total distributions paid	$	739,976	$	292,563


AB Multi-Manager Select 2015 Fund	2018		2017
Distributions paid from:
Ordinary income	$	1,138,025	$	960,632
Long-term capital gains		1,323,533		94,762

Total distributions paid	$	2,461,558	$	1,055,394


AB Multi-Manager Select 2020 Fund	2018		2017
Distributions paid from:
Ordinary income	$	2,389,324	$	1,721,344
Long-term capital gains		2,395,125		207,409

Total distributions paid	$	4,784,449	$	1,928,753


AB Multi-Manager Select 2025 Fund	2018		2017
Distributions paid from:
Ordinary income	$	3,611,483	$	2,300,639
Long-term capital gains		2,769,830		636,348

Total distributions paid	$	6,381,313	$	2,936,987



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NOTES TO FINANCIAL STATEMENTS (continued)


AB Multi-Manager Select 2030 Fund	2018		2017
Distributions paid from:
Ordinary income	$	3,134,156	$	1,618,093
Long-term capital gains		2,755,521		495,198

Total distributions paid	$	5,889,677	$	2,113,291


AB Multi-Manager Select 2035 Fund	2018		2017
Distributions paid from:
Ordinary income	$	2,971,917	$	1,075,640
Long-term capital gains		2,400,714		448,607

Total distributions paid	$	5,372,631	$	1,524,247


AB Multi-Manager Select 2040 Fund	2018		2017
Distributions paid from:
Ordinary income	$	1,624,988	$	762,319
Long-term capital gains		1,879,850		335,015

Total distributions paid	$	3,504,838	$	1,097,334


AB Multi-Manager Select 2045 Fund	2018		2017
Distributions paid from:
Ordinary income	$	1,277,598	$	582,419
Long-term capital gains		1,571,007		211,057

Total distributions paid	$	2,848,605	$	793,476


AB Multi-Manager Select 2050 Fund	2018		2017
Distributions paid from:
Ordinary income	$	465,229	$	245,220
Long-term capital gains		813,122		66,120

Total distributions paid	$	1,278,351	$	311,340


AB Multi-Manager Select 2055 Fund	2018		2017
Distributions paid from:
Ordinary income	$	525,465	$	237,061
Long-term capital gains		741,835		88,101

Total distributions paid	$	1,267,300	$	325,162



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NOTES TO FINANCIAL STATEMENTS (continued)

As of July 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Multi-Manager Select Fund	Undistributed Ordinary Income		Undistributed Capital Gains		Unrealized Appreciation/ (Depreciation)^(a)		Total Accumulated Earnings/ (Deficit)
Retirement Allocation Fund	$	129,185	$	339,428	$	3,764	$	472,377
2010 Fund		205,166		583,732		221,355		1,010,253
2015 Fund		483,450		2,156,132		996,389		3,635,971
2020 Fund		956,353		5,966,161		2,479,739		9,402,253
2025 Fund		1,818,780		10,010,520		6,010,300		17,839,600
2030 Fund		1,311,119		7,332,658		5,746,616		14,390,393
2035 Fund		1,048,474		7,585,463		6,627,324		15,261,261
2040 Fund		807,913		6,449,389		4,545,861		11,803,163
2045 Fund		716,011		5,229,815		4,435,451		10,381,277
2050 Fund		311,074		1,969,565		1,706,266		3,986,905
2055 Fund		410,910		2,195,097		2,049,700		4,655,707

(a)	The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and return of capital distributions received from underlying 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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of July 31, 2018, the Funds did not have any capital loss carryforwards.

NOTE H

Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Funds, participate in a $325 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Funds did not utilize the Facility during the six months ended January 31, 2019.

NOTE I

Recent Accounting Pronouncements



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NOTES TO FINANCIAL STATEMENTS (continued)

about recurring or nonrecurring fair value measurements. The amendments in this ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2018, the U.S. Securities and Exchange Commission adopted amendments to certain disclosure requirements included in Regulation S-X that had become “redundant, duplicative, overlapping, outdated or superseded, in light of the other Commission disclosure requirements, GAAP or changes in the information environment.” The compliance date for the amendments to Regulation S-X was November 5, 2018 (for reporting period end dates of September 30, 2018 or after). Management has adopted the amendments which simplified certain disclosure requirements on the financial statements.

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 Funds’ financial statements through this date.



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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.17			$ 10.97			$ 10.44			$ 10.18			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.13			.23			.20			.23			.11

Net realized and unrealized gain (loss) on investment transactions		(.18	)		.08			.33			.06			.07

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.05	)		.31			.53			.29			.18

Less: Dividends and Distributions

Dividends from net investment income		(.03	)		– 0	–		– 0	–		(.02	)		– 0	–

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.33	)		(.11	)		– 0	–		(.03	)		– 0	–

Net asset value, end of period		$ 10.79			$ 11.17			$ 10.97			$ 10.44			$ 10.18


Total Return

Total investment return based on net asset value^(e)		(.33	)%		2.80	%		5.08	%		2.82	%		1.80	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$386			$502			$309			$442			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.45	%^{^}		.44	%		.42	%		.41	%		.39	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		3.96	%^{^}		5.19	%		6.32	%		8.37	%		45.18	%^{^}

Net investment income^(c)		2.42	%^{^}		2.07	%		1.89	%		2.28	%		1.79	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.88			$ 10.76			$ 10.32			$ 10.13			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.09			.13			.14			.12			.06

Net realized and unrealized gain (loss) on investment transactions		(.18	)		.10			.30			.08			.07

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.09	)		.23			.44			.20			.13

Less: Distributions

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Net asset value, end of period		$ 10.49			$ 10.88			$ 10.76			$ 10.32			$ 10.13

Total Return

Total investment return based on net asset value^(e)		(.69	)%		2.11	%		4.26	%		1.94	%		1.30	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$126			$132			$186			$126			$45

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.20	%^{^}		1.19	%		1.17	%		1.16	%		1.14	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		4.73	%^{^}		6.06	%		7.21	%		11.03	%		43.43	%^{^}

Net investment income^(c)		1.68	%^{^}		1.23	%		1.34	%		1.19	%		.96	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.29			$ 11.05			$ 10.49			$ 10.20			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.26			.24			.20			.13

Net realized and unrealized gain (loss) on investment transactions		(.21	)		.09			.32			.10			.07

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.05	)		.35			.56			.30			.20

Less: Dividends and Distributions

Dividends from net investment income		(.21	)		– 0	–		– 0	–		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.51	)		(.11	)		– 0	–		(.01	)		– 0	–

Net asset value, end of period		$ 10.73			$ 11.29			$ 11.05			$ 10.49			$ 10.20


Total Return

Total investment return based on net asset value^(e)		(.26	)%		3.15	%		5.34	%		2.91	%		2.00	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$527			$71			$25			$22			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.20	%^{^}		.19	%		.17	%		.16	%		.14	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		3.72	%^{^}		4.99	%		6.16	%		9.14	%		44.95	%^{^}

Net investment income^(c)		2.89	%^{^}		2.32	%		2.22	%		1.98	%		2.05	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 169

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.44			$ 10.49			$ 10.16			$ 10.02			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.11			.21			.22			.14			.10

Net realized and unrealized gain (loss) on investment transactions		(.17	)		.06			.27			.09			.06

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.06	)		.27			.49			.23			.16

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.21	)		(.16	)		(.08	)		(.14	)

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.50	)		(.32	)		(.16	)		(.09	)		(.14	)

Net asset value, end of period		$ 9.88			$ 10.44			$ 10.49			$ 10.16			$ 10.02


Total Return

Total investment return based on net asset value^(e)		(.45	)%		2.53	%		4.88	%		2.36	%		1.62	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$413			$402			$17			$33			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.70	%^{^}		.69	%		.67	%		.66	%		.64	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.92	%^{^}		3.22	%		3.59	%		5.08	%		30.60	%^{^}

Net investment income^(c)		2.18	%^{^}		2.01	%		2.20	%		1.42	%		1.56	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



170 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.50			$ 10.51			$ 10.19			$ 10.04			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.12			.22			.20			.22			.09

Net realized and unrealized gain (loss) on investment transactions		(.18	)		.07			.31			.04			.09

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.06	)		.29			.51			.26			.18

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.19	)		(.19	)		(.10	)		(.14	)

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.52	)		(.30	)		(.19	)		(.11	)		(.14	)

Net asset value, end of period		$ 9.92			$ 10.50			$ 10.51			$ 10.19			$ 10.04


Total Return

Total investment return based on net asset value^(e)		(.37	)%		2.77	%		5.15	%		2.65	%		1.84	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$10,742			$11,013			$7,869			$8,303			$671

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.45	%^{^}		.44	%		.42	%		.41	%		.39	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.68	%^{^}		2.92	%		3.37	%		4.40	%		21.09	%^{^}

Net investment income^(c)		2.42	%^{^}		2.10	%		2.00	%		2.26	%		1.45	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 171

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.75			$ 10.54			$ 10.23			$ 10.05			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.15			.22			.27			.13

Net realized and unrealized gain (loss) on investment transactions		(.18	)		.17			.31			.02			.06

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.04	)		.32			.53			.29			.19

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		– 0	–		(.22	)		(.10	)		(.14	)

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.56	)		(.11	)		(.22	)		(.11	)		(.14	)

Net asset value, end of period		$ 10.15			$ 10.75			$ 10.54			$ 10.23			$ 10.05


Total Return

Total investment return based on net asset value^(e)		(.24	)%		3.02	%		5.35	%		2.98	%		1.95	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$11			$12			$1,057			$668			$959

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.20	%^{^}		.17	%		.17	%		.15	%		.14	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.37	%^{^}		2.52	%		3.06	%		7.57	%		30.07	%^{^}

Net investment income^(c)		2.67	%^{^}		1.25	%		2.20	%		2.71	%		2.06	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



172 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select Retirement Allocation Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.53			$ 10.53			$ 10.22			$ 10.05			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.12			.19			.23			.22			.13

Net realized and unrealized gain (loss) on investment transactions		(.17	)		.15			.31			.06			.06

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.05	)		.34			.54			.28			.19

Less: Dividends and Distributions

Dividends from net investment income		(.27	)		(.23	)		(.23	)		(.10	)		(.14	)

Distributions from net realized gain on investment transactions		(.30	)		(.11	)		– 0	–		(.01	)		– 0	–

Total dividends and distributions		(.57	)		(.34	)		(.23	)		(.11	)		(.14	)

Net asset value, end of period		$ 9.91			$ 10.53			$ 10.53			$ 10.22			$ 10.05


Total Return

Total investment return based on net asset value^(e)		(.31	)%		3.20	%		5.41	%		2.88	%		1.95	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$304			$1,012			$11			$10			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.20	%^{^}		.18	%		.17	%		.16	%		.14	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.22	%^{^}		5.12	%		2.95	%		7.38	%		30.15	%^{^}

Net investment income^(c)		2.35	%^{^}		2.65	%		2.27	%		2.27	%		2.07	%^{^}

Portfolio turnover rate		25	%		98	%		60	%		102	%		12	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.38	%^{^}		.46	%		.50	%		.48	%		.50	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 173

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.19			$ 11.11			$ 10.47			$ 10.23			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.26			.21			.24			.16

Net realized and unrealized gain (loss) on investment transactions		(.26	)		.22			.47			.09			.10

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.12	)		.48			.68			.33			.26

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.13	)		(.01	)		(.08	)		(.03	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.53	)		(.40	)		(.04	)		(.09	)		(.03	)

Net asset value, end of period		$ 10.54			$ 11.19			$ 11.11			$ 10.47			$ 10.23


Total Return

Total investment return based on net asset value^(e)		(.91	)%		4.31	%		6.56	%		3.24	%		2.58	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$498			$412			$376			$629			$16

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.40	%^{^}		.39	%		.40	%		.40	%		.38	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.51	%^{^}		2.90	%		3.42	%		4.07	%		46.32	%^{^}

Net investment income^(c)		2.49	%^{^}		2.32	%		1.95	%		2.47	%		2.53	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



174 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.05			$ 10.96			$ 10.39			$ 10.18			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.08			.17			.12			.21			.12

Net realized and unrealized gain (loss) on investment transactions		(.24	)		.21			.48			.03			.08

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.16	)		.38			.60			.24			.20

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		(.02	)		– 0	–		(.02	)		(.02	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.34	)		(.29	)		(.03	)		(.03	)		(.02	)

Net asset value, end of period		$ 10.55			$ 11.05			$ 10.96			$ 10.39			$ 10.18


Total Return

Total investment return based on net asset value^(e)		(1.31	)%		3.50	%		5.81	%		2.41	%		2.04	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$56			$120			$142			$106			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.15	%^{^}		1.14	%		1.15	%		1.15	%		1.13	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		3.27	%^{^}		3.67	%		4.32	%		5.48	%		47.09	%^{^}

Net investment income^(c)		1.55	%^{^}		1.55	%		1.15	%		2.10	%		1.84	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 175

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.14			$ 11.04			$ 10.52			$ 10.24			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.28			.24			.25			.18

Net realized and unrealized gain (loss) on investment transactions		(.27	)		.23			.46			.10			.09

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.12	)		.51			.70			.35			.27

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.14	)		(.15	)		(.06	)		(.03	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.58	)		(.41	)		(.18	)		(.07	)		(.03	)

Net asset value, end of period		$ 10.44			$ 11.14			$ 11.04			$ 10.52			$ 10.24


Total Return

Total investment return based on net asset value^(e)		(.86	)%		4.67	%		6.81	%		3.50	%		2.70	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,382			$781			$778			$717			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.14	%		.15	%		.15	%		.13	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.25	%^{^}		2.75	%		3.26	%		3.56	%		46.11	%^{^}

Net investment income^(c)		2.83	%^{^}		2.55	%		2.28	%		2.54	%		2.81	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



176 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.62			$ 10.63			$ 10.22			$ 10.04			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.12			.22			.18			.21			.15

Net realized and unrealized gain (loss) on investment transactions		(.25	)		.21			.45			.08			.09

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.13	)		.43			.63			.29			.24

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.17	)		(.19	)		(.10	)		(.20	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.56	)		(.44	)		(.22	)		(.11	)		(.20	)

Net asset value, end of period		$ 9.93			$ 10.62			$ 10.63			$ 10.22			$ 10.04


Total Return

Total investment return based on net asset value^(e)		(1.05	)%		4.06	%		6.28	%		2.99	%		2.43	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$357			$374			$389			$622			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.65	%^{^}		.64	%		.65	%		.65	%		.63	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.40	%^{^}		2.48	%		2.82	%		3.59	%		30.49	%^{^}

Net investment income^(c)		2.29	%^{^}		2.08	%		1.80	%		2.12	%		2.31	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 177

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.61			$ 10.65			$ 10.24			$ 10.05			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.13			.25			.21			.23			.10

Net realized and unrealized gain (loss) on investment transactions		(.26	)		.21			.44			.08			.15

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		– 0	–

Net increase (decrease) in net asset value from operations		(.13	)		.46			.65			.31			.25

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.23	)		(.21	)		(.11	)		(.20	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.59	)		(.50	)		(.24	)		(.12	)		(.20	)

Net asset value, end of period		$ 9.89			$ 10.61			$ 10.65			$ 10.24			$ 10.05


Total Return

Total investment return based on net asset value^(e)		(1.00	)%		4.32	%		6.52	%		3.16	%		2.54	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$14,699			$16,603			$11,448			$13,222			$597

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.40	%^{^}		.39	%		.40	%		.40	%		.38	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.07	%^{^}		2.19	%		2.54	%		2.84	%		23.54	%^{^}

Net investment income^(c)		2.52	%^{^}		2.31	%		2.04	%		2.39	%		1.72	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



178 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.61			$ 10.66			$ 10.28			$ 10.07			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.27			.20			.31			.18

Net realized and unrealized gain (loss) on investment transactions		(.26	)		.21			.49			.02			.09

Net increase (decrease) in net asset value from operations		(.11	)		.48			.69			.33			.27

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		(.26	)		(.28	)		(.11	)		(.20	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.63	)		(.53	)		(.31	)		(.12	)		(.20	)

Net asset value, end of period		$ 9.87			$ 10.61			$ 10.66			$ 10.28			$ 10.07


Total Return

Total investment return based on net asset value^(e)		(.81	)%		4.53	%		6.88	%		3.38	%		2.76	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$64			$65			$55			$14			$966

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.14	%		.15	%		.13	%		.13	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.71	%^{^}		1.72	%		2.34	%		10.46	%		29.96	%^{^}

Net investment income^(c)		2.81	%^{^}		2.52	%		1.98	%		3.17	%		2.82	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 179

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2010 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.62			$ 10.68			$ 10.28			$ 10.07			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.27			.24			.23			.18

Net realized and unrealized gain (loss) on investment transactions		(.26	)		.21			.45			.10			.09

Net increase (decrease) in net asset value from operations		(.11	)		.48			.69			.33			.27

Less: Dividends and Distributions

Dividends from net investment income		(.30	)		(.27	)		(.26	)		(.11	)		(.20	)

Distributions from net realized gain on investment transactions		(.34	)		(.27	)		(.03	)		(.01	)		– 0	–

Total dividends and distributions		(.64	)		(.54	)		(.29	)		(.12	)		(.20	)

Net asset value, end of period		$ 9.87			$ 10.62			$ 10.68			$ 10.28			$ 10.07


Total Return

Total investment return based on net asset value^(e)		(.82	)%		4.51	%		6.90	%		3.38	%		2.76	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$10			$11			$11			$11			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.14	%		.15	%		.15	%		.13	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.65	%^{^}		1.68	%		2.15	%		6.29	%		30.01	%^{^}

Net investment income^(c)		2.83	%^{^}		2.57	%		2.30	%		2.39	%		2.82	%^{^}

Portfolio turnover rate		20	%		85	%		49	%		116	%		15	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.53	%		.56	%		.55	%		.61	%^{^}

See footnote summary on page 244.



180 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.91			$ 11.01			$ 10.46			$ 10.26			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.27			.20			.24			.10

Net realized and unrealized gain (loss) on investment transactions		(.33	)		.28			.59			.09			.20	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.19	)		.55			.79			.33			.30

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.26	)		(.18	)		(.13	)		(.04	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.65	)		(.65	)		(.24	)		(.13	)		(.04	)

Net asset value, end of period		$ 10.07			$ 10.91			$ 11.01			$ 10.46			$ 10.26


Total Return

Total investment return based on net asset value^(e)		(1.43	)%		5.02	%		7.72	%		3.33	%		2.99	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,189			$1,703			$2,224			$3,613			$168

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.35	%^{^}		.37	%		.40	%		.40	%		.42	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.03	%^{^}		1.16	%		1.16	%		1.31	%		26.98	%^{^}

Net investment income^(c)		2.54	%^{^}		2.43	%		1.90	%		2.47	%		1.50	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 181

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.82			$ 10.92			$ 10.40			$ 10.21			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.10			.18			.14			.15			.06

Net realized and unrealized gain (loss) on investment transactions		(.32	)		.27			.57			.11			.19	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.22	)		.45			.71			.26			.25

Less: Dividends and Distributions

Dividends from net investment income		(.16	)		(.16	)		(.13	)		(.07	)		(.04	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.59	)		(.55	)		(.19	)		(.07	)		(.04	)

Net asset value, end of period		$ 10.01			$ 10.82			$ 10.92			$ 10.40			$ 10.21


Total Return

Total investment return based on net asset value^(e)		(1.80	)%		4.15	%		6.92	%		2.63	%		2.45	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$536			$578			$737			$717			$374

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.11	%^{^}		1.12	%		1.15	%		1.16	%		1.17	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.79	%^{^}		1.91	%		1.93	%		2.52	%		19.67	%^{^}

Net investment income^(c)		1.90	%^{^}		1.68	%		1.31	%		1.55	%		.90	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



182 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.06			$ 11.16			$ 10.63			$ 10.27			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.30			.25			.27			.12

Net realized and unrealized gain (loss) on investment transactions		(.34	)		.28			.58			.11			.19	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.17	)		.58			.83			.38			.31

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.29	)		(.24	)		(.02	)		(.04	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.71	)		(.68	)		(.30	)		(.02	)		(.04	)

Net asset value, end of period		$ 10.18			$ 11.06			$ 11.16			$ 10.63			$ 10.27


Total Return

Total investment return based on net asset value^(e)		(1.23	)%		5.21	%		7.98	%		3.68	%		3.11	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,374			$70			$78			$70			$61

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.11	%^{^}		.12	%		.15	%		.16	%		.17	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.79	%^{^}		.91	%		.94	%		1.58	%		26.67	%^{^}

Net investment income^(c)		3.24	%^{^}		2.67	%		2.30	%		2.68	%		1.82	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 183

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.66			$ 10.77			$ 10.25			$ 10.07			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.12			.24			.19			.21			.11

Net realized and unrealized gain (loss) on investment transactions		(.31	)		.27			.55			.10			.17	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.19	)		.51			.74			.31			.28

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.23	)		(.16	)		(.13	)		(.21	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.63	)		(.62	)		(.22	)		(.13	)		(.21	)

Net asset value, end of period		$ 9.84			$ 10.66			$ 10.77			$ 10.25			$ 10.07


Total Return

Total investment return based on net asset value^(e)		(1.56	)%		4.73	%		7.40	%		3.10	%		2.84	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$286			$283			$399			$375			$247

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.61	%^{^}		.62	%		.65	%		.66	%		.67	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.47	%^{^}		1.53	%		1.51	%		1.95	%		15.95	%^{^}

Net investment income^(c)		2.41	%^{^}		2.24	%		1.81	%		2.15	%		1.74	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



184 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.68			$ 10.79			$ 10.28			$ 10.09			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.26			.21			.24			.08

Net realized and unrealized gain (loss) on investment transactions		(.32	)		.28			.56			.09			.22	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.18	)		.54			.77			.33			.30

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		(.26	)		(.20	)		(.14	)		(.21	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.66	)		(.65	)		(.26	)		(.14	)		(.21	)

Net asset value, end of period		$ 9.84			$ 10.68			$ 10.79			$ 10.28			$ 10.09


Total Return

Total investment return based on net asset value^(e)		(1.38	)%		4.98	%		7.68	%		3.35	%		3.06	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$34,131			$41,025			$38,086			$41,604			$3,780

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.36	%^{^}		.37	%		.40	%		.41	%		.42	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.15	%^{^}		1.23	%		1.22	%		1.37	%		10.55	%^{^}

Net investment income^(c)		2.59	%^{^}		2.40	%		2.07	%		2.48	%		1.30	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 185

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.71			$ 10.81			$ 10.31			$ 10.10			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.25			.25			.30			.18

Net realized and unrealized gain (loss) on investment transactions		(.33	)		.31			.55			.06			.14	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.18	)		.56			.80			.36			.32

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.27	)		(.24	)		(.15	)		(.22	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.71	)		(.66	)		(.30	)		(.15	)		(.22	)

Net asset value, end of period		$ 9.82			$ 10.71			$ 10.81			$ 10.31			$ 10.10


Total Return

Total investment return based on net asset value^(e)		(1.38	)%		5.25	%		7.96	%		3.60	%		3.17	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,398			$155			$534			$541			$969

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.11	%^{^}		.12	%		.15	%		.16	%		.17	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.82	%^{^}		.87	%		.89	%		1.74	%		25.68	%^{^}

Net investment income^(c)		2.96	%^{^}		2.28	%		2.43	%		3.06	%		2.91	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



186 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2015 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.67			$ 10.81			$ 10.31			$ 10.10			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.09			.29			.24			.24			.18

Net realized and unrealized gain (loss) on investment transactions		(.26	)		.26			.56			.11			.14	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.17	)		.55			.80			.35			.32

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.30	)		(.24	)		(.14	)		(.22	)

Distributions from net realized gain on investment transactions		(.43	)		(.39	)		(.06	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.71	)		(.69	)		(.30	)		(.14	)		(.22	)

Net asset value, end of period		$ 9.79			$ 10.67			$ 10.81			$ 10.31			$ 10.10


Total Return

Total investment return based on net asset value^(e)		(1.27	)%		5.14	%		8.02	%		3.60	%		3.17	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$107			$12			$11			$11			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.12	%^{^}		.11	%		.15	%		.16	%		.17	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.20	%^{^}		.81	%		.80	%		1.47	%		25.70	%^{^}

Net investment income^(c)		.47	%^{^}		2.68	%		2.33	%		2.49	%		2.91	%^{^}

Portfolio turnover rate		39	%		93	%		38	%		83	%		18	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.49	%^{^}		.57	%		.59	%		.60	%		.59	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 187

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.22			$ 11.15			$ 10.46			$ 10.28			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.27			.21			.23			.12

Net realized and unrealized gain (loss) on investment transactions		(.41	)		.37			.71			.09			.24	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.26	)		.64			.92			.32			.36

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.25	)		(.18	)		(.13	)		(.08	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.80	)		(.57	)		(.23	)		(.14	)		(.08	)

Net asset value, end of period		$ 10.16			$ 11.22			$ 11.15			$ 10.46			$ 10.28


Total Return

Total investment return based on net asset value^(e)		(1.92	)%		5.74	%		8.98	%		3.19	%		3.58	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,498			$5,086			$5,239			$8,339			$521

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.37	%^{^}		.39	%		.44	%		.45	%		.46	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.74	%^{^}		.81	%		.82	%		1.00	%		9.77	%^{^}

Net investment income^(c)		2.69	%^{^}		2.38	%		1.94	%		2.37	%		2.00	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



188 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.09			$ 11.02			$ 10.36			$ 10.23			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.10			.19			.13			.15			.06

Net realized and unrealized gain (loss) on investment transactions		(.40	)		.36			.70			.09			.24	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.30	)		.55			.83			.24			.30

Less: Dividends and Distributions

Dividends from net investment income		(.17	)		(.16	)		(.12	)		(.10	)		(.07	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.72	)		(.48	)		(.17	)		(.11	)		(.07	)

Net asset value, end of period		$ 10.07			$ 11.09			$ 11.02			$ 10.36			$ 10.23


Total Return

Total investment return based on net asset value^(e)		(2.34	)%		4.97	%		8.17	%		2.38	%		3.04	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,216			$1,271			$1,584			$1,286			$370

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.12	%^{^}		1.14	%		1.19	%		1.20	%		1.21	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.49	%^{^}		1.56	%		1.57	%		1.82	%		12.82	%^{^}

Net investment income^(c)		1.92	%^{^}		1.66	%		1.23	%		1.57	%		.95	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 189

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.24			$ 11.17			$ 10.50			$ 10.30			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.30			.25			.29			.18

Net realized and unrealized gain (loss) on investment transactions		(.41	)		.37			.70			.05			.20	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.24	)		.67			.95			.34			.38

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		(.28	)		(.23	)		(.13	)		(.08	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.84	)		(.60	)		(.28	)		(.14	)		(.08	)

Net asset value, end of period		$ 10.16			$ 11.24			$ 11.17			$ 10.50			$ 10.30


Total Return

Total investment return based on net asset value^(e)		(1.73	)%		6.02	%		9.23	%		3.36	%		3.80	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,344			$226			$220			$179			$15

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.12	%^{^}		.14	%		.19	%		.20	%		.21	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.49	%^{^}		.56	%		.57	%		.69	%		25.25	%^{^}

Net investment income^(c)		3.15	%^{^}		2.67	%		2.32	%		2.96	%		2.74	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



190 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 10.97			$ 10.92			$ 10.23			$ 10.09			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.24			.19			.22			.12

Net realized and unrealized gain (loss) on investment transactions		(.43	)		.36			.69			.06			.22	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.27	)		.60			.88			.28			.34

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.23	)		(.14	)		(.13	)		(.25	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.80	)		(.55	)		(.19	)		(.14	)		(.25	)

Net asset value, end of period		$ 9.90			$ 10.97			$ 10.92			$ 10.23			$ 10.09


Total Return

Total investment return based on net asset value^(e)		(2.12	)%		5.48	%		8.78	%		2.84	%		3.43	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$5,072			$2,881			$2,052			$2,328			$296

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.62	%^{^}		.64	%		.69	%		.70	%		.71	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.18	%^{^}		1.22	%		1.17	%		1.36	%		8.32	%^{^}

Net investment income^(c)		3.03	%^{^}		2.20	%		1.79	%		2.25	%		1.93	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 191

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.00			$ 10.94			$ 10.27			$ 10.11			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.27			.21			.23			.10

Net realized and unrealized gain (loss) on investment transactions		(.39	)		.35			.70			.07			.26	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.25	)		.62			.91			.30			.36

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.24	)		(.19	)		(.13	)		(.25	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.80	)		(.56	)		(.24	)		(.14	)		(.25	)

Net asset value, end of period		$ 9.95			$ 11.00			$ 10.94			$ 10.27			$ 10.11


Total Return

Total investment return based on net asset value^(e)		(1.94	)%		5.74	%		9.07	%		3.08	%		3.65	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$84,168			$91,754			$82,263			$72,587			$6,854

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.37	%^{^}		.39	%		.44	%		.45	%		.46	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.86	%^{^}		.91	%		.90	%		1.04	%		5.40	%^{^}

Net investment income^(c)		2.66	%^{^}		2.41	%		2.02	%		2.40	%		1.68	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



192 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.29			$ 10.96			$ 10.30			$ 10.12			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.12			.24			.28			.19

Net realized and unrealized gain (loss) on investment transactions		(.41	)		.53			.69			.05			.18	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.25	)		.65			.93			.33			.37

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		– 0	–		(.22	)		(.14	)		(.25	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.84	)		(.32	)		(.27	)		(.15	)		(.25	)

Net asset value, end of period		$ 10.20			$ 11.29			$ 10.96			$ 10.30			$ 10.12


Total Return

Total investment return based on net asset value^(e)		(1.85	)%		5.91	%		9.29	%		3.34	%		3.76	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$182			$50			$2,182			$2,376			$975

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.12	%^{^}		.18	%		.19	%		.20	%		.21	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.55	%^{^}		.46	%		.59	%		.80	%		24.45	%^{^}

Net investment income^(c)		2.99	%^{^}		1.03	%		2.33	%		2.89	%		2.98	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 193

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2020 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.00			$ 10.95			$ 10.30			$ 10.12			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.24			.24			.24			.19

Net realized and unrealized gain (loss) on investment transactions		(.40	)		.42			.69			.09			.18	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.23	)		.66			.93			.33			.37

Less: Dividends and Distributions

Dividends from net investment income		(.30	)		(.29	)		(.23	)		(.14	)		(.25	)

Distributions from net realized gain on investment transactions		(.55	)		(.32	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.85	)		(.61	)		(.28	)		(.15	)		(.25	)

Net asset value, end of period		$ 9.92			$ 11.00			$ 10.95			$ 10.30			$ 10.12


Total Return

Total investment return based on net asset value^(e)		(1.74	)%		6.05	%		9.27	%		3.32	%		3.76	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$678			$157			$11			$11			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.12	%^{^}		.12	%		.19	%		.20	%		.21	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.44	%^{^}		.49	%		.49	%		.97	%		24.49	%^{^}

Net investment income^(c)		3.27	%^{^}		2.24	%		2.32	%		2.42	%		2.99	%^{^}

Portfolio turnover rate		24	%		84	%		46	%		81	%		100	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.47	%^{^}		.57	%		.61	%		.62	%		.62	%^{^}

See footnote summary on page 244.



194 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.60			$ 11.32			$ 10.45			$ 10.33			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.28			.19			.24			.11

Net realized and unrealized gain (loss) on investment transactions		(.50	)		.51			.91			.03			.33	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.34	)		.79			1.10			.27			.44

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.26	)		(.15	)		(.15	)		(.11	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.91	)		(.51	)		(.23	)		(.15	)		(.11	)

Net asset value, end of period		$ 10.35			$ 11.60			$ 11.32			$ 10.45			$ 10.33


Total Return

Total investment return based on net asset value^(e)		(2.50	)%		6.99	%		10.74	%		2.65	%		4.43	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,357			$5,525			$4,804			$8,857			$174

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.38	%^{^}		.39	%		.43	%		.44	%		.45	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.66	%^{^}		.72	%		.75	%		.83	%		13.53	%^{^}

Net investment income^(c)		2.82	%^{^}		2.40	%		1.77	%		2.39	%		1.73	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 195

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.48			$ 11.19			$ 10.38			$ 10.29			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.11			.19			.15			.14			.05

Net realized and unrealized gain (loss) on investment transactions		(.49	)		.51			.86			.06			.35	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.38	)		.70			1.01			.20			.40

Less: Dividends and Distributions

Dividends from net investment income		(.14	)		(.16	)		(.12	)		(.11	)		(.11	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.80	)		(.41	)		(.20	)		(.11	)		(.11	)

Net asset value, end of period		$ 10.30			$ 11.48			$ 11.19			$ 10.38			$ 10.29


Total Return

Total investment return based on net asset value^(e)		(2.92	)%		6.26	%		9.87	%		1.97	%		3.99	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$505			$714			$629			$818			$138

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.13	%^{^}		1.14	%		1.18	%		1.19	%		1.20	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.42	%^{^}		1.48	%		1.53	%		1.68	%		15.69	%^{^}

Net investment income^(c)		1.91	%^{^}		1.68	%		1.40	%		1.38	%		.72	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



196 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.63			$ 11.34			$ 10.51			$ 10.35			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.31			.25			.25			.11

Net realized and unrealized gain (loss) on investment transactions		(.52	)		.51			.87			.05			.35	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.33	)		.82			1.12			.30			.46

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		(.28	)		(.21	)		(.14	)		(.11	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.95	)		(.53	)		(.29	)		(.14	)		(.11	)

Net asset value, end of period		$ 10.35			$ 11.63			$ 11.34			$ 10.51			$ 10.35


Total Return

Total investment return based on net asset value^(e)		(2.40	)%		7.31	%		10.95	%		2.97	%		4.65	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$7,442			$1,053			$861			$708			$534

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.13	%^{^}		.14	%		.18	%		.19	%		.20	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.41	%^{^}		.47	%		.52	%		.79	%		13.26	%^{^}

Net investment income^(c)		3.43	%^{^}		2.65	%		2.32	%		2.51	%		1.71	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 197

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.31			$ 11.05			$ 10.24			$ 10.14			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.22			.26			.19			.20			.12

Net realized and unrealized gain (loss) on investment transactions		(.57	)		.48			.85			.04			.31	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.35	)		.74			1.04			.24			.43

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.23	)		(.15	)		(.14	)		(.29	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.92	)		(.48	)		(.23	)		(.14	)		(.29	)

Net asset value, end of period		$ 10.04			$ 11.31			$ 11.05			$ 10.24			$ 10.14


Total Return

Total investment return based on net asset value^(e)		(2.64	)%		6.76	%		10.35	%		2.44	%		4.28	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$7,916			$2,636			$2,852			$2,802			$482

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.62	%^{^}		.65	%		.68	%		.69	%		.70	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.10	%^{^}		1.11	%		1.03	%		1.01	%		7.14	%^{^}

Net investment income^(c)		4.15	%^{^}		2.32	%		1.84	%		2.10	%		1.98	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



198 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.36			$ 11.09			$ 10.28			$ 10.16			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.28			.21			.22			.09

Net realized and unrealized gain (loss) on investment transactions		(.49	)		.49			.86			.05			.36	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.34	)		.77			1.07			.27			.45

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.25	)		(.18	)		(.15	)		(.29	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.90	)		(.50	)		(.26	)		(.15	)		(.29	)

Net asset value, end of period		$ 10.12			$ 11.36			$ 11.09			$ 10.28			$ 10.16


Total Return

Total investment return based on net asset value^(e)		(2.54	)%		7.01	%		10.66	%		2.71	%		4.50	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$132,901			$141,801			$120,243			$106,535			$10,497

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.38	%^{^}		.40	%		.43	%		.44	%		.45	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.78	%^{^}		.81	%		.81	%		.92	%		5.97	%^{^}

Net investment income^(c)		2.77	%^{^}		2.45	%		2.04	%		2.26	%		1.46	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 199

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.41			$ 11.12			$ 10.31			$ 10.17			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.26			.24			.27			.19

Net realized and unrealized gain (loss) on investment transactions		(.50	)		.54			.86			.02			.27	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.33	)		.80			1.10			.29			.46

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.26	)		(.21	)		(.15	)		(.29	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.94	)		(.51	)		(.29	)		(.15	)		(.29	)

Net asset value, end of period		$ 10.14			$ 11.41			$ 11.12			$ 10.31			$ 10.17


Total Return

Total investment return based on net asset value^(e)		(2.42	)%		7.27	%		10.98	%		2.96	%		4.62	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,373			$831			$3,217			$2,421			$984

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.13	%^{^}		.15	%		.18	%		.19	%		.20	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.46	%^{^}		.45	%		.49	%		.65	%		22.66	%^{^}

Net investment income^(c)		3.13	%^{^}		2.21	%		2.25	%		2.77	%		3.04	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



200 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2025 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.37			$ 11.11			$ 10.31			$ 10.17			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.20			.28			.27			.23			.19

Net realized and unrealized gain (loss) on investment transactions		(.52	)		.52			.83			.06			.27	*

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.32	)		.80			1.10			.29			.46

Less: Dividends and Distributions

Dividends from net investment income		(.29	)		(.29	)		(.22	)		(.15	)		(.29	)

Distributions from net realized gain on investment transactions		(.66	)		(.25	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.95	)		(.54	)		(.30	)		(.15	)		(.29	)

Net asset value, end of period		$ 10.10			$ 11.37			$ 11.11			$ 10.31			$ 10.17


Total Return

Total investment return based on net asset value^(e)		(2.33	)%		7.30	%		10.97	%		2.95	%		4.62	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$871			$111			$38			$11			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.12	%^{^}		.14	%		.18	%		.19	%		.20	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.36	%^{^}		.39	%		.41	%		.78	%		22.69	%^{^}

Net investment income^(c)		3.89	%^{^}		2.45	%		2.53	%		2.32	%		3.04	%^{^}

Portfolio turnover rate		24	%		80	%		41	%		75	%		22	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.45	%^{^}		.56	%		.64	%		.62	%		.60	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 201

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.86			$ 11.56			$ 10.50			$ 10.39			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.27			.19			.21			.08

Net realized and unrealized gain (loss) on investment transactions		(.58	)		.64			1.11			.04			.47

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.43	)		.91			1.30			.25			.55

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.25	)		(.15	)		(.13	)		(.16	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.86	)		(.61	)		(.24	)		(.14	)		(.16	)

Net asset value, end of period		$ 10.57			$ 11.86			$ 11.56			$ 10.50			$ 10.39


Total Return

Total investment return based on net asset value^(e)		(3.15	)%		7.99	%		12.65	%		2.52	%		5.49	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$7,221			$7,179			$5,956			$8,554			$317

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.39	%^{^}		.42	%		.48	%		.48	%		.49	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.69	%^{^}		.75	%		.83	%		.97	%		18.85	%^{^}

Net investment income^(c)		2.73	%^{^}		2.27	%		1.75	%		2.14	%		1.18	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



202 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.74			$ 11.43			$ 10.42			$ 10.35			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.13			.16			.13			.12			.12

Net realized and unrealized gain (loss) on investment transactions		(.59	)		.65			1.08			.07			.38

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.46	)		.81			1.21			.19			.50

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.14	)		(.11	)		(.11	)		(.15	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.82	)		(.50	)		(.20	)		(.12	)		(.15	)

Net asset value, end of period		$ 10.46			$ 11.74			$ 11.43			$ 10.42			$ 10.35


Total Return

Total investment return based on net asset value^(e)		(3.45	)%		7.10	%		11.86	%		1.86	%		5.04	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,636			$1,212			$951			$911			$20

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.14	%^{^}		1.18	%		1.23	%		1.23	%		1.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.44	%^{^}		1.51	%		1.59	%		1.83	%		25.83	%^{^}

Net investment income^(c)		2.41	%^{^}		1.41	%		1.20	%		1.17	%		1.88	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 203

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.89			$ 11.59			$ 10.55			$ 10.41			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.20			.30			.24			.25			.12

Net realized and unrealized gain (loss) on investment transactions		(.62	)		.64			1.09			.04			.45

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.42	)		.94			1.33			.29			.57

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.28	)		(.20	)		(.14	)		(.16	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.90	)		(.64	)		(.29	)		(.15	)		(.16	)

Net asset value, end of period		$ 10.57			$ 11.89			$ 11.59			$ 10.55			$ 10.41


Total Return

Total investment return based on net asset value^(e)		(3.02	)%		8.21	%		12.95	%		2.82	%		5.71	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$7,505			$1,052			$924			$702			$50

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.17	%		.23	%		.23	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.44	%^{^}		.50	%		.58	%		.70	%		18.70	%^{^}

Net investment income^(c)		3.58	%^{^}		2.56	%		2.25	%		2.54	%		1.82	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



204 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.58			$ 11.31			$ 10.29			$ 10.20			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.26			.20			.18			.10

Net realized and unrealized gain (loss) on investment transactions		(.62	)		.60			1.04			.05			.43

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.43	)		.86			1.24			.23			.53

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.23	)		(.13	)		(.13	)		(.33	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.86	)		(.59	)		(.22	)		(.14	)		(.33	)

Net asset value, end of period		$ 10.29			$ 11.58			$ 11.31			$ 10.29			$ 10.20


Total Return

Total investment return based on net asset value^(e)		(3.28	)%		7.71	%		12.29	%		2.32	%		5.35	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$3,416			$1,819			$1,300			$1,866			$380

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.64	%^{^}		.67	%		.73	%		.73	%		.74	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.13	%^{^}		1.16	%		1.15	%		1.40	%		8.24	%^{^}

Net investment income^(c)		3.51	%^{^}		2.22	%		1.89	%		1.89	%		1.70	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 205

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.61			$ 11.33			$ 10.32			$ 10.21			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.27			.21			.20			.08

Net realized and unrealized gain (loss) on investment transactions		(.57	)		.62			1.06			.06			.46

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.41	)		.89			1.27			.26			.54

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.25	)		(.17	)		(.14	)		(.33	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.86	)		(.61	)		(.26	)		(.15	)		(.33	)

Net asset value, end of period		$ 10.34			$ 11.61			$ 11.33			$ 10.32			$ 10.21


Total Return

Total investment return based on net asset value^(e)		(3.07	)%		7.92	%		12.61	%		2.60	%		5.47	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$104,208			$111,934			$88,325			$70,952			$7,785

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.39	%^{^}		.42	%		.48	%		.48	%		.49	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.80	%^{^}		.86	%		.89	%		1.06	%		7.09	%^{^}

Net investment income^(c)		2.88	%^{^}		2.34	%		1.94	%		2.08	%		1.28	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



206 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.66			$ 11.36			$ 10.35			$ 10.23			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.27			.24			.24			.18

Net realized and unrealized gain (loss) on investment transactions		(.58	)		.66			1.07			.03			.38

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.41	)		.93			1.31			.27			.56

Less: Dividends and Distributions

Dividends from net investment income		(.27	)		(.27	)		(.21	)		(.14	)		(.33	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.89	)		(.63	)		(.30	)		(.15	)		(.33	)

Net asset value, end of period		$ 10.36			$ 11.66			$ 11.36			$ 10.35			$ 10.23


Total Return

Total investment return based on net asset value^(e)		(2.99	)%		8.27	%		12.94	%		2.75	%		5.69	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,043			$1,798			$4,288			$2,682			$994

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.18	%		.23	%		.23	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.49	%^{^}		.53	%		.57	%		.80	%		22.26	%^{^}

Net investment income^(c)		3.13	%^{^}		2.28	%		2.26	%		2.42	%		2.90	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 207

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2030 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.64			$ 11.36			$ 10.35			$ 10.23			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.25			.23			.21			.18

Net realized and unrealized gain (loss) on investment transactions		(.59	)		.68			1.08			.06			.38

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.42	)		.93			1.31			.27			.56

Less: Dividends and Distributions

Dividends from net investment income		(.28	)		(.29	)		(.21	)		(.14	)		(.33	)

Distributions from net realized gain on investment transactions		(.62	)		(.36	)		(.09	)		(.01	)		– 0	–

Total dividends and distributions		(.90	)		(.65	)		(.30	)		(.15	)		(.33	)

Net asset value, end of period		$ 10.32			$ 11.64			$ 11.36			$ 10.35			$ 10.23


Total Return

Total investment return based on net asset value^(e)		(3.07	)%		8.29	%		12.99	%		2.74	%		5.69	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$280			$101			$17			$11			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.16	%		.23	%		.23	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.40	%^{^}		.44	%		.48	%		.95	%		22.28	%^{^}

Net investment income^(c)		3.05	%^{^}		2.19	%		2.19	%		2.11	%		2.88	%^{^}

Portfolio turnover rate		28	%		73	%		48	%		72	%		35	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.43	%^{^}		.53	%		.63	%		.62	%		.64	%^{^}

See footnote summary on page 244.



208 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.20			$ 11.76			$ 10.47			$ 10.44			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.26			.17			.18			.07

Net realized and unrealized gain (loss) on investment transactions		(.67	)		.80			1.31			.00	^(d)		.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.51	)		1.06			1.48			.18			.63

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.25	)		(.11	)		(.15	)		(.19	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.92	)		(.62	)		(.19	)		(.15	)		(.19	)

Net asset value, end of period		$ 10.77			$ 12.20			$ 11.76			$ 10.47			$ 10.44


Total Return

Total investment return based on net asset value^(e)		(3.63	)%		9.07	%		14.39	%		1.79	%		6.34	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$5,552			$5,463			$4,670			$7,259			$288

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.39	%^{^}		.42	%		.48	%		.49	%		.49	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.72	%^{^}		.81	%		.91	%		1.13	%		14.64	%^{^}

Net investment income^(c)		2.71	%^{^}		2.17	%		1.56	%		1.79	%		1.09	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 209

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.08			$ 11.60			$ 10.38			$ 10.40			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.12			.16			.13			.08			.05

Net realized and unrealized gain (loss) on investment transactions		(.66	)		.79			1.25			.02			.54

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.54	)		.95			1.38			.10			.59

Less: Dividends and Distributions

Dividends from net investment income		(.18	)		(.10	)		(.08	)		(.12	)		(.19	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.88	)		(.47	)		(.16	)		(.12	)		(.19	)

Net asset value, end of period		$ 10.66			$ 12.08			$ 11.60			$ 10.38			$ 10.40


Total Return

Total investment return based on net asset value^(e)		(3.99	)%		8.22	%		13.53	%		.98	%		5.90	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,030			$673			$604			$959			$65

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.14	%^{^}		1.18	%		1.23	%		1.24	%		1.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.48	%^{^}		1.57	%		1.68	%		2.00	%		19.46	%^{^}

Net investment income^(c)		2.10	%^{^}		1.36	%		1.22	%		.84	%		.76	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



210 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.25			$ 11.80			$ 10.55			$ 10.45			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.21			.31			.23			.20			.07

Net realized and unrealized gain (loss) on investment transactions		(.71	)		.78			1.28			.02			.57

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.50	)		1.09			1.51			.22			.64

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.27	)		(.18	)		(.12	)		(.19	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.96	)		(.64	)		(.26	)		(.12	)		(.19	)

Net asset value, end of period		$ 10.79			$ 12.25			$ 11.80			$ 10.55			$ 10.45


Total Return

Total investment return based on net asset value^(e)		(3.52	)%		9.37	%		14.59	%		2.12	%		6.46	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$5,218			$456			$535			$450			$171

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.18	%		.23	%		.24	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.47	%^{^}		.56	%		.67	%		.99	%		21.13	%^{^}

Net investment income^(c)		3.60	%^{^}		2.57	%		2.07	%		2.03	%		1.16	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 211

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.87			$ 11.47			$ 10.25			$ 10.25			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.21			.25			.17			.15			.10

Net realized and unrealized gain (loss) on investment transactions		(.72	)		.74			1.25			.00	^(d)		.51

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.51	)		.99			1.42			.15			.61

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.22	)		(.12	)		(.15	)		(.36	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.92	)		(.59	)		(.20	)		(.15	)		(.36	)

Net asset value, end of period		$ 10.44			$ 11.87			$ 11.47			$ 10.25			$ 10.25


Total Return

Total investment return based on net asset value^(e)		(3.73	)%		8.75	%		14.07	%		1.49	%		6.22	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,947			$1,238			$1,709			$1,396			$216

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.64	%^{^}		.68	%		.73	%		.74	%		.74	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.15	%^{^}		1.18	%		1.12	%		1.46	%		9.15	%^{^}

Net investment income^(c)		3.89	%^{^}		2.08	%		1.60	%		1.57	%		1.62	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



212 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.93			$ 11.51			$ 10.29			$ 10.26			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.26			.19			.17			.07

Net realized and unrealized gain (loss) on investment transactions		(.65	)		.78			1.26			.01			.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.50	)		1.04			1.45			.18			.63

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.25	)		(.15	)		(.15	)		(.37	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.92	)		(.62	)		(.23	)		(.15	)		(.37	)

Net asset value, end of period		$ 10.51			$ 11.93			$ 11.51			$ 10.29			$ 10.26


Total Return

Total investment return based on net asset value^(e)		(3.67	)%		9.12	%		14.34	%		1.85	%		6.34	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$105,483			$112,028			$79,677			$58,198			$6,768

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.39	%^{^}		.42	%		.48	%		.49	%		.49	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.81	%^{^}		.87	%		.93	%		1.17	%		6.39	%^{^}

Net investment income^(c)		2.72	%^{^}		2.20	%		1.77	%		1.72	%		1.16	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 213

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.09			$ 11.54			$ 10.32			$ 10.28			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.12			.23			.20			.17

Net realized and unrealized gain (loss) on investment transactions		(.69	)		.95			1.25			.00	^(d)		.48

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.50	)		1.07			1.48			.20			.65

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.15	)		(.18	)		(.16	)		(.37	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.96	)		(.52	)		(.26	)		(.16	)		(.37	)

Net asset value, end of period		$ 10.63			$ 12.09			$ 11.54			$ 10.32			$ 10.28


Total Return

Total investment return based on net asset value^(e)		(3.58	)%		9.33	%		14.64	%		2.01	%		6.56	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,321			$290			$4,280			$3,084			$1,001

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.21	%		.23	%		.24	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.51	%^{^}		.47	%		.62	%		.91	%		22.51	%^{^}

Net investment income^(c)		3.42	%^{^}		.99	%		2.14	%		2.10	%		2.65	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



214 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2035 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 11.94			$ 11.53			$ 10.32			$ 10.28			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.27			.22			.17			.17

Net realized and unrealized gain (loss) on investment transactions		(.64	)		.80			1.26			.03			.48

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.49	)		1.07			1.48			.20			.65

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.29	)		(.19	)		(.16	)		(.37	)

Distributions from net realized gain on investment transactions		(.70	)		(.37	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(.96	)		(.66	)		(.27	)		(.16	)		(.37	)

Net asset value, end of period		$ 10.49			$ 11.94			$ 11.53			$ 10.32			$ 10.28


Total Return

Total investment return based on net asset value^(e)		(3.50	)%		9.37	%		14.62	%		2.00	%		6.56	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$99			$36			$24			$11			$12

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.14	%^{^}		.17	%		.23	%		.24	%		.24	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.41	%^{^}		.45	%		.52	%		1.16	%		22.53	%^{^}

Net investment income^(c)		2.68	%^{^}		2.28	%		2.06	%		1.77	%		2.64	%^{^}

Portfolio turnover rate		25	%		71	%		38	%		74	%		17	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.42	%^{^}		.53	%		.65	%		.62	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 215

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.34			$ 11.80			$ 10.40			$ 10.42			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.23			.13			.14			.11

Net realized and unrealized gain (loss) on investment transactions		(.75	)		.91			1.43			(.01	)*		.58

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.60	)		1.14			1.56			.13			.69

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.20	)		(.08	)		(.15	)		(.27	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.13	)		(.60	)		(.16	)		(.15	)		(.27	)

Net asset value, end of period		$ 10.61			$ 12.34			$ 11.80			$ 10.40			$ 10.42


Total Return

Total investment return based on net asset value^(e)		(4.19	)%		9.81	%		15.22	%		1.28	%		6.92	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,284			$4,072			$4,051			$6,816			$77

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.40	%^{^}		.45	%		.52	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.88	%^{^}		.97	%		1.03	%		1.18	%		23.89	%^{^}

Net investment income^(c)		2.55	%^{^}		1.89	%		1.17	%		1.45	%		1.69	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



216 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.21			$ 11.65			$ 10.33			$ 10.39			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.10			.14			.10			.03			.09

Net realized and unrealized gain (loss) on investment transactions		(.74	)		.90			1.37			.01			.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.64	)		1.04			1.47			.04			.65

Less: Dividends and Distributions

Dividends from net investment income		(.15	)		(.08	)		(.07	)		(.10	)		(.26	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.08	)		(.48	)		(.15	)		(.10	)		(.26	)

Net asset value, end of period		$ 10.49			$ 12.21			$ 11.65			$ 10.33			$ 10.39


Total Return

Total investment return based on net asset value^(e)		(4.54	)%		8.98	%		14.43	%		.44	%		6.57	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$855			$584			$398			$844			$26

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.15	%^{^}		1.19	%		1.27	%		1.27	%		1.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.64	%^{^}		1.73	%		1.81	%		2.03	%		30.19	%^{^}

Net investment income^(c)		1.71	%^{^}		1.19	%		.95	%		.35	%		1.35	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 217

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.40			$ 11.85			$ 10.49			$ 10.45			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.25			.20			.16			.15

Net realized and unrealized gain (loss) on investment transactions		(.79	)		.93			1.40			(.02	)*		.57

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.60	)		1.18			1.60			.14			.72

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.23	)		(.16	)		(.10	)		(.27	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.17	)		(.63	)		(.24	)		(.10	)		(.27	)

Net asset value, end of period		$ 10.63			$ 12.40			$ 11.85			$ 10.49			$ 10.45


Total Return

Total investment return based on net asset value^(e)		(4.15	)%		10.10	%		15.54	%		1.40	%		7.24	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$3,899			$541			$459			$268			$15

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.19	%		.27	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.63	%^{^}		.72	%		.81	%		.89	%		29.08	%^{^}

Net investment income^(c)		3.24	%^{^}		2.08	%		1.80	%		1.58	%		2.33	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



218 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.02			$ 11.49			$ 10.18			$ 10.24			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.18			.22			.14			.13			.11

Net realized and unrealized gain (loss) on investment transactions		(.78	)		.87			1.36			(.04	)*		.57

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.60	)		1.09			1.50			.09			.68

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.16	)		(.11	)		(.15	)		(.44	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.13	)		(.56	)		(.19	)		(.15	)		(.44	)

Net asset value, end of period		$ 10.29			$ 12.02			$ 11.49			$ 10.18			$ 10.24


Total Return

Total investment return based on net asset value^(e)		(4.30	)%		9.62	%		14.92	%		.92	%		6.91	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,419			$1,314			$1,508			$1,224			$36

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.65	%^{^}		.70	%		.77	%		.77	%		.78	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.29	%^{^}		1.32	%		1.28	%		1.45	%		14.63	%^{^}

Net investment income^(c)		3.24	%^{^}		1.85	%		1.29	%		1.33	%		1.71	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 219

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.06			$ 11.55			$ 10.22			$ 10.25			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.22			.17			.13			.06

Net realized and unrealized gain (loss) on investment transactions		(.74	)		.90			1.37			(.01	)*		.63

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.59	)		1.12			1.54			.12			.69

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.21	)		(.13	)		(.15	)		(.44	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.12	)		(.61	)		(.21	)		(.15	)		(.44	)

Net asset value, end of period		$ 10.35			$ 12.06			$ 11.55			$ 10.22			$ 10.25


Total Return

Total investment return based on net asset value^(e)		(4.17	)%		9.77	%		15.30	%		1.23	%		7.03	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$62,202			$66,476			$53,902			$46,834			$8,623

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.40	%^{^}		.44	%		.52	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.96	%^{^}		1.03	%		1.06	%		1.30	%		5.69	%^{^}

Net investment income^(c)		2.58	%^{^}		1.88	%		1.56	%		1.38	%		1.03	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



220 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.15			$ 11.57			$ 10.25			$ 10.27			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.12			.19			.19			.15

Net realized and unrealized gain (loss) on investment transactions		(.79	)		1.03			1.37			(.05	)*		.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.60	)		1.15			1.56			.14			.71

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		(.17	)		(.16	)		(.16	)		(.44	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.16	)		(.57	)		(.24	)		(.16	)		(.44	)

Net asset value, end of period		$ 10.39			$ 12.15			$ 11.57			$ 10.25			$ 10.27


Total Return

Total investment return based on net asset value^(e)		(4.17	)%		10.08	%		15.52	%		1.40	%		7.25	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$813			$369			$3,644			$2,140			$1,008

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.23	%		.27	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.65	%^{^}		.63	%		.73	%		1.11	%		18.71	%^{^}

Net investment income^(c)		3.31	%^{^}		.98	%		1.75	%		2.00	%		2.44	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 221

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2040 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.08			$ 11.57			$ 10.25			$ 10.27			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.25			.19			.14			.04

Net realized and unrealized gain (loss) on investment transactions		(.76	)		.91			1.38			.00	^(d)		.67

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.59	)		1.16			1.57			.14			.71

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.25	)		(.17	)		(.16	)		(.44	)

Distributions from net realized gain on investment transactions		(.93	)		(.40	)		(.08	)		(.00	)^(d)		– 0	–

Total dividends and distributions		(1.17	)		(.65	)		(.25	)		(.16	)		(.44	)

Net asset value, end of period		$ 10.32			$ 12.08			$ 11.57			$ 10.25			$ 10.27


Total Return

Total investment return based on net asset value^(e)		(4.14	)%		10.14	%		15.59	%		1.38	%		7.25	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,081			$681			$600			$519			$522

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.19	%		.27	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.54	%^{^}		.60	%		.64	%		1.29	%		16.54	%^{^}

Net investment income^(c)		3.09	%^{^}		2.10	%		1.79	%		1.46	%		.68	%^{^}

Portfolio turnover rate		23	%		85	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.40	%^{^}		.53	%		.66	%		.63	%		.64	%^{^}

See footnote summary on page 244.



222 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.56			$ 11.92			$ 10.43			$ 10.51			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.21			.13			.15			.12

Net realized and unrealized gain (loss) on investment transactions		(.79	)		1.00			1.49			(.08	)*		.60

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.64	)		1.21			1.62			.07			.72

Less: Dividends and Distributions

Dividends from net investment income		(.20	)		(.18	)		(.07	)		(.14	)		(.21	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.10	)		(.57	)		(.13	)		(.15	)		(.21	)

Net asset value, end of period		$ 10.82			$ 12.56			$ 11.92			$ 10.43			$ 10.51


Total Return

Total investment return based on net asset value^(e)		(4.36	)%		10.29	%		15.71	%		.76	%		7.21	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$3,077			$3,253			$3,016			$5,107			$111

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.44	%		.50	%		.52	%		.54	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.95	%^{^}		1.10	%		1.26	%		1.50	%		28.43	%^{^}

Net investment income^(c)		2.46	%^{^}		1.73	%		1.19	%		1.48	%		1.96	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 223

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.49			$ 11.87			$ 10.43			$ 10.47			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.11			.12			.09			.04			.01

Net realized and unrealized gain (loss) on investment transactions		(.77	)		.98			1.45			(.05	)*		.66

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.66	)		1.10			1.54			(.01	)		.67

Less: Dividends and Distributions

Dividends from net investment income		(.12	)		(.09	)		(.04	)		(.02	)		(.20	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.02	)		(.48	)		(.10	)		(.03	)		(.20	)

Net asset value, end of period		$ 10.81			$ 12.49			$ 11.87			$ 10.43			$ 10.47


Total Return

Total investment return based on net asset value^(e)		(4.69	)%		9.35	%		14.91	%		(.05	)%		6.76	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$234			$268			$275			$289			$84

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.16	%^{^}		1.19	%		1.25	%		1.27	%		1.29	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.72	%^{^}		1.86	%		2.04	%		2.74	%		27.00	%^{^}

Net investment income^(c)		1.81	%^{^}		1.00	%		.81	%		.45	%		.14	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



224 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.66			$ 12.01			$ 10.54			$ 10.53			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.19			.24			.18			.18			.15

Net realized and unrealized gain (loss) on investment transactions		(.82	)		1.01			1.49			(.09	)*		.59

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.63	)		1.25			1.67			.09			.74

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.21	)		(.14	)		(.07	)		(.21	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.15	)		(.60	)		(.20	)		(.08	)		(.21	)

Net asset value, end of period		$ 10.88			$ 12.66			$ 12.01			$ 10.54			$ 10.53


Total Return

Total investment return based on net asset value^(e)		(4.23	)%		10.57	%		16.09	%		.86	%		7.43	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$4,360			$51			$32			$53			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.15	%^{^}		.19	%		.25	%		.27	%		.29	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.70	%^{^}		.85	%		1.02	%		1.39	%		29.40	%^{^}

Net investment income^(c)		3.26	%^{^}		1.94	%		1.63	%		1.81	%		2.35	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 225

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.17			$ 11.59			$ 10.20			$ 10.32			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.22			.14			.13			.10

Net realized and unrealized gain (loss) on investment transactions		(.80	)		.93			1.41			(.09	)*		.60

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.63	)		1.15			1.55			.04			.70

Less: Dividends and Distributions

Dividends from net investment income		(.16	)		(.18	)		(.10	)		(.15	)		(.38	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.06	)		(.57	)		(.16	)		(.16	)		(.38	)

Net asset value, end of period		$ 10.48			$ 12.17			$ 11.59			$ 10.20			$ 10.32


Total Return

Total investment return based on net asset value^(e)		(4.52	)%		10.00	%		15.44	%		.41	%		7.10	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$557			$351			$2,174			$1,836			$63

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.65	%^{^}		.70	%		.75	%		.77	%		.79	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.34	%^{^}		1.37	%		1.33	%		1.60	%		15.63	%^{^}

Net investment income^(c)		3.09	%^{^}		1.79	%		1.28	%		1.33	%		1.53	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



226 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.24			$ 11.65			$ 10.24			$ 10.34			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.21			.16			.13			.06

Net realized and unrealized gain (loss) on investment transactions		(.76	)		.97			1.44			(.07	)*		.66

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.62	)		1.18			1.60			.06			.72

Less: Dividends and Distributions

Dividends from net investment income		(.21	)		(.20	)		(.13	)		(.15	)		(.38	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.11	)		(.59	)		(.19	)		(.16	)		(.38	)

Net asset value, end of period		$ 10.51			$ 12.24			$ 11.65			$ 10.24			$ 10.34


Total Return

Total investment return based on net asset value^(e)		(4.39	)%		10.24	%		15.88	%		.62	%		7.32	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$56,171			$60,923			$44,736			$34,012			$6,077

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.44	%		.50	%		.52	%		.54	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.99	%^{^}		1.09	%		1.16	%		1.57	%		7.63	%^{^}

Net investment income^(c)		2.45	%^{^}		1.76	%		1.47	%		1.32	%		.93	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 227

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.36			$ 11.67			$ 10.27			$ 10.34			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.10			.18			.17			.15

Net realized and unrealized gain (loss) on investment transactions		(.79	)		1.12			1.44			(.08	)*		.57

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.62	)		1.22			1.62			.09			.72

Less: Dividends and Distributions

Dividends from net investment income		(.25	)		(.14	)		(.16	)		(.15	)		(.38	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.15	)		(.53	)		(.22	)		(.16	)		(.38	)

Net asset value, end of period		$ 10.59			$ 12.36			$ 11.67			$ 10.27			$ 10.34


Total Return

Total investment return based on net asset value^(e)		(4.30	)%		10.55	%		16.08	%		.97	%		7.34	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$519			$317			$3,830			$2,319			$1,009

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.22	%		.25	%		.27	%		.29	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.69	%^{^}		.68	%		.84	%		1.41	%		23.10	%^{^}

Net investment income^(c)		2.85	%^{^}		.76	%		1.66	%		1.79	%		2.36	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



228 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2045 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.25			$ 11.66			$ 10.27			$ 10.34			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.24			.19			.14			.06

Net realized and unrealized gain (loss) on investment transactions		(.77	)		.98			1.43			(.05	)*		.66

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		.00	^(d)		.00	^(d)

Net increase (decrease) in net asset value from operations		(.61	)		1.22			1.62			.09			.72

Less: Dividends and Distributions

Dividends from net investment income		(.26	)		(.24	)		(.17	)		(.15	)		(.38	)

Distributions from net realized gain on investment transactions		(.90	)		(.39	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(1.16	)		(.63	)		(.23	)		(.16	)		(.38	)

Net asset value, end of period		$ 10.48			$ 12.25			$ 11.66			$ 10.27			$ 10.34


Total Return

Total investment return based on net asset value^(e)		(4.27	)%		10.60	%		16.05	%		.96	%		7.34	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$607			$440			$369			$316			$346

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.19	%		.25	%		.27	%		.29	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.59	%^{^}		.66	%		.76	%		1.78	%		16.19	%^{^}

Net investment income^(c)		2.72	%^{^}		1.99	%		1.74	%		1.41	%		.96	%^{^}

Portfolio turnover rate		25	%		77	%		39	%		67	%		14	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.66	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 229

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.80			$ 12.13			$ 10.49			$ 10.49			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.15			.21			.14			.11			.09

Net realized and unrealized gain (loss) on investment transactions		(.80	)		1.02			1.55			(.03	)*		.61

Net increase (decrease) in net asset value from operations		(.65	)		1.23			1.69			.08			.70

Less: Dividends and Distributions

Dividends from net investment income		(.16	)		(.08	)		– 0	–		(.07	)		(.21	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.88	)		(.56	)		(.05	)		(.08	)		(.21	)

Net asset value, end of period		$ 11.27			$ 12.80			$ 12.13			$ 10.49			$ 10.49


Total Return

Total investment return based on net asset value^(e)		(4.53	)%		10.25	%		16.19	%		.80	%		7.06	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,314			$1,145			$1,035			$1,206			$66

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.44	%		.51	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.58	%^{^}		2.39	%		3.04	%		4.64	%		36.42	%^{^}

Net investment income^(c)		2.47	%^{^}		1.65	%		1.26	%		1.13	%		1.37	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



230 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.61			$ 11.98			$ 10.44			$ 10.44			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.10			.12			.07			.03			.09

Net realized and unrealized gain (loss) on investment transactions		(.77	)		.99			1.52			(.02	)*		.56

Net increase (decrease) in net asset value from operations		(.67	)		1.11			1.59			.01			.65

Less: Dividends and Distributions

Dividends from net investment income		(.06	)		– 0	–		– 0	–		– 0	–		(.21	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.78	)		(.48	)		(.05	)		(.01	)		(.21	)

Net asset value, end of period		$ 11.16			$ 12.61			$ 11.98			$ 10.44			$ 10.44


Total Return

Total investment return based on net asset value^(e)		(4.87	)%		9.38	%		15.30	%		.07	%		6.51	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$74			$73			$81			$50			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.16	%^{^}		1.20	%		1.25	%		1.27	%		1.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.37	%^{^}		3.20	%		3.89	%		5.86	%		41.11	%^{^}

Net investment income^(c)		1.68	%^{^}		.97	%		.66	%		.27	%		1.39	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 231

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.86			$ 12.21			$ 10.60			$ 10.50			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.18			.23			.18			.14			.15

Net realized and unrealized gain (loss) on investment transactions		(.82	)		1.04			1.55			(.03	)*		.56

Net increase (decrease) in net asset value from operations		(.64	)		1.27			1.73			.11			.71

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		(.14	)		(.07	)		– 0	–		(.21	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.95	)		(.62	)		(.12	)		(.01	)		(.21	)

Net asset value, end of period		$ 11.27			$ 12.86			$ 12.21			$ 10.60			$ 10.50


Total Return

Total investment return based on net asset value^(e)		(4.43	)%		10.50	%		16.51	%		1.02	%		7.18	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$2,708			$257			$118			$66			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.19	%		.25	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.32	%^{^}		2.12	%		2.80	%		4.28	%		40.13	%^{^}

Net investment income^(c)		2.92	%^{^}		1.84	%		1.58	%		1.44	%		2.38	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



232 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.13			$ 11.64			$ 10.21			$ 10.29			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.18			.13			.06			.13

Net realized and unrealized gain (loss) on investment transactions		(.79	)		.97			1.47			.00	^(d)		.55

Net increase (decrease) in net asset value from operations		(.63	)		1.15			1.60			.06			.68

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.18	)		(.12	)		(.13	)		(.39	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.91	)		(.66	)		(.17	)		(.14	)		(.39	)

Net asset value, end of period		$ 10.59			$ 12.13			$ 11.64			$ 10.21			$ 10.29


Total Return

Total investment return based on net asset value^(e)		(4.63	)%		9.99	%		15.84	%		.60	%		6.85	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$921			$555			$570			$406			$22

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.66	%^{^}		.70	%		.75	%		.77	%		.78	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.84	%^{^}		2.07	%		2.26	%		2.75	%		25.29	%^{^}

Net investment income^(c)		2.90	%^{^}		1.52	%		1.22	%		.57	%		2.03	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 233

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.17			$ 11.68			$ 10.23			$ 10.30			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.21			.16			.12			.07

Net realized and unrealized gain (loss) on investment transactions		(.76	)		.97			1.47			(.04	)*		.62

Net increase (decrease) in net asset value from operations		(.62	)		1.18			1.63			.08			.69

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.21	)		(.13	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.91	)		(.69	)		(.18	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.64			$ 12.17			$ 11.68			$ 10.23			$ 10.30


Total Return

Total investment return based on net asset value^(e)		(4.50	)%		10.27	%		16.15	%		.80	%		6.97	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$23,606			$25,090			$17,652			$14,486			$1,613

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.44	%		.50	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.49	%^{^}		1.76	%		1.99	%		2.99	%		16.29	%^{^}

Net investment income^(c)		2.40	%^{^}		1.75	%		1.50	%		1.28	%		1.09	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



234 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.46			$ 11.73			$ 10.27			$ 10.32			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.18			.00	^(d)		.18			.17			.15

Net realized and unrealized gain (loss) on investment transactions		(.81	)		1.21			1.49			(.07	)*		.56

Net increase (decrease) in net asset value from operations		(.63	)		1.21			1.67			.10			.71

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		– 0	–		(.16	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.95	)		(.48	)		(.21	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.88			$ 12.46			$ 11.73			$ 10.27			$ 10.32


Total Return

Total investment return based on net asset value^(e)		(4.40	)%		10.46	%		16.51	%		1.05	%		7.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$360			$38			$2,389			$1,421			$1,007

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.22	%		.25	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.20	%^{^}		1.19	%		1.66	%		3.58	%		27.24	%^{^}

Net investment income^(c)		3.21	%^{^}		.03	%		1.64	%		1.76	%		2.39	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 235

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2050 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.20			$ 11.72			$ 10.27			$ 10.32			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.21			.19			.13			.15

Net realized and unrealized gain (loss) on investment transactions		(.77	)		1.01			1.47			(.03	)*		.56

Net increase (decrease) in net asset value from operations		(.61	)		1.22			1.66			.10			.71

Less: Dividends and Distributions

Dividends from net investment income		(.24	)		(.26	)		(.16	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.72	)		(.48	)		(.05	)		(.01	)		– 0	–

Total dividends and distributions		(.96	)		(.74	)		(.21	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.63			$ 12.20			$ 11.72			$ 10.27			$ 10.32


Total Return

Total investment return based on net asset value^(e)		(4.38	)%		10.53	%		16.47	%		1.04	%		7.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$174			$52			$12			$11			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.18	%		.25	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.11	%^{^}		1.34	%		1.58	%		4.05	%		27.28	%^{^}

Net investment income^(c)		2.83	%^{^}		1.72	%		1.74	%		1.36	%		2.38	%^{^}

Portfolio turnover rate		26	%		79	%		46	%		69	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.65	%		.63	%^{^}

See footnote summary on page 244.



236 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.71			$ 11.99			$ 10.39			$ 10.48			$ 10.00


Income From Investment Operations

Net investment income^(b)(c)		.15			.21			.14			.12			.11

Net realized and unrealized gain (loss) on investment transactions		(.81	)		1.02			1.52			(.09	)*		.58

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.66	)		1.23			1.66			.03			.69

Less: Dividends and Distributions

Dividends from net investment income		(.18	)		(.14	)		– 0	–		(.11	)		(.21	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.94	)		(.51	)		(.06	)		(.12	)		(.21	)

Net asset value, end of period		$ 11.11			$ 12.71			$ 11.99			$ 10.39			$ 10.48


Total Return

Total investment return based on net asset value^(e)		(4.62	)%		10.37	%		16.08	%		.35	%		6.96	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,595			$1,435			$1,094			$931			$25

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.45	%		.51	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.45	%^{^}		1.82	%		2.73	%		4.64	%		22.61	%^{^}

Net investment income^(c)		2.52	%^{^}		1.72	%		1.24	%		1.19	%		1.73	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 237

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.55			$ 11.80			$ 10.30			$ 10.44			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.10			.09			.05			.08			.09

Net realized and unrealized gain (loss) on investment transactions		(.79	)		1.03			1.51			(.13	)*		.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.69	)		1.12			1.56			(.05	)		.65

Less: Dividends and Distributions

Dividends from net investment income		(.09	)		– 0	–		– 0	–		(.08	)		(.21	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.85	)		(.37	)		(.06	)		(.09	)		(.21	)

Net asset value, end of period		$ 11.01			$ 12.55			$ 11.80			$ 10.30			$ 10.44


Total Return

Total investment return based on net asset value^(e)		(4.99	)%		9.54	%		15.25	%		(.45	)%		6.51	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$111			$103			$192			$71			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		1.16	%^{^}		1.21	%		1.26	%		1.27	%		1.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		2.24	%^{^}		2.65	%		3.52	%		6.16	%		24.47	%^{^}

Net investment income^(c)		1.67	%^{^}		.74	%		.48	%		.81	%		1.39	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



238 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015



Net asset value, beginning of period		$ 12.88			$ 12.12			$ 10.51			$ 10.50			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.25			.19			.14			.04

Net realized and unrealized gain (loss) on investment transactions		(.83	)		1.03			1.52			(.09	)*		.67

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.66	)		1.28			1.71			.05			.71

Less: Dividends and Distributions

Dividends from net investment income		(.22	)		(.15	)		(.04	)		(.03	)		(.21	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.98	)		(.52	)		(.10	)		(.04	)		(.21	)

Net asset value, end of period		$ 11.24			$ 12.88			$ 12.12			$ 10.51			$ 10.50


Total Return

Total investment return based on net asset value^(e)		(4.53	)%		10.66	%		16.40	%		.52	%		7.18	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,916			$612			$547			$466			$347

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.20	%		.26	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.20	%^{^}		1.57	%		2.51	%		5.66	%		22.48	%^{^}

Net investment income^(c)		2.81	%^{^}		1.97	%		1.72	%		1.37	%		.69	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 239

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.18			$ 11.58			$ 10.17			$ 10.29			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.16			.21			.07			.07			.12

Net realized and unrealized gain (loss) on investment transactions		(.81	)		.94			1.52			(.07	)*		.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.65	)		1.15			1.59			.00			.68

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.18	)		(.12	)		(.11	)		(.39	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.95	)		(.55	)		(.18	)		(.12	)		(.39	)

Net asset value, end of period		$ 10.58			$ 12.18			$ 11.58			$ 10.17			$ 10.29


Total Return

Total investment return based on net asset value^(e)		(4.75	)%		10.09	%		15.82	%		.09	%		6.85	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$525			$295			$323			$66			$15

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.66	%^{^}		.70	%		.76	%		.77	%		.78	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.73	%^{^}		1.86	%		2.12	%		3.68	%		22.02	%^{^}

Net investment income^(c)		2.82	%^{^}		1.74	%		.68	%		.69	%		1.86	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



240 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.22			$ 11.60			$ 10.18			$ 10.29			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.14			.21			.15			.12			.07

Net realized and unrealized gain (loss) on investment transactions		(.78	)		.98			1.46			(.08	)*		.61

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.64	)		1.19			1.61			.04			.68

Less: Dividends and Distributions

Dividends from net investment income		(.19	)		(.20	)		(.13	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.95	)		(.57	)		(.19	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.63			$ 12.22			$ 11.60			$ 10.18			$ 10.29


Total Return

Total investment return based on net asset value^(e)		(4.61	)%		10.36	%		16.06	%		.42	%		6.86	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$28,649			$30,434			$21,441			$14,694			$1,300

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.41	%^{^}		.45	%		.51	%		.52	%		.53	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.38	%^{^}		1.57	%		1.93	%		3.08	%		16.63	%^{^}

Net investment income^(c)		2.42	%^{^}		1.73	%		1.44	%		1.20	%		1.14	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 241

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.39			$ 11.65			$ 10.22			$ 10.32			$ 10.00


Income From Investment Operations

Net investment income^(b)(c)		.18			.06			.18			.17			.15

Net realized and unrealized gain (loss) on investment transactions		(.82	)		1.16			1.47			(.12	)*		.56

Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.64	)		1.22			1.65			.05			.71

Less: Dividends and Distributions

Dividends from net investment income		(.23	)		(.11	)		(.16	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.99	)		(.48	)		(.22	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.76			$ 12.39			$ 11.65			$ 10.22			$ 10.32


Total Return

Total investment return based on net asset value^(e)		(4.53	)%		10.54	%		16.43	%		.57	%		7.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$245			$87			$1,801			$878			$1,007

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.24	%		.26	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		1.09	%^{^}		1.12	%		1.61	%		4.58	%		21.99	%^{^}

Net investment income^(c)		3.09	%^{^}		.49	%		1.63	%		1.80	%		2.39	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



242 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	AB Multi-Manager Select 2055 Fund
	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									December 15, 2014^(a) to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			December 15, 2014^(a) to July 31, 2015


Net asset value, beginning of period		$ 12.25			$ 11.64			$ 10.22			$ 10.32			$ 10.00

Income From Investment Operations

Net investment income^(b)(c)		.17			.22			.18			.13			.15

Net realized and unrealized gain (loss) on investment transactions		(1.04	)		1.00			1.46			(.08	)*		.56
Contributions from Affiliates		– 0	–		– 0	–		– 0	–		– 0	–		.00	^(d)

Net increase (decrease) in net asset value from operations		(.87	)		1.22			1.64			.05			.71

Less: Dividends and Distributions

Dividends from net investment income		– 0	–		(.24	)		(.16	)		(.14	)		(.39	)

Distributions from net realized gain on investment transactions		(.76	)		(.37	)		(.06	)		(.01	)		– 0	–

Total dividends and distributions		(.76	)		(.61	)		(.22	)		(.15	)		(.39	)

Net asset value, end of period		$ 10.62			$ 12.25			$ 11.64			$ 10.22			$ 10.32


Total Return

Total investment return based on net asset value^(e)		(4.52	)%		10.61	%		16.38	%		.56	%		7.19	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$274			$45			$13			$13			$11

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(f)^‡		.16	%^{^}		.18	%		.26	%		.27	%		.28	%^{^}

Expenses, before waivers/reimbursements^(f)^‡		.99	%^{^}		1.15	%		1.55	%		4.27	%		21.98	%^{^}

Net investment income^(c)		3.06	%^{^}		1.82	%		1.69	%		1.36	%		2.38	%^{^}

Portfolio turnover rate		27	%		73	%		40	%		71	%		16	%

^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		.39	%^{^}		.52	%		.68	%		.64	%		.61	%^{^}

See footnote summary on page 244.



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FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

(a)	Commencement of operations.

(b)	Based on average shares outstanding.

(c)	Net of fees and expenses waived/reimbursed by the Adviser.

(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)	The expense ratios do not include expenses incurred by the Fund through its Underlying Portfolios.

*	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 Funds’ change in net realized and unrealized gain (loss) on investment transactions for the period.

^	Annualized.

See notes to financial statements.



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RESULTS OF STOCKHOLDER MEETING

(unaudited)

A Special Meeting of Stockholders of AB Multi-Manager Select Retirement Funds (the “Funds”) was held on October 11, 2018, adjourned until November 14, 2018 and further adjourned until December 11, 2019 for certain Funds as noted below. The date approved, a description of each proposal and the number of shares voted at the Meeting are as follows (the proposal numbers shown below correspond to the proposal number in the Funds’ proxy statement):

1.	To approve and vote upon the election of Directors for the Fund, each such Director to serve for a term of indefinite duration and until his or her successor is duly elected and qualifies.

November 14, 2018:

AB Multi-Manager Select 2015 Fund

AB Multi-Manager Select Retirement Allocation Fund


Director:	Voted For:		Authority Withheld:
Michael J. Downey		177,670,106		1,341,274
William H. Foulk, Jr.*		177,513,147		1,498,234
Nancy P. Jacklin		177,735,792		1,275,589
Robert M. Keith		177,684,440		1,326,940
Carol C. McMullen		177,776,007		1,235,373
Gary L. Moody		177,685,142		1,326,239
Marshall C. Turner, Jr.		177,657,263		1,354,118
Earl D. Weiner		177,655,684		1,355,696

December 11, 2018:

AB Multi-Manager Select 2010 Fund

AB Multi-Manager Select 2020 Fund

AB Multi-Manager Select 2025 Fund

AB Multi-Manager Select 2030 Fund

AB Multi-Manager Select 2035 Fund

AB Multi-Manager Select 2040 Fund

AB Multi-Manager Select 2045 Fund

AB Multi-Manager Select 2050 Fund

AB Multi-Manager Select 2055 Fund


Director:	Voted For:		Authority Withheld:
Michael J. Downey		215,536,553		1,474,295
William H. Foulk, Jr.*		215,369,140		1,641,708
Nancy P. Jacklin		215,599,334		1,411,513
Robert M. Keith		215.547,510		1,463,337
Carol C. McMullen		215,652,168		1,358,679
Gary L. Moody		215,553,805		1,457,043
Marshall C. Turner, Jr.		215,527,252		1,483,596
Earl D. Weiner		215,530,515		1,480,332

*	Mr. Foulk retired on December 31, 2018.



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RESULTS OF STOCKHOLDER MEETING (continued)

(unaudited)

2.	To vote upon the approval of new advisory agreements for the Fund with AllianceBernstein L.P.

November 14, 2018:

Fund

Voted
For

Voted

Against

Abstained

Broker-Non

Votes

AB Multi-Manager Select 2015 Fund

1,765,441

20,336

189,416

337,675

AB Multi-Manager Select Retirement Allocation

636,189

– 0

–

– 0

–

21,268

December 11, 2018:


Fund	Voted For		Voted Against			Abstained		Broker-Non Votes
AB Multi-Manager Select 2010 Fund		1.193,129		8,271			5,266		66.286
AB Multi-Manager Select 2020 Fund		5,582.271		1,527			96,035		83,767
AB Multi-Manager Select 2025 Fund		9,157,889		3,276			118,401		436,551
AB Multi-Manager Select 2030 Fund		6,997,224		39,288			77,951		479,526
AB Multi-Manager Select 2035 Fund		7,181,047		3,424			17,174		247,086
AB Multi-Manager Select 2040 Fund		4,048,630		4,807			56,677		215,182
AB Multi-Manager Select 2045 Fund		3,669,596		– 0	–		23,383		192,448
AB Multi-Manager Select 2050 Fund		1,454,722		– 0	–		24,317		29,605
AB Multi-Manager Select 2055 Fund		1.850,493		1,404			1,352		95,742



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BOARD OF DIRECTORS

Marshall C. Turner, Jr.^(1), Chairman

Michael J. Downey⁽¹⁾

Nancy P. Jacklin⁽¹⁾

Robert M. Keith, President and Chief Executive Officer

Carol C. McMullen⁽¹⁾

Garry L. Moody⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Daniel J. Loewy^(2), Vice President

Christopher H. Nikolich^(2), Vice President

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Michael B. Reyes, Senior Analyst

Emilie D. Wrapp, Secretary

Phyllis J. Clarke, Controller

Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent

State Street Bank and Trust Company
State Street Corporation CCB/5
1 Iron Street
Boston, MA 02210

Principal Underwriter

AllianceBernstein Investments, Inc.
1345 Avenue of the Americas
New York, NY 10105

Transfer Agent

AllianceBernstein Investor Services, Inc.
P.O. Box 786003
San Antonio, TX 78278-6003
Toll-Free (800) 221-5672

Independent Registered Public Accounting Firm

Ernst & Young LLP
5 Times Square
New York, NY 10036

Legal Counsel

Seward & Kissel LLP
One Battery Park Plaza
New York, NY 10004

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

2	Messrs. Loewy and Nikolich are the investment professionals at the Adviser with the most significant responsibility for the Adviser’s role in the day-to-day management of the Funds’ portfolios, which role includes monitoring the Funds’ sub-adviser and allocating Fund assets among asset classes.



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Information Regarding the Review and Approval of the Proposed New Advisory Agreement and Interim Advisory Agreement in Respect of Each Fund in the Context of Potential Assignments

As described in more detail in the Proxy Statement for the AB Funds dated August 20, 2018, the Boards of the AB Funds, at a meeting held on July 31-August 2, 2018, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Cap Fund, Inc. in respect of each of AB Multi-Manager Select Retirement Allocation Fund, AB Multi-Manager Select 2010 Fund, AB Multi-Manager Select 2015 Fund, AB Multi-Manager Select 2020 Fund, AB Multi-Manager Select 2025 Fund, AB Multi-Manager Select 2030 Fund, AB Multi-Manager Select 2035 Fund, AB Multi-Manager Select 2040 Fund, AB Multi-Manager Select 2045 Fund, AB Multi-Manager Select 2050 Fund and AB Multi-Manager Select 2055 Fund (each, a “Fund” and collectively, the “Funds”), in connection with the planned disposition by AXA S.A. of its remaining shares of AXA Equitable Holdings, Inc. (the indirect holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser) in one or more transactions and the related potential for one or more “assignments” (within the meaning of section 2(a)(4) of the Investment Company Act) of the advisory agreements for the AB Funds, including the Fund’s Advisory Agreement, resulting in the automatic termination of such advisory agreements.

At the same meeting, the AB Boards also considered and approved interim advisory agreements with the Adviser (the “Interim Advisory Agreements”) for the AB Funds, including the Funds, to be effective only in the event that stockholder approval of a Proposed Agreement had not been obtained as of the date of one or more transactions resulting in an “assignment” of the Adviser’s advisory agreements, resulting in the automatic termination of such advisory agreements.

The shareholders of each Fund subsequently approved the Proposed Agreements at an annual meeting of shareholders called for the purpose of electing Directors and voting on the Proposed Agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on July 31-August 2, 2018 is set forth below.



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funds were approved in February 2017. In connection with their approval of the Proposed Agreements, the Boards considered their conclusions in connection with their most recent approvals of the Current Agreements, in particular in cases where the last approval of a Current Agreement was relatively recent, including the Boards’ general satisfaction with the nature and quality of services being provided and, as applicable, in the case of certain Funds, actions taken or to be taken in an effort to improve investment performance or reduce expense ratios. The Directors also reviewed updated information provided by the Adviser in respect of each Fund. Also in connection with their approval of the Proposed Agreements, the Boards considered a representation made to them at that time by the Adviser that there were no additional developments not already disclosed to the Boards since their most recent approvals of the Current Agreements that would be a material consideration to the Boards in connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

The Directors considered their knowledge of the nature and quality of the services provided by the Adviser to each Fund gained from their experience as directors or trustees of 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 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 each 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 management fees of the Funds they oversee. 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 Funds, and the overall arrangements between the Funds and the Adviser, as provided in the Proposed Agreements, including the management fees, were fair and reasonable in light of the services performed under the Current Agreements and to be performed under the Proposed Agreements, expenses incurred and to be incurred and such other matters as the Directors considered relevant in the exercise of their



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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 to be provided by the Adviser under the Proposed Agreements, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. They also considered the information that had been provided to them by the Adviser concerning the anticipated implementation of the Plan and the Adviser’s representation that it did not anticipate that such implementation would affect the management or structure of the Adviser, have a material adverse effect on the Adviser, or adversely affect the quality of the services provided to the Funds by the Adviser and its affiliates. The Directors noted that the Adviser from time to time reviews each 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 each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds 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. The Directors noted that the Adviser did not request any reimbursements from certain Funds in the Fund’s latest fiscal year reviewed. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors of each Fund concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Funds under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability



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expenses of the Adviser’s relationship with a Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund, as applicable. The Directors recognized that it is difficult to make comparisons of the profitability of the Proposed Agreements 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 each Fund before taxes and distribution expenses, as applicable. The Directors noted that certain Funds were not profitable to the Adviser in one or more periods reviewed. The Directors concluded that the Adviser’s level of profitability from its relationship with the other Funds was not unreasonable. The Directors were unable to consider historical information about the profitability of certain Funds that had recently commenced operations and for which historical profitability information was not available. The Adviser agreed to provide the Directors with profitability information in connection with future proposed continuances of the Proposed Agreements.

Fall-Out Benefits

The Directors considered the other benefits to the Adviser and its affiliates from their relationships with the Funds, including, but not limited to, as applicable, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients) in the case of certain Funds; 12b-1 fees and sales charges received by the principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the shares of most of the Funds; brokerage commissions paid by certain Funds to brokers affiliated with the Adviser; and transfer agency fees paid by most of the Funds to a wholly owned subsidiary of the Adviser. The Directors recognized that the Adviser’s profitability would be somewhat lower, and that a 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 Funds.

Investment Results

In addition to the information reviewed by the Directors in connection with the Board meeting at which the Proposed Agreements were approved, the Directors receive detailed performance information for the Funds at each regular Board meeting during the year.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ underperformance in certain periods. The Directors also reviewed updated performance information and, in some cases, discussed with the Adviser the reasons for changes in performance or continued



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underperformance. On the basis of this review, the Directors concluded that each Fund’s investment performance was acceptable.

Management Fees and Other Expenses

The Directors considered the management fee rate payable by each Fund to the Adviser and information prepared by an independent service provider (the “15(c) provider”) concerning management fee rates payable by other funds in the same category as the Fund. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.

The Directors also considered the Adviser’s fee schedule for other clients pursuing a similar investment style to each Fund. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Funds’ Senior Analyst and noted the differences between a 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 pursuing a similar investment strategy as the Fund, on the other, as applicable. 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 also informed the Directors that, in the case of certain Funds, there were no institutional products managed by the Adviser that have a substantially similar investment style. The Directors also discussed these matters with their independent fee consultant.



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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 Funds, and the different risk profile, the Directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The Directors noted that many of the Funds may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the 1940 Act as these may be varied as a result of exemptive orders issued by the SEC. The Directors also noted that ETFs pay advisory fees pursuant to their advisory contracts. The Directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that each Fund’s management fee would be for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

With respect to each Fund’s management fee, the Directors considered the total expense ratio of the Fund in comparison to a peer group and peer universe selected by the 15(c) service provider. The Directors also considered the Adviser’s expense caps for certain Funds. 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 a Fund by others.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ expense ratios in certain periods. The Directors also reviewed updated expense ratio information and, in some cases, discussed with the Adviser the reasons for the expense ratios of certain Funds. On the basis of this review, the Directors concluded that each Fund’s expense ratio was acceptable.

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale



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Funds, and 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 Board 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 each 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. The Directors informed the Adviser that they would monitor the asset levels of the Funds without breakpoints and their profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warrant doing so.

The Directors did not consider the extent to which fee levels in the Advisory Agreement for the ACS Funds reflect economies of scale because that Advisory Agreement does not provide for any compensation to be paid to the Adviser by the ACS Funds and the expense ratio of each of those Funds is zero.

Interim Advisory Agreements

In approving the Interim Advisory Agreements, the Boards, with the assistance of independent counsel, considered similar factors to those considered in approving the Proposed Agreements. The Interim Advisory Agreements approved by the Boards are identical to the Proposed Agreements, as well as the Current Agreements, in all material respects except for their proposed effective and termination dates and provisions intended to comply with the requirements of the relevant SEC rule, such as provisions requiring escrow of advisory fees. Under the Interim Advisory Agreements, the Adviser would continue to manage a Fund pursuant to an Interim Advisory Agreement until a new advisory agreement was approved by stockholders or until the end of the 150-day period, whichever would occur earlier. All fees earned by the Adviser under an Interim Advisory Agreement would be held in escrow pending shareholder approval of the Proposed Agreement. Upon approval of a new advisory agreement by stockholders, the escrowed management fees would be paid to the Adviser, and the Interim Advisory Agreement would terminate.



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Information Regarding the Review and Approval of the Current Advisory Agreement and Sub-Advisory Agreement in Respect of Each Fund

The disinterested directors (the “directors”) of AB Cap Fund, Inc. (the “Company”) unanimously approved (i) the continuance of the Company’s Advisory Agreement with the Adviser in respect of each of the portfolios listed below (each, a “Fund” and collectively, the “Funds”) and (ii) the continuance of the Sub-Advisory Agreement as proposed to be amended (the “Amended Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Advisory Contracts”) between the Adviser and Morningstar Investment Management LLC (the “Sub-Adviser”) in respect of each Fund at a meeting held on July 31-August 2, 2018 (the “Meeting”).

•

AB Multi-Manager Select Retirement Allocation Fund

•

AB Multi-Manager Select 2010 Fund

•

AB Multi-Manager Select 2015 Fund

•

AB Multi-Manager Select 2020 Fund

•

AB Multi-Manager Select 2025 Fund

•

AB Multi-Manager Select 2030 Fund

•

AB Multi-Manager Select 2035 Fund

•

AB Multi-Manager Select 2040 Fund

•

AB Multi-Manager Select 2045 Fund

•

AB Multi-Manager Select 2050 Fund

•

AB Multi-Manager Select 2055 Fund

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 materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst 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



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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 Funds and the underlying funds in which the Funds invest. The directors also receive an annual presentation from the Sub-Adviser addressing the Sub-Adviser’s services to the Funds.

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 each Fund, and the overall arrangements (i) between each Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee and (ii) between the Adviser and the Sub-Adviser, as provided in the Amended Sub-Advisory Agreement, including the sub-advisory fee payable by the Adviser to the Sub-Adviser, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. The directors considered both the investment advisory services and the other non-advisory services outlined with specificity in the Advisory Agreement that are provided to the Funds by the Adviser. The directors also noted that the Adviser from time to time reviews each 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 Adviser’s personnel who oversee the Sub-Adviser, other members of the investment team and other senior personnel of the Adviser. The directors noted that the Advisory Agreement, unlike the advisory agreements for most of the other AB Funds, does not provide for reimbursement to the Adviser of the Adviser’s costs of providing administrative and accounting services for the Funds. These services are covered by the advisory fee.

The directors noted that each Fund invests in a mix of mutual funds advised by the Adviser (“AB Funds”) and mutual funds and exchange-traded funds managed by third parties unaffiliated with the Adviser (“External Funds” and, together with the AB Funds, “Underlying Funds”) consistent with its target



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asset mix. The Adviser is responsible for the allocation of Fund assets among asset classes. The Sub-Adviser selects the Underlying Funds within each asset class for investment by the Funds in light of the Adviser’s specified asset allocation. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of each 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 each of the Funds 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 each Fund to the Adviser for calendar years 2016 and 2017 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Fund’s former Senior Officer/Independent Compliance Officer. 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 Funds, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Funds. 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 Funds before taxes and distribution expenses. The directors noted that the Funds were 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 Funds and the underlying funds advised by the Adviser in which the Funds invest, 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 Funds’ principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of certain classes of the Funds’ shares; brokerage commissions paid by the Funds to brokers affiliated with the Adviser; and transfer agency fees paid by the Funds to a wholly owned subsidiary of the Adviser. The directors recognized that each 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 Funds.



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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 each 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 each 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- and 3-year periods ended May 31, 2018 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 each Fund’s investment performance was acceptable.

Advisory Fee and Other Expenses

The directors considered the advisory fee rate payable by each 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 such 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 each Fund’s contractual advisory fee rate with a peer group median.

The directors also considered the Adviser’s fee schedule for other clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and in a report from the Funds’ Senior Analyst and noted the differences between each Fund’s fee schedule, on the one hand, and the Adviser’s institutional fee schedule, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also discussed these matters with their independent fee consultant.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to each Fund relative to institutional clients. In this regard, the Adviser noted, among other things, that, compared to institutional accounts, each 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



258 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

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 Funds, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that each Fund invests in External Funds pursuant to a Fund of Funds Order from the SEC. The directors concluded that the advisory fee for each Fund is paid for services provided that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the External Funds.

The directors also considered the total expense ratio of the Class A shares of each Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of each Fund was based on the Fund’s latest fiscal year and the information included the pro forma expense ratio to reflect a reduction in each Fund’s expense ratio effective November 30, 2017 in connection with changes to the Fund’s investment policies. The directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense caps. The directors noted that it was likely that the expense ratios of some of the other funds in each 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 Funds by others. Based on their review, the directors concluded that each Fund’s pro forma expense ratio was acceptable.

Approval of Amended Sub-Advisory Agreement

Nature, Extent and Quality of Services Provided and Performance

In determining to approve the Amended Sub-Advisory Agreement, the directors relied to a significant extent on the due diligence review performed by the Adviser to develop a recommendation to the directors for the Sub-Adviser to continue to serve as sub-adviser for each of the Funds. The directors also reviewed extensive materials concerning the Sub-Adviser. The directors’ review of the Sub-Adviser and the nature and quality of the services provided by it covered, among other things: (i) the Sub-Adviser’s operations and principal business activities, services provided by the Sub-Adviser and senior and professional personnel who perform services for the Funds, (ii) investment advisory services provided by the Sub-Adviser to the Funds, and (iii) the Sub-Adviser’s compliance structure and program.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 259

Cost of Services Provided and Profitability

The directors considered the amount and competitiveness of the sub-advisory fee payable to the Sub-Adviser, noting that such fee had been negotiated by the Adviser (which is not affiliated with the Sub-Adviser) and that the sub-advisory fee was payable by the Adviser out of the advisory fee paid to the Adviser by the Funds. They also considered profitability information that the Adviser obtained from the Sub-Adviser.

Economies of Scale

The directors noted that the advisory fee schedule for the Funds does not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors noted that the sub-advisory fee schedule for the Funds contains a breakpoint that reduces the fee rate on assets above a specified level. The sub-advisory fee schedule also provides for an annual minimum fee. The directors recognized that, because the Sub-Adviser’s fee schedule includes a breakpoint which the Adviser’s fee schedule does not, the Adviser would retain a larger fee on a percentage basis as the Funds grow. 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 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 and the Sub-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 or sub-adviser and to the economies of scale that an adviser or sub-adviser may realize in its overall mutual fund or asset management 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 Funds, 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. The directors informed the Adviser that they would monitor each Fund’s assets (which were well below the level at which they would anticipate adding an initial breakpoint) and its profitability (currently unprofitable) to the Adviser and anticipated revisiting the question of breakpoints in the advisory fee schedule in the future if circumstances warranted doing so.



260 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

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

AB FAMILY OF FUNDS

US EQUITY

US CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

US GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

INTERNATIONAL/ GLOBAL CORE

FlexFee^™ International Strategic Core Portfolio

Global Core Equity Portfolio

International Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL GROWTH

Concentrated International Growth Portfolio

FlexFee^™ Emerging Markets Growth Portfolio

INTERNATIONAL/ GLOBAL EQUITY (continued)

Sustainable International Thematic Fund

INTERNATIONAL/ GLOBAL 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 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

FlexFee^™ High Yield Portfolio

FlexFee^™ International Bond Portfolio

Global Bond Fund

High Income Fund

Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

TARGET-DATE

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

Multi-Manager Select 2060 Fund

CLOSED-END FUNDS

Alliance California Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund

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.



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 261

NOTES



262 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

NOTES



abfunds.com		AB MULTI-MANAGER SELECT RETIREMENT FUNDS ^\| 263

NOTES



264 ^\| AB MULTI-MANAGER SELECT RETIREMENT FUNDS		abfunds.com

LOGO

AB MULTI-MANAGER SELECT RETIREMENT FUNDS

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

MMSR-0152-0119 LOGO

JAN^01.31.19

LOGO

SEMI-ANNUAL REPORT

AB SMALL CAP GROWTH PORTFOLIO

LOGO

Beginning January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling the Fund at (800) 221 5672.

You may elect to receive all future reports in paper form free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call the Fund at (800) 221 5672. Your election to receive reports in paper form will apply to all funds held in your account with your financial intermediary or, if you invest directly, to all AB Mutual Funds you hold.



Investment Products Offered		• Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed

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

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^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.


FROM THE PRESIDENT

Dear Shareholder,

We are pleased to provide this report for AB Small Cap Growth Portfolio (the “Fund”). Please review the discussion of Fund performance, the market conditions during the reporting period and the Fund’s investment strategy.

As always, AB strives to keep clients ahead of what’s next by:

⁺

Transforming uncommon insights into uncommon knowledge with a global research scope

⁺

Navigating markets with seasoned investment experience and sophisticated solutions

⁺

Providing thoughtful investment insights and actionable ideas

Whether you’re an individual investor or a multi-billion-dollar institution, we put knowledge and experience to work for you.

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

Thank you for your investment in the AB Mutual Funds.

Sincerely,

LOGO

Robert M. Keith

President and Chief Executive Officer, AB Mutual Funds



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 1

SEMI-ANNUAL REPORT

March 15, 2019

This report provides management’s discussion of fund performance for AB Small Cap Growth Portfolio for the semi-annual reporting period ended January 31, 2019.

The Fund’s investment objective is long-term growth of capital.

NAV RETURNS AS OF JANUARY 31, 2019 (unaudited)



	6 Months		12 Months

AB SMALL CAP GROWTH PORTFOLIO¹

Class A Shares		-4.05%		6.13%

Class B Shares²		-4.46%		5.26%

Class C Shares		-4.41%		5.34%

Advisor Class Shares³		-3.92%		6.40%

Class R Shares³		-4.23%		5.69%

Class K Shares³		-4.03%		6.16%

Class I Shares³		-3.92%		6.38%

Class Z Shares³		-3.87%		6.47%

Russell 2000 Growth Index		-9.34%		-2.63%

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 January 31, 2019, by 0.01% and 0.04%, respectively.

2	Effective January 31, 2009, Class B shares are no longer available for purchase to new investors. Please see Note A for more information.

INVESTMENT RESULTS

The table above shows the Fund’s performance compared to its benchmark, the Russell 2000 Growth Index, for the six- and 12-month periods ended January 31, 2019.

All share classes of the Fund outperformed the benchmark for both periods, before sales charges. Strong fundamental execution, against a backdrop that rewarded fundamental outperformers, drove much of the outperformance. For both periods, security selection was the primary driver of outperformance versus the benchmark, with the strongest contributions coming from favorable picks in the health care, technology and consumer-discretionary sectors. Sector allocation was modestly positive for both periods, as the drag from being underweight real estate was more



2 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

than offset by an overweight to the strong-performing technology sector. Stock selection in the materials, financials and communication-services sectors detracted for the six-month period; stock selection in industrials, financials and materials detracted for the 12-month period.

The Fund did not utilize derivatives during either period.

MARKET REVIEW AND INVESTMENT STRATEGY

US equities fell during the six-month period ended January 31, 2019. Strong corporate earnings and economic data sent US equity indices to record highs early in the period. However, performance quickly turned negative amid increased volatility later in the reporting period. Investors worried about slowing global growth, especially in China, and rising interest rates driven by the actions of the US Federal Reserve. Trade conflicts between the US and China exacerbated investor fears. Growth-style stocks modestly outperformed value-style stocks, and small-cap stocks underperformed their large-cap peers.

The Fund continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. The Fund remains overweight secular growth companies that have unique drivers or company-specific initiatives to support their future earnings growth, regardless of the macro backdrop. At the end of the reporting period, information technology and consumer discretionary reflected the Fund’s largest overweights, with communication services and real estate as the largest underweights, relative to the benchmark.

INVESTMENT POLICIES

The Fund invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Fund’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Fund may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Fund’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Fund may invest in foreign securities.

(continued on next page)



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 3

The Fund may periodically invest in the securities of companies that are expected to appreciate due to a development particularly or uniquely applicable to that company regardless of general business conditions or movements of the market as a whole.

The Fund invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Fund may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Fund seeks to invest than direct investments. The Fund may also invest up to 20% of its total assets in rights or warrants.

The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.



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DISCLOSURES AND RISKS

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of small-cap growth companies within the US. An investor cannot invest directly in an index, and its 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 that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Sector Risk: The Fund may have more risk because of concentrated investments in a particular market sector, such as the technology or health care services sector. Market or economic factors affecting that sector could have a major effect on the value of the Fund’s investments.

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.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional 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.

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



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 5

DISCLOSURES AND RISKS (continued)

An Important Note About Historical Performance

The investment return and principal value of an investment in the Fund will fluctuate, so that 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.

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; the applicable contingent deferred sales charge for Class B shares (4% year 1, 3% year 2, 2% year 3, 1% year 4) 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.



6 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

HISTORICAL PERFORMANCE

AVERAGE ANNUAL RETURNS AS OF JANUARY 31, 2019 (unaudited)



	NAV Returns		SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		6.13%		1.62%

5 Years		9.06%		8.12%

10 Years		18.59%		18.07%

CLASS B SHARES

1 Year		5.26%		2.08%

5 Years		8.17%		8.17%

10 Years¹		17.81%		17.81%

CLASS C SHARES

1 Year		5.34%		4.54%

5 Years		8.24%		8.24%

10 Years		17.69%		17.69%

ADVISOR CLASS SHARES²

1 Year		6.40%		6.40%

5 Years		9.33%		9.33%

10 Years		18.89%		18.89%

CLASS R SHARES²

1 Year		5.69%		5.69%

5 Years		8.68%		8.68%

10 Years		18.27%		18.27%

CLASS K SHARES²

1 Year		6.16%		6.16%

5 Years		9.07%		9.07%

10 Years		18.67%		18.67%

CLASS I SHARES²

1 Year		6.38%		6.38%

5 Years		9.38%		9.38%

10 Years		19.03%		19.03%

CLASS Z SHARES²

1 Year		6.47%		6.47%

Since Inception³		11.08%		11.08%

The Fund’s current prospectus fee table shows the Fund’s total annual operating expense ratios as 1.15%, 1.95%, 1.90%, 0.90%, 1.55%, 1.11%, 0.91% and 0.82% for Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I and Class Z shares, respectively. 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)



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 7

HISTORICAL PERFORMANCE (continued)

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

3	Inception date: 6/30/2015.



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HISTORICAL PERFORMANCE (continued)

SEC AVERAGE ANNUAL RETURNS

AS OF THE MOST RECENT CALENDAR QUARTER-END

DECEMBER 31, 2018 (unaudited)



	SEC Returns (reflects applicable sales charges)

CLASS A SHARES

1 Year		-5.12%

5 Years		5.70%

10 Years		16.13%

CLASS B SHARES

1 Year		-4.67%

5 Years		5.76%

10 Years¹		15.87%

CLASS C SHARES

1 Year		-2.39%

5 Years		5.82%

10 Years		15.76%

ADVISOR CLASS SHARES²

1 Year		-0.66%

5 Years		6.89%

10 Years		16.94%

CLASS R SHARES²

1 Year		-1.32%

5 Years		6.26%

10 Years		16.33%

CLASS K SHARES²

1 Year		-0.87%

5 Years		6.63%

10 Years		16.72%

CLASS I SHARES²

1 Year		-0.68%

5 Years		6.93%

10 Years		17.07%

CLASS Z SHARES²

1 Year		-0.60%

Since Inception³		7.46%

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

3	Inception date: 6/30/2015.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 9

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.


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	959.50	$	5.58		1.13	%	$	5.63		1.14	%
Hypothetical**	$	1,000	$	1,019.51	$	5.75		1.13	%	$	5.80		1.14	%



10 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

EXPENSE EXAMPLE (continued)


	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class B
Actual	$	1,000	$	955.40	$	9.56		1.94	%	$	9.61		1.95	%
Hypothetical**	$	1,000	$	1,015.43	$	9.86		1.94	%	$	9.91		1.95	%
Class C
Actual	$	1,000	$	955.90	$	9.32		1.89	%	$	9.32		1.89	%
Hypothetical**	$	1,000	$	1,015.68	$	9.60		1.89	%	$	9.60		1.89	%
Advisor Class
Actual	$	1,000	$	960.80	$	4.40		0.89	%	$	4.40		0.89	%
Hypothetical**	$	1,000	$	1,020.72	$	4.53		0.89	%	$	4.53		0.89	%
Class R
Actual	$	1,000	$	957.70	$	7.50		1.52	%	$	7.50		1.52	%
Hypothetical**	$	1,000	$	1,017.54	$	7.73		1.52	%	$	7.73		1.52	%
Class K
Actual	$	1,000	$	959.70	$	5.38		1.09	%	$	5.38		1.09	%
Hypothetical**	$	1,000	$	1,019.71	$	5.55		1.09	%	$	5.55		1.09	%
Class I
Actual	$	1,000	$	960.80	$	4.35		0.88	%	$	4.40		0.89	%
Hypothetical**	$	1,000	$	1,020.77	$	4.48		0.88	%	$	4.53		0.89	%
Class Z
Actual	$	1,000	$	961.30	$	4.00		0.81	%	$	4.00		0.81	%
Hypothetical**	$	1,000	$	1,021.12	$	4.13		0.81	%	$	4.13		0.81	%

*	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 SMALL CAP GROWTH PORTFOLIO ^\| 11

PORTFOLIO SUMMARY

January 31, 2019 (unaudited)

PORTFOLIO STATISTICS

Net Assets ($mil): $1,675.3

LOGO

TEN LARGEST HOLDINGS²



Company	U.S. $ Value		Percent of Net Assets

Five Below, Inc.	$	34,515,968		2.0	%

Planet Fitness, Inc.		32,503,662		1.9

iShares Russell 2000 Growth ETF		32,069,110		1.9

iRhythm Technologies, Inc.		30,081,755		1.8

Etsy, Inc.		29,543,899		1.8

Teladoc Health, Inc.		28,941,103		1.7

LHC Group, Inc.		28,058,627		1.7

Rapid7, Inc.		26,517,594		1.6

Ollie’s Bargain Outlet Holdings, Inc.		26,321,793		1.6

Vocera Communications, Inc.		26,227,381		1.6

	$	294,780,892		17.6	%

1	All data are as of January 31, 2019. The Fund’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

2	Long-term investments.

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.



12 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

PORTFOLIO OF INVESTMENTS

January 31, 2019 (unaudited)


Company	Shares		U.S. $ Value

COMMON STOCKS – 95.6%
Health Care – 24.0%
Biotechnology – 10.5%
Adamas Pharmaceuticals, Inc.^(a)(b)		466,453	$	4,198,077
Aimmune Therapeutics, Inc.^(b)		359,176		8,447,819
Allakos, Inc.^(a)(b)		120,702		4,822,045
Allogene Therapeutics, Inc.^(a)(b)		227,143		6,889,247
Ascendis Pharma A/S (Sponsored ADR)^(b)		130,780		9,345,539
BeiGene Ltd. (Sponsored ADR)^(a)(b)		67,639		8,757,898
Biohaven Pharmaceutical Holding Co., Ltd.^(b)		263,190		10,024,907
Blueprint Medicines Corp.^(b)		165,579		11,936,590
Deciphera Pharmaceuticals, Inc.^(b)		258,534		6,946,809
Exact Sciences Corp.^(b)		285,415		25,710,183
Loxo Oncology, Inc.^(b)		82,750		19,413,150
Madrigal Pharmaceuticals, Inc.^(b)		56,170		6,502,239
Neurocrine Biosciences, Inc.^(b)		146,560		12,929,523
NuCana PLC (ADR)^(a)(b)		250,901		3,251,677
Rubius Therapeutics, Inc.^(a)(b)		437,669		5,991,689
Sage Therapeutics, Inc.^(b)		50,563		7,209,778
Sarepta Therapeutics, Inc.^(b)		65,670		9,174,756
Ultragenyx Pharmaceutical, Inc.^(b)		185,359		9,141,906
Y-mAbs Therapeutics, Inc.^(b)		260,925		5,369,836

				176,063,668

Health Care Equipment & Supplies – 4.5%
Insulet Corp.^(b)		26,790		2,175,080
iRhythm Technologies, Inc.^(b)		353,903		30,081,755
Penumbra, Inc.^(b)		126,803		18,451,105
Tactile Systems Technology, Inc.^(a)(b)		376,107		25,041,204

				75,749,144

Health Care Providers & Services – 2.1%
Guardant Health, Inc.^(b)		154,693		6,240,316
LHC Group, Inc.^(b)		265,380		28,058,627

				34,298,943

Health Care Technology – 3.3%
Teladoc Health, Inc.^(b)		450,796		28,941,103
Vocera Communications, Inc.^(b)		642,513		26,227,381

				55,168,484

Life Sciences Tools & Services – 1.4%
ICON PLC^(b)		166,084		23,231,830


Pharmaceuticals – 2.2%
Aerie Pharmaceuticals, Inc.^(b)		204,328		9,607,502
Aquestive Therapeutics, Inc.^(a)(b)		188,568		1,155,922
GW Pharmaceuticals PLC (Sponsored ADR)^(b)		54,720		7,811,280
Intersect ENT, Inc.^(b)		479,970		14,240,710
Revance Therapeutics, Inc.^(b)		277,748		4,796,708

				37,612,122

				402,124,191



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 13

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Information Technology – 22.1%
Communications Equipment – 1.0%
Ciena Corp.^(b)		437,644	$	16,669,860


Electronic Equipment, Instruments & Components – 2.3%
Littelfuse, Inc.		88,790		15,602,179
Novanta, Inc.^(b)		325,620		22,689,202

				38,291,381

Semiconductors & Semiconductor Equipment – 3.5%
Cree, Inc.^(b)		334,260		16,856,732
Monolithic Power Systems, Inc.		103,419		13,088,708
Silicon Laboratories, Inc.^(b)		245,412		18,774,018
Universal Display Corp.^(a)		94,830		9,846,199

				58,565,657

Software – 14.3%
2U, Inc.^(b)		153,039		8,700,267
Altair Engineering, Inc. – Class A^(b)		647,100		20,953,098
Aspen Technology, Inc.^(b)		203,420		19,656,475
Blackline, Inc.^(b)		341,079		16,228,539
Five9, Inc.^(b)		311,010		15,901,941
Guidewire Software, Inc.^(b)		148,065		12,834,274
HubSpot, Inc.^(b)		164,296		26,009,700
New Relic, Inc.^(b)		240,084		24,404,538
Rapid7, Inc.^(b)		659,970		26,517,594
RingCentral, Inc. – Class A^(b)		200,815		18,563,339
SailPoint Technologies Holding, Inc.^(b)		881,536		25,167,853
Trade Desk, Inc. (The) – Class A^(b)		173,554		24,762,685

				239,700,303

Technology Hardware, Storage & Peripherals – 1.0%
Pure Storage, Inc. – Class A^(b)		916,780		16,419,530

				369,646,731

Consumer Discretionary – 18.3%
Distributors – 1.3%
Pool Corp.		142,678		21,388,859


Diversified Consumer Services – 3.8%
Bright Horizons Family Solutions, Inc.^(b)		209,535		24,262,058
Grand Canyon Education, Inc.^(b)		195,045		18,127,482
Strategic Education, Inc.		196,410		21,487,254

				63,876,794

Hotels, Restaurants & Leisure – 4.5%
Hilton Grand Vacations, Inc.^(b)		752,679		22,836,281
Planet Fitness, Inc.^(b)		561,182		32,503,662
Wingstop, Inc.		315,774		20,730,563

				76,070,506



14 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Internet & Direct Marketing Retail – 3.7%
Etsy, Inc.^(b)		540,602	$	29,543,899
GrubHub, Inc.^(b)		219,100		17,615,640
Wayfair, Inc. – Class A^(b)		140,458		15,374,533

				62,534,072

Multiline Retail – 1.6%
Ollie’s Bargain Outlet Holdings, Inc.^(b)		336,725		26,321,793


Specialty Retail – 3.4%
Five Below, Inc.^(b)		278,962		34,515,968
Sleep Number Corp.^(b)		607,366		21,865,176

				56,381,144

				306,573,168

Industrials – 16.7%
Aerospace & Defense – 2.3%
Hexcel Corp.		277,109		18,763,050
Mercury Systems, Inc.^(b)		340,474		19,961,991

				38,725,041

Building Products – 1.0%
Armstrong World Industries, Inc.		238,480		16,226,179


Commercial Services & Supplies – 1.4%
Cimpress NV^(b)		34,509		2,870,114
Tetra Tech, Inc.		357,228		19,715,413

				22,585,527

Construction & Engineering – 0.7%
Dycom Industries, Inc.^(b)		215,114		12,487,368


Industrial Conglomerates – 0.5%
Carlisle Cos., Inc.		77,782		8,379,455


Machinery – 6.5%
Chart Industries, Inc.^(b)		116,970		8,737,659
Gardner Denver Holdings, Inc.^(b)		807,435		19,919,421
Gates Industrial Corp. PLC^(b)		782,439		11,666,166
IDEX Corp.		129,026		17,787,524
Lincoln Electric Holdings, Inc.		143,243		12,381,925
Nordson Corp.		146,830		19,035,041
RBC Bearings, Inc.^(b)		142,368		19,848,947

				109,376,683

Road & Rail – 2.3%
Knight-Swift Transportation Holdings, Inc.		582,650		18,499,137
Saia, Inc.^(b)		325,300		19,508,241

				38,007,378



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 15

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

Trading Companies & Distributors – 2.0%
H&E Equipment Services, Inc.		723,108	$	19,357,601
SiteOne Landscape Supply, Inc.^(b)		269,991		14,390,520

				33,748,121

				279,535,752

Financials – 7.3%
Banks – 2.9%
Cadence BanCorp		763,420		14,314,125
Western Alliance Bancorp^(b)		417,233		18,475,077
Wintrust Financial Corp.		232,490		16,539,339

				49,328,541

Capital Markets – 3.1%
Hamilton Lane, Inc. – Class A		507,455		18,405,393
Houlihan Lokey, Inc.		422,027		18,670,474
Stifel Financial Corp.		315,147		15,086,087

				52,161,954

Insurance – 1.3%
Trupanion, Inc.^(a)(b)		802,612		21,309,349

				122,799,844

Consumer Staples – 2.5%
Food & Staples Retailing – 1.1%
Chefs’ Warehouse, Inc. (The)^(b)		595,633		19,131,732


Food Products – 1.4%
Freshpet, Inc.^(b)		655,118		23,564,594

				42,696,326

Materials – 2.5%
Chemicals – 2.5%
Ingevity Corp.^(b)		273,656		25,742,820
PolyOne Corp.		506,225		16,386,503

				42,129,323

Energy – 2.2%
Energy Equipment & Services – 0.6%
Oil States International, Inc.^(b)		570,888		9,830,691


Oil, Gas & Consumable Fuels – 1.6%
Magnolia Oil & Gas Corp.^(b)		1,026,430		12,358,217
Matador Resources Co.^(b)		756,017		14,742,332

				27,100,549

				36,931,240

Total Common Stocks (cost $1,252,382,922)				1,602,436,575


INVESTMENT COMPANIES – 1.9%
Funds and Investment Trusts – 1.9%
iShares Russell 2000 Growth ETF^(a)(c) (cost $30,627,812)		171,090		32,069,110



16 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

PORTFOLIO OF INVESTMENTS (continued)


Company	Shares		U.S. $ Value

PREFERRED STOCKS – 0.1%
Consumer Discretionary – 0.1%
Household Durables – 0.1%
Honest Co., Inc. (The) – Series D 0.00%^(b)(d)(e)(f)		29,639	$	742,675
Honest Co., Inc. (The) – Series E 0.00%^(b)(d)(e)(f)		7,460		124,279

Total Preferred Stocks (cost $1,502,384)				866,954


SHORT-TERM INVESTMENTS – 2.9%
Investment Companies – 2.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(c)(g)(h) (cost $47,753,119)		47,753,119		47,753,119

Total Investments Before Security Lending Collateral for Securities Loaned – 100.5% (cost $1,332,266,237)				1,683,125,758

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED – 4.9%
Investment Companies – 4.9%
AB Fixed Income Shares, Inc. – Government Money Market Portfolio – Class AB, 2.35%^(c)(g)(h) (cost $82,205,873)		82,205,873		82,205,873


Total Investments – 105.4% (cost $1,414,472,110)				1,765,331,631
Other assets less liabilities – (5.4)%				(89,982,140	)


Net Assets – 100.0%			$	1,675,349,491

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

(b)	Non-income producing security.

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

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

(e)	Illiquid security.

(f)	Fair valued by the Adviser.

(g)	Affiliated investments.

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

Glossary:

ADR – American Depositary Receipt

ETF – Exchange Traded Fund

See notes to financial statements.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 17

STATEMENT OF ASSETS & LIABILITIES

January 31, 2019 (unaudited)


Assets
Investments in securities, at value
Unaffiliated issuers (cost $1,284,513,118)	$	1,635,372,639	^(a)
Affiliated issuers (cost $129,958,992 – including investment of cash collateral for securities loaned of $82,205,873)		129,958,992
Receivable for investment securities sold		4,149,950
Receivable for capital stock sold		3,080,699
Unaffiliated dividends receivable		90,155
Affiliated dividends receivable		88,851
Other assets		75,317

Total assets		1,772,816,603

Liabilities
Payable for collateral received on securities loaned		82,205,873
Payable for investment securities purchased		11,480,990
Payable for capital stock redeemed		2,520,001
Advisory fee payable		997,959
Distribution fee payable		151,046
Transfer Agent fee payable		31,531
Administrative fee payable		26,741
Directors’ fees payable		2,283
Accrued expenses		50,688

Total liabilities		97,467,112

Net Assets	$	1,675,349,491

Composition of Net Assets
Capital stock, at par	$	3,280
Additional paid-in capital		1,289,529,851
Distributable earnings		385,816,360

	$	1,675,349,491

Net Asset Value Per Share—27 billion shares of capital stock authorized, $.0001 par value


Class	Net Assets		Outstanding		Value

A	$	530,843,554		10,893,510	$	48.73	*

B	$	1,038,288		36,762	$	28.24

C	$	29,116,115		1,011,428	$	28.79

Advisor	$	424,251,108		7,871,577	$	53.90

R	$	29,395,573		627,437	$	46.85

K	$	40,878,011		815,055	$	50.15

I	$	417,940,353		7,794,347	$	53.62

Z	$	201,886,489		3,750,006	$	53.84

(a)	Includes securities on loan with a value of $81,531,561 (see Note E).

*	The maximum offering price per share for Class A shares was $50.89 which reflects a sales charge of 4.25%.

See notes to financial statements.



18 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

STATEMENT OF OPERATIONS

Six Months Ended January 31, 2019 (unaudited)


Investment Income
Dividends
Unaffiliated issuers	$	3,454,502
Affiliated issuers		1,000,423		$	4,454,925

Expenses
Advisory fee (see Note B)		6,364,356
Distribution fee—Class A		700,058
Distribution fee—Class B		5,572
Distribution fee—Class C		152,343
Distribution fee—Class R		79,248
Distribution fee—Class K		52,080
Transfer agency—Class A		276,649
Transfer agency—Class B		873
Transfer agency—Class C		15,278
Transfer agency—Advisor Class		208,589
Transfer agency—Class R		36,597
Transfer agency—Class K		10,416
Transfer agency—Class I		210,108
Transfer agency—Class Z		17,871
Custodian		102,749
Registration fees		71,280
Printing		44,733
Administrative		36,051
Audit and tax		25,474
Legal		21,376
Directors’ fees		12,610
Miscellaneous		25,683

Total expenses		8,469,994
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(30,365	)

Net expenses					8,439,629

Net investment loss					(3,984,704	)

Realized and Unrealized Gain (Loss) on Investment Transactions
Net realized gain on investment transactions					114,623,656
Net change in unrealized appreciation/depreciation of investments					(184,833,228	)

Net loss on investment transactions					(70,209,572	)

Net Decrease in Net Assets from Operations				$	(74,194,276	)

See notes to financial statements.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 19

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018
Increase (Decrease) in Net Assets from Operations
Net investment loss	$	(3,984,704	)	$	(10,052,448	)
Net realized gain on investment transactions		114,623,656			241,786,656
Net change in unrealized appreciation/depreciation of investments		(184,833,228	)		195,974,184

Net increase (decrease) in net assets from operations		(74,194,276	)		427,708,392
Distributions to Shareholders
Class A		(80,062,549	)		(43,997,774	)
Class B		(239,237	)		(162,693	)
Class C		(6,641,292	)		(3,319,298	)
Advisor Class		(54,902,018	)		(27,307,196	)
Class R		(4,640,905	)		(3,088,203	)
Class K		(5,758,560	)		(3,274,123	)
Class I		(56,142,427	)		(28,475,966	)
Class Z		(26,247,240	)		(9,532,554	)
Capital Stock Transactions
Net increase		275,184,023			105,553,611

Total increase (decrease)		(33,644,481	)		414,104,196
Net Assets
Beginning of period		1,708,993,972			1,294,889,776

End of period	$	1,675,349,491		$	1,708,993,972

See notes to financial statements.



20 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

NOTES TO FINANCIAL STATEMENTS

January 31, 2019 (unaudited)

NOTE A

Significant Accounting Policies

AB Cap Fund, Inc. (the “Company”), which is a Maryland corporation, is registered under the Investment Company Act of 1940 as an open-end management investment company. The Company operates as a series company currently comprised of 28 portfolios. Each portfolio is considered to be a separate entity for financial reporting and tax purposes. This report relates only to the AB Small Cap Growth Portfolio (the “Fund”), a diversified portfolio. The Fund has authorized the issuance of Class A, Class B, Class C, Advisor Class, Class R, Class K, Class I, Class Z and Class T shares. Class T shares have not been issued. 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 B shares are currently sold with a contingent deferred sales charge which declines from 4% to 0% depending on the period of time the shares are held. Effective January 31, 2009, sales of Class B shares of the Fund to new investors were suspended. Class B shares will only be issued (i) upon the exchange of Class B shares from another AB mutual fund, (ii) for purposes of dividend reinvestment, (iii) through the Fund’s Automatic Investment Program (the “Program”) for accounts that established the Program prior to January 31, 2009, and (iv) for purchases of additional shares by Class B shareholders as of January 31, 2009. The ability to establish a new Program for accounts containing Class B shares was suspended as of January 31, 2009. Class B shares will automatically convert to Class A shares eight years after the end of the calendar month of purchase. Class C shares are subject to a contingent deferred sales charge of 1% on redemptions made within the first year after purchase, and 0% after the first year of purchase. Class C shares will automatically convert to Class A shares ten 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, Class I and Class Z 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. Effective February 1, 2013, the Fund was closed to new investors, subject to certain exceptions. Effective June 1, 2016, with the exception of Class B shares, the Fund reopened to new investors. 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



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 21

NOTES TO FINANCIAL STATEMENTS (continued)

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 their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Company’s Board of Directors (the “Board”).

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, AllianceBernstein L.P. (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. Such 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



22 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

NOTES TO FINANCIAL STATEMENTS (continued)

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 market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•

Level 1—quoted prices in active markets for identical investments



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NOTES TO FINANCIAL STATEMENTS (continued)

•

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

•

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of January 31, 2019:

Investments in
Securities:

Level 1

Level 2

Level 3

Total

Assets:

Common Stocks^(a)

1,602,436,575

– 0

–

– 0

–

1,602,436,575

Investment Companies

32,069,110

– 0

–

– 0

–

32,069,110

Preferred Stocks

– 0

–

– 0

–

866,954

Short-Term Investments

47,753,119

– 0

–

– 0

–

47,753,119

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

82,205,873

– 0

–

– 0

–

82,205,873

Total Investments in Securities

1,764,464,677

– 0

–

866,954

1,765,331,631

Other Financial Instruments^(b)

– 0

–

– 0

–

– 0

–

– 0

–

Total^(c)

1,764,464,677

– 0

–

866,954

1,765,331,631

^(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.

^(c)	There were no transfers between any levels during the reporting period.

The Fund recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.



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NOTES TO FINANCIAL STATEMENTS (continued)


The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.
	Preferred Stocks			Total
Balance as of 7/31/18	$	955,616		$	955,616
Accrued discounts/(premiums)		– 0	–		– 0	–
Realized gain (loss)		– 0	–		– 0	–
Change in unrealized appreciation/depreciation		(88,662	)		(88,662	)
Purchases		– 0	–		– 0	–
Sales		– 0	–		– 0	–
Transfers in to Level 3		– 0	–		– 0	–
Transfers out of Level 3		– 0	–		– 0	–

Balance as of 1/31/19	$	866,954		$	866,954

Net change in unrealized appreciation/depreciation from investments held as of 1/31/19^(a)	$	(88,662	)	$	(88,662	)

^(a)	The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying statement of operations.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Fund. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.



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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.

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.



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NOTES TO FINANCIAL STATEMENTS (continued)

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.

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 portfolio 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

NOTE B

Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Fund pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the excess over $2.5 billion up to $5 billion and .60% of the excess over $5 billion as a percentage of the Fund’s average daily net assets. The fee is accrued daily and paid monthly.



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NOTES TO FINANCIAL STATEMENTS (continued)

completed the IPO, and, in the fourth quarter of 2018, AXA completed a public offering of additional shares of AXA Equitable’s common stock and simultaneously sold shares to AXA Equitable pursuant to a separate agreement with it. As a result of the foregoing sales of AXA Equitable shares, AXA currently owns approximately 59% of the shares of common stock of AXA Equitable. Contemporaneously with the IPO, AXA sold $862.5 million aggregate principal amount of its 7.25% mandatorily exchangeable notes (the “MxB Notes”) due May 15, 2021, and exchangeable into up to 43,125,000 shares of common stock (or approximately 7% of the outstanding shares of common stock of AXA Equitable). AXA retains ownership (including voting rights) of such shares of common stock until the MxB Notes are exchanged, which may be on a date that is earlier than the maturity date at AXA’s option upon the occurrence of certain events.

It is anticipated that one or more of the transactions contemplated by the Plan may ultimately result in the indirect transfer of a “controlling block” of voting securities of the Adviser (a “Change of Control Event”) and therefore may be deemed an “assignment” causing a termination of each Fund’s current investment advisory agreement. In order to ensure that the existing investment advisory services could continue uninterrupted, at meetings held in late July through early August 2018, the Boards of Directors/Trustees (each a “Board” and collectively, the “Boards”) approved new investment advisory agreements with the Adviser, in connection with the Plan. The Boards also agreed to call and hold a joint meeting of shareholders on October 11, 2018, for shareholders of each Fund to (1) approve the new investment advisory agreement with the Adviser that would be effective after the first Change of Control Event and (2) approve any future advisory agreement approved by the Board and that has terms not materially different from the current agreement, in the event there are subsequent Change of Control Events arising from completion of the Plan that terminate the advisory agreement after the first Change of Control Event. Approval of a future advisory agreement means that shareholders may not have another opportunity to vote on a new agreement with the Adviser even upon a change of control, as long as no single person or group of persons acting together gains “control” (as defined in the 1940 Act) of AXA Equitable.

The shareholder meeting for the Fund was adjourned until March 12, 2019.

Pursuant to the investment advisory agreement, the Fund may reimburse the Adviser for certain legal and accounting services provided to the Fund by the Adviser. For the six months ended January 31, 2019, the reimbursement for such services amounted to $36,051.



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NOTES TO FINANCIAL STATEMENTS (continued)

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 $266,652 for the six months ended January 31, 2019.

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 $10,254 from the sale of Class A shares and received $1,598, $203 and $2,374 in contingent deferred sales charges imposed upon redemptions by shareholders of Class A, Class B and Class C shares, respectively, for the six months ended January 31, 2019.

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. Effective August 1, 2018, 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, 2019. 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 six months ended January 31, 2019, such waiver amounted to $20,559.

A summary of the Fund’s transactions in AB mutual funds for the six months ended January 31, 2019 is as follows:


Fund	Market Value 7/31/18 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 1/31/19 (000)		Dividend Income (000)
Government Money Market Portfolio	$	33,071	$	311,515	$	296,833	$	47,753	$	430
Government Money Market Portfolio*		68,574		429,143		415,511		82,206		570

Total							$	129,959	$	1,000

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

Brokerage commissions paid on investment transactions for the six months ended January 31, 2019 amounted to $387,672, of which $0 and



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NOTES TO FINANCIAL STATEMENTS (continued)

$0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C

Distribution Services Agreement

The Fund has adopted a Distribution Services Agreement (the “Agreement”) pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Agreement, the Fund pays distribution and servicing fees to the Distributor at an annual rate of up to .30% of the Fund’s average daily net assets attributable to Class A shares, 1% of the Fund’s average daily net assets attributable to both Class B and 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. Effective October 31, 2014, payments under the Agreement in respect of Class A shares are limited to an annual rate of .25% of Class A shares’ average daily net assets. The fees are accrued daily and paid monthly. The Agreement provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities. Since the commencement of the Fund’s operations, the Distributor has incurred expenses in excess of the distribution costs reimbursed by the Fund in the amounts of $20,212,311, $2,808,130, $703,951 and $750,526 for Class B, Class C, Class R and Class K shares, respectively. While such costs may be recovered from the Fund in future periods so long as the Agreement is in effect, the rate of the distribution and servicing fees payable under the Agreement may not be increased without a shareholder vote. In accordance with the Agreement, there is no provision for recovery of unreimbursed distribution costs incurred by the Distributor beyond the current fiscal year for Class A shares. The Agreement also provides that the Adviser may use its own resources to finance the distribution of the Fund’s shares.

NOTE D

Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended January 31, 2019 were as follows:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	645,533,904		$	603,190,802
U.S. government securities......................		– 0	–		– 0	–



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NOTES TO FINANCIAL STATEMENTS (continued)


Gross unrealized appreciation	$	415,853,516
Gross unrealized depreciation		(64,993,995	)

Net unrealized appreciation	$	350,859,521

1. Derivative Financial Instruments

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

The Fund did not engage in derivatives transactions for the six months ended January 31, 2019.

2. Currency Transactions

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

NOTE E

Securities Lending

The Fund may enter into securities lending transactions. Under the Fund’s securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. If 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



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NOTES TO FINANCIAL STATEMENTS (continued)

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 income or other distributions from the securities. 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. The lending agent has agreed to indemnify the Fund in the case of default of any securities borrower. 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. When the Fund lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At January 31, 2019, the Fund had securities on loan with a value of $81,531,561 and had received cash collateral which has been invested into Government Money Market Portfolio of $82,205,873. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Fund earned net securities lending income of $569,913 from Government Money Market Portfolio, inclusive of a rebate expense paid to the borrower, for the six months ended January 31, 2019; this amount is reflected in the statement of operations. In connection with the cash collateral investment by the Fund in the 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. For the six months ended January 31, 2019, such waiver amounted to $9,806. 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.



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NOTES TO FINANCIAL STATEMENTS (continued)

NOTE F

Capital Stock

Each class consists of 3,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:



	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class A
Shares sold		721,913			1,177,537		$	40,304,520		$	65,046,883

Shares issued in reinvestment of distributions		1,670,051			820,760			75,569,788			41,686,411

Shares converted from Class B		2,483			7,459			145,927			399,974

Shares converted from Class C		15,376			12,425			922,801			668,629

Shares redeemed		(1,194,467	)		(1,784,722	)		(65,065,495	)		(97,246,566	)

Net increase		1,215,356			233,459		$	51,877,541		$	10,555,331


Class B
Shares sold		1,080			2,318		$	39,575		$	84,700

Shares issued in reinvestment of distributions		8,922			4,766			234,298			157,769

Shares converted to Class A		(3,894	)		(11,262	)		(145,927	)		(399,974	)

Shares redeemed		(1,067	)		(2,407	)		(41,130	)		(87,807	)

Net increase (decrease)		5,041			(6,585	)	$	86,816		$	(245,312	)


Class C
Shares sold		155,972			121,985		$	5,358,063		$	4,677,010

Shares issued in reinvestment of distributions		230,940			91,086			6,179,959			3,056,845

Shares converted to Class A		(23,569	)		(18,441	)		(922,801	)		(668,629	)

Shares redeemed		(144,294	)		(204,569	)		(4,714,368	)		(7,504,715	)

Net increase (decrease)		219,049			(9,939	)	$	5,900,853		$	(439,489	)


Advisor Class
Shares sold		2,897,918			2,167,943		$	163,665,500		$	133,640,038

Shares issued in reinvestment of distributions		790,993			339,940			39,573,378			18,761,274

Shares redeemed		(2,139,973	)		(2,010,864	)		(121,757,114	)		(121,692,020	)

Net increase		1,548,938			497,019		$	81,481,764		$	30,709,292



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NOTES TO FINANCIAL STATEMENTS (continued)


	Shares						Amount
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018			Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31, 2018

Class R
Shares sold		95,968			165,581		$	5,181,605		$	8,888,842

Shares issued in reinvestment of distributions		106,614			62,565			4,640,888			3,088,193

Shares redeemed		(141,239	)		(366,299	)		(7,394,831	)		(19,286,667	)

Net increase (decrease)		61,343			(138,153	)	$	2,427,662		$	(7,309,632	)


Class K
Shares sold		143,172			181,568		$	8,164,689		$	10,425,149

Shares issued in reinvestment of distributions		123,653			62,891			5,758,541			3,270,986

Shares redeemed		(135,384	)		(362,890	)		(7,889,609	)		(19,921,808	)

Net increase (decrease)		131,441			(118,431	)	$	6,033,621		$	(6,225,673	)


Class I
Shares sold		1,213,983			2,298,970		$	74,310,063		$	138,417,238

Shares issued in reinvestment of distributions		1,127,928			518,198			56,136,998			28,474,999

Shares redeemed		(1,419,102	)		(1,985,264	)		(87,423,364	)		(116,941,797	)

Net increase		922,809			831,904		$	43,023,697		$	49,950,440


Class Z
Shares sold		1,179,910			658,040		$	75,373,257		$	39,253,166

Shares issued in reinvestment of distributions		525,227			173,020			26,245,580			9,531,633

Shares redeemed		(297,551	)		(339,361	)		(17,266,768	)		(20,226,145	)

Net increase		1,407,586			491,699		$	84,352,069		$	28,558,654

NOTE G

Risks Involved in Investing in the Fund

Sector Risk—The Fund may have more risk because of concentrated investments in a particular market sector, such as the technology or health care sector. Market or economic factors affecting that sector could have a major effect on the value of the Fund’s investments.

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.



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NOTES TO FINANCIAL STATEMENTS (continued

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 less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Fund may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

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, if necessary, subject to certain restrictions in connection with abnormal redemption activity. 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 six months ended January 31, 2019.

NOTE I

Distributions to Shareholders

The tax character of distributions to be paid for the year ending July 31, 2019 will be determined at the end of the current fiscal year.

The tax character of distributions paid during the fiscal years ended July 31, 2018 and July 31, 2017 were as follows:


	2018		2017
Distributions paid from:
Ordinary income	$	12,920,367	$	– 0	–
Net long-term capital gains		106,237,440		23,615,306

Total taxable distributions	$	119,157,807	$	23,615,306



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NOTES TO FINANCIAL STATEMENTS (continued)

As of July 31, 2018, the components of accumulated earnings/(deficit) on a tax basis were as follows:


Undistributed ordinary income	$	27,407,825
Undistributed capital gains		153,172,750
Unrealized appreciation/(depreciation)		514,064,289	^(a)

Total accumulated earnings/(deficit)	$	694,644,864

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

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 July 31, 2018, the Fund did not have any capital loss carryforwards.

NOTE J

Recent Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU 2018-13 apply to all entities that are required, under existing U.S. GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE K

Subsequent Events



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FINANCIAL HIGHLIGHTS

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class A
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 60.30			$ 49.25			$ 41.28			$ 48.82			$ 48.62			$ 47.08

Income From Investment Operations

Net investment loss^(a)		(.17	)^(b)		(.44	)^(b)		(.38	)^(b)^†		(.32	)^(b)		(.33	)		(.47	)

Net realized and unrealized gain (loss) on investment transactions		(2.92	)		16.28			9.32			(3.52	)		6.07			5.28

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(3.09	)		15.84			8.94			(3.84	)		5.74			4.81

Less: Distributions

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 48.73			$ 60.30			$ 49.25			$ 41.28			$ 48.82			$ 48.62


Total Return

Total investment return based on net asset value^(d)*		(4.05	)%		33.99	%		22.05	%^†⁺		(7.77	)%⁺		13.24	%		10.21	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$530,844			$583,619			$465,188			$293,237			$378,062			$475,832

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		1.13	%^{^}		1.13	%		1.17	%		1.27	%		1.20	%		1.27	%

Expenses, before waivers/reimbursements^(e)^‡		1.14	%^{^}		1.14	%		1.19	%		1.28	%		1.20	%		1.27	%

Net investment loss		(.61	)%^{(b)^}		(.80	)%^(b)		(.85	)%^(b)^†		(.80	)%^(b)		(.70	)%		(.93	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 37

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class B
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 39.10			$ 33.67			$ 28.74			$ 35.48			$ 37.14			$ 36.93

Income From Investment Operations

Net investment loss^(a)		(.25	)^(b)		(.58	)^(b)		(.47	)^(b)^†		(.46	)^(b)		(.53	)		(.67	)

Net realized and unrealized gain (loss) on investment transactions		(2.13	)		10.80			6.37			(2.58	)		4.41			4.15

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(2.38	)		10.22			5.90			(3.04	)		3.88			3.48

Less: Distributions

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 28.24			$ 39.10			$ 33.67			$ 28.74			$ 35.48			$ 37.14


Total Return

Total investment return based on net asset value^(d)*		(4.46	)%		32.94	%		21.07	%^†⁺		(8.48	)%⁺		12.22	%		9.37	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$1,038			$1,240			$1,290			$1,672			$2,652			$3,774

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		1.94	%^{^}		1.93	%		1.97	%		2.08	%		1.99	%		2.04	%

Expenses, before waivers/reimbursements^(e)^‡		1.95	%^{^}		1.95	%		1.98	%		2.08	%		1.99	%		2.04	%

Net investment loss		(1.42	)%^{(b)^}		(1.60	)%^(b)		(1.53	)%^(b)^†		(1.60	)%^(b)		(1.49	)%		(1.72	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



38 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class C
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 39.66			$ 34.08			$ 29.06			$ 35.82			$ 37.41			$ 37.17

Income From Investment Operations

Net investment loss^(a)		(.24	)^(b)		(.57	)^(b)		(.45	)^(b)^†		(.45	)^(b)		(.52	)		(.65	)

Net realized and unrealized gain (loss) on investment transactions		(2.15	)		10.94			6.44			(2.61	)		4.47			4.16

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(2.39	)		10.37			5.99			(3.06	)		3.95			3.51

Less: Distributions

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 28.79			$ 39.66			$ 34.08			$ 29.06			$ 35.82			$ 37.41


Total Return

Total investment return based on net asset value^(d)*		(4.41	)%		32.99	%		21.15	%^†⁺		(8.46	)%⁺		12.33	%		9.39	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$29,116			$31,424			$27,343			$39,132			$59,262			$67,619

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		1.89	%^{^}		1.88	%		1.93	%		2.02	%		1.95	%		2.00	%

Expenses, before waivers/reimbursements^(e)^‡		1.89	%^{^}		1.89	%		1.95	%		2.03	%		1.95	%		2.00	%

Net investment loss		(1.36	)%^{(b)^}		(1.55	)%^(b)		(1.46	)%^(b)^†		(1.54	)%^(b)		(1.45	)%		(1.66	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 39

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Advisor Class
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 65.62			$ 53.10			$ 44.33			$ 52.00			$ 51.31			$ 49.39

Income From Investment Operations

Net investment loss^(a)		(.11	)^(b)		(.33	)^(b)		(.25	)^(b)^†		(.23	)^(b)		(.22	)		(.35	)

Net realized and unrealized gain (loss) on investment transactions		(3.12	)		17.64			9.99			(3.74	)		6.45			5.54

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(3.23	)		17.31			9.74			(3.97	)		6.23			5.19

Less: Dividends and Distributions

Dividends from net investment income		(.01	)		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Total dividends and distributions		(8.49	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 53.90			$ 65.62			$ 53.10			$ 44.33			$ 52.00			$ 51.31


Total Return

Total investment return based on net asset value^(d)*		(3.92	)%		34.30	%		22.34	%^†⁺		(7.53	)%⁺		13.51	%		10.51	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$424,251			$414,913			$309,330			$269,857			$491,170			$426,149

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		.89	%^{^}		.88	%		.93	%		1.01	%		.94	%		1.00	%

Expenses, before waivers/reimbursements^(e)^‡		.89	%^{^}		.89	%		.94	%		1.02	%		.94	%		1.00	%

Net investment loss		(.36	)%^{(b)^}		(.55	)%^(b)		(.52	)%^(b)^†		(.54	)%^(b)		(.44	)%		(.65	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



40 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class R
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 58.45			$ 48.05			$ 40.44			$ 48.03			$ 48.09			$ 46.71

Income From Investment Operations

Net investment loss^(a)		(.27	)^(b)		(.64	)^(b)		(.47	)^(b)^†		(.43	)^(b)		(.49	)		(.59	)

Net realized and unrealized gain (loss) on investment transactions		(2.85	)		15.83			9.05			(3.46	)		5.97			5.24

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(3.12	)		15.19			8.58			(3.89	)		5.48			4.65

Less: Distributions

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 46.85			$ 58.45			$ 48.05			$ 40.44			$ 48.03			$ 48.09


Total Return

Total investment return based on net asset value^(d)*		(4.23	)%		33.45	%		21.61	%^†⁺		(8.01	)%⁺		12.81	%		9.94	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$29,396			$33,088			$33,842			$40,284			$54,094			$53,267

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		1.52	%^{^}		1.53	%		1.51	%		1.56	%		1.54	%		1.52	%

Expenses, before waivers/reimbursements^(e)^‡		1.52	%^{^}		1.55	%		1.53	%		1.56	%		1.54	%		1.52	%

Net investment loss		(.99	)%^{(b)^}		(1.20	)%^(b)		(1.08	)%^(b)^†		(1.08	)%^(b)		(1.04	)%		(1.18	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 41

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class K
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 61.77			$ 50.33			$ 42.18			$ 49.77			$ 49.48			$ 47.83

Income From Investment Operations

Net investment loss^(a)		(.16	)^(b)		(.42	)^(b)		(.30	)^(b)^†		(.31	)^(b)		(.35	)		(.44	)

Net realized and unrealized gain (loss) on investment transactions		(2.98	)		16.65			9.42			(3.58	)		6.18			5.36

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(3.14	)		16.23			9.12			(3.89	)		5.83			4.92

Less: Distributions

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 50.15			$ 61.77			$ 50.33			$ 42.18			$ 49.77			$ 49.48


Total Return

Total investment return based on net asset value^(d)*		(4.03	)%		34.04	%		22.00	%^†⁺		(7.71	)%⁺		13.16	%		10.30	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$40,878			$42,228			$40,370			$69,770			$87,627			$82,244

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		1.09	%^{^}		1.09	%		1.20	%		1.23	%		1.22	%		1.19	%

Expenses, before waivers/reimbursements^(e)^‡		1.09	%^{^}		1.11	%		1.22	%		1.23	%		1.22	%		1.19	%

Net investment loss		(.56	)%^{(b)^}		(.76	)%^(b)		(.67	)%^(b)^†		(.76	)%^(b)		(.73	)%		(.85	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



42 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class I
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			2015			2014


Net asset value, beginning of period		$ 65.33			$ 52.89			$ 44.15			$ 51.75			$ 51.07			$ 49.13

Income From Investment Operations

Net investment loss^(a)		(.11	)^(b)		(.34	)^(b)		(.24	)^(b)^†		(.19	)^(b)		(.20	)		(.30	)

Net realized and unrealized gain (loss) on investment transactions		(3.11	)		17.57			9.95			(3.71	)		6.42			5.51

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–		– 0	–

Net increase (decrease) in net asset value from operations		(3.22	)		17.23			9.71			(3.90	)		6.22			5.21

Less: Dividends and Distributions

Dividends from net investment income		(.01	)		– 0	–		– 0	–		– 0	–		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Total dividends and distributions		(8.49	)		(4.79	)		(.97	)		(3.70	)		(5.54	)		(3.27	)

Net asset value, end of period		$ 53.62			$ 65.33			$ 52.89			$ 44.15			$ 51.75			$ 51.07


Total Return

Total investment return based on net asset value^(d)*		(3.92	)%		34.29	%		22.36	%^†⁺		(7.42	)%⁺		13.57	%		10.61	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$417,940			$448,949			$319,437			$301,866			$462,296			$436,828

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		.88	%^{^}		.89	%		.91	%		.92	%		.91	%		.91	%

Expenses, before waivers/reimbursements^(e)^‡		.89	%^{^}		.91	%		.93	%		.92	%		.91	%		.91	%

Net investment loss		(.36	)%^{(b)^}		(.57	)%^(b)		(.51	)%^(b)^†		(.45	)%^(b)		(.41	)%		(.57	)%

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%		80	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%		0	%

See footnote summary on page 45.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 43

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period


	Class Z
	Six Months Ended January 31, 2019 (unaudited)			Year Ended July 31,									June 30, 2015^(f)to July 31, 2015
	Six Months Ended January 31, 2019 (unaudited)			2018			2017			2016			June 30, 2015^(f)to July 31, 2015


Net asset value, beginning of period		$ 65.54			$ 53.00			$ 44.20			$ 51.75			$ 52.05

Income From Investment Operations

Net investment income (loss)^(a)		(.09	)^(b)		(.28	)^(b)		(.23	)^(b)^†		(.16	)^(b)		(.05	)

Net realized and unrealized gain (loss) on investment transactions		(3.11	)		17.61			10.00			(3.69	)		(.25	)^**

Capital contributions		– 0	–		– 0	–		– 0	–		.00	^(c)		– 0	–

Net increase (decrease) in net asset value from operations		(3.20	)		17.33			9.77			(3.85	)		(.30	)

Less: Dividends and Distributions

Dividends from net investment income		(.02	)		– 0	–		– 0	–		– 0	–		– 0	–

Distributions from net realized gain on investment transactions		(8.48	)		(4.79	)		(.97	)		(3.70	)		– 0	–

Total dividends and distributions		(8.50	)		(4.79	)		(.97	)		(3.70	)		– 0	–

Net asset value, end of period		$ 53.84			$ 65.54			$ 53.00			$ 44.20			$ 51.75


Total Return

Total investment return based on net asset value^(d)*		(3.87	)%		34.42	%		22.47	%^†⁺		(7.32	)%⁺		(.58	)%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)		$201,886			$153,533			$98,090			$93,108			$10

Ratio to average net assets of:

Expenses, net of waivers/reimbursements^(e)^‡		.81	%^{^}		.80	%		.82	%		.85	%		.71	%^{^}

Expenses, before waivers/reimbursements^(e)^‡		.81	%^{^}		.81	%		.83	%		.85	%		.71	%^{^}

Net investment income (loss)		(.29	)%^{(b)^}		(.48	)%^(b)		(.49	)%^(b)^†		(.40	)%^(b)		(1.06	)%^{^}

Portfolio turnover rate		36	%		65	%		66	%		70	%		61	%


^‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying
portfolios		0	%^{^}		.01	%		.01	%		0	%		0	%

See footnote summary on page 45.



44 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

FINANCIAL HIGHLIGHTS (continued)

Selected Data For A Share Of Capital Stock 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)

(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 July 31, 2018 and July 31, 2017, such waiver amounted to .01% and .02%, respectively.

(f)	Commencement of distributions.

†	For the year ended July 31, 2017, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:


Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.01%	.01%

Includes the impact of proceeds received and credited to the Fund resulting from class action settlements, which enhanced the Fund’s performance for the six months ended January 31, 2019 and years ended July 31, 2018, July 31, 2017, July 31, 2016 and July 31, 2014 by .01%, .03%, .03%, .02% and .01%, respectively.

Includes the impact of proceeds recorded and credited to the Fund resulting from regulatory settlement, which enhanced the Fund’s performance for the year ended July 31, 2016 by .01%.

+	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.

**	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.

^	Annualized.

See notes to financial statements.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 45

RESULTS OF STOCKHOLDER MEETING

(unaudited)

A Special Meeting of Stockholders of the AB Cap Fund, Inc. (the “Company”)—AB Small Cap Growth Fund (the “Fund”) was held on October 11, 2018 and adjourned until December 11, 2018. At the December 11, 2018 meeting, stockholders approved the election of Directors for the Company (Proposal 1). The number of shares voted is set forth below.

The meeting was adjourned until March 12, 2019 with respect to the proposal to approve new investment advisory agreements for the Fund (Proposal 2).

1.	To approve and vote upon the election of Directors for the Company, each such Director to serve for a term of indefinite duration and until his or her successor is duly elected and qualifies.


Director:	Voted For:		Authority Withheld:
Michael J. Downey		215,536,553		1,474,295
William H. Foulk, Jr.*		215,369,140		1,641,708
Nancy P. Jacklin		215,599,334		1,411,513
Robert M. Keith		215,547,510		1,463,337
Carol C. McMullen		215,652,168		1,358,679
Gary L. Moody		215,553,805		1,457,043
Marshall C. Turner, Jr.		215,527,252		1,483,596
Earl D. Weiner		215,530,515		1,480,332

*	Mr. Foulk retired on December 31, 2018



46 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

BOARD OF DIRECTORS

Marshall C. Turner, Jr.⁽¹⁾, Chairman

Michael J. Downey⁽¹⁾

Nancy P. Jacklin⁽¹⁾

Robert M. Keith, President and Chief Executive Officer

Carol C. McMullen⁽¹⁾

Garry L. Moody⁽¹⁾

Earl D. Weiner⁽¹⁾

OFFICERS

Bruce K. Aronow⁽²⁾, Senior Vice President

Samantha S. Lau⁽²⁾, Vice President

Wen-Tse Tseng⁽²⁾, Vice President

Emilie D. Wrapp, Secretary

Michael B. Reyes, Senior Analyst

Joseph J. Mantineo, Treasurer and Chief Financial Officer

Phyllis J. Clarke, Controller

Vincent S. Noto, Chief Compliance Officer

Custodian and Accounting Agent

Transfer Agent

State Street Bank and Trust Company

State Street Corporation CCB/5

1 Iron Street

Boston, MA 02210

Principal Underwriter

AllianceBernstein Investments, Inc.

1345 Avenue of the Americas

New York, NY 10105

Legal Counsel

Seward & Kissel LLP

One Battery Park Plaza

New York, NY 10004

AllianceBernstein Investor
Services, Inc.

P.O. Box 786003

San Antonio, TX 78278-6003

Toll-Free (800) 221-5672

Independent Registered Public Accounting Firm

Ernst & Young LLP

5 Times Square

New York, NY 10036

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

The day-to-day management of, and investment decisions for, the Fund’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Mr. Aronow, Ms. Lau and Mr. Tseng are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s Portfolio.



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 47

Information Regarding the Review and Approval of the Fund’s Proposed New Advisory Agreement and Interim Advisory Agreement in the Context of Potential Assignments

As described in more detail in the Proxy Statement for the AB Funds dated August 20, 2018 (the “August 2018 Proxy Statement”), the Boards of the AB Funds, at a meeting held on July 31-August 2, 2018, approved new advisory agreements with the Adviser (the “Proposed Agreements”) for the AB Funds, including AB Cap Fund, Inc. in respect of AB Small Cap Growth Portfolio (the “Fund”), in connection with the planned disposition by AXA S.A. of its remaining shares of AXA Equitable Holdings, Inc. (the indirect holder of a majority of the partnership interests in the Adviser and the indirect parent of AllianceBernstein Corporation, the general partner of the Adviser) in one or more transactions and the related potential for one or more “assignments” (within the meaning of section 2(a)(4) of the Investment Company Act) of the advisory agreements for the AB Funds, including the Fund’s Advisory Agreement, resulting in the automatic termination of such advisory agreements.

At the same meeting, the AB Boards also considered and approved interim advisory agreements with the Adviser (the “Interim Advisory Agreements”) for the AB Funds, including the Fund, to be effective only in the event that stockholder approval of a Proposed Agreement had not been obtained as of the date of one or more transactions resulting in an “assignment” of the Adviser’s advisory agreements, resulting in the automatic termination of such advisory agreements.

As indicated in a supplement dated January 7, 2019 to the August 2018 Proxy Statement, as updated by a letter dated March 18, 2019, the annual meeting of shareholders with respect to the Fund has been adjourned until April 24, 2019 for the purpose of voting on the Proposed Agreements.

A discussion regarding the basis for the Boards’ approvals at the meeting held on July 31-August 2, 2018 is set forth below.

At a meeting of the AB Boards held on July 31-August 2, 2018, the Adviser presented its recommendation that the Boards consider and approve the Proposed Agreements. Section 15(c) of the 1940 Act provides that, after an initial period, a Fund’s Current Agreement and current sub-advisory agreement, as applicable, will remain in effect only if the Board, including a majority of the Independent Directors, annually reviews and approves them. Each of the Current Agreements had been approved by a Board within the one-year period prior to approval of its related Proposed Agreement, except that the Current Agreements for certain FlexFee funds were approved in February 2017. In connection with their approval of the Proposed Agreements, the Boards considered their conclusions in connection with their most recent approvals of the Current Agreements, in particular in cases where the last approval of a Current Agreement was relatively recent, including the Boards’ general satisfaction with the nature



48 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

and quality of services being provided and, as applicable, in the case of certain Funds, actions taken or to be taken in an effort to improve investment performance or reduce expense ratios. The Directors also reviewed updated information provided by the Adviser in respect of each Fund. Also in connection with their approval of the Proposed Agreements, the Boards considered a representation made to them at that time by the Adviser that there were no additional developments not already disclosed to the Boards since their most recent approvals of the Current Agreements that would be a material consideration to the Boards in connection with their consideration of the Proposed Agreements, except for matters disclosed to the Boards by the Adviser. The Directors considered the fact that each Proposed Agreement would have corresponding terms and conditions identical to those of the corresponding Current Agreement with the exception of the effective date and initial term under the Proposed Agreement.

Nature, Extent and Quality of Services Provided

The Directors considered the scope and quality of services to be provided by the Adviser under the Proposed Agreements, including the quality of



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 49

the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Funds. They also considered the information that had been provided to them by the Adviser concerning the anticipated implementation of the Plan and the Adviser’s representation that it did not anticipate that such implementation would affect the management or structure of the Adviser, have a material adverse effect on the Adviser, or adversely affect the quality of the services provided to the Funds by the Adviser and its affiliates. The Directors noted that the Adviser from time to time reviews each 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 each Fund’s portfolio management team and other senior personnel of the Adviser. The Directors also considered that certain Proposed Agreements, similar to the corresponding Current Agreements, provide that the Funds will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Funds 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. The Directors noted that the Adviser did not request any reimbursements from certain Funds in the Fund’s latest fiscal year reviewed. The Directors noted that the methodology to be used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Funds’ other service providers, also was considered. The Directors of each Fund concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Funds under the Proposed Agreement for the Fund.

Costs of Services to be Provided and Profitability

The Directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of each Fund to the Adviser for calendar years 2016 and 2017, as applicable, that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Funds’ former Senior Officer/Independent Compliance Officer. 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 a Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund, as applicable. The Directors recognized that it is difficult to make comparisons of the profitability of the Proposed Agreements with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is



50 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

affected by numerous factors. The Directors focused on the profitability of the Adviser’s relationship with each Fund before taxes and distribution expenses, as applicable. The Directors noted that certain Funds were not profitable to the Adviser in one or more periods reviewed. The Directors concluded that the Adviser’s level of profitability from its relationship with the other Funds was not unreasonable. The Directors were unable to consider historical information about the profitability of certain Funds that had recently commenced operations and for which historical profitability information was not available. The Adviser agreed to provide the Directors with profitability information in connection with future proposed continuances of the Proposed Agreements.

Fall-Out Benefits

Investment Results

Management Fees and Other Expenses

The Directors considered the management fee rate payable by each Fund to the Adviser and information prepared by an independent service



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 51

provider (the ‘‘15(c) provider’’) concerning management fee rates payable by other funds in the same category as the Fund. The Directors recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds. The Directors compared each Fund’s contractual management fee rate with a peer group median, and where applicable, took into account the impact on the management fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year. In the case of the ACS Funds, the Directors noted that the management fee rate is zero but also were cognizant that the Adviser is indirectly compensated by the wrap fee program sponsors that use the ACS Funds as an investment vehicle for their clients.

The Adviser reviewed with the Directors the significantly greater scope of the services it provides to each Fund relative to institutional, offshore fund and sub-advised fund clients, as applicable. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore or sub-advisory accounts, each Fund, as applicable, (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows (in the case of open-end Funds); (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



52 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to the Funds, and the different risk profile, the Directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The Directors noted that many of the Funds may invest in shares of exchange-traded funds (‘‘ETFs’’), subject to the restrictions and limitations of the 1940 Act as these may be varied as a result of exemptive orders issued by the SEC. The Directors also noted that ETFs pay advisory fees pursuant to their advisory contracts. The Directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures, in some cases pending purchases of underlying securities, that each Fund’s management fee would be for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

The Boards’ consideration of each Proposed Agreement was informed by their most recent approval of the related Current Agreement, and, in the case of certain Funds, their discussion with the Adviser of the reasons for those Funds’ expense ratios in certain periods. The Directors also reviewed updated expense ratio information and, in some cases, discussed with the Adviser the reasons for the expense ratios of certain Funds. On the basis of this review, the Directors concluded that each Fund’s expense ratio was acceptable.

The Directors did not consider comparative expense information for the ACS Funds because those Funds do not bear ordinary expenses.

Economies of Scale

The Directors noted that the management fee schedules for certain Funds do not contain breakpoints and that they had discussed their strong preference for breakpoints in advisory contracts with the Adviser. The Directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the Funds, and 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 Board 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



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 53

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 each 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. The Directors informed the Adviser that they would monitor the asset levels of the Funds without breakpoints and their profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warrant doing so.

Interim Advisory Agreements

Information Regarding the Review and Approval of the Fund’s Current Advisory Agreement

The disinterested directors (the “directors”) of AB Cap Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held on May 1-3, 2018 (the “Meeting”).



54 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

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 materials from an outside consultant, who acted as their independent fee consultant, and comparative analytical data prepared by the Senior Analyst for the Fund. The directors also discussed the proposed continuance in private sessions with counsel.

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



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 55

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 retained by the Company’s former Independent Compliance Officer. 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 2016 and 2017 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s former Independent Compliance Officer. 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 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, 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



56 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

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 analytical service that is not affiliated with the Adviser (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, 2018. 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 pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the materials from the Fund’s Senior Analyst 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 any sub-advised funds, 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 directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 57

and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore 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; (iii) must prepare and 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 funds such as 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.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund is paid for services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

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 schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The



58 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

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



abfunds.com		AB SMALL CAP GROWTH PORTFOLIO ^\| 59

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

AB FAMILY OF FUNDS

US EQUITY

US CORE

Core Opportunities Fund

FlexFee^™ US Thematic Portfolio

Select US Equity Portfolio

US GROWTH

Concentrated Growth Fund

Discovery Growth Fund

FlexFee^™ Large Cap Growth Portfolio

Growth Fund

Large Cap Growth Fund

Small Cap Growth Portfolio

US VALUE

Discovery Value Fund

Equity Income Fund

Relative Value Fund

Small Cap Value Portfolio

Value Fund

INTERNATIONAL/ GLOBAL EQUITY

INTERNATIONAL/ GLOBAL CORE

FlexFee^™ International Strategic Core Portfolio

Global Core Equity Portfolio

International Portfolio

International Strategic Core Portfolio

Sustainable Global Thematic Fund

Tax-Managed International Portfolio

Tax-Managed Wealth Appreciation Strategy

Wealth Appreciation Strategy

INTERNATIONAL/ GLOBAL GROWTH

Concentrated International Growth Portfolio

FlexFee^™ Emerging Markets Growth Portfolio

INTERNATIONAL/ GLOBAL EQUITY (continued)

Sustainable International Thematic Fund

INTERNATIONAL/ GLOBAL 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 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

FlexFee^™ High Yield Portfolio

FlexFee^™ International Bond Portfolio

Global Bond Fund

High Income Fund

Income Fund

Intermediate Bond Portfolio

Limited Duration High Income Portfolio

Short Duration Portfolio

ALTERNATIVES

All Market Real Return Portfolio

Global Real Estate Investment Fund

Select US Long/Short Portfolio

Unconstrained Bond Fund

MULTI-ASSET

All Market Income Portfolio

All Market Total Return Portfolio

Conservative Wealth Strategy

Emerging Markets Multi-Asset Portfolio

Global Risk Allocation Fund

Tax-Managed All Market Income Portfolio

TARGET-DATE

Multi-Manager Select Retirement Allocation Fund

Multi-Manager Select 2010 Fund

Multi-Manager Select 2015 Fund

Multi-Manager Select 2020 Fund

Multi-Manager Select 2025 Fund

Multi-Manager Select 2030 Fund

Multi-Manager Select 2035 Fund

Multi-Manager Select 2040 Fund

Multi-Manager Select 2045 Fund

Multi-Manager Select 2050 Fund

Multi-Manager Select 2055 Fund

Multi-Manager Select 2060 Fund

CLOSED-END FUNDS

Alliance California Municipal Income Fund

AllianceBernstein Global High Income Fund

AllianceBernstein National Municipal Income Fund



60 ^\| AB SMALL CAP GROWTH PORTFOLIO		abfunds.com

LOGO

AB SMALL CAP GROWTH PORTFOLIO

1345 Avenue of the Americas

New York, NY 10105

800 221 5672

SCG-0152-0119 LOGO

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF 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-3(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 second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:


EXHIBIT NO.		DESCRIPTION OF EXHIBIT

12 (b) (1)		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (b) (2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

12 (c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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): AB Cap Fund, Inc.


By:		/s/ Robert M. Keith
		Robert M. Keith
		President

Date:		March 29, 2019

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/ Robert M. Keith
		Robert M. Keith
		President

Date:		March 29, 2019

By:		/s/ Joseph J. Mantineo
		Joseph J. Mantineo
		Treasurer and Chief Financial Officer

Date:		March 29, 2019

EX-99.CERT 2 d637596dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications Pursuant to Section 302

Exhibit 12(b)(1)

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Robert M. Keith, President of AB Cap Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Cap Fund, Inc.;

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

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of 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 29, 2019

/s/ Robert M. Keith

Robert M. Keith

President

Exhibit 12 (b)(2)

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Joseph J. Mantineo, Treasurer and Chief Financial Officer of AB Cap Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Cap Fund, Inc.;

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

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 29, 2019

/s/ Joseph J. Mantineo

Joseph J. Mantineo

Treasurer and Chief Financial Officer

EX-99.906 CERT 3 d637596dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications Pursuant to Section 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 AB Cap Fund, Inc. (the “Registrant”), hereby certifies that the Registrant’s report on Form N-CSR for the period ended January 31, 2019 (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 29, 2019


By:		/s/ Robert M. Keith
		Robert M. Keith
		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.

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